About Travelers . Our next question comes from the line of Brian Meredith from UBS. Your line is open. For example, we've recently launched multiple pilots to automatically incorporate data from our distribution partners' agency management systems directly into our systems, substantially reducing the time and friction in the process, while also improving data quality. And we think that there is a level of loss activity that is defined as a PCS event that is in a working layer, if you will, and that ought to be managed day-in day-out, year-in year-out by the underwriters that are managing it as compared to a catastrophe loss, which we obviously define as a higher level, which get managed and addressed over a much longer period of time. This quarter, we again benefited from our well-defined and consistent investment philosophy with our high-quality investment portfolio generating net investment income of $566 million after tax. It's Dan. I mean, our view is, from an economic perspective, the losses are going to be what they're going to be, whether they get reflected in a cat line or in an underlying line. Lastly, before I turn to the top-line, I'll share that the uncertainty surrounding business interruption claims continues to resolve favorably and consistent with our expectations. Net earned premiums of $7.38 billion Yeah, I guess what I can share is we didn't see anything that caused us to believe that there was any deterioration in those trends. Thank you, Alan. Why Insurance? How are you thinking about the strategy about reinsuring cats, I guess, headed into '21? But with all of the decline in tax receipts and the difficulties that various public bodies are having funding public works projects, that's what is really driving the drop-off in surety written premium. So I appreciate the question and maybe someday offline, we'd love to get your thoughts on it. How quickly are things going to reopen? Our top-line proved to be resilient with a 3% increase in net written premium, as continued strong renewal rate change and retention, in all three segments, more than offset modestly lower insured exposures in the commercial businesses. Elyse Greenspan -- Wells Fargo Securities -- Analyst. I think it was Dan or it was Alan, I apologize for not knowing for sure, that talked about how you are taking a conservative view of accident year loss picks in light of uncertainty and only recognizing the frequency benefit that you had to. We're pleased with the underwriting results in all three segments with improved underlying profitability in both Business Insurance and Personal Insurance. In middle market, renewal rate change increased to 8.3%, while retention remained strong at 85%. Jumping to your second question about home, I would agree. However, year-to-date net investment income reflects the significant adverse impact on our non-fixed income portfolio. We are very pleased with our performance so far this year and I'm proud of our team's efforts to continue to deliver results, while investing in the business for the [Technical Issues]. As Alan mentioned, we are very pleased with the resilience of our top-line in the face of the ongoing macroeconomic challenges. I was hoping you could home in on the competitive environment, the auto insurance business in particular. Manage your policy. Gregory C. Toczydlowski -- Executive Vice President and President, Business Insurance. Welcome to the first-quarter results teleconference for Travelers. We continue to be pleased with our strong execution and feel confident about our ability to navigate through this challenging environment and continue to deliver strong returns over time. Jun 23, 2020, 09:00 AM EDT. So we're definitely making progress at these levels and we're not going to give pricing outlook, but we do choose our words pretty carefully and I'll tell you that, yeah, the fact of the matter is that for us and for the industry broadly, there are just many lines of business that are not yet rate-adequate and the drivers are clearly environmental. It's quite all right. For U.S. Thank you very much. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. How can we think about the improvement within the underlying loss ratio that you could see there in the fourth quarter? So I guess, that it might, from time to time, cause some modeling issues or definitional issues, but we think the consistency and the thoughtful approach to managing it is sort of the right way to run the railroad. Get Directions. [Operator Instructions] As a reminder, this conference is being recorded on October 20, 2020. First question, if we can talk about some of the reserve changes during the quarter. And then just another follow-up. Travelers Companies, Inc. 10/20/2020: 9/30/2020: HTML PDF XLS XBRL. Browse all Travelers Insurance agencies in Seattle, WA to learn more about home, auto, business and renters insurance. [Operator Instructions] And our first question comes from the line of Mike Zaremski from Credit Suisse. Moreover, the bottom … Categories: National News Topics: 2020 financial results, coronavirus insurance impact, Travelers financial results 2020 Have a hot lead? The underlying loss ratio improved by 2.4 points, and benefited from favorable auto frequency related to COVID-19 and the impact of earned pricing in excess of loss trends, partially offset by an increase in non-cat weather losses including wildfires. Brendont Todd leads heading into the final round at TPC River Highlands. Customer and agent satisfaction are up, while payout discipline remains strong. Is that a fair way of thinking about it? We could buy a little more, we could buy a little less, depending on the risk and reward that we see in that purchase. And I totally understand that, I'm just trying to get some perspective on -- clearly, we don't know what frequency is going to be, there could be delay in reported claims, etc., but just from your seat, looking at the type of claim activity that's come in through the door, if that were to hold true, what's the type of frequency benefit on commercial auto that, I guess, we're not, at this point, seeing the results yet? Abstract: 8-K filed by Travelers Cos. Inc. (TRV) covering Results of Operations and Financial Condition and Financial Statements and Exhibits. And now, I'll turn the call over to Greg for a discussion of Business Insurance. Yeah, right. Dan, I think you said that 30% was kind of a good run rate. And maybe just overall, to Alan or Greg, if you guys can talk about whether you -- your view has changed at all on overall lost expense trend. And then I'll just give you my follow-up question, which is, I'd like to know how that competitive environment makes up with what you're doing in the home Insurance business, where you're clearly growing and my sense is the home insurance business is pretty much an outright hard market, so a different situation. First question around workers' comp. The 2020 Travelers Championship has a field that mirrors one we typically see at a major tournament. Optional extras. Share. Pictured: Rory McIlroy. So we think this broader environmental -- all of these broader environmental trends will continue to provide positive momentum in the marketplace. I guess, the thing I would add, as it relates to us is, we are, as we said many times, a gross line underwriter. To sum up, we feel terrific about our results and execution in a challenging underwriting environment. US. So two different basis there. Yeah. 10% of customers paid £247 or less (1 Oct to 31 Dec 2020). They will refer to the webcast presentation as they go through prepared remarks and then we will take questions. I do think, to the degree that we can get some bottom-line growth, we would be in a position to continue to see some leverage on the expense ratio, but as we've said a number of times over the last couple of years, what we like about productivity and efficiency that we've generated is it gives us the optionality of whether we make additional investments in places that we feel are going to provide a bigger bang for the buck down the road or let some of that come through the bottom-line. ET. In Personal Insurance, net written premiums increased by 8%, driven by strong retention and new business in both Agency Auto and Agency Homeowners. Risk team of the year went to Argo Group for a compelling case study explaining the benefits of repositioning its capital model and transforming its risk team from a compliance-focused function to a strategic business unit. Travelers Companies Inc (NYSE:TRV)Q3 2020 Earnings CallOct 20, 2020, 9:00 a.m. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. Alan, do you guys -- when you say continued momentum, do you expect pricing to continue moving higher or are these levels kind of good enough for you guys to start kind of chipping away at offsetting some of the investment pressure? Cumulative Growth of a $10,000 Investment in Stock Advisor, Travelers Companies Inc (TRV) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $TRV. In Bond & Specialty Insurance, there was no net impact from QID. Hi, thanks, good morning. A weather delay wasn’t going to rain on Dustin Johnson’s parade. There is just still a lot of uncertainty that could impact both our top-line and the loss environment in which we're operating. And again, as I mentioned in the prepared remarks, that does include taking some price decreases in a handful of states to again mask premium for loss pricing with loss experience. Our bottom-line result this quarter reflects strong underlying underwriting income resulting from record net earned premium of $7.4 billion and an underlying combined ratio that improved 2.6 points to a strong 91.5%. 10-Q: 10-Q: Travelers Companies, Inc. 7/23/2020: 6/30/2020 23 Oct 2019. Given the products that we write, we expect the results of the segment to be impacted in times of severe economic downturn. We achieved record renewal rate change of 8.2%, up 4 points from the third quarter of last year and almost 1 point from the second quarter of this year, while retention remained high at 83%. And the other thing I would add to that, Ryan, is Dan is exactly right. Our business is complex and intellectually stimulating. Browse all Travelers Insurance agencies in Shoreline, WA to learn more about home, auto, business and renters insurance. Favorable development in workers' comp was offset by an increase to the reserves from legacy liabilities in our run-off book, related to a single insured arising out of policies issued more than 20 years ago. Investment yields decreased as credit spreads tightened during the third quarter, and accordingly, our net unrealized investment gain increased from $3.6 billion after tax as of June 30 to $3.8 billion after tax at September 30. A lot of people think that insurance is boring. The winners of the prestigious InsuranceERM UK & Europe 2020 awards can be revealed. All of that, together with our highly engaged and talented workforce, we're confident that we're well-positioned to capitalize on opportunities as the economy continues to reopen. So we're trying to get comfortable that the pricing momentum in excess of loss trends could continue because it seems like to offset the NII pressure, we have to get to meaningfully better combined ratios in outer years. US. The expense ratio of 29.3% is two-tenths of a point favorable to last year's third quarter results, and reflects our strategic focus over a number of years on improving productivity and efficiency. So clearly, I'm assuming there is a frequency benefit from non-COVID claims. And then decide what and how much we're going to buy. Okay. In our domestic management liability business, we are pleased that the renewal premium increased to 8.1%, driven by record rate. So the reserves will be a result of the loss picks that we made in the current accident year during the quarter. But to the extent that we are relatively less reliant on reinsurance than others, the fact that reinsurance pricing going up is probably advantage [Phonetic] to us. Contact us. We bought that because we were -- we wanted to acknowledge the incremental uncertainty that we felt after some wildfire losses, I guess, in '17 and '18. The company generated revenues … Is that something that we should expect potentially be a catalyst for next year? What are we seeing in terms of COVID economy for construction starts and whatnot? Of note, as you can see on the bottom two lines of the table, the decline in mesothelioma deaths was much more pronounced in all of the younger age groups. Similar to what you heard from Greg in Business Insurance, submissions are up, while quote activity is down. Stay Connected. These losses primarily resulted from the derecho windstorm in the midwestern region of the U.S., the Glass wildfire in California, Tropical Storm Isaias, Hurricane Laura and additional wildfires in the western U.S. Welcome to the Third Quarter Results Teleconference for Travelers. Lloyd's/London. Full leaderboard for the 2020 Travelers Championship, played at TPC River Highlands in Cromwell, CT. See where your favorite players finished, final scores, earnings, and tournament stats. The underlying combined ratio of 91.5%, which excludes the impacts of cats and QID improved by 2.6 points from 94.1% in last year's third quarter. Brexit advice. It's certainly a possibility and we contemplate that. Turning to prior year reserve development. Our next question comes from the line of David Motemaden from Evercore ISI. Travelers confirms $400m PG&E subrogation will inure to benefit of reinsurers. To your question, specifically, about do we go to a lower attachment? We released our press release, financial supplement, and webcast presentation earlier this … There is some benefit in the shorter tail lines, but we're trying to be pretty cautious in terms of how much of that we recognize in the current accident year. … Other factors include ease of filing a claim and complaint data from the National Association of Insurance Commissioners and more. Taxes are an input in the income statement like any other expense. The Travelers Cos. recently introduced what it calls project loss insurance specifically to cover risk of financial losses from those problems. We achieved higher renewal rate change year-over-year and sequentially in each of our lines of business other than workers' compensation. Our strategy is to be a portfolio provider and work with our partners to provide total account solutions to customers. I mean, you know if the phone rings or the phone doesn't ring. The net impact of the COVID environment on the consolidated underlying combined ratio amounted to a benefit of about 2 points, mostly in Personal Insurance. We will continue to analyze and incorporate current trends into our underwriting and pricing decisions as we balance business volumes and profitability. I wouldn't think so. And I said that was worth about 20% of the $400 million, so that's $80 million of a good guy. And in terms of the casualty coverages, as you mentioned, yes, yeah, that's correct. MultiCar insurance. And so are our long-term expectation is that the sort of elevated levels of losses that we've seen related to social inflation probably persist. I guess, I'm just wondering if you could elaborate a bit on what gives you confidence that you're getting rate in excess of trend, just given the uncertainty around the loss environment, courts being closed and just generally the unpredictability of losses in the current environment. In Personal Insurance, we're balancing sophisticated total account solutions that streamline the agent and customer experiences. David Motemaden -- Evercore ISI -- Analyst. And I think in our shoes, we haven't been in a kind of a firm-to-hard marketplace in a while. Yeah. The Travelers Championship Winner 2020 will be revealed later today. And I think it's fair to call it an intensifying competitive environment. The Travelers Championship is one of the bigger golf tournaments that is not considered to be in the grand slam category in the sport. Our next question comes from the line of Yaron Kinar from Goldman Sachs. And, as always, if you have any follow-up, please feel free to reach out to Investor Relations. Net written premiums in the quarter were up nearly 3%, driven in part by by high retentions and strong renewal rate change. Thanks. Excluding the impacts of the PG&E settlement and the annual asbestos review, there was virtually no net prior year reserve development in Business Insurance.
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