Travelers (NYSE: TRV) boosts Q2 EPS to $10.26 and returns $1.58B

Rhea-AI Filing Summary

The Travelers Companies, Inc. reported very strong second quarter 2026 results, with net income of $2.208 billion and diluted EPS of $10.26, up from $1.509 billion and $6.53 a year earlier. Core income was $2.160 billion, or $10.04 per diluted share. The consolidated combined ratio improved to 83.6% from 90.3%, while catastrophe losses fell to $518 million pre-tax from $927 million and net favorable prior year reserve development rose to $578 million pre-tax. After-tax net investment income increased 14% to $883 million. Return on equity reached 27.1% and core return on equity 24.9%.

Net written premiums for the quarter were $11.529 billion, comparable with the prior year quarter, with growth in Business Insurance and Bond & Specialty Insurance and lower Personal Insurance premiums, as well as the effect of the Canadian divestiture. Underlying underwriting income was $1.678 billion pre-tax and the underlying combined ratio was 84.1%. Shareholders’ equity was $33.121 billion at June 30, 2026; book value per share rose to $158.81 and adjusted book value per share to $168.20. During the quarter the company returned $1.577 billion of capital to shareholders, including $1.311 billion of share repurchases, and declared a quarterly dividend of $1.25 per share.

Filing Explained

The July 17, 2026 Form 8-K furnishes Travelers’ second-quarter results under Item 2.02; its exhibits are furnished rather than filed, and the unaudited supplement is to be read with the Form 10-Q the company says it will file.

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.

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Available on EDGAR 07/17/2026 - 06:58 AM Accepted by SEC EDGAR 07/17/2026 - 06:58 AM Learn about SEC filing dates

0000086312false00000863122026-07-172026-07-17

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): July 17, 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 July 17, 2026, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2026, and the availability of the Company’s second 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 July 17, 2026, reporting results of operations (This exhibit is furnished and not filed.)
99.2						Second 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:			July 17, 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 Second Quarter and Year-to-Date Results

Second Quarter 2026 Net Income per Diluted Share of $10.26 and Core Income per Diluted Share of $10.04

Second Quarter 2026 Return on Equity of 27.1% and Core Return on Equity of 24.9%

•Second quarter net income of $2.208 billion and core income of $2.160 billion.

•Underlying underwriting income of $1.678 billion pre-tax.

•Improved consolidated combined ratio of 83.6% and underlying combined ratio of 84.1%.

•Catastrophe losses of $518 million pre-tax, compared to $927 million pre-tax in the prior year quarter.

•Net favorable prior year reserve development in all three segments totaled $578 million pre-tax.

•Net written premiums of $11.529 billion.

•Net investment income increased 14% to $883 million after-tax.

•Total capital of $1.577 billion returned to shareholders, including $1.311 billion of share repurchases.

New York, July 17, 2026 — The Travelers Companies, Inc. today reported net income of $2.208 billion, or $10.26 per diluted share, for the quarter ended June 30, 2026, compared to $1.509 billion, or $6.53 per diluted share, in the prior year quarter. Core income in the current quarter was $2.160 billion, or $10.04 per diluted share, compared to $1.504 billion, or $6.51 per diluted share, in the prior year quarter. Core income increased primarily due to lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income and a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses). Net realized investment gains in the current quarter were $60 million pre-tax ($48 million after-tax), compared to $6 million pre-tax ($5 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 June 30,																		Six Months Ended June 30,
						2026						2025						Change						2026						2025						Change
Net written premiums						$	11,529					$	11,543					—		%				$	21,867					$	22,058					(1)		%
Total revenues						$	12,153					$	12,116					—						$	24,077					$	23,926					1
Net income						$	2,208					$	1,509					46						$	3,919					$	1,904					106
per diluted share						$	10.26					$	6.53					57						$	18.01					$	8.23					119
Core income						$	2,160					$	1,504					44						$	3,856					$	1,947					98
per diluted share						$	10.04					$	6.51					54						$	17.73					$	8.42					111
Diluted weighted average shares outstanding						213.6						229.3						(7)						216.0						229.7						(6)
Combined ratio						83.6		%				90.3		%				(6.7)			pts			86.1		%				96.3		%				(10.2)			pts
Underlying combined ratio						84.1		%				84.7		%				(0.6)			pts			84.7		%				84.7		%				—			pts
Return on equity						27.1		%				20.9		%				6.2			pts			24.1		%				13.4		%				10.7			pts
Core return on equity						24.9		%				18.8		%				6.1			pts			22.3		%				12.3		%				10.0			pts

						As of																		Change From
						June 30, 2026						December 31, 2025						June 30, 2025						December 31, 2025						June 30, 2025
Book value per share						$	158.81					$	151.21					$	131.11					5		%				21		%
Adjusted book value per share						168.20						158.01						144.57						6		%				16		%

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

1

“We are pleased to report excellent second quarter results with very strong underwriting performance across all three segments and a terrific result from our investment portfolio,” said Alan Schnitzer, Chairman and Chief Executive Officer. “Core income for the quarter was $2.2 billion, or $10.04 per diluted share. Core return on equity for the quarter was 24.9%, bringing core return on equity over the last four quarters to 24.2%. Second quarter underwriting income of $1.7 billion pre-tax benefited from continued strong levels of underlying underwriting income and net favorable prior year development. Reported and underlying profitability were both excellent. The combined ratio improved to 83.6%, and the underlying combined ratio improved to 84.1% driven by a lower underlying loss ratio. Our high-quality investment portfolio generated after-tax net investment income of $883 million, an increase of 14%. These results, along with our exceptionally strong balance sheet, enabled us to return more than $1.5 billion of excess capital to our shareholders during the quarter, including $1.3 billion of share repurchases.

“Through disciplined marketplace execution across all three segments, we generated net written premiums in the quarter of $11.5 billion. In Business Insurance, we grew net written premiums to $6.0 billion, 5% higher than the prior year quarter adjusting for the sale of our Canadian business. We grew our leading Middle Market business by 7% and small commercial Select business by 4%. Renewal premium change in the segment was 4.8%, with stable renewal premium change of 6.1% in our core Middle Market business and higher renewal premium change of 9.4% in our small commercial Select business. Retention remained very strong at 86%, and new business was a record $805 million, up 8% over the prior year quarter. In Bond & Specialty Insurance, we grew net written premiums by 14% to $1.2 billion. In our high-quality Management Liability business renewal premium change remained steady while retention improved to an excellent 88%. New business in the segment was up 8% over the prior year quarter. In our leading Surety business, we grew net written premiums by 40%, reflecting success with large projects and continued strong production across the portfolio. In Personal Insurance, we generated net written premiums of $4.3 billion, with solid retention in both Auto and Homeowners and higher new business in our Homeowners business.

“The strong results we have delivered in the first half of the year reflect durable underlying fundamentals, the discipline with which we manage our balance sheet and the successful execution of our winning strategy. The scale of our earnings and cash flow enable us to invest in differentiating technology, including AI, at a level that sets us apart, further strengthening the competitive advantages that power those results. Operating from this position of strength, we remain highly confident in the outlook for Travelers.”

2

Consolidated Results

						Three Months Ended June 30,																		Six Months Ended June 30,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change						2026						2025						Change
Underwriting gain:						$	1,738					$	1,022					$	716					$	2,911					$	717					$	2,194
Underwriting gain includes:
Net favorable prior year reserve development						578						315						263						991						693						298
Catastrophes, net of reinsurance						(518)						(927)						409						(1,279)						(3,193)						1,914
Net investment income						1,070						942						128						2,078						1,872						206
Other income (expense), including interest expense						(101)						(89)						(12)						(212)						(185)						(27)
Core income before income taxes						2,707						1,875						832						4,777						2,404						2,373
Income tax expense						547						371						176						921						457						464
Core income						2,160						1,504						656						3,856						1,947						1,909
Net realized investment gains (losses) after income taxes						48						5						43						63						(43)						106
Net income						$	2,208					$	1,509					$	699					$	3,919					$	1,904					$	2,015
Combined ratio						83.6		%				90.3		%				(6.7)			pts			86.1		%				96.3		%				(10.2)			pts
Impact on combined ratio
Net favorable prior year reserve development						(5.4)			pts			(2.9)			pts			(2.5)			pts			(4.6)			pts			(3.2)			pts			(1.4)			pts
Catastrophes, net of reinsurance						4.9			pts			8.5			pts			(3.6)			pts			6.0			pts			14.8			pts			(8.8)			pts
Underlying combined ratio						84.1		%				84.7		%				(0.6)			pts			84.7		%				84.7		%				—			pts
Net written premiums
Business Insurance						$	5,984					$	5,792					3		%				$	11,770					$	11,490					2		%
Bond & Specialty Insurance						1,237						1,085						14						2,303						2,084						11
Personal Insurance						4,308						4,666						(8)						7,794						8,484						(8)
Total						$	11,529					$	11,543					—		%				$	21,867					$	22,058					(1)		%

Second Quarter 2026 Results

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

Net income of $2.208 billion increased $699 million, driven by higher core income and higher net realized investment gains. Core income of $2.160 billion increased $656 million, primarily due to lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income and a higher underlying underwriting gain. Net realized investment gains were $60 million pre-tax ($48 million after-tax), compared to $6 million pre-tax ($5 million after-tax) in the prior year quarter.

Combined ratio:

•The combined ratio of 83.6% improved 6.7 points due to lower catastrophe losses (3.6 points), higher net favorable prior year reserve development (2.5 points) and an improvement in the underlying combined ratio (0.6 points).

•The underlying combined ratio improved 0.6 points to an excellent 84.1%. See below for further details by segment.

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

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

Net investment income of $1.070 billion pre-tax ($883 million after-tax) increased 14%, driven by the long-term fixed income investment portfolio which benefited from a higher yield and growth in average invested assets.

3

Net written premiums of $11.529 billion were comparable with the prior year quarter. Net written premiums in the prior year quarter included $273 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 2% over the prior year quarter. See below for further details by segment.

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Net income of $3.919 billion increased $2.015 billion, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year period. Core income of $3.856 billion increased $1.909 billion, primarily due to lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income and a higher underlying underwriting gain. Net realized investment gains were $109 million pre-tax ($63 million after-tax), compared to net realized investment losses of $55 million pre-tax ($43 million after-tax) in the prior year period.

Combined ratio:

•The combined ratio of 86.1% improved 10.2 points due to lower catastrophe losses (8.8 points) and higher net favorable prior year reserve development (1.4 points).

•The underlying combined ratio of 84.7% was comparable with the prior year period. See below for further details by segment.

•The underwriting expense ratio increased 0.6 points to 29.0%. The Company expects 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 included the second quarter events described above, as well as severe wind and hail storms and winter storms in multiple states in the first three months of 2026.

Net investment income of $2.078 billion pre-tax ($1.716 billion after-tax) increased 11% driven by the same factors described above for the second quarter of 2026.

Net written premiums of $21.867 billion decreased 1%. Net written premiums in the prior year period included $496 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 1% over the prior year period. See below for further details by segment.

Shareholders’ Equity

Shareholders’ equity of $33.121 billion increased 1% over year-end 2025, primarily due to net income of $3.919 billion, partially offset by common share repurchases, dividends to shareholders and higher net unrealized investment losses. Net unrealized investment losses included in shareholders’ equity were $2.478 billion pre-tax ($1.960 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 $158.81 increased 5% over year-end 2025. Adjusted book value per share of $168.20, which excludes net unrealized investment losses, increased 6% over year-end 2025.

The Company repurchased 4.3 million shares of its common stock during the second quarter at an average price of $304.06 per share for a total cost of $1.311 billion. At June 30, 2026, the Company had $3.915 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 $31.433 billion, and the ratio of debt-to-capital was 21.5%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders’ equity was 20.5%, within the Company’s target range of 15% to 25%.

4

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

Business Insurance Segment Financial Results

						Three Months Ended June 30,																		Six Months Ended June 30,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change						2026						2025						Change
Underwriting gain:						$	728					$	346					$	382					$	1,058					$	541					$	517
Underwriting gain includes:
Net favorable prior year reserve development						319						79						240						481						153						328
Catastrophes, net of reinsurance						(238)						(368)						130						(617)						(877)						260
Net investment income						762						662						100						1,470						1,318						152
Other income (expense)						8						2						6						5						(7)						12
Segment income before income taxes						1,498						1,010						488						2,533						1,852						681
Income tax expense						300						197						103						496						356						140
Segment income						$	1,198					$	813					$	385					$	2,037					$	1,496					$	541
Combined ratio						86.8		%				93.6		%				(6.8)			pts			90.2		%				94.9		%				(4.7)			pts
Impact on combined ratio
Net favorable prior year reserve development						(5.7)			pts			(1.4)			pts			(4.3)			pts			(4.4)			pts			(1.4)			pts			(3.0)			pts
Catastrophes, net of reinsurance						4.3			pts			6.7			pts			(2.4)			pts			5.6			pts			8.0			pts			(2.4)			pts
Underlying combined ratio						88.2		%				88.3		%				(0.1)			pts			89.0		%				88.3		%				0.7			pts
Net written premiums by market
Domestic
Select Accounts						$	1,040					$	1,004					4		%				$	2,046					$	1,980					3		%
Middle Market						3,235						3,034						7						6,564						6,200						6
National Accounts						344						329						5						687						641						7
National Property and Other						866						885						(2)						1,557						1,605						(3)
Total Domestic						5,485						5,252						4						10,854						10,426						4
International						499						540						(8)						916						1,064						(14)
Total						$	5,984					$	5,792					3		%				$	11,770					$	11,490					2		%

Second Quarter 2026 Results

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

Segment income for Business Insurance was $1.198 billion after-tax, an increase of $385 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income.

Combined ratio:

•The combined ratio of 86.8% improved 6.8 points due to higher net favorable prior year reserve development (4.3 points), lower catastrophe losses (2.4 points) and an improvement in the underlying combined ratio (0.1 points).

•The underlying combined ratio was an excellent 88.2%.

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

Net written premiums of $5.984 billion increased 3%. Net written premiums in the prior year quarter included $79 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 5%.

5

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Business Insurance was $2.037 billion after-tax, an increase of $541 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income, partially offset by a lower underlying underwriting gain.

Combined ratio:

•The combined ratio of 90.2% improved 4.7 points due to higher net favorable prior year reserve development (3.0 points) and lower catastrophe losses (2.4 points), partially offset by a higher underlying combined ratio (0.7 points).

•The underlying combined ratio was an excellent 89.0%.

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

Net written premiums of $11.770 billion increased 2%. Net written premiums in the prior year period 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 grew 4%. 

Bond & Specialty Insurance Segment Financial Results

						Three Months Ended June 30,																		Six Months Ended June 30,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change						2026						2025						Change
Underwriting gain:						$	178					$	196					$	(18)					$	344					$	366					$	(22)
Underwriting gain includes:
Net favorable prior year reserve development						75						81						(6)						140						148						(8)
Catastrophes, net of reinsurance						(4)						(5)						1						(12)						(24)						12
Net investment income						113						107						6						226						209						17
Other income						4						3						1						7						8						(1)
Segment income before income taxes						295						306						(11)						577						583						(6)
Income tax expense						61						62						(1)						89						119						(30)
Segment income						$	234					$	244					$	(10)					$	488					$	464					$	24
Combined ratio						82.8		%				80.3		%				2.5			pts			83.0		%				81.4		%				1.6			pts
Impact on combined ratio
Net favorable prior year reserve development						(7.2)			pts			(8.0)			pts			0.8			pts			(6.8)			pts			(7.3)			pts			0.5			pts
Catastrophes, net of reinsurance						0.4			pts			0.5			pts			(0.1)			pts			0.6			pts			1.2			pts			(0.6)			pts
Underlying combined ratio						89.6		%				87.8		%				1.8			pts			89.2		%				87.5		%				1.7			pts
Net written premiums
Domestic
Management Liability						$	611					$	589					4		%				$	1,183					$	1,142					4		%
Surety						480						342						40						861						675						28
Total Domestic						1,091						931						17						2,044						1,817						12
International						146						154						(5)						259						267						(3)
Total						$	1,237					$	1,085					14		%				$	2,303					$	2,084					11		%

6

Second Quarter 2026 Results

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

Segment income for Bond & Specialty Insurance was $234 million after-tax, a decrease of $10 million. Segment income decreased primarily due to a lower underlying underwriting gain and lower net favorable prior year reserve development, partially offset by higher net investment income.

Combined ratio:

•The combined ratio of 82.8% increased 2.5 points due to a higher underlying combined ratio (1.8 points) and lower net favorable prior year reserve development (0.8 points), partially offset by lower catastrophe losses (0.1 points).

•The underlying combined ratio was very strong at 89.6%.

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

Net written premiums of $1.237 billion increased 14%. Net written premiums in the prior year quarter included $16 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 16%.

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $488 million after-tax, an increase of $24 million. Segment income increased primarily due to higher net investment income, lower catastrophe losses and a higher underlying underwriting gain, partially offset by lower net favorable prior year reserve development. The underlying underwriting gain benefited from a non-recurring tax item.

Combined ratio:

•The combined ratio of 83.0% increased 1.6 points due to a higher underlying combined ratio (1.7 points) and lower net favorable prior year reserve development (0.5 points), partially offset by lower catastrophe losses (0.6 points).

•The underlying combined ratio was very strong at 89.2%.

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

Net written premiums of $2.303 billion increased 11%. Net written premiums in the prior year period included $26 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 12%.

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Personal Insurance Segment Financial Results

						Three Months Ended June 30,																		Six Months Ended June 30,
($ in millions and pre-tax, unless noted otherwise)						2026						2025						Change						2026						2025						Change
Underwriting gain (loss):						$	832					$	480					$	352					$	1,509					$	(190)					$	1,699
Underwriting gain (loss) includes:
Net favorable prior year reserve development						184						155						29						370						392						(22)
Catastrophes, net of reinsurance						(276)						(554)						278						(650)						(2,292)						1,642
Net investment income						195						173						22						382						345						37
Other income						13						17						(4)						31						35						(4)
Segment income before income taxes						1,040						670						370						1,922						190						1,732
Income tax expense						213						136						77						391						30						361
Segment income						$	827					$	534					$	293					$	1,531					$	160					$	1,371
Combined ratio						79.5		%				88.4		%				(8.9)			pts			81.2		%				101.7		%				(20.5)			pts
Impact on combined ratio
Net favorable prior year reserve development						(4.5)			pts			(3.6)			pts			(0.9)			pts			(4.5)			pts			(4.5)			pts			—			pts
Catastrophes, net of reinsurance						6.7			pts			12.7			pts			(6.0)			pts			7.9			pts			26.6			pts			(18.7)			pts
Underlying combined ratio						77.3		%				79.3		%				(2.0)			pts			77.8		%				79.6		%				(1.8)			pts
Net written premiums
Domestic
Automobile						$	1,858					$	1,968					(6)		%				$	3,614					$	3,827					(6)		%
Homeowners and Other						2,450						2,520						(3)						4,180						4,333						(4)
Total Domestic						4,308						4,488						(4)						7,794						8,160						(4)
International						—						178						(100)						—						324						(100)
Total						$	4,308					$	4,666					(8)		%				$	7,794					$	8,484					(8)		%

Second Quarter 2026 Results

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

Segment income for Personal Insurance was $827 million after-tax, an increase of $293 million. Segment income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income.

Combined ratio:

•The combined ratio of 79.5% improved 8.9 points due to lower catastrophe losses (6.0 points), an improvement in the underlying combined ratio (2.0 points) and higher net favorable prior year reserve development (0.9 points).

•The underlying combined ratio of 77.3% improved 2.0 points, primarily reflecting improvement in Automobile.

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

Net written premiums of $4.308 billion decreased 8%. Net written premiums in the prior year quarter included $178 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 4%.

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Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Personal Insurance was $1.531 billion after-tax, an increase of $1.371 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 81.2% improved 20.5 points due to lower catastrophe losses (18.7 points) and an improvement in the underlying combined ratio (1.8 points).

•The underlying combined ratio of 77.8% improved 1.8 points, reflecting improvement in both Automobile and Homeowners and Other.

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

Net written premiums of $7.794 billion decreased 8%. Net written premiums in the prior year period included $324 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 4%.

Financial Supplement and Conference Call

The information in this press release should be read in conjunction with the financial supplement that is available on our website at Travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9:00 a.m. Eastern (8:00 a.m. Central) on Friday, July 17, 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.

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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 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;

10

•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.

Business and Operational Risks

•the intense competition that the Company faces, including with respect to attracting and retaining employees, and the impact of innovation, technological change, including with respect to artificial intelligence, and changing customer preferences on the insurance industry and the markets in which it operates;

•disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape;

•the Company’s efforts to develop new products or services, expand in targeted markets, improve business processes and workflows or pursue acquisitions or dispositions may not be successful and may create enhanced risks;

•the Company's pricing and capital models may provide materially different indications than actual results;

•loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company’s products;

•the Company is subject to additional risks associated with its business outside the United States; and

•future pandemics.

Technology and Intellectual Property Risks

•as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions, including the war with Iran) or otherwise, the Company may experience difficulties with technology, data and network security or outsourcing relationships;

•the Company’s dependence on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence; and

•the Company may be unable to protect and enforce its own intellectual property or may be subject to claims for infringing the intellectual property of others.

Regulatory and Compliance Risks

•changes in regulation, including changes in tax laws; and

•the Company's compliance controls may not be effective.

In addition, the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for the Company’s business operations, changes in the levels of written premiums, funding of the Company’s qualified pension plan, regulatory capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors.

Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward Looking Statements” in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on 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

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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.

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 June 30,												Six Months Ended June 30,												Twelve Months Ended June 30,
($ in millions, after-tax)						2026						2025						2026						2025						2026						2025
Net income						$	2,208					$	1,509					$	3,919					$	1,904					$	8,303					$	5,246
Adjustments:
Net realized investment (gains) losses						(48)						(5)						(63)						43						(69)						45
Core income						$	2,160					$	1,504					$	3,856					$	1,947					$	8,234					$	5,291

						Three Months Ended June 30,												Six Months Ended June 30,
($ in millions, pre-tax)						2026						2025						2026						2025
Net income						$	2,767					$	1,881					$	4,886					$	2,349
Adjustments:
Net realized investment (gains) losses						(60)						(6)						(109)						55
Core income						$	2,707					$	1,875					$	4,777					$	2,404

						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 June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Diluted income per share
Net income						$	10.26					$	6.53					$	18.01					$	8.23
Adjustments:
Net realized investment (gains) losses, after-tax						(0.22)						(0.02)						(0.28)						0.19
Core income						$	10.04					$	6.51					$	17.73					$	8.42

Reconciliation of Segment Income to Total Core Income

						Three Months Ended June 30,												Six Months Ended June 30,
($ in millions, after-tax)						2026						2025						2026						2025
Business Insurance						$	1,198					$	813					$	2,037					$	1,496
Bond & Specialty Insurance						234						244						488						464
Personal Insurance						827						534						1,531						160
Total segment income						2,259						1,591						4,056						2,120
Interest Expense and Other						(99)						(87)						(200)						(173)
Total core income						$	2,160					$	1,504					$	3,856					$	1,947

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 June 30,
($ in millions)						2026						2025
Shareholders’ equity						$	33,121					$	29,518
Adjustments:
Net unrealized investment losses, net of tax, included in shareholders’ equity						1,960						3,031
Net realized investment (gains) losses, net of tax						(63)						43
Adjusted shareholders’ equity						$	35,018					$	32,592

						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 June 30,												Six Months Ended June 30,												Twelve Months Ended June 30,
($ in millions, after-tax)						2026						2025						2026						2025						2026						2025
Annualized net income						$	8,833					$	6,036					$	7,838					$	3,808					$	8,303					$	5,246
Average shareholders’ equity						32,553						28,854						32,497						28,441						31,952						27,735
Return on equity						27.1		%				20.9		%				24.1		%				13.4		%				26.0		%				18.9		%
Annualized core income						$	8,640					$	6,015					$	7,713					$	3,894					$	8,234					$	5,291
Adjusted average shareholders’ equity						34,698						32,016						34,529						31,769						34,024						30,879
Core return on equity						24.9		%				18.8		%				22.3		%				12.3		%				24.2		%				17.1		%

						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

14

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

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

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

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

						Three Months Ended June 30,												Six Months Ended June 30,
($ in millions, after-tax, except as noted)						2026						2025						2026						2025
Net income						$	2,208					$	1,509					$	3,919					$	1,904
Net realized investment (gains) losses						(48)						(5)						(63)						43
Core income						2,160						1,504						3,856						1,947
Net investment income						(883)						(774)						(1,716)						(1,537)
Other (income) expense, including interest expense						88						78						180						159
Underwriting income						1,365						808						2,320						569
Income tax expense (benefit) on underwriting results						373						214						591						148
Pre-tax underwriting income						1,738						1,022						2,911						717
Pre-tax impact of net favorable prior year reserve development						(578)						(315)						(991)						(693)
Pre-tax impact of catastrophes						518						927						1,279						3,193
Pre-tax underlying underwriting income						$	1,678					$	1,634					$	3,199					$	3,217

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

						Three Months Ended June 30,												Six Months Ended June 30,
($ in millions, after-tax)						2026						2025						2026						2025
Net income						$	2,208					$	1,509					$	3,919					$	1,904
Net realized investment (gains) losses						(48)						(5)						(63)						43
Core income						2,160						1,504						3,856						1,947
Net investment income						(883)						(774)						(1,716)						(1,537)
Other (income) expense, including interest expense						88						78						180						159
Underwriting income						1,365						808						2,320						569
Impact of net favorable prior year reserve development						(456)						(249)						(781)						(546)
Impact of catastrophes						410						732						1,011						2,522
Underlying underwriting income						$	1,319					$	1,291					$	2,550					$	2,545

15

						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 and billing and policy fees and other, to net earned premiums.

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

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

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

16

Calculation of the Combined Ratio

						Three Months Ended June 30,												Six Months Ended June 30,
($ in millions, pre-tax)						2026						2025						2026						2025
Loss and loss adjustment expense ratio
Claims and claim adjustment expenses						$	5,922					$	6,789					$	12,304					$	14,795
Less:
Policyholder dividends						8						10						20						23
Allocated fee income						49						45						97						90
Loss ratio numerator						$	5,865					$	6,734					$	12,187					$	14,682
Underwriting expense ratio
Amortization of deferred acquisition costs						$	1,786					$	1,802					$	3,552					$	3,580
General and administrative expenses (G&A)						1,565						1,545						3,106						3,004
Less:
Non-insurance G&A						132						113						268						222
Allocated fee income						77						79						150						153
Billing and policy fees and other						22						29						47						57
Expense ratio numerator						$	3,120					$	3,126					$	6,193					$	6,152
Earned premium						$	10,753					$	10,921					$	21,358					$	21,631
Combined ratio (1)
Loss and loss adjustment expense ratio						54.6		%				61.7		%				57.1		%				67.9		%
Underwriting expense ratio						29.0		%				28.6		%				29.0		%				28.4		%
Combined ratio						83.6		%				90.3		%				86.1		%				96.3		%
Impact on combined ratio:
Net favorable prior year reserve development						(5.4)		%				(2.9)		%				(4.6)		%				(3.2)		%
Catastrophes, net of reinsurance						4.9		%				8.5		%				6.0		%				14.8		%
Underlying combined ratio						84.1		%				84.7		%				84.7		%				84.7		%

(1) For purposes of computing ratios, billing and policy fees and other (which are a component of other revenues) are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. 

RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS’ EQUITY TO CERTAIN NON-GAAP MEASURES

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

17

Reconciliation of Shareholders’ Equity to Tangible Shareholders’ Equity, Excluding Net Unrealized Investment Gains (Losses), Net of Tax and Calculation of Book Value Per Share, Adjusted Book Value Per Share and Tangible Book Value Per Share

						As of
($ in millions, except per share amounts)						June 30, 2026						December 31, 2025																		June 30, 2025
Shareholders’ equity						$	33,121					$	32,894																	$	29,518
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity						(1,960)						(1,478)																		(3,031)
Common shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity						35,081						34,372																		32,549
Less:
Goodwill (includes $208 million of goodwill classified as held for sale as of December 31, 2025)						4,060						4,274																		4,283
Other intangible assets (includes $1 million of other intangible assets classified as held for sale as of December 31, 2025)						325						337																		348
Impact of deferred tax on other intangible assets						(48)						(93)																		(93)
Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity						$	30,744					$	29,854																	$	28,011
Common shares outstanding						208.6						217.5																		225.1
Book value per share						$	158.81					$	151.21																	$	131.11
Adjusted book value per share						168.20						158.01																		144.57
Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity						147.41						137.24																		124.42

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)						June 30, 2026						December 31, 2025
Debt						$	9,068					$	9,267
Shareholders’ equity						33,121						32,894
Total capitalization						42,189						42,161
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity						(1,960)						(1,478)
Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity						$	44,149					$	43,639
Debt-to-capital ratio						21.5		%				22.0		%
Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity						20.5		%				21.2		%

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

						As of June 30,
($ in millions)						2026						2025
Invested assets						$	103,179					$	98,065
Less: Net unrealized investment losses, pre-tax						(2,478)						(3,831)
Invested assets excluding net unrealized investment losses						$	105,657					$	101,896

18

						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

19

The Travelers Companies, Inc. Financial Supplement - Second 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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711					$	2,208																	$	1,904					$	3,919
Net income per share:
Basic						$	1.73					$	6.63					$	8.37					$	11.24					$	7.89					$	10.41																	$	8.35					$	18.28
Diluted						$	1.70					$	6.53					$	8.24					$	11.06					$	7.78					$	10.26																	$	8.23					$	18.01
Core income						$	443					$	1,504					$	1,867					$	2,511					$	1,696					$	2,160																	$	1,947					$	3,856
Core income per share:
Basic						$	1.94					$	6.61					$	8.27					$	11.31					$	7.82					$	10.19																	$	8.54					$	17.99
Diluted						$	1.91					$	6.51					$	8.14					$	11.13					$	7.71					$	10.04																	$	8.42					$	17.73
Return on equity						5.6		%				20.9		%				24.7		%				31.0		%				21.1		%				27.1		%																13.4		%				24.1		%
Core return on equity						5.6		%				18.8		%				22.6		%				29.6		%				19.7		%				24.9		%																12.3		%				22.3		%
Total assets, at period end						$	135,977					$	138,873					$	143,678					$	143,708					$	142,309					$	143,580																	$	138,873					$	143,580
Total equity, at period end						$	28,191					$	29,518					$	31,609					$	32,894					$	31,986					$	33,121																	$	29,518					$	33,121
Book value per share, at period end						$	124.43					$	131.11					$	141.72					$	151.21					$	150.42					$	158.81																	$	131.11					$	158.81
Less: Net unrealized investment gains (losses), net of tax						(14.56)						(13.46)						(8.83)						(6.80)						(11.18)						(9.39)																		(13.46)						(9.39)
Adjusted book value per share, at period end						$	138.99					$	144.57					$	150.55					$	158.01					$	161.60					$	168.20																	$	144.57					$	168.20
Weighted average number of common shares outstanding (basic)						226.9						225.9						224.1						220.3						215.2						210.5																		226.4						212.9
Weighted average number of common shares outstanding and common stock equivalents (diluted)						230.4						229.3						227.5						224.0						218.4						213.6																		229.7						216.0
Common shares outstanding at period end						226.6						225.1						223.0						217.5						212.6						208.6																		225.1						208.6
Common stock dividends declared						$	241					$	252					$	250					$	244					$	238					$	266																	$	493					$	504
Common stock repurchased:
Under Board of Directors authorization
Shares						1.0						1.8						2.3						5.8						6.0						4.3																		2.8						10.3
Cost						$	250					$	500					$	625					$	1,650					$	1,800					$	1,300																	$	750					$	3,100
Other
Shares						0.4						0.3						—						—						0.6						—																		0.7						0.6
Cost						$	108					$	57					$	3					$	3					$	185					$	11																	$	165					$	196

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net income
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711					$	2,208																	$	1,904					$	3,919
Net realized investment (gains) losses, after-tax						48						(5)						(21)						15						(15)						(48)																		43						(63)
Core income						$	443					$	1,504					$	1,867					$	2,511					$	1,696					$	2,160																	$	1,947					$	3,856
Basic
Net income per share						$	1.73					$	6.63					$	8.37					$	11.24					$	7.89					$	10.41																	$	8.35					$	18.28
Net realized investment (gains) losses, after-tax						0.21						(0.02)						(0.10)						0.07						(0.07)						(0.22)																		0.19						(0.29)
Core income per share						$	1.94					$	6.61					$	8.27					$	11.31					$	7.82					$	10.19																	$	8.54					$	17.99
Diluted
Net income per share						$	1.70					$	6.53					$	8.24					$	11.06					$	7.78					$	10.26																	$	8.23					$	18.01
Net realized investment (gains) losses, after-tax						0.21						(0.02)						(0.10)						0.07						(0.07)						(0.22)																		0.19						(0.28)
Core income per share						$	1.91					$	6.51					$	8.14					$	11.13					$	7.71					$	10.04																	$	8.42					$	17.73

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net income, as reported						$	395					$	1,509					$	1,888					$	2,496					$	1,711					$	2,208																	$	1,904					$	3,919
Participating share-based awards - allocated net income						(3)						(11)						(13)						(19)						(12)						(15)																		(14)						(28)
Net income available to common shareholders - basic and diluted						$	392					$	1,498					$	1,875					$	2,477					$	1,699					$	2,193																	$	1,890					$	3,891
Core income, as reported						$	443					$	1,504					$	1,867					$	2,511					$	1,696					$	2,160																	$	1,947					$	3,856
Participating share-based awards - allocated core income						(3)						(11)						(14)						(18)						(12)						(15)																		(14)						(27)
Core income available to common shareholders - basic and diluted						$	440					$	1,493					$	1,853					$	2,493					$	1,684					$	2,145																	$	1,933					$	3,829
Common Shares
Basic
Weighted average shares outstanding						226.9						225.9						224.1						220.3						215.2						210.5																		226.4						212.9
Diluted
Weighted average shares outstanding						226.9						225.9						224.1						220.3						215.2						210.5																		226.4						212.9
Weighted average effect of dilutive securities - stock options and performance shares						3.5						3.4						3.4						3.7						3.2						3.1																		3.3						3.1
Diluted weighted average shares outstanding						230.4						229.3						227.5						224.0						218.4						213.6																		229.7						216.0

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Revenues
Premiums						$	10,710					$	10,921					$	11,135					$	11,148					$	10,605					$	10,753																	$	21,631					$	21,358
Net investment income						930						942						1,033						1,054						1,008						1,070																		1,872						2,078
Fee income						119						124						127						125						121						126																		243						247
Net realized investment gains (losses)						(61)						6						27						(20)						49						60																		(55)						109
Other revenues						112						123						148						125						141						144																		235						285
Total revenues						11,810						12,116						12,470						12,432						11,924						12,153																		23,926						24,077
Claims and expenses
Claims and claim adjustment expenses						8,006						6,789						6,594						5,832						6,382						5,922																		14,795						12,304
Amortization of deferred acquisition costs						1,778						1,802						1,849						1,837						1,766						1,786																		3,580						3,552
General and administrative expenses						1,459						1,545						1,572						1,544						1,541						1,565																		3,004						3,106
Interest expense						99						99						111						116						116						113																		198						229
Total claims and expenses						11,342						10,235						10,126						9,329						9,805						9,386																		21,577						19,191
Income before income taxes						468						1,881						2,344						3,103						2,119						2,767																		2,349						4,886
Income tax expense						73						372						456						607						408						559																		445						967
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711					$	2,208																	$	1,904					$	3,919
Other statistics
Effective tax rate on net investment income						17.9		%				17.9		%				17.8		%				17.7		%				17.4		%				17.4		%																17.9		%				17.4		%
Net investment income (after-tax)						$	763					$	774					$	850					$	867					$	833					$	883																	$	1,537					$	1,716
Catastrophes, net of reinsurance:
Pre-tax						$	2,266					$	927					$	402					$	95					$	761					$	518																	$	3,193					$	1,279
After-tax						$	1,790					$	732					$	318					$	75					$	601					$	410																	$	2,522					$	1,011
Prior year reserve development - favorable:
Pre-tax						$	378					$	315					$	22					$	321					$	413					$	578																	$	693					$	991
After-tax						$	297					$	249					$	16					$	253					$	325					$	456																	$	546					$	781

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Underwriting gain (loss)						$	(239)					$	808					$	1,099					$	1,729					$	955					$	1,365																	$	569					$	2,320
Net investment income						763						774						850						867						833						883																		1,537						1,716
Other income (expense), including interest expense						(81)						(78)						(82)						(85)						(92)						(88)																		(159)						(180)
Core income						443						1,504						1,867						2,511						1,696						2,160																		1,947						3,856
Net realized investment gains (losses)						(48)						5						21						(15)						15						48																		(43)						63
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711					$	2,208																	$	1,904					$	3,919
Combined ratio (1) (2)
Loss and loss adjustment expense ratio						74.2		%				61.7		%				58.7		%				51.8		%				59.6		%				54.6		%																67.9		%				57.1		%
Underwriting expense ratio						28.3		%				28.6		%				28.6		%				28.4		%				29.0		%				29.0		%																28.4		%				29.0		%
Combined ratio						102.5		%				90.3		%				87.3		%				80.2		%				88.6		%				83.6		%																96.3		%				86.1		%
Impact on combined ratio:
Net favorable prior year reserve development						(3.5)		%				(2.9)		%				(0.2)		%				(2.9)		%				(3.9)		%				(5.4)		%																(3.2)		%				(4.6)		%
Catastrophes, net of reinsurance						21.2		%				8.5		%				3.6		%				0.9		%				7.2		%				4.9		%																14.8		%				6.0		%
Underlying combined ratio						84.8		%				84.7		%				83.9		%				82.2		%				85.3		%				84.1		%																84.7		%				84.7		%
(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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Billing and policy fees and other						$	28					$	29					$	28					$	28					$	25					$	22																	$	57					$	47
Fee income:
Loss and loss adjustment expenses						$	45					$	45					$	48					$	48					$	48					$	49																	$	90					$	97
Underwriting expenses						74						79						79						77						73						77																		153						150
Total fee income						$	119					$	124					$	127					$	125					$	121					$	126																	$	243					$	247
Non-insurance general and administrative expenses						$	109					$	113					$	131					$	110					$	136					$	132																	$	222					$	268

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Revenues
Premiums						$	10,710					$	10,921					$	11,135					$	11,148					$	10,605					$	10,753																	$	21,631					$	21,358
Net investment income						930						942						1,033						1,054						1,008						1,070																		1,872						2,078
Fee income						119						124						127						125						121						126																		243						247
Other revenues						112						123						148						125						141						144																		235						285
Total revenues						11,871						12,110						12,443						12,452						11,875						12,093																		23,981						23,968
Claims and expenses
Claims and claim adjustment expenses						8,006						6,789						6,594						5,832						6,382						5,922																		14,795						12,304
Amortization of deferred acquisition costs						1,778						1,802						1,849						1,837						1,766						1,786																		3,580						3,552
General and administrative expenses						1,459						1,545						1,572						1,544						1,541						1,565																		3,004						3,106
Interest expense						99						99						111						116						116						113																		198						229
Total claims and expenses						11,342						10,235						10,126						9,329						9,805						9,386																		21,577						19,191
Core income before income taxes						529						1,875						2,317						3,123						2,070						2,707																		2,404						4,777
Income tax expense						86						371						450						612						374						547																		457						921
Core income						$	443					$	1,504					$	1,867					$	2,511					$	1,696					$	2,160																	$	1,947					$	3,856
Other statistics
Effective tax rate on net investment income						17.9		%				17.9		%				17.8		%				17.7		%				17.4		%				17.4		%																17.9		%				17.4		%
Net investment income (after-tax)						$	763					$	774					$	850					$	867					$	833					$	883																	$	1,537					$	1,716
Catastrophes, net of reinsurance:
Pre-tax						$	2,266					$	927					$	402					$	95					$	761					$	518																	$	3,193					$	1,279
After-tax						$	1,790					$	732					$	318					$	75					$	601					$	410																	$	2,522					$	1,011
Prior year reserve development - favorable:
Pre-tax						$	378					$	315					$	22					$	321					$	413					$	578																	$	693					$	991
After-tax						$	297					$	249					$	16					$	253					$	325					$	456																	$	546					$	781

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory underwriting
Gross written premiums						$	11,890					$	12,225					$	12,292					$	11,296					$	11,750					$	12,201																	$	24,115					$	23,951
Net written premiums						$	10,515					$	11,516					$	11,472					$	10,856					$	10,323					$	11,525																	$	22,031					$	21,848
Net earned premiums						$	10,710					$	10,897					$	11,133					$	11,146					$	10,593					$	10,749																	$	21,607					$	21,342
Losses and loss adjustment expenses						7,947						6,731						6,537						5,768						6,310						5,867																		14,678						12,177
Underwriting expenses						3,098						3,260						3,239						3,114						3,400						3,271																		6,358						6,671
Statutory underwriting gain (loss)						(335)						906						1,357						2,264						883						1,611																		571						2,494
Policyholder dividends						13						10						12						10						12						8																		23						20
Statutory underwriting gain (loss) after policyholder dividends						$	(348)					$	896					$	1,345					$	2,254					$	871					$	1,603																	$	548					$	2,474
Other statutory statistics
Reserves for losses and loss adjustment expenses						$	58,091					$	59,072					$	59,620					$	59,747					$	59,215					$	59,435																	$	59,072					$	59,435
Increase (decrease) in reserves						$	1,765					$	981					$	548					$	127					$	(532)					$	220																	$	2,746					$	(312)
Statutory capital and surplus						$	27,785					$	28,364					$	29,965					$	31,064					$	31,063					$	31,433																	$	28,364					$	31,433
Net written premiums/surplus (1)						1.57:1						1.55:1						1.48:1						1.43:1						1.42:1						1.41:1																		1.55:1						1.41:1

(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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Written premiums
Gross						$	11,890					$	12,251					$	12,293					$	11,296					$	11,765					$	12,205																	$	24,141					$	23,970
Ceded						(1,375)						(708)						(820)						(440)						(1,427)						(676)																		(2,083)						(2,103)
Net						$	10,515					$	11,543					$	11,473					$	10,856					$	10,338					$	11,529																	$	22,058					$	21,867
Earned premiums
Gross						$	11,487					$	11,749					$	11,964					$	11,952					$	11,438					$	11,632																	$	23,236					$	23,070
Ceded						(777)						(828)						(829)						(804)						(833)						(879)																		(1,605)						(1,712)
Net						$	10,710					$	10,921					$	11,135					$	11,148					$	10,605					$	10,753																	$	21,631					$	21,358

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Revenues
Premiums						$	5,465					$	5,545					$	5,700					$	5,702					$	5,493					$	5,551																	$	11,010					$	11,044
Net investment income						656						662						727						737						708						762																		1,318						1,470
Fee income						108						111						114						112						111						117																		219						228
Other revenues						82						95						111						91						104						113																		177						217
Total revenues						6,311						6,413						6,652						6,642						6,416						6,543																		12,724						12,959
Claims and expenses
Claims and claim adjustment expenses						3,705						3,584						3,667						3,198						3,531						3,188																		7,289						6,719
Amortization of deferred acquisition costs						917						944						973						962						938						945																		1,861						1,883
General and administrative expenses						847						875						894						866						912						912																		1,722						1,824
Total claims and expenses						5,469						5,403						5,534						5,026						5,381						5,045																		10,872						10,426
Segment income before income taxes						842						1,010						1,118						1,616						1,035						1,498																		1,852						2,533
Income tax expense						159						197						211						324						196						300																		356						496
Segment income						$	683					$	813					$	907					$	1,292					$	839					$	1,198																	$	1,496					$	2,037
Other statistics
Effective tax rate on net investment income						17.8		%				17.7		%				17.7		%				17.5		%				17.3		%				17.4		%																17.8		%				17.3		%
Net investment income (after-tax)						$	539					$	545					$	598					$	607					$	586					$	629																	$	1,084					$	1,215
Catastrophes, net of reinsurance:
Pre-tax						$	509					$	368					$	139					$	57					$	379					$	238																	$	877					$	617
After-tax						$	402					$	291					$	110					$	44					$	299					$	188																	$	693					$	487
Prior year reserve development - favorable (unfavorable):
Pre-tax						$	74					$	79					$	(125)					$	205					$	162					$	319																	$	153					$	481
After-tax						$	58					$	62					$	(99)					$	162					$	127					$	252																	$	120					$	379

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Underwriting gain						$	157					$	274					$	318					$	690					$	261					$	572																	$	431					$	833
Net investment income						539						545						598						607						586						629																		1,084						1,215
Other income (expense)						(13)						(6)						(9)						(5)						(8)						(3)																		(19)						(11)
Segment income						$	683					$	813					$	907					$	1,292					$	839					$	1,198																	$	1,496					$	2,037
Combined ratio (1) (2)
Loss and loss adjustment expense ratio						66.8		%				63.7		%				63.3		%				55.1		%				63.3		%				56.5		%																65.3		%				59.8		%
Underwriting expense ratio						29.4		%				29.9		%				29.6		%				29.3		%				30.5		%				30.3		%																29.6		%				30.4		%
Combined ratio						96.2		%				93.6		%				92.9		%				84.4		%				93.8		%				86.8		%																94.9		%				90.2		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development						(1.3)		%				(1.4)		%				2.2		%				(3.6)		%				(2.9)		%				(5.7)		%																(1.4)		%				(4.4)		%
Catastrophes, net of reinsurance						9.3		%				6.7		%				2.4		%				1.0		%				6.9		%				4.3		%																8.0		%				5.6		%
Underlying combined ratio						88.2		%				88.3		%				88.3		%				87.0		%				89.8		%				88.2		%																88.3		%				89.0		%
(1)  Before policyholder dividends. (2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses.  These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.  See following:
($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026						2Q2026																		YTD 2Q2025						YTD 2Q2026
Billing and policy fees and other						$	4					$	5					$	4					$	4					$	4					$	3																	$	9					$	7
Fee income:
Loss and loss adjustment expenses						$	45					$	45					$	48					$	48					$	48					$	49																	$	90					$	97
Underwriting expenses						63						66						66						64						63						68																		129						131
Total fee income						$	108					$	111					$	114					$	112					$	111					$	117																	$	219					$	228
Non-insurance general and administrative expenses						$	91					$	93					$	112					$	89					$	107					$	105																	$	184					$	212

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory underwriting
Gross written premiums						$	6,740					$	6,359					$	6,284					$	5,840					$	6,791					$	6,527																	$	13,099					$	13,318
Net written premiums						$	5,698					$	5,765					$	5,674					$	5,514					$	5,771					$	5,980																	$	11,463					$	11,751
Net earned premiums						$	5,465					$	5,521					$	5,698					$	5,700					$	5,481					$	5,547																	$	10,986					$	11,028
Losses and loss adjustment expenses						3,650						3,530						3,614						3,138						3,463						3,138																		7,180						6,601
Underwriting expenses						1,700						1,704						1,654						1,615						1,787						1,742																		3,404						3,529
Statutory underwriting gain						115						287						430						947						231						667																		402						898
Policyholder dividends						9						5						9						5						8						4																		14						12
Statutory underwriting gain after policyholder dividends						$	106					$	282					$	421					$	942					$	223					$	663																	$	388					$	886

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net written premiums by market
Domestic
Select Accounts						$	976					$	1,004					$	920					$	930					$	1,006					$	1,040																	$	1,980					$	2,046
Middle Market						3,166						3,034						3,232						3,109						3,329						3,235																		6,200						6,564
National Accounts						312						329						273						348						343						344																		641						687
National Property and Other						720						885						841						666						691						866																		1,605						1,557
Total Domestic						5,174						5,252						5,266						5,053						5,369						5,485																		10,426						10,854
International						524						540						409						461						417						499																		1,064						916
Total						$	5,698					$	5,792					$	5,675					$	5,514					$	5,786					$	5,984																	$	11,490					$	11,770
Net written premiums by product line
Domestic
Workers’ compensation						$	950					$	821					$	792					$	786					$	980					$	835																	$	1,771					$	1,815
Commercial automobile						1,030						1,019						1,030						1,017						1,106						1,106																		2,049						2,212
Commercial property						873						1,051						961						820						821						1,042																		1,924						1,863
General liability						753						878						998						967						847						964																		1,631						1,811
Commercial multi-peril						1,532						1,486						1,447						1,461						1,580						1,537																		3,018						3,117
Other						36						(3)						38						2						35						1																		33						36
Total Domestic						5,174						5,252						5,266						5,053						5,369						5,485																		10,426						10,854
International						524						540						409						461						417						499																		1,064						916
Total						$	5,698					$	5,792					$	5,675					$	5,514					$	5,786					$	5,984																	$	11,490					$	11,770

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Revenues
Premiums						$	995					$	1,021					$	1,042					$	1,049					$	1,018					$	1,056																	$	2,016					$	2,074
Net investment income						102						107						116						120						113						113																		209						226
Other revenues						6						5						8						8						5						6																		11						11
Total revenues						1,103						1,133						1,166						1,177						1,136						1,175																		2,236						2,311
Claims and expenses
Claims and claim adjustment expenses						434						418						451						461						441						458																		852						899
Amortization of deferred acquisition costs						187						195						197						199						194						204																		382						398
General and administrative expenses						205						214						207						217						219						218																		419						437
Total claims and expenses						826						827						855						877						854						880																		1,653						1,734
Segment income before income taxes						277						306						311						300						282						295																		583						577
Income tax expense						57						62						61						64						28						61																		119						89
Segment income						$	220					$	244					$	250					$	236					$	254					$	234																	$	464					$	488
Other statistics
Effective tax rate on net investment income						18.4		%				18.5		%				17.7		%				18.4		%				18.5		%				18.4		%																18.5		%				18.4		%
Net investment income (after-tax)						$	83					$	88					$	95					$	98					$	92					$	93																	$	171					$	185
Catastrophes, net of reinsurance:
Pre-tax						$	19					$	5					$	—					$	1					$	8					$	4																	$	24					$	12
After-tax						$	15					$	4					$	—					$	1					$	7					$	3																	$	19					$	10
Prior year reserve development - favorable:
Pre-tax						$	67					$	81					$	43					$	30					$	65					$	75																	$	148					$	140
After-tax						$	52					$	65					$	33					$	24					$	51					$	59																	$	117					$	110

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Underwriting gain						$	133					$	154					$	150					$	132					$	159					$	138																	$	287					$	297
Net investment income						83						88						95						98						92						93																		171						185
Other income						4						2						5						6						3						3																		6						6
Segment income						$	220					$	244					$	250					$	236					$	254					$	234																	$	464					$	488
Combined ratio (1)
Loss and loss adjustment expense ratio						43.2		%				40.5		%				42.9		%				43.5		%				43.0		%				43.0		%																41.8		%				43.0		%
Underwriting expense ratio						39.3		%				39.8		%				38.7		%				39.5		%				40.3		%				39.8		%																39.6		%				40.0		%
Combined ratio						82.5		%				80.3		%				81.6		%				83.0		%				83.3		%				82.8		%																81.4		%				83.0		%
Impact on combined ratio:
Net favorable prior year reserve development						(6.7)		%				(8.0)		%				(4.2)		%				(2.8)		%				(6.4)		%				(7.2)		%																(7.3)		%				(6.8)		%
Catastrophes, net of reinsurance						1.9		%				0.5		%				—		%				0.1		%				0.8		%				0.4		%																1.2		%				0.6		%
Underlying combined ratio						87.3		%				87.8		%				85.8		%				85.7		%				88.9		%				89.6		%																87.5		%				89.2		%
(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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Billing and policy fees and other						$	—					$	—					$	1					$	—					$	—					$	1																	$	—					$	1
Non-insurance general and administrative expenses						$	1					$	2					$	1					$	2					$	2					$	2																	$	3					$	4

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory underwriting
Gross written premiums						$	1,129					$	1,166					$	1,160					$	1,192					$	1,211					$	1,333																	$	2,295					$	2,544
Net written premiums						$	999					$	1,085					$	1,080					$	1,098					$	1,066					$	1,237																	$	2,084					$	2,303
Net earned premiums						$	995					$	1,021					$	1,042					$	1,049					$	1,018					$	1,056																	$	2,016					$	2,074
Losses and loss adjustment expenses						430						414						447						457						437						453																		844						890
Underwriting expenses						422						434						424						433						676						469																		856						1,145
Statutory underwriting gain (loss)						143						173						171						159						(95)						134																		316						39
Policyholder dividends						4						5						3						5						4						4																		9						8
Statutory underwriting gain (loss) after policyholder dividends						$	139					$	168					$	168					$	154					$	(99)					$	130																	$	307					$	31

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net written premiums by market
Domestic
Management Liability						$	553					$	589					$	613					$	571					$	572					$	611																	$	1,142					$	1,183
Surety						333						342						342						337						381						480																		675						861
Total Domestic						886						931						955						908						953						1,091																		1,817						2,044
International						113						154						125						190						113						146																		267						259
Total						$	999					$	1,085					$	1,080					$	1,098					$	1,066					$	1,237																	$	2,084					$	2,303
Net written premiums by product line
Domestic
Fidelity and surety						$	394					$	400					$	407					$	395					$	447					$	536																	$	794					$	983
General liability						440						469						475						458						455						491																		909						946
Other						52						62						73						55						51						64																		114						115
Total Domestic						886						931						955						908						953						1,091																		1,817						2,044
International						113						154						125						190						113						146																		267						259
Total						$	999					$	1,085					$	1,080					$	1,098					$	1,066					$	1,237																	$	2,084					$	2,303

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Revenues
Premiums						$	4,250					$	4,355					$	4,393					$	4,397					$	4,094					$	4,146																	$	8,605					$	8,240
Net investment income						172						173						190						197						187						195																		345						382
Fee income						11						13						13						13						10						9																		24						19
Other revenues						24						23						29						26						32						25																		47						57
Total revenues						4,457						4,564						4,625						4,633						4,323						4,375																		9,021						8,698
Claims and expenses
Claims and claim adjustment expenses						3,867						2,787						2,476						2,173						2,410						2,276																		6,654						4,686
Amortization of deferred acquisition costs						674						663						679						676						634						637																		1,337						1,271
General and administrative expenses						396						444						458						448						397						422																		840						819
Total claims and expenses						4,937						3,894						3,613						3,297						3,441						3,335																		8,831						6,776
Segment income (loss) before income taxes						(480)						670						1,012						1,336						882						1,040																		190						1,922
Income tax expense (benefit)						(106)						136						205						250						178						213																		30						391
Segment income (loss)						$	(374)					$	534					$	807					$	1,086					$	704					$	827																	$	160					$	1,531
Other statistics
Effective tax rate on net investment income						18.1		%				18.0		%				18.0		%				17.7		%				17.1		%				17.1		%																18.0		%				17.1		%
Net investment income (after-tax)						$	141					$	141					$	157					$	162					$	155					$	161																	$	282					$	316
Catastrophes, net of reinsurance:
Pre-tax						$	1,738					$	554					$	263					$	37					$	374					$	276																	$	2,292					$	650
After-tax						$	1,373					$	437					$	208					$	30					$	295					$	219																	$	1,810					$	514
Prior year reserve development - favorable:
Pre-tax						$	237					$	155					$	104					$	86					$	186					$	184																	$	392					$	370
After-tax						$	187					$	122					$	82					$	67					$	147					$	145																	$	309					$	292

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Underwriting gain (loss)						$	(529)					$	380					$	631					$	907					$	535					$	655																	$	(149)					$	1,190
Net investment income						141						141						157						162						155						161																		282						316
Other income						14						13						19						17						14						11																		27						25
Segment income (loss)						$	(374)					$	534					$	807					$	1,086					$	704					$	827																	$	160					$	1,531
Combined ratio (1)
Loss and loss adjustment expense ratio						91.0		%				64.0		%				56.4		%				49.4		%				58.8		%				54.9		%																77.4		%				56.9		%
Underwriting expense ratio						24.2		%				24.4		%				24.9		%				24.6		%				24.1		%				24.6		%																24.3		%				24.3		%
Combined ratio						115.2		%				88.4		%				81.3		%				74.0		%				82.9		%				79.5		%																101.7		%				81.2		%
Impact on combined ratio:
Net favorable prior year reserve development						(5.6)		%				(3.6)		%				(2.4)		%				(1.9)		%				(4.5)		%				(4.5)		%																(4.5)		%				(4.5)		%
Catastrophes, net of reinsurance						40.9		%				12.7		%				6.0		%				0.8		%				9.1		%				6.7		%																26.6		%				7.9		%
Underlying combined ratio						79.9		%				79.3		%				77.7		%				75.1		%				78.3		%				77.3		%																79.6		%				77.8		%
(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 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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Billing and policy fees and other						$	24					$	24					$	23					$	24					$	21					$	18																	$	48					$	39
Fee income						$	11					$	13					$	13					$	13					$	10					$	9																	$	24					$	19
Non-insurance general and administrative expenses						$	6					$	6					$	5					$	6					$	14					$	12																	$	12					$	26

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory underwriting
Gross written premiums						$	4,021					$	4,700					$	4,848					$	4,264					$	3,748					$	4,341																	$	8,721					$	8,089
Net written premiums						$	3,818					$	4,666					$	4,718					$	4,244					$	3,486					$	4,308																	$	8,484					$	7,794
Net earned premiums						$	4,250					$	4,355					$	4,393					$	4,397					$	4,094					$	4,146																	$	8,605					$	8,240
Losses and loss adjustment expenses						3,867						2,787						2,476						2,173						2,410						2,276																		6,654						4,686
Underwriting expenses						976						1,122						1,161						1,066						937						1,060																		2,098						1,997
Statutory underwriting gain (loss)						$	(593)					$	446					$	756					$	1,158					$	747					$	810																	$	(147)					$	1,557
Policies in force (in thousands)
Automobile						3,118						3,083						3,050						3,025						2,819						2,801																		3,083						2,801
Homeowners and Other						5,980						5,882						5,768						5,679						5,449						5,411																		5,882						5,411

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net written premiums by product line
Domestic
Automobile						$	1,859					$	1,968					$	2,062					$	1,856					$	1,756					$	1,858																	$	3,827					$	3,614
Homeowners and Other						1,813						2,520						2,489						2,229						1,730						2,450																		4,333						4,180
Total Domestic						3,672						4,488						4,551						4,085						3,486						4,308																		8,160						7,794
International						146						178						167						159						—						—																		324						—
Total						$	3,818					$	4,666					$	4,718					$	4,244					$	3,486					$	4,308																	$	8,484					$	7,794

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory underwriting
Gross written premiums						$	1,967					$	2,083					$	2,177					$	1,967					$	1,767					$	1,861																	$	4,050					$	3,628
Net written premiums						$	1,955					$	2,074					$	2,165					$	1,956					$	1,756					$	1,858																	$	4,029					$	3,614
Net earned premiums						$	2,071					$	2,091					$	2,091					$	2,075					$	1,892					$	1,897																	$	4,162					$	3,789
Losses and loss adjustment expenses						1,270						1,320						1,300						1,393						1,145						1,137																		2,590						2,282
Underwriting expenses						444						477						495						458						415						442																		921						857
Statutory underwriting gain						$	357					$	294					$	296					$	224					$	332					$	318																	$	651					$	650
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio						61.3		%				63.1		%				62.1		%				67.1		%				60.6		%				59.9		%																62.2		%				60.2		%
Underwriting expense ratio						22.1		%				22.2		%				22.8		%				22.3		%				22.3		%				22.9		%																22.1		%				22.6		%
Combined ratio						83.4		%				85.3		%				84.9		%				89.4		%				82.9		%				82.8		%																84.3		%				82.8		%
Impact on combined ratio:
Net favorable prior year reserve development						(6.0)		%				(5.0)		%				(4.3)		%				(3.0)		%				(6.3)		%				(4.5)		%																(5.5)		%				(5.4)		%
Catastrophes, net of reinsurance						1.9		%				1.3		%				0.9		%				0.2		%				0.9		%				1.5		%																1.6		%				1.1		%
Underlying combined ratio						87.5		%				89.0		%				88.3		%				92.2		%				88.3		%				85.8		%																88.2		%				87.1		%
Catastrophes, net of reinsurance:
Pre-tax						$	39					$	27					$	19					$	4					$	15					$	29																	$	66					$	44
After-tax						$	30					$	22					$	15					$	3					$	12					$	23																	$	52					$	35
Prior year reserve development - favorable:
Pre-tax						$	125					$	104					$	89					$	61					$	120					$	85																	$	229					$	205
After-tax						$	98					$	83					$	70					$	47					$	95					$	67																	$	181					$	162
Policies in force (in thousands)						3,118						3,083						3,050						3,025						2,819						2,801
Change from prior year quarter						(2.9)		%				(3.1)		%				(3.4)		%				(4.0)		%				(9.6)		%				(9.1)		%
Change from prior quarter						(1.0)		%				(1.1)		%				(1.1)		%				(0.8)		%				(6.8)		%				(0.6)		%
(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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Billing and policy fees and other						$	14					$	15					$	14					$	14					$	13					$	12																	$	29					$	25
Fee income						$	6					$	6					$	7					$	7					$	5					$	4																	$	12					$	9

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory underwriting
Gross written premiums						$	2,054					$	2,617					$	2,671					$	2,297					$	1,981					$	2,480																	$	4,671					$	4,461
Net written premiums						$	1,863					$	2,592					$	2,553					$	2,288					$	1,730					$	2,450																	$	4,455					$	4,180
Net earned premiums						$	2,179					$	2,264					$	2,302					$	2,322					$	2,202					$	2,249																	$	4,443					$	4,451
Losses and loss adjustment expenses						2,597						1,467						1,176						780						1,265						1,139																		4,064						2,404
Underwriting expenses						532						645						666						608						522						618																		1,177						1,140
Statutory underwriting gain (loss)						$	(950)					$	152					$	460					$	934					$	415					$	492																	$	(798)					$	907
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio						119.2		%				64.8		%				51.1		%				33.6		%				57.4		%				50.7		%																91.5		%				54.0		%
Underwriting expense ratio						26.3		%				26.5		%				26.9		%				26.7		%				25.6		%				26.0		%																26.4		%				25.8		%
Combined ratio						145.5		%				91.3		%				78.0		%				60.3		%				83.0		%				76.7		%																117.9		%				79.8		%
Impact on combined ratio:
Net favorable prior year reserve development						(5.1)		%				(2.2)		%				(0.7)		%				(1.1)		%				(3.0)		%				(4.4)		%																(3.6)		%				(3.7)		%
Catastrophes, net of reinsurance						78.0		%				23.2		%				10.7		%				1.5		%				16.3		%				11.0		%																50.1		%				13.6		%
Underlying combined ratio						72.6		%				70.3		%				68.0		%				59.9		%				69.7		%				70.1		%																71.4		%				69.9		%
Catastrophes, net of reinsurance:
Pre-tax						$	1,699					$	527					$	244					$	33					$	359					$	247																	$	2,226					$	606
After-tax						$	1,343					$	415					$	193					$	27					$	283					$	196																	$	1,758					$	479
Prior year reserve development - favorable:
Pre-tax						$	112					$	51					$	15					$	25					$	66					$	99																	$	163					$	165
After-tax						$	89					$	39					$	12					$	20					$	52					$	78																	$	128					$	130
Policies in force (in thousands)						5,980						5,882						5,768						5,679						5,449						5,411
Change from prior year quarter						(4.1)		%				(4.6)		%				(5.5)		%				(6.3)		%				(8.9)		%				(8.0)		%
Change from prior quarter						(1.3)		%				(1.6)		%				(1.9)		%				(1.5)		%				(4.1)		%				(0.7)		%
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.
($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026						2Q2026																		YTD 2Q2025						YTD 2Q2026
Billing and policy fees and other						$	10					$	9					$	9					$	10					$	8					$	6																	$	19					$	14
Fee income						$	5					$	7					$	6					$	6					$	5					$	5																	$	12					$	10

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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Revenues
Other revenues						$	—					$	—					$	—					$	—					$	—					$	—																	$	—					$	—
Claims and expenses
Interest expense						99						99						111						116						116						113																		198						229
General and administrative expenses						11						12						13						13						13						13																		23						26
Total claims and expenses						110						111						124						129						129						126																		221						255
Loss before income tax benefit						(110)						(111)						(124)						(129)						(129)						(126)																		(221)						(255)
Income tax benefit						(24)						(24)						(27)						(26)						(28)						(27)																		(48)						(55)
Loss						$	(86)					$	(87)					$	(97)					$	(103)					$	(101)					$	(99)																	$	(173)					$	(200)

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)						June 30, 2026						December 31, 2025
Assets
Fixed maturities, available for sale, at fair value (amortized cost $95,401 and $91,717; allowance for expected credit losses of $2 and $3)						$	92,922					$	89,833
Equity securities, at fair value (cost $410 and $457)						652						618
Real estate investments						884						900
Short-term securities						4,579						5,716
Other investments						4,142						4,115
Total investments						103,179						101,182
Cash (including restricted cash of $139 and $132)						621						842
Investment income accrued						911						877
Premiums receivable (net of allowance for expected credit losses of $61 and $58)						12,382						10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129)						8,009						7,886
Ceded unearned premiums						1,674						1,283
Deferred acquisition costs						3,713						3,518
Deferred taxes						1,041						887
Contractholder receivables (net of allowance for expected credit losses of $13 and $16)						3,076						3,010
Goodwill						4,060						4,066
Other intangible assets						325						336
Other assets						4,589						4,279
Assets held for sale (1)						—						4,550
Total assets						$	143,580					$	143,708
Liabilities
Claims and claim adjustment expense reserves						$	67,226					$	65,737
Unearned premium reserves						23,327						22,431
Contractholder payables						3,089						3,026
Payables for reinsurance premiums						1,016						529
Debt						9,068						9,267
Other liabilities						6,733						7,282
Liabilities held for sale (1)						—						2,542
Total liabilities						110,459						110,814
Shareholders’ equity
Common stock (1,750.0 shares authorized; 208.6 and 217.5 shares issued and outstanding)						26,186						25,910
Retained earnings						58,346						54,931
Accumulated other comprehensive loss						(2,668)						(2,500)
Treasury stock, at cost (586.8 and 575.9 shares)						(48,743)						(45,447)
Total shareholders’ equity						33,121						32,894
Total liabilities and shareholders’ equity						$	143,580					$	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)						June 30, 2026						Pre-tax Book Yield (1)						December 31, 2025 (2)						Pre-tax Book Yield (1)
Investment portfolio
Taxable fixed maturities						$	64,394					4.19		%				$	63,051					4.11		%
Tax-exempt fixed maturities						28,528						3.39		%				26,782						3.29		%
Total fixed maturities						92,922						3.94		%				89,833						3.86		%
Non-redeemable preferred stocks						33						1.89		%				35						1.64		%
Common stocks						619												583
Total equity securities						652												618
Real estate investments						884												900
Short-term securities						4,579						3.80		%				5,716						3.86		%
Private equities						2,752												2,749
Hedge funds						206												212
Real estate partnerships						824												832
Other investments						360												322
Total other investments						4,142												4,115
Total investments						$	103,179											$	101,182
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity						$	(1,960)											$	(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)						June 30, 2026												December 31, 2025 (1)
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies						$	3,281											$	3,857
Obligations of U.S. states and political subdivisions:
Pre-refunded						443												416
All other						32,614												30,962
Total						33,057												31,378
Debt securities issued by foreign governments						397												312
Mortgage-backed securities - principally obligations of U.S. Government agencies						12,619												13,232
Corporate and all other bonds						43,568												41,054
Total fixed maturities						$	92,922											$	89,833
Fixed Maturities Quality Characteristics (2)
						June 30, 2026												December 31, 2025 (1)
						Amount						% of Total						Amount						% of Total
Quality Ratings
Aaa						$	25,838					27.8		%				$	24,898					27.7		%
Aa						33,117						35.7						33,027						36.7
A						21,202						22.8						19,660						21.9
Baa						11,737						12.6						11,198						12.5
Total investment grade						91,894						98.9						88,783						98.8
Ba						803						0.9						812						1.0
B						196						0.2						205						0.2
Caa and lower						29						—						33						—
Total below investment grade						1,028						1.1						1,050						1.2
Total fixed maturities						$	92,922					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						5.0												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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Gross investment income
Fixed maturities						$	812					$	833					$	874					$	914					$	899					$	930																	$	1,645					$	1,829
Short-term securities						57						55						73						68						75						53																		112						128
Other						76						67						101						82						47						100																		143						147
						945						955						1,048						1,064						1,021						1,083																		1,900						2,104
Investment expenses						15						13						15						10						13						13																		28						26
Net investment income, pre-tax						930						942						1,033						1,054						1,008						1,070																		1,872						2,078
Income taxes						167						168						183						187						175						187																		335						362
Net investment income, after-tax						$	763					$	774					$	850					$	867					$	833					$	883																	$	1,537					$	1,716
Effective tax rate						17.9		%				17.9		%				17.8		%				17.7		%				17.4		%				17.4		%																17.9		%				17.4		%
Average invested assets (1) (2)						$101,000						$102,173						$105,655						$107,932						$106,666						$107,067																		$101,634						$106,843
Average yield pre-tax (1)						3.7		%				3.7		%				3.9		%				3.9		%				3.8		%				4.0		%																3.7		%				3.9		%
Average yield after-tax						3.0		%				3.0		%				3.2		%				3.2		%				3.1		%				3.3		%																3.0		%				3.2		%

(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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Net realized investment gains (losses)
Fixed maturities						$	(31)					$	(17)					$	(2)					$	(19)					$	(22)					$	(32)																	$	(48)					$	(54)
Equity securities						(22)						20						39						8						1						91																		(2)						92
Other (1)						(8)						3						(10)						(9)						70						1																		(5)						71
Realized investment gains (losses) before tax						(61)						6						27						(20)						49						60																		(55)						109
Related taxes						(13)						1						6						(5)						34						12																		(12)						46
Net realized investment gains (losses)						$	(48)					$	5					$	21					$	(15)					$	15					$	48																	$	(43)					$	63
Gross investment gains						$	4					$	41					$	45					$	13					$	277					$	101																	$	45					$	378
Gross investment losses before impairments						(63)						(35)						(18)						(33)						(225)						(32)																		(98)						(257)
Net investment gains (losses) before impairments						(59)						6						27						(20)						52						69																		(53)						121
Net impairment (charges) recoveries						(2)						—						—						—						(3)						(9)																		(2)						(12)
Net realized investment gains (losses) before tax						(61)						6						27						(20)						49						60																		(55)						109
Related taxes						(13)						1						6						(5)						34						12																		(12)						46
Net realized investment gains (losses)						$	(48)					$	5					$	21					$	(15)					$	15					$	48																	$	(43)					$	63
($ in millions)						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type
Fixed maturities						$	(4,171)					$	(3,833)					$	(2,481)					$	(1,859)					$	(3,003)					$	(2,477)
Other						(1)						2						(3)						(3)						(5)						(1)
Unrealized investment gains (losses) before tax						(4,172)						(3,831)						(2,484)						(1,862)						(3,008)						(2,478)
Related taxes						(873)						(800)						(514)						(384)						(630)						(518)
Balance, end of period						$	(3,299)					$	(3,031)					$	(1,970)					$	(1,478)					$	(2,378)					$	(1,960)

(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)						June 30, 2026						December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)						$	4,417					$	4,352
Gross structured settlements (2)						2,279						2,469
Mandatory pools and associations (3)						1,455						1,485
Gross reinsurance recoverables (4)						8,151						8,306
Allowance for estimated uncollectible reinsurance (5)						(142)						(135)
Less amounts classified as held for sale						—						285
Net reinsurance recoverables						$	8,009					$	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

June 30, 2026

Swiss Re Group

A+ second highest of 16 ratings

$

650

Berkshire Hathaway

A++ highest of 16 ratings

423

Munich Re Group

A+ second highest of 16 ratings

326

Sompo Group

A+ second highest of 16 ratings

267

Fairfax Financial Group

A+ second highest of 16 ratings

241

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

June 30, 2026

Fidelity & Guaranty Life Group

A third highest of 16 ratings

$

624

Genworth Financial Group

B- eighth highest of 16 ratings

310

Symetra Financial Corporation

A third highest of 16 ratings

170

Brighthouse Financial, Inc.

A third highest of 16 ratings

156

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 June 30, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $6.03 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, 95% 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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period						$	42,909					$	43,742					$	44,477					$	45,148					$	45,383					$	45,599																	$	42,909					$	45,383
Incurred						3,650						3,530						3,614						3,138						3,463						3,138																		7,180						6,601
Paid						(2,847)						(2,890)						(2,915)						(2,912)						(2,635)						(2,973)																		(5,737)						(5,608)
Foreign exchange and other (1)						30						95						(28)						9						(612)						(4)																		125						(616)
End of period						$	43,742					$	44,477					$	45,148					$	45,383					$	45,599					$	45,760																	$	44,477					$	45,760
Bond & Specialty Insurance
Beginning of period						$	4,938					$	5,072					$	5,249					$	5,304					$	5,367					$	5,331																	$	4,938					$	5,367
Incurred						430						414						447						457						437						453																		844						890
Paid						(325)						(307)						(372)						(396)						(336)						(334)																		(632)						(670)
Foreign exchange and other (1)						29						70						(20)						2						(137)						(2)																		99						(139)
End of period						$	5,072					$	5,249					$	5,304					$	5,367					$	5,331					$	5,448																	$	5,249					$	5,448
Personal Insurance
Beginning of period						$	8,479					$	9,277					$	9,346					$	9,168					$	8,997					$	8,285																	$	8,479					$	8,997
Incurred						3,867						2,787						2,476						2,173						2,410						2,276																		6,654						4,686
Paid						(3,069)						(2,767)						(2,635)						(2,357)						(2,213)						(2,334)																		(5,836)						(4,547)
Foreign exchange and other (1)						—						49						(19)						13						(909)						—																		49						(909)
End of period						$	9,277					$	9,346					$	9,168					$	8,997					$	8,285					$	8,227																	$	9,346					$	8,227
Total
Beginning of period						$	56,326					$	58,091					$	59,072					$	59,620					$	59,747					$	59,215																	$	56,326					$	59,747
Incurred						7,947						6,731						6,537						5,768						6,310						5,867																		14,678						12,177
Paid						(6,241)						(5,964)						(5,922)						(5,665)						(5,184)						(5,641)																		(12,205)						(10,825)
Foreign exchange and other (1)						59						214						(67)						24						(1,658)						(6)																		273						(1,664)
End of period						$	58,091					$	59,072					$	59,620					$	59,747					$	59,215					$	59,435																	$	59,072					$	59,435
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos						$	—					$	—					$	277					$	—					$	—					$	—																	$	—					$	—
All other						(74)						(79)						(152)						(205)						(162)						(319)																		(153)						(481)
Total Business Insurance (2)						(74)						(79)						125						(205)						(162)						(319)																		(153)						(481)
Bond & Specialty Insurance						(67)						(81)						(43)						(30)						(65)						(75)																		(148)						(140)
Personal Insurance						(237)						(155)						(104)						(86)						(186)						(184)																		(392)						(370)
Total						$	(378)					$	(315)					$	(22)					$	(321)					$	(413)					$	(578)																	$	(693)					$	(991)

(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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Asbestos reserves
Beginning reserves:
Gross						$	1,708					$	1,636					$	1,555					$	1,798					$	1,700					$	1,623																	$	1,708					$	1,700
Ceded						(370)						(357)						(318)						(352)						(345)						(330)																		(370)						(345)
Net						1,338						1,279						1,237						1,446						1,355						1,293																		1,338						1,355
Incurred losses and loss expenses:
Gross						—						—						327						—						—						—																		—						—
Ceded						—						—						(50)						—						—						—																		—						—
Paid loss and loss expenses:
Gross						72						83						84						98						77						98																		155						175
Ceded						(13)						(39)						(16)						(8)						(15)						(20)																		(52)						(35)
Foreign exchange and other:
Gross						—						2						—						—						—						—																		2						—
Ceded						—						—						—						(1)						—						—																		—						—
Ending reserves:
Gross						1,636						1,555						1,798						1,700						1,623						1,525																		1,555						1,525
Ceded						(357)						(318)						(352)						(345)						(330)						(310)																		(318)						(310)
Net						$	1,279					$	1,237					$	1,446					$	1,355					$	1,293					$	1,215																	$	1,237					$	1,215

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

30

The Travelers Companies, Inc. Capitalization

($ in millions)						June 30, 2026						December 31, 2025
Debt
Short-term debt
Commercial paper						$	100					$	100
7.75% Senior notes due April 15, 2026						—						200
Total short-term debt						100						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						30						31
Unamortized debt issuance costs						(116)						(118)
						8,968						8,967
Total debt						9,068						9,267
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)						35,081						34,372
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)						$	44,149					$	43,639
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)						20.5		%				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)						June 30, 2026 (1)						December 31, 2025
Statutory capital and surplus						$	31,433					$	31,064
GAAP adjustments
Goodwill and intangible assets						3,429						3,640
Investments						(1,872)						(1,238)
Noninsurance companies						(4,581)						(4,876)
Deferred acquisition costs						3,568						3,478
Deferred federal income tax						(240)						(446)
Current federal income tax						(6)						(6)
Reinsurance recoverables						156						41
Furniture, equipment & software						923						948
Agents balances						229						182
Other						82						107
Total GAAP adjustments						1,688						1,830
GAAP shareholders’ equity						$	33,121					$	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						2Q2026																		YTD 2Q2025						YTD 2Q2026
Cash flows from operating activities
Net income						$	395					$	1,509					$	1,888					$	2,496					$	1,711					$	2,208																	$	1,904					$	3,919
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses						61						(6)						(27)						20						(49)						(60)																		55						(109)
Depreciation and amortization						188						164						166						162						193						170																		352						363
Deferred federal income tax expense (benefit)						31						(83)						320						(58)						51						(58)																		(52)						(7)
Amortization of deferred acquisition costs						1,778						1,802						1,849						1,837						1,766						1,786																		3,580						3,552
Equity in income from other investments						(53)						(42)						(74)						(57)						(23)						(75)																		(95)						(98)
Premiums receivable						(459)						(438)						412						370						(434)						(961)																		(897)						(1,395)
Reinsurance recoverables						(97)						78						(250)						132						(108)						(23)																		(19)						(131)
Deferred acquisition costs						(1,822)						(1,917)						(1,877)						(1,757)						(1,837)						(1,912)																		(3,739)						(3,749)
Claims and claim adjustment expense reserves						1,818						725						845						(88)						1,211						319																		2,543						1,530
Unearned premium reserves						419						495						331						(661)						351						559																		914						910
Other						(899)						47						644						289						(634)						(37)																		(852)						(671)
Net cash provided by operating activities						1,360						2,334						4,227						2,685						2,198						1,916																		3,694						4,114
Cash flows from investing activities
Proceeds from maturities of fixed maturities						2,801						3,071						2,886						2,902						3,014						2,963																		5,872						5,977
Proceeds from sales of investments:
Fixed maturities						253						348						178						53						251						134																		601						385
Equity securities						68						32						31						29						52						64																		100						116
Real estate investments						—						—						—						—						—						17																		—						17
Other investments						63						79						68						111						60						65																		142						125
Purchases of investments:
Fixed maturities						(4,296)						(4,847)						(5,376)						(4,252)						(5,356)						(4,799)																		(9,143)						(10,155)
Equity securities						(25)						(35)						(34)						(32)						(25)						(31)																		(60)						(56)
Real estate investments						(7)						(6)						(10)						(25)						(12)						(10)																		(13)						(22)
Other investments						(96)						(80)						(86)						(84)						(69)						(112)																		(176)						(181)
Net sales (purchases) of short-term securities						239						(215)						(2,051)						1,082						(945)						2,081																		24						1,136
Securities transactions in the course of settlement						308						64						(4)						(224)						430						(400)																		372						30
Proceeds from the divestiture of the Canadian business						—						—						—						—						2,384						—																		—						2,384
Other						(116)						(127)						(155)						(135)						(119)						(137)																		(243)						(256)
Net cash used in investing activities						(808)						(1,716)						(4,553)						(575)						(335)						(165)																		(2,524)						(500)

33

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

($ in millions)						1Q2025						2Q2025						3Q2025						4Q2025						1Q2026						2Q2026																		YTD 2Q2025						YTD 2Q2026
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations						(250)						(500)						(619)						(1,635)						(1,785)						(1,313)																		(750)						(3,098)
Treasury stock acquired - net employee share-based compensation						(102)						(22)						(1)						(2)						(149)						(5)																		(124)						(154)
Dividends paid to shareholders						(240)						(250)						(247)						(242)						(237)						(263)																		(490)						(500)
Payment of debt						—						—						—						—						—						(200)																		—						(200)
Issuance of debt						—						—						1,233						—						—						—																		—						—
Issuance of common stock - employee share options						57						70						36						51						86						38																		127						124
Net cash provided by (used in) financing activities						(535)						(702)						402						(1,828)						(2,085)						(1,743)																		(1,237)						(3,828)
Effect of exchange rate changes on cash and restricted cash						8						19						(6)						2						(5)						(2)																		27						(7)
Net increase (decrease) in cash and restricted cash						25						(65)						70						284						(227)						6																		(40)						(221)
Cash and restricted cash at beginning of period						699						724						659						729						842						615																		699						842
Less amounts classified as held for sale at end of period						—						—						—						171						—						—																		—						—
Cash and restricted cash at end of period						$	724					$	659					$	729					$	842					$	615					$	621																	$	659					$	621
Supplemental disclosure of cash flow information
Income taxes paid						$	24					$	538					$	194					$	518					$	12					$	1,100																	$	562					$	1,112
Interest paid						$	61					$	136					$	60					$	136					$	94					$	136																	$	197					$	230

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						June 30, 2026
Shareholders’ equity						$	28,191					$	29,518					$	31,609					$	32,894					$	31,986					$	33,121
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity						3,299						3,031						1,970						1,478						2,378						1,960
Net realized investment (gains) losses, net of tax						48						43						22						37						(15)						(63)
Adjusted shareholders’ equity						$	31,538					$	32,592					$	33,601					$	34,409					$	34,349					$	35,018

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

Filing Exhibits & Attachments

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