Travelers (TRV) Post Q1 EPS of $2.16, Including $0.79/Share Catastrophe Losses; Raises Dividend, $5B Stock Buyback

Travelers (NYSE: TRV) reported Q1 EPS of $2.16, Including Catastrophe Losses of $0.79 per Diluted Share, $0.19 worse than the analyst estimate of $2.35. Revenue for the quarter came in at $6.94 billion versus the consensus estimate of $6.32 billion.

• Net income of $617 million and core income (formerly referred to as operating income) of $614 million, included significant catastrophe losses of $226 million after-tax ($347 million pre-tax).
• Quarter benefited from strong underlying underwriting results and net investment income that increased 9% after-tax over the prior year quarter as a result of higher private equity returns.
• The combined ratio, which includes catastrophe losses, was 96.0%; the underlying combined ratio remained strong at 91.7%.
• Record net written premiums of $6.495 billion up 5% from the prior year quarter, reflecting growth in all segments.
• Total capital returned to shareholders of $476 million in the quarter, including $286 million of share repurchases. Reduced share repurchases from recent quarters to provide financing flexibility for pending acquisition of Simply Business.
• Book value per share of $84.51 and adjusted book value per share of $81.56 increased 2% and 1%, respectively, from year-end 2016.

Board of Directors Declares 7.5% Increase in the Company’s Regular Quarterly Cash Dividend to $0.72 per Share and Authorizes an Additional $5.0 Billion of Share Repurchases

For earnings history and earnings-related data on Travelers (TRV) click here.

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