The Travelers Companies, Inc. reported second quarter net income of $534 million, compared to a loss of $14 million during the same time a year ago, thanks to record net premiums of about $11.1 billion.
The New York-based insurer posted a second quarter combined ratio of 100.2—more than 6 points better than the results for second quarter 2023—despite recording about $1.5 billion in catastrophe losses during the period from numerous severe convective storms in multiple states and logging an underwriting loss of $65 million, which was narrowed from the $640 million underwriting loss in the second quarter 2023.
Net income for Travelers’ business insurance segment was $254 million more than Q2 2023 to $656 million thanks in large part to net favorable prior-year reserve development of $34 million compared to unfavorable development of $101 million last year during the same period.
The combined ratio for the segment improved 4 points t0 96.1 in Q2 2024. Business insurance recorded an underwriting profit of $193 million, reversing a loss of $14 million.
The personal lines segment took an underwriting loss of $373 million compared to $831 million a year ago. Personal lines recorded an overall second quarter income loss of $153 million compared to $538 million in 2023. The segment booked more than $1 billion in catastrophe losses, but increased favorable reserve development to $172 million from $42 million a year ago.
The second quarter combined ratio for Travelers’ personal lines business was 108.5—a better result than the 122 recorded in Q2 2023.
Net written premiums of about $4.5 billion increased 9% thanks to strong renewal premium change in auto and homeowners insurance.
Topics Profit Loss Underwriting
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