Travelers Q3 2026 核心EPS $9.18 大超一致预期约25%，但beat由准备金释放驱动、承保率恶化且含$295M石棉加提，盘前冲高回落

----- trv-20261016.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM
8-K
______________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 16, 2026
_______________________________________________
The
Travelers Companies, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________
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 October 16, 2026, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2026, and the availability of the Company’s third quarter financial supplement on the Company’s web site.  The press release and the financial supplement are furnished as Exhibits 99.1 and 99.2 to this Report and are hereby incorporated by reference in this Item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.  Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
99.1
Press Release, dated October 16, 2026, reporting results of operations (This exhibit is furnished and not filed.)
99.2
Third Quarter 2026 Financial Supplement of The Travelers Companies, Inc. (This exhibit is furnished and not filed.)
101.1
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:
October 16, 2026
By:
/S/   CHRISTINE K. KALLA
Name: Christine K. Kalla
Executive Vice President and General Counsel

----- a991pressrelease93026.htm -----
EX-99.1
2
a991pressrelease93026.htm
EX-99.1
Document
Exhibit 99.1
The Travelers Companies, Inc.
485 Lexington Avenue
New York, NY 10017-2630
www.travelers.com
NYSE: TRV
Travelers Reports Excellent Third Quarter and Year-to-Date Results
Third Quarter 2026 Net Income per Diluted Share of $9.04 and Core Income per Diluted Share of $9.18
Third Quarter 2026 Return on Equity of 24.7% and Core Return on Equity of 22.1%
•
Third quarter net income of $1.917 billion and core income of $1.947 billion.
•
Underwriting income of $1.432 billion pre-tax and underlying underwriting income of $1.736 billion pre-tax.
•
Strong margins with a consolidated combined ratio of 86.8% and underlying combined ratio of 84.1%.
•
Net favorable prior year reserve development in all three segments totaled $234 million pre-tax.
•
Net written premiums of $11.480 billion.
•
Record net investment income of $1.098 billion pre-tax ($908 million after-tax) increased 6%.
•
Total capital of $1.769 billion returned to shareholders, including $1.508 billion of share repurchases.
New York, October 16, 2026
— The Travelers Companies, Inc. today reported net income of $1.917 billion, or $9.04 per diluted share, for the quarter ended September 30, 2026, compared to $1.888 billion, or $8.24 per diluted share, in the prior year quarter. Core income in the current quarter was $1.947 billion, or $9.18 per diluted share, compared to $1.867 billion, or $8.14 per diluted share, in the prior year quarter. Core income increased primarily due to higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. Net realized investment losses in the current quarter were $34 million pre-tax ($30 million after-tax), compared to net realized investment gains of $27 million pre-tax ($21 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.
Consolidated Highlights
($ in millions, except for per share amounts, and after-tax, except for premiums and revenues)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
Change
2026
2025
Change
Net written premiums
$
11,480
$
11,473
—
%
$
33,347
$
33,531
(1)
%
Total revenues
$
12,412
$
12,470
—
$
36,489
$
36,396
—
Net income
$
1,917
$
1,888
2
$
5,836
$
3,792
54
per diluted share
$
9.04
$
8.24
10
$
27.05
$
16.45
64
Core income
$
1,947
$
1,867
4
$
5,803
$
3,814
52
per diluted share
$
9.18
$
8.14
13
$
26.90
$
16.54
63
Diluted weighted average shares outstanding
210.6
227.5
(7)
214.2
228.9
(6)
Combined ratio
86.8
%
87.3
%
(0.5)
pts
86.3
%
93.2
%
(6.9)
pts
Underlying combined ratio
84.1
%
83.9
%
0.2
pts
84.5
%
84.4
%
0.1
pts
Return on equity
24.7
%
24.7
%
—
pts
24.3
%
17.3
%
7.0
pts
Core return on equity
22.1
%
22.6
%
(0.5)
pts
22.3
%
15.8
%
6.5
pts
As of
Change From
September 30, 2026
December 31, 2025
September 30, 2025
December 31, 2025
September 30, 2025
Book value per share
$
141.48
$
151.21
$
141.72
(6)
%
—
%
Adjusted book value per share
172.47
158.01
150.55
9
%
15
%
See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.
1
“We are pleased to report excellent third quarter results,” said Alan Schnitzer, Chairman and Chief Executive Officer. “It was another in a run of successful quarters, with very strong underwriting performance across all three segments and a record result from our investment portfolio. Core income for the quarter was $1.9 billion, or $9.18 per diluted share. Core return on equity for the quarter was 22.1%, bringing core return on equity over the last four quarters to 24.1%. Third quarter underwriting income of $1.4 billion pre-tax benefited from continued strong levels of underlying underwriting income and net favorable prior year development. Profitability was excellent on both a reported and underlying basis. The combined ratio improved to 86.8%, and the underlying combined ratio remained very strong at 84.1%.
“Our high-quality investment portfolio generated after-tax net investment income of $908 million, an increase of 7%. These results, along with our exceptionally strong balance sheet, enabled us to return $1.8 billion of excess capital to our shareholders during the quarter, including $1.5 billion of share repurchases.
“Through disciplined marketplace execution across all three segments, we generated net written premiums in the quarter of $11.5 billion. In Business Insurance, we grew in every line other than Property, generating net written premiums of $5.9 billion, up 4% from the prior year quarter adjusting for the sale of our Canadian businesses. Renewal premium change in the segment was 4.1%, including renewal premium change of 5.4% in our core Middle Market business and 7.8% in our small commercial Select business. Excluding the Property line, renewal premium change in the segment was 7.0%. Retention remained very strong at 86% and was higher or stable in every line. Renewal premium change was by and large orderly and when viewed together with retention and returns reflects excellent execution. New business was a third quarter record at $699 million, up 4% over the prior year quarter.
“In Bond & Specialty Insurance, we grew net written premiums by 12% to $1.2 billion. In our high-quality Management Liability business renewal premium change improved sequentially to 3.8% while retention remained steady at an excellent 89%. New business in the segment was up 18% over the prior year quarter. In our leading Surety business, we grew net written premiums by 21%, reflecting continued strong production across the portfolio.
“In Personal Insurance, we generated net written premiums of $4.4 billion, with solid retention in both Auto and Homeowners and higher new business in our Homeowners business.
“Our strong underwriting and investment results through the first nine months of the year reflect the strength of our franchise. We are well positioned to finish the year strong. That momentum, and the advances we are making on our innovation agenda, give us real confidence heading into 2027 and beyond.”
2
Consolidated Results
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)
2026
2025
Change
2026
2025
Change
Underwriting gain:
$
1,432
$
1,378
$
54
$
4,343
$
2,095
$
2,248
Underwriting gain includes
:
Net favorable prior year reserve development
234
22
212
1,225
715
510
Catastrophes, net of reinsurance
(538)
(402)
(136)
(1,817)
(3,595)
1,778
Net investment income
1,098
1,033
65
3,176
2,905
271
Other income (expense), including interest expense
(127)
(94)
(33)
(339)
(279)
(60)
Core income before income taxes
2,403
2,317
86
7,180
4,721
2,459
Income tax expense
456
450
6
1,377
907
470
Core income
1,947
1,867
80
5,803
3,814
1,989
Net realized investment gains (losses) after income taxes
(30)
21
(51)
33
(22)
55
Net income
$
1,917
$
1,888
$
29
$
5,836
$
3,792
$
2,044
Combined ratio
86.8
%
87.3
%
(0.5)
pts
86.3
%
93.2
%
(6.9)
pts
Impact on combined ratio
Net favorable prior year reserve development
(2.1)
pts
(0.2)
pts
(1.9)
pts
(3.8)
pts
(2.2)
pts
(1.6)
pts
Catastrophes, net of reinsurance
4.8
pts
3.6
pts
1.2
pts
5.6
pts
11.0
pts
(5.4)
pts
Underlying combined ratio
84.1
%
83.9
%
0.2
pts
84.5
%
84.4
%
0.1
pts
Net written premiums
Business Insurance
$
5,868
$
5,675
3
%
$
17,638
$
17,165
3
%
Bond & Specialty Insurance
1,209
1,080
12
3,512
3,164
11
Personal Insurance
4,403
4,718
(7)
12,197
13,202
(8)
Total
$
11,480
$
11,473
—
%
$
33,347
$
33,531
(1)
%
Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
Net income of $1.917 billion increased $29 million, driven by higher core income, partially offset by net realized investment losses compared to net realized investment gains in the prior year quarter. Core income of $1.947 billion increased $80 million, primarily due to higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. Net realized investment losses were $34 million pre-tax ($30 million after-tax), compared to net realized investment gains of $27 million pre-tax ($21 million after-tax) in the prior year quarter.
Combined ratio:
•
The combined ratio of 86.8% improved 0.5 points due to higher net favorable prior year reserve development (1.9 points), partially offset by higher catastrophe losses (1.2 points) and a higher underlying combined ratio (0.2 points).
•
The underlying combined ratio was an excellent 84.1%. See below for further details by segment.
•
Net favorable prior year reserve development occurred in all segments, including an addition to asbestos reserves of $295 million. See below for further details by segment.
•
Catastrophe losses primarily resulted from severe wind and hail storms in multiple states.
Net investment income of $1.098 billion pre-tax ($908 million after-tax) increased 6%, driven by the long-term fixed income investment portfolio which benefited from a higher yield and growth in average invested assets.
3
Net written premiums of $11.480 billion increased slightly over the prior year quarter. Net written premiums in the prior year quarter included $240 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased 2% over the prior year quarter. See below for further details by segment.
Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)
Net income of $5.836 billion increased $2.044 billion, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year period. Core income of $5.803 billion increased $1.989 billion, primarily due to lower catastrophe losses, higher net favorable prior year reserve development and higher net investment income. Net realized investment gains were $75 million pre-tax ($33 million after-tax), compared to net realized investment losses of $28 million pre-tax ($22 million after-tax) in the prior year period.
Combined ratio:
•
The combined ratio of 86.3% improved 6.9 points due to lower catastrophe losses (5.4 points) and higher net favorable prior year reserve development (1.6 points), partially offset by a higher underlying combined ratio (0.1 points).
•
The underlying combined ratio was an excellent 84.5%. See below for further details by segment.
•
Net favorable prior year reserve development occurred in all segments. See below for further details by segment.
•
Catastrophe losses included the third quarter events described above, as well as severe wind and hail storms and winter storms in multiple states in the first six months of 2026.
Net investment income of $3.176 billion pre-tax ($2.624 billion after-tax) increased 9%, driven by the same factors described above for the third quarter of 2026.
Net written premiums of $33.347 billion decreased 1%. Net written premiums in the prior year period included $736 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased 2% over the prior year period. See below for further details by segment.
Shareholders’ Equity
Shareholders’ equity of $28.995 billion decreased 12% from year-end 2025, primarily due to higher net unrealized investment losses, common share repurchases and dividends to shareholders, partially offset by net income of $5.836 billion. Net unrealized investment losses included in shareholders’ equity were $8.049 billion pre-tax ($6.352 billion after-tax), compared to $1.862 billion pre-tax ($1.478 billion after-tax) at year-end 2025. The increase in net unrealized investment losses was driven by higher interest rates. Book value per share of $141.48 decreased 6% from year-end 2025. Adjusted book value per share of $172.47, which excludes net unrealized investment losses, increased 9% over year-end 2025.
The Company repurchased 4.0 million shares of its common stock during the third quarter at an average price of $376.00 per share for a total cost of $1.508 billion. At September 30, 2026, the Company had $2.415 billion of capacity remaining under its share repurchase authorizations approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $31.596 billion, and the ratio of debt-to-capital was 25.3%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders’ equity was 21.7%, within the Company’s target range of 15% to 25%.
The Board of Directors declared a regular quarterly dividend of $1.25 per share. The dividend is payable December 31, 2026 to shareholders of record at the close of business on December 10, 2026.
4
Business Insurance Segment Financial Results
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)
2026
2025
Change
2026
2025
Change
Underwriting gain:
$
522
$
392
$
130
$
1,580
$
933
$
647
Underwriting gain includes
:
Net favorable (unfavorable) prior year reserve development
41
(125)
166
522
28
494
Catastrophes, net of reinsurance
(157)
(139)
(18)
(774)
(1,016)
242
Net investment income
766
727
39
2,236
2,045
191
Other income (expense)
(11)
(1)
(10)
(6)
(8)
2
Segment income before income taxes
1,277
1,118
159
3,810
2,970
840
Income tax expense
241
211
30
737
567
170
Segment income
$
1,036
$
907
$
129
$
3,073
$
2,403
$
670
Combined ratio
90.9
%
92.9
%
(2.0)
pts
90.5
%
94.2
%
(3.7)
pts
Impact on combined ratio
Net (favorable) unfavorable prior year reserve development
(0.7)
pts
2.2
pts
(2.9)
pts
(3.1)
pts
(0.2)
pts
(2.9)
pts
Catastrophes, net of reinsurance
2.7
pts
2.4
pts
0.3
pts
4.6
pts
6.1
pts
(1.5)
pts
Underlying combined ratio
88.9
%
88.3
%
0.6
pts
89.0
%
88.3
%
0.7
pts
Net written premiums by market
Domestic
Select Accounts
$
932
$
920
1
%
$
2,978
$
2,900
3
%
Middle Market
3,448
3,232
7
10,012
9,432
6
National Accounts
286
273
5
973
914
6
National Property and Other
809
841
(4)
2,366
2,446
(3)
Total Domestic
5,475
5,266
4
16,329
15,692
4
International
393
409
(4)
1,309
1,473
(11)
Total
$
5,868
$
5,675
3
%
$
17,638
$
17,165
3
%
Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
Segment income for Business Insurance was $1.036 billion after-tax, an increase of $129 million. Segment income increased primarily due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter and higher net investment income, partially offset by a lower underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses) and higher catastrophe losses.
Combined ratio:
•
The combined ratio of 90.9% improved 2.0 points due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter (2.9 points), partially offset by a higher underlying combined ratio (0.6 points) and higher catastrophe losses (0.3 points).
•
The underlying combined ratio was an excellent 88.9%.
•
Net favorable prior year reserve development was primarily driven by better than expected loss experience in all major product lines primarily for recent accident years, partially offset by an addition to asbestos reserves of $295 million.
Net written premiums of $5.868 billion increased 3%. Net written premiums in the prior year quarter included $59 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 4%.
5
Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)
Segment income for Business Insurance was $3.073 billion after-tax, an increase of $670 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income, partially offset by a lower underlying underwriting gain.
Combined ratio:
•
The combined ratio of 90.5% improved 3.7 points due to higher net favorable prior year reserve development (2.9 points) and lower catastrophe losses (1.5 points), partially offset by a higher underlying combined ratio (0.7 points).
•
The underlying combined ratio was an excellent 89.0%.
•
Net favorable prior year reserve development was primarily driven by better than expected loss experience in all major product lines for recent accident years, partially offset by an addition to reserves related to run-off operations, including an addition to asbestos reserves of $295 million.
Net written premiums of $17.638 billion increased 3%. Net written premiums in the prior year period included $205 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 4%.
Bond & Specialty Insurance Segment Financial Results
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)
2026
2025
Change
2026
2025
Change
Underwriting gain:
$
246
$
188
$
58
$
590
$
554
$
36
Underwriting gain includes
:
Net favorable prior year reserve development
95
43
52
235
191
44
Catastrophes, net of reinsurance
(1)
—
(1)
(13)
(24)
11
Net investment income
127
116
11
353
325
28
Other income
5
7
(2)
12
15
(3)
Segment income before income taxes
378
311
67
955
894
61
Income tax expense
69
61
8
158
180
(22)
Segment income
$
309
$
250
$
59
$
797
$
714
$
83
Combined ratio
77.3
%
81.6
%
(4.3)
pts
81.0
%
81.5
%
(0.5)
pts
Impact on combined ratio
Net favorable prior year reserve development
(8.6)
pts
(4.2)
pts
(4.4)
pts
(7.4)
pts
(6.2)
pts
(1.2)
pts
Catastrophes, net of reinsurance
0.1
pts
—
pts
0.1
pts
0.4
pts
0.8
pts
(0.4)
pts
Underlying combined ratio
85.8
%
85.8
%
—
pts
88.0
%
86.9
%
1.1
pts
Net written premiums
Domestic
Management Liability
$
649
$
613
6
%
$
1,832
$
1,755
4
%
Surety
414
342
21
1,275
1,017
25
Total Domestic
1,063
955
11
3,107
2,772
12
International
146
125
17
405
392
3
Total
$
1,209
$
1,080
12
%
$
3,512
$
3,164
11
%
6
Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
Segment income for Bond & Specialty Insurance was $309 million after-tax, an increase of $59 million. Segment income increased primarily due to higher net favorable prior year reserve development, a higher underlying underwriting gain and higher net investment income.
Combined ratio:
•
The combined ratio of 77.3% improved 4.3 points due to higher net favorable prior year reserve development (4.4 points), partially offset by higher catastrophe losses (0.1 points).
•
The underlying combined ratio was an excellent 85.8%.
•
Net favorable prior year reserve development was primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years and in the general liability product line for management liability coverages for multiple accident years.
Net written premiums of $1.209 billion increased 12%. Net written premiums in the prior year quarter included $14 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 13%.
Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)
Segment income for Bond & Specialty Insurance was $797 million after-tax, an increase of $83 million. Segment income increased primarily due to higher net favorable prior year reserve development, higher net investment income, a higher underlying underwriting gain and lower catastrophe losses. The underlying underwriting gain benefited from a non-recurring tax item.
Combined ratio:
•
The combined ratio of 81.0% improved 0.5 points due to higher net favorable prior year reserve development (1.2 points) and lower catastrophe losses (0.4 points), partially offset by a higher underlying combined ratio (1.1 points).
•
The underlying combined ratio was an excellent 88.0%.
•
Net favorable prior year reserve development was primarily driven by the same factors described above for the third quarter of 2026.
Net written premiums of $3.512 billion increased 11%. Net written premiums in the prior year period included $40 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 12%.
7
Personal Insurance Segment Financial Results
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)
2026
2025
Change
2026
2025
Change
Underwriting gain:
$
664
$
798
$
(134)
$
2,173
$
608
$
1,565
Underwriting gain includes
:
Net favorable prior year reserve development
98
104
(6)
468
496
(28)
Catastrophes, net of reinsurance
(380)
(263)
(117)
(1,030)
(2,555)
1,525
Net investment income
205
190
15
587
535
52
Other income
10
24
(14)
41
59
(18)
Segment income before income taxes
879
1,012
(133)
2,801
1,202
1,599
Income tax expense
173
205
(32)
564
235
329
Segment income
$
706
$
807
$
(101)
$
2,237
$
967
$
1,270
Combined ratio
83.5
%
81.3
%
2.2
pts
82.0
%
94.8
%
(12.8)
pts
Impact on combined ratio
Net favorable prior year reserve development
(2.4)
pts
(2.4)
pts
—
pts
(3.8)
pts
(3.8)
pts
—
pts
Catastrophes, net of reinsurance
9.2
pts
6.0
pts
3.2
pts
8.4
pts
19.7
pts
(11.3)
pts
Underlying combined ratio
76.7
%
77.7
%
(1.0)
pts
77.4
%
78.9
%
(1.5)
pts
Net written premiums
Domestic
Automobile
$
1,892
$
2,062
(8)
%
$
5,506
$
5,889
(7)
%
Homeowners and Other
2,511
2,489
1
6,691
6,822
(2)
Total Domestic
4,403
4,551
(3)
12,197
12,711
(4)
International
—
167
(100)
—
491
(100)
Total
$
4,403
$
4,718
(7)
%
$
12,197
$
13,202
(8)
%
Third Quarter 2026 Results
(All comparisons vs. third quarter 2025, unless noted otherwise)
Segment income for Personal Insurance was $706 million after-tax, a decrease of $101 million. Segment income decreased primarily due to higher catastrophe losses.
Combined ratio:
•
The combined ratio of 83.5% increased 2.2 points due to higher catastrophe losses (3.2 points), partially offset by an improvement in the underlying combined ratio (1.0 points).
•
The underlying combined ratio of 76.7% improved 1.0 points, primarily reflecting improvement in Automobile.
•
Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Homeowners and Other and Automobile product lines for recent accident years.
Net written premiums of $4.403 billion decreased 7%. Net written premiums in the prior year quarter included $167 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 3%.
Year-to-Date 2026 Results
(All comparisons vs. year-to-date 2025, unless noted otherwise)
Segment income for Personal Insurance was $2.237 billion after-tax, an increase of $1.270 billion. Segment income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain and higher net investment income, partially offset by lower net favorable prior year reserve development.
8
Combined ratio:
•
The combined ratio of 82.0% improved 12.8 points due to lower catastrophe losses (11.3 points) and an improvement in the underlying combined ratio (1.5 points).
•
The underlying combined ratio of 77.4% improved 1.5 points, reflecting improvement in both Automobile and Homeowners and Other.
•
Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Automobile and Homeowners and Other product lines for recent accident years.
Net written premiums of $12.197 billion decreased 8%. Net written premiums in the prior year period included $491 million related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 4%.
Financial Supplement and Conference Call
The information in this press release should be read in conjunction with the financial supplement that is available on our website at
Travelers.com
. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9:00 a.m. Eastern (8:00 a.m. Central) on Friday, October 16, 2026. Investors can access the call via webcast at
investor.travelers.com
and by dialing 1.833.461.5787 within the United States or 1.585.542.9983 outside the United States. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company’s website.
Following the live event, replays will be available via webcast for one year at
investor.travelers.com
and by telephone for seven days by dialing 1.833.309.1852 within the United States or 1.929.828.5978 outside the United States. All callers should use conference ID 686305383.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for
auto
,
home
and
business
. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $49 billion in 2025. For more information, visit
Travelers.com
.
Travelers may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at
investor.travelers.com
, our Facebook page at
facebook.com/travelers
and our X account (@Travelers) at
x.com/travelers
. In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notifications section at
investor.travelers.com
.
Travelers is organized into the following reportable business segments:
Business Insurance
- Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd’s.
Bond & Specialty Insurance
- Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and/or specialty insurance products in Canada, the United Kingdom and the Republic of Ireland, as well as Brazil through a joint venture, in each case utilizing various degrees of financially-based underwriting approaches.
Personal Insurance
- Personal Insurance offers a broad range of property and casualty insurance products and services in the United States covering individuals’ personal risks. Personal Insurance’s primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.
* * * * *
9
Forward-Looking Statements
This press release contains, and management may make, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “probably,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “views,” “ensures,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about:
•
the Company’s outlook, the impact of trends on its business and its future results of operations and financial condition;
•
the impact of legislative or regulatory actions or court decisions;
•
share repurchase plans;
•
future pension plan contributions;
•
the sufficiency of the Company’s reserves, including asbestos;
•
the impact of emerging claims issues as well as other insurance and non-insurance litigation;
•
the cost and availability of reinsurance coverage;
•
catastrophe losses and modeling;
•
the impact of investment, economic and underwriting market conditions, including interest rates, tariffs and inflation;
•
the Company’s approach to managing its investment portfolio;
•
the impact of changing climate conditions;
•
strategic and operational initiatives to improve growth, profitability and competitiveness;
•
the Company’s competitive advantages and innovation agenda, including executing on that agenda with respect to artificial intelligence;
•
the Company’s cybersecurity policies and practices;
•
new product offerings;
•
the impact of developments in the tort environment; and
•
the impact of developments in the geopolitical environment, including the war with Iran.
The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
Some of the factors that could cause actual results to differ include, but are not limited to, the following:
Insurance-Related Risks
•
high levels of catastrophe losses;
•
actual claims may exceed the Company’s claims and claim adjustment expense reserves, the estimated level of claims and claim adjustment expense reserves may increase, or increases in loss costs may not be offset with sufficient price increases, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments, including increased inflation and the impact of tariffs;
•
the Company’s continued exposure to asbestos claims and related litigation;
•
the Company is exposed to, and may face adverse developments involving, mass tort claims; and
•
the effects of emerging claim and coverage issues on the Company’s business are uncertain, and court decisions or legislative changes that take place after the Company issues its policies
can result in an unexpected increase in the number of claims.
Financial, Economic and Credit Risks
•
a period of financial market disruption or an economic downturn;
•
the Company’s investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses;
•
the Company is exposed to credit risk related to reinsurance and structured settlements, and reinsurance coverage may not be available to the Company;
•
the Company is exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that it has with third parties;
•
a downgrade in the Company’s claims-paying and financial strength ratings; and
10
•
the Company’s insurance subsidiaries may be unable to pay dividends to the Company’s holding company in sufficient amounts.
Business and Operational Risks
•
the intense competition that the Company faces, including with respect to attracting and retaining employees, and the impact of innovation, technological change, including with respect to artificial intelligence, and changing customer preferences on the insurance industry and the markets in which it operates;
•
disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape;
•
the Company’s efforts to develop new products or services, expand in targeted markets, improve business processes and workflows or pursue acquisitions or dispositions may not be successful and may create enhanced risks;
•
the Company's pricing and capital models may provide materially different indications than actual results;
•
loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company’s products;
•
the Company is subject to additional risks associated with its business outside the United States; and
•
future pandemics.
Technology and Intellectual Property Risks
•
as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions, including the war with Iran) or otherwise, the Company may experience difficulties with technology, data and network security or outsourcing relationships;
•
the Company’s dependence on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence; and
•
the Company may be unable to protect and enforce its own intellectual property or may be subject to claims for infringing the intellectual property of others.
Regulatory and Compliance Risks
•
changes in regulation, including changes in tax laws; and
•
the Company's compliance controls may not be effective.
In addition, the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for the Company’s business operations, changes in the levels of written premiums, funding of the Company’s qualified pension plan, regulatory capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors.
Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward Looking Statements” in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on October 16, 2026, and in our most recent annual report on Form 10-K filed with the SEC on February 12, 2026, in each case as updated by our periodic filings with the SEC.
GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
The following measures are used by the Company’s management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis and for other reasons as discussed below. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure. Reconciliations of these measures to the most comparable GAAP measures also follow.
11
In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance.
Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, included in shareholders’ equity, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.
Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.
RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER NON-GAAP MEASURES
Core income (loss)
is consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable.
Segment income (loss)
is determined in the same manner as core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions. Financial statement users also consider core income (loss) when analyzing the results and trends of insurance companies.
Core income (loss) per share
is core income (loss) on a per common share basis.
Reconciliation of Net Income to Core Income less Preferred Dividends
Three Months Ended September 30,
Nine Months Ended September 30,
Twelve Months Ended September 30,
($ in millions, after-tax)
2026
2025
2026
2025
2026
2025
Net income
$
1,917
$
1,888
$
5,836
$
3,792
$
8,332
$
5,874
Adjustments:
Net realized investment (gains) losses
30
(21)
(33)
22
(18)
66
Core income
$
1,947
$
1,867
$
5,803
$
3,814
$
8,314
$
5,940
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions, pre-tax)
2026
2025
2026
2025
Net income
$
2,369
$
2,344
$
7,255
$
4,693
Adjustments:
Net realized investment (gains) losses
34
(27)
(75)
28
Core income
$
2,403
$
2,317
$
7,180
$
4,721
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)
12
Reconciliation of Net Income per Share to Core Income per Share on a Diluted Basis
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Diluted income per share
Net income
$
9.04
$
8.24
$
27.05
$
16.45
Adjustments:
Net realized investment (gains) losses, after-tax
0.14
(0.10)
(0.15)
0.09
Core income
$
9.18
$
8.14
$
26.90
$
16.54
Reconciliation of Segment Income to Total Core Income
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions, after-tax)
2026
2025
2026
2025
Business Insurance
$
1,036
$
907
$
3,073
$
2,403
Bond & Specialty Insurance
309
250
797
714
Personal Insurance
706
807
2,237
967
Total segment income
2,051
1,964
6,107
4,084
Interest Expense and Other
(104)
(97)
(304)
(270)
Total core income
$
1,947
$
1,867
$
5,803
$
3,814
RECONCILIATION OF SHAREHOLDERS’ EQUITY TO ADJUSTED SHAREHOLDERS’ EQUITY AND CALCULATION OF RETURN ON EQUITY AND CORE RETURN ON EQUITY
Adjusted shareholders’ equity
is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized investment gains (losses), net of tax, for the period presented, the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)), preferred stock and discontinued operations.
Reconciliation of Shareholders’ Equity to Adjusted Shareholders’ Equity
As of September 30,
($ in millions)
2026
2025
Shareholders’ equity
$
28,995
$
31,609
Adjustments:
Net unrealized investment losses, net of tax, included in shareholders’ equity
6,352
1,970
Net realized investment (gains) losses, net of tax
(33)
22
Adjusted shareholders’ equity
$
35,314
$
33,601
As of December 31,
Average Annual
($ in millions)
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)
13
Return on equity
is the ratio of annualized net income (loss) less preferred dividends to average shareholders’ equity for the periods presented.
Core return on equity
is the ratio of annualized core income (loss) less preferred dividends to adjusted average shareholders’ equity for the periods presented. In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.
Average shareholders’ equity
is (a) the sum of total shareholders’ equity excluding preferred stock at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.
Adjusted average shareholders’ equity
is (a) the sum of total adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.
Calculation of Return on Equity and Core Return on Equity
Three Months Ended September 30,
Nine Months Ended September 30,
Twelve Months Ended September 30,
($ in millions, after-tax)
2026
2025
2026
2025
2026
2025
Annualized net income
$
7,670
$
7,554
$
7,782
$
5,057
$
8,332
$
5,874
Average shareholders’ equity
31,058
30,563
32,017
29,148
32,076
28,806
Return on equity
24.7
%
24.7
%
24.3
%
17.3
%
26.0
%
20.4
%
Annualized core income
$
7,788
$
7,467
$
7,738
$
5,085
$
8,314
$
5,940
Adjusted average shareholders’ equity
35,228
33,053
34,762
32,197
34,568
31,817
Core return on equity
22.1
%
22.6
%
22.3
%
15.8
%
24.1
%
18.7
%
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 $30 million of losses before reinsurance and taxes.
Net favorable (unfavorable) prior year loss reserve development
is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years. In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.
Reconciliation of Net Income to Pre-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions, after-tax, except as noted)
2026
2025
2026
2025
Net income
$
1,917
$
1,888
$
5,836
$
3,792
Net realized investment (gains) losses
30
(21)
(33)
22
Core income
1,947
1,867
5,803
3,814
Net investment income
(908)
(850)
(2,624)
(2,387)
Other (income) expense, including interest expense
108
82
288
241
Underwriting income
1,147
1,099
3,467
1,668
Income tax expense on underwriting results
285
279
876
427
Pre-tax underwriting income
1,432
1,378
4,343
2,095
Pre-tax impact of net favorable prior year reserve development
(234)
(22)
(1,225)
(715)
Pre-tax impact of catastrophes
538
402
1,817
3,595
Pre-tax underlying underwriting income
$
1,736
$
1,758
$
4,935
$
4,975
Reconciliation of Net Income to After-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions, after-tax)
2026
2025
2026
2025
Net income
$
1,917
$
1,888
$
5,836
$
3,792
Net realized investment (gains) losses
30
(21)
(33)
22
Core income
1,947
1,867
5,803
3,814
Net investment income
(908)
(850)
(2,624)
(2,387)
Other (income) expense, including interest expense
108
82
288
241
Underwriting income
1,147
1,099
3,467
1,668
Impact of net favorable prior year reserve development
(185)
(16)
(966)
(562)
Impact of catastrophes
424
318
1,435
2,840
Underlying underwriting income
$
1,386
$
1,401
$
3,936
$
3,946
15
Twelve Months Ended December 31,
($ in millions, after-tax)
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 September 30,
Nine Months Ended September 30,
($ in millions, pre-tax)
2026
2025
2026
2025
Loss and loss adjustment expense ratio
Claims and claim adjustment expenses
$
6,487
$
6,594
$
18,791
$
21,389
Less:
Policyholder dividends
12
12
32
35
Allocated fee income
50
48
147
138
Loss ratio numerator
$
6,425
$
6,534
$
18,612
$
21,216
Underwriting expense ratio
Amortization of deferred acquisition costs
$
1,856
$
1,849
$
5,408
$
5,429
General and administrative expenses (G&A)
1,582
1,572
4,688
4,576
Less:
Non-insurance G&A
131
131
399
353
Allocated fee income
73
79
223
232
Billing and policy fees and other
22
28
69
85
Expense ratio numerator
$
3,212
$
3,183
$
9,405
$
9,335
Earned premium
$
11,103
$
11,135
$
32,461
$
32,766
Combined ratio (1)
Loss and loss adjustment expense ratio
57.9
%
58.7
%
57.3
%
64.7
%
Underwriting expense ratio
28.9
%
28.6
%
29.0
%
28.5
%
Combined ratio
86.8
%
87.3
%
86.3
%
93.2
%
Impact on combined ratio:
Net favorable prior year reserve development
(2.1)
%
(0.2)
%
(3.8)
%
(2.2)
%
Catastrophes, net of reinsurance
4.8
%
3.6
%
5.6
%
11.0
%
Underlying combined ratio
84.1
%
83.9
%
84.5
%
84.4
%
(1) For purposes of computing ratios, billing and policy fees and other (which are a component of other revenues) are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.
RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS’ EQUITY TO CERTAIN NON-GAAP MEASURES
Book value per share
is total common shareholders’ equity divided by the number of common shares outstanding.
Adjusted book value per share
is total common shareholders’ equity excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity, divided by the number of common shares outstanding.
In the opinion of the Company’s management, adjusted book value per share is useful in an analysis of a property casualty company’s book value per share as it removes the effect of changing prices on invested assets (i.e., net unrealized investment gains (losses), net of tax), which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves.
Tangible book value per share
is adjusted book value per share excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. In the opinion of the Company’s management, tangible book value per share is useful in an analysis of a property casualty company’s book value on a nominal basis as it removes certain effects of purchase accounting (i.e., goodwill and other intangible assets), in addition to the effect of changing prices on invested assets.
17
Reconciliation of Shareholders’ Equity to Tangible Shareholders’ Equity, Excluding Net Unrealized Investment Gains (Losses), Net of Tax and Calculation of Book Value Per Share, Adjusted Book Value Per Share and Tangible Book Value Per Share
As of
($ in millions, except per share amounts)
September 30,
2026
December 31,
2025
September 30,
2025
Shareholders’ equity
$
28,995
$
32,894
$
31,609
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity
(6,352)
(1,478)
(1,970)
Common shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity
35,347
34,372
33,579
Less:
Goodwill (includes $208 million of goodwill classified as held for sale as of December 31, 2025)
4,060
4,274
4,271
Other intangible assets (includes $1 million of other intangible assets classified as held for sale as of December 31, 2025)
326
337
342
Impact of deferred tax on other intangible assets
(49)
(93)
(92)
Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity
$
31,010
$
29,854
$
29,058
Common shares outstanding
204.9
217.5
223.0
Book value per share
$
141.48
$
151.21
$
141.72
Adjusted book value per share
172.47
158.01
150.55
Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity
151.31
137.24
130.28
RECONCILIATION OF TOTAL CAPITALIZATION TO TOTAL CAPITALIZATION EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES), NET OF TAX
Total capitalization
is the sum of total shareholders’ equity and debt.
Debt-to-capital ratio excluding net unrealized gains (losses) on investments, net of tax, included in shareholders’ equity
,
is the ratio of debt to total capitalization excluding the after-tax impact of net unrealized investment gains and losses included in shareholders’ equity. In the opinion of the Company’s management, the debt-to-capital ratio is useful in an analysis of the Company’s financial leverage.
As of
($ in millions)
September 30,
2026
December 31,
2025
Debt
$
9,813
$
9,267
Shareholders’ equity
28,995
32,894
Total capitalization
38,808
42,161
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity
(6,352)
(1,478)
Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity
$
45,160
$
43,639
Debt-to-capital ratio
25.3
%
22.0
%
Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity
21.7
%
21.2
%
RECONCILIATION OF INVESTED ASSETS TO INVESTED ASSETS EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES)
As of September 30,
($ in millions)
2026
2025
Invested assets
$
100,588
$
103,684
Less: Net unrealized investment losses, pre-tax
(8,049)
(2,484)
Invested assets excluding net unrealized investment losses
$
108,637
$
106,168
18
As of December 31,
($ in millions)
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

----- a992finsupp93026.htm -----
EX-99.2
3
a992finsupp93026.htm
EX-99.2
Document
The Travelers Companies, Inc.
Financial Supplement - Third 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
3Q2026
YTD 3Q2025
YTD 3Q2026
Net income
$
395
$
1,509
$
1,888
$
2,496
$
1,711
$
2,208
$
1,917
$
3,792
$
5,836
Net income per share:
Basic
$
1.73
$
6.63
$
8.37
$
11.24
$
7.89
$
10.41
$
9.20
$
16.69
$
27.48
Diluted
$
1.70
$
6.53
$
8.24
$
11.06
$
7.78
$
10.26
$
9.04
$
16.45
$
27.05
Core income
$
443
$
1,504
$
1,867
$
2,511
$
1,696
$
2,160
$
1,947
$
3,814
$
5,803
Core income per share:
Basic
$
1.94
$
6.61
$
8.27
$
11.31
$
7.82
$
10.19
$
9.34
$
16.78
$
27.32
Diluted
$
1.91
$
6.51
$
8.14
$
11.13
$
7.71
$
10.04
$
9.18
$
16.54
$
26.90
Return on equity
5.6
%
20.9
%
24.7
%
31.0
%
21.1
%
27.1
%
24.7
%
17.3
%
24.3
%
Core return on equity
5.6
%
18.8
%
22.6
%
29.6
%
19.7
%
24.9
%
22.1
%
15.8
%
22.3
%
Total assets, at period end
$
135,977
$
138,873
$
143,678
$
143,708
$
142,309
$
143,580
$
142,089
$
143,678
$
142,089
Total equity, at period end
$
28,191
$
29,518
$
31,609
$
32,894
$
31,986
$
33,121
$
28,995
$
31,609
$
28,995
Book value per share, at period end
$
124.43
$
131.11
$
141.72
$
151.21
$
150.42
$
158.81
$
141.48
$
141.72
$
141.48
Less: Net unrealized investment gains (losses), net of tax
(14.56)
(13.46)
(8.83)
(6.80)
(11.18)
(9.39)
(30.99)
(8.83)
(30.99)
Adjusted book value per share, at period end
$
138.99
$
144.57
$
150.55
$
158.01
$
161.60
$
168.20
$
172.47
$
150.55
$
172.47
Weighted average number of common shares outstanding (basic)
226.9
225.9
224.1
220.3
215.2
210.5
206.9
225.6
210.9
Weighted average number of common shares outstanding and common stock equivalents (diluted)
230.4
229.3
227.5
224.0
218.4
213.6
210.6
228.9
214.2
Common shares outstanding at period end
226.6
225.1
223.0
217.5
212.6
208.6
204.9
223.0
204.9
Common stock dividends declared
$
241
$
252
$
250
$
244
$
238
$
266
$
261
$
743
$
765
Common stock repurchased:
Under Board of Directors authorization
Shares
1.0
1.8
2.3
5.8
6.0
4.3
4.0
5.1
14.3
Cost
$
250
$
500
$
625
$
1,650
$
1,800
$
1,300
$
1,500
$
1,375
$
4,600
Other
Shares
0.4
0.3
—
—
0.6
—
—
0.7
0.6
Cost
$
108
$
57
$
3
$
3
$
185
$
11
$
8
$
168
$
204
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
1
The Travelers Companies, Inc.
Reconciliation of Net Income to Core Income and Earnings per Share to Core Income per Share
($ and shares in millions, except earnings per share)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Net income
Net income
$
395
$
1,509
$
1,888
$
2,496
$
1,711
$
2,208
$
1,917
$
3,792
$
5,836
Net realized investment (gains) losses, after-tax
48
(5)
(21)
15
(15)
(48)
30
22
(33)
Core income
$
443
$
1,504
$
1,867
$
2,511
$
1,696
$
2,160
$
1,947
$
3,814
$
5,803
Basic
Net income per share
$
1.73
$
6.63
$
8.37
$
11.24
$
7.89
$
10.41
$
9.20
$
16.69
$
27.48
Net realized investment (gains) losses, after-tax
0.21
(0.02)
(0.10)
0.07
(0.07)
(0.22)
0.14
0.09
(0.16)
Core income per share
$
1.94
$
6.61
$
8.27
$
11.31
$
7.82
$
10.19
$
9.34
$
16.78
$
27.32
Diluted
Net income per share
$
1.70
$
6.53
$
8.24
$
11.06
$
7.78
$
10.26
$
9.04
$
16.45
$
27.05
Net realized investment (gains) losses, after-tax
0.21
(0.02)
(0.10)
0.07
(0.07)
(0.22)
0.14
0.09
(0.15)
Core income per share
$
1.91
$
6.51
$
8.14
$
11.13
$
7.71
$
10.04
$
9.18
$
16.54
$
26.90
Adjustments to net and core income and weighted average shares for net and core income EPS calculations:
Basic and Diluted
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Net income, as reported
$
395
$
1,509
$
1,888
$
2,496
$
1,711
$
2,208
$
1,917
$
3,792
$
5,836
Participating share-based awards - allocated net income
(3)
(11)
(13)
(19)
(12)
(15)
(13)
(27)
(41)
Net income available to common shareholders - basic and diluted
$
392
$
1,498
$
1,875
$
2,477
$
1,699
$
2,193
$
1,904
$
3,765
$
5,795
Core income, as reported
$
443
$
1,504
$
1,867
$
2,511
$
1,696
$
2,160
$
1,947
$
3,814
$
5,803
Participating share-based awards - allocated core income
(3)
(11)
(14)
(18)
(12)
(15)
(14)
(28)
(41)
Core income available to common shareholders - basic and diluted
$
440
$
1,493
$
1,853
$
2,493
$
1,684
$
2,145
$
1,933
$
3,786
$
5,762
Common Shares
Basic
Weighted average shares outstanding
226.9
225.9
224.1
220.3
215.2
210.5
206.9
225.6
210.9
Diluted
Weighted average shares outstanding
226.9
225.9
224.1
220.3
215.2
210.5
206.9
225.6
210.9
Weighted average effect of dilutive securities - stock options and performance shares
3.5
3.4
3.4
3.7
3.2
3.1
3.7
3.3
3.3
Diluted weighted average shares outstanding
230.4
229.3
227.5
224.0
218.4
213.6
210.6
228.9
214.2
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
2
The Travelers Companies, Inc.
Statement of Income - Consolidated
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Revenues
Premiums
$
10,710
$
10,921
$
11,135
$
11,148
$
10,605
$
10,753
$
11,103
$
32,766
$
32,461
Net investment income
930
942
1,033
1,054
1,008
1,070
1,098
2,905
3,176
Fee income
119
124
127
125
121
126
123
370
370
Net realized investment gains (losses)
(61)
6
27
(20)
49
60
(34)
(28)
75
Other revenues
112
123
148
125
141
144
122
383
407
Total revenues
11,810
12,116
12,470
12,432
11,924
12,153
12,412
36,396
36,489
Claims and expenses
Claims and claim adjustment expenses
8,006
6,789
6,594
5,832
6,382
5,922
6,487
21,389
18,791
Amortization of deferred acquisition costs
1,778
1,802
1,849
1,837
1,766
1,786
1,856
5,429
5,408
General and administrative expenses
1,459
1,545
1,572
1,544
1,541
1,565
1,582
4,576
4,688
Interest expense
99
99
111
116
116
113
118
309
347
Total claims and expenses
11,342
10,235
10,126
9,329
9,805
9,386
10,043
31,703
29,234
Income before income taxes
468
1,881
2,344
3,103
2,119
2,767
2,369
4,693
7,255
Income tax expense
73
372
456
607
408
559
452
901
1,419
Net income
$
395
$
1,509
$
1,888
$
2,496
$
1,711
$
2,208
$
1,917
$
3,792
$
5,836
Other statistics
Effective tax rate on net investment income
17.9
%
17.9
%
17.8
%
17.7
%
17.4
%
17.4
%
17.3
%
17.9
%
17.4
%
Net investment income (after-tax)
$
763
$
774
$
850
$
867
$
833
$
883
$
908
$
2,387
$
2,624
Catastrophes, net of reinsurance:
Pre-tax
$
2,266
$
927
$
402
$
95
$
761
$
518
$
538
$
3,595
$
1,817
After-tax
$
1,790
$
732
$
318
$
75
$
601
$
410
$
424
$
2,840
$
1,435
Prior year reserve development - favorable:
Pre-tax
$
378
$
315
$
22
$
321
$
413
$
578
$
234
$
715
$
1,225
After-tax
$
297
$
249
$
16
$
253
$
325
$
456
$
185
$
562
$
966
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
3
The Travelers Companies, Inc.
Net Income by Major Component and Combined Ratio - Consolidated
($ in millions, net of tax)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Underwriting gain (loss)
$
(239)
$
808
$
1,099
$
1,729
$
955
$
1,365
$
1,147
$
1,668
$
3,467
Net investment income
763
774
850
867
833
883
908
2,387
2,624
Other income (expense), including interest expense
(81)
(78)
(82)
(85)
(92)
(88)
(108)
(241)
(288)
Core income
443
1,504
1,867
2,511
1,696
2,160
1,947
3,814
5,803
Net realized investment gains (losses)
(48)
5
21
(15)
15
48
(30)
(22)
33
Net income
$
395
$
1,509
$
1,888
$
2,496
$
1,711
$
2,208
$
1,917
$
3,792
$
5,836
Combined ratio (1) (2)
Loss and loss adjustment expense ratio
74.2
%
61.7
%
58.7
%
51.8
%
59.6
%
54.6
%
57.9
%
64.7
%
57.3
%
Underwriting expense ratio
28.3
%
28.6
%
28.6
%
28.4
%
29.0
%
29.0
%
28.9
%
28.5
%
29.0
%
Combined ratio
102.5
%
90.3
%
87.3
%
80.2
%
88.6
%
83.6
%
86.8
%
93.2
%
86.3
%
Impact on combined ratio:
Net favorable prior year reserve development
(3.5)
%
(2.9)
%
(0.2)
%
(2.9)
%
(3.9)
%
(5.4)
%
(2.1)
%
(2.2)
%
(3.8)
%
Catastrophes, net of reinsurance
21.2
%
8.5
%
3.6
%
0.9
%
7.2
%
4.9
%
4.8
%
11.0
%
5.6
%
Underlying combined ratio
84.8
%
84.7
%
83.9
%
82.2
%
85.3
%
84.1
%
84.1
%
84.4
%
84.5
%
(1)  Before policyholder dividends.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses.  These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.  See following:
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Billing and policy fees and other
$
28
$
29
$
28
$
28
$
25
$
22
$
22
$
85
$
69
Fee income:
Loss and loss adjustment expenses
$
45
$
45
$
48
$
48
$
48
$
49
$
50
$
138
$
147
Underwriting expenses
74
79
79
77
73
77
73
232
223
Total fee income
$
119
$
124
$
127
$
125
$
121
$
126
$
123
$
370
$
370
Non-insurance general and administrative expenses
$
109
$
113
$
131
$
110
$
136
$
132
$
131
$
353
$
399
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
4
The Travelers Companies, Inc.
Core Income - Consolidated
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Revenues
Premiums
$
10,710
$
10,921
$
11,135
$
11,148
$
10,605
$
10,753
$
11,103
$
32,766
$
32,461
Net investment income
930
942
1,033
1,054
1,008
1,070
1,098
2,905
3,176
Fee income
119
124
127
125
121
126
123
370
370
Other revenues
112
123
148
125
141
144
122
383
407
Total revenues
11,871
12,110
12,443
12,452
11,875
12,093
12,446
36,424
36,414
Claims and expenses
Claims and claim adjustment expenses
8,006
6,789
6,594
5,832
6,382
5,922
6,487
21,389
18,791
Amortization of deferred acquisition costs
1,778
1,802
1,849
1,837
1,766
1,786
1,856
5,429
5,408
General and administrative expenses
1,459
1,545
1,572
1,544
1,541
1,565
1,582
4,576
4,688
Interest expense
99
99
111
116
116
113
118
309
347
Total claims and expenses
11,342
10,235
10,126
9,329
9,805
9,386
10,043
31,703
29,234
Core income before income taxes
529
1,875
2,317
3,123
2,070
2,707
2,403
4,721
7,180
Income tax expense
86
371
450
612
374
547
456
907
1,377
Core income
$
443
$
1,504
$
1,867
$
2,511
$
1,696
$
2,160
$
1,947
$
3,814
$
5,803
Other statistics
Effective tax rate on net investment income
17.9
%
17.9
%
17.8
%
17.7
%
17.4
%
17.4
%
17.3
%
17.9
%
17.4
%
Net investment income (after-tax)
$
763
$
774
$
850
$
867
$
833
$
883
$
908
$
2,387
$
2,624
Catastrophes, net of reinsurance:
Pre-tax
$
2,266
$
927
$
402
$
95
$
761
$
518
$
538
$
3,595
$
1,817
After-tax
$
1,790
$
732
$
318
$
75
$
601
$
410
$
424
$
2,840
$
1,435
Prior year reserve development - favorable:
Pre-tax
$
378
$
315
$
22
$
321
$
413
$
578
$
234
$
715
$
1,225
After-tax
$
297
$
249
$
16
$
253
$
325
$
456
$
185
$
562
$
966
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
5
The Travelers Companies, Inc.
Selected Statistics - Property and Casualty Operations
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory underwriting
Gross written premiums
$
11,890
$
12,225
$
12,292
$
11,296
$
11,750
$
12,201
$
12,060
$
36,407
$
36,011
Net written premiums
$
10,515
$
11,516
$
11,472
$
10,856
$
10,323
$
11,525
$
11,481
$
33,503
$
33,329
Net earned premiums
$
10,710
$
10,897
$
11,133
$
11,146
$
10,593
$
10,749
$
11,103
$
32,740
$
32,445
Losses and loss adjustment expenses
7,947
6,731
6,537
5,768
6,310
5,867
6,426
21,215
18,603
Underwriting expenses
3,098
3,260
3,239
3,114
3,400
3,271
3,277
9,597
9,948
Statutory underwriting gain (loss)
(335)
906
1,357
2,264
883
1,611
1,400
1,928
3,894
Policyholder dividends
13
10
12
10
12
8
12
35
32
Statutory underwriting gain (loss) after policyholder dividends
$
(348)
$
896
$
1,345
$
2,254
$
871
$
1,603
$
1,388
$
1,893
$
3,862
Other statutory statistics
Reserves for losses and loss adjustment expenses
$
58,091
$
59,072
$
59,620
$
59,747
$
59,215
$
59,435
$
60,316
$
59,620
$
60,316
Increase (decrease) in reserves
$
1,765
$
981
$
548
$
127
$
(532)
$
220
$
881
$
3,294
$
569
Statutory capital and surplus
$
27,785
$
28,364
$
29,965
$
31,064
$
31,063
$
31,433
$
31,596
$
29,965
$
31,596
Net written premiums/surplus (1)
1.57:1
1.55:1
1.48:1
1.43:1
1.42:1
1.41:1
1.40:1
1.48:1
1.40:1
(1)  Based on 12 months of rolling net written premiums.
S
ee 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
3Q2026
YTD 3Q2025
YTD 3Q2026
Written premiums
Gross
$
11,890
$
12,251
$
12,293
$
11,296
$
11,765
$
12,205
$
12,059
$
36,434
$
36,029
Ceded
(1,375)
(708)
(820)
(440)
(1,427)
(676)
(579)
(2,903)
(2,682)
Net
$
10,515
$
11,543
$
11,473
$
10,856
$
10,338
$
11,529
$
11,480
$
33,531
$
33,347
Earned premiums
Gross
$
11,487
$
11,749
$
11,964
$
11,952
$
11,438
$
11,632
$
11,869
$
35,200
$
34,939
Ceded
(777)
(828)
(829)
(804)
(833)
(879)
(766)
(2,434)
(2,478)
Net
$
10,710
$
10,921
$
11,135
$
11,148
$
10,605
$
10,753
$
11,103
$
32,766
$
32,461
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
7
The Travelers Companies, Inc.
Segment Income - Business Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Revenues
Premiums
$
5,465
$
5,545
$
5,700
$
5,702
$
5,493
$
5,551
$
5,862
$
16,710
$
16,906
Net investment income
656
662
727
737
708
762
766
2,045
2,236
Fee income
108
111
114
112
111
117
118
333
346
Other revenues
82
95
111
91
104
113
94
288
311
Total revenues
6,311
6,413
6,652
6,642
6,416
6,543
6,840
19,376
19,799
Claims and expenses
Claims and claim adjustment expenses
3,705
3,584
3,667
3,198
3,531
3,188
3,643
10,956
10,362
Amortization of deferred acquisition costs
917
944
973
962
938
945
1,001
2,834
2,884
General and administrative expenses
847
875
894
866
912
912
919
2,616
2,743
Total claims and expenses
5,469
5,403
5,534
5,026
5,381
5,045
5,563
16,406
15,989
Segment income before income taxes
842
1,010
1,118
1,616
1,035
1,498
1,277
2,970
3,810
Income tax expense
159
197
211
324
196
300
241
567
737
Segment income
$
683
$
813
$
907
$
1,292
$
839
$
1,198
$
1,036
$
2,403
$
3,073
Other statistics
Effective tax rate on net investment income
17.8
%
17.7
%
17.7
%
17.5
%
17.3
%
17.4
%
17.3
%
17.8
%
17.3
%
Net investment income (after-tax)
$
539
$
545
$
598
$
607
$
586
$
629
$
633
$
1,682
$
1,848
Catastrophes, net of reinsurance:
Pre-tax
$
509
$
368
$
139
$
57
$
379
$
238
$
157
$
1,016
$
774
After-tax
$
402
$
291
$
110
$
44
$
299
$
188
$
124
$
803
$
611
Prior year reserve development - favorable (unfavorable):
Pre-tax
$
74
$
79
$
(125)
$
205
$
162
$
319
$
41
$
28
$
522
After-tax
$
58
$
62
$
(99)
$
162
$
127
$
252
$
32
$
21
$
411
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
8
The Travelers Companies, Inc.
Segment Income by Major Component and Combined Ratio - Business Insurance
($ in millions, net of tax)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Underwriting gain
$
157
$
274
$
318
$
690
$
261
$
572
$
418
$
749
$
1,251
Net investment income
539
545
598
607
586
629
633
1,682
1,848
Other income (expense)
(13)
(6)
(9)
(5)
(8)
(3)
(15)
(28)
(26)
Segment income
$
683
$
813
$
907
$
1,292
$
839
$
1,198
$
1,036
$
2,403
$
3,073
Combined ratio (1) (2)
Loss and loss adjustment expense ratio
66.8
%
63.7
%
63.3
%
55.1
%
63.3
%
56.5
%
61.2
%
64.6
%
60.3
%
Underwriting expense ratio
29.4
%
29.9
%
29.6
%
29.3
%
30.5
%
30.3
%
29.7
%
29.6
%
30.2
%
Combined ratio
96.2
%
93.6
%
92.9
%
84.4
%
93.8
%
86.8
%
90.9
%
94.2
%
90.5
%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development
(1.3)
%
(1.4)
%
2.2
%
(3.6)
%
(2.9)
%
(5.7)
%
(0.7)
%
(0.2)
%
(3.1)
%
Catastrophes, net of reinsurance
9.3
%
6.7
%
2.4
%
1.0
%
6.9
%
4.3
%
2.7
%
6.1
%
4.6
%
Underlying combined ratio
88.2
%
88.3
%
88.3
%
87.0
%
89.8
%
88.2
%
88.9
%
88.3
%
89.0
%
(1)  Before policyholder dividends.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses.  These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.  See following:
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Billing and policy fees and other
$
4
$
5
$
4
$
4
$
4
$
3
$
4
$
13
$
11
Fee income:
Loss and loss adjustment expenses
$
45
$
45
$
48
$
48
$
48
$
49
$
50
$
138
$
147
Underwriting expenses
63
66
66
64
63
68
68
195
199
Total fee income
$
108
$
111
$
114
$
112
$
111
$
117
$
118
$
333
$
346
Non-insurance general and administrative expenses
$
91
$
93
$
112
$
89
$
107
$
105
$
105
$
296
$
317
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
9
The Travelers Companies, Inc.
Selected Statistics - Business Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory underwriting
Gross written premiums
$
6,740
$
6,359
$
6,284
$
5,840
$
6,791
$
6,527
$
6,298
$
19,383
$
19,616
Net written premiums
$
5,698
$
5,765
$
5,674
$
5,514
$
5,771
$
5,980
$
5,869
$
17,137
$
17,620
Net earned premiums
$
5,465
$
5,521
$
5,698
$
5,700
$
5,481
$
5,547
$
5,862
$
16,684
$
16,890
Losses and loss adjustment expenses
3,650
3,530
3,614
3,138
3,463
3,138
3,586
10,794
10,187
Underwriting expenses
1,700
1,704
1,654
1,615
1,787
1,742
1,726
5,058
5,255
Statutory underwriting gain
115
287
430
947
231
667
550
832
1,448
Policyholder dividends
9
5
9
5
8
4
8
23
20
Statutory underwriting gain after policyholder dividends
$
106
$
282
$
421
$
942
$
223
$
663
$
542
$
809
$
1,428
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
10
The Travelers Companies, Inc.
Net Written Premiums - Business Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Net written premiums by market
Domestic
Select Accounts
$
976
$
1,004
$
920
$
930
$
1,006
$
1,040
$
932
$
2,900
$
2,978
Middle Market
3,166
3,034
3,232
3,109
3,329
3,235
3,448
9,432
10,012
National Accounts
312
329
273
348
343
344
286
914
973
National Property and Other
720
885
841
666
691
866
809
2,446
2,366
Total Domestic
5,174
5,252
5,266
5,053
5,369
5,485
5,475
15,692
16,329
International
524
540
409
461
417
499
393
1,473
1,309
Total
$
5,698
$
5,792
$
5,675
$
5,514
$
5,786
$
5,984
$
5,868
$
17,165
$
17,638
Net written premiums by product line
Domestic
Workers’ compensation
$
950
$
821
$
792
$
786
$
980
$
835
$
824
$
2,563
$
2,639
Commercial automobile
1,030
1,019
1,030
1,017
1,106
1,106
1,118
3,079
3,330
Commercial property
873
1,051
961
820
821
1,042
926
2,885
2,789
General liability
753
878
998
967
847
964
1,062
2,629
2,873
Commercial multi-peril
1,532
1,486
1,447
1,461
1,580
1,537
1,506
4,465
4,623
Other
36
(3)
38
2
35
1
39
71
75
Total Domestic
5,174
5,252
5,266
5,053
5,369
5,485
5,475
15,692
16,329
International
524
540
409
461
417
499
393
1,473
1,309
Total
$
5,698
$
5,792
$
5,675
$
5,514
$
5,786
$
5,984
$
5,868
$
17,165
$
17,638
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
11
The Travelers Companies, Inc.
Segment Income - Bond & Specialty Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Revenues
Premiums
$
995
$
1,021
$
1,042
$
1,049
$
1,018
$
1,056
$
1,103
$
3,058
$
3,177
Net investment income
102
107
116
120
113
113
127
325
353
Other revenues
6
5
8
8
5
6
6
19
17
Total revenues
1,103
1,133
1,166
1,177
1,136
1,175
1,236
3,402
3,547
Claims and expenses
Claims and claim adjustment expenses
434
418
451
461
441
458
425
1,303
1,324
Amortization of deferred acquisition costs
187
195
197
199
194
204
215
579
613
General and administrative expenses
205
214
207
217
219
218
218
626
655
Total claims and expenses
826
827
855
877
854
880
858
2,508
2,592
Segment income before income taxes
277
306
311
300
282
295
378
894
955
Income tax expense
57
62
61
64
28
61
69
180
158
Segment income
$
220
$
244
$
250
$
236
$
254
$
234
$
309
$
714
$
797
Other statistics
Effective tax rate on net investment income
18.4
%
18.5
%
17.7
%
18.4
%
18.5
%
18.4
%
17.6
%
18.2
%
18.1
%
Net investment income (after-tax)
$
83
$
88
$
95
$
98
$
92
$
93
$
104
$
266
$
289
Catastrophes, net of reinsurance:
Pre-tax
$
19
$
5
$
—
$
1
$
8
$
4
$
1
$
24
$
13
After-tax
$
15
$
4
$
—
$
1
$
7
$
3
$
—
$
19
$
10
Prior year reserve development - favorable:
Pre-tax
$
67
$
81
$
43
$
30
$
65
$
75
$
95
$
191
$
235
After-tax
$
52
$
65
$
33
$
24
$
51
$
59
$
75
$
150
$
185
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
12
The Travelers Companies, Inc.
Segment Income by Major Component and Combined Ratio - Bond & Specialty Insurance
($ in millions, net of tax)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Underwriting gain
$
133
$
154
$
150
$
132
$
159
$
138
$
202
$
437
$
499
Net investment income
83
88
95
98
92
93
104
266
289
Other income
4
2
5
6
3
3
3
11
9
Segment income
$
220
$
244
$
250
$
236
$
254
$
234
$
309
$
714
$
797
Combined ratio (1)
Loss and loss adjustment expense ratio
43.2
%
40.5
%
42.9
%
43.5
%
43.0
%
43.0
%
38.2
%
42.2
%
41.3
%
Underwriting expense ratio
39.3
%
39.8
%
38.7
%
39.5
%
40.3
%
39.8
%
39.1
%
39.3
%
39.7
%
Combined ratio
82.5
%
80.3
%
81.6
%
83.0
%
83.3
%
82.8
%
77.3
%
81.5
%
81.0
%
Impact on combined ratio:
Net favorable prior year reserve development
(6.7)
%
(8.0)
%
(4.2)
%
(2.8)
%
(6.4)
%
(7.2)
%
(8.6)
%
(6.2)
%
(7.4)
%
Catastrophes, net of reinsurance
1.9
%
0.5
%
—
%
0.1
%
0.8
%
0.4
%
0.1
%
0.8
%
0.4
%
Underlying combined ratio
87.3
%
87.8
%
85.8
%
85.7
%
88.9
%
89.6
%
85.8
%
86.9
%
88.0
%
(1)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Billing and policy fees and other
$
—
$
—
$
1
$
—
$
—
$
1
$
—
$
1
$
1
Non-insurance general and administrative expenses
$
1
$
2
$
1
$
2
$
2
$
2
$
1
$
4
$
5
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
13
The Travelers Companies, Inc.
Selected Statistics - Bond & Specialty Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory underwriting
Gross written premiums
$
1,129
$
1,166
$
1,160
$
1,192
$
1,211
$
1,333
$
1,317
$
3,455
$
3,861
Net written premiums
$
999
$
1,085
$
1,080
$
1,098
$
1,066
$
1,237
$
1,209
$
3,164
$
3,512
Net earned premiums
$
995
$
1,021
$
1,042
$
1,049
$
1,018
$
1,056
$
1,103
$
3,058
$
3,177
Losses and loss adjustment expenses
430
414
447
457
437
453
421
1,291
1,311
Underwriting expenses
422
434
424
433
676
469
467
1,280
1,612
Statutory underwriting gain (loss)
143
173
171
159
(95)
134
215
487
254
Policyholder dividends
4
5
3
5
4
4
4
12
12
Statutory underwriting gain (loss) after policyholder dividends
$
139
$
168
$
168
$
154
$
(99)
$
130
$
211
$
475
$
242
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
14
The Travelers Companies, Inc.
Net Written Premiums - Bond & Specialty Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Net written premiums by market
Domestic
Management Liability
$
553
$
589
$
613
$
571
$
572
$
611
$
649
$
1,755
$
1,832
Surety
333
342
342
337
381
480
414
1,017
1,275
Total Domestic
886
931
955
908
953
1,091
1,063
2,772
3,107
International
113
154
125
190
113
146
146
392
405
Total
$
999
$
1,085
$
1,080
$
1,098
$
1,066
$
1,237
$
1,209
$
3,164
$
3,512
Net written premiums by product line
Domestic
Fidelity and surety
$
394
$
400
$
407
$
395
$
447
$
536
$
482
$
1,201
$
1,465
General liability
440
469
475
458
455
491
508
1,384
1,454
Other
52
62
73
55
51
64
73
187
188
Total Domestic
886
931
955
908
953
1,091
1,063
2,772
3,107
International
113
154
125
190
113
146
146
392
405
Total
$
999
$
1,085
$
1,080
$
1,098
$
1,066
$
1,237
$
1,209
$
3,164
$
3,512
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
15
The Travelers Companies, Inc.
Segment Income (Loss) - Personal Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Revenues
Premiums
$
4,250
$
4,355
$
4,393
$
4,397
$
4,094
$
4,146
$
4,138
$
12,998
$
12,378
Net investment income
172
173
190
197
187
195
205
535
587
Fee income
11
13
13
13
10
9
5
37
24
Other revenues
24
23
29
26
32
25
22
76
79
Total revenues
4,457
4,564
4,625
4,633
4,323
4,375
4,370
13,646
13,068
Claims and expenses
Claims and claim adjustment expenses
3,867
2,787
2,476
2,173
2,410
2,276
2,419
9,130
7,105
Amortization of deferred acquisition costs
674
663
679
676
634
637
640
2,016
1,911
General and administrative expenses
396
444
458
448
397
422
432
1,298
1,251
Total claims and expenses
4,937
3,894
3,613
3,297
3,441
3,335
3,491
12,444
10,267
Segment income (loss) before income taxes
(480)
670
1,012
1,336
882
1,040
879
1,202
2,801
Income tax expense (benefit)
(106)
136
205
250
178
213
173
235
564
Segment income (loss)
$
(374)
$
534
$
807
$
1,086
$
704
$
827
$
706
$
967
$
2,237
Other statistics
Effective tax rate on net investment income
18.1
%
18.0
%
18.0
%
17.7
%
17.1
%
17.1
%
17.1
%
18.0
%
17.1
%
Net investment income (after-tax)
$
141
$
141
$
157
$
162
$
155
$
161
$
171
$
439
$
487
Catastrophes, net of reinsurance:
Pre-tax
$
1,738
$
554
$
263
$
37
$
374
$
276
$
380
$
2,555
$
1,030
After-tax
$
1,373
$
437
$
208
$
30
$
295
$
219
$
300
$
2,018
$
814
Prior year reserve development - favorable:
Pre-tax
$
237
$
155
$
104
$
86
$
186
$
184
$
98
$
496
$
468
After-tax
$
187
$
122
$
82
$
67
$
147
$
145
$
78
$
391
$
370
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
16
The Travelers Companies, Inc.
Segment Income (Loss) by Major Component and Combined Ratio - Personal Insurance
($ in millions, net of tax)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Underwriting gain (loss)
$
(529)
$
380
$
631
$
907
$
535
$
655
$
527
$
482
$
1,717
Net investment income
141
141
157
162
155
161
171
439
487
Other income
14
13
19
17
14
11
8
46
33
Segment income (loss)
$
(374)
$
534
$
807
$
1,086
$
704
$
827
$
706
$
967
$
2,237
Combined ratio (1)
Loss and loss adjustment expense ratio
91.0
%
64.0
%
56.4
%
49.4
%
58.8
%
54.9
%
58.4
%
70.3
%
57.4
%
Underwriting expense ratio
24.2
%
24.4
%
24.9
%
24.6
%
24.1
%
24.6
%
25.1
%
24.5
%
24.6
%
Combined ratio
115.2
%
88.4
%
81.3
%
74.0
%
82.9
%
79.5
%
83.5
%
94.8
%
82.0
%
Impact on combined ratio:
Net favorable prior year reserve development
(5.6)
%
(3.6)
%
(2.4)
%
(1.9)
%
(4.5)
%
(4.5)
%
(2.4)
%
(3.8)
%
(3.8)
%
Catastrophes, net of reinsurance
40.9
%
12.7
%
6.0
%
0.8
%
9.1
%
6.7
%
9.2
%
19.7
%
8.4
%
Underlying combined ratio
79.9
%
79.3
%
77.7
%
75.1
%
78.3
%
77.3
%
76.7
%
78.9
%
77.4
%
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Billing and policy fees and other
$
24
$
24
$
23
$
24
$
21
$
18
$
18
$
71
$
57
Fee income
$
11
$
13
$
13
$
13
$
10
$
9
$
5
$
37
$
24
Non-insurance general and administrative expenses
$
6
$
6
$
5
$
6
$
14
$
12
$
12
$
17
$
38
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
17
The Travelers Companies, Inc.
Selected Statistics - Personal Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory underwriting
Gross written premiums
$
4,021
$
4,700
$
4,848
$
4,264
$
3,748
$
4,341
$
4,445
$
13,569
$
12,534
Net written premiums
$
3,818
$
4,666
$
4,718
$
4,244
$
3,486
$
4,308
$
4,403
$
13,202
$
12,197
Net earned premiums
$
4,250
$
4,355
$
4,393
$
4,397
$
4,094
$
4,146
$
4,138
$
12,998
$
12,378
Losses and loss adjustment expenses
3,867
2,787
2,476
2,173
2,410
2,276
2,419
9,130
7,105
Underwriting expenses
976
1,122
1,161
1,066
937
1,060
1,084
3,259
3,081
Statutory underwriting gain (loss)
$
(593)
$
446
$
756
$
1,158
$
747
$
810
$
635
$
609
$
2,192
Policies in force (in thousands)
Automobile
3,118
3,083
3,050
3,025
2,819
2,801
2,769
3,050
2,769
Homeowners and Other
5,980
5,882
5,768
5,679
5,449
5,411
5,373
5,768
5,373
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
18
The Travelers Companies, Inc.
Net Written Premiums - Personal Insurance
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Net written premiums by product line
Domestic
Automobile
$
1,859
$
1,968
$
2,062
$
1,856
$
1,756
$
1,858
$
1,892
$
5,889
$
5,506
Homeowners and Other
1,813
2,520
2,489
2,229
1,730
2,450
2,511
6,822
6,691
Total Domestic
3,672
4,488
4,551
4,085
3,486
4,308
4,403
12,711
12,197
International
146
178
167
159
—
—
—
491
—
Total
$
3,818
$
4,666
$
4,718
$
4,244
$
3,486
$
4,308
$
4,403
$
13,202
$
12,197
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
19
The Travelers Companies, Inc.
Selected Statistics - Personal Insurance - Automobile
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory underwriting
Gross written premiums
$
1,967
$
2,083
$
2,177
$
1,967
$
1,767
$
1,861
$
1,899
$
6,227
$
5,527
Net written premiums
$
1,955
$
2,074
$
2,165
$
1,956
$
1,756
$
1,858
$
1,892
$
6,194
$
5,506
Net earned premiums
$
2,071
$
2,091
$
2,091
$
2,075
$
1,892
$
1,897
$
1,874
$
6,253
$
5,663
Losses and loss adjustment expenses
1,270
1,320
1,300
1,393
1,145
1,137
1,192
3,890
3,474
Underwriting expenses
444
477
495
458
415
442
445
1,416
1,302
Statutory underwriting gain
$
357
$
294
$
296
$
224
$
332
$
318
$
237
$
947
$
887
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio
61.3
%
63.1
%
62.1
%
67.1
%
60.6
%
59.9
%
63.6
%
62.2
%
61.4
%
Underwriting expense ratio
22.1
%
22.2
%
22.8
%
22.3
%
22.3
%
22.9
%
23.5
%
22.3
%
22.9
%
Combined ratio
83.4
%
85.3
%
84.9
%
89.4
%
82.9
%
82.8
%
87.1
%
84.5
%
84.3
%
Impact on combined ratio:
Net favorable prior year reserve development
(6.0)
%
(5.0)
%
(4.3)
%
(3.0)
%
(6.3)
%
(4.5)
%
(1.3)
%
(5.1)
%
(4.1)
%
Catastrophes, net of reinsurance
1.9
%
1.3
%
0.9
%
0.2
%
0.9
%
1.5
%
1.1
%
1.3
%
1.2
%
Underlying combined ratio
87.5
%
89.0
%
88.3
%
92.2
%
88.3
%
85.8
%
87.3
%
88.3
%
87.2
%
Catastrophes, net of reinsurance:
Pre-tax
$
39
$
27
$
19
$
4
$
15
$
29
$
22
$
85
$
66
After-tax
$
30
$
22
$
15
$
3
$
12
$
23
$
17
$
67
$
52
Prior year reserve development - favorable:
Pre-tax
$
125
$
104
$
89
$
61
$
120
$
85
$
25
$
318
$
230
After-tax
$
98
$
83
$
70
$
47
$
95
$
67
$
20
$
251
$
182
Policies in force (in thousands)
3,118
3,083
3,050
3,025
2,819
2,801
2,769
Change from prior year quarter
(2.9)
%
(3.1)
%
(3.4)
%
(4.0)
%
(9.6)
%
(9.1)
%
(9.2)
%
Change from prior quarter
(1.0)
%
(1.1)
%
(1.1)
%
(0.8)
%
(6.8)
%
(0.6)
%
(1.1)
%
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Billing and policy fees and other
$
14
$
15
$
14
$
14
$
13
$
12
$
11
$
43
$
36
Fee income
$
6
$
6
$
7
$
7
$
5
$
4
$
3
$
19
$
12
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
20
The Travelers Companies, Inc.
Selected Statistics - Personal Insurance - Homeowners and Other
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory underwriting
Gross written premiums
$
2,054
$
2,617
$
2,671
$
2,297
$
1,981
$
2,480
$
2,546
$
7,342
$
7,007
Net written premiums
$
1,863
$
2,592
$
2,553
$
2,288
$
1,730
$
2,450
$
2,511
$
7,008
$
6,691
Net earned premiums
$
2,179
$
2,264
$
2,302
$
2,322
$
2,202
$
2,249
$
2,264
$
6,745
$
6,715
Losses and loss adjustment expenses
2,597
1,467
1,176
780
1,265
1,139
1,227
5,240
3,631
Underwriting expenses
532
645
666
608
522
618
639
1,843
1,779
Statutory underwriting gain (loss)
$
(950)
$
152
$
460
$
934
$
415
$
492
$
398
$
(338)
$
1,305
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio
119.2
%
64.8
%
51.1
%
33.6
%
57.4
%
50.7
%
54.2
%
77.7
%
54.1
%
Underwriting expense ratio
26.3
%
26.5
%
26.9
%
26.7
%
25.6
%
26.0
%
26.3
%
26.6
%
26.0
%
Combined ratio
145.5
%
91.3
%
78.0
%
60.3
%
83.0
%
76.7
%
80.5
%
104.3
%
80.1
%
Impact on combined ratio:
Net favorable prior year reserve development
(5.1)
%
(2.2)
%
(0.7)
%
(1.1)
%
(3.0)
%
(4.4)
%
(3.3)
%
(2.6)
%
(3.5)
%
Catastrophes, net of reinsurance
78.0
%
23.2
%
10.7
%
1.5
%
16.3
%
11.0
%
15.8
%
36.6
%
14.4
%
Underlying combined ratio
72.6
%
70.3
%
68.0
%
59.9
%
69.7
%
70.1
%
68.0
%
70.3
%
69.2
%
Catastrophes, net of reinsurance:
Pre-tax
$
1,699
$
527
$
244
$
33
$
359
$
247
$
358
$
2,470
$
964
After-tax
$
1,343
$
415
$
193
$
27
$
283
$
196
$
283
$
1,951
$
762
Prior year reserve development - favorable:
Pre-tax
$
112
$
51
$
15
$
25
$
66
$
99
$
73
$
178
$
238
After-tax
$
89
$
39
$
12
$
20
$
52
$
78
$
58
$
140
$
188
Policies in force (in thousands)
5,980
5,882
5,768
5,679
5,449
5,411
5,373
Change from prior year quarter
(4.1)
%
(4.6)
%
(5.5)
%
(6.3)
%
(8.9)
%
(8.0)
%
(6.8)
%
Change from prior quarter
(1.3)
%
(1.6)
%
(1.9)
%
(1.5)
%
(4.1)
%
(0.7)
%
(0.7)
%
(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Billing and policy fees and other
$
10
$
9
$
9
$
10
$
8
$
6
$
7
$
28
$
21
Fee income
$
5
$
7
$
6
$
6
$
5
$
5
$
2
$
18
$
12
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
21
The Travelers Companies, Inc.
Interest Expense and Other
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Revenues
Other revenues
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Claims and expenses
Interest expense
99
99
111
116
116
113
118
309
347
General and administrative expenses
11
12
13
13
13
13
13
36
39
Total claims and expenses
110
111
124
129
129
126
131
345
386
Loss before income tax benefit
(110)
(111)
(124)
(129)
(129)
(126)
(131)
(345)
(386)
Income tax benefit
(24)
(24)
(27)
(26)
(28)
(27)
(27)
(75)
(82)
Loss
$
(86)
$
(87)
$
(97)
$
(103)
$
(101)
$
(99)
$
(104)
$
(270)
$
(304)
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
22
The Travelers Companies, Inc.
Consolidated Balance Sheet
($ and shares in millions)
September 30,
2026
December 31,
2025
Assets
Fixed maturities, available for sale, at fair value (amortized cost $97,423 and $91,717; allowance for expected credit losses of $2 and $3)
$
89,372
$
89,833
Equity securities, at fair value (cost $414 and $457)
640
618
Real estate investments
883
900
Short-term securities
5,561
5,716
Other investments
4,132
4,115
Total investments
100,588
101,182
Cash (including restricted cash of $147 and $132)
766
842
Investment income accrued
860
877
Premiums receivable (net of allowance for expected credit losses of $69 and $58)
12,142
10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129)
8,078
7,886
Ceded unearned premiums
1,488
1,283
Deferred acquisition costs
3,763
3,518
Deferred taxes
2,268
887
Contractholder receivables (net of allowance for expected credit losses of $13 and $16)
3,041
3,010
Goodwill
4,060
4,066
Other intangible assets
326
336
Other assets
4,709
4,279
Assets held for sale (1)
—
4,550
Total assets
$
142,089
$
143,708
Liabilities
Claims and claim adjustment expense reserves
$
68,130
$
65,737
Unearned premium reserves
23,525
22,431
Contractholder payables
3,054
3,026
Payables for reinsurance premiums
828
529
Debt
9,813
9,267
Other liabilities
7,744
7,282
Liabilities held for sale (1)
—
2,542
Total liabilities
113,094
110,814
Shareholders’ equity
Common stock (1,750.0 shares authorized; 204.9 and 217.5 shares issued and outstanding)
26,307
25,910
Retained earnings
60,002
54,931
Accumulated other comprehensive loss
(7,063)
(2,500)
Treasury stock, at cost (590.8 and 575.9 shares)
(50,251)
(45,447)
Total shareholders’ equity
28,995
32,894
Total liabilities and shareholders’ equity
$
142,089
$
143,708
(1) Amounts relate to the Canadian operations divested by the Company in the first quarter of 2026.
23
The Travelers Companies, Inc.
Investment Portfolio
(at carrying value, $ in millions)
September 30,
2026
Pre-tax Book
Yield (1)
December 31,
2025 (2)
Pre-tax Book
Yield (1)
Investment portfolio
Taxable fixed maturities
$
63,036
4.26
%
$
63,051
4.11
%
Tax-exempt fixed maturities
26,336
3.48
%
26,782
3.29
%
Total fixed maturities
89,372
4.02
%
89,833
3.86
%
Non-redeemable preferred stocks
33
2.02
%
34
1.64
%
Common stocks
607
584
Total equity securities
640
618
Real estate investments
883
900
Short-term securities
5,561
3.93
%
5,716
3.86
%
Private equities
2,753
2,749
Hedge funds
207
212
Real estate partnerships
806
832
Other investments
366
322
Total other investments
4,132
4,115
Total investments
$
100,588
$
101,182
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity
$
(6,352)
$
(1,478)
(1) Yields are provided for those investments with an embedded book yield.
(2)  Excludes $3,347 million of total investments classified as held for sale.
24
The Travelers Companies, Inc.
Investment Portfolio - Fixed Maturities Data
(at carrying value, $ in millions)
September 30,
2026
December 31,
2025 (1)
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies
$
3,022
$
3,857
Obligations of U.S. states and political subdivisions:
Pre-refunded
241
416
All other
30,300
30,962
Total
30,541
31,378
Debt securities issued by foreign governments
408
312
Mortgage-backed securities - principally obligations of U.S. Government agencies
12,507
13,232
Corporate and all other bonds
42,894
41,054
Total fixed maturities
$
89,372
$
89,833
Fixed Maturities
Quality Characteristics (2)
September 30, 2026
December 31, 2025 (1)
Amount
% of Total
Amount
% of Total
Quality Ratings
Aaa
$
24,385
27.3
%
$
24,898
27.7
%
Aa
31,321
35.0
33,027
36.7
A
20,929
23.4
19,660
21.9
Baa
11,687
13.1
11,198
12.5
Total investment grade
88,322
98.8
88,783
98.8
Ba
810
0.9
812
1.0
B
207
0.3
205
0.2
Caa and lower
33
—
33
—
Total below investment grade
1,050
1.2
1,050
1.2
Total fixed maturities
$
89,372
100.0
%
$
89,833
100.0
%
Average weighted quality
Aa3, AA-
Aa2, AA
Weighted average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases
5.3
4.7
(1)  Excludes $3,243 million of fixed maturities classified as held for sale.
(2) Rated using external rating agencies or by Travelers when a public rating does not exist.  Below investment grade assets refer to securities rated “Ba” or below.
25
The Travelers Companies, Inc.
Investment Income
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Gross investment income
Fixed maturities
$
812
$
833
$
874
$
914
$
899
$
930
$
955
$
2,519
$
2,784
Short-term securities
57
55
73
68
75
53
59
185
187
Other
76
67
101
82
47
100
97
244
244
945
955
1,048
1,064
1,021
1,083
1,111
2,948
3,215
Investment expenses
15
13
15
10
13
13
13
43
39
Net investment income, pre-tax
930
942
1,033
1,054
1,008
1,070
1,098
2,905
3,176
Income taxes
167
168
183
187
175
187
190
518
552
Net investment income, after-tax
$
763
$
774
$
850
$
867
$
833
$
883
$
908
$
2,387
$
2,624
Effective tax rate
17.9
%
17.9
%
17.8
%
17.7
%
17.4
%
17.4
%
17.3
%
17.9
%
17.4
%
Average invested assets (1) (2)
$101,000
$102,173
$105,655
$107,932
$106,666
$107,067
$108,727
$103,086
$107,566
Average yield pre-tax (1)
3.7
%
3.7
%
3.9
%
3.9
%
3.8
%
4.0
%
4.0
%
3.8
%
3.9
%
Average yield after-tax
3.0
%
3.0
%
3.2
%
3.2
%
3.1
%
3.3
%
3.3
%
3.1
%
3.3
%
(1)  Excludes net unrealized investment gains (losses), and is adjusted for cash, receivables for investment sales, payables on investment purchases and accrued investment income.
(2) Includes $3,347 million of invested assets classified as held for sale as of December 31, 2025.
26
The Travelers Companies, Inc.
Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders' Equity
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Net realized investment gains (losses)
Fixed maturities
$
(31)
$
(17)
$
(2)
$
(19)
$
(22)
$
(32)
$
(16)
$
(50)
$
(70)
Equity securities
(22)
20
39
8
1
91
(15)
37
77
Other (1)
(8)
3
(10)
(9)
70
1
(3)
(15)
68
Realized investment gains (losses) before tax
(61)
6
27
(20)
49
60
(34)
(28)
75
Related taxes
(13)
1
6
(5)
34
12
(4)
(6)
42
Net realized investment gains (losses)
$
(48)
$
5
$
21
$
(15)
$
15
$
48
$
(30)
$
(22)
$
33
Gross investment gains
$
4
$
41
$
45
$
13
$
277
$
99
$
5
$
90
$
381
Gross investment losses before impairments
(63)
(35)
(18)
(33)
(224)
(32)
(39)
(116)
(295)
Net investment gains (losses) before impairments
(59)
6
27
(20)
53
67
(34)
(26)
86
Net impairment (charges) recoveries
(2)
—
—
—
(4)
(7)
—
(2)
(11)
Net realized investment gains (losses) before tax
(61)
6
27
(20)
49
60
(34)
(28)
75
Related taxes
(13)
1
6
(5)
34
12
(4)
(6)
42
Net realized investment gains (losses)
$
(48)
$
5
$
21
$
(15)
$
15
$
48
$
(30)
$
(22)
$
33
($ in millions)
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
June 30,
2026
September 30,
2026
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type
Fixed maturities
$
(4,171)
$
(3,833)
$
(2,481)
$
(1,859)
$
(3,003)
$
(2,477)
$
(8,049)
Other
(1)
2
(3)
(3)
(5)
(1)
—
Unrealized investment gains (losses) before tax
(4,172)
(3,831)
(2,484)
(1,862)
(3,008)
(2,478)
(8,049)
Related taxes
(873)
(800)
(514)
(384)
(630)
(518)
(1,697)
Balance, end of period
$
(3,299)
$
(3,031)
$
(1,970)
$
(1,478)
$
(2,378)
$
(1,960)
$
(6,352)
(1)
Other net realized investment gains in the first quarter of 2026 were driven by net realized investment gains related to the Canadian operations divested by the Company in the first quarter of 2026.
27
The Travelers Companies, Inc.
Reinsurance Recoverables
($ in millions)
September 30, 2026
December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)
$
4,555
$
4,352
Gross structured settlements (2)
2,269
2,469
Mandatory pools and associations (3)
1,396
1,485
Gross reinsurance recoverables (4)
8,220
8,306
Allowance for estimated uncollectible reinsurance (5)
(142)
(135)
Less amounts classified as held for sale
—
285
Net reinsurance recoverables
$
8,078
$
7,886
(1)  The Company’s top five reinsurer groups, including retroactive reinsurance, included in gross reinsurance recoverables is as follows:
Reinsurer
A.M. Best Rating of Group's Predominant Reinsurer
September 30, 2026
Swiss Re Group
A+ second highest of 16 ratings
$
635
Berkshire Hathaway
A++ highest of 16 ratings
421
Munich Re Group
A+ second highest of 16 ratings
350
Sompo Group
A+ second highest of 16 ratings
277
Arch Insurance Group
A+ second highest of 16 ratings
267
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
September 30, 2026
Fidelity & Guaranty Life Group
A third highest of 16 ratings
$
619
Genworth Financial Group
B- eighth highest of 16 ratings
310
Pacific Life Group
A+ second highest of 16 ratings
200
Symetra Financial Corporation
A third highest of 16 ratings
171
Brighthouse Financial, Inc.
A third highest of 16 ratings
157
(3)  The mandatory pools and associations represent various involuntary assigned risk pools that the Company is required to participate in.  These pools principally involve workers’ compensation and automobile insurance, which provide various insurance coverages to insureds that otherwise are unable to purchase coverage in the open market.  The costs of these mandatory pools in most states are usually charged back to the participating members in proportion to voluntary writings of related business in that state.  In the event that a member of the pool becomes insolvent, the remaining members assume an additional pro rata share of the pool’s liabilities.
(4) Of the total reinsurance recoverables at September 30, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $6.21 billion, or 91%, were rated by A.M. Best Company.  The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 95% were rated A- or better.  The remaining 9% of reinsurance recoverables comprised the following:  5% related to captive insurance companies, 1% related to voluntary pools and 3% were balances from other companies not rated by A.M. Best Company.  Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.
(5) The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors.  For structured settlements, the allowance is also based upon the Company’s ongoing review of life insurers’ creditworthiness and estimated amounts of coverage that would be available from state guaranty funds if a life insurer defaults. A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the amount of uncollectible reinsurance due to credit-related factors and the estimate is reported in an allowance for estimated uncollectible reinsurance. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers.
28
The Travelers Companies, Inc.
Net Reserves for Losses and Loss Adjustment Expense
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period
$
42,909
$
43,742
$
44,477
$
45,148
$
45,383
$
45,599
$
45,760
$
42,909
$
45,383
Incurred
3,650
3,530
3,614
3,138
3,463
3,138
3,586
10,794
10,187
Paid
(2,847)
(2,890)
(2,915)
(2,912)
(2,635)
(2,973)
(2,776)
(8,652)
(8,384)
Foreign exchange and other (1)
30
95
(28)
9
(612)
(4)
(2)
97
(618)
End of period
$
43,742
$
44,477
$
45,148
$
45,383
$
45,599
$
45,760
$
46,568
$
45,148
$
46,568
Bond & Specialty Insurance
Beginning of period
$
4,938
$
5,072
$
5,249
$
5,304
$
5,367
$
5,331
$
5,448
$
4,938
$
5,367
Incurred
430
414
447
457
437
453
421
1,291
1,311
Paid
(325)
(307)
(372)
(396)
(336)
(334)
(361)
(1,004)
(1,031)
Foreign exchange and other (1)
29
70
(20)
2
(137)
(2)
—
79
(139)
End of period
$
5,072
$
5,249
$
5,304
$
5,367
$
5,331
$
5,448
$
5,508
$
5,304
$
5,508
Personal Insurance
Beginning of period
$
8,479
$
9,277
$
9,346
$
9,168
$
8,997
$
8,285
$
8,227
$
8,479
$
8,997
Incurred
3,867
2,787
2,476
2,173
2,410
2,276
2,419
9,130
7,105
Paid
(3,069)
(2,767)
(2,635)
(2,357)
(2,213)
(2,334)
(2,406)
(8,471)
(6,953)
Foreign exchange and other (1)
—
49
(19)
13
(909)
—
—
30
(909)
End of period
$
9,277
$
9,346
$
9,168
$
8,997
$
8,285
$
8,227
$
8,240
$
9,168
$
8,240
Total
Beginning of period
$
56,326
$
58,091
$
59,072
$
59,620
$
59,747
$
59,215
$
59,435
$
56,326
$
59,747
Incurred
7,947
6,731
6,537
5,768
6,310
5,867
6,426
21,215
18,603
Paid
(6,241)
(5,964)
(5,922)
(5,665)
(5,184)
(5,641)
(5,543)
(18,127)
(16,368)
Foreign exchange and other (1)
59
214
(67)
24
(1,658)
(6)
(2)
206
(1,666)
End of period
$
58,091
$
59,072
$
59,620
$
59,747
$
59,215
$
59,435
$
60,316
$
59,620
$
60,316
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos
$
—
$
—
$
277
$
—
$
—
$
—
$
295
$
277
$
295
All other
(74)
(79)
(152)
(205)
(162)
(319)
(336)
(305)
(817)
Total Business Insurance (2)
(74)
(79)
125
(205)
(162)
(319)
(41)
(28)
(522)
Bond & Specialty Insurance
(67)
(81)
(43)
(30)
(65)
(75)
(95)
(191)
(235)
Personal Insurance
(237)
(155)
(104)
(86)
(186)
(184)
(98)
(496)
(468)
Total
$
(378)
$
(315)
$
(22)
$
(321)
$
(413)
$
(578)
$
(234)
$
(715)
$
(1,225)
(1)  The amount for 1Q2026 includes the impact of net reserves disposed of related to the Canadian operations divested by the Company in the first quarter of 2026.
(2)  Excludes accretion of discount.
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
29
The Travelers Companies, Inc.
Asbestos Reserves
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Asbestos reserves
Beginning reserves:
Gross
$
1,708
$
1,636
$
1,555
$
1,798
$
1,700
$
1,623
$
1,525
$
1,708
$
1,700
Ceded
(370)
(357)
(318)
(352)
(345)
(330)
(310)
(370)
(345)
Net
1,338
1,279
1,237
1,446
1,355
1,293
1,215
1,338
1,355
Incurred losses and loss expenses:
Gross
—
—
327
—
—
—
376
327
376
Ceded
—
—
(50)
—
—
—
(81)
(50)
(81)
Paid loss and loss expenses:
Gross
72
83
84
98
77
98
90
239
265
Ceded
(13)
(39)
(16)
(8)
(15)
(20)
(15)
(68)
(50)
Foreign exchange and other:
Gross
—
2
—
—
—
—
—
2
—
Ceded
—
—
—
(1)
—
—
—
—
—
Ending reserves:
Gross
1,636
1,555
1,798
1,700
1,623
1,525
1,811
1,798
1,811
Ceded
(357)
(318)
(352)
(345)
(330)
(310)
(376)
(352)
(376)
Net
$
1,279
$
1,237
$
1,446
$
1,355
$
1,293
$
1,215
$
1,435
$
1,446
$
1,435
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
30
The Travelers Companies, Inc.
Capitalization
($ in millions)
September 30,
2026
December 31,
2025
Debt
Short-term debt
Commercial paper
$
100
$
100
7.75% Senior notes due April 15, 2026
—
200
Total short-term debt
100
300
Long-term debt
7.625% Junior subordinated debentures due December 15, 2027
125
125
4.95% Senior notes due July 24, 2031 (1)
750
—
6.375% Senior notes due March 15, 2033 (1)
500
500
5.05% Senior notes due July 24, 2035 (1)
500
500
6.75% Senior notes due June 20, 2036 (1)
400
400
6.25% Senior notes due June 15, 2037 (1)
800
800
5.35% Senior notes due November 1, 2040 (1)
750
750
4.60% Senior notes due August 1, 2043 (1)
500
500
4.30% Senior notes due August 25, 2045 (1)
400
400
8.50% Junior subordinated debentures due December 15, 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
9,804
9,054
Unamortized fair value adjustment
29
31
Unamortized debt issuance costs
(120)
(118)
9,713
8,967
Total debt
9,813
9,267
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)
35,347
34,372
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)
$
45,160
$
43,639
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)
21.7
%
21.2
%
(1)  Redeemable anytime with “make-whole” premium.
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
31
The Travelers Companies, Inc.
Statutory Capital and Surplus to GAAP Shareholders' Equity Reconciliation
($ in millions)
September 30,
2026 (1)
December 31,
2025
Statutory capital and surplus
$
31,596
$
31,064
GAAP adjustments
Goodwill and intangible assets
3,428
3,640
Investments
(7,327)
(1,238)
Noninsurance companies
(4,818)
(4,876)
Deferred acquisition costs
3,589
3,478
Deferred federal income tax
864
(446)
Current federal income tax
(14)
(6)
Reinsurance recoverables
150
41
Furniture, equipment & software
1,036
948
Agents balances
358
182
Other
133
107
Total GAAP adjustments
(2,601)
1,830
GAAP shareholders’ equity
$
28,995
$
32,894
(1) Estimated and Preliminary
See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.
32
The Travelers Companies, Inc.
Statement of Cash Flows
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Cash flows from operating activities
Net income
$
395
$
1,509
$
1,888
$
2,496
$
1,711
$
2,208
$
1,917
$
3,792
$
5,836
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses
61
(6)
(27)
20
(49)
(60)
34
28
(75)
Depreciation and amortization
188
164
166
162
193
170
174
518
537
Deferred federal income tax expense (benefit)
31
(83)
320
(58)
51
(58)
(59)
268
(66)
Amortization of deferred acquisition costs
1,778
1,802
1,849
1,837
1,766
1,786
1,856
5,429
5,408
Equity in income from other investments
(53)
(42)
(74)
(57)
(23)
(75)
(72)
(169)
(170)
Premiums receivable
(459)
(438)
412
370
(434)
(961)
241
(485)
(1,154)
Reinsurance recoverables
(97)
78
(250)
132
(108)
(23)
(68)
(269)
(199)
Deferred acquisition costs
(1,822)
(1,917)
(1,877)
(1,757)
(1,837)
(1,912)
(1,907)
(5,616)
(5,656)
Claims and claim adjustment expense reserves
1,818
725
845
(88)
1,211
319
903
3,388
2,433
Unearned premium reserves
419
495
331
(661)
351
559
198
1,245
1,108
Other
(899)
47
644
289
(634)
(37)
661
(208)
(10)
Net cash provided by operating activities
1,360
2,334
4,227
2,685
2,198
1,916
3,878
7,921
7,992
Cash flows from investing activities
Proceeds from maturities of fixed maturities
2,801
3,071
2,886
2,902
3,014
2,963
2,823
8,758
8,800
Proceeds from sales of investments:
Fixed maturities
253
348
178
53
251
134
532
779
917
Equity securities
68
32
31
29
52
64
18
131
134
Real estate investments
—
—
—
—
—
17
—
—
17
Other investments
63
79
68
111
60
65
78
210
203
Purchases of investments:
Fixed maturities
(4,296)
(4,847)
(5,376)
(4,252)
(5,356)
(4,799)
(5,386)
(14,519)
(15,541)
Equity securities
(25)
(35)
(34)
(32)
(25)
(31)
(21)
(94)
(77)
Real estate investments
(7)
(6)
(10)
(25)
(12)
(10)
(12)
(23)
(34)
Other investments
(96)
(80)
(86)
(84)
(69)
(112)
(89)
(262)
(270)
Net sales (purchases) of short-term securities
239
(215)
(2,051)
1,082
(945)
2,081
(982)
(2,027)
154
Securities transactions in the course of settlement
308
64
(4)
(224)
430
(400)
352
368
382
Proceeds from the divestiture of the Canadian business
—
—
—
—
2,384
—
4
—
2,388
Other
(116)
(127)
(155)
(135)
(119)
(137)
(130)
(398)
(386)
Net cash used in investing activities
(808)
(1,716)
(4,553)
(575)
(335)
(165)
(2,813)
(7,077)
(3,313)
33
The Travelers Companies, Inc.
Statement of Cash Flows (Continued)
($ in millions)
1Q2025
2Q2025
3Q2025
4Q2025
1Q2026
2Q2026
3Q2026
YTD 3Q2025
YTD 3Q2026
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations
(250)
(500)
(619)
(1,635)
(1,785)
(1,313)
(1,487)
(1,369)
(4,585)
Treasury stock acquired - net employee share-based compensation
(102)
(22)
(1)
(2)
(149)
(5)
(5)
(125)
(159)
Dividends paid to shareholders
(240)
(250)
(247)
(242)
(237)
(263)
(259)
(737)
(759)
Payment of debt
—
—
—
—
—
(200)
—
—
(200)
Issuance of debt
—
—
1,233
—
—
—
744
1,233
744
Issuance of common stock - employee share options
57
70
36
51
86
38
88
163
212
Net cash provided by (used in) financing activities
(535)
(702)
402
(1,828)
(2,085)
(1,743)
(919)
(835)
(4,747)
Effect of exchange rate changes on cash and restricted cash
8
19
(6)
2
(5)
(2)
(1)
21
(8)
Net increase (decrease) in cash and restricted cash
25
(65)
70
284
(227)
6
145
30
(76)
Cash and restricted cash at beginning of period
699
724
659
729
842
615
621
699
842
Less amounts classified as held for sale at end of period
—
—
—
171
—
—
—
—
—
Cash and restricted cash at end of period
$
724
$
659
$
729
$
842
$
615
$
621
$
766
$
729
$
766
Supplemental disclosure of cash flow information
Income taxes paid
$
24
$
538
$
194
$
518
$
12
$
1,100
$
575
$
756
$
1,687
Interest paid
$
61
$
136
$
60
$
136
$
94
$
136
$
94
$
257
$
324
34
The Travelers Companies, Inc.
Glossary of Financial Measures and Description of Reportable Business Segments
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
September 30, 2026
Shareholders’ equity
$
28,191
$
29,518
$
31,609
$
32,894
$
31,986
$
33,121
$
28,995
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity
3,299
3,031
1,970
1,478
2,378
1,960
6,352
Net realized investment (gains) losses, net of tax
48
43
22
37
(15)
(63)
(33)
Adjusted shareholders’ equity
$
31,538
$
32,592
$
33,601
$
34,409
$
34,349
$
35,018
$
35,314
Return on equity
is the ratio of annualized net income (loss) to average shareholders’ equity for the periods presented.
Core return on equity
is the ratio of annualized core income (loss) to adjusted average shareholders’ equity for the periods presented.  In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.
Underwriting gain (loss)
is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses.  In the opinion of the Company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business.  This measure is used to assess each segment’s business performance and as a tool in making business decisions.
A
catastrophe
is a severe loss designated, or reasonably expected by the Company to be designated, a catastrophe by one or more industry recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure.  Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount.  Their effects are included in net and core income and claims and claim adjustment expense reserves upon occurrence.  A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools.  The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company.  Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2026 ranges from $20 million to $30 million of losses before reinsurance and taxes.
Net favorable (unfavorable) prior year loss reserve development
is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years.  In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.
35
The Travelers Companies, Inc.
Glossary of Financial Measures and Description of Reportable Business Segments
Combined ratio
For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators.  The combined ratio, as used in this financial supplement, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net
written
premiums and the underwriting expense ratio as used in this financial supplement is based on net
earned
premiums.  For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this financial supplement is calculated in the same manner as the SAP ratio.  For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net
written
premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this financial supplement, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income and billing and policy fees, to net
earned
premiums.
Underlying combined ratio
is the combined ratio adjusted to exclude the impact of prior year reserve development and catastrophes, net of reinsurance.
The combined ratio, loss and LAE ratio, and underwriting expense ratio are used as indicators of the Company’s underwriting discipline, efficiency in acquiring and servicing its business and overall underwriting profitability. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.
Other companies’ method of computing similarly titled measures may not be comparable to the Company’s method of computing these ratios.
Gross written premiums
reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract.
Net written premiums
reflect gross written premiums less premiums ceded to reinsurers.
Book value per share
is total common shareholders’ equity divided by the number of common shares outstanding.
Adjusted book value per share
is total common shareholders’ equity excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value per share is useful in an analysis of a property casualty company’s book value per share as it removes the effect of changing prices on invested assets, (i.e., net unrealized investment gains (losses), net of tax) which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves.
Total capital
is the sum of total shareholders’ equity and debt.
Debt-to-capital ratio excluding net unrealized gain (loss) on investments, net of tax, included in shareholders’ equity
is the ratio of debt to total capital excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity.  In the opinion of the Company’s management, the debt to capital ratio is useful in an analysis of the Company’s financial leverage.
Statutory capital and surplus
represents the excess of an insurance company’s admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.
Travelers has organized its businesses into the following reportable business segments:
Business Insurance -
Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd’s.  Business Insurance is organized as follows:  Select Accounts; Middle Market including Commercial Accounts, Construction, Technology & Life Sciences, Public Sector Services, Energy, Excess Casualty, Inland Marine, Ocean Marine, and Boiler & Machinery; National Accounts; National Property and Other including National Property, Northland Transportation, Agribusiness, Northfield and National Programs; and International, including Global Services and a 20% quota-share reinsurance agreement with subsidiaries of Pelagos Insurance Capital Limited (formerly known as Fidelis Insurance Holdings Limited).  Business Insurance also includes Simply Business, a leading provider of small business insurance policies primarily in the United Kingdom, and Business Insurance Other, which primarily comprises the Company’s asbestos and environmental liabilities and other runoff operations, including certain assumed reinsurance arrangements.
Bond & Specialty Insurance -
Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and/or specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil (through a joint venture as described below), in each case utilizing various degrees of financially-based underwriting approaches.  The range of coverages includes performance, payment and commercial surety bonds for construction and general commercial enterprises; management liability coverages including directors’ and officers’ liability, employment practices liability, fidelity liability, fiduciary liability and cyber risk for public corporations, private companies, not-for-profit organizations and financial institutions; professional liability coverage for a variety of professionals including, among others, lawyers and design professionals; in the United States only, property, workers’ compensation, auto and general liability for financial institutions; and transactional liability coverages to public and private companies.
Bond & Specialty Insurance’s surety business in Brazil is conducted through Junto Holding Brasil S.A. (Junto). The Company owns 49.5% of Junto, a market leader in surety coverages in Brazil. This joint venture investment is accounted for using the equity method and is included in “other investments” on the consolidated balance sheet.
Personal Insurance -
Personal Insurance offers a broad range of property and casualty insurance products and services in the United States covering individuals’ personal risks. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.
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