Travelers Companies Inc. (TRV) saw its stock price soar 5.38% during intraday trading on Friday. The significant upward movement followed the release of the property and casualty insurer's second-quarter financial results.

The company reported core earnings per share of $10.04, dramatically surpassing the Wall Street consensus estimate of approximately $5.41. This represents a 54% increase from the $6.51 per share reported in the same quarter last year. Total revenue for the quarter was $12.15 billion, also beating analyst forecasts.

The blowout results were primarily driven by a sharp decline in catastrophe losses, which fell to $518 million on a pre-tax basis from $927 million a year earlier. Additionally, the company benefited from a 13.6% jump in net investment income, reaching $1.07 billion, aided by elevated interest rates. The improved underwriting profitability was reflected in a combined ratio of 83.6%.