TRAVELERS COMPANIES INC

For the period ended Mar 31, 2024. Filed Apr 17, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 17, 2024

TRV$395.200.0%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements:

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(in millions, except per share amounts)

	Three Months EndedMarch 31,
	2024	2023
Revenues
Premiums	$10,126	$8,854
Net investment income	846	663
Fee income	109	106
Net realized investment gains	35	6
Other revenues	112	75
Total revenues	11,228	9,704
Claims and expenses
Claims and claim adjustment expenses	6,656	5,959
Amortization of deferred acquisition costs	1,698	1,462
General and administrative expenses	1,406	1,267
Interest expense	98	88
Total claims and expenses	9,858	8,776
Income before income taxes	1,370	928
Income tax expense (benefit)	247	(47)
Net income	$1,123	$975
Net income per share
Basic	$4.87	$4.18
Diluted	$4.80	$4.13
Weighted average number of common shares outstanding
Basic	229.0	231.7
Diluted	232.0	234.4
Cash dividends declared per common share	$1.00	$0.93

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

	Three Months EndedMarch 31,
	2024	2023
Net income	$1,123	$975
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	(752)	1,308
Having credit losses recognized in the consolidated statement of income	2	—
Net changes in benefit plan assets and obligations	(1)	(3)
Net changes in unrealized foreign currency translation	(71)	37
Other comprehensive income (loss) before income taxes	(822)	1,342
Income tax expense (benefit)	(162)	283
Other comprehensive income (loss), net of taxes	(660)	1,059
Comprehensive income	$463	$2,034

CONSOLIDATED BALANCE SHEET

	March 31,2024	December 31,2023
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $82,712 and $81,781; allowance for expected credit losses of $3 and $5)	$77,991	$77,807
Equity securities, at fair value (cost $557 and $553)	689	608
Real estate investments	958	959
Short-term securities	4,682	5,137
Other investments	4,337	4,299
Total investments	88,657	88,810
Cash	667	650
Investment income accrued	648	688
Premiums receivable (net of allowance for expected credit losses of $68 and $69)	10,829	10,282
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $117 and $118)	8,100	8,143
Ceded unearned premiums	1,535	1,150
Deferred acquisition costs	3,380	3,306
Deferred taxes	1,639	1,504
Contractholder receivables (net of allowance for expected credit losses of $19 and $20)	3,266	3,249
Goodwill	4,251	3,976
Other intangible assets	376	277
Other assets	4,062	3,943
Total assets	$127,410	$125,978
Liabilities
Claims and claim adjustment expense reserves	$62,487	$61,627
Unearned premium reserves	21,307	20,872
Contractholder payables	3,285	3,269
Payables for reinsurance premiums	887	518
Debt	8,032	8,031
Other liabilities	6,390	6,740
Total liabilities	102,388	101,057
Shareholders’ equity
Common stock (1,750.0 shares authorized; 229.0 and 228.2 shares issued and outstanding)	25,163	24,906
Retained earnings	46,483	45,591
Accumulated other comprehensive loss	(5,131)	(4,471)
Treasury stock, at cost (561.0 and 559.2 shares)	(41,493)	(41,105)
Total shareholders’ equity	25,022	24,921
Total liabilities and shareholders’ equity	$127,410	$125,978

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Three Months EndedMarch 31,
	2024	2023
Common stock
Balance, beginning of period	$24,906	$24,565
Employee share-based compensation	179	68
Compensation amortization under share-based plans and other changes	78	70
Balance, end of period	25,163	24,703
Retained earnings
Balance, beginning of period	45,591	43,516
Net income	1,123	975
Dividends	(232)	(218)
Other	1	—
Balance, end of period	46,483	44,273
Accumulated other comprehensive loss, net of tax
Balance, beginning of period	(4,471)	(6,445)
Other comprehensive income (loss)	(660)	1,059
Balance, end of period	(5,131)	(5,386)
Treasury stock, at cost
Balance, beginning of period	(41,105)	(40,076)
Treasury stock acquired — share repurchase authorizations	(250)	(400)
Net shares acquired related to employee share-based compensation plans	(138)	(62)
Balance, end of period	(41,493)	(40,538)
Total shareholders’ equity	$25,022	$23,052
Common shares outstanding
Balance, beginning of period	228.2	232.1
Treasury stock acquired — share repurchase authorizations	(1.2)	(2.2)
Net shares issued under employee share-based compensation plans	2.0	1.1
Balance, end of period	229.0	231.0

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
	2024	2023
Cash flows from operating activities
Net income	$1,123	$975
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	(35)	(6)
Depreciation and amortization	196	204
Deferred federal income tax expense	42	32
Amortization of deferred acquisition costs	1,698	1,462
Equity in income from other investments	(68)	(30)
Premiums receivable	(557)	(557)
Reinsurance recoverables	33	(24)
Deferred acquisition costs	(1,776)	(1,629)
Claims and claim adjustment expense reserves	928	381
Unearned premium reserves	457	893
Other	(583)	(689)
Net cash provided by operating activities	1,458	1,012
Cash flows from investing activities
Proceeds from maturities of fixed maturities	1,709	1,538
Proceeds from sales of investments:
Fixed maturities	942	2,364
Equity securities	21	28
Other investments	55	64
Purchases of investments:
Fixed maturities	(3,738)	(4,335)
Equity securities	(26)	(34)
Real estate investments	(13)	(14)
Other investments	(90)	(139)
Net sales of short-term securities	454	228
Securities transactions in the course of settlement	111	(35)
Acquisition, net of cash acquired	(381)	—
Other	(81)	(120)
Net cash used in investing activities	(1,037)	(455)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(250)	(398)
Treasury stock acquired — net employee share-based compensation	(110)	(62)
Dividends paid to shareholders	(229)	(215)
Issuance of common stock — employee share options	190	82
Net cash used in financing activities	(399)	(593)
Effect of exchange rate changes on cash	(5)	4
Net increase (decrease) in cash	17	(32)
Cash at beginning of year	650	799
Cash at end of period	$667	$767
Supplemental disclosure of cash flow information
Income taxes paid (received)	$24	$(16)
Interest paid	$60	$60
Supplemental disclosure of noncash financing activities
Issuance of common stock — net share settlement of employee options	$28	$—

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