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Travelers Reports Quarterly Records For Net And Operating Income Per Diluted Share Of $2.70 And $2.68, Respectively, As Compared To $0.78 And $0.72 In The Prior Year Quarter

The Travelers Companies, Inc. today reported net income of $988 million, or $2.70 per diluted share, for the quarter ended December 31, 2013, compared to $304 million, or $0.78 per diluted share, in the prior year quarter. Operating income in the current quarter was $981 million, or $2.68 per diluted share, compared to $278 million, or $0.72 per diluted share, in the prior year quarter. The increase in net and operating income compared to the prior year quarter primarily resulted from lower catastrophe losses.

Consolidated Highlights

               
($ in millions, except for per share amounts, and after-tax, Three Months Ended December 31, Twelve Months Ended December 31,
except for premiums & revenues) 2013       2012       Change 2013       2012       Change
 
Net written premiums $ 5,633 $ 5,385 5 % $ 22,767 $ 22,447 1 %
                                                             
 
Total revenues $ 6,737 $ 6,477 4 $ 26,191 $ 25,740 2
 
Operating income $ 981 $ 278 253 $ 3,567 $ 2,441 46

 

per diluted share $ 2.68 $ 0.72 272 $ 9.46 $ 6.21 52
 
Net income $ 988 $ 304 225 $ 3,673 $ 2,473 49

 

per diluted share $ 2.70 $ 0.78 246 $ 9.74 $ 6.30 55
 
Diluted weighted average 363.4 385.3 (6 ) 374.3 389.8 (4 )
shares outstanding

 

 

 
GAAP combined ratio 87.7 % 105.4 % (17.7 ) pts 89.8 % 97.1 % (7.3 ) pts
 
Underlying GAAP combined ratio 91.2 % 90.7 % 0.5 pts 90.9 % 93.0 % (2.1 ) pts
 
Operating return on equity 16.8 % 5.0 % 11.8 pts 15.5 % 11.0 % 4.5 pts
 
Return on equity 15.9 % 4.7 % 11.2 pts 14.6 % 9.8 % 4.8 pts
                                                             
 
As of December 31,
2013 2012 Change
Book value per share $ 70.15 $ 67.31 4 %
 
Adjusted book value per share

 

$ 66.41 $ 59.09 12
 

 

See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.                            

“Fourth quarter operating income of almost a billion dollars provided a very strong finish to an excellent 2013,” commented Jay Fishman, Chairman and Chief Executive Officer. “For the full year, we achieved record levels of net and operating income per diluted share of $9.74 and $9.46, respectively. Full year operating return on equity was 15.5%, driven by strong underwriting profitability, solid investment income and our capital management strategy, which permitted us to return more than $3 billion of capital to our shareholders in 2013.

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