Travelers Insurance plans to lay off 456 employees company-wide, 90 of which are located in Connecticut, according to a company spokesperson.
Most of the layoffs will be concentrated in the personal insurance sector, particularly in auto insurance. According to a Travelers spokesperson, the upcoming layoffs are due in part to pricing competition within the market.
A recent earnings report shows net income for the past quarter, which closed June 30, to be about $925 million, or $2.41 per share. This represents an increase of 91 percent over the past year. Last year during the same quarter, net income was $499 million, or $1.26 per share.
Quarterly operating income for reached $816 million, or $2.14 per share, as opposed to $495 million and $1.26 per share last year. This represents a 69 percent increase, according to the release.
Travelers remains one of the state's largest employers, with around 7,800 employees in Connecticut.