TRAVELERS COMPANIES (TRV) Company Report

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

Travelers reports Q3 2025 earnings

TRV

Earnings

Share Buyback

Core income of $1.9 billion ( $8.14 per diluted share) and core ROE of 22.6% for the quarter (18.7% TTM).
Strong underwriting and investment results: underlying combined ratio of 83.9%, net written premiums of $11.5 billion, and after-tax net investment income of $850 million (up 15%).
Returned $878 million of capital in Q3 (including $628 million in share repurchases and $250 million in dividends); Q4 share buybacks expected at $1.3 billion, with ~$3.5 billion planned over Q3 ’25–Q1 ’26.
Maintains full-year 2025 expense ratio guidance of ~28.5%, with a similar target for 2026.

Oct 16, 2025, 1:00 PM

Transcript

Travelers reports Q3 2025 results

TRV

Earnings

Share Buyback

Net income of $1.888 billion, or $8.24 per diluted share, up 50% and 52% respectively year-over-year, with a return on equity of 24.7%.
Combined ratio improved to 87.3% (underlying 83.9%), a 5.9-point improvement driven by lower catastrophe losses.
After-tax net investment income of $850 million, a 15% increase over the prior year quarter.
Returned $878 million of capital to shareholders in the quarter, including $628 million of share repurchases.
Book value per share rose to $141.72, up 16% from a year ago.

Oct 16, 2025, 10:58 AM

8-K

Travelers Reports Q3 2025 Results

TRV

Earnings

Share Buyback

Revenue reached $12.47 billion, up 5.2% year-over-year
Net income was $1.888 billion, with diluted EPS of $8.24, a 52% increase year-over-year
Underwriting performance improved: catastrophe losses of $402 million pre-tax and an underlying combined ratio of 83.9%, delivering a core ROE of 22.6%
After-tax net investment income increased 15% to $850 million
Returned nearly $900 million to shareholders, including $628 million in share buybacks

Oct 16, 2025, 9:17 AM

Morningstar

Travelers Companies issues $1.25 billion of senior notes

TRV

Debt Issuance

On July 21, 2025, The Travelers Companies, Inc. entered into an Underwriting Agreement with BofA Securities, BNY Mellon Capital Markets, HSBC Securities, J.P. Morgan and U.S. Bancorp Investments to issue $500 million of 5.050% Senior Notes due 2035 and $750 million of 5.700% Senior Notes due 2055.
The notes will be issued under the Indenture dated June 16, 2016, and related details are set forth in the Prospectus Supplement filed on July 23, 2025.

Jul 24, 2025, 12:00 AM

8-K

Travelers Sells Canadian Insurance Segments

TRV

M&A

Share Buyback

Travelers Companies, Inc. has signed a definitive agreement to sell its Canadian personal insurance business and the majority of its commercial insurance business to Definity Financial Corporation for US$2.4 billion.
The company will retain its leading Canadian surety business while repatriating approximately US$0.8 billion of excess local capital as part of the transaction.
The transaction is expected to close in the first quarter of 2026, with approximately US$0.7 billion of the net cash proceeds planned for share repurchases in that year.

May 27, 2025, 12:00 AM

8-K

Travelers Reports Q1 2025 Strong Earnings, Underwriting & Financial Results

TRV

Earnings

Dividends

Share Buyback

Travelers delivered net income of $395 million and core income of $443 million, with EPS of $1.70 (net) and $1.91 (core), demonstrating robust financial performance .
The quarter’s underlying underwriting income reached approximately $1.6 billion pre-tax—up 32% year-over-year—and featured an improved underlying combined ratio of 84.8% (a 2.9-point improvement) .
The period was impacted by significant catastrophe losses from California wildfires, reported as $1.7 billion pre-tax in one account and $2.266 billion pre-tax in another , though operating cash flows remained robust at $1.4 billion .
Net written premiums grew across all segments with record new business premiums in Business Insurance, and solid production in Bond & Specialty and Personal Insurance .
Capital management initiatives included share repurchases of $358 million and a 5% dividend increase to $1.10 per share, reinforcing confidence in long-term shareholder value .

Apr 16, 2025, 1:01 PM

Transcript Presentation 8-K

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