Travelers (NYSE: TRV) Q1 profit surges as dividend raised 14%

Rhea-AI Filing Summary

The Travelers Companies, Inc. reported an excellent first quarter of 2026 with net income of $1.711 billion, or $7.78 per diluted share, up sharply from $395 million, or $1.70 per share, a year earlier.

Core income rose to $1.696 billion, or $7.71 per diluted share, mainly due to much lower catastrophe losses and higher net investment income. The consolidated combined ratio improved to 88.6% from 102.5%, reflecting strong underwriting results across Business Insurance, Bond & Specialty Insurance, and Personal Insurance.

Return on equity reached 21.1%, with core return on equity at 19.7%. The company returned $2.223 billion of capital to shareholders, including $1.985 billion of share repurchases, and the Board approved a 14% increase in the regular quarterly dividend to $1.25 per share.

Positive

• Profitability surge: Net income climbed to $1.711 billion from $395 million, with core income up to $1.696 billion, driven by sharply lower catastrophe losses and strong investment income.
• Capital return strength: Travelers returned $2.223 billion to shareholders in Q1 2026, including $1.985 billion of share repurchases, and raised the quarterly dividend 14% to $1.25 per share.
• High returns: Core return on equity reached 19.7% for the quarter and 22.7% over the last four quarters, supported by an 88.6% combined ratio and robust underlying underwriting income.

Negative

• None.

Insights

Equity research analyst

Travelers delivered a very strong Q1 2026 with higher profitability, capital returns and a sizable dividend hike.

Travelers produced net income of $1.711 billion and core income of $1.696 billion, with core EPS at $7.71. The combined ratio improved to 88.6%, driven by lower catastrophe losses and continued strong underlying underwriting income of $1.521 billion pre-tax.

Catastrophe losses fell to $761 million pre-tax versus $2.266 billion a year earlier, while net investment income rose 9% after tax to $833 million. Core return on equity was a robust 19.7%, and adjusted book value per share increased to $161.60.

The company returned $2.223 billion of capital in the quarter, including $1.985 billion of share repurchases, and approved a 14% dividend increase to $1.25 per share. These actions, alongside a debt-to-capital ratio of 21.2% excluding unrealized losses, underscore management’s confidence in the balance sheet and earnings durability.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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, and exhibit attachments filed with this report.

Key Figures

Net income: $1.711 billion Core income: $1.696 billion Combined ratio: 88.6% +5 more

8 metrics

Net income $1.711 billion Q1 2026 vs $395 million in Q1 2025

Core income $1.696 billion Q1 2026 vs $443 million in Q1 2025

Combined ratio 88.6% Q1 2026, improved from 102.5% in Q1 2025

Catastrophe losses $761 million pre-tax Q1 2026 vs $2.266 billion pre-tax in prior-year quarter

Net investment income $1.008 billion pre-tax Q1 2026; $833 million after-tax, up 8–9% year over year

Capital returned $2.223 billion Q1 2026, including $1.985 billion of share repurchases

Dividend per share $1.25 Regular quarterly dividend after 14% increase declared for June 30, 2026 payment

Core return on equity 19.7% Q1 2026; 22.7% over the last four quarters

Key Terms

core income, combined ratio, underlying combined ratio, net favorable prior year reserve development, +2 more

6 terms

core income financial

"Core income in the current quarter was $1.696 billion, or $7.71 per diluted share"

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

"Excellent consolidated combined ratio of 88.6% and underlying combined ratio of 85.3%."

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 an excellent 85.3%."

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 in all three segments totaled $413 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.

adjusted book value per share financial

"Adjusted book value per share of $161.60, which excludes net unrealized investment losses, increased 2% over year-end 2025."

catastrophe losses financial

"Catastrophe losses of $761 million pre-tax, compared to $2.266 billion pre-tax in the prior year quarter."

Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.

Earnings Snapshot

Total revenues: $11.924 billion

Q1 2026

Total revenues $11.924 billion +1% year over year

Net income $1.711 billion +333% year over year

Core income $1.696 billion +283% year over year

Combined ratio 88.6% improved 13.9 points year over year

Core return on equity 19.7% +14.1 points vs prior-year quarter

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Understanding 8-K Material Events →

0000086312false00000863122026-04-162026-04-16

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): April 16, 2026

 _______________________________________________

The Travelers Companies, Inc.

(Exact name of registrant as specified in its charter)

 _______________________________________________

 

Minnesota

001-10898

41-0518860

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, without par value

TRV

New 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 April 16, 2026, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended March 31, 2026, and the availability of the Company’s first 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 April 16, 2026, reporting results of operations (This exhibit is furnished and not filed.)
99.2						First Quarter 2026 Financial Supplement of The Travelers Companies, Inc. (This exhibit is furnished and not filed.)
101.1						Pursuant to Rule 406 of Regulation S-T, the cover page to this Current Report on Form 8-K is formatted in Inline XBRL.
104.1						Cover 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:			April 16, 2026			By:			/S/   CHRISTINE K. KALLA
									Name: Christine K. Kalla
									Executive Vice President and General Counsel

Exhibit 99.1

The Travelers Companies, Inc.

                            485 Lexington Avenue

                                    New York, NY 10017-2630

                                        www.travelers.com

NYSE: TRV

Travelers Reports Excellent First Quarter Results

First Quarter 2026 Net Income per Diluted Share of $7.78 and Core Income per Diluted Share of $7.71

First Quarter 2026 Return on Equity of 21.1% and Core Return on Equity of 19.7%

Board of Directors Declares 14% Increase in Regular Quarterly Cash Dividend to $1.25 per Share

•Very strong first quarter net income of $1.711 billion and core income of $1.696 billion.

•Underlying underwriting income of $1.521 billion pre-tax - sixth consecutive quarter above $1.5 billion.

•Excellent consolidated combined ratio of 88.6% and underlying combined ratio of 85.3%.

•Catastrophe losses of $761 million pre-tax, compared to $2.266 billion pre-tax in the prior year quarter.

•Net favorable prior year reserve development in all three segments totaled $413 million pre-tax.

•Net written premiums of $10.338 billion.

•Net investment income increased 9% to $833 million after-tax.

•Total capital of $2.223 billion returned to shareholders, including $1.985 billion of share repurchases.

New York, April 16, 2026 — The Travelers Companies, Inc. today reported net income of $1.711 billion, or $7.78 per diluted share, for the quarter ended March 31, 2026, compared to $395 million, or $1.70 per diluted share, in the prior year quarter. Core income in the current quarter was $1.696 billion, or $7.71 per diluted share, compared to $443 million, or $1.91 per diluted share, in the prior year quarter. Core income increased primarily due to lower catastrophe losses and higher net investment income. Net realized investment gains in the current quarter were $49 million pre-tax ($15 million after-tax), compared to net realized investment losses of $61 million pre-tax ($48 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 March 31,
						2026						2025						Change
Net written premiums						$	10,338					$	10,515					(2)		%
Total revenues						$	11,924					$	11,810					1
Net income						$	1,711					$	395					333
per diluted share						$	7.78					$	1.70					358
Core income						$	1,696					$	443					283
per diluted share						$	7.71					$	1.91					304
Diluted weighted average shares outstanding						218.4						230.4						(5)
Combined ratio						88.6		%				102.5		%				(13.9)			pts
Underlying combined ratio						85.3		%				84.8		%				0.5			pts
Return on equity						21.1		%				5.6		%				15.5			pts
Core return on equity						19.7		%				5.6		%				14.1			pts

						As of																		Change From
						March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2025						March 31, 2025
Book value per share						$	150.42					$	151.21					$	124.43					(1)		%				21		%
Adjusted book value per share						161.60						158.01						138.99						2		%				16		%

See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.

1

“We are pleased to report an excellent first quarter with strong underwriting performance across all three segments and a strong result from our investment portfolio,” said Alan Schnitzer, Chairman and Chief Executive Officer. “Core income for the quarter was $1.7 billion, or $7.71 per diluted share. Core return on equity for the quarter was 19.7%, bringing core return on equity over the last four quarters to 22.7%, driven by excellent underlying fundamentals. The first quarter’s underwriting income of $1.2 billion pre-tax benefited from strong levels of underlying underwriting income and net favorable prior year development. Our high-quality investment portfolio generated after-tax net investment income of $833 million.

“These results, along with our exceptionally strong balance sheet, enabled us to return more than $2.2 billion of excess capital to our shareholders during the quarter, including $2.0 billion of share repurchases. In recognition of our very strong financial position and confidence in the outlook for our business, I am pleased to share that our Board of Directors declared a 14% increase in our quarterly cash dividend to $1.25 per share, marking 22 consecutive years of dividend increases with a compound annual growth rate of 8% over that period.

“Through disciplined marketplace execution across all three segments, we generated net written premiums in the quarter of $10.3 billion. In Business Insurance, we grew net written premiums to $5.8 billion. We grew our leading Middle Market business and Select Accounts small commercial business by 5% and 3%, respectively. Renewal premium change in Business Insurance was 5.8%, while retention increased one point from recent quarters to a very strong 86%. New business was a record $775 million. In Bond & Specialty Insurance, we grew net written premiums by 7% to $1.1 billion. In our high-quality Management Liability business, renewal premium change ticked up sequentially, with excellent retention of 87%. In our industry-leading Surety business, we grew net written premiums by 14%. In Personal Insurance, we generated net written premiums of $3.5 billion with solid retention and positive renewal premium change in both Auto and Homeowners.

“We are off to an excellent start for 2026. Over time and across a wide range of conditions, we have consistently delivered growth at industry-leading returns with low volatility. That performance reflects the strength of our capabilities across both sides of the balance sheet and a focus on creating shareholder value. We are confident that the advantages we have built will continue to drive strong results and extend our record of outperformance.”

2

Consolidated Results

						Three Months Ended March 31,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change
Underwriting gain (loss):						$	1,173					$	(305)					$	1,478
Underwriting gain (loss) includes:
Net favorable prior year reserve development						413						378						35
Catastrophes, net of reinsurance						(761)						(2,266)						1,505
Net investment income						1,008						930						78
Other income (expense), including interest expense						(111)						(96)						(15)
Core income before income taxes						2,070						529						1,541
Income tax expense						374						86						288
Core income						1,696						443						1,253
Net realized investment gains (losses) after income taxes						15						(48)						63
Net income						$	1,711					$	395					$	1,316
Combined ratio						88.6		%				102.5		%				(13.9)			pts
Impact on combined ratio
Net favorable prior year reserve development						(3.9)			pts			(3.5)			pts			(0.4)			pts
Catastrophes, net of reinsurance						7.2			pts			21.2			pts			(14.0)			pts
Underlying combined ratio						85.3		%				84.8		%				0.5			pts
Net written premiums
Business Insurance						$	5,786					$	5,698					2		%
Bond & Specialty Insurance						1,066						999						7
Personal Insurance						3,486						3,818						(9)
Total						$	10,338					$	10,515					(2)		%

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Net income of $1.711 billion increased $1.316 billion, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year quarter. Core income of $1.696 billion increased $1.253 billion, primarily due to lower catastrophe losses and higher net investment income. Net realized investment gains were $49 million pre-tax ($15 million after-tax), compared to net realized investment losses of $61 million pre-tax ($48 million after-tax) in the prior year quarter.

Combined ratio:

•The combined ratio of 88.6% improved 13.9 points due to lower catastrophe losses (14.0 points) and higher net favorable prior year reserve development (0.4 points), partially offset by a higher underlying combined ratio (0.5 points).

•The underlying combined ratio was an excellent 85.3%. See below for further details by segment.

•The underwriting expense ratio increased 0.7 points to 29.0%, reflecting normal quarter-to-quarter variability. The Company continues to expect the full year 2026 expense ratio to be approximately 28.5%.

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

•Catastrophe losses primarily resulted from severe wind and hail storms and winter storms in multiple states.

Net investment income of $1.008 billion pre-tax ($833 million after-tax) increased 8%, 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 were $10.338 billion. Net written premiums in the prior year quarter included $223 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased slightly over the prior year quarter. See below for further details by segment.

Shareholders’ Equity

Shareholders’ equity of $31.986 billion decreased 3% 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 $1.711 billion. Net unrealized investment losses included in shareholders’ equity were $3.008 billion pre-tax ($2.378 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 $150.42 decreased 1% from year-end 2025. Adjusted book value per share of $161.60, which excludes net unrealized investment losses, increased 2% over year-end 2025.

The Company repurchased 6.0 million shares in the open market during the first quarter under its share repurchase authorizations at an average price of $300.30 per share for a total cost of $1.800 billion. In addition, the Company acquired 0.6 million shares for a total cost of $185 million in connection with employee share-based compensation. At March 31, 2026, the Company had $5.215 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 $31.063 billion, and the ratio of debt-to-capital was 22.5%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders’ equity was 21.2%, within the Company’s target range of 15% to 25%.

The Board of Directors declared a 14% increase in the regular quarterly dividend to $1.25 per share. The dividend is payable June 30, 2026, to shareholders of record at the close of business on June 10, 2026.

Business Insurance Segment Financial Results

						Three Months Ended March 31,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change
Underwriting gain:						$	330					$	195					$	135
Underwriting gain includes:
Net favorable prior year reserve development						162						74						88
Catastrophes, net of reinsurance						(379)						(509)						130
Net investment income						708						656						52
Other income (expense)						(3)						(9)						6
Segment income before income taxes						1,035						842						193
Income tax expense						196						159						37
Segment income						$	839					$	683					$	156
Combined ratio						93.8		%				96.2		%				(2.4)			pts
Impact on combined ratio
Net favorable prior year reserve development						(2.9)			pts			(1.3)			pts			(1.6)			pts
Catastrophes, net of reinsurance						6.9			pts			9.3			pts			(2.4)			pts
Underlying combined ratio						89.8		%				88.2		%				1.6			pts
Net written premiums by market
Domestic
Select Accounts						$	1,006					$	976					3		%
Middle Market						3,329						3,166						5
National Accounts						343						312						10
National Property and Other						691						720						(4)
Total Domestic						5,369						5,174						4
International						417						524						(20)
Total						$	5,786					$	5,698					2		%

4

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Segment income for Business Insurance was $839 million after-tax, an increase of $156 million. Segment income increased primarily due to lower catastrophe losses and higher net favorable prior year reserve development.

Combined ratio:

•The combined ratio of 93.8% improved 2.4 points due to lower catastrophe losses (2.4 points) and higher net favorable prior year reserve development (1.6 points), partially offset by a higher underlying combined ratio (1.6 points).

•The underlying combined ratio was an excellent 89.8%.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the commercial property and workers’ compensation product lines for multiple accident years.

Net written premiums of $5.786 billion increased 2%. Net written premiums in the prior year quarter included $67 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 3%.

Bond & Specialty Insurance Segment Financial Results

						Three Months Ended March 31,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change
Underwriting gain:						$	166					$	170					$	(4)
Underwriting gain includes:
Net favorable prior year reserve development						65						67						(2)
Catastrophes, net of reinsurance						(8)						(19)						11
Net investment income						113						102						11
Other income						3						5						(2)
Segment income before income taxes						282						277						5
Income tax expense						28						57						(29)
Segment income						$	254					$	220					$	34
Combined ratio						83.3		%				82.5		%				0.8			pts
Impact on combined ratio
Net favorable prior year reserve development						(6.4)			pts			(6.7)			pts			0.3			pts
Catastrophes, net of reinsurance						0.8			pts			1.9			pts			(1.1)			pts
Underlying combined ratio						88.9		%				87.3		%				1.6			pts
Net written premiums
Domestic
Management Liability						$	572					$	553					3		%
Surety						381						333						14
Total Domestic						953						886						8
International						113						113						—
Total						$	1,066					$	999					7		%

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $254 million after-tax, an increase of $34 million. Segment income increased primarily due to a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), higher net investment income and lower catastrophe losses. The underlying underwriting gain benefited from a non-recurring tax item and higher business volumes.

5

Combined ratio:

•The combined ratio of 83.3% increased 0.8 points due to a higher underlying combined ratio (1.6 points) and lower net favorable prior year reserve development (0.3 points), partially offset by lower catastrophe losses (1.1 points).

•The underlying combined ratio was very strong at 88.9%.

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

Net written premiums of $1.066 billion increased 7%. Net written premiums in the prior year quarter included $10 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 8%.

Personal Insurance Segment Financial Results

						Three Months Ended March 31,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change
Underwriting gain (loss):						$	677					$	(670)					$	1,347
Underwriting gain (loss) includes:
Net favorable prior year reserve development						186						237						(51)
Catastrophes, net of reinsurance						(374)						(1,738)						1,364
Net investment income						187						172						15
Other income						18						18						—
Segment income (loss) before income taxes						882						(480)						1,362
Income tax expense (benefit)						178						(106)						284
Segment income (loss)						$	704					$	(374)					$	1,078
Combined ratio						82.9		%				115.2		%				(32.3)			pts
Impact on combined ratio
Net favorable prior year reserve development						(4.5)			pts			(5.6)			pts			1.1			pts
Catastrophes, net of reinsurance						9.1			pts			40.9			pts			(31.8)			pts
Underlying combined ratio						78.3		%				79.9		%				(1.6)			pts
Net written premiums
Domestic
Automobile						$	1,756					$	1,859					(6)		%
Homeowners and Other						1,730						1,813						(5)
Total Domestic						3,486						3,672						(5)
International						—						146						(100)
Total						$	3,486					$	3,818					(9)		%

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Segment income for Personal Insurance was $704 million after-tax, an increase of $1.078 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.

Combined ratio:

•The combined ratio of 82.9% improved 32.3 points due to lower catastrophe losses (31.8 points) and an improvement in the underlying combined ratio (1.6 points), partially offset by lower net favorable prior year reserve development (1.1 points).

6

•The underlying combined ratio of 78.3% improved 1.6 points, reflecting improvement in 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 $3.486 billion decreased 9% from the prior year quarter. Net written premiums in the prior year quarter included $146 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 5%.

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 9:30 a.m. Eastern (8:30 a.m. Central) on Thursday, April 16, 2026. Investors can access the call via webcast at investor.travelers.com and by dialing 1.888.440.6281 within the United States or 1.646.960.0218 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 1.800.770.2030 within the United States or 1.647.362.9199 outside the United States. All callers should use conference ID 5449478.

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 approximately 34,000 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.

 * * * * *

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

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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

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

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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 capital levels appropriate for the Company’s business operations, changes in levels of written premiums, funding of the Company’s qualified pension plan, 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 April 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.

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.

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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 March 31,																		Twelve Months Ended March 31,
($ in millions, after-tax)						2026						2025																		2026						2025
Net income						$	1,711					$	395																	$	7,604					$	4,271
Adjustments:
Net realized investment (gains) losses						(15)						48																		(26)						101
Core income						$	1,696					$	443																	$	7,578					$	4,372

						Three Months Ended March 31,
($ in millions, pre-tax)						2026						2025
Net income						$	2,119					$	468
Adjustments:
Net realized investment (gains) losses						(49)						61
Core income						$	2,070					$	529

						Twelve Months Ended December 31,																																							Average Annual
($ in millions, after-tax)						2025						2024						2023						2022						2021																																													2005 - 2020
Net income						$	6,288					$	4,999					$	2,991					$	2,842					$	3,662																																												$	2,988
Less: Loss from discontinued operations						—						—						—						—						—																																													(27)
Income from continuing operations						6,288						4,999						2,991						2,842						3,662																																													3,015
Adjustments:
Net realized investment (gains) losses						37						26						81						156						(132)																																													(42)
Impact of changes in tax laws and/or tax rates (1) (2)						—						—						—						—						(8)																																													8
Core income						6,325						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)

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Reconciliation of Net Income per Share to Core Income per Share on a Diluted Basis

						Three Months Ended March 31,
						2026						2025
Diluted income per share
Net income						$	7.78					$	1.70
Adjustments:
Net realized investment (gains) losses, after-tax						(0.07)						0.21
Core income						$	7.71					$	1.91

Reconciliation of Segment Income (Loss) to Total Core Income

						Three Months Ended March 31,
($ in millions, after-tax)						2026						2025
Business Insurance						$	839					$	683
Bond & Specialty Insurance						254						220
Personal Insurance						704						(374)
Total segment income						1,797						529
Interest Expense and Other						(101)						(86)
Total core income						$	1,696					$	443

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 March 31,
($ in millions)						2026						2025
Shareholders’ equity						$	31,986					$	28,191
Adjustments:
Net unrealized investment losses, net of tax, included in shareholders’ equity						2,378						3,299
Net realized investment (gains) losses, net of tax						(15)						48
Adjusted shareholders’ equity						$	34,349					$	31,538

						As of December 31,																																							Average Annual
($ in millions)						2025						2024						2023						2022						2021																																													2005 - 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’ equity						1,478						3,640						3,129						4,898						(2,415)																																													(1,473)
Net realized investment (gains) losses, net of tax						37						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)

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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 March 31,																		Twelve Months Ended March 31,
($ in millions, after-tax)						2026						2025																		2026						2025
Annualized net income						$	6,843					$	1,580																	$	7,604					$	4,271
Average shareholders’ equity						32,440						28,027																		31,027						26,757
Return on equity						21.1		%				5.6		%																24.5		%				16.0		%
Annualized core income						$	6,785					$	1,773																	$	7,578					$	4,372
Adjusted average shareholders’ equity						34,361						31,521																		33,353						30,079
Core return on equity						19.7		%				5.6		%																22.7		%				14.5		%

						Twelve Months Ended December 31,																																							Average Annual
($ in millions, after-tax)						2025						2024						2023						2022						2021																																													2005 - 2020
Net income, less preferred dividends						$	6,288					$	4,999					$	2,991					$	2,842					$	3,662																																												$	2,987
Average shareholders’ equity						29,924						25,993						22,031						23,384						28,735																																													24,830
Return on equity						21.0		%				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’ equity						32,643						29,295						26,772						26,588						25,718																																													23,421
Core return on equity						19.4		%				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

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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 March 31,
($ in millions, after-tax, except as noted)						2026						2025
Net income						$	1,711					$	395
Net realized investment (gains) losses						(15)						48
Core income						1,696						443
Net investment income						(833)						(763)
Other (income) expense, including interest expense						92						81
Underwriting income (loss)						955						(239)
Income tax expense (benefit) on underwriting results						218						(66)
Pre-tax underwriting income (loss)						1,173						(305)
Pre-tax impact of net favorable prior year reserve development						(413)						(378)
Pre-tax impact of catastrophes						761						2,266
Pre-tax underlying underwriting income						$	1,521					$	1,583

Reconciliation of Net Income to After-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)

						Three Months Ended March 31,
($ in millions, after-tax)						2026						2025
Net income						$	1,711					$	395
Net realized investment (gains) losses						(15)						48
Core income						1,696						443
Net investment income						(833)						(763)
Other (income) expense, including interest expense						92						81
Underwriting income						955						(239)
Impact of net favorable prior year reserve development						(325)						(297)
Impact of catastrophes						601						1,790
Underlying underwriting income						$	1,231					$	1,254

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						Twelve Months Ended December 31,
($ in millions, after-tax)						2025						2024						2023						2022						2021						2020						2019						2018						2017						2016
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) losses						37						26						81						156						(132)						(11)						(85)						(93)						(142)						(47)
Impact of changes in tax laws and/or tax rates (1) (2)						—						—						—						—						(8)						—						—						—						129						—
Core income						6,325						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 expense						326						308						337						277						235						232						214						248						179						78
Underwriting income						3,397						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 catastrophes						2,915						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, 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.

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Calculation of the Combined Ratio

						Three Months Ended March 31,
($ in millions, pre-tax)						2026						2025
Loss and loss adjustment expense ratio
Claims and claim adjustment expenses						$	6,382					$	8,006
Less:
Policyholder dividends						12						13
Allocated fee income						48						45
Loss ratio numerator						$	6,322					$	7,948
Underwriting expense ratio
Amortization of deferred acquisition costs						$	1,766					$	1,778
General and administrative expenses (G&A)						1,541						1,459
Less:
Non-insurance G&A						136						109
Allocated fee income						73						74
Billing and policy fees and other						25						28
Expense ratio numerator						$	3,073					$	3,026
Earned premium						$	10,605					$	10,710
Combined ratio (1)
Loss and loss adjustment expense ratio						59.6		%				74.2		%
Underwriting expense ratio						29.0		%				28.3		%
Combined ratio						88.6		%				102.5		%
Impact on combined ratio:
Net favorable prior year reserve development						(3.9)		%				(3.5)		%
Catastrophes, net of reinsurance						7.2		%				21.2		%
Underlying combined ratio						85.3		%				84.8		%

(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.

15

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)						March 31, 2026						December 31, 2025																		March 31, 2025
Shareholders’ equity						$	31,986					$	32,894																	$	28,191
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity						(2,378)						(1,478)																		(3,299)
Common shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity						34,364						34,372																		31,490
Less:
Goodwill (includes $208 million of goodwill classified as held for sale as of December 31, 2025)						4,060						4,274																		4,245
Other intangible assets (includes $1 million of other intangible assets classified as held for sale as of December 31, 2025)						331						337																		356
Impact of deferred tax on other intangible assets						(47)						(93)																		(88)
Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity						$	30,020					$	29,854																	$	26,977
Common shares outstanding						212.6						217.5																		226.6
Book value per share						$	150.42					$	151.21																	$	124.43
Adjusted book value per share						161.60						158.01																		138.99
Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity						141.18						137.24																		119.07

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)						March 31, 2026						December 31, 2025
Debt						$	9,268					$	9,267
Shareholders’ equity						31,986						32,894
Total capitalization						41,254						42,161
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity						(2,378)						(1,478)
Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity						$	43,632					$	43,639
Debt-to-capital ratio						22.5		%				22.0		%
Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity						21.2		%				21.2		%

RECONCILIATION OF INVESTED ASSETS TO INVESTED ASSETS EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES)

						As of March 31,
($ in millions)						2026						2025
Invested assets						$	102,978					$	95,696
Less: Net unrealized investment losses, pre-tax						(3,008)						(4,172)
Invested assets excluding net unrealized investment losses						$	105,986					$	99,868

16

						As of December 31,
($ in millions)						2025						2024						2023						2022						2021						2020						2019						2018						2017						2016
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 Linehan			Abbe Goldstein
917.778.6267			917.778.6825

17

The Travelers Companies, Inc. Financial Supplement - First Quarter 2026 Exhibit 99.2

			Page Number
Consolidated Results
Financial Highlights			1
Reconciliation of Net Income to Core Income and Earnings per Share to Core Income per Share			2
Statement of Income			3
Net Income by Major Component and Combined Ratio			4
Core Income			5
Selected Statistics - Property and Casualty Operations			6
Written and Earned Premiums - Property and Casualty Operations			7
Business Insurance
Segment Income			8
Segment Income by Major Component and Combined Ratio			9
Selected Statistics			10
Net Written Premiums			11
Bond & Specialty Insurance
Segment Income			12
Segment Income by Major Component and Combined Ratio			13
Selected Statistics			14
Net Written Premiums			15
Personal Insurance
Segment Income (Loss)			16
Segment Income (Loss) by Major Component and Combined Ratio			17
Selected Statistics			18
Net Written Premiums			19
Selected Statistics - Automobile			20
Selected Statistics - Homeowners and Other			21
Supplemental Detail
Interest Expense and Other			22
Consolidated Balance Sheet			23
Investment Portfolio			24
Investment Portfolio - Fixed Maturities Data			25
Investment Income			26
Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders’ Equity			27
Reinsurance Recoverables			28
Net Reserves for Losses and Loss Adjustment Expense			29
Asbestos Reserves			30
Capitalization			31
Statutory Capital and Surplus to GAAP Shareholders’ Equity Reconciliation			32
Statement of Cash Flows			33
Statement of Cash Flows (continued)			34
Glossary of Financial Measures and Description of Reportable Business Segments			35-36

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

($ and shares in millions, except for per share data)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711
Net income per share:
Basic						$	1.73					$	6.63					$	8.37					$	11.24					$	7.89
Diluted						$	1.70					$	6.53					$	8.24					$	11.06					$	7.78
Core income						$	443					$	1,504					$	1,867					$	2,511					$	1,696
Core income per share:
Basic						$	1.94					$	6.61					$	8.27					$	11.31					$	7.82
Diluted						$	1.91					$	6.51					$	8.14					$	11.13					$	7.71
Return on equity						5.6		%				20.9		%				24.7		%				31.0		%				21.1		%
Core return on equity						5.6		%				18.8		%				22.6		%				29.6		%				19.7		%
Total assets, at period end						$	135,977					$	138,873					$	143,678					$	143,708					$	142,309
Total equity, at period end						$	28,191					$	29,518					$	31,609					$	32,894					$	31,986
Book value per share, at period end						$	124.43					$	131.11					$	141.72					$	151.21					$	150.42
Less: Net unrealized investment gains (losses), net of tax						(14.56)						(13.46)						(8.83)						(6.80)						(11.18)
Adjusted book value per share, at period end						$	138.99					$	144.57					$	150.55					$	158.01					$	161.60
Weighted average number of common shares outstanding (basic)						226.9						225.9						224.1						220.3						215.2
Weighted average number of common shares outstanding and common stock equivalents (diluted)						230.4						229.3						227.5						224.0						218.4
Common shares outstanding at period end						226.6						225.1						223.0						217.5						212.6
Common stock dividends declared						$	241					$	252					$	250					$	244					$	238
Common stock repurchased:
Under Board of Directors authorization
Shares						1.0						1.8						2.3						5.8						6.0
Cost						$	250					$	500					$	625					$	1,650					$	1,800
Other
Shares						0.4						0.3						—						—						0.6
Cost						$	108					$	57					$	3					$	3					$	185

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

($ and shares in millions, except earnings per share)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net income
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711
Net realized investment (gains) losses, after-tax						48						(5)						(21)						15						(15)
Core income						$	443					$	1,504					$	1,867					$	2,511					$	1,696
Basic
Net income per share						$	1.73					$	6.63					$	8.37					$	11.24					$	7.89
Net realized investment (gains) losses, after-tax						0.21						(0.02)						(0.10)						0.07						(0.07)
Core income per share						$	1.94					$	6.61					$	8.27					$	11.31					$	7.82
Diluted
Net income per share						$	1.70					$	6.53					$	8.24					$	11.06					$	7.78
Net realized investment (gains) losses, after-tax						0.21						(0.02)						(0.10)						0.07						(0.07)
Core income per share						$	1.91					$	6.51					$	8.14					$	11.13					$	7.71

Adjustments to net and core income and weighted average shares for net and core income EPS calculations:

Basic and Diluted						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net income, as reported						$	395					$	1,509					$	1,888					$	2,496					$	1,711
Participating share-based awards - allocated net income						(3)						(11)						(13)						(19)						(12)
Net income available to common shareholders - basic and diluted						$	392					$	1,498					$	1,875					$	2,477					$	1,699
Core income, as reported						$	443					$	1,504					$	1,867					$	2,511					$	1,696
Participating share-based awards - allocated core income						(3)						(11)						(14)						(18)						(12)
Core income available to common shareholders - basic and diluted						$	440					$	1,493					$	1,853					$	2,493					$	1,684
Common Shares
Basic
Weighted average shares outstanding						226.9						225.9						224.1						220.3						215.2
Diluted
Weighted average shares outstanding						226.9						225.9						224.1						220.3						215.2
Weighted average effect of dilutive securities - stock options and performance shares						3.5						3.4						3.4						3.7						3.2
Diluted weighted average shares outstanding						230.4						229.3						227.5						224.0						218.4

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Revenues
Premiums						$	10,710					$	10,921					$	11,135					$	11,148					$	10,605
Net investment income						930						942						1,033						1,054						1,008
Fee income						119						124						127						125						121
Net realized investment gains (losses)						(61)						6						27						(20)						49
Other revenues						112						123						148						125						141
Total revenues						11,810						12,116						12,470						12,432						11,924
Claims and expenses
Claims and claim adjustment expenses						8,006						6,789						6,594						5,832						6,382
Amortization of deferred acquisition costs						1,778						1,802						1,849						1,837						1,766
General and administrative expenses						1,459						1,545						1,572						1,544						1,541
Interest expense						99						99						111						116						116
Total claims and expenses						11,342						10,235						10,126						9,329						9,805
Income before income taxes						468						1,881						2,344						3,103						2,119
Income tax expense						73						372						456						607						408
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711
Other statistics
Effective tax rate on net investment income						17.9		%				17.9		%				17.8		%				17.7		%				17.4		%
Net investment income (after-tax)						$	763					$	774					$	850					$	867					$	833
Catastrophes, net of reinsurance:
Pre-tax						$	2,266					$	927					$	402					$	95					$	761
After-tax						$	1,790					$	732					$	318					$	75					$	601
Prior year reserve development - favorable:
Pre-tax						$	378					$	315					$	22					$	321					$	413
After-tax						$	297					$	249					$	16					$	253					$	325

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

($ in millions, net of tax)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Underwriting gain (loss)						$	(239)					$	808					$	1,099					$	1,729					$	955
Net investment income						763						774						850						867						833
Other income (expense), including interest expense						(81)						(78)						(82)						(85)						(92)
Core income						443						1,504						1,867						2,511						1,696
Net realized investment gains (losses)						(48)						5						21						(15)						15
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711
Combined ratio (1) (2)
Loss and loss adjustment expense ratio						74.2		%				61.7		%				58.7		%				51.8		%				59.6		%
Underwriting expense ratio						28.3		%				28.6		%				28.6		%				28.4		%				29.0		%
Combined ratio						102.5		%				90.3		%				87.3		%				80.2		%				88.6		%
Impact on combined ratio:
Net favorable prior year reserve development						(3.5)		%				(2.9)		%				(0.2)		%				(2.9)		%				(3.9)		%
Catastrophes, net of reinsurance						21.2		%				8.5		%				3.6		%				0.9		%				7.2		%
Underlying combined ratio						84.8		%				84.7		%				83.9		%				82.2		%				85.3		%
(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)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Billing and policy fees and other						$	28					$	29					$	28					$	28					$	25
Fee income:
Loss and loss adjustment expenses						$	45					$	45					$	48					$	48					$	48
Underwriting expenses						74						79						79						77						73
Total fee income						$	119					$	124					$	127					$	125					$	121
Non-insurance general and administrative expenses						$	109					$	113					$	131					$	110					$	136

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

4

The Travelers Companies, Inc. Core Income - Consolidated

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Revenues
Premiums						$	10,710					$	10,921					$	11,135					$	11,148					$	10,605
Net investment income						930						942						1,033						1,054						1,008
Fee income						119						124						127						125						121
Other revenues						112						123						148						125						141
Total revenues						11,871						12,110						12,443						12,452						11,875
Claims and expenses
Claims and claim adjustment expenses						8,006						6,789						6,594						5,832						6,382
Amortization of deferred acquisition costs						1,778						1,802						1,849						1,837						1,766
General and administrative expenses						1,459						1,545						1,572						1,544						1,541
Interest expense						99						99						111						116						116
Total claims and expenses						11,342						10,235						10,126						9,329						9,805
Core income before income taxes						529						1,875						2,317						3,123						2,070
Income tax expense						86						371						450						612						374
Core income						$	443					$	1,504					$	1,867					$	2,511					$	1,696
Other statistics
Effective tax rate on net investment income						17.9		%				17.9		%				17.8		%				17.7		%				17.4		%
Net investment income (after-tax)						$	763					$	774					$	850					$	867					$	833
Catastrophes, net of reinsurance:
Pre-tax						$	2,266					$	927					$	402					$	95					$	761
After-tax						$	1,790					$	732					$	318					$	75					$	601
Prior year reserve development - favorable:
Pre-tax						$	378					$	315					$	22					$	321					$	413
After-tax						$	297					$	249					$	16					$	253					$	325

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory underwriting
Gross written premiums						$	11,890					$	12,225					$	12,292					$	11,296					$	11,750
Net written premiums						$	10,515					$	11,516					$	11,472					$	10,856					$	10,323
Net earned premiums						$	10,710					$	10,897					$	11,133					$	11,146					$	10,593
Losses and loss adjustment expenses						7,947						6,731						6,537						5,768						6,310
Underwriting expenses						3,098						3,260						3,239						3,114						3,400
Statutory underwriting gain (loss)						(335)						906						1,357						2,264						883
Policyholder dividends						13						10						12						10						12
Statutory underwriting gain (loss) after policyholder dividends						$	(348)					$	896					$	1,345					$	2,254					$	871
Other statutory statistics
Reserves for losses and loss adjustment expenses						$	58,091					$	59,072					$	59,620					$	59,747					$	59,215
Increase (decrease) in reserves						$	1,765					$	981					$	548					$	127					$	(532)
Statutory capital and surplus						$	27,785					$	28,364					$	29,965					$	31,064					$	31,063
Net written premiums/surplus (1)						1.57:1						1.55:1						1.48:1						1.43:1						1.42:1

(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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Written premiums
Gross						$	11,890					$	12,251					$	12,293					$	11,296					$	11,765
Ceded						(1,375)						(708)						(820)						(440)						(1,427)
Net						$	10,515					$	11,543					$	11,473					$	10,856					$	10,338
Earned premiums
Gross						$	11,487					$	11,749					$	11,964					$	11,952					$	11,438
Ceded						(777)						(828)						(829)						(804)						(833)
Net						$	10,710					$	10,921					$	11,135					$	11,148					$	10,605

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Revenues
Premiums						$	5,465					$	5,545					$	5,700					$	5,702					$	5,493
Net investment income						656						662						727						737						708
Fee income						108						111						114						112						111
Other revenues						82						95						111						91						104
Total revenues						6,311						6,413						6,652						6,642						6,416
Claims and expenses
Claims and claim adjustment expenses						3,705						3,584						3,667						3,198						3,531
Amortization of deferred acquisition costs						917						944						973						962						938
General and administrative expenses						847						875						894						866						912
Total claims and expenses						5,469						5,403						5,534						5,026						5,381
Segment income before income taxes						842						1,010						1,118						1,616						1,035
Income tax expense						159						197						211						324						196
Segment income						$	683					$	813					$	907					$	1,292					$	839
Other statistics
Effective tax rate on net investment income						17.8		%				17.7		%				17.7		%				17.5		%				17.3		%
Net investment income (after-tax)						$	539					$	545					$	598					$	607					$	586
Catastrophes, net of reinsurance:
Pre-tax						$	509					$	368					$	139					$	57					$	379
After-tax						$	402					$	291					$	110					$	44					$	299
Prior year reserve development - favorable (unfavorable):
Pre-tax						$	74					$	79					$	(125)					$	205					$	162
After-tax						$	58					$	62					$	(99)					$	162					$	127

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

($ in millions, net of tax)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Underwriting gain						$	157					$	274					$	318					$	690					$	261
Net investment income						539						545						598						607						586
Other income (expense)						(13)						(6)						(9)						(5)						(8)
Segment income						$	683					$	813					$	907					$	1,292					$	839
Combined ratio (1) (2)
Loss and loss adjustment expense ratio						66.8		%				63.7		%				63.3		%				55.1		%				63.3		%
Underwriting expense ratio						29.4		%				29.9		%				29.6		%				29.3		%				30.5		%
Combined ratio						96.2		%				93.6		%				92.9		%				84.4		%				93.8		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development						(1.3)		%				(1.4)		%				2.2		%				(3.6)		%				(2.9)		%
Catastrophes, net of reinsurance						9.3		%				6.7		%				2.4		%				1.0		%				6.9		%
Underlying combined ratio						88.2		%				88.3		%				88.3		%				87.0		%				89.8		%
(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)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Billing and policy fees and other						$	4					$	5					$	4					$	4					$	4
Fee income:
Loss and loss adjustment expenses						$	45					$	45					$	48					$	48					$	48
Underwriting expenses						63						66						66						64						63
Total fee income						$	108					$	111					$	114					$	112					$	111
Non-insurance general and administrative expenses						$	91					$	93					$	112					$	89					$	107

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory underwriting
Gross written premiums						$	6,740					$	6,359					$	6,284					$	5,840					$	6,791
Net written premiums						$	5,698					$	5,765					$	5,674					$	5,514					$	5,771
Net earned premiums						$	5,465					$	5,521					$	5,698					$	5,700					$	5,481
Losses and loss adjustment expenses						3,650						3,530						3,614						3,138						3,463
Underwriting expenses						1,700						1,704						1,654						1,615						1,787
Statutory underwriting gain						115						287						430						947						231
Policyholder dividends						9						5						9						5						8
Statutory underwriting gain after policyholder dividends						$	106					$	282					$	421					$	942					$	223

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net written premiums by market
Domestic
Select Accounts						$	976					$	1,004					$	920					$	930					$	1,006
Middle Market						3,166						3,034						3,232						3,109						3,329
National Accounts						312						329						273						348						343
National Property and Other						720						885						841						666						691
Total Domestic						5,174						5,252						5,266						5,053						5,369
International						524						540						409						461						417
Total						$	5,698					$	5,792					$	5,675					$	5,514					$	5,786
Net written premiums by product line
Domestic
Workers’ compensation						$	950					$	821					$	792					$	786					$	980
Commercial automobile						1,030						1,019						1,030						1,017						1,106
Commercial property						873						1,051						961						820						821
General liability						753						878						998						967						847
Commercial multi-peril						1,532						1,486						1,447						1,461						1,580
Other						36						(3)						38						2						35
Total Domestic						5,174						5,252						5,266						5,053						5,369
International						524						540						409						461						417
Total						$	5,698					$	5,792					$	5,675					$	5,514					$	5,786

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Revenues
Premiums						$	995					$	1,021					$	1,042					$	1,049					$	1,018
Net investment income						102						107						116						120						113
Other revenues						6						5						8						8						5
Total revenues						1,103						1,133						1,166						1,177						1,136
Claims and expenses
Claims and claim adjustment expenses						434						418						451						461						441
Amortization of deferred acquisition costs						187						195						197						199						194
General and administrative expenses						205						214						207						217						219
Total claims and expenses						826						827						855						877						854
Segment income before income taxes						277						306						311						300						282
Income tax expense						57						62						61						64						28
Segment income						$	220					$	244					$	250					$	236					$	254
Other statistics
Effective tax rate on net investment income						18.4		%				18.5		%				17.7		%				18.4		%				18.5		%
Net investment income (after-tax)						$	83					$	88					$	95					$	98					$	92
Catastrophes, net of reinsurance:
Pre-tax						$	19					$	5					$	—					$	1					$	8
After-tax						$	15					$	4					$	—					$	1					$	7
Prior year reserve development - favorable:
Pre-tax						$	67					$	81					$	43					$	30					$	65
After-tax						$	52					$	65					$	33					$	24					$	51

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

($ in millions, net of tax)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Underwriting gain						$	133					$	154					$	150					$	132					$	159
Net investment income						83						88						95						98						92
Other income						4						2						5						6						3
Segment income						$	220					$	244					$	250					$	236					$	254
Combined ratio (1)
Loss and loss adjustment expense ratio						43.2		%				40.5		%				42.9		%				43.5		%				43.0		%
Underwriting expense ratio						39.3		%				39.8		%				38.7		%				39.5		%				40.3		%
Combined ratio						82.5		%				80.3		%				81.6		%				83.0		%				83.3		%
Impact on combined ratio:
Net favorable prior year reserve development						(6.7)		%				(8.0)		%				(4.2)		%				(2.8)		%				(6.4)		%
Catastrophes, net of reinsurance						1.9		%				0.5		%				—		%				0.1		%				0.8		%
Underlying combined ratio						87.3		%				87.8		%				85.8		%				85.7		%				88.9		%
(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)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Billing and policy fees and other						$	—					$	—					$	1					$	—					$	—
Non-insurance general and administrative expenses						$	1					$	2					$	1					$	2					$	2

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory underwriting
Gross written premiums						$	1,129					$	1,166					$	1,160					$	1,192					$	1,211
Net written premiums						$	999					$	1,085					$	1,080					$	1,098					$	1,066
Net earned premiums						$	995					$	1,021					$	1,042					$	1,049					$	1,018
Losses and loss adjustment expenses						430						414						447						457						437
Underwriting expenses						422						434						424						433						676
Statutory underwriting gain (loss)						143						173						171						159						(95)
Policyholder dividends						4						5						3						5						4
Statutory underwriting gain (loss) after policyholder dividends						$	139					$	168					$	168					$	154					$	(99)

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net written premiums by market
Domestic
Management Liability						$	553					$	589					$	613					$	571					$	572
Surety						333						342						342						337						381
Total Domestic						886						931						955						908						953
International						113						154						125						190						113
Total						$	999					$	1,085					$	1,080					$	1,098					$	1,066
Net written premiums by product line
Domestic
Fidelity and surety						$	394					$	400					$	407					$	395					$	447
General liability						440						469						475						458						455
Other						52						62						73						55						51
Total Domestic						886						931						955						908						953
International						113						154						125						190						113
Total						$	999					$	1,085					$	1,080					$	1,098					$	1,066

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Revenues
Premiums						$	4,250					$	4,355					$	4,393					$	4,397					$	4,094
Net investment income						172						173						190						197						187
Fee income						11						13						13						13						10
Other revenues						24						23						29						26						32
Total revenues						4,457						4,564						4,625						4,633						4,323
Claims and expenses
Claims and claim adjustment expenses						3,867						2,787						2,476						2,173						2,410
Amortization of deferred acquisition costs						674						663						679						676						634
General and administrative expenses						396						444						458						448						397
Total claims and expenses						4,937						3,894						3,613						3,297						3,441
Segment income (loss) before income taxes						(480)						670						1,012						1,336						882
Income tax expense (benefit)						(106)						136						205						250						178
Segment income (loss)						$	(374)					$	534					$	807					$	1,086					$	704
Other statistics
Effective tax rate on net investment income						18.1		%				18.0		%				18.0		%				17.7		%				17.1		%
Net investment income (after-tax)						$	141					$	141					$	157					$	162					$	155
Catastrophes, net of reinsurance:
Pre-tax						$	1,738					$	554					$	263					$	37					$	374
After-tax						$	1,373					$	437					$	208					$	30					$	295
Prior year reserve development - favorable:
Pre-tax						$	237					$	155					$	104					$	86					$	186
After-tax						$	187					$	122					$	82					$	67					$	147

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

($ in millions, net of tax)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Underwriting gain (loss)						$	(529)					$	380					$	631					$	907					$	535
Net investment income						141						141						157						162						155
Other income						14						13						19						17						14
Segment income (loss)						$	(374)					$	534					$	807					$	1,086					$	704
Combined ratio (1)
Loss and loss adjustment expense ratio						91.0		%				64.0		%				56.4		%				49.4		%				58.8		%
Underwriting expense ratio						24.2		%				24.4		%				24.9		%				24.6		%				24.1		%
Combined ratio						115.2		%				88.4		%				81.3		%				74.0		%				82.9		%
Impact on combined ratio:
Net favorable prior year reserve development						(5.6)		%				(3.6)		%				(2.4)		%				(1.9)		%				(4.5)		%
Catastrophes, net of reinsurance						40.9		%				12.7		%				6.0		%				0.8		%				9.1		%
Underlying combined ratio						79.9		%				79.3		%				77.7		%				75.1		%				78.3		%
(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)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Billing and policy fees and other						$	24					$	24					$	23					$	24					$	21
Fee income						$	11					$	13					$	13					$	13					$	10
Non-insurance general and administrative expenses						$	6					$	6					$	5					$	6					$	14

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory underwriting
Gross written premiums						$	4,021					$	4,700					$	4,848					$	4,264					$	3,748
Net written premiums						$	3,818					$	4,666					$	4,718					$	4,244					$	3,486
Net earned premiums						$	4,250					$	4,355					$	4,393					$	4,397					$	4,094
Losses and loss adjustment expenses						3,867						2,787						2,476						2,173						2,410
Underwriting expenses						976						1,122						1,161						1,066						937
Statutory underwriting gain (loss)						$	(593)					$	446					$	756					$	1,158					$	747
Policies in force (in thousands)
Automobile						3,118						3,083						3,050						3,025						2,819
Homeowners and Other						5,980						5,882						5,768						5,679						5,449

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net written premiums by product line
Domestic
Automobile						$	1,859					$	1,968					$	2,062					$	1,856					$	1,756
Homeowners and Other						1,813						2,520						2,489						2,229						1,730
Total Domestic						3,672						4,488						4,551						4,085						3,486
International						146						178						167						159						—
Total						$	3,818					$	4,666					$	4,718					$	4,244					$	3,486

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory underwriting
Gross written premiums						$	1,967					$	2,083					$	2,177					$	1,967					$	1,767
Net written premiums						$	1,955					$	2,074					$	2,165					$	1,956					$	1,756
Net earned premiums						$	2,071					$	2,091					$	2,091					$	2,075					$	1,892
Losses and loss adjustment expenses						1,270						1,320						1,300						1,393						1,145
Underwriting expenses						444						477						495						458						415
Statutory underwriting gain						$	357					$	294					$	296					$	224					$	332
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio						61.3		%				63.1		%				62.1		%				67.1		%				60.6		%
Underwriting expense ratio						22.1		%				22.2		%				22.8		%				22.3		%				22.3		%
Combined ratio						83.4		%				85.3		%				84.9		%				89.4		%				82.9		%
Impact on combined ratio:
Net favorable prior year reserve development						(6.0)		%				(5.0)		%				(4.3)		%				(3.0)		%				(6.3)		%
Catastrophes, net of reinsurance						1.9		%				1.3		%				0.9		%				0.2		%				0.9		%
Underlying combined ratio						87.5		%				89.0		%				88.3		%				92.2		%				88.3		%
Catastrophes, net of reinsurance:
Pre-tax						$	39					$	27					$	19					$	4					$	15
After-tax						$	30					$	22					$	15					$	3					$	12
Prior year reserve development - favorable:
Pre-tax						$	125					$	104					$	89					$	61					$	120
After-tax						$	98					$	83					$	70					$	47					$	95
Policies in force (in thousands)						3,118						3,083						3,050						3,025						2,819
Change from prior year quarter						(2.9)		%				(3.1)		%				(3.4)		%				(4.0)		%				(9.6)		%
Change from prior quarter						(1.0)		%				(1.1)		%				(1.1)		%				(0.8)		%				(6.8)		%
(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)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Billing and policy fees and other						$	14					$	15					$	14					$	14					$	13
Fee income						$	6					$	6					$	7					$	7					$	5

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory underwriting
Gross written premiums						$	2,054					$	2,617					$	2,671					$	2,297					$	1,981
Net written premiums						$	1,863					$	2,592					$	2,553					$	2,288					$	1,730
Net earned premiums						$	2,179					$	2,264					$	2,302					$	2,322					$	2,202
Losses and loss adjustment expenses						2,597						1,467						1,176						780						1,265
Underwriting expenses						532						645						666						608						522
Statutory underwriting gain (loss)						$	(950)					$	152					$	460					$	934					$	415
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio						119.2		%				64.8		%				51.1		%				33.6		%				57.4		%
Underwriting expense ratio						26.3		%				26.5		%				26.9		%				26.7		%				25.6		%
Combined ratio						145.5		%				91.3		%				78.0		%				60.3		%				83.0		%
Impact on combined ratio:
Net favorable prior year reserve development						(5.1)		%				(2.2)		%				(0.7)		%				(1.1)		%				(3.0)		%
Catastrophes, net of reinsurance						78.0		%				23.2		%				10.7		%				1.5		%				16.3		%
Underlying combined ratio						72.6		%				70.3		%				68.0		%				59.9		%				69.7		%
Catastrophes, net of reinsurance:
Pre-tax						$	1,699					$	527					$	244					$	33					$	359
After-tax						$	1,343					$	415					$	193					$	27					$	283
Prior year reserve development - favorable:
Pre-tax						$	112					$	51					$	15					$	25					$	66
After-tax						$	89					$	39					$	12					$	20					$	52
Policies in force (in thousands)						5,980						5,882						5,768						5,679						5,449
Change from prior year quarter						(4.1)		%				(4.6)		%				(5.5)		%				(6.3)		%				(8.9)		%
Change from prior quarter						(1.3)		%				(1.6)		%				(1.9)		%				(1.5)		%				(4.1)		%
(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)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Billing and policy fees and other						$	10					$	9					$	9					$	10					$	8
Fee income						$	5					$	7					$	6					$	6					$	5

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Revenues
Other revenues						$	—					$	—					$	—					$	—					$	—
Claims and expenses
Interest expense						99						99						111						116						116
General and administrative expenses						11						12						13						13						13
Total claims and expenses						110						111						124						129						129
Loss before income tax benefit						(110)						(111)						(124)						(129)						(129)
Income tax benefit						(24)						(24)						(27)						(26)						(28)
Loss						$	(86)					$	(87)					$	(97)					$	(103)					$	(101)

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

22

The Travelers Companies, Inc. Consolidated Balance Sheet

($ and shares in millions)						March 31, 2026						December 31, 2025
Assets
Fixed maturities, available for sale, at fair value (amortized cost $93,742 and $91,717; allowance for expected credit losses of $3 and $3)						$	90,736					$	89,833
Equity securities, at fair value (cost $428 and $457)						591						618
Real estate investments						899						900
Short-term securities						6,660						5,716
Other investments						4,092						4,115
Total investments						102,978						101,182
Cash (including restricted cash of $134 and $132)						615						842
Investment income accrued						801						877
Premiums receivable (net of allowance for expected credit losses of $60 and $58)						11,423						10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $130 and $129)						7,988						7,886
Ceded unearned premiums						1,877						1,283
Deferred acquisition costs						3,587						3,518
Deferred taxes						1,101						887
Contractholder receivables (net of allowance for expected credit losses of $14 and $16)						3,051						3,010
Goodwill						4,060						4,066
Other intangible assets						331						336
Other assets						4,497						4,279
Assets held for sale (1)						—						4,550
Total assets						$	142,309					$	143,708
Liabilities
Claims and claim adjustment expense reserves						$	66,912					$	65,737
Unearned premium reserves						22,772						22,431
Contractholder payables						3,065						3,026
Payables for reinsurance premiums						1,123						529
Debt						9,268						9,267
Other liabilities						7,183						7,282
Liabilities held for sale (1)						—						2,542
Total liabilities						110,323						110,814
Shareholders’ equity
Common stock (1,750.0 shares authorized; 212.6 and 217.5 shares issued and outstanding)						26,092						25,910
Retained earnings						56,404						54,931
Accumulated other comprehensive loss						(3,078)						(2,500)
Treasury stock, at cost (582.5 and 575.9 shares)						(47,432)						(45,447)
Total shareholders’ equity						31,986						32,894
Total liabilities and shareholders’ equity						$	142,309					$	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

(at carrying value, $ in millions)						March 31, 2026						Pre-tax Book Yield (1)						December 31, 2025 (2)						Pre-tax Book Yield (1)
Investment portfolio
Taxable fixed maturities						$	63,394					4.16		%				$	63,051					4.11		%
Tax-exempt fixed maturities						27,342						3.35		%				26,782						3.29		%
Total fixed maturities						90,736						3.91		%				89,833						3.86		%
Non-redeemable preferred stocks						33						2.01		%				35						1.64		%
Common stocks						558												583
Total equity securities						591												618
Real estate investments						899												900
Short-term securities						6,660						3.78		%				5,716						3.86		%
Private equities						2,732												2,749
Hedge funds						208												212
Real estate partnerships						821												832
Other investments						331												322
Total other investments						4,092												4,115
Total investments						$	102,978											$	101,182
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity						$	(2,378)											$	(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

(at carrying value, $ in millions)						March 31, 2026												December 31, 2025 (1)
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies						$	3,383											$	3,857
Obligations of U.S. states and political subdivisions:
Pre-refunded						369												416
All other						31,611												30,962
Total						31,980												31,378
Debt securities issued by foreign governments						358												312
Mortgage-backed securities - principally obligations of U.S. Government agencies						12,848												13,232
Corporate and all other bonds						42,167												41,054
Total fixed maturities						$	90,736											$	89,833
Fixed Maturities Quality Characteristics (2)
						March 31, 2026												December 31, 2025 (1)
						Amount						% of Total						Amount						% of Total
Quality Ratings
Aaa						$	25,220					27.8		%				$	24,898					27.7		%
Aa						32,538						35.9						33,027						36.7
A						20,512						22.6						19,660						21.9
Baa						11,420						12.5						11,198						12.5
Total investment grade						89,690						98.8						88,783						98.8
Ba						839						1.0						812						1.0
B						182						0.2						205						0.2
Caa and lower						25						—						33						—
Total below investment grade						1,046						1.2						1,050						1.2
Total fixed maturities						$	90,736					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 purchases						4.9												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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Gross investment income
Fixed maturities						$	812					$	833					$	874					$	914					$	899
Short-term securities						57						55						73						68						75
Other						76						67						101						82						47
						945						955						1,048						1,064						1,021
Investment expenses						15						13						15						10						13
Net investment income, pre-tax						930						942						1,033						1,054						1,008
Income taxes						167						168						183						187						175
Net investment income, after-tax						$	763					$	774					$	850					$	867					$	833
Effective tax rate						17.9		%				17.9		%				17.8		%				17.7		%				17.4		%
Average invested assets (1) (2)						$101,000						$102,173						$105,655						$107,932						$106,666
Average yield pre-tax (1)						3.7		%				3.7		%				3.9		%				3.9		%				3.8		%
Average yield after-tax						3.0		%				3.0		%				3.2		%				3.2		%				3.1		%

(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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Net realized investment gains (losses)
Fixed maturities						$	(31)					$	(17)					$	(2)					$	(19)					$	(22)
Equity securities						(22)						20						39						8						1
Other (1)						(8)						3						(10)						(9)						70
Realized investment gains (losses) before tax						(61)						6						27						(20)						49
Related taxes						(13)						1						6						(5)						34
Net realized investment gains (losses)						$	(48)					$	5					$	21					$	(15)					$	15
Gross investment gains						$	4					$	41					$	45					$	13					$	277
Gross investment losses before impairments						(63)						(35)						(18)						(33)						(225)
Net investment gains (losses) before impairments						(59)						6						27						(20)						52
Net impairment (charges) recoveries						(2)						—						—						—						(3)
Net realized investment gains (losses) before tax						(61)						6						27						(20)						49
Related taxes						(13)						1						6						(5)						34
Net realized investment gains (losses)						$	(48)					$	5					$	21					$	(15)					$	15
($ in millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 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)
Other						(1)						2						(3)						(3)						(5)
Unrealized investment gains (losses) before tax						(4,172)						(3,831)						(2,484)						(1,862)						(3,008)
Related taxes						(873)						(800)						(514)						(384)						(630)
Balance, end of period						$	(3,299)					$	(3,031)					$	(1,970)					$	(1,478)					$	(2,378)

(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

($ in millions)						March 31, 2026						December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)						$	4,364					$	4,352
Gross structured settlements (2)						2,279						2,469
Mandatory pools and associations (3)						1,475						1,485
Gross reinsurance recoverables (4)						8,118						8,306
Allowance for estimated uncollectible reinsurance (5)						(130)						(135)
Less amounts classified as held for sale						—						285
Net reinsurance recoverables						$	7,988					$	7,886

(1)  The Company’s top five reinsurer groups, including retroactive reinsurance, included in gross reinsurance recoverables is as follows:

Reinsurer

A.M. Best Rating of Group's Predominant Reinsurer

March 31, 2026

Swiss Re Group

A+ second highest of 16 ratings

$

658

Berkshire Hathaway

A++ highest of 16 ratings

411

Munich Re Group

A+ second highest of 16 ratings

363

Sompo Group

A+ second highest of 16 ratings

236

Fairfax Financial Group

A+ second highest of 16 ratings

220

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:

Group

A.M. Best Rating of Group's Predominant Insurer

March 31, 2026

Fidelity & Guaranty Life Group

A third highest of 16 ratings

$

628

Genworth Financial Group

B- eighth highest of 16 ratings

312

Symetra Financial Corporation

A third highest of 16 ratings

160

Brighthouse Financial, Inc.

A third highest of 16 ratings

158

John Hancock Group

A+ second highest of 16 ratings

152

(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 March 31, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $5.97 billion, or 90%, 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, 94% were rated A- or better.  The remaining 10% of reinsurance recoverables comprised the following:  5% related to captive insurance companies, 1% related to voluntary pools and 4% 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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period						$	42,909					$	43,742					$	44,477					$	45,148					$	45,383
Incurred						3,650						3,530						3,614						3,138						3,463
Paid						(2,847)						(2,890)						(2,915)						(2,912)						(2,635)
Foreign exchange and other (1)						30						95						(28)						9						(612)
End of period						$	43,742					$	44,477					$	45,148					$	45,383					$	45,599
Bond & Specialty Insurance
Beginning of period						$	4,938					$	5,072					$	5,249					$	5,304					$	5,367
Incurred						430						414						447						457						437
Paid						(325)						(307)						(372)						(396)						(336)
Foreign exchange and other (1)						29						70						(20)						2						(137)
End of period						$	5,072					$	5,249					$	5,304					$	5,367					$	5,331
Personal Insurance
Beginning of period						$	8,479					$	9,277					$	9,346					$	9,168					$	8,997
Incurred						3,867						2,787						2,476						2,173						2,410
Paid						(3,069)						(2,767)						(2,635)						(2,357)						(2,213)
Foreign exchange and other (1)						—						49						(19)						13						(909)
End of period						$	9,277					$	9,346					$	9,168					$	8,997					$	8,285
Total
Beginning of period						$	56,326					$	58,091					$	59,072					$	59,620					$	59,747
Incurred						7,947						6,731						6,537						5,768						6,310
Paid						(6,241)						(5,964)						(5,922)						(5,665)						(5,184)
Foreign exchange and other (1)						59						214						(67)						24						(1,658)
End of period						$	58,091					$	59,072					$	59,620					$	59,747					$	59,215
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos						$	—					$	—					$	277					$	—					$	—
All other						(74)						(79)						(152)						(205)						(162)
Total Business Insurance (2)						(74)						(79)						125						(205)						(162)
Bond & Specialty Insurance						(67)						(81)						(43)						(30)						(65)
Personal Insurance						(237)						(155)						(104)						(86)						(186)
Total						$	(378)					$	(315)					$	(22)					$	(321)					$	(413)

(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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Asbestos reserves
Beginning reserves:
Gross						$	1,708					$	1,636					$	1,555					$	1,798					$	1,700
Ceded						(370)						(357)						(318)						(352)						(345)
Net						1,338						1,279						1,237						1,446						1,355
Incurred losses and loss expenses:
Gross						—						—						327						—						—
Ceded						—						—						(50)						—						—
Paid loss and loss expenses:
Gross						72						83						84						98						77
Ceded						(13)						(39)						(16)						(8)						(15)
Foreign exchange and other:
Gross						—						2						—						—						—
Ceded						—						—						—						(1)						—
Ending reserves:
Gross						1,636						1,555						1,798						1,700						1,623
Ceded						(357)						(318)						(352)						(345)						(330)
Net						$	1,279					$	1,237					$	1,446					$	1,355					$	1,293

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

30

The Travelers Companies, Inc. Capitalization

($ in millions)						March 31, 2026						December 31, 2025
Debt
Short-term debt
Commercial paper						$	100					$	100
7.75% Senior notes due April 15, 2026						200						200
Total short-term debt						300						300
Long-term debt
7.625% Junior subordinated debentures due December 15, 2027						125						125
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, 2045						56						56
3.75% Senior notes due May 15, 2046 (1)						500						500
8.312% Junior subordinated debentures due July 1, 2046						73						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 debt						9,054						9,054
Unamortized fair value adjustment						31						31
Unamortized debt issuance costs						(117)						(118)
						8,968						8,967
Total debt						9,268						9,267
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)						34,364						34,372
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)						$	43,632					$	43,639
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)						21.2		%				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

($ in millions)						March 31, 2026 (1)						December 31, 2025
Statutory capital and surplus						$	31,063					$	31,064
GAAP adjustments
Goodwill and intangible assets						3,430						3,640
Investments						(2,291)						(1,238)
Noninsurance companies						(4,907)						(4,876)
Deferred acquisition costs						3,449						3,478
Deferred federal income tax						(111)						(446)
Current federal income tax						(7)						(6)
Reinsurance recoverables						160						41
Furniture, equipment & software						877						948
Agents balances						224						182
Other						99						107
Total GAAP adjustments						923						1,830
GAAP shareholders’ equity						$	31,986					$	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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Cash flows from operating activities
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses						61						(6)						(27)						20						(49)
Depreciation and amortization						188						164						166						162						193
Deferred federal income tax expense (benefit)						31						(83)						320						(58)						51
Amortization of deferred acquisition costs						1,778						1,802						1,849						1,837						1,766
Equity in income from other investments						(53)						(42)						(74)						(57)						(23)
Premiums receivable						(459)						(438)						412						370						(434)
Reinsurance recoverables						(97)						78						(250)						132						(108)
Deferred acquisition costs						(1,822)						(1,917)						(1,877)						(1,757)						(1,837)
Claims and claim adjustment expense reserves						1,818						725						845						(88)						1,211
Unearned premium reserves						419						495						331						(661)						351
Other						(899)						47						644						289						(634)
Net cash provided by operating activities						1,360						2,334						4,227						2,685						2,198
Cash flows from investing activities
Proceeds from maturities of fixed maturities						2,801						3,071						2,886						2,902						3,014
Proceeds from sales of investments:
Fixed maturities						253						348						178						53						251
Equity securities						68						32						31						29						52
Other investments						63						79						68						111						60
Purchases of investments:
Fixed maturities						(4,296)						(4,847)						(5,376)						(4,252)						(5,356)
Equity securities						(25)						(35)						(34)						(32)						(25)
Real estate investments						(7)						(6)						(10)						(25)						(12)
Other investments						(96)						(80)						(86)						(84)						(69)
Net sales (purchases) of short-term securities						239						(215)						(2,051)						1,082						(945)
Securities transactions in the course of settlement						308						64						(4)						(224)						430
Proceeds from the divestiture of the Canadian business						—						—						—						—						2,384
Other						(116)						(127)						(155)						(135)						(119)
Net cash used in investing activities						(808)						(1,716)						(4,553)						(575)						(335)

33

The Travelers Companies, Inc. Statement of Cash Flows (Continued)

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations						(250)						(500)						(619)						(1,635)						(1,785)
Treasury stock acquired - net employee share-based compensation						(102)						(22)						(1)						(2)						(149)
Dividends paid to shareholders						(240)						(250)						(247)						(242)						(237)
Issuance of debt						—						—						1,233						—						—
Issuance of common stock - employee share options						57						70						36						51						86
Net cash provided by (used in) financing activities						(535)						(702)						402						(1,828)						(2,085)
Effect of exchange rate changes on cash and restricted cash						8						19						(6)						2						(5)
Net increase (decrease) in cash and restricted cash						25						(65)						70						284						(227)
Cash and restricted cash at beginning of period						699						724						659						729						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
Supplemental disclosure of cash flow information
Income taxes paid						$	24					$	538					$	194					$	518					$	12
Interest paid						$	61					$	136					$	60					$	136					$	94

34

The Travelers Companies, Inc. Glossary of Financial Measures and Description of Reportable Business Segments

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, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026
Shareholders’ equity						$	28,191					$	29,518					$	31,609					$	32,894					$	31,986
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity						3,299						3,031						1,970						1,478						2,378
Net realized investment (gains) losses, net of tax						48						43						22						37						(15)
Adjusted shareholders’ equity						$	31,538					$	32,592					$	33,601					$	34,409					$	34,349

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

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 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

FAQ

How did Travelers (TRV) perform financially in the first quarter of 2026?

Travelers reported very strong first quarter 2026 results, with net income of $1.711 billion versus $395 million a year earlier. Core income rose to $1.696 billion, supported by lower catastrophe losses, higher net investment income, and an improved 88.6% combined ratio.

What were Travelers (TRV) earnings per share and return on equity for Q1 2026?

In Q1 2026, Travelers generated diluted net income per share of $7.78 and core income per share of $7.71. Return on equity was 21.1%, while core return on equity reached 19.7%, reflecting significantly stronger profitability than the prior-year quarter.

How did catastrophe losses affect Travelers (TRV) in the first quarter of 2026?

Catastrophe losses in Q1 2026 were $761 million pre-tax, mainly from severe wind, hail and winter storms, down from $2.266 billion a year earlier. This reduction improved the combined ratio by 14.0 points and was a major driver of higher core income.

What was Travelers (TRV) combined ratio and underwriting performance in Q1 2026?

Travelers reported an excellent 88.6% combined ratio and an 85.3% underlying combined ratio in Q1 2026. Underwriting income reached $1.173 billion pre-tax, supported by $413 million of net favorable prior-year reserve development and strong results across all three segments.

How much capital did Travelers (TRV) return to shareholders in Q1 2026?

During Q1 2026, Travelers returned $2.223 billion of capital to shareholders. This included $1.985 billion of share repurchases and dividends. The Board also approved a 14% increase in the regular quarterly cash dividend to $1.25 per share.

What were Travelers (TRV) Q1 2026 net written premiums and segment trends?

Net written premiums for Q1 2026 were $10.338 billion. Business Insurance grew 2% to $5.786 billion, Bond & Specialty Insurance rose 7% to $1.066 billion, while Personal Insurance declined 9% to $3.486 billion, partly reflecting the sale of Canadian operations.

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