The Travelers Cos. on Tuesday reported second-quarter net income of $934 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had profit of $3.66 per share. Earnings, adjusted for investment gains, were $3.45 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.35 per share.
The insurer posted revenue of $8.69 billion in the period. Its adjusted revenue was $8.63 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $8.29 billion.
Travellers shares have increased almost 8% since the beginning of the year, while the S&P’s 500 index has increased 13%. The stock has increased 27% in the last 12 months.