Travelers' stock surges into record territory after big profit beat, amid lower catastrophe losses

Shares of Travelers Companies Inc. TRV, +0.43% surged 6.3% into record territory in premarket trading Friday, after the property casualty insurer reported fourth-quarter profit that rose well above expectations, citing lower catastrophe losses and higher underwriting gains. Net income nearly doubled to $1.63 billion, or$6.99 a share, from $819 million, or$3.44 a share, in the year-ago period. Excluding nonrecurring items, core earnings per share of $7.01 beat the FactSet consensus of$5.10. Total revenue ...