Shares of Travelers Companies (TRV) are up 6% after the U.S. insurer posted third-quarter financial results that surpassed the expectations of Wall Street
The auto and home insurance provider said that its results benefitted from record premiums paid to the company during the July through September period.
For Q3, Travelers reported $5.24 U.S. in earnings per share (EPS), which beat the $3.66 U.S. consensus forecast of analysts who track the company’s progress.
Revenue for the quarter totaled $11.90 billion U.S., which topped a forecast of $11.46 billion U.S.
Net earned premiums, a metric used by insurers that refers to money that’s already collected, reached a record $10.7 billion U.S. during the quarter.
The company didn’t provide any forward guidance as part of its financial results.
However, Travelers is benefitting as individuals and businesses spend more on insurance. The company’s premiums rose 8% in the quarter from a year earlier as all of its units grew.
Prior to today (Oct. 17), the stock of Travelers Companies had risen 44% over the last 12 months to trade at $242.95 U.S. per share.