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>>> Travelers Announces Initial Estimate for Fourth Quarter 2022 Catastrophe Losses, Which Were Driven by the December Winter Storm, as well as Preliminary Fourth Quarter 2022 Results


BusinessWire

January 17, 2023


https://finance.yahoo.com/news/travelers-announces-initial-estimate-fourth-115700078.html


NEW YORK, January 17, 2023--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced preliminary results for the fourth quarter of 2022.

For the fourth quarter of 2022, the Company expects to report net income of $819 million, or $3.44 per diluted share, and core income of $810 million, or $3.40 per diluted share.

Fourth quarter 2022 results include the Company’s estimate for catastrophe losses of $459 million pre-tax ($362 million after-tax), net of reinsurance. Catastrophe losses primarily resulted from the significant winter storm that impacted much of the U.S and Canada in late December.

"We are pleased with the solid results for the quarter in light of the late December winter storm," said Alan Schnitzer, Chairman and Chief Executive Officer. "While the footprint of the storm was substantial, impacting 37 U.S. states, the District of Columbia and Canada, our loss experience is consistent with our modeled estimates.

"Aside from the catastrophic weather, underlying results in our commercial businesses were exceptional. Underlying results in Personal Insurance remain challenged by elevated industrywide loss costs. We recorded another quarter of progress with strong pricing and other actions to address these challenges. Across all three segments, we are also pleased with continued strong net written premium growth in the quarter, positioning us well as we enter the new year."

The Company also expects results in the fourth quarter of 2022 to include an underlying underwriting gain of $723 million pre-tax ($571 million after-tax), net investment income of $625 million pre-tax ($531 million after-tax), which includes $601 million pre-tax ($510 million after-tax) from the fixed income portfolio, and net favorable prior year reserve development of $185 million pre-tax ($145 million after-tax).

Conference Call

As previously announced, Travelers will review its fourth quarter and full year 2022 results at 9 a.m. ET on Tuesday, January 24, following the release of results earlier that morning. Investors can access the call via webcast at investor.travelers.com and by dialing 888-440-6281 within the United States or 646-960-0218 outside the United States. A slide presentation, statistical supplement and live audio broadcast will be available on the same website. Following the event, replays will be available via webcast for one year at investor.travelers.com and by telephone for 30 days by dialing 800-770-2030 within the United States or 647-362-9199 outside the United States. All callers should use conference ID 5449478.

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