Travelers beats by $0.15, misses on revs :
- Reports Q2 (Jun) earnings of $2.20 per share, excluding non-recurring items, $0.15 better thanthe Capital IQ Consensus of $2.05; revenues rose 2.3% year/year to $6.07 bln vs the $6.13 bln Capital IQ Consensus.
- Net and operating income of $664 million and $649 million, respectively, declined from the prior year quarter, primarily due to higher catastrophe losses, including the Fort McMurray wildfires, higher non-catastrophe weather-related losses and lower net investment income.
- Strong consolidated underwriting results, as reflected in combined ratio of 93.1% and underlying combined ratio of 92.3%.
- Record net written premiums of $6.345 billion, up 3% from prior year quarter.
- Book value per share of $85.73 increased 11% from end of prior year quarter and 7% from year-end 2015. Adjusted book value per share of $77.61 increased 6% and 3%, respectively, from same dates.
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