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Travelers Net Boosted By Underwriting

Travelers said third-quarter net income almost quadrupled as underwriting profits increased and net investment income was higher.

Updated from 6:19 a.m. EDT

NEW YORK (

TheStreet

) --

Travelers

(TRV) - Get Travelers Companies, Inc. Report

said third-quarter net income was $935 million, or $1.65 a share, up markedly from earnings a year earlier of $214 million, or 36 cents a share, as underwriting profits increased in each of its segments and net investment income rose.

Operating income in the quarter was $914 million, or $1.61 a share, compared with $330 million, or 55 cents a share, the prior year.

Analysts surveyed by Thomson Reuters expected Travelers to earn $1.31 a share in the quarter.

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Travelers raised its full-year operating earnings guidance to $5.30 to $5.50 a share from $4.80 to $5.05.

The company also said it raised its quarterly dividend by 10% to 33 cents a share and said its board had approved $6 billion in additional stock buybacks.

Travelers said investment income rose 5% to $616 million, and its catastrophe losses dropped 85%.

-- Reported by Joseph Woelfel in New York

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