Form 8-K

8-K — TRAVELERS COMPANIES, INC.

Accession: 0000086312-26-000110

Filed: 2026-04-16

Period: 2026-04-16

CIK: 0000086312

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — trv-20260416.htm (Primary)

EX-99.1 (a991pressrelease33126.htm)

EX-99.2 (a992finsupp33126.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: trv-20260416.htm · Sequence: 1

trv-20260416

0000086312false00000863122026-04-162026-04-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________

FORM 8-K

______________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 16, 2026

_______________________________________________

The Travelers Companies, Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________

Minnesota 001-10898 41-0518860

(State or other jurisdiction of

incorporation) (Commission File Number) (I.R.S. Employer

Identification No.)

485 Lexington Avenue

New York, New York 10017

(Address of principal executive offices) (Zip Code)

(917) 778-6000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, without par value TRV New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On April 16, 2026, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended March 31, 2026, and the availability of the Company’s first quarter financial supplement on the Company’s web site. The press release and the financial supplement are furnished as Exhibits 99.1 and 99.2 to this Report and are hereby incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release, dated April 16, 2026, reporting results of operations (This exhibit is furnished and not filed.)

99.2

First Quarter 2026 Financial Supplement of The Travelers Companies, Inc. (This exhibit is furnished and not filed.)

101.1 Pursuant to Rule 406 of Regulation S-T, the cover page to this Current Report on Form 8-K is formatted in Inline XBRL.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Travelers Companies, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

THE TRAVELERS COMPANIES, INC.

Date: April 16, 2026 By: /S/ CHRISTINE K. KALLA

Name: Christine K. Kalla

Executive Vice President and General Counsel

EX-99.1

Filename: a991pressrelease33126.htm · Sequence: 2

Document

Exhibit 99.1

The Travelers Companies, Inc.

485 Lexington Avenue

New York, NY 10017-2630

www.travelers.com

NYSE: TRV

Travelers Reports Excellent First Quarter Results

First Quarter 2026 Net Income per Diluted Share of $7.78 and Core Income per Diluted Share of $7.71

First Quarter 2026 Return on Equity of 21.1% and Core Return on Equity of 19.7%

Board of Directors Declares 14% Increase in Regular Quarterly Cash Dividend to $1.25 per Share

•Very strong first quarter net income of $1.711 billion and core income of $1.696 billion.

•Underlying underwriting income of $1.521 billion pre-tax - sixth consecutive quarter above $1.5 billion.

•Excellent consolidated combined ratio of 88.6% and underlying combined ratio of 85.3%.

•Catastrophe losses of $761 million pre-tax, compared to $2.266 billion pre-tax in the prior year quarter.

•Net favorable prior year reserve development in all three segments totaled $413 million pre-tax.

•Net written premiums of $10.338 billion.

•Net investment income increased 9% to $833 million after-tax.

•Total capital of $2.223 billion returned to shareholders, including $1.985 billion of share repurchases.

New York, April 16, 2026 — The Travelers Companies, Inc. today reported net income of $1.711 billion, or $7.78 per diluted share, for the quarter ended March 31, 2026, compared to $395 million, or $1.70 per diluted share, in the prior year quarter. Core income in the current quarter was $1.696 billion, or $7.71 per diluted share, compared to $443 million, or $1.91 per diluted share, in the prior year quarter. Core income increased primarily due to lower catastrophe losses and higher net investment income. Net realized investment gains in the current quarter were $49 million pre-tax ($15 million after-tax), compared to net realized investment losses of $61 million pre-tax ($48 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.

Consolidated Highlights

($ in millions, except for per share amounts, and after-tax, except for premiums and revenues) Three Months Ended March 31,

2026 2025 Change

Net written premiums $ 10,338 $ 10,515 (2) %

Total revenues $ 11,924 $ 11,810 1

Net income $ 1,711 $ 395 333

per diluted share $ 7.78 $ 1.70 358

Core income $ 1,696 $ 443 283

per diluted share $ 7.71 $ 1.91 304

Diluted weighted average shares outstanding 218.4 230.4 (5)

Combined ratio 88.6 % 102.5 % (13.9) pts

Underlying combined ratio 85.3 % 84.8 % 0.5 pts

Return on equity 21.1 % 5.6 % 15.5 pts

Core return on equity 19.7 % 5.6 % 14.1 pts

As of Change From

March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025

Book value per share $ 150.42 $ 151.21 $ 124.43 (1) % 21 %

Adjusted book value per share 161.60 158.01 138.99 2 % 16 %

See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.

“We are pleased to report an excellent first quarter with strong underwriting performance across all three segments and a strong result from our investment portfolio,” said Alan Schnitzer, Chairman and Chief Executive Officer. “Core income for the quarter was $1.7 billion, or $7.71 per diluted share. Core return on equity for the quarter was 19.7%, bringing core return on equity over the last four quarters to 22.7%, driven by excellent underlying fundamentals. The first quarter’s underwriting income of $1.2 billion pre-tax benefited from strong levels of underlying underwriting income and net favorable prior year development. Our high-quality investment portfolio generated after-tax net investment income of $833 million.

“These results, along with our exceptionally strong balance sheet, enabled us to return more than $2.2 billion of excess capital to our shareholders during the quarter, including $2.0 billion of share repurchases. In recognition of our very strong financial position and confidence in the outlook for our business, I am pleased to share that our Board of Directors declared a 14% increase in our quarterly cash dividend to $1.25 per share, marking 22 consecutive years of dividend increases with a compound annual growth rate of 8% over that period.

“Through disciplined marketplace execution across all three segments, we generated net written premiums in the quarter of $10.3 billion. In Business Insurance, we grew net written premiums to $5.8 billion. We grew our leading Middle Market business and Select Accounts small commercial business by 5% and 3%, respectively. Renewal premium change in Business Insurance was 5.8%, while retention increased one point from recent quarters to a very strong 86%. New business was a record $775 million. In Bond & Specialty Insurance, we grew net written premiums by 7% to $1.1 billion. In our high-quality Management Liability business, renewal premium change ticked up sequentially, with excellent retention of 87%. In our industry-leading Surety business, we grew net written premiums by 14%. In Personal Insurance, we generated net written premiums of $3.5 billion with solid retention and positive renewal premium change in both Auto and Homeowners.

“We are off to an excellent start for 2026. Over time and across a wide range of conditions, we have consistently delivered growth at industry-leading returns with low volatility. That performance reflects the strength of our capabilities across both sides of the balance sheet and a focus on creating shareholder value. We are confident that the advantages we have built will continue to drive strong results and extend our record of outperformance.”

Consolidated Results

Three Months Ended March 31,

($ in millions and pre-tax, unless noted otherwise) 2026 2025 Change

Underwriting gain (loss): $ 1,173 $ (305) $ 1,478

Underwriting gain (loss) includes:

Net favorable prior year reserve development 413 378 35

Catastrophes, net of reinsurance (761) (2,266) 1,505

Net investment income 1,008 930 78

Other income (expense), including interest expense

(111) (96) (15)

Core income before income taxes 2,070 529 1,541

Income tax expense 374 86 288

Core income 1,696 443 1,253

Net realized investment gains (losses) after income taxes 15 (48) 63

Net income $ 1,711 $ 395 $ 1,316

Combined ratio 88.6 % 102.5 % (13.9) pts

Impact on combined ratio

Net favorable prior year reserve development (3.9) pts (3.5) pts (0.4) pts

Catastrophes, net of reinsurance 7.2 pts 21.2 pts (14.0) pts

Underlying combined ratio 85.3 % 84.8 % 0.5 pts

Net written premiums

Business Insurance $ 5,786 $ 5,698 2 %

Bond & Specialty Insurance 1,066 999 7

Personal Insurance 3,486 3,818 (9)

Total $ 10,338 $ 10,515 (2) %

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Net income of $1.711 billion increased $1.316 billion, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year quarter. Core income of $1.696 billion increased $1.253 billion, primarily due to lower catastrophe losses and higher net investment income. Net realized investment gains were $49 million pre-tax ($15 million after-tax), compared to net realized investment losses of $61 million pre-tax ($48 million after-tax) in the prior year quarter.

Combined ratio:

•The combined ratio of 88.6% improved 13.9 points due to lower catastrophe losses (14.0 points) and higher net favorable prior year reserve development (0.4 points), partially offset by a higher underlying combined ratio (0.5 points).

•The underlying combined ratio was an excellent 85.3%. See below for further details by segment.

•The underwriting expense ratio increased 0.7 points to 29.0%, reflecting normal quarter-to-quarter variability. The Company continues to expect the full year 2026 expense ratio to be approximately 28.5%.

•Net favorable prior year reserve development occurred in all segments. See below for further details by segment.

•Catastrophe losses primarily resulted from severe wind and hail storms and winter storms in multiple states.

Net investment income of $1.008 billion pre-tax ($833 million after-tax) increased 8%, driven by the long-term fixed income investment portfolio which benefited from a higher yield and growth in average invested assets.

Net written premiums were $10.338 billion. Net written premiums in the prior year quarter included $223 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased slightly over the prior year quarter. See below for further details by segment.

Shareholders’ Equity

Shareholders’ equity of $31.986 billion decreased 3% from year-end 2025, primarily due to higher net unrealized investment losses, common share repurchases and dividends to shareholders, partially offset by net income of $1.711 billion. Net unrealized investment losses included in shareholders’ equity were $3.008 billion pre-tax ($2.378 billion after-tax), compared to $1.862 billion pre-tax ($1.478 billion after-tax) at year-end 2025. The increase in net unrealized investment losses was driven by higher interest rates. Book value per share of $150.42 decreased 1% from year-end 2025. Adjusted book value per share of $161.60, which excludes net unrealized investment losses, increased 2% over year-end 2025.

The Company repurchased 6.0 million shares in the open market during the first quarter under its share repurchase authorizations at an average price of $300.30 per share for a total cost of $1.800 billion. In addition, the Company acquired 0.6 million shares for a total cost of $185 million in connection with employee share-based compensation. At March 31, 2026, the Company had $5.215 billion of capacity remaining under its share repurchase authorizations approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $31.063 billion, and the ratio of debt-to-capital was 22.5%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders’ equity was 21.2%, within the Company’s target range of 15% to 25%.

The Board of Directors declared a 14% increase in the regular quarterly dividend to $1.25 per share. The dividend is payable June 30, 2026, to shareholders of record at the close of business on June 10, 2026.

Business Insurance Segment Financial Results

Three Months Ended March 31,

($ in millions and pre-tax, unless noted otherwise) 2026 2025 Change

Underwriting gain: $ 330 $ 195 $ 135

Underwriting gain includes:

Net favorable prior year reserve development 162 74 88

Catastrophes, net of reinsurance

(379) (509) 130

Net investment income 708 656 52

Other income (expense) (3) (9) 6

Segment income before income taxes 1,035 842 193

Income tax expense 196 159 37

Segment income $ 839 $ 683 $ 156

Combined ratio 93.8 % 96.2 % (2.4) pts

Impact on combined ratio

Net favorable prior year reserve development (2.9) pts (1.3) pts (1.6) pts

Catastrophes, net of reinsurance

6.9 pts 9.3 pts (2.4) pts

Underlying combined ratio 89.8 % 88.2 % 1.6 pts

Net written premiums by market

Domestic

Select Accounts $ 1,006 $ 976 3 %

Middle Market 3,329 3,166 5

National Accounts 343 312 10

National Property and Other 691 720 (4)

Total Domestic 5,369 5,174 4

International 417 524 (20)

Total $ 5,786 $ 5,698 2 %

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Segment income for Business Insurance was $839 million after-tax, an increase of $156 million. Segment income increased primarily due to lower catastrophe losses and higher net favorable prior year reserve development.

Combined ratio:

•The combined ratio of 93.8% improved 2.4 points due to lower catastrophe losses (2.4 points) and higher net favorable prior year reserve development (1.6 points), partially offset by a higher underlying combined ratio (1.6 points).

•The underlying combined ratio was an excellent 89.8%.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the commercial property and workers’ compensation product lines for multiple accident years.

Net written premiums of $5.786 billion increased 2%. Net written premiums in the prior year quarter included $67 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 3%.

Bond & Specialty Insurance Segment Financial Results

Three Months Ended March 31,

($ in millions and pre-tax, unless noted otherwise) 2026 2025 Change

Underwriting gain: $ 166 $ 170 $ (4)

Underwriting gain includes:

Net favorable prior year reserve development 65 67 (2)

Catastrophes, net of reinsurance (8) (19) 11

Net investment income 113 102 11

Other income 3 5 (2)

Segment income before income taxes 282 277 5

Income tax expense 28 57 (29)

Segment income $ 254 $ 220 $ 34

Combined ratio 83.3 % 82.5 % 0.8 pts

Impact on combined ratio

Net favorable prior year reserve development (6.4) pts (6.7) pts 0.3 pts

Catastrophes, net of reinsurance 0.8 pts 1.9 pts (1.1) pts

Underlying combined ratio 88.9 % 87.3 % 1.6 pts

Net written premiums

Domestic

Management Liability $ 572 $ 553 3 %

Surety 381 333 14

Total Domestic 953 886 8

International 113 113 —

Total $ 1,066 $ 999 7 %

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $254 million after-tax, an increase of $34 million. Segment income increased primarily due to a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), higher net investment income and lower catastrophe losses. The underlying underwriting gain benefited from a non-recurring tax item and higher business volumes.

Combined ratio:

•The combined ratio of 83.3% increased 0.8 points due to a higher underlying combined ratio (1.6 points) and lower net favorable prior year reserve development (0.3 points), partially offset by lower catastrophe losses (1.1 points).

•The underlying combined ratio was very strong at 88.9%.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the fidelity and surety product line for multiple accident years.

Net written premiums of $1.066 billion increased 7%. Net written premiums in the prior year quarter included $10 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 8%.

Personal Insurance Segment Financial Results

Three Months Ended March 31,

($ in millions and pre-tax, unless noted otherwise) 2026 2025 Change

Underwriting gain (loss): $ 677 $ (670) $ 1,347

Underwriting gain (loss) includes:

Net favorable prior year reserve development 186 237 (51)

Catastrophes, net of reinsurance (374) (1,738) 1,364

Net investment income 187 172 15

Other income 18 18 —

Segment income (loss) before income taxes 882 (480) 1,362

Income tax expense (benefit) 178 (106) 284

Segment income (loss) $ 704 $ (374) $ 1,078

Combined ratio 82.9 % 115.2 % (32.3) pts

Impact on combined ratio

Net favorable prior year reserve development (4.5) pts (5.6) pts 1.1 pts

Catastrophes, net of reinsurance 9.1 pts 40.9 pts (31.8) pts

Underlying combined ratio 78.3 % 79.9 % (1.6) pts

Net written premiums

Domestic

Automobile $ 1,756 $ 1,859 (6) %

Homeowners and Other 1,730 1,813 (5)

Total Domestic 3,486 3,672 (5)

International — 146 (100)

Total $ 3,486 $ 3,818 (9) %

First Quarter 2026 Results

(All comparisons vs. first quarter 2025, unless noted otherwise)

Segment income for Personal Insurance was $704 million after-tax, an increase of $1.078 billion. Segment income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain and higher net investment income, partially offset by lower net favorable prior year reserve development.

Combined ratio:

•The combined ratio of 82.9% improved 32.3 points due to lower catastrophe losses (31.8 points) and an improvement in the underlying combined ratio (1.6 points), partially offset by lower net favorable prior year reserve development (1.1 points).

•The underlying combined ratio of 78.3% improved 1.6 points, reflecting improvement in Homeowners and Other.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Automobile and Homeowners and Other product lines for recent accident years.

Net written premiums of $3.486 billion decreased 9% from the prior year quarter. Net written premiums in the prior year quarter included $146 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 5%.

Financial Supplement and Conference Call

The information in this press release should be read in conjunction with the financial supplement that is available on our website at Travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9:30 a.m. Eastern (8:30 a.m. Central) on Thursday, April 16, 2026. Investors can access the call via webcast at investor.travelers.com and by dialing 1.888.440.6281 within the United States or 1.646.960.0218 outside the United States. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company’s website.

Following the live event, replays will be available via webcast for one year at investor.travelers.com and by telephone for seven days by dialing 1.800.770.2030 within the United States or 1.647.362.9199 outside the United States. All callers should use conference ID 5449478.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 34,000 employees and generated revenues of approximately $49 billion in 2025. For more information, visit Travelers.com.

Travelers may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at investor.travelers.com, our Facebook page at facebook.com/travelers and our X account (@Travelers) at x.com/travelers. In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notifications section at investor.travelers.com.

Travelers is organized into the following reportable business segments:

Personal Insurance - Personal Insurance offers a broad range of property and casualty insurance products and services in the United States covering individuals’ personal risks. Personal Insurance’s primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

* * * * *

Forward-Looking Statements

This press release contains, and management may make, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may

be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “probably,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “views,” “ensures,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about:

•the Company’s outlook, the impact of trends on its business and its future results of operations and financial condition;

•the impact of legislative or regulatory actions or court decisions;

•share repurchase plans;

•future pension plan contributions;

•the sufficiency of the Company’s reserves, including asbestos;

•the impact of emerging claims issues as well as other insurance and non-insurance litigation;

•the cost and availability of reinsurance coverage;

•catastrophe losses and modeling;

•the impact of investment, economic and underwriting market conditions, including interest rates, tariffs and inflation;

•the Company’s approach to managing its investment portfolio;

•the impact of changing climate conditions;

•strategic and operational initiatives to improve growth, profitability and competitiveness;

•the Company’s competitive advantages and innovation agenda, including executing on that agenda with respect to artificial intelligence;

•the Company’s cybersecurity policies and practices;

•new product offerings;

•the impact of developments in the tort environment; and

•the impact of developments in the geopolitical environment, including the war with Iran.

The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Some of the factors that could cause actual results to differ include, but are not limited to, the following:

Insurance-Related Risks

•high levels of catastrophe losses;

•actual claims may exceed the Company’s claims and claim adjustment expense reserves, the estimated level of claims and claim adjustment expense reserves may increase, or increases in loss costs may not be offset with sufficient price increases, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments, including increased inflation and the impact of tariffs;

•the Company’s continued exposure to asbestos claims and related litigation;

•the Company is exposed to, and may face adverse developments involving, mass tort claims; and

•the effects of emerging claim and coverage issues on the Company’s business are uncertain, and court decisions or legislative changes that take place after the Company issues its policies can result in an unexpected increase in the number of claims.

Financial, Economic and Credit Risks

•a period of financial market disruption or an economic downturn;

•the Company’s investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses;

•the Company is exposed to credit risk related to reinsurance and structured settlements, and reinsurance coverage may not be available to the Company;

•the Company is exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that it has with third parties;

•a downgrade in the Company’s claims-paying and financial strength ratings; and

•the Company’s insurance subsidiaries may be unable to pay dividends to the Company’s holding company in sufficient amounts.

Business and Operational Risks

•the intense competition that the Company faces, including with respect to attracting and retaining employees, and the impact of innovation, technological change, including with respect to artificial intelligence, and changing customer preferences on the insurance industry and the markets in which it operates;

•disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape;

•the Company’s efforts to develop new products or services, expand in targeted markets, improve business processes and workflows or pursue acquisitions or dispositions may not be successful and may create enhanced risks;

•the Company's pricing and capital models may provide materially different indications than actual results;

•loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company’s products;

•the Company is subject to additional risks associated with its business outside the United States; and

•future pandemics.

Technology and Intellectual Property Risks

•as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions, including the war with Iran) or otherwise, the Company may experience difficulties with technology, data and network security or outsourcing relationships;

•the Company’s dependence on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence; and

•the Company may be unable to protect and enforce its own intellectual property or may be subject to claims for infringing the intellectual property of others.

Regulatory and Compliance Risks

•changes in regulation, including changes in tax laws; and

•the Company's compliance controls may not be effective.

In addition, the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining capital levels appropriate for the Company’s business operations, changes in levels of written premiums, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors.

Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward Looking Statements” in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on April 16, 2026, and in our most recent annual report on Form 10-K filed with the SEC on February 12, 2026, in each case as updated by our periodic filings with the SEC.

GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES

The following measures are used by the Company’s management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis and for other reasons as discussed below. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure. Reconciliations of these measures to the most comparable GAAP measures also follow.

In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance.

Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, included in shareholders’ equity, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.

RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER NON-GAAP MEASURES

Core income (loss) is consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable. Segment income (loss) is determined in the same manner as core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions. Financial statement users also consider core income (loss) when analyzing the results and trends of insurance companies. Core income (loss) per share is core income (loss) on a per common share basis.

Reconciliation of Net Income to Core Income less Preferred Dividends

Three Months Ended March 31, Twelve Months Ended March 31,

($ in millions, after-tax) 2026 2025 2026 2025

Net income $ 1,711 $ 395 $ 7,604 $ 4,271

Adjustments:

Net realized investment (gains) losses (15) 48 (26) 101

Core income $ 1,696 $ 443 $ 7,578 $ 4,372

Three Months Ended March 31,

($ in millions, pre-tax) 2026 2025

Net income $ 2,119 $ 468

Adjustments:

Net realized investment (gains) losses (49) 61

Core income $ 2,070 $ 529

Twelve Months Ended December 31, Average Annual

($ in millions, after-tax) 2025 2024 2023 2022 2021 2005 - 2020

Net income $ 6,288 $ 4,999 $ 2,991 $ 2,842 $ 3,662 $ 2,988

Less: Loss from discontinued operations — — — — — (27)

Income from continuing operations 6,288 4,999 2,991 2,842 3,662 3,015

Adjustments:

Net realized investment (gains) losses 37 26 81 156 (132) (42)

Impact of changes in tax laws and/or tax rates (1) (2) — — — — (8) 8

Core income 6,325 5,025 3,072 2,998 3,522 2,981

Less: Preferred dividends — — — — — 1

Core income, less preferred dividends $ 6,325 $ 5,025 $ 3,072 $ 2,998 $ 3,522 $ 2,980

(1) Impact is recognized in the accounting period in which the change is enacted

(2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA)

Reconciliation of Net Income per Share to Core Income per Share on a Diluted Basis

Three Months Ended March 31,

2026 2025

Diluted income per share

Net income $ 7.78 $ 1.70

Adjustments:

Net realized investment (gains) losses, after-tax (0.07) 0.21

Core income $ 7.71 $ 1.91

Reconciliation of Segment Income (Loss) to Total Core Income

Three Months Ended March 31,

($ in millions, after-tax) 2026 2025

Business Insurance $ 839 $ 683

Bond & Specialty Insurance 254 220

Personal Insurance 704 (374)

Total segment income 1,797 529

Interest Expense and Other (101) (86)

Total core income $ 1,696 $ 443

RECONCILIATION OF SHAREHOLDERS’ EQUITY TO ADJUSTED SHAREHOLDERS’ EQUITY AND CALCULATION OF RETURN ON EQUITY AND CORE RETURN ON EQUITY

Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized investment gains (losses), net of tax, for the period presented, the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)), preferred stock and discontinued operations.

Reconciliation of Shareholders’ Equity to Adjusted Shareholders’ Equity

As of March 31,

($ in millions) 2026 2025

Shareholders’ equity $ 31,986 $ 28,191

Adjustments:

Net unrealized investment losses, net of tax, included in shareholders’ equity 2,378 3,299

Net realized investment (gains) losses, net of tax (15) 48

Adjusted shareholders’ equity $ 34,349 $ 31,538

As of December 31, Average Annual

($ in millions) 2025 2024 2023 2022 2021 2005 - 2020

Shareholders’ equity $ 32,894 $ 27,864 $ 24,921 $ 21,560 $ 28,887 $ 25,023

Adjustments:

Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity 1,478 3,640 3,129 4,898 (2,415) (1,473)

Net realized investment (gains) losses, net of tax 37 26 81 156 (132) (42)

Impact of changes in tax laws and/or tax rates (1) (2) — — — — (8) 18

Preferred stock — — — — — (39)

Loss from discontinued operations — — — — — 27

Adjusted shareholders’ equity $ 34,409 $ 31,530 $ 28,131 $ 26,614 $ 26,332 $ 23,514

(1) Impact is recognized in the accounting period in which the change is enacted

(2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA)

Return on equity is the ratio of annualized net income (loss) less preferred dividends to average shareholders’ equity for the periods presented. Core return on equity is the ratio of annualized core income (loss) less preferred dividends to adjusted average shareholders’ equity for the periods presented. In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.

Average shareholders’ equity is (a) the sum of total shareholders’ equity excluding preferred stock at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted average shareholders’ equity is (a) the sum of total adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.

Calculation of Return on Equity and Core Return on Equity

Three Months Ended March 31, Twelve Months Ended March 31,

($ in millions, after-tax) 2026 2025 2026 2025

Annualized net income $ 6,843 $ 1,580 $ 7,604 $ 4,271

Average shareholders’ equity 32,440 28,027 31,027 26,757

Return on equity 21.1 % 5.6 % 24.5 % 16.0 %

Annualized core income $ 6,785 $ 1,773 $ 7,578 $ 4,372

Adjusted average shareholders’ equity 34,361 31,521 33,353 30,079

Core return on equity 19.7 % 5.6 % 22.7 % 14.5 %

Twelve Months Ended December 31, Average Annual

($ in millions, after-tax) 2025 2024 2023 2022 2021 2005 - 2020

Net income, less preferred dividends $ 6,288 $ 4,999 $ 2,991 $ 2,842 $ 3,662 $ 2,987

Average shareholders’ equity 29,924 25,993 22,031 23,384 28,735 24,830

Return on equity 21.0 % 19.2 % 13.6 % 12.2 % 12.7 % 12.0 %

Core income, less preferred dividends $ 6,325 $ 5,025 $ 3,072 $ 2,998 $ 3,522 $ 2,980

Adjusted average shareholders’ equity 32,643 29,295 26,772 26,588 25,718 23,421

Core return on equity 19.4 % 17.2 % 11.5 % 11.3 % 13.7 % 12.7 %

RECONCILIATION OF NET INCOME TO UNDERWRITING GAIN EXCLUDING CERTAIN ITEMS

Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses. In the opinion of the Company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business. This measure is used to assess each segment’s business performance and as a tool in making business decisions. Underwriting gain, excluding the impact of catastrophes and net favorable (unfavorable) prior year loss reserve development, is the underwriting gain adjusted to exclude claims and claim adjustment expenses, reinstatement premiums and assessments related to catastrophes and loss reserve development related to time periods prior to the current year. In the opinion of the Company’s management, this measure is meaningful to users of the financial statements to understand the Company’s periodic earnings and the variability of earnings caused by the unpredictable nature (i.e., the timing and amount) of catastrophes and loss reserve development. This measure is also referred to as underlying underwriting gain, underlying underwriting margin, underlying underwriting income or underlying underwriting result.

core income (loss) and claims and claim adjustment expense reserves upon occurrence. A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools.

The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2026 ranges from $20 million to $30 million of losses before reinsurance and taxes.

Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years. In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

Reconciliation of Net Income to Pre-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)

Three Months Ended March 31,

($ in millions, after-tax, except as noted) 2026 2025

Net income $ 1,711 $ 395

Net realized investment (gains) losses (15) 48

Core income 1,696 443

Net investment income (833) (763)

Other (income) expense, including interest expense 92 81

Underwriting income (loss) 955 (239)

Income tax expense (benefit) on underwriting results 218 (66)

Pre-tax underwriting income (loss) 1,173 (305)

Pre-tax impact of net favorable prior year reserve development (413) (378)

Pre-tax impact of catastrophes 761 2,266

Pre-tax underlying underwriting income $ 1,521 $ 1,583

Reconciliation of Net Income to After-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain)

Three Months Ended March 31,

($ in millions, after-tax) 2026 2025

Net income $ 1,711 $ 395

Net realized investment (gains) losses (15) 48

Core income 1,696 443

Net investment income (833) (763)

Other (income) expense, including interest expense 92 81

Underwriting income 955 (239)

Impact of net favorable prior year reserve development (325) (297)

Impact of catastrophes 601 1,790

Underlying underwriting income $ 1,231 $ 1,254

Twelve Months Ended December 31,

($ in millions, after-tax) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Net income $ 6,288 $ 4,999 $ 2,991 $ 2,842 $ 3,662 $ 2,697 $ 2,622 $ 2,523 $ 2,056 $ 3,014

Net realized investment (gains) losses 37 26 81 156 (132) (11) (85) (93) (142) (47)

Impact of changes in tax laws and/or tax rates (1) (2)

— — — — (8) — — — 129 —

Core income 6,325 5,025 3,072 2,998 3,522 2,686 2,537 2,430 2,043 2,967

Net investment income (3,254) (2,952) (2,436) (2,170) (2,541) (1,908) (2,097) (2,102) (1,872) (1,846)

Other (income) expense, including interest expense 326 308 337 277 235 232 214 248 179 78

Underwriting income 3,397 2,381 973 1,105 1,216 1,010 654 576 350 1,199

Impact of net (favorable) unfavorable prior year reserve development (815) (559) (113) (512) (424) (276) 47 (409) (378) (510)

Impact of catastrophes 2,915 2,632 2,361 1,480 1,459 1,274 699 1,355 1,267 576

Underlying underwriting income $ 5,497 $ 4,454 $ 3,221 $ 2,073 $ 2,251 $ 2,008 $ 1,400 $ 1,522 $ 1,239 $ 1,265

(1) Impact is recognized in the accounting period in which the change is enacted

(2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA)

COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED RATIO

Combined ratio: For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators. The combined ratio, as used in this earnings release, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premiums and the underwriting expense ratio as used in this earnings release is based on net earned premiums.

For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this earnings release is calculated in the same manner as the SAP ratio.

For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this earnings release, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income, billing and policy fees and other, to net earned premiums.

The combined ratio, loss and LAE ratio, and underwriting expense ratio are used as indicators of the Company’s underwriting discipline, efficiency in acquiring and servicing its business and overall underwriting profitability. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Underlying combined ratio represents the combined ratio excluding the impact of net prior year reserve development and catastrophes. The underlying combined ratio is an indicator of the Company’s underwriting discipline and underwriting profitability for the current accident year.

Other companies’ method of computing similarly titled measures may not be comparable to the Company’s method of computing these ratios.

Calculation of the Combined Ratio

Three Months Ended March 31,

($ in millions, pre-tax) 2026 2025

Loss and loss adjustment expense ratio

Claims and claim adjustment expenses $ 6,382 $ 8,006

Less:

Policyholder dividends 12 13

Allocated fee income 48 45

Loss ratio numerator $ 6,322 $ 7,948

Underwriting expense ratio

Amortization of deferred acquisition costs $ 1,766 $ 1,778

General and administrative expenses (G&A) 1,541 1,459

Less:

Non-insurance G&A 136 109

Allocated fee income 73 74

Billing and policy fees and other 25 28

Expense ratio numerator $ 3,073 $ 3,026

Earned premium $ 10,605 $ 10,710

Combined ratio (1)

Loss and loss adjustment expense ratio 59.6 % 74.2 %

Underwriting expense ratio 29.0 % 28.3 %

Combined ratio 88.6 % 102.5 %

Impact on combined ratio:

Net favorable prior year reserve development (3.9) % (3.5) %

Catastrophes, net of reinsurance 7.2 % 21.2 %

Underlying combined ratio 85.3 % 84.8 %

(1) For purposes of computing ratios, billing and policy fees and other (which are a component of other revenues) are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio.

RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS’ EQUITY TO CERTAIN NON-GAAP MEASURES

Book value per share is total common shareholders’ equity divided by the number of common shares outstanding. Adjusted book value per share is total common shareholders’ equity excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value per share is useful in an analysis of a property casualty company’s book value per share as it removes the effect of changing prices on invested assets (i.e., net unrealized investment gains (losses), net of tax), which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves. Tangible book value per share is adjusted book value per share excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. In the opinion of the Company’s management, tangible book value per share is useful in an analysis of a property casualty company’s book value on a nominal basis as it removes certain effects of purchase accounting (i.e., goodwill and other intangible assets), in addition to the effect of changing prices on invested assets.

Reconciliation of Shareholders’ Equity to Tangible Shareholders’ Equity, Excluding Net Unrealized Investment Gains (Losses), Net of Tax and Calculation of Book Value Per Share, Adjusted Book Value Per Share and Tangible Book Value Per Share

As of

($ in millions, except per share amounts) March 31,

2026 December 31,

2025 March 31,

2025

Shareholders’ equity $ 31,986 $ 32,894 $ 28,191

Less: Net unrealized investment losses, net of tax, included in shareholders’ equity (2,378) (1,478) (3,299)

Common shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity 34,364 34,372 31,490

Less:

Goodwill (includes $208 million of goodwill classified as held for sale as of December 31, 2025) 4,060 4,274 4,245

Other intangible assets (includes $1 million of other intangible assets classified as held for sale as of December 31, 2025) 331 337 356

Impact of deferred tax on other intangible assets (47) (93) (88)

Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity $ 30,020 $ 29,854 $ 26,977

Common shares outstanding 212.6 217.5 226.6

Book value per share $ 150.42 $ 151.21 $ 124.43

Adjusted book value per share 161.60 158.01 138.99

Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity 141.18 137.24 119.07

RECONCILIATION OF TOTAL CAPITALIZATION TO TOTAL CAPITALIZATION EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES), NET OF TAX

Total capitalization is the sum of total shareholders’ equity and debt. Debt-to-capital ratio excluding net unrealized gains (losses) on investments, net of tax, included in shareholders’ equity, is the ratio of debt to total capitalization excluding the after-tax impact of net unrealized investment gains and losses included in shareholders’ equity. In the opinion of the Company’s management, the debt-to-capital ratio is useful in an analysis of the Company’s financial leverage.

As of

($ in millions) March 31,

2026 December 31,

2025

Debt $ 9,268 $ 9,267

Shareholders’ equity 31,986 32,894

Total capitalization

41,254 42,161

Less: Net unrealized investment losses, net of tax, included in shareholders’ equity (2,378) (1,478)

Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity $ 43,632 $ 43,639

Debt-to-capital ratio 22.5 % 22.0 %

Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity 21.2 % 21.2 %

RECONCILIATION OF INVESTED ASSETS TO INVESTED ASSETS EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES)

As of March 31,

($ in millions) 2026 2025

Invested assets $ 102,978 $ 95,696

Less: Net unrealized investment losses, pre-tax (3,008) (4,172)

Invested assets excluding net unrealized investment losses $ 105,986 $ 99,868

As of December 31,

($ in millions) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Invested assets (1) $ 104,529 $ 94,223 $ 88,810 $ 80,454 $ 87,375 $ 84,423 $ 77,884 $ 72,278 $ 72,502 $ 70,488

Less: Net unrealized investment gains (losses), pre-tax (1,862) (4,609) (3,970) (6,220) 3,060 5,175 2,853 (137) 1,414 1,112

Invested assets excluding net unrealized investment gains (losses) $ 106,391 $ 98,832 $ 92,780 $ 86,674 $ 84,315 $ 79,248 $ 75,031 $ 72,415 $ 71,088 $ 69,376

(1) Includes $3,347 million of invested assets classified as held for sale as of December 31, 2025.

OTHER DEFINITIONS

Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract. Net written premiums reflect gross written premiums less premiums ceded to reinsurers.

For Business Insurance and Bond & Specialty Insurance, retention is the amount of premium available for renewal that was retained, excluding rate and exposure changes. For Personal Insurance, retention is the ratio of the expected number of renewal policies that will be retained throughout the annual policy period to the number of available renewal base policies. For all of the segments, renewal rate change represents the estimated change in average premium on policies that renew, excluding exposure changes. Exposure is the measure of risk used in the pricing of an insurance product. The change in exposure is the amount of change in premium on policies that renew attributable to the change in portfolio risk. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. New business is the amount of written premium related to new policyholders and additional products sold to existing policyholders. These are operating statistics, which are in part dependent on the use of estimates and are therefore subject to change. For Business Insurance, retention, renewal premium change and new business exclude National Accounts. For Bond & Specialty Insurance, retention, renewal premium change and new business exclude surety and other products that are generally sold on a non-recurring, project specific basis. For each of the segments, production statistics referred to herein are domestic only unless otherwise indicated.

Statutory capital and surplus represents the excess of an insurance company’s admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.

Holding company liquidity is the total funds available at the holding company level to fund general corporate purposes, primarily the payment of shareholder dividends and debt service. These funds consist of total cash, short-term invested assets and other readily marketable securities held by the holding company.

For a glossary of other financial terms used in this press release, we refer you to the Company’s most recent annual report on Form 10-K filed with the SEC on February 12, 2026, and subsequent periodic filings with the SEC.

###

Contacts

Media:

Institutional Investors:

Patrick Linehan Abbe Goldstein

917.778.6267 917.778.6825

EX-99.2

Filename: a992finsupp33126.htm · Sequence: 3

Document

The Travelers Companies, Inc.

Financial Supplement - First Quarter 2026

Exhibit 99.2

Page Number

Consolidated Results

Financial Highlights 1

Reconciliation of Net Income to Core Income and Earnings per Share to Core Income per Share 2

Statement of Income 3

Net Income by Major Component and Combined Ratio 4

Core Income 5

Selected Statistics - Property and Casualty Operations 6

Written and Earned Premiums - Property and Casualty Operations 7

Business Insurance

Segment Income 8

Segment Income by Major Component and Combined Ratio 9

Selected Statistics 10

Net Written Premiums 11

Bond & Specialty Insurance

Segment Income 12

Segment Income by Major Component and Combined Ratio 13

Selected Statistics 14

Net Written Premiums 15

Personal Insurance

Segment Income (Loss) 16

Segment Income (Loss) by Major Component and Combined Ratio 17

Selected Statistics 18

Net Written Premiums 19

Selected Statistics - Automobile 20

Selected Statistics - Homeowners and Other 21

Supplemental Detail

Interest Expense and Other 22

Consolidated Balance Sheet 23

Investment Portfolio 24

Investment Portfolio - Fixed Maturities Data 25

Investment Income 26

Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders’ Equity 27

Reinsurance Recoverables 28

Net Reserves for Losses and Loss Adjustment Expense 29

Asbestos Reserves 30

Capitalization 31

Statutory Capital and Surplus to GAAP Shareholders’ Equity Reconciliation 32

Statement of Cash Flows 33

Statement of Cash Flows (continued) 34

Glossary of Financial Measures and Description of Reportable Business Segments 35-36

The information included in the Financial Supplement is unaudited. This document should be read in conjunction with the Company’s Form 10-Q which will be filed with the Securities and Exchange Commission.

Index

The Travelers Companies, Inc.

Financial Highlights

($ and shares in millions, except for per share data) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711

Net income per share:

Basic $ 1.73 $ 6.63 $ 8.37 $ 11.24 $ 7.89

Diluted $ 1.70 $ 6.53 $ 8.24 $ 11.06 $ 7.78

Core income $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696

Core income per share:

Basic $ 1.94 $ 6.61 $ 8.27 $ 11.31 $ 7.82

Diluted $ 1.91 $ 6.51 $ 8.14 $ 11.13 $ 7.71

Return on equity 5.6 % 20.9 % 24.7 % 31.0 % 21.1 %

Core return on equity 5.6 % 18.8 % 22.6 % 29.6 % 19.7 %

Total assets, at period end $ 135,977 $ 138,873 $ 143,678 $ 143,708 $ 142,309

Total equity, at period end $ 28,191 $ 29,518 $ 31,609 $ 32,894 $ 31,986

Book value per share, at period end $ 124.43 $ 131.11 $ 141.72 $ 151.21 $ 150.42

Less: Net unrealized investment gains (losses), net of tax (14.56) (13.46) (8.83) (6.80) (11.18)

Adjusted book value per share, at period end $ 138.99 $ 144.57 $ 150.55 $ 158.01 $ 161.60

Weighted average number of common shares outstanding (basic) 226.9 225.9 224.1 220.3 215.2

Weighted average number of common shares outstanding and common stock equivalents (diluted) 230.4 229.3 227.5 224.0 218.4

Common shares outstanding at period end 226.6 225.1 223.0 217.5 212.6

Common stock dividends declared $ 241 $ 252 $ 250 $ 244 $ 238

Common stock repurchased:

Under Board of Directors authorization

Shares 1.0 1.8 2.3 5.8 6.0

Cost $ 250 $ 500 $ 625 $ 1,650 $ 1,800

Other

Shares 0.4 0.3 — — 0.6

Cost $ 108 $ 57 $ 3 $ 3 $ 185

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Reconciliation of Net Income to Core Income and Earnings per Share to Core Income per Share

($ and shares in millions, except earnings per share) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net income

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711

Net realized investment (gains) losses, after-tax 48 (5) (21) 15 (15)

Core income $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696

Basic

Net income per share $ 1.73 $ 6.63 $ 8.37 $ 11.24 $ 7.89

Net realized investment (gains) losses, after-tax 0.21 (0.02) (0.10) 0.07 (0.07)

Core income per share $ 1.94 $ 6.61 $ 8.27 $ 11.31 $ 7.82

Diluted

Net income per share $ 1.70 $ 6.53 $ 8.24 $ 11.06 $ 7.78

Net realized investment (gains) losses, after-tax 0.21 (0.02) (0.10) 0.07 (0.07)

Core income per share $ 1.91 $ 6.51 $ 8.14 $ 11.13 $ 7.71

Adjustments to net and core income and weighted average shares for net and core income EPS calculations:

Basic and Diluted 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net income, as reported $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711

Participating share-based awards - allocated net income (3) (11) (13) (19) (12)

Net income available to common shareholders - basic and diluted $ 392 $ 1,498 $ 1,875 $ 2,477 $ 1,699

Core income, as reported $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696

Participating share-based awards - allocated core income (3) (11) (14) (18) (12)

Core income available to common shareholders - basic and diluted $ 440 $ 1,493 $ 1,853 $ 2,493 $ 1,684

Common Shares

Basic

Weighted average shares outstanding 226.9 225.9 224.1 220.3 215.2

Diluted

Weighted average shares outstanding 226.9 225.9 224.1 220.3 215.2

Weighted average effect of dilutive securities - stock options and performance shares 3.5 3.4 3.4 3.7 3.2

Diluted weighted average shares outstanding 230.4 229.3 227.5 224.0 218.4

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Statement of Income - Consolidated

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Revenues

Premiums $ 10,710 $ 10,921 $ 11,135 $ 11,148 $ 10,605

Net investment income 930 942 1,033 1,054 1,008

Fee income 119 124 127 125 121

Net realized investment gains (losses) (61) 6 27 (20) 49

Other revenues 112 123 148 125 141

Total revenues 11,810 12,116 12,470 12,432 11,924

Claims and expenses

Claims and claim adjustment expenses 8,006 6,789 6,594 5,832 6,382

Amortization of deferred acquisition costs 1,778 1,802 1,849 1,837 1,766

General and administrative expenses 1,459 1,545 1,572 1,544 1,541

Interest expense 99 99 111 116 116

Total claims and expenses 11,342 10,235 10,126 9,329 9,805

Income before income taxes 468 1,881 2,344 3,103 2,119

Income tax expense 73 372 456 607 408

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711

Other statistics

Effective tax rate on net investment income 17.9 % 17.9 % 17.8 % 17.7 % 17.4 %

Net investment income (after-tax) $ 763 $ 774 $ 850 $ 867 $ 833

Catastrophes, net of reinsurance:

Pre-tax $ 2,266 $ 927 $ 402 $ 95 $ 761

After-tax $ 1,790 $ 732 $ 318 $ 75 $ 601

Prior year reserve development - favorable:

Pre-tax $ 378 $ 315 $ 22 $ 321 $ 413

After-tax $ 297 $ 249 $ 16 $ 253 $ 325

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Net Income by Major Component and Combined Ratio - Consolidated

($ in millions, net of tax) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Underwriting gain (loss) $ (239) $ 808 $ 1,099 $ 1,729 $ 955

Net investment income 763 774 850 867 833

Other income (expense), including interest expense (81) (78) (82) (85) (92)

Core income 443 1,504 1,867 2,511 1,696

Net realized investment gains (losses) (48) 5 21 (15) 15

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711

Combined ratio (1) (2)

Loss and loss adjustment expense ratio 74.2 % 61.7 % 58.7 % 51.8 % 59.6 %

Underwriting expense ratio 28.3 % 28.6 % 28.6 % 28.4 % 29.0 %

Combined ratio 102.5 % 90.3 % 87.3 % 80.2 % 88.6 %

Impact on combined ratio:

Net favorable prior year reserve development (3.5) % (2.9) % (0.2) % (2.9) % (3.9) %

Catastrophes, net of reinsurance 21.2 % 8.5 % 3.6 % 0.9 % 7.2 %

Underlying combined ratio 84.8 % 84.7 % 83.9 % 82.2 % 85.3 %

(1) Before policyholder dividends.

(2) Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Billing and policy fees and other $ 28 $ 29 $ 28 $ 28 $ 25

Fee income:

Loss and loss adjustment expenses $ 45 $ 45 $ 48 $ 48 $ 48

Underwriting expenses 74 79 79 77 73

Total fee income $ 119 $ 124 $ 127 $ 125 $ 121

Non-insurance general and administrative expenses $ 109 $ 113 $ 131 $ 110 $ 136

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Core Income - Consolidated

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Revenues

Premiums $ 10,710 $ 10,921 $ 11,135 $ 11,148 $ 10,605

Net investment income 930 942 1,033 1,054 1,008

Fee income 119 124 127 125 121

Other revenues 112 123 148 125 141

Total revenues

11,871 12,110 12,443 12,452 11,875

Claims and expenses

Claims and claim adjustment expenses 8,006 6,789 6,594 5,832 6,382

Amortization of deferred acquisition costs 1,778 1,802 1,849 1,837 1,766

General and administrative expenses 1,459 1,545 1,572 1,544 1,541

Interest expense 99 99 111 116 116

Total claims and expenses

11,342 10,235 10,126 9,329 9,805

Core income before income taxes 529 1,875 2,317 3,123 2,070

Income tax expense 86 371 450 612 374

Core income $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696

Other statistics

Effective tax rate on net investment income 17.9 % 17.9 % 17.8 % 17.7 % 17.4 %

Net investment income (after-tax) $ 763 $ 774 $ 850 $ 867 $ 833

Catastrophes, net of reinsurance:

Pre-tax $ 2,266 $ 927 $ 402 $ 95 $ 761

After-tax $ 1,790 $ 732 $ 318 $ 75 $ 601

Prior year reserve development - favorable:

Pre-tax $ 378 $ 315 $ 22 $ 321 $ 413

After-tax $ 297 $ 249 $ 16 $ 253 $ 325

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Selected Statistics - Property and Casualty Operations

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory underwriting

Gross written premiums $ 11,890 $ 12,225 $ 12,292 $ 11,296 $ 11,750

Net written premiums $ 10,515 $ 11,516 $ 11,472 $ 10,856 $ 10,323

Net earned premiums $ 10,710 $ 10,897 $ 11,133 $ 11,146 $ 10,593

Losses and loss adjustment expenses 7,947 6,731 6,537 5,768 6,310

Underwriting expenses 3,098 3,260 3,239 3,114 3,400

Statutory underwriting gain (loss) (335) 906 1,357 2,264 883

Policyholder dividends 13 10 12 10 12

Statutory underwriting gain (loss) after policyholder dividends $ (348) $ 896 $ 1,345 $ 2,254 $ 871

Other statutory statistics

Reserves for losses and loss adjustment expenses $ 58,091 $ 59,072 $ 59,620 $ 59,747 $ 59,215

Increase (decrease) in reserves $ 1,765 $ 981 $ 548 $ 127 $ (532)

Statutory capital and surplus $ 27,785 $ 28,364 $ 29,965 $ 31,064 $ 31,063

Net written premiums/surplus (1) 1.57:1 1.55:1 1.48:1 1.43:1 1.42:1

(1) Based on 12 months of rolling net written premiums.

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Written and Earned Premiums - Property and Casualty Operations

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Written premiums

Gross $ 11,890 $ 12,251 $ 12,293 $ 11,296 $ 11,765

Ceded (1,375) (708) (820) (440) (1,427)

Net $ 10,515 $ 11,543 $ 11,473 $ 10,856 $ 10,338

Earned premiums

Gross $ 11,487 $ 11,749 $ 11,964 $ 11,952 $ 11,438

Ceded (777) (828) (829) (804) (833)

Net $ 10,710 $ 10,921 $ 11,135 $ 11,148 $ 10,605

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Segment Income - Business Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Revenues

Premiums $ 5,465 $ 5,545 $ 5,700 $ 5,702 $ 5,493

Net investment income 656 662 727 737 708

Fee income 108 111 114 112 111

Other revenues 82 95 111 91 104

Total revenues

6,311 6,413 6,652 6,642 6,416

Claims and expenses

Claims and claim adjustment expenses 3,705 3,584 3,667 3,198 3,531

Amortization of deferred acquisition costs 917 944 973 962 938

General and administrative expenses 847 875 894 866 912

Total claims and expenses

5,469 5,403 5,534 5,026 5,381

Segment income before income taxes 842 1,010 1,118 1,616 1,035

Income tax expense 159 197 211 324 196

Segment income $ 683 $ 813 $ 907 $ 1,292 $ 839

Other statistics

Effective tax rate on net investment income 17.8 % 17.7 % 17.7 % 17.5 % 17.3 %

Net investment income (after-tax) $ 539 $ 545 $ 598 $ 607 $ 586

Catastrophes, net of reinsurance:

Pre-tax $ 509 $ 368 $ 139 $ 57 $ 379

After-tax $ 402 $ 291 $ 110 $ 44 $ 299

Prior year reserve development - favorable (unfavorable):

Pre-tax $ 74 $ 79 $ (125) $ 205 $ 162

After-tax $ 58 $ 62 $ (99) $ 162 $ 127

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Segment Income by Major Component and Combined Ratio - Business Insurance

($ in millions, net of tax) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Underwriting gain $ 157 $ 274 $ 318 $ 690 $ 261

Net investment income 539 545 598 607 586

Other income (expense) (13) (6) (9) (5) (8)

Segment income $ 683 $ 813 $ 907 $ 1,292 $ 839

Combined ratio (1) (2)

Loss and loss adjustment expense ratio 66.8 % 63.7 % 63.3 % 55.1 % 63.3 %

Underwriting expense ratio 29.4 % 29.9 % 29.6 % 29.3 % 30.5 %

Combined ratio 96.2 % 93.6 % 92.9 % 84.4 % 93.8 %

Impact on combined ratio:

Net (favorable) unfavorable prior year reserve development (1.3) % (1.4) % 2.2 % (3.6) % (2.9) %

Catastrophes, net of reinsurance 9.3 % 6.7 % 2.4 % 1.0 % 6.9 %

Underlying combined ratio 88.2 % 88.3 % 88.3 % 87.0 % 89.8 %

(1) Before policyholder dividends.

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Billing and policy fees and other $ 4 $ 5 $ 4 $ 4 $ 4

Fee income:

Loss and loss adjustment expenses $ 45 $ 45 $ 48 $ 48 $ 48

Underwriting expenses 63 66 66 64 63

Total fee income $ 108 $ 111 $ 114 $ 112 $ 111

Non-insurance general and administrative expenses $ 91 $ 93 $ 112 $ 89 $ 107

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Selected Statistics - Business Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory underwriting

Gross written premiums $ 6,740 $ 6,359 $ 6,284 $ 5,840 $ 6,791

Net written premiums $ 5,698 $ 5,765 $ 5,674 $ 5,514 $ 5,771

Net earned premiums $ 5,465 $ 5,521 $ 5,698 $ 5,700 $ 5,481

Losses and loss adjustment expenses 3,650 3,530 3,614 3,138 3,463

Underwriting expenses 1,700 1,704 1,654 1,615 1,787

Statutory underwriting gain 115 287 430 947 231

Policyholder dividends 9 5 9 5 8

Statutory underwriting gain after policyholder dividends $ 106 $ 282 $ 421 $ 942 $ 223

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Net Written Premiums - Business Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net written premiums by market

Domestic

Select Accounts $ 976 $ 1,004 $ 920 $ 930 $ 1,006

Middle Market 3,166 3,034 3,232 3,109 3,329

National Accounts 312 329 273 348 343

National Property and Other 720 885 841 666 691

Total Domestic 5,174 5,252 5,266 5,053 5,369

International 524 540 409 461 417

Total $ 5,698 $ 5,792 $ 5,675 $ 5,514 $ 5,786

Net written premiums by product line

Domestic

Workers’ compensation $ 950 $ 821 $ 792 $ 786 $ 980

Commercial automobile 1,030 1,019 1,030 1,017 1,106

Commercial property 873 1,051 961 820 821

General liability 753 878 998 967 847

Commercial multi-peril 1,532 1,486 1,447 1,461 1,580

Other 36 (3) 38 2 35

Total Domestic 5,174 5,252 5,266 5,053 5,369

International 524 540 409 461 417

Total $ 5,698 $ 5,792 $ 5,675 $ 5,514 $ 5,786

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Segment Income - Bond & Specialty Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Revenues

Premiums $ 995 $ 1,021 $ 1,042 $ 1,049 $ 1,018

Net investment income 102 107 116 120 113

Other revenues 6 5 8 8 5

Total revenues 1,103 1,133 1,166 1,177 1,136

Claims and expenses

Claims and claim adjustment expenses 434 418 451 461 441

Amortization of deferred acquisition costs 187 195 197 199 194

General and administrative expenses 205 214 207 217 219

Total claims and expenses 826 827 855 877 854

Segment income before income taxes 277 306 311 300 282

Income tax expense 57 62 61 64 28

Segment income $ 220 $ 244 $ 250 $ 236 $ 254

Other statistics

Effective tax rate on net investment income 18.4 % 18.5 % 17.7 % 18.4 % 18.5 %

Net investment income (after-tax) $ 83 $ 88 $ 95 $ 98 $ 92

Catastrophes, net of reinsurance:

Pre-tax $ 19 $ 5 $ — $ 1 $ 8

After-tax $ 15 $ 4 $ — $ 1 $ 7

Prior year reserve development - favorable:

Pre-tax $ 67 $ 81 $ 43 $ 30 $ 65

After-tax $ 52 $ 65 $ 33 $ 24 $ 51

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Segment Income by Major Component and Combined Ratio - Bond & Specialty Insurance

($ in millions, net of tax) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Underwriting gain $ 133 $ 154 $ 150 $ 132 $ 159

Net investment income 83 88 95 98 92

Other income 4 2 5 6 3

Segment income $ 220 $ 244 $ 250 $ 236 $ 254

Combined ratio (1)

Loss and loss adjustment expense ratio 43.2 % 40.5 % 42.9 % 43.5 % 43.0 %

Underwriting expense ratio 39.3 % 39.8 % 38.7 % 39.5 % 40.3 %

Combined ratio 82.5 % 80.3 % 81.6 % 83.0 % 83.3 %

Impact on combined ratio:

Net favorable prior year reserve development (6.7) % (8.0) % (4.2) % (2.8) % (6.4) %

Catastrophes, net of reinsurance 1.9 % 0.5 % — % 0.1 % 0.8 %

Underlying combined ratio 87.3 % 87.8 % 85.8 % 85.7 % 88.9 %

(1) Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Billing and policy fees and other $ — $ — $ 1 $ — $ —

Non-insurance general and administrative expenses $ 1 $ 2 $ 1 $ 2 $ 2

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Selected Statistics - Bond & Specialty Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory underwriting

Gross written premiums $ 1,129 $ 1,166 $ 1,160 $ 1,192 $ 1,211

Net written premiums $ 999 $ 1,085 $ 1,080 $ 1,098 $ 1,066

Net earned premiums $ 995 $ 1,021 $ 1,042 $ 1,049 $ 1,018

Losses and loss adjustment expenses 430 414 447 457 437

Underwriting expenses 422 434 424 433 676

Statutory underwriting gain (loss) 143 173 171 159 (95)

Policyholder dividends 4 5 3 5 4

Statutory underwriting gain (loss) after policyholder dividends $ 139 $ 168 $ 168 $ 154 $ (99)

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Net Written Premiums - Bond & Specialty Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net written premiums by market

Domestic

Management Liability $ 553 $ 589 $ 613 $ 571 $ 572

Surety 333 342 342 337 381

Total Domestic 886 931 955 908 953

International 113 154 125 190 113

Total $ 999 $ 1,085 $ 1,080 $ 1,098 $ 1,066

Net written premiums by product line

Domestic

Fidelity and surety $ 394 $ 400 $ 407 $ 395 $ 447

General liability 440 469 475 458 455

Other 52 62 73 55 51

Total Domestic 886 931 955 908 953

International 113 154 125 190 113

Total $ 999 $ 1,085 $ 1,080 $ 1,098 $ 1,066

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Segment Income (Loss) - Personal Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Revenues

Premiums $ 4,250 $ 4,355 $ 4,393 $ 4,397 $ 4,094

Net investment income 172 173 190 197 187

Fee income 11 13 13 13 10

Other revenues 24 23 29 26 32

Total revenues 4,457 4,564 4,625 4,633 4,323

Claims and expenses

Claims and claim adjustment expenses 3,867 2,787 2,476 2,173 2,410

Amortization of deferred acquisition costs 674 663 679 676 634

General and administrative expenses 396 444 458 448 397

Total claims and expenses 4,937 3,894 3,613 3,297 3,441

Segment income (loss) before income taxes (480) 670 1,012 1,336 882

Income tax expense (benefit) (106) 136 205 250 178

Segment income (loss) $ (374) $ 534 $ 807 $ 1,086 $ 704

Other statistics

Effective tax rate on net investment income 18.1 % 18.0 % 18.0 % 17.7 % 17.1 %

Net investment income (after-tax) $ 141 $ 141 $ 157 $ 162 $ 155

Catastrophes, net of reinsurance:

Pre-tax $ 1,738 $ 554 $ 263 $ 37 $ 374

After-tax $ 1,373 $ 437 $ 208 $ 30 $ 295

Prior year reserve development - favorable:

Pre-tax $ 237 $ 155 $ 104 $ 86 $ 186

After-tax $ 187 $ 122 $ 82 $ 67 $ 147

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Segment Income (Loss) by Major Component and Combined Ratio - Personal Insurance

($ in millions, net of tax) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Underwriting gain (loss) $ (529) $ 380 $ 631 $ 907 $ 535

Net investment income 141 141 157 162 155

Other income 14 13 19 17 14

Segment income (loss) $ (374) $ 534 $ 807 $ 1,086 $ 704

Combined ratio (1)

Loss and loss adjustment expense ratio 91.0 % 64.0 % 56.4 % 49.4 % 58.8 %

Underwriting expense ratio 24.2 % 24.4 % 24.9 % 24.6 % 24.1 %

Combined ratio 115.2 % 88.4 % 81.3 % 74.0 % 82.9 %

Impact on combined ratio:

Net favorable prior year reserve development (5.6) % (3.6) % (2.4) % (1.9) % (4.5) %

Catastrophes, net of reinsurance 40.9 % 12.7 % 6.0 % 0.8 % 9.1 %

Underlying combined ratio 79.9 % 79.3 % 77.7 % 75.1 % 78.3 %

(1) Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Billing and policy fees and other $ 24 $ 24 $ 23 $ 24 $ 21

Fee income $ 11 $ 13 $ 13 $ 13 $ 10

Non-insurance general and administrative expenses $ 6 $ 6 $ 5 $ 6 $ 14

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Selected Statistics - Personal Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory underwriting

Gross written premiums $ 4,021 $ 4,700 $ 4,848 $ 4,264 $ 3,748

Net written premiums $ 3,818 $ 4,666 $ 4,718 $ 4,244 $ 3,486

Net earned premiums $ 4,250 $ 4,355 $ 4,393 $ 4,397 $ 4,094

Losses and loss adjustment expenses 3,867 2,787 2,476 2,173 2,410

Underwriting expenses 976 1,122 1,161 1,066 937

Statutory underwriting gain (loss) $ (593) $ 446 $ 756 $ 1,158 $ 747

Policies in force (in thousands)

Automobile 3,118 3,083 3,050 3,025 2,819

Homeowners and Other 5,980 5,882 5,768 5,679 5,449

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Net Written Premiums - Personal Insurance

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net written premiums by product line

Domestic

Automobile $ 1,859 $ 1,968 $ 2,062 $ 1,856 $ 1,756

Homeowners and Other 1,813 2,520 2,489 2,229 1,730

Total Domestic 3,672 4,488 4,551 4,085 3,486

International 146 178 167 159 —

Total $ 3,818 $ 4,666 $ 4,718 $ 4,244 $ 3,486

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Selected Statistics - Personal Insurance - Automobile

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory underwriting

Gross written premiums $ 1,967 $ 2,083 $ 2,177 $ 1,967 $ 1,767

Net written premiums $ 1,955 $ 2,074 $ 2,165 $ 1,956 $ 1,756

Net earned premiums $ 2,071 $ 2,091 $ 2,091 $ 2,075 $ 1,892

Losses and loss adjustment expenses 1,270 1,320 1,300 1,393 1,145

Underwriting expenses 444 477 495 458 415

Statutory underwriting gain $ 357 $ 294 $ 296 $ 224 $ 332

Other statistics

Combined ratio (1):

Loss and loss adjustment expense ratio 61.3 % 63.1 % 62.1 % 67.1 % 60.6 %

Underwriting expense ratio 22.1 % 22.2 % 22.8 % 22.3 % 22.3 %

Combined ratio 83.4 % 85.3 % 84.9 % 89.4 % 82.9 %

Impact on combined ratio:

Net favorable prior year reserve development (6.0) % (5.0) % (4.3) % (3.0) % (6.3) %

Catastrophes, net of reinsurance 1.9 % 1.3 % 0.9 % 0.2 % 0.9 %

Underlying combined ratio 87.5 % 89.0 % 88.3 % 92.2 % 88.3 %

Catastrophes, net of reinsurance:

Pre-tax $ 39 $ 27 $ 19 $ 4 $ 15

After-tax $ 30 $ 22 $ 15 $ 3 $ 12

Prior year reserve development - favorable:

Pre-tax $ 125 $ 104 $ 89 $ 61 $ 120

After-tax $ 98 $ 83 $ 70 $ 47 $ 95

Policies in force (in thousands) 3,118 3,083 3,050 3,025 2,819

Change from prior year quarter (2.9) % (3.1) % (3.4) % (4.0) % (9.6) %

Change from prior quarter (1.0) % (1.1) % (1.1) % (0.8) % (6.8) %

(1) Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Billing and policy fees and other $ 14 $ 15 $ 14 $ 14 $ 13

Fee income $ 6 $ 6 $ 7 $ 7 $ 5

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Selected Statistics - Personal Insurance - Homeowners and Other

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory underwriting

Gross written premiums $ 2,054 $ 2,617 $ 2,671 $ 2,297 $ 1,981

Net written premiums $ 1,863 $ 2,592 $ 2,553 $ 2,288 $ 1,730

Net earned premiums $ 2,179 $ 2,264 $ 2,302 $ 2,322 $ 2,202

Losses and loss adjustment expenses 2,597 1,467 1,176 780 1,265

Underwriting expenses 532 645 666 608 522

Statutory underwriting gain (loss) $ (950) $ 152 $ 460 $ 934 $ 415

Other statistics

Combined ratio (1):

Loss and loss adjustment expense ratio 119.2 % 64.8 % 51.1 % 33.6 % 57.4 %

Underwriting expense ratio 26.3 % 26.5 % 26.9 % 26.7 % 25.6 %

Combined ratio 145.5 % 91.3 % 78.0 % 60.3 % 83.0 %

Impact on combined ratio:

Net favorable prior year reserve development (5.1) % (2.2) % (0.7) % (1.1) % (3.0) %

Catastrophes, net of reinsurance 78.0 % 23.2 % 10.7 % 1.5 % 16.3 %

Underlying combined ratio 72.6 % 70.3 % 68.0 % 59.9 % 69.7 %

Catastrophes, net of reinsurance:

Pre-tax $ 1,699 $ 527 $ 244 $ 33 $ 359

After-tax $ 1,343 $ 415 $ 193 $ 27 $ 283

Prior year reserve development - favorable:

Pre-tax $ 112 $ 51 $ 15 $ 25 $ 66

After-tax $ 89 $ 39 $ 12 $ 20 $ 52

Policies in force (in thousands) 5,980 5,882 5,768 5,679 5,449

Change from prior year quarter (4.1) % (4.6) % (5.5) % (6.3) % (8.9) %

Change from prior quarter (1.3) % (1.6) % (1.9) % (1.5) % (4.1) %

(1) Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Billing and policy fees and other $ 10 $ 9 $ 9 $ 10 $ 8

Fee income $ 5 $ 7 $ 6 $ 6 $ 5

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Interest Expense and Other

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Revenues

Other revenues $ — $ — $ — $ — $ —

Claims and expenses

Interest expense 99 99 111 116 116

General and administrative expenses 11 12 13 13 13

Total claims and expenses 110 111 124 129 129

Loss before income tax benefit (110) (111) (124) (129) (129)

Income tax benefit (24) (24) (27) (26) (28)

Loss $ (86) $ (87) $ (97) $ (103) $ (101)

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Consolidated Balance Sheet

($ and shares in millions) March 31,

2026 December 31,

2025

Assets

Fixed maturities, available for sale, at fair value (amortized cost $93,742 and $91,717; allowance for expected credit losses of $3 and $3)

$ 90,736 $ 89,833

Equity securities, at fair value (cost $428 and $457)

591 618

Real estate investments 899 900

Short-term securities 6,660 5,716

Other investments 4,092 4,115

Total investments 102,978 101,182

Cash (including restricted cash of $134 and $132)

615 842

Investment income accrued 801 877

Premiums receivable (net of allowance for expected credit losses of $60 and $58)

11,423 10,992

Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $130 and $129)

7,988 7,886

Ceded unearned premiums 1,877 1,283

Deferred acquisition costs 3,587 3,518

Deferred taxes 1,101 887

Contractholder receivables (net of allowance for expected credit losses of $14 and $16)

3,051 3,010

Goodwill 4,060 4,066

Other intangible assets 331 336

Other assets 4,497 4,279

Assets held for sale (1) — 4,550

Total assets $ 142,309 $ 143,708

Liabilities

Claims and claim adjustment expense reserves $ 66,912 $ 65,737

Unearned premium reserves 22,772 22,431

Contractholder payables 3,065 3,026

Payables for reinsurance premiums 1,123 529

Debt 9,268 9,267

Other liabilities 7,183 7,282

Liabilities held for sale (1) — 2,542

Total liabilities 110,323 110,814

Shareholders’ equity

Common stock (1,750.0 shares authorized; 212.6 and 217.5 shares issued and outstanding)

26,092 25,910

Retained earnings 56,404 54,931

Accumulated other comprehensive loss (3,078) (2,500)

Treasury stock, at cost (582.5 and 575.9 shares)

(47,432) (45,447)

Total shareholders’ equity 31,986 32,894

Total liabilities and shareholders’ equity $ 142,309 $ 143,708

(1) Amounts relate to the Canadian operations divested by the Company in the first quarter of 2026.

The Travelers Companies, Inc.

Investment Portfolio

(at carrying value, $ in millions) March 31,

2026 Pre-tax Book

Yield (1) December 31,

2025 (2) Pre-tax Book

Yield (1)

Investment portfolio

Taxable fixed maturities $ 63,394 4.16 % $ 63,051 4.11 %

Tax-exempt fixed maturities 27,342 3.35 % 26,782 3.29 %

Total fixed maturities 90,736 3.91 % 89,833 3.86 %

Non-redeemable preferred stocks 33 2.01 % 35 1.64 %

Common stocks 558 583

Total equity securities 591 618

Real estate investments 899 900

Short-term securities 6,660 3.78 % 5,716 3.86 %

Private equities 2,732 2,749

Hedge funds 208 212

Real estate partnerships 821 832

Other investments 331 322

Total other investments 4,092 4,115

Total investments $ 102,978 $ 101,182

Net unrealized investment gains (losses), net of tax, included in shareholders’ equity $ (2,378) $ (1,478)

(1) Yields are provided for those investments with an embedded book yield.

(2) Excludes $3,347 million of total investments classified as held for sale.

The Travelers Companies, Inc.

Investment Portfolio - Fixed Maturities Data

(at carrying value, $ in millions) March 31,

2026 December 31,

2025 (1)

Fixed maturities

U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 3,383 $ 3,857

Obligations of U.S. states and political subdivisions:

Pre-refunded 369 416

All other 31,611 30,962

Total 31,980 31,378

Debt securities issued by foreign governments 358 312

Mortgage-backed securities - principally obligations of U.S. Government agencies 12,848 13,232

Corporate and all other bonds 42,167 41,054

Total fixed maturities $ 90,736 $ 89,833

Fixed Maturities

Quality Characteristics (2)

March 31, 2026 December 31, 2025 (1)

Amount % of Total Amount % of Total

Quality Ratings

Aaa $ 25,220 27.8 % $ 24,898 27.7 %

Aa 32,538 35.9 33,027 36.7

A 20,512 22.6 19,660 21.9

Baa 11,420 12.5 11,198 12.5

Total investment grade 89,690 98.8 88,783 98.8

Ba 839 1.0 812 1.0

B 182 0.2 205 0.2

Caa and lower 25 — 33 —

Total below investment grade 1,046 1.2 1,050 1.2

Total fixed maturities $ 90,736 100.0 % $ 89,833 100.0 %

Average weighted quality Aa3, AA- Aa2, AA

Weighted average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases 4.9 4.7

(1) Excludes $3,243 million of fixed maturities classified as held for sale.

(2) Rated using external rating agencies or by Travelers when a public rating does not exist. Below investment grade assets refer to securities rated “Ba” or below.

The Travelers Companies, Inc.

Investment Income

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Gross investment income

Fixed maturities $ 812 $ 833 $ 874 $ 914 $ 899

Short-term securities 57 55 73 68 75

Other 76 67 101 82 47

945 955 1,048 1,064 1,021

Investment expenses 15 13 15 10 13

Net investment income, pre-tax 930 942 1,033 1,054 1,008

Income taxes 167 168 183 187 175

Net investment income, after-tax $ 763 $ 774 $ 850 $ 867 $ 833

Effective tax rate 17.9 % 17.9 % 17.8 % 17.7 % 17.4 %

Average invested assets (1) (2) $101,000 $102,173 $105,655 $107,932 $106,666

Average yield pre-tax (1) 3.7 % 3.7 % 3.9 % 3.9 % 3.8 %

Average yield after-tax 3.0 % 3.0 % 3.2 % 3.2 % 3.1 %

(1) Excludes net unrealized investment gains (losses), and is adjusted for cash, receivables for investment sales, payables on investment purchases and accrued investment income.

(2) Includes $3,347 million of invested assets classified as held for sale as of December 31, 2025.

The Travelers Companies, Inc.

Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders' Equity

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Net realized investment gains (losses)

Fixed maturities $ (31) $ (17) $ (2) $ (19) $ (22)

Equity securities (22) 20 39 8 1

Other (1) (8) 3 (10) (9) 70

Realized investment gains (losses) before tax (61) 6 27 (20) 49

Related taxes (13) 1 6 (5) 34

Net realized investment gains (losses) $ (48) $ 5 $ 21 $ (15) $ 15

Gross investment gains $ 4 $ 41 $ 45 $ 13 $ 277

Gross investment losses before impairments (63) (35) (18) (33) (225)

Net investment gains (losses) before impairments (59) 6 27 (20) 52

Net impairment (charges) recoveries (2) — — — (3)

Net realized investment gains (losses) before tax (61) 6 27 (20) 49

Related taxes (13) 1 6 (5) 34

Net realized investment gains (losses) $ (48) $ 5 $ 21 $ (15) $ 15

($ in millions) March 31,

2025 June 30,

2025 September 30,

2025 December 31,

2025 March 31,

2026

Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type

Fixed maturities $ (4,171) $ (3,833) $ (2,481) $ (1,859) $ (3,003)

Other (1) 2 (3) (3) (5)

Unrealized investment gains (losses) before tax (4,172) (3,831) (2,484) (1,862) (3,008)

Related taxes (873) (800) (514) (384) (630)

Balance, end of period $ (3,299) $ (3,031) $ (1,970) $ (1,478) $ (2,378)

(1) Other net realized investment gains in the first quarter of 2026 were driven by net realized investment gains related to the Canadian operations divested by the Company in the first quarter of 2026.

The Travelers Companies, Inc.

Reinsurance Recoverables

($ in millions) March 31, 2026 December 31, 2025

Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1) $ 4,364 $ 4,352

Gross structured settlements (2) 2,279 2,469

Mandatory pools and associations (3) 1,475 1,485

Gross reinsurance recoverables (4) 8,118 8,306

Allowance for estimated uncollectible reinsurance (5) (130) (135)

Less amounts classified as held for sale — 285

Net reinsurance recoverables $ 7,988 $ 7,886

(1) The Company’s top five reinsurer groups, including retroactive reinsurance, included in gross reinsurance recoverables is as follows:

Reinsurer A.M. Best Rating of Group's Predominant Reinsurer March 31, 2026

Swiss Re Group A+ second highest of 16 ratings $ 658

Berkshire Hathaway A++ highest of 16 ratings 411

Munich Re Group A+ second highest of 16 ratings 363

Sompo Group A+ second highest of 16 ratings 236

Fairfax Financial Group A+ second highest of 16 ratings 220

The gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses represent the current and estimated future amounts due from reinsurers on known and incurred but not reported claims. The ceded reserves are estimated in a manner consistent with the underlying direct and assumed reserves. Although this total comprises recoverables due from nearly one thousand different reinsurance entities, over half is attributable to 10 reinsurer groups.

(2) Included in reinsurance recoverables are certain amounts related to structured settlements, which comprise annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers’ compensation claims comprise a significant portion. In cases where the Company did not receive a release from the claimant, the amounts due from the life insurance company related to the structured settlement are included in both the claims and claim adjustment expense reserves and reinsurance recoverables in the Company’s consolidated balance sheet, as the Company retains the liability to pay the claimant in the event that the life insurance company fails to make the required annuity payments. The Company would be required to make such payments, to the extent the purchased annuities are not covered by state guaranty associations.

The Company’s top five groups included in gross structured settlements is as follows:

Group A.M. Best Rating of Group's Predominant Insurer March 31, 2026

Fidelity & Guaranty Life Group A third highest of 16 ratings $ 628

Genworth Financial Group B- eighth highest of 16 ratings 312

Symetra Financial Corporation A third highest of 16 ratings 160

Brighthouse Financial, Inc. A third highest of 16 ratings 158

John Hancock Group A+ second highest of 16 ratings 152

(3) The mandatory pools and associations represent various involuntary assigned risk pools that the Company is required to participate in. These pools principally involve workers’ compensation and automobile insurance, which provide various insurance coverages to insureds that otherwise are unable to purchase coverage in the open market. The costs of these mandatory pools in most states are usually charged back to the participating members in proportion to voluntary writings of related business in that state. In the event that a member of the pool becomes insolvent, the remaining members assume an additional pro rata share of the pool’s liabilities.

(4) Of the total reinsurance recoverables at March 31, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $5.97 billion, or 90%, were rated by A.M. Best Company. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 10% of reinsurance recoverables comprised the following: 5% related to captive insurance companies, 1% related to voluntary pools and 4% were balances from other companies not rated by A.M. Best Company. Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

(5) The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors. For structured settlements, the allowance is also based upon the Company’s ongoing review of life insurers’ creditworthiness and estimated amounts of coverage that would be available from state guaranty funds if a life insurer defaults. A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the amount of uncollectible reinsurance due to credit-related factors and the estimate is reported in an allowance for estimated uncollectible reinsurance. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers.

The Travelers Companies, Inc.

Net Reserves for Losses and Loss Adjustment Expense

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Statutory Reserves for Losses and Loss Adjustment Expenses

Business Insurance

Beginning of period $ 42,909 $ 43,742 $ 44,477 $ 45,148 $ 45,383

Incurred 3,650 3,530 3,614 3,138 3,463

Paid (2,847) (2,890) (2,915) (2,912) (2,635)

Foreign exchange and other (1) 30 95 (28) 9 (612)

End of period $ 43,742 $ 44,477 $ 45,148 $ 45,383 $ 45,599

Bond & Specialty Insurance

Beginning of period $ 4,938 $ 5,072 $ 5,249 $ 5,304 $ 5,367

Incurred 430 414 447 457 437

Paid (325) (307) (372) (396) (336)

Foreign exchange and other (1) 29 70 (20) 2 (137)

End of period $ 5,072 $ 5,249 $ 5,304 $ 5,367 $ 5,331

Personal Insurance

Beginning of period $ 8,479 $ 9,277 $ 9,346 $ 9,168 $ 8,997

Incurred 3,867 2,787 2,476 2,173 2,410

Paid (3,069) (2,767) (2,635) (2,357) (2,213)

Foreign exchange and other (1) — 49 (19) 13 (909)

End of period $ 9,277 $ 9,346 $ 9,168 $ 8,997 $ 8,285

Total

Beginning of period $ 56,326 $ 58,091 $ 59,072 $ 59,620 $ 59,747

Incurred 7,947 6,731 6,537 5,768 6,310

Paid (6,241) (5,964) (5,922) (5,665) (5,184)

Foreign exchange and other (1) 59 214 (67) 24 (1,658)

End of period $ 58,091 $ 59,072 $ 59,620 $ 59,747 $ 59,215

Prior Year Reserve Development: Unfavorable (Favorable)

Business Insurance

Asbestos $ — $ — $ 277 $ — $ —

All other (74) (79) (152) (205) (162)

Total Business Insurance (2) (74) (79) 125 (205) (162)

Bond & Specialty Insurance (67) (81) (43) (30) (65)

Personal Insurance (237) (155) (104) (86) (186)

Total $ (378) $ (315) $ (22) $ (321) $ (413)

(1) The amount for 1Q2026 includes the impact of net reserves disposed of related to the Canadian operations divested by the Company in the first quarter of 2026.

(2) Excludes accretion of discount.

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Asbestos Reserves

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Asbestos reserves

Beginning reserves:

Gross $ 1,708 $ 1,636 $ 1,555 $ 1,798 $ 1,700

Ceded (370) (357) (318) (352) (345)

Net 1,338 1,279 1,237 1,446 1,355

Incurred losses and loss expenses:

Gross — — 327 — —

Ceded — — (50) — —

Paid loss and loss expenses:

Gross 72 83 84 98 77

Ceded (13) (39) (16) (8) (15)

Foreign exchange and other:

Gross — 2 — — —

Ceded — — — (1) —

Ending reserves:

Gross 1,636 1,555 1,798 1,700 1,623

Ceded (357) (318) (352) (345) (330)

Net $ 1,279 $ 1,237 $ 1,446 $ 1,355 $ 1,293

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Capitalization

($ in millions) March 31,

2026 December 31,

2025

Debt

Short-term debt

Commercial paper $ 100 $ 100

7.75% Senior notes due April 15, 2026 200 200

Total short-term debt 300 300

Long-term debt

7.625% Junior subordinated debentures due December 15, 2027 125 125

6.375% Senior notes due March 15, 2033 (1) 500 500

5.05% Senior notes due July 24, 2035 (1) 500 500

6.75% Senior notes due June 20, 2036 (1) 400 400

6.25% Senior notes due June 15, 2037 (1) 800 800

5.35% Senior notes due November 1, 2040 (1) 750 750

4.60% Senior notes due August 1, 2043 (1) 500 500

4.30% Senior notes due August 25, 2045 (1) 400 400

8.50% Junior subordinated debentures due December 15, 2045 56 56

3.75% Senior notes due May 15, 2046 (1) 500 500

8.312% Junior subordinated debentures due July 1, 2046 73 73

4.00% Senior notes due May 30, 2047 (1) 700 700

4.05% Senior notes due March 7, 2048 (1) 500 500

4.10% Senior notes due March 4, 2049 (1) 500 500

2.55% Senior notes due April 27, 2050 (1) 500 500

3.05% Senior notes due June 8, 2051 (1) 750 750

5.45% Senior notes due May 25, 2053 (1) 750 750

5.70% Senior notes due July 24, 2055 (1) 750 750

Total long-term debt 9,054 9,054

Unamortized fair value adjustment 31 31

Unamortized debt issuance costs (117) (118)

8,968 8,967

Total debt 9,268 9,267

Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity) 34,364 34,372

Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity) $ 43,632 $ 43,639

Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity) 21.2 % 21.2 %

(1) Redeemable anytime with “make-whole” premium.

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Statutory Capital and Surplus to GAAP Shareholders' Equity Reconciliation

($ in millions) March 31,

2026 (1) December 31,

2025

Statutory capital and surplus $ 31,063 $ 31,064

GAAP adjustments

Goodwill and intangible assets 3,430 3,640

Investments (2,291) (1,238)

Noninsurance companies (4,907) (4,876)

Deferred acquisition costs 3,449 3,478

Deferred federal income tax (111) (446)

Current federal income tax (7) (6)

Reinsurance recoverables 160 41

Furniture, equipment & software 877 948

Agents balances 224 182

Other 99 107

Total GAAP adjustments 923 1,830

GAAP shareholders’ equity $ 31,986 $ 32,894

(1) Estimated and Preliminary

See Glossary of Financial Measures and Description of Reportable Business Segments on pages 35 and 36.

The Travelers Companies, Inc.

Statement of Cash Flows

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Cash flows from operating activities

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized investment (gains) losses 61 (6) (27) 20 (49)

Depreciation and amortization 188 164 166 162 193

Deferred federal income tax expense (benefit) 31 (83) 320 (58) 51

Amortization of deferred acquisition costs 1,778 1,802 1,849 1,837 1,766

Equity in income from other investments (53) (42) (74) (57) (23)

Premiums receivable (459) (438) 412 370 (434)

Reinsurance recoverables (97) 78 (250) 132 (108)

Deferred acquisition costs (1,822) (1,917) (1,877) (1,757) (1,837)

Claims and claim adjustment expense reserves 1,818 725 845 (88) 1,211

Unearned premium reserves 419 495 331 (661) 351

Other (899) 47 644 289 (634)

Net cash provided by operating activities 1,360 2,334 4,227 2,685 2,198

Cash flows from investing activities

Proceeds from maturities of fixed maturities 2,801 3,071 2,886 2,902 3,014

Proceeds from sales of investments:

Fixed maturities 253 348 178 53 251

Equity securities 68 32 31 29 52

Other investments 63 79 68 111 60

Purchases of investments:

Fixed maturities (4,296) (4,847) (5,376) (4,252) (5,356)

Equity securities (25) (35) (34) (32) (25)

Real estate investments (7) (6) (10) (25) (12)

Other investments (96) (80) (86) (84) (69)

Net sales (purchases) of short-term securities 239 (215) (2,051) 1,082 (945)

Securities transactions in the course of settlement 308 64 (4) (224) 430

Proceeds from the divestiture of the Canadian business — — — — 2,384

Other (116) (127) (155) (135) (119)

Net cash used in investing activities (808) (1,716) (4,553) (575) (335)

The Travelers Companies, Inc.

Statement of Cash Flows (Continued)

($ in millions) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Cash flows from financing activities

Treasury stock acquired - share repurchase authorizations (250) (500) (619) (1,635) (1,785)

Treasury stock acquired - net employee share-based compensation (102) (22) (1) (2) (149)

Dividends paid to shareholders (240) (250) (247) (242) (237)

Issuance of debt — — 1,233 — —

Issuance of common stock - employee share options 57 70 36 51 86

Net cash provided by (used in) financing activities (535) (702) 402 (1,828) (2,085)

Effect of exchange rate changes on cash and restricted cash 8 19 (6) 2 (5)

Net increase (decrease) in cash and restricted cash 25 (65) 70 284 (227)

Cash and restricted cash at beginning of period 699 724 659 729 842

Less amounts classified as held for sale at end of period — — — 171 —

Cash and restricted cash at end of period $ 724 $ 659 $ 729 $ 842 $ 615

Supplemental disclosure of cash flow information

Income taxes paid $ 24 $ 538 $ 194 $ 518 $ 12

Interest paid $ 61 $ 136 $ 60 $ 136 $ 94

The Travelers Companies, Inc.

Glossary of Financial Measures and Description of Reportable Business Segments

The following measures are used by the Company’s management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis, and for other reasons as discussed below. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure.

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.

Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted shareholders’ equity is shareholders’ equity excluding net realized investment gains (losses), net of tax, net unrealized investment gains (losses), net of tax, included in shareholders’ equity for the periods presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of total adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.

Reconciliation of Shareholders’ Equity to Adjusted Shareholders’ Equity

As of

($ in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026

Shareholders’ equity $ 28,191 $ 29,518 $ 31,609 $ 32,894 $ 31,986

Adjustments:

Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity 3,299 3,031 1,970 1,478 2,378

Net realized investment (gains) losses, net of tax 48 43 22 37 (15)

Adjusted shareholders’ equity $ 31,538 $ 32,592 $ 33,601 $ 34,409 $ 34,349

Return on equity is the ratio of annualized net income (loss) to average shareholders’ equity for the periods presented. Core return on equity is the ratio of annualized core income (loss) to adjusted average shareholders’ equity for the periods presented. In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.

A catastrophe is a severe loss designated, or reasonably expected by the Company to be designated, a catastrophe by one or more industry recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure. Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount. Their effects are included in net and core income and claims and claim adjustment expense reserves upon occurrence. A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools. The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2026 ranges from $20 million to $30 million of losses before reinsurance and taxes.

The Travelers Companies, Inc.

Glossary of Financial Measures and Description of Reportable Business Segments

Combined ratio For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators. The combined ratio, as used in this financial supplement, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premiums and the underwriting expense ratio as used in this financial supplement is based on net earned premiums. For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this financial supplement is calculated in the same manner as the SAP ratio. For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this financial supplement, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income and billing and policy fees, to net earned premiums. Underlying combined ratio is the combined ratio adjusted to exclude the impact of prior year reserve development and catastrophes, net of reinsurance.

Other companies’ method of computing similarly titled measures may not be comparable to the Company’s method of computing these ratios.

Total capital is the sum of total shareholders’ equity and debt. Debt-to-capital ratio excluding net unrealized gain (loss) on investments, net of tax, included in shareholders’ equity is the ratio of debt to total capital excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity. In the opinion of the Company’s management, the debt to capital ratio is useful in an analysis of the Company’s financial leverage.

Travelers has organized its businesses into the following reportable business segments:

Business Insurance - Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd’s. Business Insurance is organized as follows: Select Accounts; Middle Market including Commercial Accounts, Construction, Technology & Life Sciences, Public Sector Services, Energy, Excess Casualty, Inland Marine, Ocean Marine, and Boiler & Machinery; National Accounts; National Property and Other including National Property, Northland Transportation, Agribusiness, Northfield and National Programs; and International, including Global Services and a 20% quota-share reinsurance agreement with subsidiaries of Fidelis Insurance Holdings Limited. Business Insurance also includes Simply Business, a leading provider of small business insurance policies primarily in the United Kingdom, and Business Insurance Other, which primarily comprises the Company’s asbestos and environmental liabilities and other runoff operations, including certain assumed reinsurance arrangements.

Bond & Specialty Insurance - Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and/or specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil (through a joint venture as described below), in each case utilizing various degrees of financially-based underwriting approaches. The range of coverages includes performance, payment and commercial surety bonds for construction and general commercial enterprises; management liability coverages including directors’ and officers’ liability, employment practices liability, fidelity liability, fiduciary liability and cyber risk for public corporations, private companies, not-for-profit organizations and financial institutions; professional liability coverage for a variety of professionals including, among others, lawyers and design professionals; in the United States only, property, workers’ compensation, auto and general liability for financial institutions; and transactional liability coverages to public and private companies.

Bond & Specialty Insurance’s surety business in Brazil is conducted through Junto Holding Brasil S.A. (Junto). The Company owns 49.5% of Junto, a market leader in surety coverages in Brazil. This joint venture investment is accounted for using the equity method and is included in “other investments” on the consolidated balance sheet.

Personal Insurance - Personal Insurance offers a broad range of property and casualty insurance products and services in the United States covering individuals’ personal risks. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

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Cover Page

Apr. 16, 2026

Cover [Abstract]

Document type

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Document period end date

Apr. 16, 2026

Registrant name

Travelers Companies, Inc.

Entity incorporation, state

Entity file number

001-10898

Entity tax identification number

41-0518860

Entity address, address line one

485 Lexington Avenue

Entity address, city

New York

Entity address, state

Entity address, postal zip code

10017

City area code

917

Local phone number

778-6000

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NYSE

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration