A less intense hurricane season and a slowly improving stock market helped quadruple net income at Travelers Cos., the Associated Press reports.
The St. Paul insurance company paid out $682 million for storm-related damages during last year’s third quarter. This year, however, severe weather only cost the company $103 million after taxes.
“We are pleased to report strong third quarter operating income of $914 million and operating return on equity of 14.1 percent,” CEO Jay Fishman said in the company’s statement.
Investors also appeared to be pleased with the results. The company’s stock was up about 6 percent just before noon Eastern. Here, an Oppenheimer analyst talks with CNBC about the results: