| 0 |
WSJ891102-0047
= 891102
891102-0047.
Travelers Profit Rose
@ 11% in Third Quarter
@ Despite Hugo Claims
11/02/89t27
WALL STREET JOURNAL (J)
TIC
EARNINGS (ERN)
HARTFORD, Conn.
| 1 |
Travelers Corp.
's
third-quartert28
net income
rosee1
11%
, even though claims stemming from Hurricane Hugo
reducede4
results
$40 million
.
| 2 |
Net
advancede6
to
$94.2e2163
million
, or
89 cents
a share, from
$85e2164
million
, or
83 cents
a share, including net realized investment
gainse33
of
$31 million
,
upe34
from
$10e2165
million
a year agot40
.
| 3 |
But revenue
declinede8
to
$3e2166
billion
from
$3.2e2167
billion
.
| 4 |
Travelers
estimatede45
that the
California
earthquakee46
last montht47
will
resulte10
in a
fourth-quartert48
pre-tax
chargee49
of less than
$10 million
.
| 5 |
The insurer's earnings from commercial property/casualty lines
felle12
59%
ins2115
the latest quartert52
, while it
loste14
$7.2 million
in its personal property/casualty business, compared with earnings of
$6.1e2169
million
a year agot51
.
| 6 |
Travelers's employee benefits group, which includes its group health insurance operations,
postede19
earningse2162
of
$24 million
, compared with a
losse21
of
$3e2170
million
last yeart56
.
| 7 |
In
the first nine monthst58
, net was
$306e2171
million
, compared with a
losse23
of
$195 million
ins2174
the 1988 periodt59
.
| 8 |
The
year-agot60
resultse24
included a
$415 million
chargee61
ins2197
the 1988 second quartert62
for underperforming real estate and mortgage loans.
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