{"id":15836,"date":"2023-04-19T14:16:13","date_gmt":"2023-04-19T14:16:13","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/insurer-travelers-profit-falls\/"},"modified":"2023-04-19T14:19:01","modified_gmt":"2023-04-19T14:19:01","slug":"insurer-travelers-profit-falls","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/insurer-travelers-profit-falls\/","title":{"rendered":"Insurer Travelers profit falls as costs from severe storms bite"},"content":{"rendered":"<p>(Reuters) -Travelers Companies Inc on Wednesday reported a fall in quarterly profit, but announced an additional $5 billion share buyback plan that sent the shares of the property and casualty insurer up 5%.<\/p>\n<p>The company has $1.61 billion left over from its previous share buyback program.\u00a0<\/p>\n<p>Core income of the New York-based company, often seen as a bellwether for the insurance sector as it typically reports before industry peers, fell 6% to $970 million, or $4.11 per share, in the first quarter ended March 31.   <\/p>\n<p>Severe storms in parts of the United States pushed up the insurer&#8217;s catastrophe losses net of reinsurance to $535 million from $160 million a year earlier.<\/p>\n<p>Global insured losses were anticipated to reach at least $15 billion in the quarter, insurance broker Aon said in a report. <\/p>\n<p>Apart from the devastating earthquake in Turkey, insured losses in excess of $3 billion were also expected from the outbreak of storm activity in the United States on March 1-3, Aon said. <\/p>\n<p>The company reported a combined ratio of 95.4%, compared with 91.3% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.<\/p>\n<p>Travelers&#8217; bond and specialty insurance segment&#8217;s underlying combined ratio increased 3.9 points, mainly driven by losses related to the disruption in the banking sector and a higher expense ratio. <\/p>\n<p>Two U.S. lenders crumbled after a flight of deposits spiraled out of control last month, sparking a global crisis that shook investor confidence in the banking industry and rattled markets.<\/p>\n<p>The turbulence has since subsided after intervention by regulators, but analysts have warned the banking industry will suffer long-term repercussions.<\/p>\n<p>Travelers&#8217; profit was helped by a 4% rise in net investment income to $663 million.<\/p>\n<p>The company posted net written premiums growth of 12% to $9.4 billion in the quarter.<\/p>\n<p> (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/insurer-travelers-profit-falls\/file-photo-the-logo-of-dow-jones-industrial-average-stock\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0C5-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3I0C5-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Travelers Companies Inc on Wednesday reported a fall in quarterly profit, but announced an additional $5 billion share buyback plan that sent the shares of the property and casualty insurer up 5%. The company has $1.61 billion left over from its previous share buyback program.\u00a0 Core income of the New York-based company, often seen [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":15837,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-15836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0C5-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=15836"}],"version-history":[{"count":4,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15836\/revisions"}],"predecessor-version":[{"id":16144,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15836\/revisions\/16144"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/15837"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=15836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=15836"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=15836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}