Travelers Shares Fall 4% as Q3 Catastrophe Losses Reach $538 Million

Shares of The Travelers Companies, Inc. were down about 4% in premarket trading Friday, Oct. 16, while the insurer reported $538 million in third-quarter catastrophe losses alongside higher net and core income. The stock was at $368.72 before the regular session, following a Thursday close of $383.89. Third-quarter net income was $1.917 billion, up 2% from $1.888 billion a year earlier. Core income increased 4% to $1.947 billion. Diluted earnings per share reached $9.04, compared with $8.24 a year earlier. Core earnings per diluted share rose to $9.18 from $8.14. Catastrophe losses were $538 million, compared with $402 million in the prior-year quarter. Favorable development in earlier accident-year reserves reached $234 million, versus $22 million a year earlier.

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