Travelers 3Q profit rises 7 pct; raises outlook

[October 21, 2010]  NEW YORK (AP) -- Traveler's third-quarter earnings easily beat analysts' expectations as the insurer says it wrote more policies and catastrophe claims fell.

The insurer based in St. Paul, Minn., also raised its outlook for the full year.

Travelers reported its net income rose 7 percent to $1 billion, or $2.11 per share, during the three months ended Sept. 30. That's up from $935 million, or $1.65 per share, a year ago.

Adjusted earnings, which exclude investment gains and losses, slipped 6 percent to $858 million, or $1.81 per share.

Analysts had forecast adjusted earnings of $1.51 per share. They typically exclude one-time items from their forecasts.

Net premiums written during the quarter rose 2 percent to $5.46 billion.

Losses from catastrophe claims fell 26 percent to $117 million.

[Associated Press]

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