TRAVELERS COMPANIES, INC.

For the period ended Jun 30, 2025. Filed Jul 17, 2025.

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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.

Jun 30, 2025 · Filed Jul 17, 2025

TRV$400.78+1.4%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements:

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(in millions, except per share amounts)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Revenues
Premiums	$10,921	$10,243	$21,631	$20,369
Net investment income	942	885	1,872	1,731
Fee income	124	115	243	224
Net realized investment gains (losses)	6	(65)	(55)	(30)
Other revenues	123	105	235	217
Total revenues	12,116	11,283	23,926	22,511
Claims and expenses
Claims and claim adjustment expenses	6,789	7,373	14,795	14,029
Amortization of deferred acquisition costs	1,802	1,678	3,580	3,376
General and administrative expenses	1,545	1,478	3,004	2,884
Interest expense	99	98	198	196
Total claims and expenses	10,235	10,627	21,577	20,485
Income before income taxes	1,881	656	2,349	2,026
Income tax expense	372	122	445	369
Net income	$1,509	$534	$1,904	$1,657
Net income per share
Basic	$6.63	$2.32	$8.35	$7.19
Diluted	$6.53	$2.29	$8.23	$7.09
Weighted average number of common shares outstanding
Basic	225.9	228.6	226.4	228.8
Diluted	229.3	231.5	229.7	231.8
Cash dividends declared per common share	$1.10	$1.05	$2.15	$2.05

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Net income	$1,509	$534	$1,904	$1,657
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	341	(324)	777	(1,076)
Having credit losses recognized in the consolidated statement of income	—	1	1	3
Net changes in benefit plan assets and obligations	—	(2)	—	(3)
Net changes in unrealized foreign currency translation	228	(25)	289	(96)
Other comprehensive income (loss) before income taxes	569	(350)	1,067	(1,172)
Income tax expense (benefit)	86	(71)	185	(233)
Other comprehensive income (loss), net of taxes	483	(279)	882	(939)
Comprehensive income	$1,992	$255	$2,786	$718

CONSOLIDATED BALANCE SHEET

	June 30,2025	December 31,2024
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $91,406 and $88,277; allowance for expected credit losses of $4 and $2)	$87,569	$83,666
Equity securities, at fair value (cost $505 and $544)	651	687
Real estate investments	891	902
Short-term securities	4,748	4,766
Other investments	4,206	4,202
Total investments	98,065	94,223
Cash (including restricted cash of $138 and $131)	659	699
Investment income accrued	785	752
Premiums receivable (net of allowance for expected credit losses of $61 and $58)	12,042	11,110
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $127 and $119)	8,059	8,000
Ceded unearned premiums	1,692	1,202
Deferred acquisition costs	3,667	3,494
Deferred taxes	1,630	1,762
Contractholder receivables (net of allowance for expected credit losses of $17 and $18)	3,095	3,171
Goodwill	4,283	4,233
Other intangible assets	348	360
Other assets	4,548	4,183
Total assets	$138,873	$133,189
Liabilities
Claims and claim adjustment expense reserves	$66,941	$64,093
Unearned premium reserves	23,288	22,289
Contractholder payables	3,112	3,189
Payables for reinsurance premiums	987	550
Debt	8,034	8,033
Other liabilities	6,993	7,171
Total liabilities	109,355	105,325
Shareholders’ equity
Common stock (1,750.0 shares authorized; 225.1 and 226.6 shares issued and outstanding)	25,728	25,452
Retained earnings	51,041	49,630
Accumulated other comprehensive loss	(4,085)	(4,967)
Treasury stock, at cost (567.8 and 564.3 shares)	(43,166)	(42,251)
Total shareholders’ equity	29,518	27,864
Total liabilities and shareholders’ equity	$138,873	$133,189

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Common stock
Balance, beginning of period	$25,584	$25,163	$25,452	$24,906
Employee share-based compensation	87	21	136	200
Compensation amortization under share-based plans and other changes	57	61	140	139
Balance, end of period	25,728	25,245	25,728	25,245
Retained earnings
Balance, beginning of period	49,784	46,483	49,630	45,591
Net income	1,509	534	1,904	1,657
Dividends	(252)	(245)	(493)	(477)
Other	—	1	—	2
Balance, end of period	51,041	46,773	51,041	46,773
Accumulated other comprehensive income (loss), net of tax
Balance, beginning of period	(4,568)	(5,131)	(4,967)	(4,471)
Other comprehensive income (loss)	483	(279)	882	(939)
Balance, end of period	(4,085)	(5,410)	(4,085)	(5,410)
Treasury stock, at cost
Balance, beginning of period	(42,609)	(41,493)	(42,251)	(41,105)
Treasury stock acquired — share repurchase authorizations	(500)	(250)	(750)	(500)
Net shares acquired related to employee share-based compensation plans	(57)	(3)	(165)	(141)
Balance, end of period	(43,166)	(41,746)	(43,166)	(41,746)
Total shareholders’ equity	$29,518	$24,862	$29,518	$24,862
Common shares outstanding
Balance, beginning of period	226.6	229.0	226.6	228.2
Treasury stock acquired — share repurchase authorizations	(1.8)	(1.1)	(2.8)	(2.3)
Net shares issued under employee share-based compensation plans	0.3	—	1.3	2.0
Balance, end of period	225.1	227.9	225.1	227.9

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

	Six Months Ended June 30,
	2025	2024
Cash flows from operating activities
Net income	$1,904	$1,657
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses	55	30
Depreciation and amortization	352	378
Deferred federal income tax benefit	(52)	(43)
Amortization of deferred acquisition costs	3,580	3,376
Equity in income from other investments	(95)	(157)
Premiums receivable	(897)	(1,221)
Reinsurance recoverables	(19)	(1)
Deferred acquisition costs	(3,739)	(3,583)
Claims and claim adjustment expense reserves	2,543	2,312
Unearned premium reserves	914	1,245
Other	(852)	(858)
Net cash provided by operating activities	3,694	3,135
Cash flows from investing activities
Proceeds from maturities of fixed maturities	5,872	4,173
Proceeds from sales of investments:
Fixed maturities	601	1,250
Equity securities	100	62
Other investments	142	110
Purchases of investments:
Fixed maturities	(9,143)	(8,087)
Equity securities	(60)	(47)
Real estate investments	(13)	(24)
Other investments	(176)	(185)
Net sales of short-term securities	24	784
Securities transactions in the course of settlement	372	358
Acquisition, net of cash acquired	—	(382)
Other	(243)	(192)
Net cash used in investing activities	(2,524)	(2,180)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(750)	(499)
Treasury stock acquired — net employee share-based compensation	(124)	(111)
Dividends paid to shareholders	(490)	(473)
Issuance of common stock — employee share options	127	212
Net cash used in financing activities	(1,237)	(871)
Effect of exchange rate changes on cash and restricted cash	27	(5)
Net increase (decrease) in cash and restricted cash	(40)	79
Cash and restricted cash at beginning of year	699	650
Cash and restricted cash at end of period	$659	$729
Supplemental disclosure of cash flow information
Income taxes paid	$562	$855
Interest paid	$197	$195

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