Traveler Cos. reported this morning fourth-quarter net income of $819 million, down about 39% from $1.3 billion a year ago in the same period.
The insurer’s combined ratio in the fourth quarter increased 6.5 points to 94.5 as catastrophe losses for the final three months of 2022 were $459 million, excluding reinsurance. Catastrophe losses for Q4 2021 were $36 million.
“We are pleased to report solid results for the fourth quarter of 2022, especially in light of the significant winter storm that swept across the U.S. and Canada in the last week of the year,” CEO Alan Schnitzer said in a statement. “Results in our commercial activities were exceptional, with another quarter of strong growth at very attractive margins. Underlying results in Personal Insurance remain under pressure from high claims costs across the industry. We made another quarter of progress with strong pricing and other actions to address these challenges.”
Net written premiums in the fourth quarter increased 11% compared to the fourth quarter of 2021 to approximately $4.4 billion for business insurance, and increased 13% to approximately $3.5 billion for personal insurance.
Net investment income decreased $118 million to $625 million in the fourth quarter.
For the year, Travelers posted a decline in net income of approximately 22% to $2.8 billion. The full-year 2022 combined ratio was up just over a point to 95.6. Net written premiums for all lines increased by 11% for the whole of 2022.
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