Travelers Companies, Inc 10-Q for FY2026 Q3

Travelers Companies, Inc. (TRV)

10-Q 2026-10-16 For: 2026-09-30

Added on October 16, 2026

About this 10-Q

Travelers Companies, Inc filed this 10-Q on October 16, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Travelers reported third quarter 2026 net income of $1.92 billion ($9.04 diluted EPS) and a combined ratio of 86.8%. First nine months of 2026 net income was $5.84 billion ($27.05 diluted EPS), with catastrophe losses of $1.82 billion. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $12.41B; down 0.5% from $12.47B a year earlier
Net income: $1.92B; up 1.5% from net income of $1.89B a year earlier
Diluted EPS: $9.04; up 9.7% from $8.24 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 (Unaudited) — Three and Nine Months Ended September 30, 2026 and 2025	3

	Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Nine Months Ended September 30, 2026 and 2025	4

	Consolidated Balance Sheet — September 30, 2026 (Unaudited) and December 31, 2025	5

	Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Nine Months Ended September 30, 2026 and 2025	6

	Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2026 and 2025	7

	Notes to Consolidated Financial Statements (Unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67

Item 4.	Controls and Procedures	67

	Part II — Other Information

Item 1.	Legal Proceedings	67

Item 1A.	Risk Factors	68

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68

Item 5.	Other Information	68

Item 6.	Exhibits	69

	SIGNATURES	70


	Three Months Ended September 30,				Nine Months Ended September 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


	Three Months Ended September 30,				Nine Months Ended September 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


	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


	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


(for the three months ended September 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2026
Premiums	$	5,862	$	1,103	$	4,138	$	11,103
Net investment income	766		127		205		1,098
Fee income	118		—		5		123
Other revenues	94		6		22		122
Total segment revenues (1)	6,840		1,236		4,370		12,446
Claims and claim adjustment expenses	3,643		425		2,419		6,487
Amortization of deferred acquisition costs	1,001		215		640		1,856
General and administrative expenses	919		218		432		1,569
Income tax expense	241		69		173		483
Segment income (1)	$	1,036	$	309	$	706	$	2,051

2025
Premiums	$	5,700	$	1,042	$	4,393	$	11,135
Net investment income	727		116		190		1,033
Fee income	114		—		13		127
Other revenues	111		8		29		148
Total segment revenues (1)	6,652		1,166		4,625		12,443
Claims and claim adjustment expenses	3,667		451		2,476		6,594
Amortization of deferred acquisition costs	973		197		679		1,849
General and administrative expenses	894		207		458		1,559
Income tax expense	211		61		205		477
Segment income (1)	$	907	$	250	$	807	$	1,964


(for the nine months ended September 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2026
Premiums	$	16,906	$	3,177	$	12,378	$	32,461
Net investment income	2,236		353		587		3,176
Fee income	346		—		24		370
Other revenues	311		17		79		407
Total segment revenues (1)	19,799		3,547		13,068		36,414
Claims and claim adjustment expenses	10,362		1,324		7,105		18,791
Amortization of deferred acquisition costs	2,884		613		1,911		5,408
General and administrative expenses	2,743		655		1,251		4,649
Income tax expense	737		158		564		1,459
Segment income (1)	$	3,073	$	797	$	2,237	$	6,107

2025
Premiums	$	16,710	$	3,058	$	12,998	$	32,766
Net investment income	2,045		325		535		2,905
Fee income	333		—		37		370
Other revenues	288		19		76		383
Total segment revenues (1)	19,376		3,402		13,646		36,424
Claims and claim adjustment expenses	10,956		1,303		9,130		21,389
Amortization of deferred acquisition costs	2,834		579		2,016		5,429
General and administrative expenses	2,616		626		1,298		4,540
Income tax expense	567		180		235		982
Segment income (1)	$	2,403	$	714	$	967	$	4,084


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation	$	871	$	842	$	2,548	$	2,506
Commercial automobile	1,092		1,011		3,169		2,921
Commercial property	909		942		2,726		2,839
General liability	978		907		2,754		2,630
Commercial multi-peril	1,519		1,474		4,480		4,309
Other	22		20		56		56
Total Domestic	5,391		5,196		15,733		15,261
International	471		504		1,173		1,449
Total Business Insurance	5,862		5,700		16,906		16,710
Bond & Specialty Insurance:
Domestic:
Fidelity and surety	435		378		1,226		1,103
General liability	473		463		1,391		1,374
Other	61		61		180		178
Total Domestic	969		902		2,797		2,655
International	134		140		380		403
Total Bond & Specialty Insurance	1,103		1,042		3,177		3,058
Personal Insurance:
Domestic:
Automobile	1,874		1,987		5,663		5,931
Homeowners and Other	2,264		2,239		6,715		6,563
Total Domestic	4,138		4,226		12,378		12,494
International	—		167		—		504
Total Personal Insurance	4,138		4,393		12,378		12,998
Total earned 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
Other revenues	122		148		407		383
Total segment revenues	12,446		12,443		36,414		36,424

Net realized investment gains (losses)	(34)		27		75		(28)
Total revenues	$	12,412	$	12,470	$	36,489	$	36,396
Income reconciliation, net of tax
Total segment income	$	2,051	$	1,964	$	6,107	$	4,084
Interest Expense and Other (1)	(104)		(97)		(304)		(270)
Core income	1,947		1,867		5,803		3,814
Net realized investment gains (losses)	(30)		21		33		(22)

Net income	$	1,917	$	1,888	$	5,836	$	3,792


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(as of September 30, 2026, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	3,267	$	—	$	—	$	245	$	3,022
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	23,649		—		1		3,084		20,566
Revenue	10,306		—		2		1,302		9,006
State general obligation	816		—		1		89		728
Pre-refunded	247		—		—		6		241
Total obligations of U.S. states, municipalities and political subdivisions	35,018		—		4		4,481		30,541
Debt securities issued by foreign governments	420		—		—		12		408
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	13,232		—		8		733		12,507
Corporate and all other bonds	45,486		2		17		2,607		42,894
Total	$	97,423	$	2	$	29	$	8,078	$	89,372



(as of September 30, 2026, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	383	$	233	$	9	$	607
Non-redeemable preferred stock	31		2		—		33
Total	$	414	$	235	$	9	$	640


(as of December 31, 2025, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	419	$	177	$	12	$	584
Non-redeemable preferred stock	38		1		5		34
Total (1)	$	457	$	178	$	17	$	618


	Less than 12 months				12 months or longer				Total
(as of September 30, 2026, 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	$	1,835	$	154	$	1,030	$	91	$	2,865	$	245
Obligations of U.S. states, municipalities and political subdivisions	18,275		1,675		11,615		2,806		29,890		4,481
Debt securities issued by foreign governments	313		10		48		2		361		12
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	11,013		528		1,164		205		12,177		733
Corporate and all other bonds	26,757		1,294		13,903		1,313		40,660		2,607
Total	$	58,193	$	3,661	$	27,760	$	4,417	$	85,953	$	8,078


	Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of September 30, 2026, 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	933		5		302		476		1,716
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	74		—		—		—		74
Corporate and all other bonds	7		2		—		—		9
Total	$	1,014	$	7	$	302	$	476	$	1,799


	Fixed Maturities
	Corporate and All Other Bonds
	As of and For the Three Months Ended
(in millions)	September 30, 2026		September 30, 2025

Balance, beginning of period	$	2	$	4
Additions for expected credit losses on securities where no credit losses were previously recognized	—		—
Additions (reductions) 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	$	2	$	4


	Fixed Maturities
	Corporate and All Other Bonds
	As of and For the Nine Months Ended
(in millions)	September 30, 2026		September 30, 2025

Balance, beginning of period	$	3	$	2
Additions for expected credit losses on securities where no credit losses were previously recognized	—		2
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	—		—
Reductions due to sales/defaults of credit-impaired securities	(1)		—
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	$	2	$	4


(as of September 30, 2026, 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	$	3,022	$	3,022	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	30,541		—		30,541		—
Debt securities issued by foreign governments	408		—		408		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	12,507		—		12,507		—
Corporate and all other bonds	42,894		—		42,815		79
Total fixed maturities	89,372		3,022		86,271		79
Equity securities
Common stock	607		598		—		9
Non-redeemable preferred stock	33		8		3		22
Total equity securities	640		606		3		31
Other investments	9		9		—		—
Total	$	90,021	$	3,637	$	86,274	$	110


(as of September 30, 2026, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	5,561	$	5,561	$	830	$	4,680	$	51
Financial liabilities
Debt	$	9,713	$	8,211	$	—	$	8,211	$	—
Commercial paper	100		100		—		100		—


	As of and For the Three Months Ended September 30, 2026				As of and For the Three Months Ended September 30, 2025
(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	$	12,382	$	61	$	12,042	$	61

Current period change for expected credit losses			24				13
Write-offs of uncollectible premiums receivable			16				16

Balance, end of period	$	12,142	$	69	$	11,621	$	58


	As of and For the Nine Months Ended September 30, 2026				As of and For the Nine Months Ended September 30, 2025
(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	$	10,992	$	58	$	11,110	$	58

Current period change for expected credit losses			60				48
Write-offs of uncollectible premiums receivable			49				48
Balance, end of period	$	12,142	$	69	$	11,621	$	58


(as of September 30, 2026, in millions)	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization
Customer-related	$	190	$	104	$	86
Contract-based	201		196		5
Marketing-related	18		8		10
Total subject to amortization	409		308		101
Not subject to amortization	225		—		225
Total	$	634	$	308	$	326


	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No Credit Losses Recognized in the Consolidated Statement of Income		Having Credit Losses Recognized in the Consolidated Statement of Income		Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity		Net Unrealized Foreign Currency Translation		Total Accumulated Other Comprehensive Income (Loss)

Balance, June 30, 2026	$	(2,145)	$	185	$	(157)	$	(551)	$	(2,668)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	(4,405)		—		1		(2)		(4,406)
Amounts reclassified from AOCI, net of tax	13		—		(2)		—		11
Net OCI, current period	(4,392)		—		(1)		(2)		(4,395)
Balance, September 30, 2026	$	(6,537)	$	185	$	(158)	$	(553)	$	(7,063)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Basic and Diluted
Net income, as reported	$	1,917	$	1,888	$	5,836	$	3,792
Participating share-based awards — allocated income	(13)		(13)		(41)		(27)
Net income available to common shareholders — basic and diluted	$	1,904	$	1,875	$	5,795	$	3,765
Common Shares
Basic
Weighted average shares outstanding	206.9		224.1		210.9		225.6
Diluted
Weighted average shares outstanding	206.9		224.1		210.9		225.6
Weighted average effects of dilutive securities — stock options and performance shares	3.7		3.4		3.3		3.3
Total	210.6		227.5		214.2		228.9
Net Income per Common Share
Basic	$	9.20	$	8.37	$	27.48	$	16.69
Diluted	$	9.04	$	8.24	$	27.05	$	16.45


Stock Options	Number	Weighted Average Exercise Price		Weighted Average Contractual Life Remaining	Aggregate Intrinsic Value ($ in millions)
Vested at end of period (1)	4,910,726	$	177.84	5.3 years	$	877
Exercisable at end of period	3,665,554	$	154.71	4.3 years	$	740


	Pension Plans				Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2026		2025		2026		2025
Net Periodic Benefit Cost (Benefit):
Service cost	$	30	$	28	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	42		44		1		1
Expected return on plan assets	(74)		(71)		—		—

Amortization of unrecognized:
Prior service benefit	—		—		—		—
Net actuarial (gain) loss	1		4		(3)		(3)
Total non-service cost (benefit)	(31)		(23)		(2)		(2)
Net periodic benefit cost (benefit)	$	(1)	$	5	$	(2)	$	(2)


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except ratio and per share amounts)	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
Combined ratio
Loss and loss adjustment expense ratio	57.9		%	58.7		%	57.3		%	64.7		%
Underwriting expense ratio	28.9			28.6			29.0			28.5
Combined ratio	86.8		%	87.3		%	86.3		%	93.2		%


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in millions)	2026			2025			2026			2025
Average investments (1)	$	108,727		$	105,655		$	107,566		$	103,086
Pre-tax net investment income	1,098			1,033			3,176			2,905
After-tax net investment income	908			850			2,624			2,387
Average pre-tax yield (2)	4.0		%	3.9		%	3.9		%	3.8		%
Average after-tax yield (2)	3.3		%	3.2		%	3.3		%	3.1		%


	Losses Incurred/Unfavorable (Favorable) Prior Year Reserve Development
	Three Months Ended September 30,		Nine Months Ended September 30,
					Estimated Ultimate Losses
(in millions, pre-tax and net of reinsurance)	2026	2025	2026	2025	September 30, 2026	December 31, 2025
2024
PCS Serial Number:
26 — Severe wind and hail storms	(4)	(8)	(10)	(13)	241	251
39 — Severe wind and hail storms	2	(2)	(4)	(10)	239	243
42 — Severe wind and hail storms	12	(5)	13	(15)	162	149
44 — Severe wind and hail storms	—	1	—	1	170	170
45 — Severe wind and hail storms	(2)	6	(3)	15	171	174
46 — Severe wind and hail storms	(4)	1	—	10	191	191
61 — Severe wind and hail storms	(4)	1	(6)	(9)	121	127
77 — Hurricane Helene	(4)	2	(15)	(46)	650	665
2025
PCS Serial Number:
11 — California wildfire – Palisades fire	2	(2)	(87)	1,332	1,257	1,344
12 — California wildfire – Eaton fire	(5)	—	(48)	391	329	377
24 — Severe wind and hail storms	(19)	—	(23)	338	314	337
29 — Severe wind and hail storms	(3)	(7)	(7)	135	130	137
37 — Severe wind and hail storms	(4)	3	(6)	225	221	227
39 — Severe wind and hail storms	(2)	8	(9)	101	92	101
43 — Severe wind and hail storms	(1)	29	(10)	104	87	97
45 — Severe wind and hail storms	(12)	(17)	(23)	110	84	107
2026
PCS Serial Number:
13 — Severe winter storm	(11)	n/a	177	n/a	177	n/a
24 — Severe wind and hail storms	(8)	n/a	239	n/a	239	n/a
33 — Severe wind and hail storms	(6)	n/a	136	n/a	136	n/a
36 — Severe wind and hail storms	(2)	n/a	223	n/a	223	n/a
52 — Severe wind and hail storms (1)	154	n/a	154	n/a	154	n/a
58 — Severe wind and hail storms	112	n/a	112	n/a	112	n/a
63 — Severe wind and hail storms	130	n/a	130	n/a	130	n/a


	Gross Written Premiums
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Business Insurance	$	6,297	$	6,285	$	19,634	$	19,410
Bond & Specialty Insurance	1,317		1,160		3,861		3,455
Personal Insurance	4,445		4,848		12,534		13,569
Total	$	12,059	$	12,293	$	36,029	$	36,434


	Net Written Premiums
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Business Insurance	$	5,868	$	5,675	$	17,638	$	17,165
Bond & Specialty Insurance	1,209		1,080		3,512		3,164
Personal Insurance	4,403		4,718		12,197		13,202
Total	$	11,480	$	11,473	$	33,347	$	33,531


(as of and for the nine months ended September 30, in millions)	2026		2025
Beginning reserves:
Gross	$	1,700	$	1,708
Ceded	(345)		(370)
Net	1,355		1,338
Incurred losses and loss adjustment expenses:
Gross	376		327
Ceded	(81)		(50)
Net	295		277
Paid loss and loss adjustment expenses:
Gross	265		239
Ceded	(50)		(68)
Net	215		171
Foreign exchange and other:
Gross	—		2
Ceded	—		—
Net	—		2
Ending reserves:
Gross	1,811		1,798
Ceded	(376)		(352)
Net	$	1,435	$	1,446


(in millions)	September 30, 2026		December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses	$	4,555	$	4,352
Gross structured settlements	2,269		2,469
Mandatory pools and associations	1,396		1,485
Gross reinsurance recoverables	8,220		8,306
Allowance for estimated uncollectible reinsurance	(142)		(135)
Less amounts classified as held for sale	—		285
Net reinsurance recoverables	$	8,078	$	7,886


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)
July 1, 2026	July 31, 2026	341,381	$	379.73	323,651	$	3,792
August 1, 2026	August 31, 2026	2,333,610	$	375.86	2,331,204	$	2,915
September 1, 2026	September 30, 2026	1,336,480	$	375.30	1,334,470	$	2,415
Total		4,011,471	$	376.00	3,989,325	$	2,415


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.





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 September 30, 2026 formatted in Inline XBRL: (i) Consolidated Statement of Income for the three and nine months ended September 30, 2026 and 2025; (ii) Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025; (iii) Consolidated Balance Sheet as of September 30, 2026 and December 31, 2025; (iv) Consolidated Statement of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2026 and 2025; (v) Consolidated Statement of Cash Flows for the nine months ended September 30, 2026 and 2025; (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).