The Travelers Companies (TRV) shar♏es dropped in intraday trading Friday as the big insurance provider missed estimates for second-quarter sales and net prem꧟iums written.

The company reported quarterly revenue was up 12% to $11.28 billion, less than forecasts. Net written premiums rose 8% to a record $11.12 billion, but that also was below forecasts. Adjusted profit of $2.51 per share was better than expected.

Trave𒉰lers said core income jumped to $585 million from 𝔉$15 million a year ago, primarily because of “a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), higher net favorable prior year reserve development and higher net investment income.”

'Severe Convective Storms' Lead To Higher Catastrophe Losses

However, catastrophe losses rose to $1.51 billio🔯n from $1.48 billion in 2023. The company blamed that on “severe convective storms.” Investment losses also jumped to $65 million from $35 million.

Shares of The Travelers Companies fell almost 7% to $205.77 as of 11:45 a.m. ET Friday but remain up about nearly 8% in 2024.