Travelers -6% Q2 Earnings Beat Expectations With Strong Core Income, Stock Falls on Revenue Miss
Travelers -6% Q2 Earnings Beat Expectations With Strong Core Income, Stock Falls on Revenue Miss
$The Travelers Companies (TRV.US)$ shares are trading higher on Friday after the company reported Q2 revenue growth of 12% Y/Y to $11.283 billion, missing the consensus of $11.341 billion. Core income per share reached $2.51, up from 6 cents a year ago, beating the $1.98 consensus forecast.
$旅行者财产险集团 (TRV.US)$公司周五公布了截至第二财季的营业收入同比增长12%，达到了112.83亿元，未能达到预期的113.41亿元，股票交易价格也因此上涨。每股核心收益为2.51美元，高于去年的6美分，并超过了预期的1.98美元。
Core income increased mainly due to improved underwriting gains, better reserve development, and higher net investment income, partially offset by higher catastrophe losses.
核心收益主要增长源于优化承保收益、更好的储备发展和更高的净投资收入，部分抵消了较高的灾难损失。
For the second quarter, net written premiums increased by 8% Y/Y to $11.12 billion.
第二季度净保费收入同比增长8％至111.2亿美元。
In Business Insurance, net written premiums rose 7% to $5.5 billion, with a 10.1% increase in renewal premiums, 85% retention, and record new business of $732 million.
在业务保险方面，净保费收入增长7％至55亿美元，续保保费增长10.1％，保留率85％，新业务保费创纪录，达到73200万美元。
Bond & Specialty Insurance premiums grew 8% to over $1 billion, featuring 90% retention in management liability and an 11% increase in surety premiums.
债券与专业保险保费增长8％至超过10亿美元，管理责任险保留率达到90％，保证金保费增长11％。
Personal Insurance saw a 9% boost in net written premiums, driven by 10% growth in Auto and 8% in Home.
个人保险净保费收入增长9％，其中车险和房屋险分别增长10％和8％。
Net realized investment losses stood at $65 million pre-tax ($51 million after-tax), up from $35 million pre-tax ($29 million after-tax) in the same quarter last year.
净实现投资亏损达到6500万美元的税前（税后5100万美元），去年同期为3500万美元的税前（税后2900万美元）。
Catastrophe losses were mainly due to severe wind and hail storms across several states.
灾害损失主要是由于数个州遭受严重的风暴和冰雹。
Underlying combined ratio improved 3.4 points Y/Y to 87.7% in the quarter. The lower the ratio, the more profitable the insurance company, and vice versa.
底层综合损失率从上一年的91.1％降至87.7％，下降3.4个百分点。综合损失率越低，保险公司越赚钱，反之亦然。
The quarterly net investment income increased 24% Y/Y to $885 million pre-tax ($727 million after-tax). Income from the fixed-income portfolio rose from the previous year due to higher average yields and increased fixed-maturity investments.
季度净投资收入同比增长24％至8850万美元税前（税后7270万美元）。由于收益率平均水平更高和固定到期投资增加，固定收益组合的收益从去年同期上升。
Dividend: The Board declared a quarterly dividend per share of $1.05, payable on Sept. 30, 2024, to shareholders of record as of Sept. 10, 2024.
股息：董事会宣布，每股股息为1.05美元，将于2024年9月30日支付给截至2024年9月10日的股东。
Alan Schnitzer, chairman and chief executive officer said, "Our results for the first half of the year include strong premium growth, excellent underlying underwriting profitability, record operating cash flow and steadily rising investment returns in our growing fixed income portfolio."
公司主席兼首席执行官阿兰·施内泽（Alan Schnitzer）表示：“本年度上半年的业绩包括强劲的保费增长、优秀的底层承保盈利能力、创纪录的营运现金流和日益增长的固定收益组合投资回报。”