Travelers Companies today released an estimate of $459 million in pre-tax catastrophe losses during the fourth quarter, and expects to report net income of $819 million for the last three months of 2022.
Travelers said catastrophe losses were primarily caused by the significant winter storm that impacted much of the U.S and Canada in late December.
“While the footprint of the storm was substantial, impacting 37 U.S. states, the District of Columbia and Canada, our loss experience is consistent with our modeled estimates,” said Alan Schnitzer, chairman and CEO, in a statement.
“Aside from the catastrophic weather, underlying results in our commercial businesses were exceptional,” he added. “Underlying results in Personal Insurance remain challenged by elevated industrywide loss costs. We recorded another quarter of progress with strong pricing and other actions to address these challenges. Across all three segments, we are also pleased with continued strong net written premium growth in the quarter, positioning us well as we enter the new year.”
The Q4 result would be down from net income of about $1.33 billion during the same period in 2021 when catastrophe losses net of reinsurance was $36 million.
Travelers said it expects Q4 2022 results to include an after-tax underwriting gain of $571 million, and net investment income of $531 million after-tax).
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