Travelers Earnings Slip and Guidance Is Lowered

Travelers Cos. (TRV) reported second-quarter earnings of $1.35 per diluted share, or $670 million. Earnings for the second quarter of 2009 were $1.27 per share, or $690 million. The company has bought back 106 million common shares since June 2009.

Operating income after taxes for the quarter was $690 million, a decrease of $42 million from a year earlier, the company said in a statement. The drop was primarily due to an $87 million after-tax decrease in the underwriting gain.

"We are modestly lowering the upper end of our full-year 2010 fully diluted operating income per share guidance by 10 cents, resulting in a range of $5.20 to $5.45," CEO Jay Fishman said.