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At the rate portfolios have been dissipating, Travelers Property and Casualty Corp. posted second quarter numbers it can be proud of.

With the combination of a favorable rate environment accompanied by increased production levels and lower catastrophe levels, Travelers was able to offset a decrease in investment income.

Net written premiums increase by 27 percent compared to the same period last year. Operating income also increased by 14 percent from the second quarter of 2001. Where the company took a hit though was from investment income. For the second quarter, Travelers took a $24 million hit compared to the same period’s $32 million gain last year.

Robert I. Lipp, chairman and chief executive officer said, “We are very pleased with our overall business performance in the quarter, particularly in light of the challenging investment environment.”

He explained that, "A significant part of our competitive strength is our continuing emphasis on expense control and operational discipline. During the quarter, we consolidated a number of claims offices and eliminated marginally performing distribution channels within personal lines.”

To date, Travelers’ net written premium is just over $3 billion.