Reserve releases offset Q2 cat losses for Travelers
Higher than expected reserve releases and catastrophe losses offset one another at The Travelers Companies, as second quarter profits came in below analysts' forecasts.
The US insurance giant reported net income of $670mn, compared to $740mn in the prior-year period.
At $690mn, operating income was down from $732mn in the second quarter of 2009 and was equivalent to $1.39 per diluted share - below Wall Street consensus earnings per share of $1.49.
Travelers also lowered the top end of its...
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