The Travelers Cos. said fourth quarter 2024 and full year net income increased 28% and 67% on strong underlying underwriting results.
Travelers posted fourth quarter net income of about $2.1 billion compared to about $1.6 billion during the last quarter of 2023. Full year 2024 net income was nearly $5 billion compared to about $3 billion for 2023.
The New York-based insurer’s combined ratio improved 2.6 points to 83.2 for Q4 2024 and it improved 4.5 points to 92.5 for the year.
Catastrophe losses of $175 million in Q4 were mostly the result of Hurricane Milton as well as an adjustment in losses from Hurricane Helene in the third quarter. Catastrophe losses were about $3.3 billion for all off 2024 – about $344 million higher than the prior year – due primarily to Helene and wind and hail storms in multiple states.
The consolidated underwriting gain at Travelers was about $1.8 billion in Q4 2024 compared to $1.4 billion in Q4 2023. Underwriting profit was up more than $2 billion to nearly $3 billion for the full year 2024. Underwriting results for the last quarter and full year also included favorable prior year reserve development of $262 million and $709 million, respectively.
Underwriting income in Travelers’ business insurance and personal insurance segments were nearly identical ($808 million and $807 million) for Q4 2024. For the year, the personal lines segment reversed a 2023 loss of $817 million by recording underwriting profit of $827 million for 2024.
Travelers said Q4 net written premiums in business insurance of about $5.4 billion increased 8% over Q4 2023 on strong renewal premiums and retention. In personal insurance, NPW for the last quarter were about $4.3 billion, up 7% on renewal premium changes.
Topics Profit Loss
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