NYSE: TRV (Form 8-K)

NYSE: TRV

Travelers Reports Excellent Third Quarter and Year-to-Date Results

Third Quarter 2025 Net Income per Diluted Share of $8.24, up 52%, and Return on Equity of 24.7%

Third Quarter 2025 Core Income per Diluted Share of $8.14, up 55%, and Core Return on Equity of 22.6%

•Third quarter net income of $1.888 billion, up 50%, and core income of $1.867 billion, up 53%.

•Consolidated combined ratio improved 5.9 points from the prior year quarter to an excellent 87.3%.

•Underlying combined ratio improved 1.7 points from the prior year quarter to an exceptional 83.9%.

•Catastrophe losses were $402 million pre-tax compared to $939 million in the prior year quarter.

•Net investment income increased 15% after-tax over the prior year quarter to $850 million.

•Total capital returned to shareholders of $878 million, including $628 million of share repurchases.

•Strong growth in book value per share, up 16%, and adjusted book value per share, up 15%, compared to the prior year quarter.

New York, October 16, 2025 - The Travelers Companies, Inc. today reported net income of $1.888 billion, or $8.24 per diluted share, for the quarter ended September 30, 2025, compared to $1.260 billion, or $5.42 per diluted share, in the prior year quarter. Core income in the current quarter was $1.867 billion, or $8.14 per diluted share, compared to $1.218 billion, or $5.24 per diluted share, in the prior year quarter. Core income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses) and higher net investment income, partially offset by lower net favorable prior year reserve development. Net realized investment gains in the current quarter were $27 million pre-tax ($21 million after-tax), compared to $55 million pre-tax ($42 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,
						2025						2024						Change						2025						2024						Change
Net written premiums						$	11,473					$	11,317					1		%				$	33,531					$	32,614					3		%
Total revenues						$	12,470					$	11,904					5						$	36,396					$	34,415					6
Net income						$	1,888					$	1,260					50						$	3,792					$	2,917					30
per diluted share						$	8.24					$	5.42					52						$	16.45					$	12.51					31
Core income						$	1,867					$	1,218					53						$	3,814					$	2,899					32
per diluted share						$	8.14					$	5.24					55						$	16.54					$	12.43					33
Diluted weighted average shares outstanding						227.5						230.6						(1)						228.9						231.3						(1)
Combined ratio						87.3		%				93.2		%				(5.9)			pts			93.2		%				95.7		%				(2.5)			pts
Underlying combined ratio						83.9		%				85.6		%				(1.7)			pts			84.4		%				87.0		%				(2.6)			pts
Return on equity						24.7		%				19.2		%				5.5			pts			17.3		%				15.3		%				2.0			pts
Core return on equity						22.6		%				16.6		%				6.0			pts			15.8		%				13.4		%				2.4			pts

						As of																		Change From
						September 30, 2025						December 31, 2024						September 30, 2024						December 31, 2024						September 30, 2024
Book value per share						$	141.72					$	122.97					$	122.00					15		%				16		%
Adjusted book value per share						150.55						139.04						131.30						8		%				15		%

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

1

"We are very pleased to report another quarter of excellent results," said Alan Schnitzer, Chairman and Chief Executive Officer. "We earned core income of $1.9 billion, or $8.14 per diluted share, generating core return on equity of 22.6%. Very strong underwriting results and higher investment income drove the bottom line. Underwriting income of $1.4 billion pre-tax more than doubled compared to the prior year quarter, benefiting from both a lower level of catastrophe losses and higher underlying underwriting income. The underlying result was driven by higher net earned premiums and an underlying combined ratio that improved to an exceptional 83.9%. Underwriting income was higher in all three segments. Our high-quality investment portfolio continued to perform well, generating after-tax net investment income of $850 million, up 15%. During the quarter, we returned almost $900 million of excess capital to shareholders, including $628 million of share repurchases.

"In the third quarter, we grew net written premiums to $11.5 billion with terrific execution by our field organization. In Business Insurance, we grew net written premiums by 3% to $5.7 billion, led by 4% growth in our domestic business. We grew our leading Middle Market business and our Select Accounts small commercial business by 7% and 4%, respectively. Renewal premium change in the segment of 7.1% and retention of 85% both remained strong. In Bond & Specialty Insurance, we grew net written premiums to $1.1 billion, with higher renewal premium change and continued strong retention of 87% in our high-quality management liability business. Net written premium in our market-leading surety business remained strong. In Personal Insurance, net written premiums were $4.7 billion with strong renewal premium change in our Homeowners business.

"Our trailing twelve-month core return on equity of 18.7% reflects consistently superior underwriting performance driven by competitive advantages that distinguish us in the marketplace along with the returns from our more than $100 billion investment portfolio. Over this same period, we grew adjusted book value per share by 15%, after returning more than $2.7 billion of excess capital to shareholders and making substantial investments in transformative technology. Looking ahead, this strong momentum, the benefit of scale and the compelling opportunities before us give us great confidence in the outlook for our business."

2

Consolidated Results

						Three Months Ended September 30,																		Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)						2025						2024						Change						2025						2024						Change
Underwriting gain:						$	1,378					$	685					$	693					$	2,095					$	1,197					$	898
Underwriting gain includes:
Net favorable prior year reserve development						22						126						(104)						715						447						268
Catastrophes, net of reinsurance						(402)						(939)						537						(3,595)						(3,160)						(435)
Net investment income						1,033						904						129						2,905						2,635						270
Other income (expense), including interest expense						(94)						(84)						(10)						(279)						(271)						(8)
Core income before income taxes						2,317						1,505						812						4,721						3,561						1,160
Income tax expense						450						287						163						907						662						245
Core income						1,867						1,218						649						3,814						2,899						915
Net realized investment gains (losses) after income taxes						21						42						(21)						(22)						18						(40)
Net income						$	1,888					$	1,260					$	628					$	3,792					$	2,917					$	875
Combined ratio						87.3		%				93.2		%				(5.9)			pts			93.2		%				95.7		%				(2.5)			pts
Impact on combined ratio
Net favorable prior year reserve development						(0.2)			pts			(1.2)			pts			1.0			pts			(2.2)			pts			(1.5)			pts			(0.7)			pts
Catastrophes, net of reinsurance						3.6			pts			8.8			pts			(5.2)			pts			11.0			pts			10.2			pts			0.8			pts
Underlying combined ratio						83.9		%				85.6		%				(1.7)			pts			84.4		%				87.0		%				(2.6)			pts
Net written premiums
Business Insurance						$	5,675					$	5,517					3		%				$	17,165					$	16,652					3		%
Bond & Specialty Insurance						1,080						1,072						1						3,164						3,055						4
Personal Insurance						4,718						4,728						-						13,202						12,907						2
Total						$	11,473					$	11,317					1		%				$	33,531					$	32,614					3		%

Third Quarter 2025 Results

(All comparisons vs. third quarter 2024, unless noted otherwise)

Net income of $1.888 billion increased $628 million, driven by higher core income, partially offset by lower net realized investment gains. Core income of $1.867 billion increased $649 million, 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. The underlying underwriting gain benefited from higher business volumes. Net realized investment gains were $27 million pre-tax ($21 million after-tax), compared to $55 million pre-tax ($42 million after-tax) in the prior year quarter.

Combined ratio:

•The combined ratio of 87.3% improved 5.9 points due to lower catastrophe losses (5.2 points) and an improvement in the underlying combined ratio (1.7 points), partially offset by lower net favorable prior year reserve development (1.0 points).

•The underlying combined ratio improved 1.7 points to an exceptional 83.9%. See below for further details by segment.

•Net favorable prior year reserve development in Personal Insurance and Bond & Specialty Insurance was partially offset by net unfavorable prior year reserve development in Business Insurance driven by the Company's annual in-depth asbestos review. See below for further details by segment.

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

Net investment income of $1.033 billion pre-tax ($850 million after-tax) increased 14%, primarily due to growth in average invested assets and a higher average yield in the long-term fixed income investment portfolio.

3

Net written premiums of $11.473 billion increased 1%. See below for further details by segment.

Year-to-Date 2025 Results

(All comparisons vs. year-to-date 2024, unless noted otherwise)

Net income of $3.792 billion increased $875 million, driven by higher core income, partially offset by net realized investment losses compared to net realized investment gains in the prior year period. Core income of $3.814 billion increased $915 million, primarily due to a higher underlying underwriting gain, higher net investment income and higher net favorable prior year reserve development, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Net realized investment losses were $28 million pre-tax ($22 million after-tax), compared to net realized investment gains of $25 million pre-tax ($18 million after-tax) in the prior year period.

Combined ratio:

•The combined ratio of 93.2% improved 2.5 points due to an improvement in the underlying combined ratio (2.6 points) and higher net favorable prior year reserve development (0.7 points), partially offset by higher catastrophe losses (0.8 points).

•The underlying combined ratio of 84.4% improved 2.6 points. 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 the January 2025 California wildfires and severe wind and hail storms in multiple states in the first six months of 2025.

Net investment income of $2.905 billion pre-tax ($2.387 billion after-tax) increased 10% driven by the same factors described above for the third quarter of 2025.

Net written premiums of $33.531 billion increased 3%. See below for further details by segment.

Shareholders' Equity

Shareholders' equity of $31.609 billion increased 13% over year-end 2024, primarily due to net income of $3.792 billion and lower net unrealized investment losses, partially offset by common share repurchases and dividends to shareholders. Net unrealized investment losses included in shareholders' equity were $2.484 billion pre-tax ($1.970 billion after-tax), compared to $4.609 billion pre-tax ($3.640 billion after-tax) at year-end 2024. The decrease in net unrealized investment losses was driven by lower interest rates. Book value per share of $141.72 increased 16% over September 30, 2024 and 15% over year-end 2024. Adjusted book value per share of $150.55, which excludes net unrealized investment losses, increased 15% over September 30, 2024 and 8% over year-end 2024.

The Company repurchased 2.3 million shares during the third quarter at an average price of $271.73 per share for a total cost of $628 million. At September 30, 2025, the Company had $3.665 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 $29.965 billion, and the ratio of debt-to-capital was 22.7%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders' equity was 21.6%, within the Company's target range of 15% to 25%.

The Board of Directors declared a regular quarterly dividend of $1.10 per share. The dividend is payable December 31, 2025, to shareholders of record at the close of business on December 10, 2025.

4

Business Insurance Segment Financial Results

						Three Months Ended September 30,																		Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)						2025						2024						Change						2025						2024						Change
Underwriting gain:						$	392					$	219					$	173					$	933					$	746					$	187
Underwriting gain includes:
Net favorable (unfavorable) prior year reserve development						(125)						(91)						(34)						28						(57)						85
Catastrophes, net of reinsurance						(139)						(340)						201						(1,016)						(938)						(78)
Net investment income						727						642						85						2,045						1,883						162
Other income (expense)						(1)						(1)						-						(8)						(20)						12
Segment income before income taxes						1,118						860						258						2,970						2,609						361
Income tax expense						211						162						49						567						491						76
Segment income						$	907					$	698					$	209					$	2,403					$	2,118					$	285
Combined ratio						92.9		%				95.8		%				(2.9)			pts			94.2		%				95.1		%				(0.9)			pts
Impact on combined ratio
Net (favorable) unfavorable prior year reserve development						2.2			pts			1.7			pts			0.5			pts			(0.2)			pts			0.4			pts			(0.6)			pts
Catastrophes, net of reinsurance						2.4			pts			6.2			pts			(3.8)			pts			6.1			pts			5.9			pts			0.2			pts
Underlying combined ratio						88.3		%				87.9		%				0.4			pts			88.3		%				88.8		%				(0.5)			pts
Net written premiums by market
Domestic
Select Accounts						$	920					$	885					4		%				$	2,900					$	2,834					2		%
Middle Market						3,232						3,030						7						9,432						9,012						5
National Accounts						273						264						3						914						903						1
National Property and Other						841						896						(6)						2,446						2,450						-
Total Domestic						5,266						5,075						4						15,692						15,199						3
International						409						442						(7)						1,473						1,453						1
Total						$	5,675					$	5,517					3		%				$	17,165					$	16,652					3		%

Third Quarter 2025 Results

(All comparisons vs. third quarter 2024, unless noted otherwise)

Segment income for Business Insurance was $907 million after-tax, an increase of $209 million. Segment income increased primarily due to lower catastrophe losses and higher net investment income, partially offset by higher net unfavorable prior year reserve development.

Combined ratio:

•The combined ratio of 92.9% improved 2.9 points due to lower catastrophe losses (3.8 points), partially offset by higher net unfavorable prior year reserve development (0.5 points) and a higher underlying combined ratio (0.4 points).

•The underlying combined ratio was an excellent 88.3%.

•The annual asbestos review resulted in a charge of $277 million. Excluding the asbestos charge, net favorable prior year reserve development was $152 million, primarily driven by better than expected loss experience in the workers' compensation product line for multiple accident years.

Net written premiums of $5.675 billion increased 3%, led by strong growth of 7% in our core Middle Market business. This was partially offset by a 6% decline in net written premiums in National Property and Other, reflecting disciplined underwriting.

5

Year-to-Date 2025 Results

(All comparisons vs. year-to-date 2024, unless noted otherwise)

Segment income for Business Insurance was $2.403 billion after-tax, an increase of $285 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net investment income and net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year period, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 94.2% improved 0.9 points due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in prior year period (0.6 points) and an improvement in the underlying combined ratio (0.5 points), partially offset by higher catastrophe losses (0.2 points).

•The underlying combined ratio improved 0.5 points to an excellent 88.3%.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the workers' compensation product line for multiple accident years, partially offset by an addition to reserves related to run-off operations, including an addition to asbestos reserves of $277 million.

Net written premiums of $17.165 billion increased 3%, after the ceded premium impact of the enhanced casualty reinsurance program that took effect January 1, 2025. This change in reinsurance reduced the segment's net written premium growth by 1 point, as the full year's worth of ceded premium was recorded in the first quarter of 2025. Premium growth also reflected strong renewal premium change and retention.

6

Bond & Specialty Insurance Segment Financial Results

						Three Months Ended September 30,																		Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)						2025						2024						Change						2025						2024						Change
Underwriting gain:						$	188					$	172					$	16					$	554					$	431					$	123
Underwriting gain includes:
Net favorable prior year reserve development						43						36						7						191						84						107
Catastrophes, net of reinsurance						-						(4)						4						(24)						(49)						25
Net investment income						116						101						15						325						285						40
Other income						7						6						1						15						17						(2)
Segment income before income taxes						311						279						32						894						733						161
Income tax expense						61						57						4						180						146						34
Segment income						$	250					$	222					$	28					$	714					$	587					$	127
Combined ratio						81.6		%				82.5		%				(0.9)			pts			81.5		%				84.9		%				(3.4)			pts
Impact on combined ratio
Net favorable prior year reserve development						(4.2)			pts			(3.5)			pts			(0.7)			pts			(6.2)			pts			(2.9)			pts			(3.3)			pts
Catastrophes, net of reinsurance						-			pts			0.4			pts			(0.4)			pts			0.8			pts			1.7			pts			(0.9)			pts
Underlying combined ratio						85.8		%				85.6		%				0.2			pts			86.9		%				86.1		%				0.8			pts
Net written premiums
Domestic
Management Liability						$	613					$	617					(1)		%				$	1,755					$	1,746					1		%
Surety						342						344						(1)						1,017						965						5
Total Domestic						955						961						(1)						2,772						2,711						2
International						125						111						13						392						344						14
Total						$	1,080					$	1,072					1		%				$	3,164					$	3,055					4		%

Third Quarter 2025 Results

(All comparisons vs. third quarter 2024, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $250 million after-tax, an increase of $28 million. Segment income increased primarily due to higher net investment income, a higher underlying underwriting gain, higher net favorable prior year reserve development and lower catastrophe losses. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 81.6% improved 0.9 points due to higher net favorable prior year reserve development (0.7 points) and lower catastrophe losses (0.4 points), partially offset by a higher underlying combined ratio (0.2 points).

•The underlying combined ratio was very strong at 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.

Net written premiums of $1.080 billion increased 1%.

7

Year-to-Date 2025 Results

(All comparisons vs. year-to-date 2024, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $714 million after-tax, an increase of $127 million. Segment income increased primarily due to higher net favorable prior year reserve development, higher net investment income and lower catastrophe losses, partially offset by a lower underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 81.5% improved 3.4 points due to higher net favorable prior year reserve development (3.3 points) and lower catastrophe losses (0.9 points), partially offset by a higher underlying combined ratio (0.8 points).

•The underlying combined ratio was very strong at 86.9%.

•Net favorable prior year reserve development was primarily driven by the same factors described above for the third quarter of 2025.

Net written premiums of $3.164 billion increased 4%, reflecting production growth in both surety and management liability.

Personal Insurance Segment Financial Results

						Three Months Ended September 30,																		Nine Months Ended September 30,
($ in millions and pre-tax, unless noted otherwise)						2025						2024						Change						2025						2024						Change
Underwriting gain:						$	798					$	294					$	504					$	608					$	20					$	588
Underwriting gain includes:
Net favorable prior year reserve development						104						181						(77)						496						420						76
Catastrophes, net of reinsurance						(263)						(595)						332						(2,555)						(2,173)						(382)
Net investment income						190						161						29						535						467						68
Other income						24						20						4						59						57						2
Segment income before income taxes						1,012						475						537						1,202						544						658
Income tax expense						205						91						114						235						93						142
Segment income						$	807					$	384					$	423					$	967					$	451					$	516
Combined ratio						81.3		%				92.5		%				(11.2)			pts			94.8		%				99.2		%				(4.4)			pts
Impact on combined ratio
Net favorable prior year reserve development						(2.4)			pts			(4.3)			pts			1.9			pts			(3.8)			pts			(3.4)			pts			(0.4)			pts
Catastrophes, net of reinsurance						6.0			pts			14.1			pts			(8.1)			pts			19.7			pts			17.6			pts			2.1			pts
Underlying combined ratio						77.7		%				82.7		%				(5.0)			pts			78.9		%				85.0		%				(6.1)			pts
Net written premiums
Domestic
Automobile						$	2,062					$	2,138					(4)		%				$	5,889					$	5,998					(2)		%
Homeowners and Other						2,489						2,410						3						6,822						6,392						7
Total Domestic						4,551						4,548						-						12,711						12,390						3
International						167						180						(7)						491						517						(5)
Total						$	4,718					$	4,728					-		%				$	13,202					$	12,907					2		%

8

Third Quarter 2025 Results

(All comparisons vs. third quarter 2024, unless noted otherwise)

Segment income for Personal Insurance was $807 million after-tax, an increase of $423 million. 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. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 81.3% improved 11.2 points due to lower catastrophe losses (8.1 points) and an improvement in the underlying combined ratio (5.0 points), partially offset by lower net favorable prior year reserve development (1.9 points).

•The underlying combined ratio of 77.7% improved 5.0 points, reflecting improvement in both Homeowners and Other and Automobile.

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

Net written premiums of $4.718 billion were comparable to the prior year quarter.

Year-to-Date 2025 Results

(All comparisons vs. year-to-date 2024, unless noted otherwise)

Segment income for Personal Insurance was $967 million after-tax, an increase of $516 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 94.8% improved 4.4 points due to an improvement in the underlying combined ratio (6.1 points) and higher net favorable prior year reserve development (0.4 points), partially offset by higher catastrophe losses (2.1 points).

•The underlying combined ratio of 78.9% improved 6.1 points, reflecting improvement in both Homeowners and Other and Automobile.

•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 $13.202 billion increased 2%, reflecting strong renewal premium change in Homeowners and Other.

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 Thursday, October 16, 2025. Investors can access the call via webcast at investor.travelers.com and by dialing 1.888.440.6281 within the United States or 1.646.960.0218 outside the United States. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company's website.

Following the live event, replays will be available via webcast for one year at investor.travelers.com and by telephone for seven days by dialing 1.800.770.2030 within the United States or 1.647.362.9199 outside the United States. All callers should use conference ID 5449478.

9

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 more than $46 billion in 2024. 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 Canada, 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 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 covering individuals' personal risks, primarily in the United States, as well as in Canada. Personal Insurance's primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

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