As sizable as Travelers’ $595 million in 2017 second quarter net income was, it was a good 10 percent lower than the same period a year ago. Weather-related losses and higher personal body injury liability are largely to blame, the property/casualty insurer said in its latest earnings disclosure.

The Travelers Companies, Inc. said that Q2 net income translated to $2.11 in earnings per diluted share. In the 2016 second quarter, net income came in at $664 million, or $2.24 per diluted share.

Catastrophe losses helped drive the combined ratio up to 96.7, compared to 93.1 in the 2016 second quarter.

Chief Executive Officer Alan Schnitzer said that storms had the greatest impact on personal insurance, affecting results in both home and auto. But the insurer, he added, has made gains in improving its personal auto insurance returns in particular.

“We were pleased that the actions we have undertaken to improve profitability remain on track” Schnitzer said in prepared remarks.

Travelers reporter an underwriting loss of $111 million for its personal insurance segment in Q2, compared to a $27 million underwriting gain the year before. Net investment income for the sector hit $95 million, up from $87 million in Q2 2016.

Personal automobile premiums grew to nearly $1.16 billion in the quarter, versus just over $1 billion in the 2016 second quarter. Homeowners remained flat, year-over-year, at $1 billion.

Here are additional highlights of Travelers’ Q2 results:

• Consolidated net written premiums reached $6.64 billion, 5 percent higher than the more than $6.34 billion recorded over the same, year-ago period.
• Net investment income grew to $598 million in Q2, versus $549 million in the 2016 second quarter.
• Travelers repurchased 3.8 million shares during Q2, spending about $475 million in the process.

Source: Travelers