NEW YORK—The Travelers Cos. Inc. reported $2.32 billion in net income for the nine months ended Sept. 30, a 0.7% decline.

For the quarter, the insurer reported $1.01 billion in net income, a 7.5% increase.

In its business insurance segment, Travelers reported $8.28 billion in statutory net premiums written, a 1.3% decrease for the nine-month period. It reported a 91.8% combined ratio on a GAAP basis, vs. 88.4% for the same period in 2009.

For the quarter, the segment reported $2.65 billion in statutory net premiums written, a 1.5% increase. The segment posted a 92.1% GAAP combined ratio vs. 88.5% for the same period a year ago.

Travelers’ business insurance segment includes commercial multiperil, workers compensation, commercial automobile, property, general liability and other lines, according to the insurer.

Commenting on the segment’s results, President and Chief Operating Officer Brian MacLean said in a statement, “Our strategic actions and focused execution resulted in significant customer growth as evidenced by increased retentions and solid new business levels in the quarter.

“While top-line performance continued to be constrained by general economic conditions, we are seeing improved trends in insured exposures. We are encouraged by these trends and the impact of our strategic actions which we believe position us well in the marketplace.”

Travelers’ financial, professional and international insurance segment posted $2.38 billion in statutory net premiums written, a 1.3% increase for the nine-month period. It reported an 87.2% GAAP combined ratio vs. 89.9% for the same period in 2009.

For the quarter, the segment posted $808 million in net premiums written, a 7.1% decline. It reported a 79.6% GAAP combined ratio vs. 88.7% for the same period in 2009.

Commenting on the segment, Mr. MacLean said the segment benefited once again from net favorable prior-year reserve development. He said net premiums written were down “largely due to intentional underwriting actions we have taken in certain lines of our international business as well as a slowdown in construction spending in our construction surety business. On a written basis, margins were stable.”