(AOF) – The Travelers insurer has unveiled better than expected results despite the impact of Los Angeles fires. In the first quarter, the group saw its net profit drop by 65% to $ 395 million, or $ 1.70 per share. Operating profit or Core dropped from 60% to $ 443 million, $ 1.91 per share, coming out above the consensus amounting to 77 cents. The operational excludes the most or losses on the insurer’s investment portfolio, considered to be exceptional elements.
This degradation of the accounts has occurred while the cost of natural disasters, a net of reinsurance, increased in one year from $ 712 million to $ 2.27 billion. This cost increase is the consequence of major fires in Los Angeles.
The insurer also unveiled a combined ratio increasing by 8.6 points to 102.5%. It will be recalled that the lower this ratio and lower than 100 and the more profitable insurance activities are profitable.
“We are pleased to announce a substantial benefit for the quarter, despite the devastating fires in January in California,” said CEO, Alan Schnitzer.
Income increased by 5% to 11.81 billion dollars. Net bonuses increased by 3% to $ 10.515 billion and were expected at $ 10.75 billion.
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