The Travelers Companies, Inc. today reported net income of $864 million, or $2.21 per diluted share, for the quarter ended September 30, 2012, compared to $333 million, or $0.79 per diluted share, in the prior year quarter. Operating income in the current quarter was $867 million, or $2.22 per diluted share, compared to $332 million, or $0.79 per diluted share, in the prior year quarter. The increase in net and operating income in the current quarter compared to the prior year quarter was primarily driven by lower catastrophe losses and higher underlying underwriting results. Catastrophe losses in the current quarter were $59 million after tax ($91 million pre tax), compared to $394 million after tax ($606 million pre tax) in the prior year quarter.
|($ in millions, except for per share amounts, and after-tax, except for premiums & revenues)||Three Months Ended September 30,||Nine Months Ended September 30,|
|Net written premiums||$||5,697||$||5,672||-||%||$||17,062||$||16,926||1||%|
|per diluted share||$||2.22||$||0.79||181||$||5.48||$||1.82||201|
|per diluted share||$||2.21||$||0.79||180||$||5.50||$||1.88||193|
|Diluted weighted average shares outstanding||387.9||418.5||(7||)||391.5||425.6||(8||)|
|GAAP combined ratio||90.3||%||104.5||%||(14.2||)||pts||94.3||%||108.2||%||(13.9||)||pts|
|Operating return on equity||15.5||%||5.9||%||9.6||pts||13.1||%||4.5||%||8.6||pts|
|Return on equity||13.6||%||5.3||%||8.3||pts||11.6||%||4.3||%||7.3||pts|
|As of September 30,|
|Book value per share||$||67.81||$||60.98||11||%|
|Adjusted book value per share||$||59.13||$||54.53||8|
|See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.|
“We are very pleased with our strong results this quarter,” commented Jay Fishman, Chairman and Chief Executive Officer. “Our underwriting performance reflected a GAAP combined ratio of 90.3%, which benefited from lower weather-related losses as well as the rate gains we have achieved during the past year. Net investment income benefited from strong results in our non-fixed income portfolio.
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