TRAVELERS COMPANIES INC
For the period ended Jun 30, 2024. Filed Jul 19, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 19, 2024
TRV$395.20-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-04-17.
0000086312-24-000032
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-19.
0000086312-24-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 273 previous paragraphs and 303 current paragraphs.
162 unchanged; 84 reworded; 57 added; 24 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (57)
Current report
2024 Second Quarter Consolidated Results of Operations
Current report
•Catastrophe losses of $1.51 billion ($1.19 billion after-tax)
Current report
•Net favorable prior year reserve development of $230 million ($182 million after-tax)
Current report
•Combined ratio of 100.2%
Current report
•Net investment income of $885 million ($727 million after-tax)
Current report
•Net realized investment losses of $65 million ($51 million after-tax)
Current report
•Total assets of $129.32 billion
Current report
•Shareholders’ equity of $24.86 billion
Current report
•Net unrealized investment losses of $5.04 billion ($3.98 billion after-tax)
Current report
Diluted net income per share was $2.29 in the second quarter of 2024, compared to a diluted net loss per share of $0.07 in the same period of 2023. Net income was $534 million in the second quarter of 2024, compared to a net loss of $14 million in the same period of 2023. The increase in income before income taxes in the second quarter of 2024 primarily reflected the pre-tax impacts of (i) higher underwriting margins excluding catastrophe losses and prior year reserve development (“underlying underwriting margins”), (ii) higher net investment income and (iii) higher net favorable prior year reserve development, partially offset by (iv) higher catastrophe losses and (v) higher net realized investment losses. Catastrophe losses in the second quarters of 2024 and 2023 were $1.51 billion and $1.48 billion, respectively. Net favorable prior year reserve development in the second quarters of 2024 and 2023 was $230 million and $60 million, respectively. The higher underlying underwriting margins in the second quarter of 2024 were driven by Personal Insurance, Business Insurance and Bond & Specialty Insurance. The Company recorded income tax expense in the second quarter of 2024 compared with an income tax benefit in the same period of 2023. The change in income taxes primarily reflected the impact of the increase in income before income taxes.
Current report
Claims and claim adjustment expenses in the first six months of 2024 were $14.03 billion, $843 million or 6% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes and (ii) higher catastrophe losses, partially offset by (iii) lower fire and non-weather water losses in the homeowners and other product line and lower physical damage losses in the automobile product line in Personal Insurance, (iv) higher net favorable prior year reserve development and (v) the comparison to an elevated level of losses in the same period of 2023 from both a small number of surety accounts and loss activity related to the disruption in the banking sector in Bond & Specialty Insurance. Catastrophe losses in the first six months of 2024 included the second quarter events described above, as well as severe wind and hail storms in the central and eastern regions of the United States in the first three months of 2024.
Current report
Factors contributing to net prior year reserve development during the second quarters and first six months of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Current report
Income Tax Expense (Benefit)
Current report
The combined ratio of 100.2% in the second quarter of 2024 was 6.3 points lower than the combined ratio of 106.5% in the same period of 2023. The loss and loss adjustment expense ratio of 71.4% in the second quarter of 2024 was 6.5 points lower than the loss and loss adjustment expense ratio of 77.9% in the same period of 2023. The underwriting expense ratio of 28.8% in the second quarter of 2024 was 0.2 points higher than the underwriting expense ratio of 28.6% in the same period of 2023.
Current report
Catastrophe losses in the first six months of 2024 and 2023 accounted for 10.9 points and 11.2 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2024 and 2023 provided 1.5 points and 0.9 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2024 was 3.1 points lower than the 2023 ratio on the same basis, primarily reflecting the impact of the benefit of earned pricing.
Current report
Segment income in the second quarter of 2024 was $656 million, $254 million or 63% higher than segment income of $402 million in the same period of 2023. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) net favorable prior year reserve development compared to net unfavorable prior year reserve development in the same period of 2023, (ii) higher net investment income and (iii) higher underlying underwriting margins. Net favorable prior year reserve development in the second quarter of 2024 was $34 million. Net unfavorable prior year reserve development in the second quarter of 2023 was $101 million. Catastrophe losses in the second quarters of 2024 and 2023 were $389 million and $396 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) higher business volumes and (ii) the benefit of earned pricing, partially offset by (iii) higher other losses and (iv) higher general and administrative expenses. Income tax expense in the second quarter of 2024 was higher than in the same period of 2023, primarily reflecting the impact of the increase in segment income before income taxes.
Current report
Claims and claim adjustment expenses in the first six months of 2024 were $6.80 billion, $599 million or 10% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes and (ii) loss cost trends, partially offset by (iii) net favorable prior year reserve development compared to net unfavorable prior year reserve development in the same period of 2023.
Current report
Factors contributing to net prior year reserve development during the second quarters and first six months of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Current report
The combined ratio of 96.1% in the second quarter of 2024 was 4.0 points lower than the combined ratio of 100.1% in the same period of 2023. The loss and loss adjustment expense ratio of 66.2% in the second quarter of 2024 was 3.8 points lower than the loss and loss adjustment expense ratio of 70.0% in the same period of 2023. The underwriting expense ratio of 29.9% in the second quarter of 2024 was 0.2 points lower than the underwriting expense ratio of 30.1% in the same period of 2023.
Current report
The combined ratio of 94.7% in the first six months of 2024 was 2.2 points lower than the combined ratio of 96.9% in the same period of 2023. The loss and loss adjustment expense ratio of 64.9% in the first six months of 2024 was 2.0 points lower than the loss and loss adjustment expense ratio of 66.9% in the same period of 2023. The underwriting expense ratio of 29.8% for the first six months of 2024 was 0.2 points lower than the underwriting expense ratio of 30.0% in the same period of 2023.
Current report
Catastrophe losses in the first six months of 2024 and 2023 accounted for 5.8 points and 6.5 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2024 provided 0.3 points of benefit to the combined ratio. Net unfavorable prior year reserve development in the first six months of 2023 accounted for 0.9 points of the combined ratio. The underlying combined ratio in the first six months of 2024 was 0.3 points lower than the 2023 ratio on the same basis.
Current report
Gross and net written premiums in the second quarter of 2024 increased by 9% and 7%, respectively, over the same period of 2023. Gross and net written premiums in the first six months of 2024 increased by 9% and 8%, respectively, over the same period of 2023.
Current report
Segment income in the second quarter of 2024 was $170 million, $60 million or 26% lower than segment income of $230 million in the same period of 2023. The decrease in segment income before income taxes primarily reflected the pre-tax impacts of (i) lower net favorable prior year reserve development and (ii) higher catastrophe losses, partially offset by (iii) higher underlying underwriting margins and (iv) higher net investment income. Net favorable prior year reserve development in the second quarters of 2024 and 2023 was $24 million and $119 million, respectively. Catastrophe losses in the second quarters of 2024 and 2023 were $40 million and $21 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) higher business volumes and (ii) the comparison to an elevated level of losses in the prior year quarter from a small number of surety accounts, partially offset by (iii) higher general and administrative expenses. Income tax expense in the second quarter of 2024 was lower than in the same period of 2023, primarily reflecting the impact of the decrease in segment income before income taxes.
Current report
Claims and claim adjustment expenses in the second quarter of 2024 were $473 million, $107 million or 29% higher than in the same period of 2023, primarily reflecting the impacts of (i) lower net favorable prior year reserve development, (ii) higher business volumes and (iii) higher catastrophe losses, partially offset by (iv) the comparison to an elevated level of losses in the prior year quarter from a small number of surety accounts.
Current report
Claims and claim adjustment expenses in the first six months of 2024 were $901 million, $155 million or 21% higher than in the same period of 2023, primarily reflecting the impacts of (i) lower net favorable prior year reserve development, (ii) higher business volumes and (iii) higher catastrophe losses, partially offset by (iv) the comparison to an elevated level of losses in the same period of 2023 from both a small number of surety accounts and loss activity related to the disruption in the banking sector.
Current report
Factors contributing to net favorable prior year reserve development during the second quarters and first six months of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Current report
Amortization of deferred acquisition costs in the second quarter of 2024 was $183 million, $15 million or 9% higher than in the same period of 2023. Amortization of deferred acquisition costs in the first six months of 2024 was $365 million, $37 million or 11% higher than in the same period of 2023. The increases in both periods of 2024 were generally consistent with the increases in earned premiums.
Current report
General and administrative expenses in the second quarter of 2024 were $207 million, $34 million or 20% higher than in the same period of 2023. General and administrative expenses in the first six months of 2024 were $412 million, $74 million or 22% higher than in the same period of 2023. The increases in both periods of 2024 primarily reflected the acquisition of Corvus in the first quarter of 2024, as well as higher employee and technology related expenses.
Current report
Income Tax Expense
Current report
The combined ratio of 87.7% in the second quarter of 2024 was 10.6 points higher than the combined ratio of 77.1% in the same period of 2023. The loss and loss adjustment expense ratio of 48.0% in the second quarter of 2024 was 8.2 points higher than the loss and loss adjustment expense ratio of 39.8% in the same period of 2023. The underwriting expense ratio of 39.7% in the second quarter of 2024 was 2.4 points higher than the underwriting expense ratio of 37.3% in the same period of 2023.
Current report
The combined ratio of 86.1% in the first six months of 2024 was 7.6 points higher than the combined ratio of 78.5% in the same period of 2023. The loss and loss adjustment expense ratio of 46.2% in the first six months of 2024 was 4.8 points higher than the loss and loss adjustment expense ratio of 41.4% in the same period of 2023. The underwriting expense ratio of 39.9% in the first six months of 2024 was 2.8 points higher than the underwriting expense ratio of 37.1% in the same period of 2023.
Current report
Net favorable prior year reserve development in the first six months of 2024 and 2023 provided 2.5 points and 9.9 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first six months of 2024 and 2023 accounted for 2.3 points and 1.5 points, respectively, of the combined ratio. The underlying combined ratio in the first six months of 2024 was 0.6 points lower than the 2023 ratio on the same basis, primarily reflecting the impacts of (i) the comparison to an elevated level of losses in the same period of 2023 from both a small number of surety accounts and loss activity related to the disruption in the banking sector, partially offset by (ii) a higher expense ratio.
Current report
Gross and net written premiums in the second quarter of 2024 increased by 9% and 8%, respectively, over the same period of 2023. Gross and net written premiums in the first six months of 2024 increased by 8% and 7%, respectively, over the same period of 2023.
Current report
Segment loss in the second quarter of 2024 was $153 million, compared with a segment loss of $538 million in the same period of 2023. The decrease in segment loss before income taxes was driven by the pre-tax impacts of (i) higher underlying underwriting margins, (ii) higher net favorable prior year reserve development and (iii) higher net investment income, partially offset by (iv) higher catastrophe losses. Catastrophe losses in the second quarters of 2024 and 2023 were $1.08 billion and $1.06 billion, respectively. Net favorable prior year reserve development in the second quarters of 2024 and 2023 was $172 million and $42 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) the benefit of earned pricing, (ii) lower fire and non-weather water losses in the homeowners and other product line, (iii) higher business volumes and (iv) lower physical damage losses in the automobile product line. The income tax benefit in the second quarter of 2024 was lower than in the same period of 2023, primarily reflecting the impact of the decrease in segment loss before income taxes.
Current report
Claims and claim adjustment expenses in the second quarter of 2024 were $3.43 billion, $136 million or 4% lower than in the same period of 2023, primarily reflecting the impacts of (i) higher net favorable prior year reserve development, (ii) lower fire and non-weather water losses in the homeowners and other product line and (iii) lower physical damage losses in the automobile product line, partially offset by (iv) higher business volumes.
Current report
Claims and claim adjustment expenses in the first six months of 2024 were $6.33 billion, $89 million or 1% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes and (ii) higher catastrophe losses, partially offset by (iii) higher net favorable prior year reserve development, (iv) lower fire and non-weather water losses in the homeowners and other product line and (v) lower physical damage losses in the automobile product line.
Current report
Factors contributing to net favorable prior year reserve development during the second quarters and first six months of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Current report
Amortization of deferred acquisition costs in the second quarter of 2024 was $634 million, $56 million or 10% higher than in the same period of 2023. Amortization of deferred acquisition costs in the first six months of 2024 was $1.29 billion, $148 million or 13% higher than in the same period of 2023. The increases in both periods of 2024 were generally consistent with the increases in earned premiums.
Current report
Income Tax Expense (Benefit)
Current report
The combined ratio of 108.5% in the second quarter of 2024 was 13.5 points lower than the combined ratio of 122.0% in the same period of 2023. The loss and loss adjustment expense ratio of 83.7% in the second quarter of 2024 was 13.7 points lower than the loss and loss adjustment expense ratio of 97.4% in the same period of 2023. The underwriting expense ratio of 24.8% in the second quarter of 2024 was 0.2 points higher than the underwriting expense ratio of 24.6% in the same period of 2023.
Showing the first 40 of 57 passages. Open the source sections for the rest.
Removed paragraphs (24)
Previous report
2024 First Quarter Consolidated Results of Operations
Previous report
•Catastrophe losses of $712 million ($563 million after-tax)
Previous report
•Net favorable prior year reserve development of $91 million ($71 million after-tax)
Previous report
•Combined ratio of 93.9%
Previous report
•Net investment income of $846 million ($698 million after-tax)
Previous report
•Net realized investment gains of $35 million ($27 million after-tax)
Previous report
•Total assets of $127.41 billion
Previous report
•Shareholders’ equity of $25.02 billion
Previous report
•Net unrealized investment losses of $4.72 billion ($3.72 billion after-tax)
Previous report
Factors contributing to net prior year reserve development during the first quarters of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Previous report
Claims and claim adjustment expenses in the first quarter of 2024 were $3.33 billion, $424 million or 15% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes, (ii) loss cost trends and (iii) other loss activity.
Previous report
Factors contributing to net prior year reserve development during the first quarters of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Previous report
Amortization of deferred acquisition costs in the first quarter of 2024 was $864 million, $122 million or 16% higher than the same period of 2023, generally consistent with the increase in earned premiums.
Previous report
The combined ratio of 93.3% in the first quarter of 2024 was 0.3 points lower than the combined ratio of 93.6% in the same period of 2023. The loss and loss adjustment expense ratio of 63.6% in the first quarter of 2024 was 0.2 points lower than the loss and loss adjustment expense ratio of 63.8% in the same period of 2023. The underwriting expense ratio of 29.7% in the first quarter of 2024 was 0.1 points lower than the underwriting expense ratio of 29.8% in the same period of 2023.
Previous report
International. Net written premiums of $440 million in the first quarter of 2024 were comparable with the same period of 2023.
Previous report
Claims and claim adjustment expenses in the first quarter of 2024 were $428 million, $48 million or 13% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes and (ii) lower net favorable prior year reserve development, partially offset by (iii) loss activity related to the disruption in the banking sector in the prior year quarter.
Previous report
Factors contributing to net favorable prior year reserve development during the first quarters of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Previous report
The combined ratio of 84.5% in the first quarter of 2024 was 4.5 points higher than the combined ratio of 80.0% in the same period of 2023. The loss and loss adjustment expense ratio of 44.4% in the first quarter of 2024 was 1.4 points higher than the loss and loss adjustment expense ratio of 43.0% in the same period of 2023. The underwriting expense ratio of 40.1% in the first quarter of 2024 was 3.1 points higher than the underwriting expense ratio of 37.0% in the same period of 2023.
Previous report
Factors contributing to net favorable prior year reserve development during the first quarters of 2024 and 2023 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.
Previous report
Amortization of deferred acquisition costs in the first quarter of 2024 was $652 million, $92 million or 16% higher than in the same period of 2023, generally consistent with the increase in earned premiums.
Previous report
General and administrative expenses in the first quarter of 2024 were $375 million, $16 million or 4% higher than in the same period of 2023, primarily reflecting higher employee and technology related expenses.
Previous report
The combined ratio of 96.9% in the first quarter of 2024 was 4.6 points lower than the combined ratio of 101.5% in the same period of 2023. The loss and loss adjustment expense ratio of 72.2% in the first quarter of 2024 was 4.1 points lower than the loss and loss adjustment expense ratio of 76.3% in the same period of 2023. The underwriting expense ratio of 24.7% in the first quarter of 2024 was 0.5 points lower than the underwriting expense ratio of 25.2% in the same period of 2023.
Previous report
Catastrophe losses in the first quarters of 2024 and 2023 accounted for 12.4 points and 9.4 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first quarters of 2024 and 2023 provided 1.6 points and 0.8 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first quarter of 2024 was 6.8 points lower than the 2023 ratio on the same basis, primarily reflecting the impact of the benefit of earned pricing in both the automobile and homeowners and other product lines.
Previous report
Automobile net written premiums of $1.86 billion in the first quarter of 2024 increased by 12% over the same period of 2023. Retention rates remained strong in the first quarter of 2024 and were comparable with the same period of 2023. Renewal premium changes in the first quarter of 2024 remained positive and were higher than in the same period of 2023. New business premiums in the first quarter of 2024 increased slightly over the same period of 2023.
Reworded paragraphs (84)
Previous wording
•Net income of $1.12 billion, or $4.87 per share basic and $4.80 per share diluted
Current wording
•Net income of $534 million, or $2.32 per share basic and $2.29 per share diluted
Previous wording
•Net earned premiums of $10.13 billion
Current wording
•Net earned premiums of $10.24 billion
Previous wording
•Operating cash flows of $1.46 billion
Current wording
•Operating cash flows of $1.68 billion
Previous wording
2024 First Quarter Consolidated Financial Condition
Current wording
2024 Second Quarter Consolidated Financial Condition
Previous wording
•Total investments of $88.66 billion; fixed maturities and short-term securities comprised 93% of total investments
Current wording
•Total investments of $89.51 billion; fixed maturities and short-term securities comprised 93% of total investments
Previous wording
•Total debt of $8.03 billion, resulting in a debt-to-total capital ratio of 24.3% (21.8% excluding net unrealized investment losses, net of tax)
Current wording
•Total debt of $8.03 billion, resulting in a debt-to-total capital ratio of 24.4% (21.8% excluding net unrealized investment losses, net of tax)
Previous wording
•Total capital returned to shareholders of $620 million, comprising $388 million of share repurchases and $232 million of dividends
Current wording
•Total capital returned to shareholders of $498 million, comprising $253 million of share repurchases and $245 million of dividends
Previous wording
•Book value per common share of $109.28
Current wording
•Book value per common share of $109.08
Previous wording
•Holding company liquidity of $1.62 billion
Current wording
•Holding company liquidity of $1.73 billion
Previous wording
The following discussions of the Company’s net income and segment income are presented on an after-tax basis. Discussions of the components of net income and segment income are presented on a pre-tax basis, unless otherwise noted. Discussions of net income per common share are presented on a diluted basis.
Current wording
The following discussions of the Company’s net income (loss) and segment income (loss) are presented on an after-tax basis. Discussions of the components of net income (loss) and segment income (loss) are presented on a pre-tax basis, unless otherwise noted. Discussions of net income (loss) per common share are presented on a diluted basis.
Previous wording
Diluted net income per share of $4.80 in the first quarter of 2024 increased by 16% over diluted net income per share of $4.13 in the same period of 2023. Net income of $1.12 billion in the first quarter of 2024 increased by 15% over net income of $975 million in the same period of 2023. The higher rate of increase in diluted net income per share reflected the impact of share repurchases in recent periods. The increase in income before income taxes in the first quarter of 2024 primarily reflected the pre-tax impacts of (i) higher underwriting margins excluding catastrophe losses and prior year reserve development (“underlying underwriting margins”) and (ii) higher net investment income, partially offset by (iii) higher catastrophe losses. Catastrophe losses in the first quarters of 2024 and 2023 were $712 million and $535 million, respectively. Net favorable prior year reserve development in the first quarters of 2024 and 2023 was $91 million and $105 million, respectively. The higher underlying underwriting margins in the first quarter of 2024 were driven by Personal Insurance, Business Insurance and Bond & Specialty Insurance. The Company recorded income tax expense in the first quarter of 2024 compared with an income tax benefit in the same period of 2023. The change in income taxes primarily reflected a one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item and impact of the increase in income before income taxes.
Current wording
Diluted net income per share of $7.09 in the first six months of 2024 increased by 73% over diluted net income per share of $4.09 in the same period of 2023. Net income of $1.66 billion in the first six months of 2024 increased by 72% over net income of $961 million in the same period of 2023. The higher rate of increase in diluted net income per share reflected the impact of share repurchases in recent periods. The increase in income before income taxes primarily reflected the pre-tax impacts of (i) higher underlying underwriting margins, (ii) higher net investment income and (iii) higher net favorable prior year reserve development, partially offset by (iv) higher catastrophe losses. Catastrophe losses in the first six months of 2024 and 2023 were $2.22 billion and $2.02 billion, respectively. Net favorable prior year reserve development in the first six months of 2024 and 2023 was $321 million and $165 million, respectively. The higher underlying underwriting margins in the first six months of 2024 were driven by Personal Insurance, Business Insurance and Bond & Specialty Insurance. The Company recorded income tax expense in the first six months of 2024 compared with an income tax benefit in the same period of 2023. The change in income taxes primarily reflected the impact of the increase in income before income taxes and a one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item.
Previous wording
The Company has insurance operations in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world as a corporate member of Lloyd’s, as well as in Brazil and Colombia through joint ventures. Because these operations are conducted in local currencies other than the U.S. dollar, the Company is subject to changes in foreign currency exchange rates. For the three months ended March 31, 2024 and 2023, changes in foreign currency exchange rates impacted reported line items in the statement of income by insignificant amounts. The impact of these changes was not material to the Company’s net income or segment income for the periods reported.
Current wording
The Company has insurance operations in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world as a corporate member of Lloyd’s, as well as in Brazil and Colombia through joint ventures. Because these operations are conducted in local currencies other than the U.S. dollar, the Company is subject to changes in foreign currency exchange rates. For the three months and six months ended June 30, 2024 and 2023, changes in foreign currency exchange rates impacted reported line items in the statement of income (loss) by insignificant amounts. The impact of these changes was not material to the Company’s net income (loss) or segment income (loss) for the periods reported.
Previous wording
Earned premiums in the first quarter of 2024 were $10.13 billion, $1.27 billion or 14% higher than in the same period of 2023. In Business Insurance, earned premiums in the first quarter of 2024 increased by 15% over the same period of 2023. In Bond & Specialty Insurance, earned premiums in the first quarter of 2024 increased by 9% over the same period of 2023. In Personal Insurance, earned premiums in the first quarter of 2024 increased by 15% over the same period of 2023. Factors contributing to the changes in earned premiums in each segment are discussed in more detail in the segment discussions that follow.
Current wording
Earned premiums in the second quarter of 2024 were $10.24 billion, $1.03 billion or 11% higher than in the same period of 2023. Earned premiums in the first six months of 2024 were $20.37 billion, $2.30 billion or 13% higher than in the same period of 2023. In Business Insurance, earned premiums in the second quarter and first six months of 2024 increased by 11% and 13%, respectively, over the same periods of 2023. In Bond & Specialty Insurance, earned premiums in the second quarter and first six months of 2024 increased by 7% and 8%, respectively, over the same periods of 2023. In Personal Insurance, earned premiums in the second quarter and first six months of 2024 increased by 12% and 13%, respectively, over the same periods of 2023. Factors contributing to the changes in earned premiums in each segment are discussed in more detail in the segment discussions that follow.
Previous wording
Net investment income in the first quarter of 2024 was $846 million, $183 million or 28% higher than in the same period of 2023. Net investment income from fixed maturity investments in the first quarter of 2024 was $692 million, $117 million higher than in the same period of 2023. The increase primarily resulted from higher long-term average yields and a higher average level of fixed maturity investments. Net investment income from short-term securities in the first quarter of 2024 was $70 million, $23 million higher than in the same period of 2023. The increase primarily resulted from higher short-term average yields. The Company’s remaining investment portfolios had net investment income of $98 million in the first quarter of 2024, $45 million higher than in the same period of 2023, primarily reflecting higher private equity partnership returns. Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.
Current wording
Net investment income in the second quarter of 2024 was $885 million, $173 million or 24% higher than in the same period of 2023. Net investment income in the first six months of 2024 was $1.73 billion, $356 million or 26% higher than in the same period of 2023. Net investment income from fixed maturity investments in the second quarter and first six months of 2024 was $709 million and $1.40 billion, respectively, $118 million and $235 million higher, respectively, than in the same periods of 2023. The increases in both periods of 2024 primarily resulted from higher long-term average yields and a higher average level of fixed maturity investments. Net investment income from short-term securities in the second quarter and first six months of 2024 was $70 million and $140 million, respectively, $15 million and $38 million higher, respectively, than in the same periods of 2023. The increase in the second quarter of 2024 primarily resulted from a higher level of short-term investments. The increase in the first six months of 2024 primarily resulted from a higher level of short-term investments and higher short-term average yields. The Company’s remaining investment portfolios had net investment income of $118 million and $216 million, respectively, in the second quarter and first six months of 2024, $40 million and $85 million higher, respectively, than in the same periods of 2023. The increases in both periods of 2024 primarily reflected higher private equity partnership returns. Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.
Previous wording
Fee income in the first quarter of 2024 was $109 million, $3 million higher than in the same period of 2023. The National Accounts market in Business Insurance is the primary source of the Company’s fee-based business and is discussed in the Business Insurance segment discussion that follows.
Current wording
Fee income in the second quarter of 2024 was $115 million, $9 million higher than in the same period of 2023. Fee income in the first six months of 2024 was $224 million, $12 million higher than in the same period of 2023. The National Accounts market in Business Insurance is the primary source of the Company’s fee-based business and is discussed in the Business Insurance segment discussion that follows.
Previous wording
Net realized investment gains on equity securities still held of $79 million and $17 million in the first quarters of 2024 and 2023, respectively, were both driven by the impact of changes in fair value attributable to favorable equity markets.
Current wording
Net realized investment losses on equity securities still held of $28 million in the second quarter of 2024 were driven by a net unfavorable change in fair value on an individual security held in the Company’s portfolio, partially offset by the impact of changes in fair value attributable to favorable equity markets. Net realized investment gains on equity securities still held of $51 million in the first six months of 2024 were driven by the impact of changes in fair value attributable to favorable equity markets. Net realized investment losses on equity securities still held of $14 million in the second quarter of 2023 were driven by the impact of changes in fair value attributable to unfavorable equity markets. Net realized investment gains on equity securities still held of $3 million in the first six months of 2023 were driven by the impact of changes in fair value attributable to favorable equity markets.
Previous wording
Other revenues in the first quarter of 2024 were $112 million, $37 million higher than in the same period of 2023. Other revenues include revenues from Simply Business, installment premium charges and other policyholder service charges.
Current wording
Other revenues in the second quarter of 2024 were $105 million, $6 million higher than in the same period of 2023. Other revenues in the first six months of 2024 were $217 million, $43 million higher than in the same period of 2023. Other revenues include revenues from Simply Business, installment premium charges and other policyholder service charges.
Previous wording
Claims and claim adjustment expenses in the first quarter of 2024 were $6.66 billion, $697 million or 12% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes, (ii) higher catastrophe losses and (iii) other loss activity in Business Insurance, partially offset by (iv) loss activity related to the disruption in the banking sector in the prior year quarter in Bond & Specialty Insurance. Catastrophe losses in the first quarter of 2024 primarily resulted from severe wind and hail storms in the central and eastern regions of the United States. Catastrophe losses in the first quarter of 2023 primarily resulted from severe wind and hail storms in multiple states.
Current wording
Claims and claim adjustment expenses in the second quarter of 2024 were $7.37 billion, $146 million or 2% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes and (ii) higher catastrophe losses, partially offset by (iii) higher net favorable prior year reserve development, (iv) lower fire and non-weather water losses in the homeowners and other product line and lower physical damage losses in the automobile product line in Personal Insurance and (v) the comparison to an elevated level of losses in the prior year quarter from a small number of surety accounts in Bond & Specialty Insurance. Catastrophe losses in the second quarter of both 2024 and 2023 primarily resulted from numerous severe wind and hail storms in multiple states.
Previous wording
The following table presents the amount of losses recorded by the Company for significant catastrophes that occurred in the three months ended March 31, 2024 and 2023, the amount of net unfavorable (favorable) prior year reserve development recognized in the three months ended March 31, 2024 and 2023 for significant catastrophes that occurred in 2023 and 2022, and the estimate of ultimate losses for those catastrophes at March 31, 2024 and December 31, 2023. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses will be $100 million or more after reinsurance and before taxes. The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level and for 2024 ranged from $20 million to $30 million of losses before reinsurance and taxes. For the Company’s definition of a catastrophe, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Consolidated Overview” in the Company’s 2023 Annual Report.
Current wording
The following table presents the amount of losses recorded by the Company for significant catastrophes that occurred in the three months and six months ended June 30, 2024 and 2023, the amount of net unfavorable (favorable) prior year reserve development recognized in the three months and six months ended June 30, 2024 and 2023 for significant catastrophes that occurred in 2023 and 2022, and the estimate of ultimate losses for those catastrophes at June 30, 2024 and December 31, 2023. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses will be $100 million or more after reinsurance and before taxes. The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level and for 2024 ranged from $20 million to $30 million of losses before reinsurance and taxes. For the Company’s definition of a catastrophe, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Consolidated Overview” in the Company’s 2023 Annual Report.
Previous wording
Amortization of deferred acquisition costs in the first quarter of 2024 was $1.70 billion, $236 million or 16% higher than in the same period of 2023, generally consistent with the increase in earned premiums. Amortization of deferred acquisition costs is discussed in more detail in the segment discussions that follow.
Current wording
Amortization of deferred acquisition costs in the second quarter of 2024 was $1.68 billion, $159 million or 10% higher than in the same period of 2023. Amortization of deferred acquisition costs in the first six months of 2024 was $3.38 billion, $395 million or 13% higher than in the same period of 2023. The increases in both periods were generally consistent with the increases in earned premiums. Amortization of deferred acquisition costs is discussed in more detail in the segment discussions that follow.
Previous wording
General and administrative expenses in the first quarter of 2024 were $1.41 billion, $139 million or 11% higher than in the same period of 2023, primarily reflecting the impact of costs associated with higher business volumes. General and administrative expenses are discussed in more detail in the segment discussions that follow.
Current wording
General and administrative expenses in the second quarter of 2024 were $1.48 billion, $170 million or 13% higher than in the same period of 2023. General and administrative expenses in the first six months of 2024 were $2.88 billion, $309 million or 12% higher than in the same period of 2023. The increases in both periods of 2024 primarily reflected the impact of costs associated with higher business volumes. General and administrative expenses are discussed in more detail in the segment discussions that follow.
Previous wording
Interest expense in the first quarter of 2024 was $98 million, compared with $88 million in the same period of 2023.
Current wording
Interest expense in the second quarter and first six months of 2024 was $98 million and $196 million, respectively, compared with $92 million and $180 million, respectively, in the same periods of 2023.
Previous wording
Income tax expense in the first quarter of 2024 was $247 million, compared with an income tax benefit of $47 million in the same period of 2023. The change in income taxes primarily reflected the one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item and the impact of the $442 million increase in income before income taxes in the first quarter of 2024.
Current wording
Income tax expense in the second quarter of 2024 was $122 million, compared with an income tax benefit of $34 million in the same period of 2023. The change in income taxes primarily reflected the impact of the $704 million increase in income before income taxes in the second quarter of 2024. Income tax expense in the first six months of 2024 was $369 million, compared with an income tax benefit of $81 million in the same period of 2023. The change in income taxes primarily reflected the impact of the $1.15 billion increase in income before income taxes in the first six months of 2024 and the one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item.
Previous wording
The Company’s effective tax rate was 18% and (5)% in the first quarters of 2024 and 2023, respectively. The effective tax rate in the first quarter of 2023 was reduced by the impact of the one-time tax benefit discussed above. The effective tax rate for all periods reflected the impact of tax-exempt investment income on the calculation of the Company’s income tax provision.
Current wording
The Company’s effective tax rate was 19% and 71% in the second quarters of 2024 and 2023, respectively. The Company’s effective tax rate was 18% and (9)% in the first six months of 2024 and 2023, respectively. The effective tax rate in the first six months of 2023 was reduced by the impact of the one-time tax benefit discussed above. The effective tax rate for all periods reflected the impact of tax-exempt investment income on the calculation of the Company’s income tax provision.
Previous wording
Catastrophe losses in the first quarters of 2024 and 2023 accounted for 7.1 points and 6.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first quarters of 2024 and 2023 provided 0.9 points and 1.2 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the first quarter of 2024 was 2.9 points lower than the 2023 ratio on the same basis, primarily reflecting the impact ofthe benefit of earned pricing.
Current wording
Catastrophe losses in the second quarters of 2024 and 2023 accounted for 14.7 points and 16.1 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2024 and 2023 provided 2.2 points and 0.7 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the second quarter of 2024 was 3.4 points lower than the 2023 ratio on the same basis, primarily reflecting the impact of the benefit of earned pricing.
Previous wording
The combined ratio of 93.9% in the first quarter of 2024 was 1.5 points lower than the combined ratio of 95.4% in the same period of 2023. The loss and loss adjustment expense ratio of 65.2% in the first quarter of 2024 was 1.5 points lower than the loss and loss adjustment expense ratio of 66.7% in the same period of 2023. The underwriting expense ratio of 28.7% in the first quarter of 2024 was comparable with the underwriting expense ratio in the same period of 2023.
Current wording
The combined ratio of 97.1% in the first six months of 2024 was 4.0 points lower than the combined ratio of 101.1% in the same period of 2023. The loss and loss adjustment expense ratio of 68.4% for the first six months of 2024 was 4.0 points lower than the loss and loss adjustment expense ratio of 72.4% in the same period of 2023. The underwriting expense ratio of 28.7% for the first six months of 2024 was comparable with the underwriting expense ratio in the same period of 2023.
Previous wording
Gross and net written premiums in the first quarter of 2024 increased by 9% and 8%, respectively, over the same period of 2023. Factors contributing to the changes in gross and net written premiums in each segment are discussed in more detail in the segment discussions that follow.
Current wording
Gross and net written premiums in the second quarter of 2024 increased by 9% and 8%, respectively, over the same period of 2023. Gross and net written premiums in the first six months of 2024 increased by 9% and 8%, respectively, over the same period of 2023. Factors contributing to the changes in gross and net written premiums in each segment are discussed in more detail in the segment discussions that follow.
Previous wording
Segment income in the first quarter of 2024 was $764 million, $8 million or 1% higher than segment income of $756 million in the same period of 2023. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) higher net investment income and (ii) higher underlying underwriting margins, partially offset by (iii) no net prior year reserve development in the first quarter of 2024, compared with net favorable prior year reserve development of $19 million in the same period of 2023. Catastrophe losses in the first quarters of 2024 and 2023 were $209 million and $199 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) higher business volumes and (ii) the benefit of earned pricing, partially offset by (iii) other loss activity. The segment recorded income tax expense in the first quarter of 2024, compared with an income tax benefit in the first quarter of 2023. The change in income taxes primarily reflected a one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item and the impact of the increase in segment income before income taxes.
Current wording
Segment income in the first six months of 2024 was $1.42 billion, $262 million or 23% higher than segment income of $1.16 billion in the same period of 2023. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) higher net investment income, (ii) higher underlying underwriting margins and (iii) net favorable prior year reserve development compared to net unfavorable prior year reserve development in the same period of 2023. Net favorable prior year reserve development in the first six months of 2024 was $34 million. Net unfavorable prior year reserve development in the first six months of 2023 was $82 million. Catastrophe losses in the first six months of 2024 and 2023 were $598 million and $595 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) higher business volumes and (ii) the benefit of earned pricing, partially offset by (iii) higher other losses and (iv) higher general and administrative expenses. Income tax expense in the first six months of 2024 was higher than in the same period of 2023, primarily reflecting a one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item and the impact of the increase in income before income taxes.
Previous wording
Earned premiums in the first quarter of 2024 were $5.16 billion, $683 million or 15% higher than in the same period of 2023, primarily reflecting the increase in net written premiums over the preceding twelve months.
Current wording
Earned premiums in the second quarter of 2024 were $5.17 billion, $524 million or 11% higher than in the same period of 2023. Earned premiums in the first six months of 2024 were $10.33 billion, $1.21 billion or 13% higher than in the same period of 2023. The increases in both periods of 2024 primarily reflected the increase in net written premiums over the preceding twelve months.
Previous wording
Net investment income in the first quarter of 2024 was $147 million, $30 million or 26% higher than in the same period of 2023. Refer to the “Revenues—Net Investment Income” section of the “Consolidated Results of Operations” discussion herein for a description of the factors contributing to the increase in the Company’s consolidated net investment income in the first quarter of 2024 compared with the same period of 2023. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report for a discussion of the Company’s net investment income allocation methodology.
Current wording
Net investment income in the second quarter of 2024 was $632 million, $123 million or 24% higher than in the same period of 2023. Net investment income in the first six months of 2024 was $1.24 billion, $259 million or 26% higher than in the same period of 2023. Refer to the “Revenues—Net Investment Income” section of the “Consolidated Results of Operations” discussion herein for a description of the factors contributing to the increases in the Company’s consolidated net investment income in the second quarter and first six months of 2024 compared with the same periods of 2023. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report for a discussion of the Company’s net investment income allocation methodology.
Previous wording
National Accounts is the primary source of fee income due to revenue from its large deductible policies and service businesses, which include risk management, claims administration, loss control and risk management information services provided to third parties, as well as policy issuance and claims management services to workers’ compensation residual market pools. Fee income in the first quarter of 2024 was $101 million, $2 million or 2% higher than in the same period of 2023.
Current wording
National Accounts is the primary source of fee income due to revenue from its large deductible policies and service businesses, which include risk management, claims administration, loss control and risk management information services provided to third parties, as well as policy issuance and claims management services to workers’ compensation residual market pools. Fee income in the second quarter of 2024 was $105 million, $7 million or 7% higher than in the same period of 2023. Fee income in the first six months of 2024 was $206 million, $9 million or 5% higher than in the same period of 2023.
Previous wording
Other revenues in the first quarter of 2024 were $77 million, $30 million higher than in the same period of 2023. Other revenues include revenues from Simply Business, installment premium charges and other policyholder service charges.
Current wording
Other revenues in the second quarter of 2024 were $77 million, $10 million higher than in the same period of 2023. Other revenues in the first six months of 2024 were $154 million, $40 million higher than in the same period of 2023. Other revenues include revenues from Simply Business, installment premium charges and other policyholder service charges.
Previous wording
Claims and claim adjustment expenses in the first quarter of 2024 were $2.90 billion, $225 million or 8% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes, (ii) higher catastrophe losses and (iii) loss cost trends, partially offset by (iv) higher net favorable prior year reserve development.
Current wording
Claims and claim adjustment expenses in the second quarter of 2024 were $3.47 billion, $175 million or 5% higher than in the same period of 2023, primarily reflecting the impacts of (i) higher business volumes and (ii) loss cost trends, partially offset by (iii) net favorable prior year reserve development compared to net unfavorable prior year reserve development in the same period of 2023.
Previous wording
Amortization of deferred acquisition costs in the first quarter of 2024 was $182 million, $22 million or 14% higher than in the same period of 2023, generally consistent with the increase in earned premiums.
Current wording
Amortization of deferred acquisition costs in the second quarter of 2024 was $861 million, $88 million or 11% higher than the same period of 2023. Amortization of deferred acquisition costs in the first six months of 2024 was $1.73 billion, $210 million or 14% higher than the same period of 2023. The increases in both periods of 2024 were generally consistent with the increases in earned premiums.
Previous wording
General and administrative expenses in the first quarter of 2024 were $818 million, $84 million or 11% higher than in the same period of 2023, primarily in support of business growth.
Current wording
General and administrative expenses in the second quarter of 2024 were $835 million, $71 million or 9% higher than in the same period of 2023. General and administrative expenses in the first six months of 2024 were $1.65 billion, $155 million or 10% higher than in the same period of 2023. The increases in both periods of 2024 were primarily in support of business growth.
Previous wording
Income tax expense in the first quarter of 2024 was $170 million, compared with an income tax benefit of $43 million in the same period of 2023. The change in income taxes primarily reflected the one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item and the impact of the $221 million increase in income before income taxes.
Current wording
Income tax expense in the second quarter of 2024 was $159 million, $76 million higher than the same period of 2023, primarily reflecting the impact of the $330 million increase in income before income taxes. Income tax expense in the first six months of 2024 was $329 million, $289 million higher than in the same period of 2023, primarily reflecting the one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item and the impact of the $551 million increase in income before income taxes.
Previous wording
Catastrophe losses in the first quarters of 2024 and 2023 accounted for 4.1 points and 4.4 points, respectively, of the combined ratio. There was no net prior year reserve development in the first quarter of 2024. Net favorable prior year reserve development in the first quarter 2023 provided 0.4 points of benefit to the combined ratio. The underlying combined ratio in the first quarter of 2024 was 0.4 points lower than the 2023 ratio on the same basis.
Current wording
Catastrophe losses in the second quarters of 2024 and 2023 accounted for 7.5 points and 8.5 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarter 2024 provided 0.6 points of benefit to the combined ratio. Net unfavorable prior year reserve development in the second quarter 2023 accounted for 2.2 points of the combined ratio. The underlying combined ratio in the second quarter of 2024 was 0.2 points lower than the 2023 ratio on the same basis.
Previous wording
Select Accounts. Net written premiums of $974 million in the first quarter of 2024 increased by 7% over the same period of 2023. Retention rates remained strong in the first quarter of 2024 but decreased slightly from the same period of 2023. Renewal premium changes in the first quarter of 2024 remained positive and were higher than the same period of 2023. New business premiums in the first quarter of 2024 increased over the same period of 2023.
Current wording
Select Accounts. Net written premiums of $975 million and $1.95 billion in the second quarter and first six months of 2024, respectively, increased by 10% and 9%, respectively, over the same periods of 2023. Retention rates remained strong in the second quarter of 2024 but decreased from the same period of 2023. Retention rates remained strong in the first six months of 2024 but decreased slightly from the same period of 2023. Renewal premium changes in the second quarter and first six months of 2024 remained positive and were higher than the same periods of 2023. New business premiums in the second quarter and first six months of 2024 increased over the same periods of 2023.
Previous wording
Middle Market. Net written premiums of $3.21 billion in the first quarter of 2024 increased by 10% over the same period of 2023. Retention rates remained strong in the first quarter of 2024 but decreased from the same period of 2023. Renewal premium changes in the first quarter of 2024 remained positive and were higher than the same period of 2023. New business premiums in the first quarter of 2024 decreased from the same period of 2023.
Current wording
Middle Market. Net written premiums of $2.77 billion and $5.98 billion in the second quarter and first six months of 2024, respectively, increased by 6% and 8%, respectively, over the same periods of 2023. Retention rates remained strong in the second quarter of 2024 but decreased slightly from the same period of 2023. Retention rates remained strong in the first six months of 2024 but decreased from the same period of 2023. Renewal premium changes in the second quarter of 2024 remained positive but were slightly lower than the same period of 2023. Renewal premium changes in the first six months of 2024 remained positive and were slightly higher than the same period of 2023. New business premiums in the second quarter and first six months of 2024 increased over the same periods of 2023.
Previous wording
National Accounts. Net written premiums of $327 million in the first quarter of 2024 increased by 11% over the same period of 2023. Retention rates remained strong in the first quarter of 2024 and increased over the same period of 2023. Renewal premium changes in the first quarter of 2024 remained positive but were slightly lower than the same period of 2023. New business premiums in the first quarter of 2024 increased over the same period of 2023.
Current wording
National Accounts. Net written premiums of $312 million and $639 million in the second quarter and first six months of 2024, respectively, increased by 13% and 12%, respectively, over the same periods of 2023. Retention rates remained strong in the second quarter of 2024 and increased slightly over the same period of 2023. Retention rates remained strong in the first six months of 2024 and increased over the same period of 2023. Renewal premium changes in the second quarter and first six months of 2024 remained positive but were lower than the same periods of 2023. New business premiums in the second quarter of 2024 decreased from the same period of 2023. New business premiums in the first six months of 2024 increased over the same period of 2023.
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Previous report — wording carried elsewhere
Gross and net written premiums in the first quarter of 2024 increased by 10% and 9%, respectively, over the same period of 2023.
Previous report — wording carried elsewhere
Gross and net written premiums in the first quarter of 2024 increased by 10% and 9%, respectively, over the same period of 2023.
Previous report — wording carried elsewhere
It is possible that changes in economic conditions, the supply chain, the labor market and geopolitical tensions, as well as steps taken by federal, state and/or local governments and the Federal Reserve could lead to higher or lower inflation than the