Travelers predicts increased 2009 profits
Travelers this week increased its 2009 operating earnings outlook by five cents per share.
The new forecast for earnings per share is $4.55 to $4.95 per share, compared to the previous projection of $4.50 to $4.90 per share.
The US-based insurer said it has been strengthened by AIG’s fall from grace and the troubles of other competitors.
Customers from rival firms, including AIG, are now choosing Travelers, the company said.
Jay Fishman, Travelers chief executive, said the new preference for Travelers represents “a flight to quality”.
In addition, the company has resumed its share buyback programme, which raises earnings per share because there will be fewer shares outstanding.
Travelers said its profit forecast assumes pre-tax catastrophe losses of $552 million.
Category: Financials, Insurance News
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