10:19 AM EDT, 10/16/2025 (MT Newswires) -- Travelers (TRV) third-quarter written premiums fell short of market estimates, although the property and casualty insurer reported third-quarter earnings above expectations.

Net written premiums came in at $11.47 billion for the September quarter, ticking up from $11.32 billion a year earlier, but trailing the consensus on FactSet for $11.69 billion. The stock fell 3.5% in Thursday trade, but has gained 8% year-to-date.

In business insurance, net written premiums increased 3% to $5.68 billion led by a 7% rise in the company's core middle market segment, partially offset by national property and other. Personal insurance premiums nudged down to $4.72 billion from $4.73 billion, while bond and specialty inched 1% higher to $1.08 billion.

Adjusted earnings jumped to $8.14 from $5.24 year over year and surpassed the Street's view of $6.39. Core income benefitted from lower catastrophe losses, a higher underlying underwriting gain and an increase in net investment income, according to Travelers.

Total revenue advanced 5% to $12.47 billion, ahead of the average analyst estimate of $12.34 billion.

"We are very pleased to report another quarter of excellent results," Chief Executive Alan Schnitzer said in a statement. "Very strong underwriting results and higher investment income drove the bottom line."

Catastrophe losses, net of reinsurance, retreated to $402 million from $939 million in the 2024 quarter, the company said. Those losses were "fairly benign" and consisted mainly of tornado and hail events in the central US, Chief Financial Officer Dan Frey said during a conference call, according to a FactSet transcript.

The combined ratio, which indicates an underwriting profit if maintained under 100%, moved to 87.3% from 93.2% annually.

Price: 261.19, Change: -8.26, Percent Change: -3.07