Travelers shrugs off record Q1 cat losses to increase quarterly profits
The Travelers Companies reported an increase in its profits in the first quarter of 2021 compared to the same period in the previous year, despite experiencing its highest-ever level of Q1 catastrophe losses.
Travelers reported net profit of $733 million for the first quarter of 2021, compared to $600 million in Q1 2020.
It reported net written premiums of $7.5 billion in Q1 2021, up from $7.35 billion the previous year, while its combined ratio edged up to 96.6 percent, from 95.5 percent in Q1 2020.
“The strength of our underwriting and investment expertise enabled us to deliver strong profitability, notwithstanding the severe winter weather,” said Alan Schnitzer, Travelers’ chairman and chief executive officer.
Schnitzer emphasised the strong underlying fundamentals in all three of its business segments: business insurance, bond and specialty insurance and personal insurance.
“Our proven strategy, strong track record of execution, leading analytics and talent advantage give us confidence that we are well positioned to capitalise on opportunities as the economy recovers and to continue to create meaningful shareholder value over time,” Schnitzer concluded.
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