Property casualty insurer Travelers Cos. Inc., which has major operations in Hartford, said its quarterly profits crossed into 10 figures, as premiums and fee income outpaced claims.
Travelers booked $1.04 billion in net income, or $3.11 per diluted share, in the fourth quarter of 2014, up from $988 million, or $2.70, in the final quarter a year prior.
The company wrapped the year with profits of $27.16 billion, or $10.70 per share, compared to $26.19 billion, or $9.74 in 2013.
CEO Jay Fishman said in a statement that the quarterly and annual earnings per share were at record levels.
Underwriting gains for the quarter increased nearly 26 percent, to $866 million. Travelers gave back about a third of that gain in lower investment income, which fell from $702 million to $637 million.
Net written premiums grew by $203 million, to $5.84 billion, led by growth in the company’s middle-market as well as contributions from Dominion of Canada General Insurance Co., which Travelers acquired in Nov. 2013 for $1.1 billion.
