Travelers (NYSE:TRV) announced a better-than-expected third-quarter today. The company reported net income of $864 million, more than double last year’s Q3 earnings of $333 million.
Earnings per share, at $2.21, up from 79 cents per share last year, is a record for the company. That beat EPS expectations by 61 cents per share.
Shares of Travelers increased by nearly 4% Thursday afternoon following the announcement.
The increase in net income stems mainly from a lack of disasters during the quarter. While the U.S. drought and Hurricane Isaac both made news during the period, they didn’t result in major claims that had to be paid off.
Travelers also pushed for insurance price increases this year due to lower-than-expected interest rates limiting the gains in its portfolio income and a general increase in disaster expenses.