TRAVELERS COMPANIES INC

For the period ended Mar 31, 2025. Filed Apr 16, 2025.

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, 2025 · Filed Apr 16, 2025

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,
	2025	2024
Revenues
Premiums	$10,710	$10,126
Net investment income	930	846
Fee income	119	109
Net realized investment gains (losses)	(61)	35
Other revenues	112	112
Total revenues	11,810	11,228
Claims and expenses
Claims and claim adjustment expenses	8,006	6,656
Amortization of deferred acquisition costs	1,778	1,698
General and administrative expenses	1,459	1,406
Interest expense	99	98
Total claims and expenses	11,342	9,858
Income before income taxes	468	1,370
Income tax expense	73	247
Net income	$395	$1,123
Net income per share
Basic	$1.73	$4.87
Diluted	$1.70	$4.80
Weighted average number of common shares outstanding
Basic	226.9	229.0
Diluted	230.4	232.0
Cash dividends declared per common share	$1.05	$1.00

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

	Three Months EndedMarch 31,
	2025	2024
Net income	$395	$1,123
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	436	(752)
Having credit losses recognized in the consolidated statement of income	1	2
Net changes in benefit plan assets and obligations	—	(1)
Net changes in unrealized foreign currency translation	61	(71)
Other comprehensive income (loss) before income taxes	498	(822)
Income tax expense (benefit)	99	(162)
Other comprehensive income (loss), net of taxes	399	(660)
Comprehensive income (loss)	$794	$463

CONSOLIDATED BALANCE SHEET

	March 31,2025	December 31,2024
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $89,596 and $88,277; allowance for expected credit losses of $4 and $2)	$85,421	$83,666
Equity securities, at fair value (cost $501 and $544)	623	687
Real estate investments	897	902
Short-term securities	4,529	4,766
Other investments	4,226	4,202
Total investments	95,696	94,223
Cash (including restricted cash of $138 and $131)	724	699
Investment income accrued	703	752
Premiums receivable (net of allowance for expected credit losses of $58 and $58)	11,575	11,110
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $128 and $119)	8,105	8,000
Ceded unearned premiums	1,804	1,202
Deferred acquisition costs	3,540	3,494
Deferred taxes	1,639	1,762
Contractholder receivables (net of allowance for expected credit losses of $17 and $18)	3,193	3,171
Goodwill	4,245	4,233
Other intangible assets	356	360
Other assets	4,397	4,183
Total assets	$135,977	$133,189
Liabilities
Claims and claim adjustment expense reserves	$65,976	$64,093
Unearned premium reserves	22,724	22,289
Contractholder payables	3,210	3,189
Payables for reinsurance premiums	1,092	550
Debt	8,033	8,033
Other liabilities	6,751	7,171
Total liabilities	107,786	105,325
Shareholders’ equity
Common stock (1,750.0 shares authorized; 226.6 and 226.6 shares issued and outstanding)	25,584	25,452
Retained earnings	49,784	49,630
Accumulated other comprehensive loss	(4,568)	(4,967)
Treasury stock, at cost (565.7 and 564.3 shares)	(42,609)	(42,251)
Total shareholders’ equity	28,191	27,864
Total liabilities and shareholders’ equity	$135,977	$133,189

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Three Months EndedMarch 31,
	2025	2024
Common stock
Balance, beginning of period	$25,452	$24,906
Employee share-based compensation	49	179
Compensation amortization under share-based plans and other changes	83	78
Balance, end of period	25,584	25,163
Retained earnings
Balance, beginning of period	49,630	45,591
Net income	395	1,123
Dividends	(241)	(232)
Other	—	1
Balance, end of period	49,784	46,483
Accumulated other comprehensive income (loss), net of tax
Balance, beginning of period	(4,967)	(4,471)
Other comprehensive income (loss)	399	(660)
Balance, end of period	(4,568)	(5,131)
Treasury stock, at cost
Balance, beginning of period	(42,251)	(41,105)
Treasury stock acquired — share repurchase authorizations	(250)	(250)
Net shares acquired related to employee share-based compensation plans	(108)	(138)
Balance, end of period	(42,609)	(41,493)
Total shareholders’ equity	$28,191	$25,022
Common shares outstanding
Balance, beginning of period	226.6	228.2
Treasury stock acquired — share repurchase authorizations	(1.0)	(1.2)
Net shares issued under employee share-based compensation plans	1.0	2.0
Balance, end of period	226.6	229.0

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
	2025	2024
Cash flows from operating activities
Net income	$395	$1,123
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	61	(35)
Depreciation and amortization	188	196
Deferred federal income tax expense	31	42
Amortization of deferred acquisition costs	1,778	1,698
Equity in income from other investments	(53)	(68)
Premiums receivable	(459)	(557)
Reinsurance recoverables	(97)	33
Deferred acquisition costs	(1,822)	(1,776)
Claims and claim adjustment expense reserves	1,818	928
Unearned premium reserves	419	457
Other	(899)	(583)
Net cash provided by operating activities	1,360	1,458
Cash flows from investing activities
Proceeds from maturities of fixed maturities	2,801	1,709
Proceeds from sales of investments:
Fixed maturities	253	942
Equity securities	68	21
Other investments	63	55
Purchases of investments:
Fixed maturities	(4,296)	(3,738)
Equity securities	(25)	(26)
Real estate investments	(7)	(13)
Other investments	(96)	(90)
Net sales of short-term securities	239	454
Securities transactions in the course of settlement	308	111
Acquisition, net of cash acquired	—	(381)
Other	(116)	(81)
Net cash used in investing activities	(808)	(1,037)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(250)	(250)
Treasury stock acquired — net employee share-based compensation	(102)	(110)
Dividends paid to shareholders	(240)	(229)
Issuance of common stock — employee share options	57	190
Net cash used in financing activities	(535)	(399)
Effect of exchange rate changes on cash and restricted cash	8	(5)
Net increase in cash and restricted cash	25	17
Cash and restricted cash at beginning of year	699	650
Cash and restricted cash at end of period	$724	$667
Supplemental disclosure of cash flow information
Income taxes paid	$24	$24
Interest paid	$61	$60

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