Report
Brett Horn
EUR 147.86 For Business Accounts Only

A solid industry backdrop should allow Travelers to generate excess returns.

Travelers' second-quarter results were a somewhat mixed bag but contained no major surprises; we will maintain our $117 fair value estimate. Net written premiums were up 3% year over year. Growth in domestic commercial lines was modest at 2%, and management noted that pricing in this area remains stable. Commercial lines overall were flat year over year due to the negative impact of the stronger dollar on international operations. 
However, Travelers saw strong growth of 9% in personal lines, le...
Underlying
Travelers Companies Inc.

Travelers Companies is a holding company. Through its subsidiaries, the company is engaged in providing commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals. The company's segments include: Business Insurance, which provides property and casualty insurance and insurance-related services; Bond and Specialty Insurance, which provides surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services, and certain specialty insurance products; and Personal Insurance, which writes property and casualty insurance covering individuals' personal risks.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brett Horn

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