Catastrophes Erode Travelers' Profit in Q2

The Travelers Cos. on Thursday reported net income of $524 million for the second quarter, a 12% drop, from $595 million, in the prior-year quarter. For the first half of the year, net income was $1.193 billion, down 2%, from $1.212 billion in the first half of 2017. The company said its core income before income taxes was hit by an $85 million increase in catastrophe losses, which reached $488 million in the quarter. Core income benefited by $54 million from a lower U.S. corporate income tax rate. Workers’ compensation earned premium was $973 million for the second quarter and $...