Travelers' profit drops as catastrophe losses rise
July 22 (Reuters) - Property and casualty insurer Travelers Cos Inc reported a 26 percent drop in quarterly net profit as catastrophe losses rose.
The company, a Dow Jones Industrial Average component, said net income fell to $683 million, or $1.95 per share, in the second quarter ended June 30, from $925 million, or $2.41 per share, a year earlier.
Operating earnings fell to $1.93 per share from $2.13.
Revenue rose 2 percent to $6.79 billion.
Pre-tax catastrophe losses, net of reinsurance, rose to $436 million from $96 million. (Reporting by Amrutha Gayathri; Editing by Ted Kerr)
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