TRAVELERS COMPANIES, INC.

For the period ended Mar 31, 2026. Filed Apr 16, 2026.

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, 2026 · Filed Apr 16, 2026

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,
	2026	2025
Revenues
Premiums	$10,605	$10,710
Net investment income	1,008	930
Fee income	121	119
Net realized investment gains (losses)	49	(61)
Other revenues	141	112
Total revenues	11,924	11,810
Claims and expenses
Claims and claim adjustment expenses	6,382	8,006
Amortization of deferred acquisition costs	1,766	1,778
General and administrative expenses	1,541	1,459
Interest expense	116	99
Total claims and expenses	9,805	11,342
Income before income taxes	2,119	468
Income tax expense	408	73
Net income	$1,711	$395
Net income per share
Basic	$7.89	$1.73
Diluted	$7.78	$1.70
Weighted average number of common shares outstanding
Basic	215.2	226.9
Diluted	218.4	230.4
Cash dividends declared per common share	$1.10	$1.05

CONSOLIDATED STATEMENT OF COMPREHE NSIVE INCOME (Unaudited)

	Three Months EndedMarch 31,
	2026	2025
Net income	$1,711	$395
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	(1,146)	436
Having credit losses recognized in the consolidated statement of income	—	1
Net changes in benefit plan assets and obligations	(8)	—
Net changes in unrealized foreign currency translation	327	61
Other comprehensive income (loss) before income taxes	(827)	498
Income tax expense (benefit)	(249)	99
Other comprehensive income (loss), net of taxes	(578)	399
Comprehensive income	$1,133	$794

CONSOLIDATED BALANCE SHEET

	March 31,2026	December 31,2025
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $93,742 and $91,717; allowance for expected credit losses of $3 and $3)	$90,736	$89,833
Equity securities, at fair value (cost $428 and $457)	591	618
Real estate investments	899	900
Short-term securities	6,660	5,716
Other investments	4,092	4,115
Total investments	102,978	101,182
Cash (including restricted cash of $134 and $132)	615	842
Investment income accrued	801	877
Premiums receivable (net of allowance for expected credit losses of $60 and $58)	11,423	10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $130 and $129)	7,988	7,886
Ceded unearned premiums	1,877	1,283
Deferred acquisition costs	3,587	3,518
Deferred taxes	1,101	887
Contractholder receivables (net of allowance for expected credit losses of $14 and $16)	3,051	3,010
Goodwill	4,060	4,066
Other intangible assets	331	336
Other assets	4,497	4,279
Assets held for sale	—	4,550
Total assets	$142,309	$143,708
Liabilities
Claims and claim adjustment expense reserves	$66,912	$65,737
Unearned premium reserves	22,772	22,431
Contractholder payables	3,065	3,026
Payables for reinsurance premiums	1,123	529
Debt	9,268	9,267
Other liabilities	7,183	7,282
Liabilities held for sale	—	2,542
Total liabilities	110,323	110,814
Shareholders’ equity
Common stock (1,750.0 shares authorized; 212.6 and 217.5 shares issued and outstanding)	26,092	25,910
Retained earnings	56,404	54,931
Accumulated other comprehensive loss	(3,078)	(2,500)
Treasury stock, at cost (582.5 and 575.9 shares)	(47,432)	(45,447)
Total shareholders’ equity	31,986	32,894
Total liabilities and shareholders’ equity	$142,309	$143,708

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Three Months EndedMarch 31,
	2026	2025
Common stock
Balance, beginning of period	$25,910	$25,452
Employee share-based compensation	95	49
Compensation amortization under share-based plans and other changes	87	83
Balance, end of period	26,092	25,584
Retained earnings
Balance, beginning of period	54,931	49,630
Net income	1,711	395
Dividends	(238)	(241)
Balance, end of period	56,404	49,784
Accumulated other comprehensive loss, net of tax
Balance, beginning of period	(2,500)	(4,967)
Other comprehensive income (loss)	(578)	399
Balance, end of period	(3,078)	(4,568)
Treasury stock, at cost
Balance, beginning of period	(45,447)	(42,251)
Treasury stock acquired — share repurchase authorizations	(1,800)	(250)
Net shares acquired related to employee share-based compensation plans	(185)	(108)
Balance, end of period	(47,432)	(42,609)
Total shareholders’ equity	$31,986	$28,191
Common shares outstanding
Balance, beginning of period	217.5	226.6
Treasury stock acquired — share repurchase authorizations	(6.0)	(1.0)
Net shares issued under employee share-based compensation plans	1.1	1.0
Balance, end of period	212.6	226.6

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
	2026	2025
Cash flows from operating activities
Net income	$1,711	$395
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	(49)	61
Depreciation and amortization	193	188
Deferred federal income tax expense	51	31
Amortization of deferred acquisition costs	1,766	1,778
Equity in income from other investments	(23)	(53)
Premiums receivable	(434)	(459)
Reinsurance recoverables	(108)	(97)
Deferred acquisition costs	(1,837)	(1,822)
Claims and claim adjustment expense reserves	1,211	1,818
Unearned premium reserves	351	419
Other	(634)	(899)
Net cash provided by operating activities	2,198	1,360
Cash flows from investing activities
Proceeds from maturities of fixed maturities	3,014	2,801
Proceeds from sales of investments:
Fixed maturities	251	253
Equity securities	52	68
Other investments	60	63
Purchases of investments:
Fixed maturities	(5,356)	(4,296)
Equity securities	(25)	(25)
Real estate investments	(12)	(7)
Other investments	(69)	(96)
Net (purchases) sales of short-term securities	(945)	239
Securities transactions in the course of settlement	430	308
Proceeds from the divestiture of the Canadian business	2,384	—
Other	(119)	(116)
Net cash used in investing activities	(335)	(808)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(1,785)	(250)
Treasury stock acquired — net employee share-based compensation	(149)	(102)
Dividends paid to shareholders	(237)	(240)
Issuance of common stock — employee share options	86	57
Net cash used in financing activities	(2,085)	(535)
Effect of exchange rate changes on cash and restricted cash	(5)	8
Net increase (decrease) in cash and restricted cash	(227)	25
Cash and restricted cash at beginning of year	842	699
Cash and restricted cash at end of period	$615	$724
Supplemental disclosure of cash flow information
Income taxes paid	$12	$24
Interest paid	$94	$61

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