Travelers (NYSE:TRV), a property-and-casualty insurer, reported a 1% rise in third-quarter profit, aided by by higher underwriting gains.
Net income advanced to $928mln, or $2.97 per share, for the July-to-September quarter, from $919mln, or $2.69 per share, a year earlier, the New York-based company said in a statement on Tuesday.
Operating profit was $2.93 per share, beating the $2.26 average estimate of 26 analysts surveyed by Capital IQ.
Revenue decreased 1.3% to $6.79bn, but surpassed the Wall Street consensus of $6.11 bn.
The company’s underwriting gains rose 35% to $759mln in the third quarter.
Net written premiums rose 2.6% to $6.19bn.
The shares climbed as much as 2.6% as of 9:16 a.m. in New York. The stock has gained 14% over the past 12 months.
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