On Tuesday, Metlife Inc (NYSE:MET)s shares inclined 0.76% to $49.30.
In the insurance industry, fierce competition requires businesses to continuously adapt. MetLife, Inc. improved its application delivery process, raised project administration team efficiency, and reduced system maintenance costs as a result of deploying the Workfront Enterprise Work Administration solution. With Workfront, MetLifes application group is now more planned in how it plans for and releases new products while ensuring the cost-effective upkeep of existing mission-critical systems.
Preceding to Workfront, MetLife project managers and the more than 10 vendor organizations supporting MetLife used spreadsheets and emails to track thousands of requests, but the process was highly inefficient and error prone. Now project managers and MetLife vendor partners rely on the information accessible in Workfront to gain up-to-the-minute project status. During a weekly supplier meeting, tasks are reviewed, notes are added, and information is updated within the Workfront Enterprise Work Administration solution.
Workfront also assisted MetLife improve vendor accountability. The insurer used Workfronts time and cost-tracking capabilities to evaluate vendor pricing against value, to better understand how its vendors were spending time on specific projects related to mission-critical system support. In one case the resulting data encouraged MetLife to negotiate with a new vendor and cut the price of the contract by more than $500,000.
MetLife, Inc. provides life insurance, annuities, employee benefits, and asset administration products in the United States, Japan, Latin America, Asia, Europe, and the Middle East. It operates in six segments: Retail; Group, Voluntary & Operatesite Benefits; Corporate Benefit Funding; Latin America; Asia; and Europe, the Middle East and Africa.
Travelers Companies Inc (NYSE:TRV)s shares gained 2.47% to $108.95.
The Travelers Companies, Inc. stated net income of $928 million, or $2.97 per diluted share, for the quarter ended September 30, 2015, contrast to net income of $919 million, or $2.69 per diluted share, in the preceding year quarter. Operating income in the current quarter was $918 million, or $2.93 per diluted share, contrast to $893 million, or $2.61 per diluted share, in the preceding year quarter. The enhance in net and operating income primarily resulted from higher underlying underwriting gains (i.e., not taking into account net favorable preceding year reserve development and catastrophe losses) and higher net favorable preceding year reserve development, partially offset by lower net investment income. Per diluted share amounts also benefited from the impact of share repurchases.
Third Quarter 2015 Results
Net income of $928 million after-tax and operating income of $918 million after-tax raised $9 million and $25 million, respectively, primarily driven by a higher underlying underwriting gain and higher net favorable preceding year reserve development, partially offset by lower net investment income.
Underwriting results
- The combined ratio improved 3.1 points to 86.9% due to a lower underlying combined ratio (1.7 points) and higher net favorable preceding year reserve development (1.4 points).
- The underlying combined ratio remained strong and improved 1.7 points to 88.8%, primarily driven by lower non-catastrophe weather-related losses in Business and International Insurance.
- Net favorable preceding year reserve development occurred in all segments. Catastrophe losses primarily resulted from wildfires in California, as well as wind and hail storms in the Midwest region of the United States.
Net investment income of $614 million pre-tax ($484 million after-tax) reduced primarily due to lower returns in both the non-fixed income and fixed income portfolios. Non-fixed income returns remained strong, but declined as contrast to a particularly high level in the preceding year quarter. Fixed income returns declined primarily due to lower reinvestment rates and a modestly lower amount of fixed income investments that were influenced by the Company’s $579 million payment in the first quarter of 2015 related to the settlement of the Asbestos Direct Action Litigation.
The Travelers Companies, Inc., through its auxiliaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the Unites states and internationally.
At the end of Tuesday’s trade, J M Smucker Co (NYSE:SJM)s shares dipped -3.25% to $114.91.
he J. M. Smucker Company (SJM) declared that the Board of Directors has approved a $0.67 per share dividend on the common shares of the Company. The dividend will be paid on Tuesday, December 1, 2015, to shareholders of record at the close of business on Friday, November 13, 2015.
The J. M. Smucker Company manufactures and markets branded food products worldwide. It operates through four segments: U.S. Retail Coffee; U.S. Retail Consumer Foods; U.S. Retail Pet Foods; and International, Foodservice, and Natural Foods.
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