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Travelers Companies (TRV) 4Q Earnings Drop On Higher Catastrophe Losses

 January 22, 2013 07:12 AM
 


(By Balachander) Property insurer Travelers Companies Inc. (NYSE: TRV) reported a drop in quarterly earnings, citing higher catastrophe losses.

Operating earnings were $278 million or $0.72 per share for the fourth quarter, down from $609 million or $1.48 per share in the comparable period of last year. Net earnings declined 51 percent to $304 million.

Revenue rose 2 percent to $6.48 billion. Net written premiums also increased 2 percent to $5.34 billion due to renewal rate gains across all segments, the company noted.

Wall Street analysts, on average, expected earnings of 14 cents per share on revenue of $5.79 billion.

[Related -Jobs Growth Tepid At Best]

Catastrophe losses, including storm Sandy, were $689 million after tax for the quarter, compared with $68 million after tax in the year-ago quarter.

The company declared a quarterly dividend of $0.46 per common share, payable March 29, 2013, to shareholders of record as of the close of business on March 8, 2013.

The stock, which has been trading in the 52-week range of $55.86 to $76.67, ended at $76.31 on Friday.

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