The Travelers Companies Inc

TRV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$326.00	Fyplwgf	Pdgwbmmsg

Travelers Earnings: Catastrophes Take a Toll, but Underlying Results Are Solid

Brett Horn

Jul 19, 2024

Narrow-moat Travelers' second-quarter results were weighed down by $1.5 billion in pretax catastrophe losses, which dragged annualized return on equity for the quarter down to 9%. However, underlying results contained no major surprises, and we think industry conditions remain positive and the near-term outlook is bright. We maintain our $210 fair value estimate and see the shares as about fairly valued at the moment.

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