home, auto and commercial insurers, said on Thursday that second-quarter earnings fell about 20 percent on lower investment income and underwriting profit. Net income declined to $740 million, or $1.27 a share, from $942 million, or $1.54 per share, a year earlier. Operating income, which excludes realized gains and losses, fell to $732 million, or $1.25 a share, from $918 million, or $1.50 per share. Analysts on average expected earnings of $1.27 a share on that basis, according to Reuters Estimates. The St. Paul, Minnesota-based insurer, which has been winning business in recent quarters from weakened rivals such as American International Group Inc, was added to the Dow Jones industrial average last month. Travelers shares closed down 1.6 percent on Wednesday at $42.63. They have traded in a range of $28.93 to $57.30 in the last year. (Reporting by Lilla Zuill; Editing by Lisa Von Ahn) Keywords: TRAVELERS/ (lilla.zuill@thomsonreuters.com;+1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. |