TRAVELERS COMPANIES (TRV) Company Report

Core income of $2.5 billion ($11.13 per share) with a 29.6% core ROE in Q4; full-year core income of $6.3 billion ($27.59 per share) and 19.4% core ROE in 2025.
Underwriting delivered pre-tax income of $2.2 billion (up 21% YoY) in Q4, an 82.2% underlying combined ratio, and $10.9 billion of net written premiums.
Investment portfolio generated $867 million of after-tax net investment income in Q4 (+10%), grew to $106 billion, and is guided to produce $3.3 billion of fixed income NII in 2026.
Capital management returned $1.9 billion in Q4 (including $1.65 billion of buybacks), drove adjusted book value/sh to $158.01 (+14% YoY), and plans ~$1.8 billion of share repurchases in Q1 2026.

Jan 21, 2026, 2:00 PM

Transcript

Travelers reports Q4 2025 results

TRV

Earnings

Share Buyback

Q4 net income per diluted share of $11.06, up 23%, and core income per diluted share of $11.13, up 22%
Full-year net income of $6.288 B and core income of $6.325 B; full-year ROE of 21.0% (core ROE 19.4%)
Combined ratio improved 3.0 pts to 80.2% (underlying combined ratio improved 1.8 pts to 82.2%); net investment income up 10% to $867 M
Record operating cash flows of $10.606 B; total capital returned of $1.897 B (including $1.653 B share repurchases); Board authorized $5.0 B additional buybacks

Jan 21, 2026, 2:00 PM

Presentation

Travelers reports Q4 2025 results

TRV

Earnings

Share Buyback

Core income of $2.5 billion ( $11.13 per share) and core ROE of 29.6% in Q4 2025
Underwriting income pre-tax of $2.2 billion ( +21% YoY) with an underlying combined ratio of 82.2%
Net written premiums of $10.9 billion across all segments: Business Insurance $5.5 billion, Bond & Specialty $1.1 billion, Personal Insurance $4.2 billion
Net investment income of $867 million ( +10% YoY); capital returned of $1.9 billion ( $1.7 billion in buybacks); adjusted book value per share up 14% YoY

Jan 21, 2026, 2:00 PM

Transcript

Travelers reports Q4 2025 results

TRV

Earnings

Share Buyback

Guidance Update

Core income of $2.5 billion (Q4) or $11.13 per diluted share, delivering 29.6% core ROE; full-year core income of $6.3 billion or $27.59 per share, with a 19.4% core ROE and 14% adjusted book value per share growth year-over-year.
Underlying combined ratio improved to 82.2%, the fifth straight quarter below 85%, alongside $10.9 billion of net written premiums driven by robust performance in Business Insurance, Bond & Specialty, and Personal Insurance.
After-tax net investment income increased 10% to $867 million, with the investment portfolio expanding to $106 billion; 2026 fixed income net investment income is guided to approximately $3.3 billion.
Returned $1.9 billion of capital in Q4 (including $1.65 billion of share repurchases and $244 million of dividends); expects $1.8 billion of buybacks in Q1 2026 and plans annual debt issuance to maintain leverage.

Jan 21, 2026, 2:00 PM

Transcript

Travelers reports Q4 2025 and full year results

TRV

Earnings

Share Buyback

Dividends

Q4 2025 net income of $2.496 B, or $11.06 per diluted share (+23%), and core income of $2.511 B, or $11.13 per diluted share (+22%).
Q4 combined ratio improved 3.0 pts to 80.2%, with an underlying combined ratio of 82.2%.
Full year 2025 net income reached $6.288 B and core income was $6.325 B; ROE was 21.0% and core ROE 19.4%.
Returned $1.897 B in capital during Q4, including $1.653 B in share repurchases, and the Board authorized an additional $5.0 B buyback; quarterly dividend of $1.10 per share declared.

Jan 21, 2026, 11:58 AM

8-K

Travelers Reports Q4 and Full Year 2025 Results

TRV

Earnings

Share Buyback

Q4 2025 net income per diluted share $11.06 (up 23%) and core income per diluted share $11.13 (up 22%); net income $2.496 B (up 20%) and core income $2.511 B (up 18%)
Q4 combined ratio 80.2% (improved 3.0 pts) and underlying combined ratio 82.2% (improved 1.8 pts); net investment income after-tax $867 M (up 10%)
FY 2025 net income $6.288 B and core income $6.325 B; full-year ROE 21.0% and core ROE 19.4%; book value per share up 23% to $151.21 and adjusted book value per share up 14% to $158.01
Board authorizes an additional $5.0 B of share repurchases; Q4 total capital returned to shareholders $1.897 B (including $1.653 B of repurchases)

Jan 21, 2026, 11:57 AM

Press Release

Travelers completes sale of Canadian insurance business to Definity

TRV

M&A

Share Buyback

Travelers sold its personal insurance business and the majority of its commercial insurance business in Canada to Definity for US$2.4 billion.
The company retains its premier Canadian surety operations while exiting other Canadian insurance segments.
Approximately US$0.7 billion of net proceeds will fund additional share repurchases in 2026, with the remainder supporting operations and corporate purposes.
The transaction is expected to be slightly accretive to earnings per share in 2026 and the next several years.

Jan 2, 2026, 1:45 PM

Press Release

AIG Reports Third Quarter 2025 Results

TRV

Earnings

Share Buyback

M&A

Net income was $519 million (up 13%) and diluted EPS was $0.93 (up 31%), with adjusted after-tax income of $1.2 billion or $2.20 per share (up 52% and 77%, respectively).
General Insurance underwriting income grew 81% to $793 million, with a combined ratio of 86.8% and accident year combined ratio of 88.3%.
Net premiums written totaled $6.2 billion (down 2% reported, 1% comparable), and net investment income was $772 million (down 21%), while adjusted pre-tax net investment income reached $1.0 billion (up 15%).
Returned $1.5 billion of capital (including $1.25 billion of share repurchases and $250 million of dividends), and delivered ROE of 5.0% and Core Operating ROE of 13.6%.
Announced strategic investments in Convex Group and Onex Corporation, and agreed to acquire renewal rights for Everest Group’s portfolios (~$2 billion aggregate premium).

Nov 4, 2025, 9:16 PM

Press Release

Travelers reports strong Q3 2025 results

TRV

Earnings

Share Buyback

Core income of $1.9 B ($8.14/diluted share); core ROE of 22.6% for Q3 and 18.7% on a TTM basis
Net written premiums rose to $11.5 B, led by Business Insurance at $5.7 B (+3%) and an underlying combined ratio of 83.9%
After-tax net investment income up 15% to $850 M, with the investment portfolio growing by $4 B during the quarter
Expense ratio of 28.6% in Q3; expected to be ~28.5% for FY 2025 and managed at that level in 2026
Returned $878 M to shareholders (including $628 M of buybacks); planning $1.3 B of repurchases in Q4 and ~$3.5 B over Q3 2025–Q1 2026

Oct 16, 2025, 1:00 PM

Transcript

Travelers reports Q3 2025 results

TRV

Earnings

Share Buyback

Debt Issuance

Q3 net income per diluted share of $8.24 (up 52% YoY) and core income per diluted share of $8.14 (up 55%); ROE of 24.7% and core ROE of 22.6%.
Combined ratio improved to 87.3% (up 5.9 pts YoY) and underlying combined ratio to 83.9% (up 1.7 pts).
Net written premiums of $11.473 billion (up 1% YoY); YTD net written premiums of $33.531 billion (up 3%).
Net investment income of $850 million (up 15% after-tax) with an after-tax yield of 3.2% in Q3 2025.
Returned $878 million of capital to shareholders, including $628 million in share repurchases; book value per share of $141.72 and debt-to-capital ratio of 21.6% as of September 30, 2025.

Oct 16, 2025, 1:00 PM

Presentation

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TRAVELERS COMPANIES (TRV)

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