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NEW YORK - The Travelers Companies, Inc. (NYSE:TRV) reported strong fourth quarter results that beat analyst expectations, sending its stock up 6% in early trading on Wednesday.
The property and casualty insurer posted core earnings of $9.15 per share for Q4 2024, significantly surpassing the analyst consensus estimate of $6.56. Revenue came in at $12.01 billion, also topping expectations of $10.84 billion.
Travelers' combined ratio, a key measure of underwriting profitability, improved to an excellent 83.2% in Q4, down from 85.8% in the year-ago quarter. The company benefited from higher underlying underwriting gains across all segments.
Net written premiums grew 7% year-over-year to $10.74 billion, with increases across Business Insurance, Bond & Specialty Insurance, and Personal Insurance segments.
"We are very pleased to report record core income for the quarter of $2.1 billion driven by strong growth in earned premiums and excellent profitability," said Alan Schnitzer, Chairman and CEO of Travelers.
For the full year 2024, Travelers achieved core income of $5.03 billion, up 64% from 2023. The company grew adjusted book value per share by 13% to $139.04.
Schnitzer expressed confidence in Travelers' outlook for 2025 and beyond, citing the company's strong momentum and compelling value proposition for customers and distribution partners.
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