TRAVELERS COMPANIES, INC.
For the period ended Sep 30, 2026. Filed Oct 16, 2026.
View on SEC.govAbout 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, 2026 · Filed Oct 16, 2026
TRV$395.200.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements:
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in millions, except per share amounts)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues | ||||
| Premiums | $11,103 | $11,135 | $32,461 | $32,766 |
| Net investment income | 1,098 | 1,033 | 3,176 | 2,905 |
| Fee income | 123 | 127 | 370 | 370 |
| Net realized investment gains (losses) | (34) | 27 | 75 | (28) |
| Other revenues | 122 | 148 | 407 | 383 |
| Total revenues | 12,412 | 12,470 | 36,489 | 36,396 |
| Claims and expenses | ||||
| Claims and claim adjustment expenses | 6,487 | 6,594 | 18,791 | 21,389 |
| Amortization of deferred acquisition costs | 1,856 | 1,849 | 5,408 | 5,429 |
| General and administrative expenses | 1,582 | 1,572 | 4,688 | 4,576 |
| Interest expense | 118 | 111 | 347 | 309 |
| Total claims and expenses | 10,043 | 10,126 | 29,234 | 31,703 |
| Income before income taxes | 2,369 | 2,344 | 7,255 | 4,693 |
| Income tax expense | 452 | 456 | 1,419 | 901 |
| Net income | $1,917 | $1,888 | $5,836 | $3,792 |
| Net income per share | ||||
| Basic | $9.20 | $8.37 | $27.48 | $16.69 |
| Diluted | $9.04 | $8.24 | $27.05 | $16.45 |
| Weighted average number of common shares outstanding | ||||
| Basic | 206.9 | 224.1 | 210.9 | 225.6 |
| Diluted | 210.6 | 227.5 | 214.2 | 228.9 |
| Cash dividends declared per common share | $1.25 | $1.10 | $3.60 | $3.25 |
CONSOLIDATED STATEMENT OF COMPREHE NSIVE INCOME (LOSS) (Unaudited)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net income | $1,917 | $1,888 | $5,836 | $3,792 |
| Other comprehensive income (loss): | ||||
| Changes in net unrealized gains (losses) on investment securities: | ||||
| Having no credit losses recognized in the consolidated statement of income | (5,571) | 1,347 | (6,186) | 2,124 |
| Having credit losses recognized in the consolidated statement of income | — | — | (1) | 1 |
| Net changes in benefit plan assets and obligations | (1) | — | (11) | — |
| Net changes in unrealized foreign currency translation | (2) | (72) | 316 | 217 |
| Other comprehensive income (loss) before income taxes | (5,574) | 1,275 | (5,882) | 2,342 |
| Income tax expense (benefit) | (1,179) | 284 | (1,319) | 469 |
| Other comprehensive income (loss), net of taxes | (4,395) | 991 | (4,563) | 1,873 |
| Comprehensive income (loss) | $(2,478) | $2,879 | $1,273 | $5,665 |
CONSOLIDATED BALANCE SHEET
| September 30,2026 | December 31,2025 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Fixed maturities, available for sale, at fair value (amortized cost $97,423 and $91,717; allowance for expected credit losses of $2 and $3) | $89,372 | $89,833 |
| Equity securities, at fair value (cost $414 and $457) | 640 | 618 |
| Real estate investments | 883 | 900 |
| Short-term securities | 5,561 | 5,716 |
| Other investments | 4,132 | 4,115 |
| Total investments | 100,588 | 101,182 |
| Cash (including restricted cash of $147 and $132) | 766 | 842 |
| Investment income accrued | 860 | 877 |
| Premiums receivable (net of allowance for expected credit losses of $69 and $58) | 12,142 | 10,992 |
| Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129) | 8,078 | 7,886 |
| Ceded unearned premiums | 1,488 | 1,283 |
| Deferred acquisition costs | 3,763 | 3,518 |
| Deferred taxes | 2,268 | 887 |
| Contractholder receivables (net of allowance for expected credit losses of $13 and $16) | 3,041 | 3,010 |
| Goodwill | 4,060 | 4,066 |
| Other intangible assets | 326 | 336 |
| Other assets | 4,709 | 4,279 |
| Assets held for sale | — | 4,550 |
| Total assets | $142,089 | $143,708 |
| Liabilities | ||
| Claims and claim adjustment expense reserves | $68,130 | $65,737 |
| Unearned premium reserves | 23,525 | 22,431 |
| Contractholder payables | 3,054 | 3,026 |
| Payables for reinsurance premiums | 828 | 529 |
| Debt | 9,813 | 9,267 |
| Other liabilities | 7,744 | 7,282 |
| Liabilities held for sale | — | 2,542 |
| Total liabilities | 113,094 | 110,814 |
| Shareholders’ equity | ||
| Common stock (1,750.0 shares authorized; 204.9 and 217.5 shares issued and outstanding) | 26,307 | 25,910 |
| Retained earnings | 60,002 | 54,931 |
| Accumulated other comprehensive loss | (7,063) | (2,500) |
| Treasury stock, at cost (590.8 and 575.9 shares) | (50,251) | (45,447) |
| Total shareholders’ equity | 28,995 | 32,894 |
| Total liabilities and shareholders’ equity | $142,089 | $143,708 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Common stock | ||||
| Balance, beginning of period | $26,186 | $25,728 | $25,910 | $25,452 |
| Employee share-based compensation | 59 | 30 | 188 | 166 |
| Compensation amortization under share-based plans and other changes | 62 | 59 | 209 | 199 |
| Balance, end of period | 26,307 | 25,817 | 26,307 | 25,817 |
| Retained earnings | ||||
| Balance, beginning of period | 58,346 | 51,041 | 54,931 | 49,630 |
| Net income | 1,917 | 1,888 | 5,836 | 3,792 |
| Dividends | (261) | (250) | (765) | (743) |
| Other | — | 1 | — | 1 |
| Balance, end of period | 60,002 | 52,680 | 60,002 | 52,680 |
| Accumulated other comprehensive loss, net of tax | ||||
| Balance, beginning of period | (2,668) | (4,085) | (2,500) | (4,967) |
| Other comprehensive income (loss) | (4,395) | 991 | (4,563) | 1,873 |
| Balance, end of period | (7,063) | (3,094) | (7,063) | (3,094) |
| Treasury stock, at cost | ||||
| Balance, beginning of period | (48,743) | (43,166) | (45,447) | (42,251) |
| Treasury stock acquired — share repurchase authorizations | (1,500) | (625) | (4,600) | (1,375) |
| Net shares acquired related to employee share-based compensation plans | (8) | (3) | (204) | (168) |
| Balance, end of period | (50,251) | (43,794) | (50,251) | (43,794) |
| Total shareholders’ equity | $28,995 | $31,609 | $28,995 | $31,609 |
| Common shares outstanding | ||||
| Balance, beginning of period | 208.6 | 225.1 | 217.5 | 226.6 |
| Treasury stock acquired — share repurchase authorizations | (4.0) | (2.3) | (14.3) | (5.1) |
| Net shares issued under employee share-based compensation plans | 0.3 | 0.2 | 1.7 | 1.5 |
| Balance, end of period | 204.9 | 223.0 | 204.9 | 223.0 |
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net income | $5,836 | $3,792 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net realized investment (gains) losses | (75) | 28 |
| Depreciation and amortization | 537 | 518 |
| Deferred federal income tax expense (benefit) | (66) | 268 |
| Amortization of deferred acquisition costs | 5,408 | 5,429 |
| Equity in income from other investments | (170) | (169) |
| Premiums receivable | (1,154) | (485) |
| Reinsurance recoverables | (199) | (269) |
| Deferred acquisition costs | (5,656) | (5,616) |
| Claims and claim adjustment expense reserves | 2,433 | 3,388 |
| Unearned premium reserves | 1,108 | 1,245 |
| Other | (10) | (208) |
| Net cash provided by operating activities | 7,992 | 7,921 |
| Cash flows from investing activities | ||
| Proceeds from maturities of fixed maturities | 8,800 | 8,758 |
| Proceeds from sales of investments: | ||
| Fixed maturities | 917 | 779 |
| Equity securities | 134 | 131 |
| Real estate investments | 17 | — |
| Other investments | 203 | 210 |
| Purchases of investments: | ||
| Fixed maturities | (15,541) | (14,519) |
| Equity securities | (77) | (94) |
| Real estate investments | (34) | (23) |
| Other investments | (270) | (262) |
| Net sales (purchases) of short-term securities | 154 | (2,027) |
| Securities transactions in the course of settlement | 382 | 368 |
| Proceeds from the divestiture of the Canadian business | 2,388 | — |
| Other | (386) | (398) |
| Net cash used in investing activities | (3,313) | (7,077) |
| Cash flows from financing activities | ||
| Treasury stock acquired — share repurchase authorizations | (4,585) | (1,369) |
| Treasury stock acquired — net employee share-based compensation | (159) | (125) |
| Dividends paid to shareholders | (759) | (737) |
| Payment of debt | (200) | — |
| Issuance of debt | 744 | 1,233 |
| Issuance of common stock — employee share options | 212 | 163 |
| Net cash used in financing activities | (4,747) | (835) |
| Effect of exchange rate changes on cash and restricted cash | (8) | 21 |
| Net increase (decrease) in cash and restricted cash | (76) | 30 |
| Cash and restricted cash at beginning of year | 842 | 699 |
| Cash and restricted cash at end of period | $766 | $729 |
| Supplemental disclosure of cash flow information | ||
| Income taxes paid | $1,687 | $756 |
| Interest paid | $324 | $257 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.