STOCK TITAN
  1. Home
  2. SEC Filings
  3. TRV
  4. [8-K] TRAVELERS COMPANIES, INC. Reports Material Event

Travelers Q3 2026 earnings rise 2% to $1.92B

Third-quarter catastrophe losses were $538 million pre-tax, while favorable prior year reserve development contributed $234 million pre-tax.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Travelers Companies, Inc. (TRV) reported third-quarter 2026 net income of $1.917 billion and core income of $1.947 billion, up 2% and 4%, respectively, from the year-earlier quarter. Diluted earnings per share were $9.04 and core diluted earnings per share were $9.18. The combined ratio was 86.8%, compared with 87.3%; the underlying combined ratio was 84.1%, compared with 83.9%. Net investment income was $1.098 billion, up 6%.

For the first nine months of 2026, net income was $5.836 billion, up 54%, and core income was $5.803 billion, up 52%. Shareholders’ equity was $28.995 billion as of September 30, down 12% from year-end 2025; pre-tax net unrealized investment losses were $8.049 billion, compared with $1.862 billion at year-end 2025. Travelers repurchased 4.0 million shares at an average $376.00 per share for $1.508 billion and had $2.415 billion of remaining repurchase authorization capacity at September 30. The board declared a $1.25 quarterly dividend, payable December 31, 2026, to shareholders of record December 10, 2026.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

  • Moderate pointNine-month net income rose 54% to $5.836 billion; core income rose 52% to $5.803 billion.

Negative

  • Moderate pointShareholders’ equity fell 12% from year-end 2025, primarily reflecting higher unrealized investment losses.

Filing Explained

This Form 8-K reports Travelers’ completed third-quarter 2026 results: underwriting results included $234 million of favorable prior-year reserve development; the release also reports a $295 million addition to asbestos reserves.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income $1.917 billion Third quarter 2026; up 2% from third quarter 2025
Core income $1.947 billion Third quarter 2026; up 4% from third quarter 2025
Net income per diluted share $9.04 Third quarter 2026
Net investment income $1.098 billion Third quarter 2026; up 6%
Net income $5.836 billion Nine months ended September 30, 2026; up 54%
Core income $5.803 billion Nine months ended September 30, 2026; up 52%
Combined ratio 86.8% Third quarter 2026; compared with 87.3% in third quarter 2025
Share repurchases $1.508 billion Third quarter 2026
core income financial
"Core income in the current quarter was $1.947 billion"
Core income is a company's regular, recurring profit generated by its main business activities after stripping out one-time items, unusual gains or losses, and accounting quirks. Investors use it to judge the business’s sustainable earning power—like measuring a household’s steady paycheck rather than occasional bonuses—so it gives a clearer view of ongoing performance and helps compare companies over time.
combined ratio financial
"The combined ratio of 86.8% improved 0.5 points"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
underlying combined ratio financial
"The underlying combined ratio was 84.1%"
The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.
net favorable prior year reserve development financial
"Net favorable prior year reserve development totaled $234 million pre-tax"
An accounting gain that occurs when an insurer determines it set aside more money in prior years to pay future claims than was actually needed, and then releases the excess. For investors, this is important because it boosts reported profits and cash available for dividends or investment, like finding you over-saved for a home repair and being able to spend the surplus, but it can also signal uncertainty in how conservatively reserves are set.
Net income, third quarter $1.917 billion 2% higher than third quarter 2025
Core income, third quarter $1.947 billion 4% higher than third quarter 2025
Net income, nine months $5.836 billion 54% higher than the same period in 2025
Core income, nine months $5.803 billion 52% higher than the same period in 2025
Net investment income, third quarter $1.098 billion 6% higher

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were TRV’s third-quarter 2026 earnings per share?
Travelers reported $9.04 in net income per diluted share and $9.18 in core income per diluted share for the quarter ended September 30, 2026.

How much did TRV earn in the first nine months of 2026?
Travelers reported $5.836 billion in net income and $5.803 billion in core income for the nine months ended September 30, 2026. The company reported increases of 54% and 52%, respectively, compared with the same period in 2025.

What was the asbestos reserve addition reported by TRV?
Business Insurance’s net favorable prior year reserve development was partially offset by an addition to asbestos reserves of $295 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Available on EDGAR Accepted by SEC EDGAR
0000086312false00000863122026-10-162026-10-16


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _______________________________________
 FORM 8-K
 ______________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 16, 2026
 _______________________________________________
The Travelers Companies, Inc.
(Exact name of registrant as specified in its charter)
 _______________________________________________
 
Minnesota001-1089841-0518860
(State or other jurisdiction of
incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
485 Lexington Avenue
New York, New York 10017
(Address of principal executive offices) (Zip Code)
 
(917) 778-6000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 _________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, without par valueTRVNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02.  Results of Operations and Financial Condition.
 
On October 16, 2026, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2026, and the availability of the Company’s third quarter financial supplement on the Company’s web site.  The press release and the financial supplement are furnished as Exhibits 99.1 and 99.2 to this Report and are hereby incorporated by reference in this Item 2.02.
 
As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d)                                 Exhibits.
 
Exhibit No.Description
99.1
Press Release, dated October 16, 2026, reporting results of operations (This exhibit is furnished and not filed.)
99.2
Third Quarter 2026 Financial Supplement of The Travelers Companies, Inc. (This exhibit is furnished and not filed.)
101.1Pursuant to Rule 406 of Regulation S-T, the cover page to this Current Report on Form 8-K is formatted in Inline XBRL.
104.1Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101.1.)




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, The Travelers Companies, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
THE TRAVELERS COMPANIES, INC.
Date: October 16, 2026By:/S/   CHRISTINE K. KALLA
Name: Christine K. Kalla
Executive Vice President and General Counsel



g34651mo25i001b12a.gif                                            Exhibit 99.1
                                            The Travelers Companies, Inc.
                            485 Lexington Avenue
                                    New York, NY 10017-2630
                                        www.travelers.com
NYSE: TRV
Travelers Reports Excellent Third Quarter and Year-to-Date Results
Third Quarter 2026 Net Income per Diluted Share of $9.04 and Core Income per Diluted Share of $9.18
Third Quarter 2026 Return on Equity of 24.7% and Core Return on Equity of 22.1%
•Third quarter net income of $1.917 billion and core income of $1.947 billion.
•Underwriting income of $1.432 billion pre-tax and underlying underwriting income of $1.736 billion pre-tax.
•Strong margins with a consolidated combined ratio of 86.8% and underlying combined ratio of 84.1%.
•Net favorable prior year reserve development in all three segments totaled $234 million pre-tax.
•Net written premiums of $11.480 billion.
•Record net investment income of $1.098 billion pre-tax ($908 million after-tax) increased 6%.
•Total capital of $1.769 billion returned to shareholders, including $1.508 billion of share repurchases.

New York, October 16, 2026 — The Travelers Companies, Inc. today reported net income of $1.917 billion, or $9.04 per diluted share, for the quarter ended September 30, 2026, compared to $1.888 billion, or $8.24 per diluted share, in the prior year quarter. Core income in the current quarter was $1.947 billion, or $9.18 per diluted share, compared to $1.867 billion, or $8.14 per diluted share, in the prior year quarter. Core income increased primarily due to higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. Net realized investment losses in the current quarter were $34 million pre-tax ($30 million after-tax), compared to net realized investment gains of $27 million pre-tax ($21 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.
Consolidated Highlights
($ in millions, except for per share amounts, and after-tax, except for premiums and revenues)Three Months Ended September 30,Nine Months Ended September 30,
20262025Change20262025Change
Net written premiums$11,480 $11,473 — %$33,347 $33,531 (1)%
Total revenues$12,412 $12,470 — $36,489 $36,396 — 
Net income$1,917 $1,888 2 $5,836 $3,792 54 
per diluted share$9.04 $8.24 10 $27.05 $16.45 64 
Core income$1,947 $1,867 4 $5,803 $3,814 52 
per diluted share$9.18 $8.14 13 $26.90 $16.54 63 
Diluted weighted average shares outstanding210.6 227.5 (7)214.2 228.9 (6)
Combined ratio86.8 %87.3 %(0.5)pts86.3 %93.2 %(6.9)pts
Underlying combined ratio84.1 %83.9 %0.2 pts84.5 %84.4 %0.1 pts
Return on equity24.7 %24.7 %— pts24.3 %17.3 %7.0 pts
Core return on equity22.1 %22.6 %(0.5)pts22.3 %15.8 %6.5 pts
As ofChange From
September 30, 2026December 31, 2025September 30, 2025December 31, 2025September 30, 2025
Book value per share$141.48 $151.21 $141.72 (6)%— %
Adjusted book value per share172.47 158.01 150.55 9 %15 %
See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.
1


“We are pleased to report excellent third quarter results,” said Alan Schnitzer, Chairman and Chief Executive Officer. “It was another in a run of successful quarters, with very strong underwriting performance across all three segments and a record result from our investment portfolio. Core income for the quarter was $1.9 billion, or $9.18 per diluted share. Core return on equity for the quarter was 22.1%, bringing core return on equity over the last four quarters to 24.1%. Third quarter underwriting income of $1.4 billion pre-tax benefited from continued strong levels of underlying underwriting income and net favorable prior year development. Profitability was excellent on both a reported and underlying basis. The combined ratio improved to 86.8%, and the underlying combined ratio remained very strong at 84.1%.
“Our high-quality investment portfolio generated after-tax net investment income of $908 million, an increase of 7%. These results, along with our exceptionally strong balance sheet, enabled us to return $1.8 billion of excess capital to our shareholders during the quarter, including $1.5 billion of share repurchases.
“Through disciplined marketplace execution across all three segments, we generated net written premiums in the quarter of $11.5 billion. In Business Insurance, we grew in every line other than Property, generating net written premiums of $5.9 billion, up 4% from the prior year quarter adjusting for the sale of our Canadian businesses. Renewal premium change in the segment was 4.1%, including renewal premium change of 5.4% in our core Middle Market business and 7.8% in our small commercial Select business. Excluding the Property line, renewal premium change in the segment was 7.0%. Retention remained very strong at 86% and was higher or stable in every line. Renewal premium change was by and large orderly and when viewed together with retention and returns reflects excellent execution. New business was a third quarter record at $699 million, up 4% over the prior year quarter.
“In Bond & Specialty Insurance, we grew net written premiums by 12% to $1.2 billion. In our high-quality Management Liability business renewal premium change improved sequentially to 3.8% while retention remained steady at an excellent 89%. New business in the segment was up 18% over the prior year quarter. In our leading Surety business, we grew net written premiums by 21%, reflecting continued strong production across the portfolio.
“In Personal Insurance, we generated net written premiums of $4.4 billion, with solid retention in both Auto and Homeowners and higher new business in our Homeowners business.
“Our strong underwriting and investment results through the first nine months of the year reflect the strength of our franchise. We are well positioned to finish the year strong. That momentum, and the advances we are making on our innovation agenda, give us real confidence heading into 2027 and beyond.”
2

Consolidated Results
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)20262025Change20262025Change
Underwriting gain:$1,432 $1,378 $54 $4,343 $2,095 $2,248 
Underwriting gain includes:
Net favorable prior year reserve development234 22 212 1,225 715 510 
Catastrophes, net of reinsurance(538)(402)(136)(1,817)(3,595)1,778 
Net investment income1,098 1,033 65 3,176 2,905 271 
Other income (expense), including interest expense
(127)(94)(33)(339)(279)(60)
Core income before income taxes2,403 2,317 86 7,180 4,721 2,459 
Income tax expense456 450 6 1,377 907 470 
Core income1,947 1,867 80 5,803 3,814 1,989 
Net realized investment gains (losses) after income taxes(30)21 (51)33 (22)55 
Net income$1,917 $1,888 $29 $5,836 $3,792 $2,044 
Combined ratio86.8 %87.3 %(0.5)pts86.3 %93.2 %(6.9)pts
Impact on combined ratio
Net favorable prior year reserve development(2.1)pts(0.2)pts(1.9)pts(3.8)pts(2.2)pts(1.6)pts
Catastrophes, net of reinsurance4.8 pts3.6 pts1.2 pts5.6 pts11.0 pts(5.4)pts
Underlying combined ratio84.1 %83.9 %0.2 pts84.5 %84.4 %0.1 pts
Net written premiums
Business Insurance$5,868$5,6753 %$17,638$17,1653 %
Bond & Specialty Insurance1,2091,08012 3,5123,16411 
Personal Insurance4,4034,718(7)12,19713,202(8)
Total$11,480$11,473— %$33,347$33,531(1)%
Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
Net income of $1.917 billion increased $29 million, driven by higher core income, partially offset by net realized investment losses compared to net realized investment gains in the prior year quarter. Core income of $1.947 billion increased $80 million, primarily due to higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. Net realized investment losses were $34 million pre-tax ($30 million after-tax), compared to net realized investment gains of $27 million pre-tax ($21 million after-tax) in the prior year quarter.
Combined ratio:
•The combined ratio of 86.8% improved 0.5 points due to higher net favorable prior year reserve development (1.9 points), partially offset by higher catastrophe losses (1.2 points) and a higher underlying combined ratio (0.2 points).
•The underlying combined ratio was an excellent 84.1%. See below for further details by segment.
•Net favorable prior year reserve development occurred in all segments, including an addition to asbestos reserves of $295 million. See below for further details by segment.
•Catastrophe losses primarily resulted from severe wind and hail storms in multiple states.

Net investment income of $1.098 billion pre-tax ($908 million after-tax) increased 6%, driven by the long-term fixed income investment portfolio which benefited from a higher yield and growth in average invested assets.

3

Net written premiums of $11.480 billion increased slightly over the prior year quarter. Net written premiums in the prior year quarter included $240 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased 2% over the prior year quarter. See below for further details by segment.

Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)
 
Net income of $5.836 billion increased $2.044 billion, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year period. Core income of $5.803 billion increased $1.989 billion, primarily due to lower catastrophe losses, higher net favorable prior year reserve development and higher net investment income. Net realized investment gains were $75 million pre-tax ($33 million after-tax), compared to net realized investment losses of $28 million pre-tax ($22 million after-tax) in the prior year period.

Combined ratio:
 
•The combined ratio of 86.3% improved 6.9 points due to lower catastrophe losses (5.4 points) and higher net favorable prior year reserve development (1.6 points), partially offset by a higher underlying combined ratio (0.1 points).

•The underlying combined ratio was an excellent 84.5%. See below for further details by segment.

•Net favorable prior year reserve development occurred in all segments. See below for further details by segment.

•Catastrophe losses included the third quarter events described above, as well as severe wind and hail storms and winter storms in multiple states in the first six months of 2026.
Net investment income of $3.176 billion pre-tax ($2.624 billion after-tax) increased 9%, driven by the same factors described above for the third quarter of 2026.

Net written premiums of $33.347 billion decreased 1%. Net written premiums in the prior year period included $736 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased 2% over the prior year period. See below for further details by segment.

Shareholders’ Equity

Shareholders’ equity of $28.995 billion decreased 12% from year-end 2025, primarily due to higher net unrealized investment losses, common share repurchases and dividends to shareholders, partially offset by net income of $5.836 billion. Net unrealized investment losses included in shareholders’ equity were $8.049 billion pre-tax ($6.352 billion after-tax), compared to $1.862 billion pre-tax ($1.478 billion after-tax) at year-end 2025. The increase in net unrealized investment losses was driven by higher interest rates. Book value per share of $141.48 decreased 6% from year-end 2025. Adjusted book value per share of $172.47, which excludes net unrealized investment losses, increased 9% over year-end 2025.

The Company repurchased 4.0 million shares of its common stock during the third quarter at an average price of $376.00 per share for a total cost of $1.508 billion. At September 30, 2026, the Company had $2.415 billion of capacity remaining under its share repurchase authorizations approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $31.596 billion, and the ratio of debt-to-capital was 25.3%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders’ equity was 21.7%, within the Company’s target range of 15% to 25%.

The Board of Directors declared a regular quarterly dividend of $1.25 per share. The dividend is payable December 31, 2026 to shareholders of record at the close of business on December 10, 2026.

4

Business Insurance Segment Financial Results
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)20262025Change20262025Change
Underwriting gain:$522 $392 $130 $1,580 $933 $647 
Underwriting gain includes:
Net favorable (unfavorable) prior year reserve development41 (125)166 522 28 494 
Catastrophes, net of reinsurance
(157)(139)(18)(774)(1,016)242 
Net investment income766 727 39 2,236 2,045 191 
Other income (expense) (11)(1)(10)(6)(8)2 
Segment income before income taxes1,277 1,118 159 3,810 2,970 840 
Income tax expense241 211 30 737 567 170 
Segment income$1,036 $907 $129 $3,073 $2,403 $670 
Combined ratio90.9 %92.9 %(2.0)pts90.5 %94.2 %(3.7)pts
Impact on combined ratio
Net (favorable) unfavorable prior year reserve development(0.7)pts2.2 pts(2.9)pts(3.1)pts(0.2)pts(2.9)pts
Catastrophes, net of reinsurance
2.7 pts2.4 pts0.3 pts4.6 pts6.1 pts(1.5)pts
Underlying combined ratio88.9 %88.3 %0.6 pts89.0 %88.3 %0.7 pts
Net written premiums by market
Domestic
Select Accounts$932 $920 1 %$2,978 $2,900 3 %
Middle Market3,448 3,232 7 10,012 9,432 6 
National Accounts286 273 5 973 914 6 
National Property and Other809 841 (4)2,366 2,446 (3)
Total Domestic5,475 5,266 4 16,329 15,692 4 
International393 409 (4)1,309 1,473 (11)
Total$5,868 $5,675 3 %$17,638 $17,165 3 %
 
Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
 
Segment income for Business Insurance was $1.036 billion after-tax, an increase of $129 million. Segment income increased primarily due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter and higher net investment income, partially offset by a lower underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses) and higher catastrophe losses.

Combined ratio:

•The combined ratio of 90.9% improved 2.0 points due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter (2.9 points), partially offset by a higher underlying combined ratio (0.6 points) and higher catastrophe losses (0.3 points).
•The underlying combined ratio was an excellent 88.9%.
•Net favorable prior year reserve development was primarily driven by better than expected loss experience in all major product lines primarily for recent accident years, partially offset by an addition to asbestos reserves of $295 million.
Net written premiums of $5.868 billion increased 3%. Net written premiums in the prior year quarter included $59 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 4%.
5

Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Business Insurance was $3.073 billion after-tax, an increase of $670 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income, partially offset by a lower underlying underwriting gain.

Combined ratio:

•The combined ratio of 90.5% improved 3.7 points due to higher net favorable prior year reserve development (2.9 points) and lower catastrophe losses (1.5 points), partially offset by a higher underlying combined ratio (0.7 points).
•The underlying combined ratio was an excellent 89.0%.
•Net favorable prior year reserve development was primarily driven by better than expected loss experience in all major product lines for recent accident years, partially offset by an addition to reserves related to run-off operations, including an addition to asbestos reserves of $295 million.
Net written premiums of $17.638 billion increased 3%. Net written premiums in the prior year period included $205 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 4%. 

Bond & Specialty Insurance Segment Financial Results
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)20262025Change20262025Change
Underwriting gain:$246 $188 $58 $590 $554 $36 
Underwriting gain includes:
Net favorable prior year reserve development95 43 52 235 191 44 
Catastrophes, net of reinsurance(1)— (1)(13)(24)11 
Net investment income127 116 11 353 325 28 
Other income5 7 (2)12 15 (3)
Segment income before income taxes378 311 67 955 894 61 
Income tax expense69 61 8 158 180 (22)
Segment income$309 $250 $59 $797 $714 $83 
Combined ratio77.3 %81.6 %(4.3)pts81.0 %81.5 %(0.5)pts
Impact on combined ratio
Net favorable prior year reserve development(8.6)pts(4.2)pts(4.4)pts(7.4)pts(6.2)pts(1.2)pts
Catastrophes, net of reinsurance0.1 pts— pts0.1 pts0.4 pts0.8 pts(0.4)pts
Underlying combined ratio85.8 %85.8 %— pts88.0 %86.9 %1.1 pts
Net written premiums
Domestic
Management Liability$649 $613 6 %$1,832 $1,755 4 %
Surety414 342 21 1,275 1,017 25 
Total Domestic1,063 955 11 3,107 2,772 12 
International146 125 17 405 392 3 
Total$1,209 $1,080 12 %$3,512 $3,164 11 %
6

Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
 
Segment income for Bond & Specialty Insurance was $309 million after-tax, an increase of $59 million. Segment income increased primarily due to higher net favorable prior year reserve development, a higher underlying underwriting gain and higher net investment income.
Combined ratio:

•The combined ratio of 77.3% improved 4.3 points due to higher net favorable prior year reserve development (4.4 points), partially offset by higher catastrophe losses (0.1 points).

•The underlying combined ratio was an excellent 85.8%.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years and in the general liability product line for management liability coverages for multiple accident years.

Net written premiums of $1.209 billion increased 12%. Net written premiums in the prior year quarter included $14 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 13%.

Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $797 million after-tax, an increase of $83 million. Segment income increased primarily due to higher net favorable prior year reserve development, higher net investment income, a higher underlying underwriting gain and lower catastrophe losses. The underlying underwriting gain benefited from a non-recurring tax item.

Combined ratio:

•The combined ratio of 81.0% improved 0.5 points due to higher net favorable prior year reserve development (1.2 points) and lower catastrophe losses (0.4 points), partially offset by a higher underlying combined ratio (1.1 points).

•The underlying combined ratio was an excellent 88.0%.

•Net favorable prior year reserve development was primarily driven by the same factors described above for the third quarter of 2026.

Net written premiums of $3.512 billion increased 11%. Net written premiums in the prior year period included $40 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 12%.

7

Personal Insurance Segment Financial Results
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)20262025Change20262025Change
Underwriting gain:$664 $798 $(134)$2,173 $608 $1,565 
Underwriting gain includes:
Net favorable prior year reserve development98 104 (6)468 496 (28)
Catastrophes, net of reinsurance(380)(263)(117)(1,030)(2,555)1,525 
Net investment income205 190 15 587 535 52 
Other income10 24 (14)41 59 (18)
Segment income before income taxes879 1,012 (133)2,801 1,202 1,599 
Income tax expense173 205 (32)564 235 329 
Segment income$706 $807 $(101)$2,237 $967 $1,270 
Combined ratio83.5 %81.3 %2.2 pts82.0 %94.8 %(12.8)pts
Impact on combined ratio
Net favorable prior year reserve development(2.4)pts(2.4)pts— pts(3.8)pts(3.8)pts— pts
Catastrophes, net of reinsurance9.2 pts6.0 pts3.2 pts8.4 pts19.7 pts(11.3)pts
Underlying combined ratio76.7 %77.7 %(1.0)pts77.4 %78.9 %(1.5)pts
Net written premiums
Domestic
Automobile$1,892 $2,062 (8)%$5,506 $5,889 (7)%
Homeowners and Other2,511 2,489 1 6,691 6,822 (2)
Total Domestic4,403 4,551 (3)12,197 12,711 (4)
International— 167 (100)— 491 (100)
Total$4,403 $4,718 (7)%$12,197 $13,202 (8)%

Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)

Segment income for Personal Insurance was $706 million after-tax, a decrease of $101 million. Segment income decreased primarily due to higher catastrophe losses.

Combined ratio:

•The combined ratio of 83.5% increased 2.2 points due to higher catastrophe losses (3.2 points), partially offset by an improvement in the underlying combined ratio (1.0 points).

•The underlying combined ratio of 76.7% improved 1.0 points, primarily reflecting improvement in Automobile.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Homeowners and Other and Automobile product lines for recent accident years.

Net written premiums of $4.403 billion decreased 7%. Net written premiums in the prior year quarter included $167 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 3%.

Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)
Segment income for Personal Insurance was $2.237 billion after-tax, an increase of $1.270 billion. Segment income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain and higher net investment income, partially offset by lower net favorable prior year reserve development.
8


Combined ratio:

•The combined ratio of 82.0% improved 12.8 points due to lower catastrophe losses (11.3 points) and an improvement in the underlying combined ratio (1.5 points).

•The underlying combined ratio of 77.4% improved 1.5 points, reflecting improvement in both Automobile and Homeowners and Other.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Automobile and Homeowners and Other product lines for recent accident years.

Net written premiums of $12.197 billion decreased 8%. Net written premiums in the prior year period included $491 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 4%.

Financial Supplement and Conference Call

The information in this press release should be read in conjunction with the financial supplement that is available on our website at Travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9:00 a.m. Eastern (8:00 a.m. Central) on Friday, October 16, 2026. Investors can access the call via webcast at investor.travelers.com and by dialing 1.833.461.5787 within the United States or 1.585.542.9983 outside the United States. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company’s website.

Following the live event, replays will be available via webcast for one year at investor.travelers.com and by telephone for seven days by dialing 1.833.309.1852 within the United States or 1.929.828.5978 outside the United States. All callers should use conference ID 686305383.
About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $49 billion in 2025. For more information, visit Travelers.com.

Travelers may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at investor.travelers.com, our Facebook page at facebook.com/travelers and our X account (@Travelers) at x.com/travelers. In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notifications section at investor.travelers.com.

Travelers is organized into the following reportable business segments:

Business Insurance - Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd’s.

Bond & Specialty Insurance - Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and/or specialty insurance products in Canada, the United Kingdom and the Republic of Ireland, as well as Brazil through a joint venture, in each case utilizing various degrees of financially-based underwriting approaches.

Personal Insurance - Personal Insurance offers a broad range of property and casualty insurance products and services in the United States covering individuals’ personal risks. Personal Insurance’s primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.
 * * * * *
9

Forward-Looking Statements

This press release contains, and management may make, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “probably,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “views,” “ensures,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about:

•the Company’s outlook, the impact of trends on its business and its future results of operations and financial condition;
•the impact of legislative or regulatory actions or court decisions;
•share repurchase plans;
•future pension plan contributions;
•the sufficiency of the Company’s reserves, including asbestos;
•the impact of emerging claims issues as well as other insurance and non-insurance litigation;
•the cost and availability of reinsurance coverage;
•catastrophe losses and modeling;
•the impact of investment, economic and underwriting market conditions, including interest rates, tariffs and inflation;
•the Company’s approach to managing its investment portfolio;
•the impact of changing climate conditions;
•strategic and operational initiatives to improve growth, profitability and competitiveness;
•the Company’s competitive advantages and innovation agenda, including executing on that agenda with respect to artificial intelligence;
•the Company’s cybersecurity policies and practices;
•new product offerings;
•the impact of developments in the tort environment; and
•the impact of developments in the geopolitical environment, including the war with Iran.

The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Some of the factors that could cause actual results to differ include, but are not limited to, the following:

Insurance-Related Risks
•high levels of catastrophe losses;
•actual claims may exceed the Company’s claims and claim adjustment expense reserves, the estimated level of claims and claim adjustment expense reserves may increase, or increases in loss costs may not be offset with sufficient price increases, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments, including increased inflation and the impact of tariffs;
•the Company’s continued exposure to asbestos claims and related litigation;
•the Company is exposed to, and may face adverse developments involving, mass tort claims; and
•the effects of emerging claim and coverage issues on the Company’s business are uncertain, and court decisions or legislative changes that take place after the Company issues its policies can result in an unexpected increase in the number of claims.

Financial, Economic and Credit Risks
•a period of financial market disruption or an economic downturn;
•the Company’s investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses;
•the Company is exposed to credit risk related to reinsurance and structured settlements, and reinsurance coverage may not be available to the Company;
•the Company is exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that it has with third parties;
•a downgrade in the Company’s claims-paying and financial strength ratings; and
10

•the Company’s insurance subsidiaries may be unable to pay dividends to the Company’s holding company in sufficient amounts.

Business and Operational Risks
•the intense competition that the Company faces, including with respect to attracting and retaining employees, and the impact of innovation, technological change, including with respect to artificial intelligence, and changing customer preferences on the insurance industry and the markets in which it operates;
•disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape;
•the Company’s efforts to develop new products or services, expand in targeted markets, improve business processes and workflows or pursue acquisitions or dispositions may not be successful and may create enhanced risks;
•the Company's pricing and capital models may provide materially different indications than actual results;
•loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company’s products;
•the Company is subject to additional risks associated with its business outside the United States; and
•future pandemics.

Technology and Intellectual Property Risks
•as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions, including the war with Iran) or otherwise, the Company may experience difficulties with technology, data and network security or outsourcing relationships;
•the Company’s dependence on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence; and
•the Company may be unable to protect and enforce its own intellectual property or may be subject to claims for infringing the intellectual property of others.
Regulatory and Compliance Risks
•changes in regulation, including changes in tax laws; and
•the Company's compliance controls may not be effective.
In addition, the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for the Company’s business operations, changes in the levels of written premiums, funding of the Company’s qualified pension plan, regulatory capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors.
Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward Looking Statements” in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on October 16, 2026, and in our most recent annual report on Form 10-K filed with the SEC on February 12, 2026, in each case as updated by our periodic filings with the SEC.

GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES

The following measures are used by the Company’s management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis and for other reasons as discussed below. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure. Reconciliations of these measures to the most comparable GAAP measures also follow.

11

In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance.

Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, included in shareholders’ equity, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.

RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER NON-GAAP MEASURES

Core income (loss) is consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable. Segment income (loss) is determined in the same manner as core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions. Financial statement users also consider core income (loss) when analyzing the results and trends of insurance companies. Core income (loss) per share is core income (loss) on a per common share basis.

Reconciliation of Net Income to Core Income less Preferred Dividends
Three Months Ended September 30,Nine Months Ended September 30,Twelve Months Ended September 30,
($ in millions, after-tax)202620252026202520262025
Net income$1,917 $1,888 $5,836 $3,792 $8,332 $5,874 
Adjustments:
Net realized investment (gains) losses30 (21)(33)22 (18)66 
Core income$1,947 $1,867 $5,803 $3,814 $8,314 $5,940 
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions, pre-tax)2026202520262025
Net income$2,369 $2,344 $7,255 $4,693 
Adjustments:
Net realized investment (gains) losses34 (27)(75)28 
Core income$2,403 $2,317 $7,180 $4,721 
Twelve Months Ended December 31,Average Annual
($ in millions, after-tax)202520242023202220212005 - 2020
Net income$6,288 $4,999 $2,991 $2,842 $3,662 $2,988 
Less: Loss from discontinued operations— — — — — (27)
Income from continuing operations6,288 4,999 2,991 2,842 3,662 3,015 
Adjustments:
Net realized investment (gains) losses37 26 81 156 (132)(42)
Impact of changes in tax laws and/or tax rates (1) (2)— — — — (8)8 
Core income6,325 5,025 3,072 2,998 3,522 2,981 
Less: Preferred dividends— — — — — 1 
Core income, less preferred dividends$6,325 $5,025 $3,072 $2,998 $3,522 $2,980 
(1) Impact is recognized in the accounting period in which the change is enacted
(2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA)
12

Reconciliation of Net Income per Share to Core Income per Share on a Diluted Basis
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Diluted income per share
Net income$9.04 $8.24 $27.05 $16.45 
Adjustments:
Net realized investment (gains) losses, after-tax0.14 (0.10)(0.15)0.09 
Core income$9.18 $8.14 $26.90 $16.54 
Reconciliation of Segment Income to Total Core Income
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions, after-tax)2026202520262025
Business Insurance$1,036 $907 $3,073 $2,403 
Bond & Specialty Insurance309 250 797 714 
Personal Insurance706 807 2,237 967 
Total segment income2,051 1,964 6,107 4,084 
Interest Expense and Other(104)(97)(304)(270)
Total core income$1,947 $1,867 $5,803 $3,814 
RECONCILIATION OF SHAREHOLDERS’ EQUITY TO ADJUSTED SHAREHOLDERS’ EQUITY AND CALCULATION OF RETURN ON EQUITY AND CORE RETURN ON EQUITY

Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized investment gains (losses), net of tax, for the period presented, the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)), preferred stock and discontinued operations.

Reconciliation of Shareholders’ Equity to Adjusted Shareholders’ Equity
As of September 30,
($ in millions)20262025
Shareholders’ equity$28,995 $31,609 
Adjustments:
Net unrealized investment losses, net of tax, included in shareholders’ equity6,352 1,970 
Net realized investment (gains) losses, net of tax(33)22 
Adjusted shareholders’ equity$35,314 $33,601 
As of December 31,Average Annual
($ in millions)202520242023202220212005 - 2020
Shareholders’ equity$32,894 $27,864 $24,921 $21,560 $28,887 $25,023 
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity1,478 3,640 3,129 4,898 (2,415)(1,473)
Net realized investment (gains) losses, net of tax37 26 81 156 (132)(42)
Impact of changes in tax laws and/or tax rates (1) (2)— — — — (8)18 
Preferred stock— — — — — (39)
Loss from discontinued operations— — — — — 27 
Adjusted shareholders’ equity$34,409 $31,530 $28,131 $26,614 $26,332 $23,514 
(1) Impact is recognized in the accounting period in which the change is enacted
(2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA)
13

Return on equity is the ratio of annualized net income (loss) less preferred dividends to average shareholders’ equity for the periods presented. Core return on equity is the ratio of annualized core income (loss) less preferred dividends to adjusted average shareholders’ equity for the periods presented. In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.

Average shareholders’ equity is (a) the sum of total shareholders’ equity excluding preferred stock at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted average shareholders’ equity is (a) the sum of total adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.
Calculation of Return on Equity and Core Return on Equity
Three Months Ended September 30,Nine Months Ended September 30,Twelve Months Ended September 30,
($ in millions, after-tax)202620252026202520262025
Annualized net income$7,670 $7,554 $7,782 $5,057 $8,332 $5,874 
Average shareholders’ equity31,058 30,563 32,017 29,148 32,076 28,806 
Return on equity24.7 %24.7 %24.3 %17.3 %26.0 %20.4 %
Annualized core income$7,788 $7,467 $7,738 $5,085 $8,314 $5,940 
Adjusted average shareholders’ equity35,228 33,053 34,762 32,197 34,568 31,817 
Core return on equity22.1 %22.6 %22.3 %15.8 %24.1 %18.7 %
Twelve Months Ended December 31,Average Annual
($ in millions, after-tax)202520242023202220212005 - 2020
Net income, less preferred dividends$6,288 $4,999 $2,991 $2,842 $3,662 $2,987 
Average shareholders’ equity29,924 25,993 22,031 23,384 28,735 24,830 
Return on equity21.0 %19.2 %13.6 %12.2 %12.7 %12.0 %
Core income, less preferred dividends$6,325 $5,025 $3,072 $2,998 $3,522 $2,980 
Adjusted average shareholders’ equity32,643 29,295 26,772 26,588 25,718 23,421 
Core return on equity19.4 %17.2 %11.5 %11.3 %13.7 %12.7 %
RECONCILIATION OF NET INCOME TO UNDERWRITING GAIN EXCLUDING CERTAIN ITEMS

Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses. In the opinion of the Company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business. This measure is used to assess each segment’s business performance and as a tool in making business decisions. Underwriting gain, excluding the impact of catastrophes and net favorable (unfavorable) prior year loss reserve development, is the underwriting gain adjusted to exclude claims and claim adjustment expenses, reinstatement premiums and assessments related to catastrophes and loss reserve development related to time periods prior to the current year. In the opinion of the Company’s management, this measure is meaningful to users of the financial statements to understand the Company’s periodic earnings and the variability of earnings caused by the unpredictable nature (i.e., the timing and amount) of catastrophes and loss reserve development. This measure is also referred to as underlying underwriting gain, underlying underwriting margin, underlying underwriting income or underlying underwriting result.

A catastrophe is a severe loss designated, or reasonably expected by the Company to be designated, a catastrophe by one or more industry recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally or unintentionally destructive acts, including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure. Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount. Their effects are included in net and
14

core income (loss) and claims and claim adjustment expense reserves upon occurrence. A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools.

The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2026 ranges from $20 million to $30 million of losses before reinsurance and taxes.

Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years. In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

Reconciliation of Net Income to Pre-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions, after-tax, except as noted)2026202520262025
Net income$1,917 $1,888 $5,836 $3,792 
Net realized investment (gains) losses30 (21)(33)22 
Core income1,947 1,867 5,803 3,814 
Net investment income(908)(850)(2,624)(2,387)
Other (income) expense, including interest expense108 82 288 241 
Underwriting income 1,147 1,099 3,467 1,668 
Income tax expense on underwriting results285 279 876 427 
Pre-tax underwriting income1,432 1,378 4,343 2,095 
Pre-tax impact of net favorable prior year reserve development(234)(22)(1,225)(715)
Pre-tax impact of catastrophes538 402 1,817 3,595 
Pre-tax underlying underwriting income$1,736 $1,758 $4,935 $4,975 
Reconciliation of Net Income to After-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions, after-tax)2026202520262025
Net income$1,917 $1,888 $5,836 $3,792 
Net realized investment (gains) losses30 (21)(33)22 
Core income1,947 1,867 5,803 3,814 
Net investment income(908)(850)(2,624)(2,387)
Other (income) expense, including interest expense108 82 288 241 
Underwriting income1,147 1,099 3,467 1,668 
Impact of net favorable prior year reserve development(185)(16)(966)(562)
Impact of catastrophes424 318 1,435 2,840 
Underlying underwriting income$1,386 $1,401 $3,936 $3,946 
15

Twelve Months Ended December 31,
($ in millions, after-tax)2025202420232022202120202019201820172016
Net income$6,288 $4,999 $2,991 $2,842 $3,662 $2,697 $2,622 $2,523 $2,056 $3,014 
Net realized investment (gains) losses37 26 81 156 (132)(11)(85)(93)(142)(47)
Impact of changes in tax laws and/or tax rates (1) (2)
— — — — (8)— — — 129 — 
Core income6,325 5,025 3,072 2,998 3,522 2,686 2,537 2,430 2,043 2,967 
Net investment income(3,254)(2,952)(2,436)(2,170)(2,541)(1,908)(2,097)(2,102)(1,872)(1,846)
Other (income) expense, including interest expense326 308 337 277 235 232 214 248 179 78 
Underwriting income3,397 2,381 973 1,105 1,216 1,010 654 576 350 1,199 
Impact of net (favorable) unfavorable prior year reserve development(815)(559)(113)(512)(424)(276)47 (409)(378)(510)
Impact of catastrophes2,915 2,632 2,361 1,480 1,459 1,274 699 1,355 1,267 576 
Underlying underwriting income$5,497 $4,454 $3,221 $2,073 $2,251 $2,008 $1,400 $1,522 $1,239 $1,265 
(1) Impact is recognized in the accounting period in which the change is enacted
(2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA)
COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED RATIO
 
Combined ratio: For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators. The combined ratio, as used in this earnings release, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premiums and the underwriting expense ratio as used in this earnings release is based on net earned premiums.
For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this earnings release is calculated in the same manner as the SAP ratio.

For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this earnings release, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income and billing and policy fees and other, to net earned premiums.

The combined ratio, loss and LAE ratio, and underwriting expense ratio are used as indicators of the Company’s underwriting discipline, efficiency in acquiring and servicing its business and overall underwriting profitability. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Underlying combined ratio represents the combined ratio excluding the impact of net prior year reserve development and catastrophes. The underlying combined ratio is an indicator of the Company’s underwriting discipline and underwriting profitability for the current accident year.

Other companies’ method of computing similarly titled measures may not be comparable to the Company’s method of computing these ratios.

16

Calculation of the Combined Ratio
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions, pre-tax)2026202520262025
Loss and loss adjustment expense ratio
Claims and claim adjustment expenses$6,487 $6,594 $18,791 $21,389 
Less:
Policyholder dividends12 12 32 35 
Allocated fee income50 48 147 138 
Loss ratio numerator$6,425 $6,534 $18,612 $21,216 
Underwriting expense ratio
Amortization of deferred acquisition costs$1,856 $1,849 $5,408 $5,429 
General and administrative expenses (G&A)1,582 1,572 4,688 4,576 
Less:
Non-insurance G&A131 131 399 353 
Allocated fee income73 79 223 232 
Billing and policy fees and other22 28 69 85 
Expense ratio numerator$3,212 $3,183 $9,405 $9,335 
Earned premium$11,103 $11,135 $32,461 $32,766 
Combined ratio (1)
Loss and loss adjustment expense ratio57.9 %58.7 %57.3 %64.7 %
Underwriting expense ratio28.9 %28.6 %29.0 %28.5 %
Combined ratio86.8 %87.3 %86.3 %93.2 %
Impact on combined ratio:
Net favorable prior year reserve development(2.1)%(0.2)%(3.8)%(2.2)%
Catastrophes, net of reinsurance4.8 %3.6 %5.6 %11.0 %
Underlying combined ratio84.1 %83.9 %84.5 %84.4 %
(1) For purposes of computing ratios, billing and policy fees and other (which are a component of other revenues) are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. 

RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS’ EQUITY TO CERTAIN NON-GAAP MEASURES
 
Book value per share is total common shareholders’ equity divided by the number of common shares outstanding. Adjusted book value per share is total common shareholders’ equity excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value per share is useful in an analysis of a property casualty company’s book value per share as it removes the effect of changing prices on invested assets (i.e., net unrealized investment gains (losses), net of tax), which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves. Tangible book value per share is adjusted book value per share excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. In the opinion of the Company’s management, tangible book value per share is useful in an analysis of a property casualty company’s book value on a nominal basis as it removes certain effects of purchase accounting (i.e., goodwill and other intangible assets), in addition to the effect of changing prices on invested assets.

17

Reconciliation of Shareholders’ Equity to Tangible Shareholders’ Equity, Excluding Net Unrealized Investment Gains (Losses), Net of Tax and Calculation of Book Value Per Share, Adjusted Book Value Per Share and Tangible Book Value Per Share
As of
($ in millions, except per share amounts)September 30,
2026		December 31,
2025		September 30,
2025
Shareholders’ equity$28,995 $32,894 $31,609 
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity(6,352)(1,478)(1,970)
Common shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity35,347 34,372 33,579 
Less:
Goodwill (includes $208 million of goodwill classified as held for sale as of December 31, 2025)4,060 4,274 4,271 
Other intangible assets (includes $1 million of other intangible assets classified as held for sale as of December 31, 2025)326 337 342 
Impact of deferred tax on other intangible assets(49)(93)(92)
Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity$31,010 $29,854 $29,058 
Common shares outstanding204.9 217.5 223.0 
Book value per share$141.48 $151.21 $141.72 
Adjusted book value per share172.47 158.01 150.55 
Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity151.31 137.24 130.28 

RECONCILIATION OF TOTAL CAPITALIZATION TO TOTAL CAPITALIZATION EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES), NET OF TAX
 
Total capitalization is the sum of total shareholders’ equity and debt. Debt-to-capital ratio excluding net unrealized gains (losses) on investments, net of tax, included in shareholders’ equity, is the ratio of debt to total capitalization excluding the after-tax impact of net unrealized investment gains and losses included in shareholders’ equity. In the opinion of the Company’s management, the debt-to-capital ratio is useful in an analysis of the Company’s financial leverage.
As of
($ in millions)September 30,
2026		December 31,
2025
Debt    $9,813 $9,267 
Shareholders’ equity  28,995 32,894 
Total capitalization  
38,808 42,161 
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity(6,352)(1,478)
Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity$45,160 $43,639 
Debt-to-capital ratio  25.3 %22.0 %
Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity21.7 %21.2 %
RECONCILIATION OF INVESTED ASSETS TO INVESTED ASSETS EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES)
As of September 30,
($ in millions)20262025
Invested assets$100,588 $103,684 
Less: Net unrealized investment losses, pre-tax(8,049)(2,484)
Invested assets excluding net unrealized investment losses$108,637 $106,168 
18

 As of December 31,
($ in millions)2025202420232022202120202019201820172016
Invested assets (1)$104,529 $94,223 $88,810 $80,454 $87,375 $84,423 $77,884 $72,278 $72,502 $70,488 
Less: Net unrealized investment gains (losses), pre-tax(1,862)(4,609)(3,970)(6,220)3,060 5,175 2,853 (137)1,414 1,112 
Invested assets excluding net unrealized investment gains (losses)$106,391 $98,832 $92,780 $86,674 $84,315 $79,248 $75,031 $72,415 $71,088 $69,376 
(1)  Includes $3,347 million of invested assets classified as held for sale as of December 31, 2025. 

OTHER DEFINITIONS

Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract. Net written premiums reflect gross written premiums less premiums ceded to reinsurers.

For Business Insurance and Bond & Specialty Insurance, retention is the amount of premium available for renewal that was retained, excluding rate and exposure changes. For Personal Insurance, retention is the ratio of the expected number of renewal policies that will be retained throughout the annual policy period to the number of available renewal base policies. For all of the segments, renewal rate change represents the estimated change in average premium on policies that renew, excluding exposure changes. Exposure is the measure of risk used in the pricing of an insurance product. The change in exposure is the amount of change in premium on policies that renew attributable to the change in portfolio risk. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. New business is the amount of written premium related to new policyholders and additional products sold to existing policyholders. These are operating statistics, which are in part dependent on the use of estimates and are therefore subject to change. For Business Insurance, retention, renewal premium change and new business exclude National Accounts. For Bond & Specialty Insurance, retention, renewal premium change and new business exclude surety and other products that are generally sold on a non-recurring, project specific basis. For each of the segments, production statistics referred to herein are domestic only unless otherwise indicated.

Statutory capital and surplus represents the excess of an insurance company’s admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.

Holding company liquidity is the total funds available at the holding company level to fund general corporate purposes, primarily the payment of shareholder dividends and debt service. These funds consist of total cash, short-term invested assets and other readily marketable securities held by the holding company.

For a glossary of other financial terms used in this press release, we refer you to the Company’s most recent annual report on Form 10-K filed with the SEC on February 12, 2026, and subsequent periodic filings with the SEC.
 
###
 
Contacts
Media:
Institutional Investors:
Patrick LinehanAbbe Goldstein
917.778.6267917.778.6825


19
The Travelers Companies, Inc.
Financial Supplement - Third Quarter 2026
Exhibit 99.2 image2a.gif
Page Number
Consolidated Results
Financial Highlights1
Reconciliation of Net Income to Core Income and Earnings per Share to Core Income per Share2
Statement of Income 3
Net Income by Major Component and Combined Ratio4
Core Income5
Selected Statistics - Property and Casualty Operations6
Written and Earned Premiums - Property and Casualty Operations7
Business Insurance
Segment Income 8
Segment Income by Major Component and Combined Ratio9
Selected Statistics10
Net Written Premiums11
Bond & Specialty Insurance
Segment Income12
Segment Income by Major Component and Combined Ratio13
Selected Statistics14
Net Written Premiums15
Personal Insurance
Segment Income (Loss)16
Segment Income (Loss) by Major Component and Combined Ratio17
Selected Statistics18
Net Written Premiums19
Selected Statistics - Automobile20
Selected Statistics - Homeowners and Other21
Supplemental Detail
Interest Expense and Other22
Consolidated Balance Sheet23
Investment Portfolio24
Investment Portfolio - Fixed Maturities Data25
Investment Income26
Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders’ Equity27
Reinsurance Recoverables28
Net Reserves for Losses and Loss Adjustment Expense29
Asbestos Reserves30
Capitalization31
Statutory Capital and Surplus to GAAP Shareholders’ Equity Reconciliation32
Statement of Cash Flows33
Statement of Cash Flows (continued)34
Glossary of Financial Measures and Description of Reportable Business Segments35-36
 The information included in the Financial Supplement is unaudited.  This document should be read in conjunction with the Company’s Form 10-Q which will be filed with the Securities and Exchange Commission.
Index
The Travelers Companies, Inc.
Financial Highlights
image2a.gif
($ and shares in millions, except for per share data)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net income$395 $1,509 $1,888 $2,496 $1,711 $2,208 $1,917 $3,792 $5,836 
Net income per share:
Basic$1.73 $6.63 $8.37 $11.24 $7.89 $10.41 $9.20 $16.69 $27.48 
Diluted$1.70 $6.53 $8.24 $11.06 $7.78 $10.26 $9.04 $16.45 $27.05 
Core income$443 $1,504 $1,867 $2,511 $1,696 $2,160 $1,947 $3,814 $5,803 
Core income per share:
Basic$1.94 $6.61 $8.27 $11.31 $7.82 $10.19 $9.34 $16.78 $27.32 
Diluted$1.91 $6.51 $8.14 $11.13 $7.71 $10.04 $9.18 $16.54 $26.90 
Return on equity5.6 %20.9 %24.7 %31.0 %21.1 %27.1 %24.7 %17.3 %24.3 %
Core return on equity5.6 %18.8 %22.6 %29.6 %19.7 %24.9 %22.1 %15.8 %22.3 %
Total assets, at period end$135,977 $138,873 $143,678 $143,708 $142,309 $143,580 $142,089 $143,678 $142,089 
Total equity, at period end$28,191 $29,518 $31,609 $32,894 $31,986 $33,121 $28,995 $31,609 $28,995 
Book value per share, at period end$124.43 $131.11 $141.72 $151.21 $150.42 $158.81 $141.48 $141.72 $141.48 
Less: Net unrealized investment gains (losses), net of tax(14.56)(13.46)(8.83)(6.80)(11.18)(9.39)(30.99)(8.83)(30.99)
Adjusted book value per share, at period end$138.99 $144.57 $150.55 $158.01 $161.60 $168.20 $172.47 $150.55 $172.47 
Weighted average number of common shares outstanding (basic)226.9 225.9 224.1 220.3 215.2 210.5 206.9 225.6 210.9 
Weighted average number of common shares outstanding and common stock equivalents (diluted)230.4 229.3 227.5 224.0 218.4 213.6 210.6 228.9 214.2 
Common shares outstanding at period end226.6 225.1 223.0 217.5 212.6 208.6 204.9 223.0 204.9 
Common stock dividends declared$241 $252 $250 $244 $238 $266 $261 $743 $765 
Common stock repurchased:
Under Board of Directors authorization
Shares1.0 1.8 2.3 5.8 6.0 4.3 4.0 5.1 14.3 
Cost$250 $500 $625 $1,650 $1,800 $1,300 $1,500 $1,375 $4,600 
Other
Shares0.4 0.3 — — 0.6 — — 0.7 0.6 
Cost$108 $57 $3 $3 $185 $11 $8 $168 $204 




See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
1
The Travelers Companies, Inc.
Reconciliation of Net Income to Core Income and Earnings per Share to Core Income per Share
image2a.gif

($ and shares in millions, except earnings per share)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net income
Net income$395 $1,509 $1,888 $2,496 $1,711 $2,208 $1,917 $3,792 $5,836 
Net realized investment (gains) losses, after-tax48 (5)(21)15 (15)(48)30 22 (33)
Core income $443 $1,504 $1,867 $2,511 $1,696 $2,160 $1,947 $3,814 $5,803 
Basic
Net income per share$1.73 $6.63 $8.37 $11.24 $7.89 $10.41 $9.20 $16.69 $27.48 
Net realized investment (gains) losses, after-tax0.21 (0.02)(0.10)0.07 (0.07)(0.22)0.14 0.09 (0.16)
Core income per share$1.94 $6.61 $8.27 $11.31 $7.82 $10.19 $9.34 $16.78 $27.32 
Diluted
Net income per share$1.70 $6.53 $8.24 $11.06 $7.78 $10.26 $9.04 $16.45 $27.05 
Net realized investment (gains) losses, after-tax0.21 (0.02)(0.10)0.07 (0.07)(0.22)0.14 0.09 (0.15)
Core income per share$1.91 $6.51 $8.14 $11.13 $7.71 $10.04 $9.18 $16.54 $26.90 
Adjustments to net and core income and weighted average shares for net and core income EPS calculations:
Basic and Diluted1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net income, as reported$395 $1,509 $1,888 $2,496 $1,711 $2,208 $1,917 $3,792 $5,836 
Participating share-based awards - allocated net income(3)(11)(13)(19)(12)(15)(13)(27)(41)
Net income available to common shareholders - basic and diluted$392 $1,498 $1,875 $2,477 $1,699 $2,193 $1,904 $3,765 $5,795 
Core income, as reported$443 $1,504 $1,867 $2,511 $1,696 $2,160 $1,947 $3,814 $5,803 
Participating share-based awards - allocated core income(3)(11)(14)(18)(12)(15)(14)(28)(41)
Core income available to common shareholders - basic and diluted$440 $1,493 $1,853 $2,493 $1,684 $2,145 $1,933 $3,786 $5,762 
Common Shares
Basic
Weighted average shares outstanding226.9 225.9 224.1 220.3 215.2 210.5 206.9 225.6 210.9 
Diluted
Weighted average shares outstanding226.9 225.9 224.1 220.3 215.2 210.5 206.9 225.6 210.9 
Weighted average effect of dilutive securities - stock options and performance shares3.5 3.4 3.4 3.7 3.2 3.1 3.7 3.3 3.3 
Diluted weighted average shares outstanding230.4 229.3 227.5 224.0 218.4 213.6 210.6 228.9 214.2 



See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
2
The Travelers Companies, Inc.
Statement of Income - Consolidated
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Revenues
Premiums$10,710 $10,921 $11,135 $11,148 $10,605 $10,753 $11,103 $32,766 $32,461 
Net investment income930 942 1,033 1,054 1,008 1,070 1,098 2,905 3,176 
Fee income119 124 127 125 121 126 123 370 370 
Net realized investment gains (losses)(61)6 27 (20)49 60 (34)(28)75 
Other revenues112 123 148 125 141 144 122 383 407 
Total revenues11,810 12,116 12,470 12,432 11,924 12,153 12,412 36,396 36,489 
Claims and expenses
Claims and claim adjustment expenses8,006 6,789 6,594 5,832 6,382 5,922 6,487 21,389 18,791 
Amortization of deferred acquisition costs1,778 1,802 1,849 1,837 1,766 1,786 1,856 5,429 5,408 
General and administrative expenses1,459 1,545 1,572 1,544 1,541 1,565 1,582 4,576 4,688 
Interest expense99 99 111 116 116 113 118 309 347 
Total claims and expenses11,342 10,235 10,126 9,329 9,805 9,386 10,043 31,703 29,234 
Income before income taxes468 1,881 2,344 3,103 2,119 2,767 2,369 4,693 7,255 
Income tax expense73 372 456 607 408 559 452 901 1,419 
Net income$395 $1,509 $1,888 $2,496 $1,711 $2,208 $1,917 $3,792 $5,836 
Other statistics
Effective tax rate on net investment income17.9 %17.9 %17.8 %17.7 %17.4 %17.4 %17.3 %17.9 %17.4 %
Net investment income (after-tax)$763 $774 $850 $867 $833 $883 $908 $2,387 $2,624 
Catastrophes, net of reinsurance:
Pre-tax$2,266 $927 $402 $95 $761 $518 $538 $3,595 $1,817 
After-tax$1,790 $732 $318 $75 $601 $410 $424 $2,840 $1,435 
Prior year reserve development - favorable:
Pre-tax$378 $315 $22 $321 $413 $578 $234 $715 $1,225 
After-tax$297 $249 $16 $253 $325 $456 $185 $562 $966 





See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
3
The Travelers Companies, Inc.
Net Income by Major Component and Combined Ratio - Consolidated
image2a.gif
($ in millions, net of tax)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Underwriting gain (loss)$(239)$808 $1,099 $1,729 $955 $1,365 $1,147 $1,668 $3,467 
Net investment income763 774 850 867 833 883 908 2,387 2,624 
Other income (expense), including interest expense(81)(78)(82)(85)(92)(88)(108)(241)(288)
Core income 443 1,504 1,867 2,511 1,696 2,160 1,947 3,814 5,803 
Net realized investment gains (losses)(48)5 21 (15)15 48 (30)(22)33 
Net income$395 $1,509 $1,888 $2,496 $1,711 $2,208 $1,917 $3,792 $5,836 
Combined ratio (1) (2)
Loss and loss adjustment expense ratio74.2 %61.7 %58.7 %51.8 %59.6 %54.6 %57.9 %64.7 %57.3 %
Underwriting expense ratio28.3 %28.6 %28.6 %28.4 %29.0 %29.0 %28.9 %28.5 %29.0 %
Combined ratio102.5 %90.3 %87.3 %80.2 %88.6 %83.6 %86.8 %93.2 %86.3 %
Impact on combined ratio:
Net favorable prior year reserve development(3.5)%(2.9)%(0.2)%(2.9)%(3.9)%(5.4)%(2.1)%(2.2)%(3.8)%
Catastrophes, net of reinsurance21.2 %8.5 %3.6 %0.9 %7.2 %4.9 %4.8 %11.0 %5.6 %
Underlying combined ratio84.8 %84.7 %83.9 %82.2 %85.3 %84.1 %84.1 %84.4 %84.5 %
(1)  Before policyholder dividends.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses.  These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.  See following:
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Billing and policy fees and other$28 $29 $28 $28 $25 $22 $22 $85 $69 
Fee income:
Loss and loss adjustment expenses$45 $45 $48 $48 $48 $49 $50 $138 $147 
Underwriting expenses74 79 79 77 73 77 73 232 223 
Total fee income$119 $124 $127 $125 $121 $126 $123 $370 $370 
Non-insurance general and administrative expenses$109 $113 $131 $110 $136 $132 $131 $353 $399 



See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
4
The Travelers Companies, Inc.
Core Income - Consolidated
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Revenues
Premiums$10,710 $10,921 $11,135 $11,148 $10,605 $10,753 $11,103 $32,766 $32,461 
Net investment income930 942 1,033 1,054 1,008 1,070 1,098 2,905 3,176 
Fee income119 124 127 125 121 126 123 370 370 
Other revenues112 123 148 125 141 144 122 383 407 
Total revenues
11,871 12,110 12,443 12,452 11,875 12,093 12,446 36,424 36,414 
Claims and expenses
Claims and claim adjustment expenses8,006 6,789 6,594 5,832 6,382 5,922 6,487 21,389 18,791 
Amortization of deferred acquisition costs1,778 1,802 1,849 1,837 1,766 1,786 1,856 5,429 5,408 
General and administrative expenses1,459 1,545 1,572 1,544 1,541 1,565 1,582 4,576 4,688 
Interest expense99 99 111 116 116 113 118 309 347 
Total claims and expenses
11,342 10,235 10,126 9,329 9,805 9,386 10,043 31,703 29,234 
Core income before income taxes529 1,875 2,317 3,123 2,070 2,707 2,403 4,721 7,180 
Income tax expense86 371 450 612 374 547 456 907 1,377 
Core income $443 $1,504 $1,867 $2,511 $1,696 $2,160 $1,947 $3,814 $5,803 
Other statistics
Effective tax rate on net investment income17.9 %17.9 %17.8 %17.7 %17.4 %17.4 %17.3 %17.9 %17.4 %
Net investment income (after-tax)$763 $774 $850 $867 $833 $883 $908 $2,387 $2,624 
Catastrophes, net of reinsurance:
Pre-tax$2,266 $927 $402 $95 $761 $518 $538 $3,595 $1,817 
After-tax$1,790 $732 $318 $75 $601 $410 $424 $2,840 $1,435 
Prior year reserve development - favorable:
Pre-tax$378 $315 $22 $321 $413 $578 $234 $715 $1,225 
After-tax$297 $249 $16 $253 $325 $456 $185 $562 $966 









See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

5
The Travelers Companies, Inc.
Selected Statistics - Property and Casualty Operations
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory underwriting
Gross written premiums$11,890 $12,225 $12,292 $11,296 $11,750 $12,201 $12,060 $36,407 $36,011 
Net written premiums$10,515 $11,516 $11,472 $10,856 $10,323 $11,525 $11,481 $33,503 $33,329 
Net earned premiums$10,710 $10,897 $11,133 $11,146 $10,593 $10,749 $11,103 $32,740 $32,445 
Losses and loss adjustment expenses7,947 6,731 6,537 5,768 6,310 5,867 6,426 21,215 18,603 
Underwriting expenses3,098 3,260 3,239 3,114 3,400 3,271 3,277 9,597 9,948 
Statutory underwriting gain (loss) (335)906 1,357 2,264 883 1,611 1,400 1,928 3,894 
Policyholder dividends13 10 12 10 12 8 12 35 32 
Statutory underwriting gain (loss) after policyholder dividends$(348)$896 $1,345 $2,254 $871 $1,603 $1,388 $1,893 $3,862 
Other statutory statistics
Reserves for losses and loss adjustment expenses$58,091 $59,072 $59,620 $59,747 $59,215 $59,435 $60,316 $59,620 $60,316 
Increase (decrease) in reserves$1,765 $981 $548 $127 $(532)$220 $881 $3,294 $569 
Statutory capital and surplus$27,785 $28,364 $29,965 $31,064 $31,063 $31,433 $31,596 $29,965 $31,596 
Net written premiums/surplus (1)1.57:11.55:11.48:11.43:11.42:1 1.41:1 1.40:1 1.48:11.40:1

(1)  Based on 12 months of rolling net written premiums.
 

















See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

6
The Travelers Companies, Inc.
Written and Earned Premiums - Property and Casualty Operations
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Written premiums
Gross$11,890 $12,251 $12,293 $11,296 $11,765 $12,205 $12,059 $36,434 $36,029 
Ceded(1,375)(708)(820)(440)(1,427)(676)(579)(2,903)(2,682)
Net$10,515 $11,543 $11,473 $10,856 $10,338 $11,529 $11,480 $33,531 $33,347 
Earned premiums
Gross$11,487 $11,749 $11,964 $11,952 $11,438 $11,632 $11,869 $35,200 $34,939 
Ceded(777)(828)(829)(804)(833)(879)(766)(2,434)(2,478)
Net$10,710 $10,921 $11,135 $11,148 $10,605 $10,753 $11,103 $32,766 $32,461 






























See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

7
The Travelers Companies, Inc.
Segment Income - Business Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Revenues
Premiums$5,465 $5,545 $5,700 $5,702 $5,493 $5,551 $5,862 $16,710 $16,906 
Net investment income656 662 727 737 708 762 766 2,045 2,236 
Fee income108 111 114 112 111 117 118 333 346 
Other revenues82 95 111 91 104 113 94 288 311 
Total revenues
6,311 6,413 6,652 6,642 6,416 6,543 6,840 19,376 19,799 
Claims and expenses
Claims and claim adjustment expenses3,705 3,584 3,667 3,198 3,531 3,188 3,643 10,956 10,362 
Amortization of deferred acquisition costs917 944 973 962 938 945 1,001 2,834 2,884 
General and administrative expenses847 875 894 866 912 912 919 2,616 2,743 
Total claims and expenses
5,469 5,403 5,534 5,026 5,381 5,045 5,563 16,406 15,989 
Segment income before income taxes842 1,010 1,118 1,616 1,035 1,498 1,277 2,970 3,810 
Income tax expense159 197 211 324 196 300 241 567 737 
Segment income $683 $813 $907 $1,292 $839 $1,198 $1,036 $2,403 $3,073 
Other statistics
Effective tax rate on net investment income17.8 %17.7 %17.7 %17.5 %17.3 %17.4 %17.3 %17.8 %17.3 %
Net investment income (after-tax)$539 $545 $598 $607 $586 $629 $633 $1,682 $1,848 
Catastrophes, net of reinsurance:
Pre-tax$509 $368 $139 $57 $379 $238 $157 $1,016 $774 
After-tax$402 $291 $110 $44 $299 $188 $124 $803 $611 
Prior year reserve development - favorable (unfavorable):
Pre-tax$74 $79 $(125)$205 $162 $319 $41 $28 $522 
After-tax$58 $62 $(99)$162 $127 $252 $32 $21 $411 












See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
8
The Travelers Companies, Inc.
Segment Income by Major Component and Combined Ratio - Business Insurance
image2a.gif


($ in millions, net of tax)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Underwriting gain$157 $274 $318 $690 $261 $572 $418 $749 $1,251 
Net investment income539 545 598 607 586 629 633 1,682 1,848 
Other income (expense)(13)(6)(9)(5)(8)(3)(15)(28)(26)
Segment income$683 $813 $907 $1,292 $839 $1,198 $1,036 $2,403 $3,073 
Combined ratio (1) (2)
Loss and loss adjustment expense ratio66.8 %63.7 %63.3 %55.1 %63.3 %56.5 %61.2 %64.6 %60.3 %
Underwriting expense ratio29.4 %29.9 %29.6 %29.3 %30.5 %30.3 %29.7 %29.6 %30.2 %
Combined ratio96.2 %93.6 %92.9 %84.4 %93.8 %86.8 %90.9 %94.2 %90.5 %
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development(1.3)%(1.4)%2.2 %(3.6)%(2.9)%(5.7)%(0.7)%(0.2)%(3.1)%
Catastrophes, net of reinsurance9.3 %6.7 %2.4 %1.0 %6.9 %4.3 %2.7 %6.1 %4.6 %
Underlying combined ratio88.2 %88.3 %88.3 %87.0 %89.8 %88.2 %88.9 %88.3 %89.0 %
(1)  Before policyholder dividends.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses.  These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.  See following:
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Billing and policy fees and other$4 $5 $4 $4 $4 $3 $4 $13 $11 
Fee income:
Loss and loss adjustment expenses$45 $45 $48 $48 $48 $49 $50 $138 $147 
Underwriting expenses63 66 66 64 63 68 68 195 199 
Total fee income$108 $111 $114 $112 $111 $117 $118 $333 $346 
Non-insurance general and administrative expenses$91 $93 $112 $89 $107 $105 $105 $296 $317 
 
 
 


See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
9
The Travelers Companies, Inc.
Selected Statistics - Business Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory underwriting
Gross written premiums$6,740 $6,359 $6,284 $5,840 $6,791 $6,527 $6,298 $19,383 $19,616 
Net written premiums$5,698 $5,765 $5,674 $5,514 $5,771 $5,980 $5,869 $17,137 $17,620 
Net earned premiums$5,465 $5,521 $5,698 $5,700 $5,481 $5,547 $5,862 $16,684 $16,890 
Losses and loss adjustment expenses3,650 3,530 3,614 3,138 3,463 3,138 3,586 10,794 10,187 
Underwriting expenses1,700 1,704 1,654 1,615 1,787 1,742 1,726 5,058 5,255 
Statutory underwriting gain115 287 430 947 231 667 550 832 1,448 
Policyholder dividends9 5 9 5 8 4 8 23 20 
Statutory underwriting gain after policyholder dividends$106 $282 $421 $942 $223 $663 $542 $809 $1,428 





























See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

10
The Travelers Companies, Inc.
Net Written Premiums - Business Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net written premiums by market
Domestic
Select Accounts$976 $1,004 $920 $930 $1,006 $1,040 $932 $2,900 $2,978 
Middle Market3,166 3,034 3,232 3,109 3,329 3,235 3,448 9,432 10,012 
National Accounts312 329 273 348 343 344 286 914 973 
National Property and Other720 885 841 666 691 866 809 2,446 2,366 
Total Domestic5,174 5,252 5,266 5,053 5,369 5,485 5,475 15,692 16,329 
International524 540 409 461 417 499 393 1,473 1,309 
Total$5,698 $5,792 $5,675 $5,514 $5,786 $5,984 $5,868 $17,165 $17,638 
Net written premiums by product line
Domestic
Workers’ compensation$950 $821 $792 $786 $980 $835 $824 $2,563 $2,639 
Commercial automobile1,030 1,019 1,030 1,017 1,106 1,106 1,118 3,079 3,330 
Commercial property873 1,051 961 820 821 1,042 926 2,885 2,789 
General liability753 878 998 967 847 964 1,062 2,629 2,873 
Commercial multi-peril1,532 1,486 1,447 1,461 1,580 1,537 1,506 4,465 4,623 
Other36 (3)38 2 35 1 39 71 75 
Total Domestic5,174 5,252 5,266 5,053 5,369 5,485 5,475 15,692 16,329 
International524 540 409 461 417 499 393 1,473 1,309 
Total$5,698 $5,792 $5,675 $5,514 $5,786 $5,984 $5,868 $17,165 $17,638 










See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
11
The Travelers Companies, Inc.
Segment Income - Bond & Specialty Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Revenues
Premiums$995 $1,021 $1,042 $1,049 $1,018 $1,056 $1,103 $3,058 $3,177 
Net investment income102 107 116 120 113 113 127 325 353 
Other revenues6 5 8 8 5 6 6 19 17 
Total revenues1,103 1,133 1,166 1,177 1,136 1,175 1,236 3,402 3,547 
Claims and expenses
Claims and claim adjustment expenses434 418 451 461 441 458 425 1,303 1,324 
Amortization of deferred acquisition costs187 195 197 199 194 204 215 579 613 
General and administrative expenses205 214 207 217 219 218 218 626 655 
Total claims and expenses826 827 855 877 854 880 858 2,508 2,592 
Segment income before income taxes277 306 311 300 282 295 378 894 955 
Income tax expense57 62 61 64 28 61 69 180 158 
Segment income$220 $244 $250 $236 $254 $234 $309 $714 $797 
Other statistics
Effective tax rate on net investment income18.4 %18.5 %17.7 %18.4 %18.5 %18.4 %17.6 %18.2 %18.1 %
Net investment income (after-tax)$83 $88 $95 $98 $92 $93 $104 $266 $289 
Catastrophes, net of reinsurance:
Pre-tax$19 $5 $— $1 $8 $4 $1 $24 $13 
After-tax$15 $4 $— $1 $7 $3 $— $19 $10 
Prior year reserve development - favorable:
Pre-tax$67 $81 $43 $30 $65 $75 $95 $191 $235 
After-tax$52 $65 $33 $24 $51 $59 $75 $150 $185 












See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

12
The Travelers Companies, Inc.
Segment Income by Major Component and Combined Ratio - Bond & Specialty Insurance
image2a.gif
($ in millions, net of tax)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Underwriting gain$133 $154 $150 $132 $159 $138 $202 $437 $499 
Net investment income83 88 95 98 92 93 104 266 289 
Other income4 2 5 6 3 3 3 11 9 
Segment income$220 $244 $250 $236 $254 $234 $309 $714 $797 
Combined ratio (1)
Loss and loss adjustment expense ratio43.2 %40.5 %42.9 %43.5 %43.0 %43.0 %38.2 %42.2 %41.3 %
Underwriting expense ratio39.3 %39.8 %38.7 %39.5 %40.3 %39.8 %39.1 %39.3 %39.7 %
Combined ratio82.5 %80.3 %81.6 %83.0 %83.3 %82.8 %77.3 %81.5 %81.0 %
Impact on combined ratio:
Net favorable prior year reserve development(6.7)%(8.0)%(4.2)%(2.8)%(6.4)%(7.2)%(8.6)%(6.2)%(7.4)%
Catastrophes, net of reinsurance1.9 %0.5 %— %0.1 %0.8 %0.4 %0.1 %0.8 %0.4 %
Underlying combined ratio87.3 %87.8 %85.8 %85.7 %88.9 %89.6 %85.8 %86.9 %88.0 %
(1)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Billing and policy fees and other$— $— $1 $— $— $1 $— $1 $1 
Non-insurance general and administrative expenses$1 $2 $1 $2 $2 $2 $1 $4 $5 















See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
13
The Travelers Companies, Inc.
Selected Statistics - Bond & Specialty Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory underwriting
Gross written premiums$1,129 $1,166 $1,160 $1,192 $1,211 $1,333 $1,317 $3,455 $3,861 
Net written premiums$999 $1,085 $1,080 $1,098 $1,066 $1,237 $1,209 $3,164 $3,512 
Net earned premiums$995 $1,021 $1,042 $1,049 $1,018 $1,056 $1,103 $3,058 $3,177 
Losses and loss adjustment expenses430 414 447 457 437 453 421 1,291 1,311 
Underwriting expenses422 434 424 433 676 469 467 1,280 1,612 
Statutory underwriting gain (loss)143 173 171 159 (95)134 215 487 254 
Policyholder dividends4 5 3 5 4 4 4 12 12 
Statutory underwriting gain (loss) after policyholder dividends$139 $168 $168 $154 $(99)$130 $211 $475 $242 
 




























See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

14
The Travelers Companies, Inc.
Net Written Premiums - Bond & Specialty Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net written premiums by market
Domestic
Management Liability$553 $589 $613 $571 $572 $611 $649 $1,755 $1,832 
Surety333 342 342 337 381 480 414 1,017 1,275 
Total Domestic886 931 955 908 953 1,091 1,063 2,772 3,107 
International113 154 125 190 113 146 146 392 405 
Total$999 $1,085 $1,080 $1,098 $1,066 $1,237 $1,209 $3,164 $3,512 
Net written premiums by product line
Domestic
Fidelity and surety$394 $400 $407 $395 $447 $536 $482 $1,201 $1,465 
General liability440 469 475 458 455 491 508 1,384 1,454 
Other52 62 73 55 51 64 73 187 188 
Total Domestic886 931 955 908 953 1,091 1,063 2,772 3,107 
International113 154 125 190 113 146 146 392 405 
Total$999 $1,085 $1,080 $1,098 $1,066 $1,237 $1,209 $3,164 $3,512 


















See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

15
The Travelers Companies, Inc.
Segment Income (Loss) - Personal Insurance
image2a.gif

($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Revenues
Premiums$4,250 $4,355 $4,393 $4,397 $4,094 $4,146 $4,138 $12,998 $12,378 
Net investment income172 173 190 197 187 195 205 535 587 
Fee income11 13 13 13 10 9 5 37 24 
Other revenues24 23 29 26 32 25 22 76 79 
Total revenues4,457 4,564 4,625 4,633 4,323 4,375 4,370 13,646 13,068 
Claims and expenses
Claims and claim adjustment expenses3,867 2,787 2,476 2,173 2,410 2,276 2,419 9,130 7,105 
Amortization of deferred acquisition costs674 663 679 676 634 637 640 2,016 1,911 
General and administrative expenses396 444 458 448 397 422 432 1,298 1,251 
Total claims and expenses4,937 3,894 3,613 3,297 3,441 3,335 3,491 12,444 10,267 
Segment income (loss) before income taxes(480)670 1,012 1,336 882 1,040 879 1,202 2,801 
Income tax expense (benefit)(106)136 205 250 178 213 173 235 564 
Segment income (loss)$(374)$534 $807 $1,086 $704 $827 $706 $967 $2,237 
Other statistics
Effective tax rate on net investment income18.1 %18.0 %18.0 %17.7 %17.1 %17.1 %17.1 %18.0 %17.1 %
Net investment income (after-tax)$141 $141 $157 $162 $155 $161 $171 $439 $487 
Catastrophes, net of reinsurance:
Pre-tax$1,738 $554 $263 $37 $374 $276 $380 $2,555 $1,030 
After-tax$1,373 $437 $208 $30 $295 $219 $300 $2,018 $814 
Prior year reserve development - favorable:
Pre-tax$237 $155 $104 $86 $186 $184 $98 $496 $468 
After-tax$187 $122 $82 $67 $147 $145 $78 $391 $370 












See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
16
The Travelers Companies, Inc.
Segment Income (Loss) by Major Component and Combined Ratio - Personal Insurance
image2a.gif

($ in millions, net of tax)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Underwriting gain (loss)$(529)$380 $631 $907 $535 $655 $527 $482 $1,717 
Net investment income141 141 157 162 155 161 171 439 487 
Other income14 13 19 17 14 11 8 46 33 
Segment income (loss)$(374)$534 $807 $1,086 $704 $827 $706 $967 $2,237 
Combined ratio (1)
Loss and loss adjustment expense ratio91.0 %64.0 %56.4 %49.4 %58.8 %54.9 %58.4 %70.3 %57.4 %
Underwriting expense ratio24.2 %24.4 %24.9 %24.6 %24.1 %24.6 %25.1 %24.5 %24.6 %
Combined ratio115.2 %88.4 %81.3 %74.0 %82.9 %79.5 %83.5 %94.8 %82.0 %
Impact on combined ratio:
Net favorable prior year reserve development(5.6)%(3.6)%(2.4)%(1.9)%(4.5)%(4.5)%(2.4)%(3.8)%(3.8)%
Catastrophes, net of reinsurance40.9 %12.7 %6.0 %0.8 %9.1 %6.7 %9.2 %19.7 %8.4 %
Underlying combined ratio79.9 %79.3 %77.7 %75.1 %78.3 %77.3 %76.7 %78.9 %77.4 %
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Billing and policy fees and other$24 $24 $23 $24 $21 $18 $18 $71 $57 
Fee income$11 $13 $13 $13 $10 $9 $5 $37 $24 
Non-insurance general and administrative expenses$6 $6 $5 $6 $14 $12 $12 $17 $38 


 







See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

17
The Travelers Companies, Inc.
Selected Statistics - Personal Insurance
image2a.gif

($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory underwriting
Gross written premiums$4,021 $4,700 $4,848 $4,264 $3,748 $4,341 $4,445 $13,569 $12,534 
Net written premiums$3,818 $4,666 $4,718 $4,244 $3,486 $4,308 $4,403 $13,202 $12,197 
Net earned premiums$4,250 $4,355 $4,393 $4,397 $4,094 $4,146 $4,138 $12,998 $12,378 
Losses and loss adjustment expenses3,867 2,787 2,476 2,173 2,410 2,276 2,419 9,130 7,105 
Underwriting expenses976 1,122 1,161 1,066 937 1,060 1,084 3,259 3,081 
Statutory underwriting gain (loss)$(593)$446 $756 $1,158 $747 $810 $635 $609 $2,192 
Policies in force (in thousands)
Automobile3,118 3,083 3,050 3,025 2,819 2,801 2,769 3,050 2,769 
Homeowners and Other5,980 5,882 5,768 5,679 5,449 5,411 5,373 5,768 5,373 




























See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

18
The Travelers Companies, Inc.
Net Written Premiums - Personal Insurance
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net written premiums by product line
Domestic
Automobile$1,859 $1,968 $2,062 $1,856 $1,756 $1,858 $1,892 $5,889 $5,506 
Homeowners and Other1,813 2,520 2,489 2,229 1,730 2,450 2,511 6,822 6,691 
Total Domestic3,672 4,488 4,551 4,085 3,486 4,308 4,403 12,711 12,197 
International146 178 167 159 — — — 491 — 
Total$3,818 $4,666 $4,718 $4,244 $3,486 $4,308 $4,403 $13,202 $12,197 































See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
19
The Travelers Companies, Inc.
Selected Statistics - Personal Insurance - Automobile
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory underwriting
Gross written premiums$1,967 $2,083 $2,177 $1,967 $1,767 $1,861 $1,899 $6,227 $5,527 
Net written premiums$1,955 $2,074 $2,165 $1,956 $1,756 $1,858 $1,892 $6,194 $5,506 
Net earned premiums$2,071 $2,091 $2,091 $2,075 $1,892 $1,897 $1,874 $6,253 $5,663 
Losses and loss adjustment expenses1,270 1,320 1,300 1,393 1,145 1,137 1,192 3,890 3,474 
Underwriting expenses444 477 495 458 415 442 445 1,416 1,302 
Statutory underwriting gain$357 $294 $296 $224 $332 $318 $237 $947 $887 
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio61.3 %63.1 %62.1 %67.1 %60.6 %59.9 %63.6 %62.2 %61.4 %
Underwriting expense ratio22.1 %22.2 %22.8 %22.3 %22.3 %22.9 %23.5 %22.3 %22.9 %
Combined ratio83.4 %85.3 %84.9 %89.4 %82.9 %82.8 %87.1 %84.5 %84.3 %
Impact on combined ratio:
Net favorable prior year reserve development(6.0)%(5.0)%(4.3)%(3.0)%(6.3)%(4.5)%(1.3)%(5.1)%(4.1)%
Catastrophes, net of reinsurance1.9 %1.3 %0.9 %0.2 %0.9 %1.5 %1.1 %1.3 %1.2 %
Underlying combined ratio87.5 %89.0 %88.3 %92.2 %88.3 %85.8 %87.3 %88.3 %87.2 %
Catastrophes, net of reinsurance:
Pre-tax$39 $27 $19 $4 $15 $29 $22 $85 $66 
After-tax$30 $22 $15 $3 $12 $23 $17 $67 $52 
Prior year reserve development - favorable:
Pre-tax$125 $104 $89 $61 $120 $85 $25 $318 $230 
After-tax$98 $83 $70 $47 $95 $67 $20 $251 $182 
Policies in force (in thousands)3,118 3,083 3,050 3,025 2,819 2,801 2,769 
Change from prior year quarter(2.9)%(3.1)%(3.4)%(4.0)%(9.6)%(9.1)%(9.2)%
Change from prior quarter(1.0)%(1.1)%(1.1)%(0.8)%(6.8)%(0.6)%(1.1)%
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Billing and policy fees and other$14 $15 $14 $14 $13 $12 $11 $43 $36 
Fee income$6 $6 $7 $7 $5 $4 $3 $19 $12 


See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
20
The Travelers Companies, Inc.
Selected Statistics - Personal Insurance - Homeowners and Other
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory underwriting
Gross written premiums$2,054 $2,617 $2,671 $2,297 $1,981 $2,480 $2,546 $7,342 $7,007 
Net written premiums$1,863 $2,592 $2,553 $2,288 $1,730 $2,450 $2,511 $7,008 $6,691 
Net earned premiums$2,179 $2,264 $2,302 $2,322 $2,202 $2,249 $2,264 $6,745 $6,715 
Losses and loss adjustment expenses2,597 1,467 1,176 780 1,265 1,139 1,227 5,240 3,631 
Underwriting expenses532 645 666 608 522 618 639 1,843 1,779 
Statutory underwriting gain (loss)$(950)$152 $460 $934 $415 $492 $398 $(338)$1,305 
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio119.2 %64.8 %51.1 %33.6 %57.4 %50.7 %54.2 %77.7 %54.1 %
Underwriting expense ratio26.3 %26.5 %26.9 %26.7 %25.6 %26.0 %26.3 %26.6 %26.0 %
Combined ratio145.5 %91.3 %78.0 %60.3 %83.0 %76.7 %80.5 %104.3 %80.1 %
Impact on combined ratio:
Net favorable prior year reserve development(5.1)%(2.2)%(0.7)%(1.1)%(3.0)%(4.4)%(3.3)%(2.6)%(3.5)%
Catastrophes, net of reinsurance78.0 %23.2 %10.7 %1.5 %16.3 %11.0 %15.8 %36.6 %14.4 %
Underlying combined ratio72.6 %70.3 %68.0 %59.9 %69.7 %70.1 %68.0 %70.3 %69.2 %
Catastrophes, net of reinsurance:
Pre-tax$1,699 $527 $244 $33 $359 $247 $358 $2,470 $964 
After-tax$1,343 $415 $193 $27 $283 $196 $283 $1,951 $762 
Prior year reserve development - favorable:
Pre-tax$112 $51 $15 $25 $66 $99 $73 $178 $238 
After-tax$89 $39 $12 $20 $52 $78 $58 $140 $188 
Policies in force (in thousands)5,980 5,882 5,768 5,679 5,449 5,411 5,373 
Change from prior year quarter(4.1)%(4.6)%(5.5)%(6.3)%(8.9)%(8.0)%(6.8)%
Change from prior quarter(1.3)%(1.6)%(1.9)%(1.5)%(4.1)%(0.7)%(0.7)%
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Billing and policy fees and other$10 $9 $9 $10 $8 $6 $7 $28 $21 
Fee income$5 $7 $6 $6 $5 $5 $2 $18 $12 


See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
21
The Travelers Companies, Inc.
Interest Expense and Other
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Revenues
Other revenues$— $— $— $— $— $— $— $— $— 
Claims and expenses
Interest expense99 99 111 116 116 113 118 309 347 
General and administrative expenses11 12 13 13 13 13 13 36 39 
Total claims and expenses110 111 124 129 129 126 131 345 386 
Loss before income tax benefit(110)(111)(124)(129)(129)(126)(131)(345)(386)
Income tax benefit(24)(24)(27)(26)(28)(27)(27)(75)(82)
Loss$(86)$(87)$(97)$(103)$(101)$(99)$(104)$(270)$(304)




























See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

22
The Travelers Companies, Inc.
Consolidated Balance Sheet
image2a.gif
($ and shares in millions)September 30,
2026		December 31,
2025
Assets
Fixed maturities, available for sale, at fair value (amortized cost $97,423 and $91,717; allowance for expected credit losses of $2 and $3)
$89,372 $89,833 
Equity securities, at fair value (cost $414 and $457)
640 618 
Real estate investments883 900 
Short-term securities5,561 5,716 
Other investments4,132 4,115 
Total investments100,588 101,182 
Cash (including restricted cash of $147 and $132)
766 842 
Investment income accrued860 877 
Premiums receivable (net of allowance for expected credit losses of $69 and $58)
12,142 10,992 
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129)
8,078 7,886 
Ceded unearned premiums1,488 1,283 
Deferred acquisition costs3,763 3,518 
Deferred taxes2,268 887 
Contractholder receivables (net of allowance for expected credit losses of $13 and $16)
3,041 3,010 
Goodwill4,060 4,066 
Other intangible assets326 336 
Other assets4,709 4,279 
Assets held for sale (1)— 4,550 
Total assets$142,089 $143,708 
Liabilities
Claims and claim adjustment expense reserves$68,130 $65,737 
Unearned premium reserves23,525 22,431 
Contractholder payables3,054 3,026 
Payables for reinsurance premiums828 529 
Debt9,813 9,267 
Other liabilities7,744 7,282 
Liabilities held for sale (1)— 2,542 
Total liabilities113,094 110,814 
Shareholders’ equity
Common stock (1,750.0 shares authorized; 204.9 and 217.5 shares issued and outstanding)
26,307 25,910 
Retained earnings60,002 54,931 
Accumulated other comprehensive loss(7,063)(2,500)
Treasury stock, at cost (590.8 and 575.9 shares)
(50,251)(45,447)
Total shareholders’ equity28,995 32,894 
Total liabilities and shareholders’ equity$142,089 $143,708 
(1) Amounts relate to the Canadian operations divested by the Company in the first quarter of 2026.
23
The Travelers Companies, Inc.
Investment Portfolio
image2a.gif
(at carrying value, $ in millions)September 30,
2026		Pre-tax Book
Yield (1)		December 31,
2025 (2)		Pre-tax Book
Yield (1)
Investment portfolio
Taxable fixed maturities$63,036 4.26 %$63,051 4.11 %
Tax-exempt fixed maturities26,336 3.48 %26,782 3.29 %
Total fixed maturities89,372 4.02 %89,833 3.86 %
Non-redeemable preferred stocks33 2.02 %34 1.64 %
Common stocks607 584 
Total equity securities640 618 
Real estate investments883 900 
Short-term securities5,561 3.93 %5,716 3.86 %
Private equities2,753 2,749 
Hedge funds207 212 
Real estate partnerships806 832 
Other investments366 322 
Total other investments4,132 4,115 
Total investments$100,588 $101,182 
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity$(6,352)$(1,478)

(1) Yields are provided for those investments with an embedded book yield.

(2)  Excludes $3,347 million of total investments classified as held for sale.






24
The Travelers Companies, Inc.
Investment Portfolio - Fixed Maturities Data
image2a.gif
(at carrying value, $ in millions)September 30,
2026		December 31,
2025 (1)
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies$3,022 $3,857 
Obligations of U.S. states and political subdivisions:
Pre-refunded241 416 
All other30,300 30,962 
Total30,541 31,378 
Debt securities issued by foreign governments408 312 
Mortgage-backed securities - principally obligations of U.S. Government agencies12,507 13,232 
Corporate and all other bonds42,894 41,054 
Total fixed maturities$89,372 $89,833 
Fixed Maturities
Quality Characteristics (2)
September 30, 2026December 31, 2025 (1)
Amount% of TotalAmount% of Total
Quality Ratings
Aaa$24,385 27.3 %$24,898 27.7 %
Aa31,321 35.0 33,027 36.7 
A20,929 23.4 19,660 21.9 
Baa11,687 13.1 11,198 12.5 
Total investment grade88,322 98.8 88,783 98.8 
Ba810 0.9 812 1.0 
B207 0.3 205 0.2 
Caa and lower33 — 33 — 
Total below investment grade1,050 1.2 1,050 1.2 
Total fixed maturities$89,372 100.0 %$89,833 100.0 %
Average weighted quality Aa3, AA-Aa2, AA
Weighted average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases5.3 4.7 

 
(1)  Excludes $3,243 million of fixed maturities classified as held for sale.

(2) Rated using external rating agencies or by Travelers when a public rating does not exist.  Below investment grade assets refer to securities rated “Ba” or below.
25
The Travelers Companies, Inc.
Investment Income
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Gross investment income
Fixed maturities$812 $833 $874 $914 $899 $930 $955 $2,519 $2,784 
Short-term securities57 55 73 68 75 53 59 185 187 
Other76 67 101 82 47 100 97 244 244 
945 955 1,048 1,064 1,021 1,083 1,111 2,948 3,215 
Investment expenses15 13 15 10 13 13 13 43 39 
Net investment income, pre-tax930 942 1,033 1,054 1,008 1,070 1,098 2,905 3,176 
Income taxes167 168 183 187 175 187 190 518 552 
Net investment income, after-tax$763 $774 $850 $867 $833 $883 $908 $2,387 $2,624 
Effective tax rate17.9 %17.9 %17.8 %17.7 %17.4 %17.4 %17.3 %17.9 %17.4 %
Average invested assets (1) (2)$101,000$102,173$105,655$107,932$106,666$107,067$108,727$103,086$107,566
Average yield pre-tax (1)3.7 %3.7 %3.9 %3.9 %3.8 %4.0 %4.0 %3.8 %3.9 %
Average yield after-tax3.0 %3.0 %3.2 %3.2 %3.1 %3.3 %3.3 %3.1 %3.3 %

(1)  Excludes net unrealized investment gains (losses), and is adjusted for cash, receivables for investment sales, payables on investment purchases and accrued investment income.

(2) Includes $3,347 million of invested assets classified as held for sale as of December 31, 2025.

26
The Travelers Companies, Inc.
Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders' Equity
image2a.gif

($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Net realized investment gains (losses)
Fixed maturities$(31)$(17)$(2)$(19)$(22)$(32)$(16)$(50)$(70)
Equity securities (22)20 39 8 1 91 (15)37 77 
Other (1)(8)3 (10)(9)70 1 (3)(15)68 
Realized investment gains (losses) before tax(61)6 27 (20)49 60 (34)(28)75 
Related taxes(13)1 6 (5)34 12 (4)(6)42 
Net realized investment gains (losses)$(48)$5 $21 $(15)$15 $48 $(30)$(22)$33 
Gross investment gains$4 $41 $45 $13 $277 $99 $5 $90 $381 
Gross investment losses before impairments(63)(35)(18)(33)(224)(32)(39)(116)(295)
Net investment gains (losses) before impairments(59)6 27 (20)53 67 (34)(26)86 
Net impairment (charges) recoveries(2)— — — (4)(7)— (2)(11)
Net realized investment gains (losses) before tax(61)6 27 (20)49 60 (34)(28)75 
Related taxes(13)1 6 (5)34 12 (4)(6)42 
Net realized investment gains (losses)$(48)$5 $21 $(15)$15 $48 $(30)$(22)$33 
($ in millions)March 31,
2025		June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026		September 30,
2026
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type
Fixed maturities$(4,171)$(3,833)$(2,481)$(1,859)$(3,003)$(2,477)$(8,049)
Other (1)2 (3)(3)(5)(1)— 
Unrealized investment gains (losses) before tax(4,172)(3,831)(2,484)(1,862)(3,008)(2,478)(8,049)
Related taxes (873)(800)(514)(384)(630)(518)(1,697)
Balance, end of period$(3,299)$(3,031)$(1,970)$(1,478)$(2,378)$(1,960)$(6,352)
(1)  Other net realized investment gains in the first quarter of 2026 were driven by net realized investment gains related to the Canadian operations divested by the Company in the first quarter of 2026.




27
The Travelers Companies, Inc.
Reinsurance Recoverables
image2a.gif
($ in millions)September 30, 2026December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)$4,555 $4,352 
Gross structured settlements (2)2,269 2,469 
Mandatory pools and associations (3) 1,396 1,485 
Gross reinsurance recoverables (4)8,220 8,306 
Allowance for estimated uncollectible reinsurance (5)(142)(135)
Less amounts classified as held for sale— 285 
Net reinsurance recoverables$8,078 $7,886 
(1)  The Company’s top five reinsurer groups, including retroactive reinsurance, included in gross reinsurance recoverables is as follows:
ReinsurerA.M. Best Rating of Group's Predominant ReinsurerSeptember 30, 2026
Swiss Re GroupA+ second highest of 16 ratings$635 
Berkshire HathawayA++ highest of 16 ratings421 
Munich Re GroupA+ second highest of 16 ratings350 
Sompo GroupA+ second highest of 16 ratings277 
Arch Insurance GroupA+ second highest of 16 ratings267 
The gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses represent the current and estimated future amounts due from reinsurers on known and incurred but not reported claims.  The ceded reserves are estimated in a manner consistent with the underlying direct and assumed reserves.  Although this total comprises recoverables due from nearly one thousand different reinsurance entities, over half is attributable to 10 reinsurer groups.


(2)  Included in reinsurance recoverables are certain amounts related to structured settlements, which comprise annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers’ compensation claims comprise a significant portion.  In cases where the Company did not receive a release from the claimant, the amounts due from the life insurance company related to the structured settlement are included in both the claims and claim adjustment expense reserves and reinsurance recoverables in the Company’s consolidated balance sheet, as the Company retains the liability to pay the claimant in the event that the life insurance company fails to make the required annuity payments.  The Company would be required to make such payments, to the extent the purchased annuities are not covered by state guaranty associations.

The Company’s top five groups included in gross structured settlements is as follows:
GroupA.M. Best Rating of Group's Predominant InsurerSeptember 30, 2026
Fidelity & Guaranty Life Group  A third highest of 16 ratings$619 
Genworth Financial GroupB- eighth highest of 16 ratings310 
Pacific Life GroupA+ second highest of 16 ratings200 
Symetra Financial CorporationA third highest of 16 ratings171 
Brighthouse Financial, Inc.A third highest of 16 ratings157 

(3)  The mandatory pools and associations represent various involuntary assigned risk pools that the Company is required to participate in.  These pools principally involve workers’ compensation and automobile insurance, which provide various insurance coverages to insureds that otherwise are unable to purchase coverage in the open market.  The costs of these mandatory pools in most states are usually charged back to the participating members in proportion to voluntary writings of related business in that state.  In the event that a member of the pool becomes insolvent, the remaining members assume an additional pro rata share of the pool’s liabilities. 

(4) Of the total reinsurance recoverables at September 30, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $6.21 billion, or 91%, were rated by A.M. Best Company.  The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 95% were rated A- or better.  The remaining 9% of reinsurance recoverables comprised the following:  5% related to captive insurance companies, 1% related to voluntary pools and 3% were balances from other companies not rated by A.M. Best Company.  Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

(5) The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors.  For structured settlements, the allowance is also based upon the Company’s ongoing review of life insurers’ creditworthiness and estimated amounts of coverage that would be available from state guaranty funds if a life insurer defaults. A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the amount of uncollectible reinsurance due to credit-related factors and the estimate is reported in an allowance for estimated uncollectible reinsurance. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers. 
28
The Travelers Companies, Inc.
Net Reserves for Losses and Loss Adjustment Expense
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period$42,909 $43,742 $44,477 $45,148 $45,383 $45,599 $45,760 $42,909 $45,383 
Incurred3,650 3,530 3,614 3,138 3,463 3,138 3,586 10,794 10,187 
Paid(2,847)(2,890)(2,915)(2,912)(2,635)(2,973)(2,776)(8,652)(8,384)
Foreign exchange and other (1)30 95 (28)9 (612)(4)(2)97 (618)
End of period$43,742 $44,477 $45,148 $45,383 $45,599 $45,760 $46,568 $45,148 $46,568 
Bond & Specialty Insurance
Beginning of period$4,938 $5,072 $5,249 $5,304 $5,367 $5,331 $5,448 $4,938 $5,367 
Incurred430 414 447 457 437 453 421 1,291 1,311 
Paid(325)(307)(372)(396)(336)(334)(361)(1,004)(1,031)
Foreign exchange and other (1)29 70 (20)2 (137)(2)— 79 (139)
End of period$5,072 $5,249 $5,304 $5,367 $5,331 $5,448 $5,508 $5,304 $5,508 
Personal Insurance
Beginning of period$8,479 $9,277 $9,346 $9,168 $8,997 $8,285 $8,227 $8,479 $8,997 
Incurred3,867 2,787 2,476 2,173 2,410 2,276 2,419 9,130 7,105 
Paid(3,069)(2,767)(2,635)(2,357)(2,213)(2,334)(2,406)(8,471)(6,953)
Foreign exchange and other (1)— 49 (19)13 (909)— — 30 (909)
End of period$9,277 $9,346 $9,168 $8,997 $8,285 $8,227 $8,240 $9,168 $8,240 
Total
Beginning of period$56,326 $58,091 $59,072 $59,620 $59,747 $59,215 $59,435 $56,326 $59,747 
Incurred7,947 6,731 6,537 5,768 6,310 5,867 6,426 21,215 18,603 
Paid(6,241)(5,964)(5,922)(5,665)(5,184)(5,641)(5,543)(18,127)(16,368)
Foreign exchange and other (1)59 214 (67)24 (1,658)(6)(2)206 (1,666)
End of period$58,091 $59,072 $59,620 $59,747 $59,215 $59,435 $60,316 $59,620 $60,316 
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos$— $— $277 $— $— $— $295 $277 $295 
All other(74)(79)(152)(205)(162)(319)(336)(305)(817)
Total Business Insurance (2)(74)(79)125 (205)(162)(319)(41)(28)(522)
Bond & Specialty Insurance(67)(81)(43)(30)(65)(75)(95)(191)(235)
Personal Insurance(237)(155)(104)(86)(186)(184)(98)(496)(468)
Total$(378)$(315)$(22)$(321)$(413)$(578)$(234)$(715)$(1,225)
(1)  The amount for 1Q2026 includes the impact of net reserves disposed of related to the Canadian operations divested by the Company in the first quarter of 2026.
(2)  Excludes accretion of discount.


See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
29
The Travelers Companies, Inc.
Asbestos Reserves
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Asbestos reserves
Beginning reserves:
Gross$1,708 $1,636 $1,555 $1,798 $1,700 $1,623 $1,525 $1,708 $1,700 
Ceded(370)(357)(318)(352)(345)(330)(310)(370)(345)
Net1,338 1,279 1,237 1,446 1,355 1,293 1,215 1,338 1,355 
Incurred losses and loss expenses:
Gross— — 327 — — — 376 327 376 
Ceded— — (50)— — — (81)(50)(81)
Paid loss and loss expenses:
Gross72 83 84 98 77 98 90 239 265 
Ceded(13)(39)(16)(8)(15)(20)(15)(68)(50)
Foreign exchange and other:
Gross— 2 — — — — — 2 — 
Ceded— — — (1)— — — — — 
Ending reserves:
Gross1,636 1,555 1,798 1,700 1,623 1,525 1,811 1,798 1,811 
Ceded(357)(318)(352)(345)(330)(310)(376)(352)(376)
Net$1,279 $1,237 $1,446 $1,355 $1,293 $1,215 $1,435 $1,446 $1,435 





















See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
30
The Travelers Companies, Inc.
Capitalization
image2a.gif
($ in millions)September 30,
2026		December 31,
2025
Debt
Short-term debt
Commercial paper$100 $100 
7.75% Senior notes due April 15, 2026— 200 
Total short-term debt100 300 
Long-term debt
7.625% Junior subordinated debentures due December 15, 2027125 125 
4.95% Senior notes due July 24, 2031 (1)750 — 
6.375% Senior notes due March 15, 2033 (1)500 500 
5.05% Senior notes due July 24, 2035 (1)500 500 
6.75% Senior notes due June 20, 2036 (1)400 400 
6.25% Senior notes due June 15, 2037 (1)800 800 
5.35% Senior notes due November 1, 2040 (1)750 750 
4.60% Senior notes due August 1, 2043 (1)500 500 
4.30% Senior notes due August 25, 2045 (1)400 400 
8.50% Junior subordinated debentures due December 15, 204556 56 
3.75% Senior notes due May 15, 2046 (1)500 500 
8.312% Junior subordinated debentures due July 1, 204673 73 
4.00% Senior notes due May 30, 2047 (1)700 700 
4.05% Senior notes due March 7, 2048 (1)500 500 
4.10% Senior notes due March 4, 2049 (1)500 500 
2.55% Senior notes due April 27, 2050 (1)500 500 
3.05% Senior notes due June 8, 2051 (1)750 750 
5.45% Senior notes due May 25, 2053 (1)750 750 
5.70% Senior notes due July 24, 2055 (1)750 750 
Total long-term debt9,804 9,054 
Unamortized fair value adjustment29 31 
Unamortized debt issuance costs(120)(118)
9,713 8,967 
Total debt9,813 9,267 
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)35,347 34,372 
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)$45,160 $43,639 
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)21.7 %21.2 %
(1)  Redeemable anytime with “make-whole” premium. 
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
31
The Travelers Companies, Inc.
Statutory Capital and Surplus to GAAP Shareholders' Equity Reconciliation
image2a.gif
($ in millions)September 30,
2026 (1)		December 31,
2025
Statutory capital and surplus$31,596 $31,064 
GAAP adjustments
Goodwill and intangible assets3,428 3,640 
Investments(7,327)(1,238)
Noninsurance companies(4,818)(4,876)
Deferred acquisition costs3,589 3,478 
Deferred federal income tax864 (446)
Current federal income tax(14)(6)
Reinsurance recoverables150 41 
Furniture, equipment & software1,036 948 
Agents balances358 182 
Other133 107 
Total GAAP adjustments(2,601)1,830 
GAAP shareholders’ equity$28,995 $32,894 

(1) Estimated and Preliminary
 




















See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
32
The Travelers Companies, Inc.
Statement of Cash Flows
image2a.gif

($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Cash flows from operating activities
Net income$395 $1,509 $1,888 $2,496 $1,711 $2,208 $1,917 $3,792 $5,836 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses61 (6)(27)20 (49)(60)34 28 (75)
Depreciation and amortization188 164 166 162 193 170 174 518 537 
Deferred federal income tax expense (benefit)31 (83)320 (58)51 (58)(59)268 (66)
Amortization of deferred acquisition costs1,778 1,802 1,849 1,837 1,766 1,786 1,856 5,429 5,408 
Equity in income from other investments(53)(42)(74)(57)(23)(75)(72)(169)(170)
Premiums receivable(459)(438)412 370 (434)(961)241 (485)(1,154)
Reinsurance recoverables(97)78 (250)132 (108)(23)(68)(269)(199)
Deferred acquisition costs(1,822)(1,917)(1,877)(1,757)(1,837)(1,912)(1,907)(5,616)(5,656)
Claims and claim adjustment expense reserves1,818 725 845 (88)1,211 319 903 3,388 2,433 
Unearned premium reserves419 495 331 (661)351 559 198 1,245 1,108 
Other(899)47 644 289 (634)(37)661 (208)(10)
Net cash provided by operating activities1,360 2,334 4,227 2,685 2,198 1,916 3,878 7,921 7,992 
Cash flows from investing activities
Proceeds from maturities of fixed maturities2,801 3,071 2,886 2,902 3,014 2,963 2,823 8,758 8,800 
Proceeds from sales of investments:
Fixed maturities253 348 178 53 251 134 532 779 917 
Equity securities68 32 31 29 52 64 18 131 134 
Real estate investments— — — — — 17 — — 17 
Other investments63 79 68 111 60 65 78 210 203 
Purchases of investments:
Fixed maturities(4,296)(4,847)(5,376)(4,252)(5,356)(4,799)(5,386)(14,519)(15,541)
Equity securities(25)(35)(34)(32)(25)(31)(21)(94)(77)
Real estate investments(7)(6)(10)(25)(12)(10)(12)(23)(34)
Other investments(96)(80)(86)(84)(69)(112)(89)(262)(270)
Net sales (purchases) of short-term securities239 (215)(2,051)1,082 (945)2,081 (982)(2,027)154 
Securities transactions in the course of settlement308 64 (4)(224)430 (400)352 368 382 
Proceeds from the divestiture of the Canadian business— — — — 2,384 — 4 — 2,388 
Other(116)(127)(155)(135)(119)(137)(130)(398)(386)
Net cash used in investing activities(808)(1,716)(4,553)(575)(335)(165)(2,813)(7,077)(3,313)

33
The Travelers Companies, Inc.
Statement of Cash Flows (Continued)
image2a.gif
($ in millions)1Q20252Q20253Q20254Q20251Q20262Q20263Q2026YTD 3Q2025YTD 3Q2026
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations(250)(500)(619)(1,635)(1,785)(1,313)(1,487)(1,369)(4,585)
Treasury stock acquired - net employee share-based compensation(102)(22)(1)(2)(149)(5)(5)(125)(159)
Dividends paid to shareholders(240)(250)(247)(242)(237)(263)(259)(737)(759)
Payment of debt— — — — — (200)— — (200)
Issuance of debt— — 1,233 — — — 744 1,233 744 
Issuance of common stock - employee share options57 70 36 51 86 38 88 163 212 
Net cash provided by (used in) financing activities(535)(702)402 (1,828)(2,085)(1,743)(919)(835)(4,747)
Effect of exchange rate changes on cash and restricted cash8 19 (6)2 (5)(2)(1)21 (8)
Net increase (decrease) in cash and restricted cash25 (65)70 284 (227)6 145 30 (76)
Cash and restricted cash at beginning of period699 724 659 729 842 615 621 699 842 
Less amounts classified as held for sale at end of period— — — 171 — — — — — 
Cash and restricted cash at end of period$724 $659 $729 $842 $615 $621 $766 $729 $766 
Supplemental disclosure of cash flow information
Income taxes paid$24 $538 $194 $518 $12 $1,100 $575 $756 $1,687 
Interest paid$61 $136 $60 $136 $94 $136 $94 $257 $324 

34
The Travelers Companies, Inc.
Glossary of Financial Measures and Description of Reportable Business Segments
image2a.gif
The following measures are used by the Company’s management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis, and for other reasons as discussed below.  In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure.
 
In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance. 
 
Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, included in shareholders’ equity, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.
 
Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.
 
Core income (loss) is consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable.  Segment income (loss) is determined in the same manner as core income (loss) on a segment basis.  Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions.  Financial statement users also consider core income (loss) when analyzing the results and trends of insurance companies.  Core income (loss) per share is core income (loss) on a per common share basis.
 
Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.  Adjusted shareholders’ equity is shareholders’ equity excluding net realized investment gains (losses), net of tax, net unrealized investment gains (losses), net of tax, included in shareholders’ equity for the periods presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)).  Adjusted average shareholders’ equity is (a) the sum of total adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.

Reconciliation of Shareholders’ Equity to Adjusted Shareholders’ Equity
As of
($ in millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026September 30, 2026
Shareholders’ equity$28,191 $29,518 $31,609 $32,894 $31,986 $33,121 $28,995 
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity3,299 3,031 1,970 1,478 2,378 1,960 6,352 
Net realized investment (gains) losses, net of tax48 43 22 37 (15)(63)(33)
Adjusted shareholders’ equity$31,538 $32,592 $33,601 $34,409 $34,349 $35,018 $35,314 
Return on equity is the ratio of annualized net income (loss) to average shareholders’ equity for the periods presented.  Core return on equity is the ratio of annualized core income (loss) to adjusted average shareholders’ equity for the periods presented.  In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management. 

Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses.  In the opinion of the Company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business.  This measure is used to assess each segment’s business performance and as a tool in making business decisions.
 
A catastrophe is a severe loss designated, or reasonably expected by the Company to be designated, a catastrophe by one or more industry recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure.  Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount.  Their effects are included in net and core income and claims and claim adjustment expense reserves upon occurrence.  A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools.  The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company.  Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2026 ranges from $20 million to $30 million of losses before reinsurance and taxes.
 
Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years.  In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.
 
35
The Travelers Companies, Inc.
Glossary of Financial Measures and Description of Reportable Business Segments
image2a.gif
Combined ratio  For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators.  The combined ratio, as used in this financial supplement, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premiums and the underwriting expense ratio as used in this financial supplement is based on net earned premiums.  For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this financial supplement is calculated in the same manner as the SAP ratio.  For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this financial supplement, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income and billing and policy fees, to net earned premiums.  Underlying combined ratio is the combined ratio adjusted to exclude the impact of prior year reserve development and catastrophes, net of reinsurance.
 
The combined ratio, loss and LAE ratio, and underwriting expense ratio are used as indicators of the Company’s underwriting discipline, efficiency in acquiring and servicing its business and overall underwriting profitability. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.
 
Other companies’ method of computing similarly titled measures may not be comparable to the Company’s method of computing these ratios.
 
Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract.  Net written premiums reflect gross written premiums less premiums ceded to reinsurers.
 
Book value per share is total common shareholders’ equity divided by the number of common shares outstanding.  Adjusted book value per share is total common shareholders’ equity excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value per share is useful in an analysis of a property casualty company’s book value per share as it removes the effect of changing prices on invested assets, (i.e., net unrealized investment gains (losses), net of tax) which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves.
 
Total capital is the sum of total shareholders’ equity and debt.  Debt-to-capital ratio excluding net unrealized gain (loss) on investments, net of tax, included in shareholders’ equity is the ratio of debt to total capital excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity.  In the opinion of the Company’s management, the debt to capital ratio is useful in an analysis of the Company’s financial leverage.
 
Statutory capital and surplus represents the excess of an insurance company’s admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.
 
Travelers has organized its businesses into the following reportable business segments:
 
Business Insurance - Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd’s.  Business Insurance is organized as follows:  Select Accounts; Middle Market including Commercial Accounts, Construction, Technology & Life Sciences, Public Sector Services, Energy, Excess Casualty, Inland Marine, Ocean Marine, and Boiler & Machinery; National Accounts; National Property and Other including National Property, Northland Transportation, Agribusiness, Northfield and National Programs; and International, including Global Services and a 20% quota-share reinsurance agreement with subsidiaries of Pelagos Insurance Capital Limited (formerly known as Fidelis Insurance Holdings Limited).  Business Insurance also includes Simply Business, a leading provider of small business insurance policies primarily in the United Kingdom, and Business Insurance Other, which primarily comprises the Company’s asbestos and environmental liabilities and other runoff operations, including certain assumed reinsurance arrangements.
 
Bond & Specialty Insurance - Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and/or specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil (through a joint venture as described below), in each case utilizing various degrees of financially-based underwriting approaches.  The range of coverages includes performance, payment and commercial surety bonds for construction and general commercial enterprises; management liability coverages including directors’ and officers’ liability, employment practices liability, fidelity liability, fiduciary liability and cyber risk for public corporations, private companies, not-for-profit organizations and financial institutions; professional liability coverage for a variety of professionals including, among others, lawyers and design professionals; in the United States only, property, workers’ compensation, auto and general liability for financial institutions; and transactional liability coverages to public and private companies.
 
Bond & Specialty Insurance’s surety business in Brazil is conducted through Junto Holding Brasil S.A. (Junto). The Company owns 49.5% of Junto, a market leader in surety coverages in Brazil. This joint venture investment is accounted for using the equity method and is included in “other investments” on the consolidated balance sheet.
 
Personal Insurance - Personal Insurance offers a broad range of property and casualty insurance products and services in the United States covering individuals’ personal risks. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

36

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Press Releases

Other Documents

Keep reading

More on TRV

All TRV news

Trending in the feed

GUTS
Fractyl Health's Revita Meets Six-Month Co-Primary Endpoint in Ongoing REMAIN-1 Pivotal Study, With Highly Statistically Significant Reduction in Weight Regain After GLP-1 Discontinuation Open the live feed

From our desk

Travelers Earnings: Car Insurance Renewals Now Cost Less