Travelers reported Q3 core EPS of $9.18 vs ~$7.39 consensus — a ~24% beat (Zacks put the surprise near 30%) — on revenue of ~$12.4B, slightly ahead of views. Net investment income hit a record $908M (+7%) and the underlying combined ratio was 84.1%, a ninth straight quarter below 86%. Shares dipped ~4% premarket Friday on flat premiums, then reversed to close +1.4% near $388.
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