The St. Paul Travelers Companies, Inc. today reported net income for the current quarter of $162 million, or $0.24 per basic share and $0.23 per diluted share, compared to net income of $340 million, or $0.51 per basic and $0.50 per diluted share, in the prior year quarter.
Catastrophe losses related to Hurricanes Katrina and Rita in the current quarter were $1.009 billion after-tax ($1.524 billion pre-tax), net of reinsurance and including $88 million after-tax ($119 million pre-tax) of reinstatement premiums. The prior year quarter included hurricane-related catastrophe losses of $402 million after-tax ($612 million pre-tax).
Operating income was $50 million for the quarter and $1.875 billion year-to-date. Excluding catastrophe losses, operating income of $1.059 billion for the quarter and $2.912 billion year-to-date.
Increases in gross and net written premiums were 2 and 1 percent, respectively, from the prior year quarter, excluding Commercial Other, the Company’s runoff operations. Excluding the impact of reinstatement premiums and Commercial Other, increase in net written premiums of 3 percent.
Net investment income increased 22 percent from the prior year quarter.
St. Paul Travelers is a leading provider of property casualty insurance based in St. Paul, Minn. For more information, visit www.stpaultravelers.com.
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