Daily Insurance Industry News
Daily Insurance Industry News
Thursday 15th of November 2018
January 27, 2010

Travelers sees strong ending to 2009

by Gill Montia

Story link: Travelers sees strong ending to 2009

Travelers has reported net and operating income of $1.285 billion and $1.155 billion respectively, for the fourth quarter of 2009.

The results take the US group’s full year net and operating income to $3.622 billion and $3.600 billion, compared with net income of $2.924 and operating income of $3.195 in 2008.

Fourth quarter 2009 revenues totalled $6.456 billion, an 11% increase on the same period of 2008.

According to Travelers’ chairman, Jay Fishman, underwriting results were strong throughout last year and retention rates remained high, with the impact of renewal rate changes on premiums positive across all three of the insurer’s business segments.

In additiion, Mr Fishman comments: “Our operating return on equity was 18.0% for the quarter and 14.0% for the year, keeping us on track to continue to meet our long-term return target.”

However, in the final three months of 2009, Travelers saw a 4% decline in net written premiums, which it attributed to reduced insured exposures due to lower levels of economic activity.

The group has continued with its share buyback programme, repurchasing 30.1 million common shares for $1.55 billion in fourth quarter of 2009, and 69.4 million common shares for $3.3 billion in the full year.

Total capital returned to shareholders since 2005 now stands at $13 billion.


News posted:

Related stories to Travelers sees strong ending to 2009: