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Insurance Firms Post Q3 2023 Results, With Growth and Challenges

Published Oct 24, 2023 20:52
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Marsh & McLennan's third quarter results for 2023 revealed an adjusted earnings per share of $1.57, a 13% improvement in consolidated revenues. The company's adjusted operating margin rose to 21.3%. However, the Risk and Insurance Services segment saw a 10.4% YoY increase in expenses, while its Consulting segment expenses grew by 11.3% YoY. Despite these increases, the firm managed to report a total adjusted operating income of $1.059 billion.

The Travelers Companies (NYSE:TRV) reported a core income per share of $1.95 for Q3, even as total revenues increased by 14%. The firm faced significant catastrophe losses totaling $850 million but managed to offset this with an underwriting gain of $868 million. The company also achieved a record $10.4 billion in net written premiums, marking a 14% YoY increase. Its net investment income saw a notable surge, increasing 30% YoY to reach $769 million.

The Progressive Corporation (NYSE:PGR)'s Q3 earnings per share stood at $2.09. The company reported a 20% growth in net premiums written and earned, reaching $14.9 billion. The combined ratio improved to 92.4%, while net realized losses on securities were reported at $149 million.

Brown & Brown (NYSE:BRO), Inc.'s adjusted earnings for Q3 were 71 cents per share, reflecting a substantial 42% YoY increase driven by organic growth, improved EBITDA margin, and higher net investment income. This growth came despite higher expenses faced by the company. Revenues for the quarter reached $1.06 billion, largely propelled by a surge in commission and fees. The company currently holds a Zacks Rank #3 (Hold).

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Insurance Firms Post Q3 2023 Results, With Growth and Challenges
 

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