Travelers Cos. Thursday said its third-quarter profits dropped 23 percent, driven in part by higher weather-related losses.
The property and casualty insurer, with major operations in Hartford, said its third-quarter net income fell to $716 million, or $2.45 a share, from $928 million, or $2.97, a year earlier.
Operating income also declined to $701 million, or $2.40 per diluted share, compared to $918 million, or $2.93 per diluted share, in the same quarter a year earlier.
The declines were the result of higher non-catastrophe weather-related losses and higher-than-expected losses associated with auto bodily injury, among other factors.
