ST. PAUL (dpa-AFX) - The Travelers Companies Inc. (TRV) reported second-quarter net income of $499 million, or $1.26 per share, as against a loss of $364 million, or $0.88 per share, in the prior-year quarter, benefitting from meaningful improvement in the company's underlying underwriting margins and strong net investment income given the continuing low interest rate environment. However, earnings were also impacted by weather-related losses which, while much lower than last year, were considerably higher than the company would have anticipated.
Operating income in the recent quarter was $495 million, or $1.26 per share, versus an operating loss of $377 million, or $0.91 per share, a year ago.
On average, 25 analysts polled by Thomson Reuters expected earnings per share of $1.35 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues were $6.36 billion, versus $6.39 billion in the comparable period in 2011. Analysts estimated revenues of $5.97 billion for the quarter.
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