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Travelers beats by a mile, helped by tame weather conditions

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Travelers reported quarterly earnings that far outpaced analysts' expectations on Tuesday, helped by favorable weather conditions and lower costs.

After the earnings announcement, the company's shares surged by nearly 3 percent in pre-market trading. ( (Click here to track the company's stock following the report.)

The company posted third-quarter earnings excluding items of $2.30 per share, up from $2.22 a share in the year-earlier period.

Revenue increased to $5.7 billion from $5.70 billion a year ago.

Analysts had expected the company to report earnings excluding items of $2.07 a share on $5.75 billion in revenue, according to a consensus estimate from Thomson Reuters.