旅行者第一季業績喜憂參半，潛在實力顯現

2024 年第一季度，Travelers Companies 報告淨利潤成長 16%，達到 11.23 億美元（每股 4.80 美元），核心收入成長 14%，達到 10.96 億美元（每股 4.69 美元）。儘管巨災損失增加且每股收益和收入未達預期，該公司的綜合綜合成本率仍達 93.9%，基礎綜合成本率高達 87.7%。

The Travelers Companies: A Mixed Q1 Performance with Underlying Strength

旅行者公司：第一季業績好壞參半，但具有潛在實力

The Travelers Companies, Inc. (NYSE: TRV), a leading property and casualty insurer, has released its financial results for the first quarter of 2024, showcasing a largely positive performance despite falling short of some analyst expectations.

領先的財產和意外傷害保險公司 The Travelers Companies, Inc.（NYSE：TRV）公佈了 2024 年第一季的財務業績，儘管未達到一些分析師的預期，但業績表現基本樂觀。

Financial Highlights

財經摘要

Travelers reported a solid 16% increase in net income to $1.123 billion, or $4.80 per diluted share, compared to the same period last year. However, this figure fell slightly short of analysts' expectations of $4.87 per share. Core income also experienced a notable 14% growth to $1.096 billion, or $4.69 per diluted share.

Travelers 報告稱，與去年同期相比，淨利潤增長了 16%，達到 11.23 億美元，即稀釋後每股收益 4.80 美元。不過，這一數字略低於分析師預期的每股 4.87 美元。核心收入也顯著增長了 14%，達到 10.96 億美元，即稀釋後每股收益 4.69 美元。

On the underwriting front, the company achieved a consolidated combined ratio of 93.9%, improving by 1.5 points from the previous year. This was driven by a significant 2.9-point improvement in the underlying combined ratio, which stood at an exceptional 87.7%.

核保方面，公司綜合綜合成本率達93.9%，較上年提高1.5個百分點。這是由於基礎綜合成本率顯著提高了 2.9 個百分點，達到 87.7%。

Challenging Environment

充滿挑戰的環境

Despite financial growth, Travelers faced elevated catastrophe losses totaling $712 million pre-tax, an increase from $535 million in the prior year quarter. These losses stemmed from various weather-related events.

儘管財務成長，Travelers 仍面臨高達 7.12 億美元的稅前巨災損失，高於去年同期的 5.35 億美元。這些損失源自於各種與天氣相關的事件。

However, the company's operational efficiency and effective underwriting practices allowed it to mitigate the impact of these losses and maintain strong financial performance.

然而，該公司的營運效率和有效的承保實踐使其能夠減輕這些損失的影響並保持強勁的財務業績。

Premium Growth and Market Position

溢價成長和市場地位

Net written premiums saw a robust 8% increase to $10.182 billion, with all three business segments contributing to this growth. Travelers' strong market position and focus on growth initiatives fueled this premium expansion.

淨承保保費強勁成長 8%，達到 101.82 億美元，所有三個業務部門都對這一成長做出了貢獻。 Travelers 強大的市場地位和對成長計劃的關注推動了溢價的擴張。

Expectations and Analyst Consensus

預期和分析師共識

Travelers' performance was somewhat mixed compared to analyst estimates. While EPS slightly missed the target by $0.07, revenue outperformed expectations, indicating underlying strength in the business.

與分析師的預期相比，旅行者的表現有些好壞參半。雖然每股收益略低於目標 0.07 美元，但收入超出預期，顯示該業務的潛在實力。

Dividend Increase and Future Outlook

股利增加及未來展望

Reflecting the company's financial strength and confidence in its business outlook, the Board of Directors declared a 5% increase in the regular quarterly cash dividend to $1.05 per share. This marks the 20th consecutive year of dividend increases, underscoring Travelers' commitment to shareholder value.

為了反映公司的財務實力和對其業務前景的信心，董事會宣布將定期季度現金股利增加 5% 至每股 1.05 美元。這標誌著股利連續 20 年增加，凸顯了 Travelers 對股東價值的承諾。

Looking ahead, Travelers remains optimistic about its future performance. The company's strategic initiatives and investments in innovation are expected to drive growth in premium base and adjusted book value per share.

展望未來，旅行者對其未來表現仍持樂觀態度。該公司的策略性舉措和創新投資預計將推動溢價基數和調整後每股帳面價值的成長。

Continued Success in a Competitive Market

在競爭激烈的市場中持續取得成功

Travelers' focus on marketplace execution, growth in net written premiums, and robust pricing strategies across its segments positions it well for continued success. The strong contribution from its investment portfolio, with after-tax net investment income reaching $698 million for the quarter, further supports the company's financial position.

Travelers 專注於市場執行、淨承保保費成長以及跨細分市場的穩健定價策略，使其能夠持續取得成功。其投資組合的強勁貢獻，本季稅後淨投資收入達到 6.98 億美元，進一步支撐了公司的財務狀況。

In conclusion, while Travelers' Q1 performance had some minor deviations from expectations, the company's overall financial strength, operational efficiency, and long-term growth prospects remain intact. Its commitment to shareholder value is evident in the dividend increase, and its execution of strategic initiatives positions it to capitalize on market opportunities and navigate challenges in the competitive insurance industry.

總而言之，雖然 Travelers 第一季業績與預期存在一些微小偏差，但該公司的整體財務實力、營運效率和長期成長前景保持完好。其對股東價值的承諾在股利增加中得到體現，其策略性舉措的執行使其能夠利用市場機會並應對競爭激烈的保險業中的挑戰。