Travelers Companies, Inc 10-Q for FY2023 Q2

Travelers Companies, Inc. (TRV)

10-Q 2023-07-20 For: 2023-06-30

Added on April 09, 2026

About this 10-Q

Travelers Companies, Inc filed this 10-Q on July 20, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $10.1B; up 10.5% from $9.14B a year earlier
Net loss: $14M; compared with net income of $551M a year earlier
Diluted EPS: -$0.07; compared with $2.27 a year earlier

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Minnesota						41-0518860
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Large accelerated filer	ý	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page
	Part I — Financial Information

Item 1.	Financial Statements:

	Consolidated Statement of Income (Loss) (Unaudited) — Three and Six Months Ended June 30, 2023 and 2022	3

	Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Six Months Ended June 30, 2023 and 2022	4

	Consolidated Balance Sheet — June 30, 2023 (Unaudited) and December 31, 2022	5

	Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Six Months Ended June 30, 2023 and 2022	6

	Consolidated Statement of Cash Flows (Unaudited) — Six Months Ended June 30, 2023 and 2022	7

	Notes to Consolidated Financial Statements (Unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	65

Item 4.	Controls and Procedures	65

	Part II — Other Information

Item 1.	Legal Proceedings	66

Item 1A.	Risk Factors	66

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66

Item 5.	Other Information	66

Item 6.	Exhibits	67

	SIGNATURES	68


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues
Premiums	$	9,216	$	8,317	$	18,070	$	16,331
Net investment income	712		707		1,375		1,344
Fee income	106		100		212		203
Net realized investment losses	(35)		(95)		(29)		(118)
Other revenues	99		107		174		185
Total revenues	10,098		9,136		19,802		17,945
Claims and expenses
Claims and claim adjustment expenses	7,227		5,803		13,186		10,842
Amortization of deferred acquisition costs	1,519		1,365		2,981		2,675
General and administrative expenses	1,308		1,223		2,575		2,414
Interest expense	92		88		180		175
Total claims and expenses	10,146		8,479		18,922		16,106
Income (loss) before income taxes	(48)		657		880		1,839
Income tax expense (benefit)	(34)		106		(81)		270
Net income (loss)	$	(14)	$	551	$	961	$	1,569
Net income (loss) per share
Basic	$	(0.07)	$	2.29	$	4.14	$	6.50
Diluted	$	(0.07)	$	2.27	$	4.09	$	6.43
Weighted average number of common shares outstanding
Basic	229.7		238.4		230.6		239.7
Diluted	229.7		241.1		233.3		242.4

Cash dividends declared per common share	$	1.00	0.93		1.93		1.81


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	(14)	$	551	$	961	$	1,569
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (loss)	(903)		(3,045)		405		(7,874)
Having credit losses recognized in the consolidated statement of income (loss)	—		(2)		—		(3)
Net changes in benefit plan assets and obligations	(4)		11		(7)		22
Net changes in unrealized foreign currency translation	94		(174)		131		(172)
Other comprehensive income (loss) before income taxes	(813)		(3,210)		529		(8,027)
Income tax expense (benefit)	(190)		(657)		93		(1,679)
Other comprehensive income (loss), net of taxes	(623)		(2,553)		436		(6,348)
Comprehensive income (loss)	$	(637)	$	(2,002)	$	1,397	$	(4,779)


	June 30, 2023		December 31, 2022
	(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $79,027 and $77,380; allowance for expected credit losses of $4 and $3)	$	73,212	$	71,160
Equity securities, at fair value (cost $548 and $747)	587		807
Real estate investments	953		952
Short-term securities	3,892		3,470
Other investments	4,329		4,065
Total investments	82,973		80,454
Cash	605		799
Investment income accrued	649		650
Premiums receivable (net of allowance for expected credit losses of $72 and $77)	10,327		8,922
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $121 and $132)	8,121		8,063
Ceded unearned premiums	1,302		1,024
Deferred acquisition costs	3,212		2,836
Deferred taxes	1,846		1,877
Contractholder receivables (net of allowance for expected credit losses of $20 and $17)	3,449		3,579
Goodwill	3,975		3,952
Other intangible assets	283		287
Other assets	3,831		3,274
Total assets	$	120,573	$	115,717
Liabilities
Claims and claim adjustment expense reserves	$	60,571	$	58,649
Unearned premium reserves	20,214		18,240
Contractholder payables	3,469		3,596
Payables for reinsurance premiums	726		419
Debt	8,031		7,292
Other liabilities	5,707		5,961
Total liabilities	98,718		94,157
Shareholders’ equity
Common stock (1,750.0 shares authorized; 228.9 and 232.1 shares issued and outstanding)	24,776		24,565
Retained earnings	44,026		43,516
Accumulated other comprehensive loss	(6,009)		(6,445)
Treasury stock, at cost (558.2 and 553.5 shares)	(40,938)		(40,076)
Total shareholders’ equity	21,855		21,560
Total liabilities and shareholders’ equity	$	120,573	$	115,717


	Six Months Ended June 30,
	2023		2022
Cash flows from operating activities
Net income	$	961	$	1,569
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses	29		118
Depreciation and amortization	383		444
Deferred federal income tax benefit	(64)		(28)
Amortization of deferred acquisition costs	2,981		2,675
Equity in income from other investments	(85)		(295)
Premiums receivable	(1,389)		(1,071)
Reinsurance recoverables	(41)		(84)
Deferred acquisition costs	(3,351)		(2,917)
Claims and claim adjustment expense reserves	1,794		1,272
Unearned premium reserves	1,935		1,398
Other	(592)		(440)
Net cash provided by operating activities	2,561		2,641
Cash flows from investing activities
Proceeds from maturities of fixed maturities	3,031		3,697
Proceeds from sales of investments:
Fixed maturities	3,115		2,701
Equity securities	90		84

Other investments	100		173
Purchases of investments:
Fixed maturities	(7,663)		(7,998)
Equity securities	(50)		(86)
Real estate investments	(26)		(16)
Other investments	(255)		(252)
Net sales (purchases) of short-term securities	(418)		257
Securities transactions in the course of settlement	15		236
Acquisition, net of cash acquired	—		(4)
Other	(251)		(159)
Net cash used in investing activities	(2,312)		(1,367)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(794)		(1,000)
Treasury stock acquired — net employee share-based compensation	(62)		(59)
Dividends paid to shareholders	(447)		(436)

Issuance of debt	738		—
Issuance of common stock — employee share options	110		194
Net cash used in financing activities	(455)		(1,301)
Effect of exchange rate changes on cash	12		(24)
Net decrease in cash	(194)		(51)
Cash at beginning of year	799		761
Cash at end of period	$	605	$	710
Supplemental disclosure of cash flow information
Income taxes paid	$	139	$	552
Interest paid	$	175	$	174


(For the three months ended June 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2023
Premiums	$	4,644	$	911	$	3,661	$	9,216
Net investment income	509		78		125		712
Fee income	98		—		8		106
Other revenues	67		7		25		99
Total segment revenues (1)	$	5,318	$	996	$	3,819	$	10,133
Segment income (loss) (1)	$	402	$	230	$	(538)	$	94

2022
Premiums	$	4,218	$	851	$	3,248	$	8,317
Net investment income	521		64		122		707
Fee income	93		—		7		100
Other revenues	85		4		18		107
Total segment revenues (1)	$	4,917	$	919	$	3,395	$	9,231
Segment income (loss) (1)	$	666	$	228	$	(193)	$	701


(For the six months ended June 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2023
Premiums	$	9,121	$	1,786	$	7,163	$	18,070
Net investment income	982		151		242		1,375
Fee income	197		—		15		212
Other revenues	114		12		48		174
Total segment revenues (1)	$	10,414	$	1,949	$	7,468	$	19,831
Segment income (loss) (1)	$	1,158	$	437	$	(455)	$	1,140

2022
Premiums	$	8,289	$	1,671	$	6,371	$	16,331
Net investment income	989		123		232		1,344
Fee income	189		—		14		203
Other revenues	138		8		39		185
Total segment revenues (1)	$	9,605	$	1,802	$	6,656	$	18,063
Segment income (1)	$	1,335	$	445	$	32	$	1,812


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation	$	858	$	864	$	1,708	$	1,694
Commercial automobile	798		735		1,559		1,448
Commercial property	760		638		1,469		1,246
General liability	748		700		1,508		1,388
Commercial multi-peril	1,145		1,010		2,245		1,977
Other	16		16		34		33
Total Domestic	4,325		3,963		8,523		7,786
International	319		255		598		503
Total Business Insurance	4,644		4,218		9,121		8,289
Bond & Specialty Insurance:
Domestic:
Fidelity and surety	325		295		631		569
General liability	406		385		804		758
Other	57		54		111		109
Total Domestic	788		734		1,546		1,436
International	123		117		240		235
Total Bond & Specialty Insurance	911		851		1,786		1,671
Personal Insurance:
Domestic:
Automobile	1,688		1,511		3,312		2,969
Homeowners and Other	1,814		1,570		3,538		3,066
Total Domestic	3,502		3,081		6,850		6,035
International	159		167		313		336
Total Personal Insurance	3,661		3,248		7,163		6,371
Total earned premiums	9,216		8,317		18,070		16,331
Net investment income	712		707		1,375		1,344
Fee income	106		100		212		203
Other revenues	99		107		174		185
Total segment revenues	10,133		9,231		19,831		18,063

Net realized investment losses	(35)		(95)		(29)		(118)
Total revenues	$	10,098	$	9,136	$	19,802	$	17,945
Income reconciliation, net of tax
Total segment income	$	94	$	701	$	1,140	$	1,812
Interest Expense and Other (1)	(79)		(76)		(155)		(150)
Core income	15		625		985		1,662
Net realized investment losses	(29)		(74)		(24)		(93)

Net income (loss)	$	(14)	$	551	$	961	$	1,569


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(at June 30, 2023, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	6,420	$	—	$	—	$	346	$	6,074
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	18,886		—		33		1,600		17,319
Revenue	10,141		—		25		772		9,394
State general obligation	1,194		—		2		76		1,120
Pre-refunded	1,593		—		5		2		1,596
Total obligations of U.S. states, municipalities and political subdivisions	31,814		—		65		2,450		29,429
Debt securities issued by foreign governments	1,084		—		—		56		1,028
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	4,463		—		11		222		4,252
Corporate and all other bonds	35,246		4		23		2,836		32,429
Total	$	79,027	$	4	$	99	$	5,910	$	73,212



(at June 30, 2023, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	504	$	79	$	42	$	541
Non-redeemable preferred stock	44		2		—		46
Total	$	548	$	81	$	42	$	587


(at December 31, 2022, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	706	$	89	$	32	$	763
Non-redeemable preferred stock	41		3		—		44
Total	$	747	$	92	$	32	$	807


	Less than 12 months				12 months or longer				Total
(at June 30, 2023, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	4,119	$	76	$	1,900	$	270	$	6,019	$	346
Obligations of U.S. states, municipalities and political subdivisions	9,891		146		13,014		2,304		22,905		2,450
Debt securities issued by foreign governments	234		6		781		50		1,015		56
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	2,686		47		1,161		175		3,847		222
Corporate and all other bonds	10,116		315		20,698		2,521		30,814		2,836
Total	$	27,046	$	590	$	37,554	$	5,320	$	64,600	$	5,910


	Period For Which Fair Value is Less Than 80% of Amortized Cost
(at June 30, 2023, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	160		105		223		586		1,074
Debt securities issued by foreign governments	2		—		—		—		2
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	44		—		—		—		44
Corporate and all other bonds	272		45		57		5		379
Total	$	478	$	150	$	280	$	591	$	1,499


	Fixed Maturities
	Corporate and All Other Bonds
	At and For the Three Months Ended
(in millions)	June 30, 2023		June 30, 2022

Balance, beginning of period	$	4	$	4
Additions for expected credit losses on securities where no credit losses were previously recognized	—		—
Additions for expected credit losses on securities where credit losses were previously recognized	—		—
Reductions due to sales/defaults of credit-impaired securities	—		—
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Balance, end of period	$	4	$	4


	Fixed Maturities
	Corporate and All Other Bonds
	At and For the Six Months Ended
(in millions)	June 30, 2023		June 30, 2022

Balance, beginning of period	$	3	$	3
Additions for expected credit losses on securities where no credit losses were previously recognized	—		—
Additions for expected credit losses on securities where credit losses were previously recognized	1		1
Reductions due to sales/defaults of credit-impaired securities	—		—
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Balance, end of period	$	4	$	4


(at June 30, 2023, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	6,074	$	6,074	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	29,429		—		29,429		—
Debt securities issued by foreign governments	1,028		—		1,028		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	4,252		—		4,252		—
Corporate and all other bonds	32,429		—		32,160		269
Total fixed maturities	73,212		6,074		66,869		269
Equity securities
Common stock	541		532		—		9
Non-redeemable preferred stock	46		15		3		28
Total equity securities	587		547		3		37
Other investments	17		16		—		1
Total	$	73,816	$	6,637	$	66,872	$	307


(at June 30, 2023, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	3,892	$	3,892	$	1,075	$	2,767	$	50
Financial liabilities
Debt	$	7,931	$	7,402	$	—	$	7,402	$	—
Commercial paper	100		100		—		100		—


	At and For the Three Months Ended June 30, 2023				At and For the Three Months Ended June 30, 2022
(in millions)	Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses

Balance, beginning of period	$	9,483	$	77	$	8,593	$	89

Current period change for expected credit losses			7				17
Write-offs of uncollectible premiums receivable			12				17
Balance, end of period	$	10,327	$	72	$	9,132	$	89


	At and For the Six Months Ended June 30, 2023				At and For the Six Months Ended June 30, 2022
(in millions)	Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses

Balance, beginning of period	$	8,922	$	77	$	8,085	$	107

Current period change for expected credit losses			17				35
Write-offs of uncollectible premiums receivable			22				53
Balance, end of period	$	10,327	$	72	$	9,132	$	89


(at June 30, 2023, in millions)	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization
Customer-related	$	99	$	54	$	45
Contract-based (1)	205		193		12
Total subject to amortization	304		247		57
Not subject to amortization	226		—		226
Total	$	530	$	247	$	283


	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No Credit Losses Recognized in the Consolidated Statement of Income (Loss)		Having Credit Losses Recognized in the Consolidated Statement of Income (Loss)		Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity		Net Unrealized Foreign Currency Translation		Total Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022	$	(5,077)	$	179	$	(542)	$	(1,005)	$	(6,445)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	296		—		(1)		120		415
Amounts reclassified from AOCI, net of tax	26		—		(5)		—		21
Net OCI, current period	322		—		(6)		120		436
Balance, June 30, 2023	$	(4,755)	$	179	$	(548)	$	(885)	$	(6,009)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2023		2022		2023		2022
Basic and Diluted
Net income (loss), as reported	$	(14)	$	551	$	961	$	1,569
Participating share-based awards — allocated income	(1)		(4)		(7)		(11)
Net income (loss) available to common shareholders — basic and diluted	$	(15)	$	547	$	954	$	1,558
Common Shares
Basic
Weighted average shares outstanding	229.7		238.4		230.6		239.7
Diluted
Weighted average shares outstanding	229.7		238.4		230.6		239.7
Weighted average effects of dilutive securities — stock options and performance shares	—		2.7		2.7		2.7
Total	229.7		241.1		233.3		242.4
Net Income (Loss) per Common Share
Basic	$	(0.07)	$	2.29	$	4.14	$	6.50
Diluted	$	(0.07)	$	2.27	$	4.09	$	6.43


Stock Options	Number	Weighted Average Exercise Price		Weighted Average Contractual Life Remaining	Aggregate Intrinsic Value ($ in millions)
Vested at end of period (1)	7,436,347	$	137.77	6.0 years	$	275
Exercisable at end of period	5,358,727	$	128.19	5.0 years	$	244


	Pension Plans				Postretirement Benefit Plans
(for the three months ended June 30, in millions)	2023		2022		2023		2022
Net Periodic Benefit Cost (Benefit):
Service cost	$	27	$	37	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	44		26		1		1
Expected return on plan assets	(78)		(74)		—		—

Amortization of unrecognized:
Prior service benefit	—		—		(1)		(1)
Net actuarial (gain) loss	—		13		(2)		(1)
Total non-service cost (benefit)	(34)		(35)		(2)		(1)
Net periodic benefit cost (benefit)	$	(7)	$	2	$	(2)	$	(1)


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except ratio and per share amounts)	2023			2022			2023			2022
Revenues
Premiums	$	9,216		$	8,317		$	18,070		$	16,331
Net investment income	712			707			1,375			1,344
Fee income	106			100			212			203
Net realized investment losses	(35)			(95)			(29)			(118)
Other revenues	99			107			174			185
Total revenues	10,098			9,136			19,802			17,945
Claims and expenses
Claims and claim adjustment expenses	7,227			5,803			13,186			10,842
Amortization of deferred acquisition costs	1,519			1,365			2,981			2,675
General and administrative expenses	1,308			1,223			2,575			2,414
Interest expense	92			88			180			175
Total claims and expenses	10,146			8,479			18,922			16,106
Income (loss) before income taxes	(48)			657			880			1,839
Income tax expense (benefit)	(34)			106			(81)			270
Net income (loss)	$	(14)		$	551		$	961		$	1,569
Net income (loss) per share
Basic	$	(0.07)		$	2.29		$	4.14		$	6.50
Diluted	$	(0.07)		$	2.27		$	4.09		$	6.43
Combined ratio
Loss and loss adjustment expense ratio	77.9		%	69.3		%	72.4		%	65.8		%
Underwriting expense ratio	28.6			29.0			28.7			29.0
Combined ratio	106.5		%	98.3		%	101.1		%	94.8		%


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in millions)	2023			2022			2023			2022
Average investments (1)	$	89,536		$	86,660		$	89,208		$	86,519
Pre-tax net investment income	712			707			1,375			1,344
After-tax net investment income	594			595			1,151			1,134
Average pre-tax yield (2)	3.2		%	3.3		%	3.1		%	3.1		%
Average after-tax yield (2)	2.7		%	2.7		%	2.6		%	2.6		%


	Losses Incurred/Unfavorable (Favorable) Prior Year Reserve Development
	Three Months Ended June 30,		Six Months Ended June 30,
					Estimated Ultimate Losses
(in millions, pre-tax and net of reinsurance) (1)	2023	2022	2023	2022	June 30, 2023	December 31, 2022


































2021
PCS Serial Number:
15 — Winter storms	2	(2)	(16)	(5)	199	215
17 — Winter storms	(4)	(5)	(25)	(5)	458	483
29 — Severe wind storms	(1)	(5)	(1)	(6)	92	93
60 — Hurricane Ida	(4)	(22)	15	(42)	351	336
76 — Tornado outbreak	(2)	(14)	(5)	(12)	108	113
2022
PCS Serial Number:
33 — Severe wind and hail storms	(1)	108	(8)	108	129	137
35 — Severe wind and hail storms	(2)	104	(4)	104	180	184
43 — Severe wind and hail storms	(1)	131	(11)	131	111	122
61 — Hurricane Ian	(21)	n/a	(74)	n/a	153	227
73 — Winter storm	25	n/a	168	n/a	680	512
2023
PCS Serial Number:
25 — Severe wind and hail storms	4	n/a	152	n/a	152	n/a
32 — Severe wind and hail storms	19	n/a	138	n/a	138	n/a
33 — Severe wind and hail storms	76	n/a	172	n/a	172	n/a
35 — Severe wind and hail storms	109	n/a	109	n/a	109	n/a
42 — Severe wind and hail storms	146	n/a	146	n/a	146	n/a
48 — Severe wind and hail storms	149	n/a	149	n/a	149	n/a
49 — Severe wind and hail storms	155	n/a	155	n/a	155	n/a
51 — Severe wind and hail storms	270	n/a	270	n/a	270	n/a


	Gross Written Premiums
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Business Insurance	$	5,662	$	4,786	$	11,490	$	9,934
Bond & Specialty Insurance	1,035		1,036		2,045		2,045
Personal Insurance	4,210		3,714		7,719		6,840
Total	$	10,907	$	9,536	$	21,254	$	18,819


	Net Written Premiums
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Business Insurance	$	5,175	$	4,373	$	10,332	$	8,875
Bond & Specialty Insurance	964		962		1,850		1,844
Personal Insurance	4,179		3,685		7,532		6,668
Total	$	10,318	$	9,020	$	19,714	$	17,387


(at and for the six months ended June 30, in millions)	2023		2022
Beginning reserves:
Gross	$	1,674	$	1,687
Ceded	(369)		(346)
Net	1,305		1,341
Incurred losses and loss expenses:
Gross	—		—
Ceded	—		—
Net	—		—
Paid loss and loss expenses:
Gross	123		137
Ceded	(34)		(24)
Net	89		113
Foreign exchange and other:
Gross	1		(3)
Ceded	1		—
Net	2		(3)
Ending reserves:
Gross	1,552		1,547
Ceded	(334)		(322)
Net	$	1,218	$	1,225


Period Beginning	Period Ending	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions)
April 1, 2023	April 30, 2023	383,700	$	180.23	383,700	$	6,536
May 1, 2023	May 31, 2023	1,256,597	$	181.63	1,255,777	$	6,308
June 1, 2023	June 30, 2023	581,136	$	176.83	581,136	$	6,205
Total		2,221,433	$	180.13	2,220,613	$	6,205


Exhibit Number						Description of Exhibit

3.1						Amended and Restated Articles of Incorporation of The Travelers Companies, Inc., as amended and restated May 23, 2013, were filed as Exhibit 3.1 to the Company’s current report on Form 8-K filed on May 24, 2013, and are incorporated herein by reference.

3.2						Bylaws of The Travelers Companies, Inc. as Amended and Restated December 7, 2022, were filed as Exhibit 3.2 to the Company’s current report on Form 8-K filed on December 12, 2022, and are incorporated herein by reference.



10.1						The Travelers Companies, Inc. 2023 Stock Incentive Plan was filed as Exhibit 4.3 to the Company’s Registration Statement on Form S-8 (Registration No. 333-272161) dated May 24, 2023 and is incorporated herein by reference.

10.2†						Current Director Compensation Program, effective as of May 24, 2023.

31.1†						Certification of Alan D. Schnitzer, Chairman and Chief Executive Officer of the Company, as required by Section 302 of the Sarbanes-Oxley Act of 2002.

31.2†						Certification of Daniel S. Frey, Executive Vice President and Chief Financial Officer of the Company, as required by Section 302 of the Sarbanes-Oxley Act of 2002.

32.1†						Certification of Alan D. Schnitzer, Chairman and Chief Executive Officer of the Company, as required by Section 906 of the Sarbanes-Oxley Act of 2002.

32.2†						Certification of Daniel S. Frey, Executive Vice President and Chief Financial Officer of the Company, as required by Section 906 of the Sarbanes-Oxley Act of 2002.

101.1†						The following information from The Travelers Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 formatted in Inline XBRL: (i) Consolidated Statement of Income (Loss) for the three months and six months ended June 30, 2023 and 2022; (ii) Consolidated Statement of Comprehensive Income (Loss) for the three months and six months ended June 30, 2023 and 2022; (iii) Consolidated Balance Sheet at June 30, 2023 and December 31, 2022; (iv) Consolidated Statement of Changes in Shareholders’ Equity for the three months and six months ended June 30, 2023 and 2022; (v) Consolidated Statement of Cash Flows for the six months ended June 30, 2023 and 2022; (vi) Notes to Consolidated Financial Statements; and (vii) the cover page.

104.1						Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101.1).


		THE TRAVELERS COMPANIES, INC.
		(Registrant)

Date: July 20, 2023	By	/S/ CHRISTINE K. KALLA
		Christine K. Kalla Executive Vice President and General Counsel (Authorized Signatory)

Date: July 20, 2023	By	/S/ PAUL E. MUNSON
		Paul E. Munson Senior Vice President and Corporate Controller (Principal Accounting Officer)