Reports Q2 revenue $12.12B vs. $11.28B last year. “We are pleased to report excellent results for the quarter, with both underwriting and investment income contributing meaningfully to our performance,” said Alan Schnitzer, Chairman and Chief Executive Officer. “We earned core income of $1.5 billion, or $6.51 per diluted share, driven by excellent underlying results, strong net favorable prior year reserve development and higher investment income. Underlying underwriting income of $1.6 billion pre-tax was up 35% over the prior year quarter, driven by 7% growth in net earned premiums to $10.9 billion and a consolidated underlying combined ratio that improved 3 points to an excellent 84.7%. All three segments contributed to these terrific results with strong net earned premiums and excellent reported and underlying profitability. In addition, our high-quality investment portfolio continued to perform well, generating after-tax net investment income of $774 million, driven by strong and reliable returns from our growing fixed income portfolio. During the quarter, we returned more than $800 million of excess capital to shareholders, including $557 million of share repurchases.”
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