Travelers Swings to Profit, Misses Estimates

by Christopher Freeburn | July 19, 2012 12:15 pm

Travelers (NYSE:TRV[1]) said today that it earned $499 million during the second-quarter[2], compared to a loss of $364 million during the same time last year.

Revenues for the quarter increased to $6.36 billion, up from $5.82 billion in 2011.

Adjusted EPS for the second quarter was $1.26. That missed forecasts of $1.35 from analysts, CNBC noted.

Last year a series of dramatic tornadoes in the Midwest left insurance companies scrambling to cover billions of dollars in losses.

During the second quarter, Travelers said its catastrophe losses dropped to $357 million, roughly a third of the $1.09 billion in catastrophe claims it faced during this time in 2011.

The insurance provider said that prices for commercial insurance coverage were up 7% compared to last year.

Shares of Travelers slid about 1% in mid-day trading on Thursday.

Source URL: http://investorplace.com/2012/07/travelers-swings-to-profit-misses-estimates/
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