TRAVELERS COMPANIES, INC.

For the period ended Sep 30, 2025. Filed Oct 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.

Sep 30, 2025 · Filed Oct 16, 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 EndedSeptember 30,		Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Revenues
Premiums	$11,135	$10,704	$32,766	$31,073
Net investment income	1,033	904	2,905	2,635
Fee income	127	121	370	345
Net realized investment gains (losses)	27	55	(28)	25
Other revenues	148	120	383	337
Total revenues	12,470	11,904	36,396	34,415
Claims and expenses
Claims and claim adjustment expenses	6,594	6,996	21,389	21,025
Amortization of deferred acquisition costs	1,849	1,790	5,429	5,166
General and administrative expenses	1,572	1,460	4,576	4,344
Interest expense	111	98	309	294
Total claims and expenses	10,126	10,344	31,703	30,829
Income before income taxes	2,344	1,560	4,693	3,586
Income tax expense	456	300	901	669
Net income	$1,888	$1,260	$3,792	$2,917
Net income per share
Basic	$8.37	$5.50	$16.69	$12.68
Diluted	$8.24	$5.42	$16.45	$12.51
Weighted average number of common shares outstanding
Basic	224.1	227.4	225.6	228.3
Diluted	227.5	230.6	228.9	231.3
Cash dividends declared per common share	$1.10	$1.05	$3.25	$3.10

CONSOLIDATED STATEMENT OF COMPREHE NSIVE INCOME (Unaudited)

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Net income	$1,888	$1,260	$3,792	$2,917
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	1,347	2,370	2,124	1,294
Having credit losses recognized in the consolidated statement of income	—	1	1	4
Net changes in benefit plan assets and obligations	—	(1)	—	(4)
Net changes in unrealized foreign currency translation	(72)	120	217	24
Other comprehensive income before income taxes	1,275	2,490	2,342	1,318
Income tax expense	284	513	469	280
Other comprehensive income, net of taxes	991	1,977	1,873	1,038
Comprehensive income	$2,879	$3,237	$5,665	$3,955

CONSOLIDATED BALANCE SHEET

	September 30,2025	December 31,2024
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $93,598 and $88,277; allowance for expected credit losses of $4 and $2)	$91,113	$83,666
Equity securities, at fair value (cost $506 and $544)	692	687
Real estate investments	888	902
Short-term securities	6,798	4,766
Other investments	4,193	4,202
Total investments	103,684	94,223
Cash (including restricted cash of $137 and $131)	729	699
Investment income accrued	776	752
Premiums receivable (net of allowance for expected credit losses of $58 and $58)	11,621	11,110
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $141 and $119)	8,298	8,000
Ceded unearned premiums	1,680	1,202
Deferred acquisition costs	3,691	3,494
Deferred taxes	1,035	1,762
Contractholder receivables (net of allowance for expected credit losses of $17 and $18)	3,098	3,171
Goodwill	4,271	4,233
Other intangible assets	342	360
Other assets	4,453	4,183
Total assets	$143,678	$133,189
Liabilities
Claims and claim adjustment expense reserves	$67,705	$64,093
Unearned premium reserves	23,596	22,289
Contractholder payables	3,115	3,189
Payables for reinsurance premiums	946	550
Debt	9,267	8,033
Other liabilities	7,440	7,171
Total liabilities	112,069	105,325
Shareholders’ equity
Common stock (1,750.0 shares authorized; 223.0 and 226.6 shares issued and outstanding)	25,817	25,452
Retained earnings	52,680	49,630
Accumulated other comprehensive loss	(3,094)	(4,967)
Treasury stock, at cost (570.1 and 564.3 shares)	(43,794)	(42,251)
Total shareholders’ equity	31,609	27,864
Total liabilities and shareholders’ equity	$143,678	$133,189

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Common stock
Balance, beginning of period	$25,728	$25,245	$25,452	$24,906
Employee share-based compensation	30	31	166	231
Compensation amortization under share-based plans and other changes	59	63	199	202
Balance, end of period	25,817	25,339	25,817	25,339
Retained earnings
Balance, beginning of period	51,041	46,773	49,630	45,591
Net income	1,888	1,260	3,792	2,917
Dividends	(250)	(243)	(743)	(720)
Other	1	(1)	1	1
Balance, end of period	52,680	47,789	52,680	47,789
Accumulated other comprehensive loss, net of tax
Balance, beginning of period	(4,085)	(5,410)	(4,967)	(4,471)
Other comprehensive income	991	1,977	1,873	1,038
Balance, end of period	(3,094)	(3,433)	(3,094)	(3,433)
Treasury stock, at cost
Balance, beginning of period	(43,166)	(41,746)	(42,251)	(41,105)
Treasury stock acquired — share repurchase authorizations	(625)	(250)	(1,375)	(750)
Net shares acquired related to employee share-based compensation plans	(3)	(3)	(168)	(144)
Balance, end of period	(43,794)	(41,999)	(43,794)	(41,999)
Total shareholders’ equity	$31,609	$27,696	$31,609	$27,696
Common shares outstanding
Balance, beginning of period	225.1	227.9	226.6	228.2
Treasury stock acquired — share repurchase authorizations	(2.3)	(1.1)	(5.1)	(3.4)
Net shares issued under employee share-based compensation plans	0.2	0.2	1.5	2.2
Balance, end of period	223.0	227.0	223.0	227.0

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

	Nine Months Ended September 30,
	2025	2024
Cash flows from operating activities
Net income	$3,792	$2,917
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	28	(25)
Depreciation and amortization	518	552
Deferred federal income tax expense (benefit)	268	(102)
Amortization of deferred acquisition costs	5,429	5,166
Equity in income from other investments	(169)	(220)
Premiums receivable	(485)	(987)
Reinsurance recoverables	(269)	73
Deferred acquisition costs	(5,616)	(5,439)
Claims and claim adjustment expense reserves	3,388	3,067
Unearned premium reserves	1,245	1,904
Other	(208)	104
Net cash provided by operating activities	7,921	7,010
Cash flows from investing activities
Proceeds from maturities of fixed maturities	8,758	5,990
Proceeds from sales of investments:
Fixed maturities	779	1,475
Equity securities	131	93
Real estate investments	—	64
Other investments	210	211
Purchases of investments:
Fixed maturities	(14,519)	(12,360)
Equity securities	(94)	(80)
Real estate investments	(23)	(34)
Other investments	(262)	(283)
Net purchases of short-term securities	(2,027)	(342)
Securities transactions in the course of settlement	368	382
Acquisition, net of cash acquired	—	(382)
Other	(398)	(305)
Net cash used in investing activities	(7,077)	(5,571)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(1,369)	(747)
Treasury stock acquired — net employee share-based compensation	(125)	(112)
Dividends paid to shareholders	(737)	(711)
Issuance of debt	1,233	—
Issuance of common stock — employee share options	163	245
Net cash used in financing activities	(835)	(1,325)
Effect of exchange rate changes on cash and restricted cash	21	8
Net increase in cash and restricted cash	30	122
Cash and restricted cash at beginning of year	699	650
Cash and restricted cash at end of period	$729	$772
Supplemental disclosure of cash flow information
Income taxes paid	$756	$947
Interest paid	$257	$255

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