(By Balachander) Property insurer Travelers Companies Inc. (NYSE: TRV) reported a surge in quarterly earnings, helped by lower catastrophe losses and higher underlying underwriting results.
Operating earnings were $867 million or $2.22 per share for the third quarter, up from $332 million or $0.79 per share in the comparable period of last year. Net earnings climbed to $864 million from $333 million.
Revenue rose 2 percent to $6.51 billion. Net written premiums were flat at $5.7 billion.
Wall Street analysts, on average, expected earnings of $1.61 per share on revenue of $5.79 billion.
Catastrophe losses were $59 million after tax for the quarter, compared with $394 million after tax in the year-ago quarter.
The company declared a quarterly dividend of $0.46 per common share, payable December 31, 2012, to shareholders of record as of the close of business on December 10, 2012.
The stock, which has been trading in the 52-week range of $49.52 to $71.38, ended at $71.38 on Wednesday.