Form 8-K

8-K — TRAVELERS COMPANIES, INC.

Accession: 0000086312-26-000143

Filed: 2026-07-17

Period: 2026-07-17

CIK: 0000086312

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — trv-20260717.htm (Primary)

EX-99.1 (a991pressrelease63026.htm)

EX-99.2 (a992finsupp63026.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: trv-20260717.htm · Sequence: 1

trv-20260717

0000086312false00000863122026-07-172026-07-17

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): July 17, 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 July 17, 2026, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2026, and the availability of the Company’s second 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 July 17, 2026, reporting results of operations (This exhibit is furnished and not filed.)

99.2

Second 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: July 17, 2026 By: /S/ CHRISTINE K. KALLA

Name: Christine K. Kalla

Executive Vice President and General Counsel

EX-99.1

Filename: a991pressrelease63026.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 Second Quarter and Year-to-Date Results

Second Quarter 2026 Net Income per Diluted Share of $10.26 and Core Income per Diluted Share of $10.04

Second Quarter 2026 Return on Equity of 27.1% and Core Return on Equity of 24.9%

•Second quarter net income of $2.208 billion and core income of $2.160 billion.

•Underlying underwriting income of $1.678 billion pre-tax.

•Improved consolidated combined ratio of 83.6% and underlying combined ratio of 84.1%.

•Catastrophe losses of $518 million pre-tax, compared to $927 million pre-tax in the prior year quarter.

•Net favorable prior year reserve development in all three segments totaled $578 million pre-tax.

•Net written premiums of $11.529 billion.

•Net investment income increased 14% to $883 million after-tax.

•Total capital of $1.577 billion returned to shareholders, including $1.311 billion of share repurchases.

New York, July 17, 2026 — The Travelers Companies, Inc. today reported net income of $2.208 billion, or $10.26 per diluted share, for the quarter ended June 30, 2026, compared to $1.509 billion, or $6.53 per diluted share, in the prior year quarter. Core income in the current quarter was $2.160 billion, or $10.04 per diluted share, compared to $1.504 billion, or $6.51 per diluted share, in the prior year quarter. Core income increased primarily due to lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income and a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses). Net realized investment gains in the current quarter were $60 million pre-tax ($48 million after-tax), compared to $6 million pre-tax ($5 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 June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Net written premiums $ 11,529 $ 11,543 — % $ 21,867 $ 22,058 (1) %

Total revenues $ 12,153 $ 12,116 — $ 24,077 $ 23,926 1

Net income $ 2,208 $ 1,509 46 $ 3,919 $ 1,904 106

per diluted share $ 10.26 $ 6.53 57 $ 18.01 $ 8.23 119

Core income $ 2,160 $ 1,504 44 $ 3,856 $ 1,947 98

per diluted share $ 10.04 $ 6.51 54 $ 17.73 $ 8.42 111

Diluted weighted average shares outstanding 213.6 229.3 (7) 216.0 229.7 (6)

Combined ratio 83.6 % 90.3 % (6.7) pts 86.1 % 96.3 % (10.2) pts

Underlying combined ratio 84.1 % 84.7 % (0.6) pts 84.7 % 84.7 % — pts

Return on equity 27.1 % 20.9 % 6.2 pts 24.1 % 13.4 % 10.7 pts

Core return on equity 24.9 % 18.8 % 6.1 pts 22.3 % 12.3 % 10.0 pts

As of Change From

June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2025 June 30, 2025

Book value per share $ 158.81 $ 151.21 $ 131.11 5 % 21 %

Adjusted book value per share 168.20 158.01 144.57 6 % 16 %

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

“We are pleased to report excellent second quarter results with very strong underwriting performance across all three segments and a terrific result from our investment portfolio,” said Alan Schnitzer, Chairman and Chief Executive Officer. “Core income for the quarter was $2.2 billion, or $10.04 per diluted share. Core return on equity for the quarter was 24.9%, bringing core return on equity over the last four quarters to 24.2%. Second quarter underwriting income of $1.7 billion pre-tax benefited from continued strong levels of underlying underwriting income and net favorable prior year development. Reported and underlying profitability were both excellent. The combined ratio improved to 83.6%, and the underlying combined ratio improved to 84.1% driven by a lower underlying loss ratio. Our high-quality investment portfolio generated after-tax net investment income of $883 million, an increase of 14%. These results, along with our exceptionally strong balance sheet, enabled us to return more than $1.5 billion of excess capital to our shareholders during the quarter, including $1.3 billion of share repurchases.

“Through disciplined marketplace execution across all three segments, we generated net written premiums in the quarter of $11.5 billion. In Business Insurance, we grew net written premiums to $6.0 billion, 5% higher than the prior year quarter adjusting for the sale of our Canadian business. We grew our leading Middle Market business by 7% and small commercial Select business by 4%. Renewal premium change in the segment was 4.8%, with stable renewal premium change of 6.1% in our core Middle Market business and higher renewal premium change of 9.4% in our small commercial Select business. Retention remained very strong at 86%, and new business was a record $805 million, up 8% over the prior year quarter. In Bond & Specialty Insurance, we grew net written premiums by 14% to $1.2 billion. In our high-quality Management Liability business renewal premium change remained steady while retention improved to an excellent 88%. New business in the segment was up 8% over the prior year quarter. In our leading Surety business, we grew net written premiums by 40%, reflecting success with large projects and continued strong production across the portfolio. In Personal Insurance, we generated net written premiums of $4.3 billion, with solid retention in both Auto and Homeowners and higher new business in our Homeowners business.

“The strong results we have delivered in the first half of the year reflect durable underlying fundamentals, the discipline with which we manage our balance sheet and the successful execution of our winning strategy. The scale of our earnings and cash flow enable us to invest in differentiating technology, including AI, at a level that sets us apart, further strengthening the competitive advantages that power those results. Operating from this position of strength, we remain highly confident in the outlook for Travelers.”

Consolidated Results

Three Months Ended June 30, Six Months Ended June 30,

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

Underwriting gain: $ 1,738 $ 1,022 $ 716 $ 2,911 $ 717 $ 2,194

Underwriting gain includes:

Net favorable prior year reserve development 578 315 263 991 693 298

Catastrophes, net of reinsurance (518) (927) 409 (1,279) (3,193) 1,914

Net investment income 1,070 942 128 2,078 1,872 206

Other income (expense), including interest expense

(101) (89) (12) (212) (185) (27)

Core income before income taxes 2,707 1,875 832 4,777 2,404 2,373

Income tax expense 547 371 176 921 457 464

Core income 2,160 1,504 656 3,856 1,947 1,909

Net realized investment gains (losses) after income taxes 48 5 43 63 (43) 106

Net income $ 2,208 $ 1,509 $ 699 $ 3,919 $ 1,904 $ 2,015

Combined ratio 83.6 % 90.3 % (6.7) pts 86.1 % 96.3 % (10.2) pts

Impact on combined ratio

Net favorable prior year reserve development (5.4) pts (2.9) pts (2.5) pts (4.6) pts (3.2) pts (1.4) pts

Catastrophes, net of reinsurance 4.9 pts 8.5 pts (3.6) pts 6.0 pts 14.8 pts (8.8) pts

Underlying combined ratio 84.1 % 84.7 % (0.6) pts 84.7 % 84.7 % — pts

Net written premiums

Business Insurance $ 5,984 $ 5,792 3 % $ 11,770 $ 11,490 2 %

Bond & Specialty Insurance 1,237 1,085 14 2,303 2,084 11

Personal Insurance 4,308 4,666 (8) 7,794 8,484 (8)

Total $ 11,529 $ 11,543 — % $ 21,867 $ 22,058 (1) %

Second Quarter 2026 Results

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

Net income of $2.208 billion increased $699 million, driven by higher core income and higher net realized investment gains. Core income of $2.160 billion increased $656 million, primarily due to lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income and a higher underlying underwriting gain. Net realized investment gains were $60 million pre-tax ($48 million after-tax), compared to $6 million pre-tax ($5 million after-tax) in the prior year quarter.

Combined ratio:

•The combined ratio of 83.6% improved 6.7 points due to lower catastrophe losses (3.6 points), higher net favorable prior year reserve development (2.5 points) and an improvement in the underlying combined ratio (0.6 points).

•The underlying combined ratio improved 0.6 points to an excellent 84.1%. See below for further details by segment.

•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 in multiple states.

Net investment income of $1.070 billion pre-tax ($883 million after-tax) increased 14%, driven by the long-term fixed income investment portfolio which benefited from a higher yield and growth in average invested assets.

Net written premiums of $11.529 billion were comparable with the prior year quarter. Net written premiums in the prior year quarter included $273 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 2% over the prior year quarter. See below for further details by segment.

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Net income of $3.919 billion increased $2.015 billion, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year period. Core income of $3.856 billion increased $1.909 billion, primarily due to lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income and a higher underlying underwriting gain. Net realized investment gains were $109 million pre-tax ($63 million after-tax), compared to net realized investment losses of $55 million pre-tax ($43 million after-tax) in the prior year period.

Combined ratio:

•The combined ratio of 86.1% improved 10.2 points due to lower catastrophe losses (8.8 points) and higher net favorable prior year reserve development (1.4 points).

•The underlying combined ratio of 84.7% was comparable with the prior year period. See below for further details by segment.

•The underwriting expense ratio increased 0.6 points to 29.0%. The Company expects 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 included the second quarter events described above, as well as severe wind and hail storms and winter storms in multiple states in the first three months of 2026.

Net investment income of $2.078 billion pre-tax ($1.716 billion after-tax) increased 11% driven by the same factors described above for the second quarter of 2026.

Net written premiums of $21.867 billion decreased 1%. Net written premiums in the prior year period included $496 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 1% over the prior year period. See below for further details by segment.

Shareholders’ Equity

Shareholders’ equity of $33.121 billion increased 1% over year-end 2025, primarily due to net income of $3.919 billion, partially offset by common share repurchases, dividends to shareholders and higher net unrealized investment losses. Net unrealized investment losses included in shareholders’ equity were $2.478 billion pre-tax ($1.960 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 $158.81 increased 5% over year-end 2025. Adjusted book value per share of $168.20, which excludes net unrealized investment losses, increased 6% over year-end 2025.

The Company repurchased 4.3 million shares of its common stock during the second quarter at an average price of $304.06 per share for a total cost of $1.311 billion. At June 30, 2026, the Company had $3.915 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 $31.433 billion, and the ratio of debt-to-capital was 21.5%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders’ equity was 20.5%, within the Company’s target range of 15% to 25%.

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

Business Insurance Segment Financial Results

Three Months Ended June 30, Six Months Ended June 30,

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

Underwriting gain: $ 728 $ 346 $ 382 $ 1,058 $ 541 $ 517

Underwriting gain includes:

Net favorable prior year reserve development 319 79 240 481 153 328

Catastrophes, net of reinsurance

(238) (368) 130 (617) (877) 260

Net investment income 762 662 100 1,470 1,318 152

Other income (expense) 8 2 6 5 (7) 12

Segment income before income taxes 1,498 1,010 488 2,533 1,852 681

Income tax expense 300 197 103 496 356 140

Segment income $ 1,198 $ 813 $ 385 $ 2,037 $ 1,496 $ 541

Combined ratio 86.8 % 93.6 % (6.8) pts 90.2 % 94.9 % (4.7) pts

Impact on combined ratio

Net favorable prior year reserve development (5.7) pts (1.4) pts (4.3) pts (4.4) pts (1.4) pts (3.0) pts

Catastrophes, net of reinsurance

4.3 pts 6.7 pts (2.4) pts 5.6 pts 8.0 pts (2.4) pts

Underlying combined ratio 88.2 % 88.3 % (0.1) pts 89.0 % 88.3 % 0.7 pts

Net written premiums by market

Domestic

Select Accounts $ 1,040 $ 1,004 4 % $ 2,046 $ 1,980 3 %

Middle Market 3,235 3,034 7 6,564 6,200 6

National Accounts 344 329 5 687 641 7

National Property and Other 866 885 (2) 1,557 1,605 (3)

Total Domestic 5,485 5,252 4 10,854 10,426 4

International 499 540 (8) 916 1,064 (14)

Total $ 5,984 $ 5,792 3 % $ 11,770 $ 11,490 2 %

Second Quarter 2026 Results

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

Segment income for Business Insurance was $1.198 billion after-tax, an increase of $385 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income.

Combined ratio:

•The combined ratio of 86.8% improved 6.8 points due to higher net favorable prior year reserve development (4.3 points), lower catastrophe losses (2.4 points) and an improvement in the underlying combined ratio (0.1 points).

•The underlying combined ratio was an excellent 88.2%.

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

Net written premiums of $5.984 billion increased 3%. Net written premiums in the prior year quarter included $79 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 5%.

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Business Insurance was $2.037 billion after-tax, an increase of $541 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income, partially offset by a lower underlying underwriting gain.

Combined ratio:

•The combined ratio of 90.2% improved 4.7 points due to higher net favorable prior year reserve development (3.0 points) and lower catastrophe losses (2.4 points), partially offset by a higher underlying combined ratio (0.7 points).

•The underlying combined ratio was an excellent 89.0%.

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

Net written premiums of $11.770 billion increased 2%. Net written premiums in the prior year period 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 grew 4%.

Bond & Specialty Insurance Segment Financial Results

Three Months Ended June 30, Six Months Ended June 30,

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

Underwriting gain: $ 178 $ 196 $ (18) $ 344 $ 366 $ (22)

Underwriting gain includes:

Net favorable prior year reserve development 75 81 (6) 140 148 (8)

Catastrophes, net of reinsurance (4) (5) 1 (12) (24) 12

Net investment income 113 107 6 226 209 17

Other income 4 3 1 7 8 (1)

Segment income before income taxes 295 306 (11) 577 583 (6)

Income tax expense 61 62 (1) 89 119 (30)

Segment income $ 234 $ 244 $ (10) $ 488 $ 464 $ 24

Combined ratio 82.8 % 80.3 % 2.5 pts 83.0 % 81.4 % 1.6 pts

Impact on combined ratio

Net favorable prior year reserve development (7.2) pts (8.0) pts 0.8 pts (6.8) pts (7.3) pts 0.5 pts

Catastrophes, net of reinsurance 0.4 pts 0.5 pts (0.1) pts 0.6 pts 1.2 pts (0.6) pts

Underlying combined ratio 89.6 % 87.8 % 1.8 pts 89.2 % 87.5 % 1.7 pts

Net written premiums

Domestic

Management Liability $ 611 $ 589 4 % $ 1,183 $ 1,142 4 %

Surety 480 342 40 861 675 28

Total Domestic 1,091 931 17 2,044 1,817 12

International 146 154 (5) 259 267 (3)

Total $ 1,237 $ 1,085 14 % $ 2,303 $ 2,084 11 %

Second Quarter 2026 Results

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

Segment income for Bond & Specialty Insurance was $234 million after-tax, a decrease of $10 million. Segment income decreased primarily due to a lower underlying underwriting gain and lower net favorable prior year reserve development, partially offset by higher net investment income.

Combined ratio:

•The combined ratio of 82.8% increased 2.5 points due to a higher underlying combined ratio (1.8 points) and lower net favorable prior year reserve development (0.8 points), partially offset by lower catastrophe losses (0.1 points).

•The underlying combined ratio was very strong at 89.6%.

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

Net written premiums of $1.237 billion increased 14%. Net written premiums in the prior year quarter included $16 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 16%.

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $488 million after-tax, an increase of $24 million. Segment income increased primarily due to higher net investment income, lower catastrophe losses and a higher underlying underwriting gain, partially offset by lower net favorable prior year reserve development. The underlying underwriting gain benefited from a non-recurring tax item.

Combined ratio:

•The combined ratio of 83.0% increased 1.6 points due to a higher underlying combined ratio (1.7 points) and lower net favorable prior year reserve development (0.5 points), partially offset by lower catastrophe losses (0.6 points).

•The underlying combined ratio was very strong at 89.2%.

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

Net written premiums of $2.303 billion increased 11%. Net written premiums in the prior year period included $26 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 12%.

Personal Insurance Segment Financial Results

Three Months Ended June 30, Six Months Ended June 30,

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

Underwriting gain (loss): $ 832 $ 480 $ 352 $ 1,509 $ (190) $ 1,699

Underwriting gain (loss) includes:

Net favorable prior year reserve development 184 155 29 370 392 (22)

Catastrophes, net of reinsurance (276) (554) 278 (650) (2,292) 1,642

Net investment income 195 173 22 382 345 37

Other income 13 17 (4) 31 35 (4)

Segment income before income taxes 1,040 670 370 1,922 190 1,732

Income tax expense 213 136 77 391 30 361

Segment income $ 827 $ 534 $ 293 $ 1,531 $ 160 $ 1,371

Combined ratio 79.5 % 88.4 % (8.9) pts 81.2 % 101.7 % (20.5) pts

Impact on combined ratio

Net favorable prior year reserve development (4.5) pts (3.6) pts (0.9) pts (4.5) pts (4.5) pts — pts

Catastrophes, net of reinsurance 6.7 pts 12.7 pts (6.0) pts 7.9 pts 26.6 pts (18.7) pts

Underlying combined ratio 77.3 % 79.3 % (2.0) pts 77.8 % 79.6 % (1.8) pts

Net written premiums

Domestic

Automobile $ 1,858 $ 1,968 (6) % $ 3,614 $ 3,827 (6) %

Homeowners and Other 2,450 2,520 (3) 4,180 4,333 (4)

Total Domestic 4,308 4,488 (4) 7,794 8,160 (4)

International — 178 (100) — 324 (100)

Total $ 4,308 $ 4,666 (8) % $ 7,794 $ 8,484 (8) %

Second Quarter 2026 Results

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

Segment income for Personal Insurance was $827 million after-tax, an increase of $293 million. Segment income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income.

Combined ratio:

•The combined ratio of 79.5% improved 8.9 points due to lower catastrophe losses (6.0 points), an improvement in the underlying combined ratio (2.0 points) and higher net favorable prior year reserve development (0.9 points).

•The underlying combined ratio of 77.3% improved 2.0 points, primarily reflecting improvement in Automobile.

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

Net written premiums of $4.308 billion decreased 8%. Net written premiums in the prior year quarter included $178 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 4%.

Year-to-Date 2026 Results

(All comparisons vs. year-to-date 2025, unless noted otherwise)

Segment income for Personal Insurance was $1.531 billion after-tax, an increase of $1.371 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 81.2% improved 20.5 points due to lower catastrophe losses (18.7 points) and an improvement in the underlying combined ratio (1.8 points).

•The underlying combined ratio of 77.8% improved 1.8 points, reflecting improvement in both Automobile and 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 $7.794 billion decreased 8%. Net written premiums in the prior year period included $324 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 4%.

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 9:00 a.m. Eastern (8:00 a.m. Central) on Friday, July 17, 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 appropriate capital levels for the Company’s business operations, changes in the levels of written premiums, funding of the Company’s qualified pension plan, regulatory 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 June 30, Six Months Ended June 30, Twelve Months Ended June 30,

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

Net income $ 2,208 $ 1,509 $ 3,919 $ 1,904 $ 8,303 $ 5,246

Adjustments:

Net realized investment (gains) losses (48) (5) (63) 43 (69) 45

Core income $ 2,160 $ 1,504 $ 3,856 $ 1,947 $ 8,234 $ 5,291

Three Months Ended June 30, Six Months Ended June 30,

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

Net income $ 2,767 $ 1,881 $ 4,886 $ 2,349

Adjustments:

Net realized investment (gains) losses (60) (6) (109) 55

Core income $ 2,707 $ 1,875 $ 4,777 $ 2,404

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 June 30, Six Months Ended June 30,

2026 2025 2026 2025

Diluted income per share

Net income $ 10.26 $ 6.53 $ 18.01 $ 8.23

Adjustments:

Net realized investment (gains) losses, after-tax (0.22) (0.02) (0.28) 0.19

Core income $ 10.04 $ 6.51 $ 17.73 $ 8.42

Reconciliation of Segment Income to Total Core Income

Three Months Ended June 30, Six Months Ended June 30,

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

Business Insurance $ 1,198 $ 813 $ 2,037 $ 1,496

Bond & Specialty Insurance 234 244 488 464

Personal Insurance 827 534 1,531 160

Total segment income 2,259 1,591 4,056 2,120

Interest Expense and Other (99) (87) (200) (173)

Total core income $ 2,160 $ 1,504 $ 3,856 $ 1,947

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 June 30,

($ in millions) 2026 2025

Shareholders’ equity $ 33,121 $ 29,518

Adjustments:

Net unrealized investment losses, net of tax, included in shareholders’ equity 1,960 3,031

Net realized investment (gains) losses, net of tax (63) 43

Adjusted shareholders’ equity $ 35,018 $ 32,592

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 June 30, Six Months Ended June 30, Twelve Months Ended June 30,

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

Annualized net income $ 8,833 $ 6,036 $ 7,838 $ 3,808 $ 8,303 $ 5,246

Average shareholders’ equity 32,553 28,854 32,497 28,441 31,952 27,735

Return on equity 27.1 % 20.9 % 24.1 % 13.4 % 26.0 % 18.9 %

Annualized core income $ 8,640 $ 6,015 $ 7,713 $ 3,894 $ 8,234 $ 5,291

Adjusted average shareholders’ equity 34,698 32,016 34,529 31,769 34,024 30,879

Core return on equity 24.9 % 18.8 % 22.3 % 12.3 % 24.2 % 17.1 %

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 June 30, Six Months Ended June 30,

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

Net income $ 2,208 $ 1,509 $ 3,919 $ 1,904

Net realized investment (gains) losses (48) (5) (63) 43

Core income 2,160 1,504 3,856 1,947

Net investment income (883) (774) (1,716) (1,537)

Other (income) expense, including interest expense 88 78 180 159

Underwriting income 1,365 808 2,320 569

Income tax expense (benefit) on underwriting results 373 214 591 148

Pre-tax underwriting income 1,738 1,022 2,911 717

Pre-tax impact of net favorable prior year reserve development (578) (315) (991) (693)

Pre-tax impact of catastrophes 518 927 1,279 3,193

Pre-tax underlying underwriting income $ 1,678 $ 1,634 $ 3,199 $ 3,217

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

Three Months Ended June 30, Six Months Ended June 30,

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

Net income $ 2,208 $ 1,509 $ 3,919 $ 1,904

Net realized investment (gains) losses (48) (5) (63) 43

Core income 2,160 1,504 3,856 1,947

Net investment income (883) (774) (1,716) (1,537)

Other (income) expense, including interest expense 88 78 180 159

Underwriting income 1,365 808 2,320 569

Impact of net favorable prior year reserve development (456) (249) (781) (546)

Impact of catastrophes 410 732 1,011 2,522

Underlying underwriting income $ 1,319 $ 1,291 $ 2,550 $ 2,545

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 and 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 June 30, Six Months Ended June 30,

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

Loss and loss adjustment expense ratio

Claims and claim adjustment expenses $ 5,922 $ 6,789 $ 12,304 $ 14,795

Less:

Policyholder dividends 8 10 20 23

Allocated fee income 49 45 97 90

Loss ratio numerator $ 5,865 $ 6,734 $ 12,187 $ 14,682

Underwriting expense ratio

Amortization of deferred acquisition costs $ 1,786 $ 1,802 $ 3,552 $ 3,580

General and administrative expenses (G&A) 1,565 1,545 3,106 3,004

Less:

Non-insurance G&A 132 113 268 222

Allocated fee income 77 79 150 153

Billing and policy fees and other 22 29 47 57

Expense ratio numerator $ 3,120 $ 3,126 $ 6,193 $ 6,152

Earned premium $ 10,753 $ 10,921 $ 21,358 $ 21,631

Combined ratio (1)

Loss and loss adjustment expense ratio 54.6 % 61.7 % 57.1 % 67.9 %

Underwriting expense ratio 29.0 % 28.6 % 29.0 % 28.4 %

Combined ratio 83.6 % 90.3 % 86.1 % 96.3 %

Impact on combined ratio:

Net favorable prior year reserve development (5.4) % (2.9) % (4.6) % (3.2) %

Catastrophes, net of reinsurance 4.9 % 8.5 % 6.0 % 14.8 %

Underlying combined ratio 84.1 % 84.7 % 84.7 % 84.7 %

(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) June 30,

2026 December 31,

2025 June 30,

2025

Shareholders’ equity $ 33,121 $ 32,894 $ 29,518

Less: Net unrealized investment losses, net of tax, included in shareholders’ equity (1,960) (1,478) (3,031)

Common shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity 35,081 34,372 32,549

Less:

Goodwill (includes $208 million of goodwill classified as held for sale as of December 31, 2025) 4,060 4,274 4,283

Other intangible assets (includes $1 million of other intangible assets classified as held for sale as of December 31, 2025) 325 337 348

Impact of deferred tax on other intangible assets (48) (93) (93)

Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity $ 30,744 $ 29,854 $ 28,011

Common shares outstanding 208.6 217.5 225.1

Book value per share $ 158.81 $ 151.21 $ 131.11

Adjusted book value per share 168.20 158.01 144.57

Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity 147.41 137.24 124.42

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) June 30,

2026 December 31,

2025

Debt $ 9,068 $ 9,267

Shareholders’ equity 33,121 32,894

Total capitalization

42,189 42,161

Less: Net unrealized investment losses, net of tax, included in shareholders’ equity (1,960) (1,478)

Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity $ 44,149 $ 43,639

Debt-to-capital ratio 21.5 % 22.0 %

Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity 20.5 % 21.2 %

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

As of June 30,

($ in millions) 2026 2025

Invested assets $ 103,179 $ 98,065

Less: Net unrealized investment losses, pre-tax (2,478) (3,831)

Invested assets excluding net unrealized investment losses $ 105,657 $ 101,896

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.

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Contacts

Media:

Institutional Investors:

Patrick Linehan Abbe Goldstein

917.778.6267 917.778.6825

EX-99.2

Filename: a992finsupp63026.htm · Sequence: 3

Document

The Travelers Companies, Inc.

Financial Supplement - Second 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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711 $ 2,208 $ 1,904 $ 3,919

Net income per share:

Basic $ 1.73 $ 6.63 $ 8.37 $ 11.24 $ 7.89 $ 10.41 $ 8.35 $ 18.28

Diluted $ 1.70 $ 6.53 $ 8.24 $ 11.06 $ 7.78 $ 10.26 $ 8.23 $ 18.01

Core income $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696 $ 2,160 $ 1,947 $ 3,856

Core income per share:

Basic $ 1.94 $ 6.61 $ 8.27 $ 11.31 $ 7.82 $ 10.19 $ 8.54 $ 17.99

Diluted $ 1.91 $ 6.51 $ 8.14 $ 11.13 $ 7.71 $ 10.04 $ 8.42 $ 17.73

Return on equity 5.6 % 20.9 % 24.7 % 31.0 % 21.1 % 27.1 % 13.4 % 24.1 %

Core return on equity 5.6 % 18.8 % 22.6 % 29.6 % 19.7 % 24.9 % 12.3 % 22.3 %

Total assets, at period end $ 135,977 $ 138,873 $ 143,678 $ 143,708 $ 142,309 $ 143,580 $ 138,873 $ 143,580

Total equity, at period end $ 28,191 $ 29,518 $ 31,609 $ 32,894 $ 31,986 $ 33,121 $ 29,518 $ 33,121

Book value per share, at period end $ 124.43 $ 131.11 $ 141.72 $ 151.21 $ 150.42 $ 158.81 $ 131.11 $ 158.81

Less: Net unrealized investment gains (losses), net of tax (14.56) (13.46) (8.83) (6.80) (11.18) (9.39) (13.46) (9.39)

Adjusted book value per share, at period end $ 138.99 $ 144.57 $ 150.55 $ 158.01 $ 161.60 $ 168.20 $ 144.57 $ 168.20

Weighted average number of common shares outstanding (basic) 226.9 225.9 224.1 220.3 215.2 210.5 226.4 212.9

Weighted average number of common shares outstanding and common stock equivalents (diluted) 230.4 229.3 227.5 224.0 218.4 213.6 229.7 216.0

Common shares outstanding at period end 226.6 225.1 223.0 217.5 212.6 208.6 225.1 208.6

Common stock dividends declared $ 241 $ 252 $ 250 $ 244 $ 238 $ 266 $ 493 $ 504

Common stock repurchased:

Under Board of Directors authorization

Shares 1.0 1.8 2.3 5.8 6.0 4.3 2.8 10.3

Cost $ 250 $ 500 $ 625 $ 1,650 $ 1,800 $ 1,300 $ 750 $ 3,100

Other

Shares 0.4 0.3 — — 0.6 — 0.7 0.6

Cost $ 108 $ 57 $ 3 $ 3 $ 185 $ 11 $ 165 $ 196

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net income

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711 $ 2,208 $ 1,904 $ 3,919

Net realized investment (gains) losses, after-tax 48 (5) (21) 15 (15) (48) 43 (63)

Core income $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696 $ 2,160 $ 1,947 $ 3,856

Basic

Net income per share $ 1.73 $ 6.63 $ 8.37 $ 11.24 $ 7.89 $ 10.41 $ 8.35 $ 18.28

Net realized investment (gains) losses, after-tax 0.21 (0.02) (0.10) 0.07 (0.07) (0.22) 0.19 (0.29)

Core income per share $ 1.94 $ 6.61 $ 8.27 $ 11.31 $ 7.82 $ 10.19 $ 8.54 $ 17.99

Diluted

Net income per share $ 1.70 $ 6.53 $ 8.24 $ 11.06 $ 7.78 $ 10.26 $ 8.23 $ 18.01

Net realized investment (gains) losses, after-tax 0.21 (0.02) (0.10) 0.07 (0.07) (0.22) 0.19 (0.28)

Core income per share $ 1.91 $ 6.51 $ 8.14 $ 11.13 $ 7.71 $ 10.04 $ 8.42 $ 17.73

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net income, as reported $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711 $ 2,208 $ 1,904 $ 3,919

Participating share-based awards - allocated net income (3) (11) (13) (19) (12) (15) (14) (28)

Net income available to common shareholders - basic and diluted $ 392 $ 1,498 $ 1,875 $ 2,477 $ 1,699 $ 2,193 $ 1,890 $ 3,891

Core income, as reported $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696 $ 2,160 $ 1,947 $ 3,856

Participating share-based awards - allocated core income (3) (11) (14) (18) (12) (15) (14) (27)

Core income available to common shareholders - basic and diluted $ 440 $ 1,493 $ 1,853 $ 2,493 $ 1,684 $ 2,145 $ 1,933 $ 3,829

Common Shares

Basic

Weighted average shares outstanding 226.9 225.9 224.1 220.3 215.2 210.5 226.4 212.9

Diluted

Weighted average shares outstanding 226.9 225.9 224.1 220.3 215.2 210.5 226.4 212.9

Weighted average effect of dilutive securities - stock options and performance shares 3.5 3.4 3.4 3.7 3.2 3.1 3.3 3.1

Diluted weighted average shares outstanding 230.4 229.3 227.5 224.0 218.4 213.6 229.7 216.0

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Revenues

Premiums $ 10,710 $ 10,921 $ 11,135 $ 11,148 $ 10,605 $ 10,753 $ 21,631 $ 21,358

Net investment income 930 942 1,033 1,054 1,008 1,070 1,872 2,078

Fee income 119 124 127 125 121 126 243 247

Net realized investment gains (losses) (61) 6 27 (20) 49 60 (55) 109

Other revenues 112 123 148 125 141 144 235 285

Total revenues 11,810 12,116 12,470 12,432 11,924 12,153 23,926 24,077

Claims and expenses

Claims and claim adjustment expenses 8,006 6,789 6,594 5,832 6,382 5,922 14,795 12,304

Amortization of deferred acquisition costs 1,778 1,802 1,849 1,837 1,766 1,786 3,580 3,552

General and administrative expenses 1,459 1,545 1,572 1,544 1,541 1,565 3,004 3,106

Interest expense 99 99 111 116 116 113 198 229

Total claims and expenses 11,342 10,235 10,126 9,329 9,805 9,386 21,577 19,191

Income before income taxes 468 1,881 2,344 3,103 2,119 2,767 2,349 4,886

Income tax expense 73 372 456 607 408 559 445 967

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711 $ 2,208 $ 1,904 $ 3,919

Other statistics

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

Net investment income (after-tax) $ 763 $ 774 $ 850 $ 867 $ 833 $ 883 $ 1,537 $ 1,716

Catastrophes, net of reinsurance:

Pre-tax $ 2,266 $ 927 $ 402 $ 95 $ 761 $ 518 $ 3,193 $ 1,279

After-tax $ 1,790 $ 732 $ 318 $ 75 $ 601 $ 410 $ 2,522 $ 1,011

Prior year reserve development - favorable:

Pre-tax $ 378 $ 315 $ 22 $ 321 $ 413 $ 578 $ 693 $ 991

After-tax $ 297 $ 249 $ 16 $ 253 $ 325 $ 456 $ 546 $ 781

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Underwriting gain (loss) $ (239) $ 808 $ 1,099 $ 1,729 $ 955 $ 1,365 $ 569 $ 2,320

Net investment income 763 774 850 867 833 883 1,537 1,716

Other income (expense), including interest expense (81) (78) (82) (85) (92) (88) (159) (180)

Core income 443 1,504 1,867 2,511 1,696 2,160 1,947 3,856

Net realized investment gains (losses) (48) 5 21 (15) 15 48 (43) 63

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711 $ 2,208 $ 1,904 $ 3,919

Combined ratio (1) (2)

Loss and loss adjustment expense ratio 74.2 % 61.7 % 58.7 % 51.8 % 59.6 % 54.6 % 67.9 % 57.1 %

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

Combined ratio 102.5 % 90.3 % 87.3 % 80.2 % 88.6 % 83.6 % 96.3 % 86.1 %

Impact on combined ratio:

Net favorable prior year reserve development (3.5) % (2.9) % (0.2) % (2.9) % (3.9) % (5.4) % (3.2) % (4.6) %

Catastrophes, net of reinsurance 21.2 % 8.5 % 3.6 % 0.9 % 7.2 % 4.9 % 14.8 % 6.0 %

Underlying combined ratio 84.8 % 84.7 % 83.9 % 82.2 % 85.3 % 84.1 % 84.7 % 84.7 %

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

Billing and policy fees and other $ 28 $ 29 $ 28 $ 28 $ 25 $ 22 $ 57 $ 47

Fee income:

Loss and loss adjustment expenses $ 45 $ 45 $ 48 $ 48 $ 48 $ 49 $ 90 $ 97

Underwriting expenses 74 79 79 77 73 77 153 150

Total fee income $ 119 $ 124 $ 127 $ 125 $ 121 $ 126 $ 243 $ 247

Non-insurance general and administrative expenses $ 109 $ 113 $ 131 $ 110 $ 136 $ 132 $ 222 $ 268

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Revenues

Premiums $ 10,710 $ 10,921 $ 11,135 $ 11,148 $ 10,605 $ 10,753 $ 21,631 $ 21,358

Net investment income 930 942 1,033 1,054 1,008 1,070 1,872 2,078

Fee income 119 124 127 125 121 126 243 247

Other revenues 112 123 148 125 141 144 235 285

Total revenues

11,871 12,110 12,443 12,452 11,875 12,093 23,981 23,968

Claims and expenses

Claims and claim adjustment expenses 8,006 6,789 6,594 5,832 6,382 5,922 14,795 12,304

Amortization of deferred acquisition costs 1,778 1,802 1,849 1,837 1,766 1,786 3,580 3,552

General and administrative expenses 1,459 1,545 1,572 1,544 1,541 1,565 3,004 3,106

Interest expense 99 99 111 116 116 113 198 229

Total claims and expenses

11,342 10,235 10,126 9,329 9,805 9,386 21,577 19,191

Core income before income taxes 529 1,875 2,317 3,123 2,070 2,707 2,404 4,777

Income tax expense 86 371 450 612 374 547 457 921

Core income $ 443 $ 1,504 $ 1,867 $ 2,511 $ 1,696 $ 2,160 $ 1,947 $ 3,856

Other statistics

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

Net investment income (after-tax) $ 763 $ 774 $ 850 $ 867 $ 833 $ 883 $ 1,537 $ 1,716

Catastrophes, net of reinsurance:

Pre-tax $ 2,266 $ 927 $ 402 $ 95 $ 761 $ 518 $ 3,193 $ 1,279

After-tax $ 1,790 $ 732 $ 318 $ 75 $ 601 $ 410 $ 2,522 $ 1,011

Prior year reserve development - favorable:

Pre-tax $ 378 $ 315 $ 22 $ 321 $ 413 $ 578 $ 693 $ 991

After-tax $ 297 $ 249 $ 16 $ 253 $ 325 $ 456 $ 546 $ 781

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory underwriting

Gross written premiums $ 11,890 $ 12,225 $ 12,292 $ 11,296 $ 11,750 $ 12,201 $ 24,115 $ 23,951

Net written premiums $ 10,515 $ 11,516 $ 11,472 $ 10,856 $ 10,323 $ 11,525 $ 22,031 $ 21,848

Net earned premiums $ 10,710 $ 10,897 $ 11,133 $ 11,146 $ 10,593 $ 10,749 $ 21,607 $ 21,342

Losses and loss adjustment expenses 7,947 6,731 6,537 5,768 6,310 5,867 14,678 12,177

Underwriting expenses 3,098 3,260 3,239 3,114 3,400 3,271 6,358 6,671

Statutory underwriting gain (loss) (335) 906 1,357 2,264 883 1,611 571 2,494

Policyholder dividends 13 10 12 10 12 8 23 20

Statutory underwriting gain (loss) after policyholder dividends $ (348) $ 896 $ 1,345 $ 2,254 $ 871 $ 1,603 $ 548 $ 2,474

Other statutory statistics

Reserves for losses and loss adjustment expenses $ 58,091 $ 59,072 $ 59,620 $ 59,747 $ 59,215 $ 59,435 $ 59,072 $ 59,435

Increase (decrease) in reserves $ 1,765 $ 981 $ 548 $ 127 $ (532) $ 220 $ 2,746 $ (312)

Statutory capital and surplus $ 27,785 $ 28,364 $ 29,965 $ 31,064 $ 31,063 $ 31,433 $ 28,364 $ 31,433

Net written premiums/surplus (1) 1.57:1 1.55:1 1.48:1 1.43:1 1.42:1 1.41:1 1.55:1 1.41:1

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

Written premiums

Gross $ 11,890 $ 12,251 $ 12,293 $ 11,296 $ 11,765 $ 12,205 $ 24,141 $ 23,970

Ceded (1,375) (708) (820) (440) (1,427) (676) (2,083) (2,103)

Net $ 10,515 $ 11,543 $ 11,473 $ 10,856 $ 10,338 $ 11,529 $ 22,058 $ 21,867

Earned premiums

Gross $ 11,487 $ 11,749 $ 11,964 $ 11,952 $ 11,438 $ 11,632 $ 23,236 $ 23,070

Ceded (777) (828) (829) (804) (833) (879) (1,605) (1,712)

Net $ 10,710 $ 10,921 $ 11,135 $ 11,148 $ 10,605 $ 10,753 $ 21,631 $ 21,358

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Revenues

Premiums $ 5,465 $ 5,545 $ 5,700 $ 5,702 $ 5,493 $ 5,551 $ 11,010 $ 11,044

Net investment income 656 662 727 737 708 762 1,318 1,470

Fee income 108 111 114 112 111 117 219 228

Other revenues 82 95 111 91 104 113 177 217

Total revenues

6,311 6,413 6,652 6,642 6,416 6,543 12,724 12,959

Claims and expenses

Claims and claim adjustment expenses 3,705 3,584 3,667 3,198 3,531 3,188 7,289 6,719

Amortization of deferred acquisition costs 917 944 973 962 938 945 1,861 1,883

General and administrative expenses 847 875 894 866 912 912 1,722 1,824

Total claims and expenses

5,469 5,403 5,534 5,026 5,381 5,045 10,872 10,426

Segment income before income taxes 842 1,010 1,118 1,616 1,035 1,498 1,852 2,533

Income tax expense 159 197 211 324 196 300 356 496

Segment income $ 683 $ 813 $ 907 $ 1,292 $ 839 $ 1,198 $ 1,496 $ 2,037

Other statistics

Effective tax rate on net investment income 17.8 % 17.7 % 17.7 % 17.5 % 17.3 % 17.4 % 17.8 % 17.3 %

Net investment income (after-tax) $ 539 $ 545 $ 598 $ 607 $ 586 $ 629 $ 1,084 $ 1,215

Catastrophes, net of reinsurance:

Pre-tax $ 509 $ 368 $ 139 $ 57 $ 379 $ 238 $ 877 $ 617

After-tax $ 402 $ 291 $ 110 $ 44 $ 299 $ 188 $ 693 $ 487

Prior year reserve development - favorable (unfavorable):

Pre-tax $ 74 $ 79 $ (125) $ 205 $ 162 $ 319 $ 153 $ 481

After-tax $ 58 $ 62 $ (99) $ 162 $ 127 $ 252 $ 120 $ 379

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Underwriting gain $ 157 $ 274 $ 318 $ 690 $ 261 $ 572 $ 431 $ 833

Net investment income 539 545 598 607 586 629 1,084 1,215

Other income (expense) (13) (6) (9) (5) (8) (3) (19) (11)

Segment income $ 683 $ 813 $ 907 $ 1,292 $ 839 $ 1,198 $ 1,496 $ 2,037

Combined ratio (1) (2)

Loss and loss adjustment expense ratio 66.8 % 63.7 % 63.3 % 55.1 % 63.3 % 56.5 % 65.3 % 59.8 %

Underwriting expense ratio 29.4 % 29.9 % 29.6 % 29.3 % 30.5 % 30.3 % 29.6 % 30.4 %

Combined ratio 96.2 % 93.6 % 92.9 % 84.4 % 93.8 % 86.8 % 94.9 % 90.2 %

Impact on combined ratio:

Net (favorable) unfavorable prior year reserve development (1.3) % (1.4) % 2.2 % (3.6) % (2.9) % (5.7) % (1.4) % (4.4) %

Catastrophes, net of reinsurance 9.3 % 6.7 % 2.4 % 1.0 % 6.9 % 4.3 % 8.0 % 5.6 %

Underlying combined ratio 88.2 % 88.3 % 88.3 % 87.0 % 89.8 % 88.2 % 88.3 % 89.0 %

(1) Before policyholder dividends.

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

Billing and policy fees and other $ 4 $ 5 $ 4 $ 4 $ 4 $ 3 $ 9 $ 7

Fee income:

Loss and loss adjustment expenses $ 45 $ 45 $ 48 $ 48 $ 48 $ 49 $ 90 $ 97

Underwriting expenses 63 66 66 64 63 68 129 131

Total fee income $ 108 $ 111 $ 114 $ 112 $ 111 $ 117 $ 219 $ 228

Non-insurance general and administrative expenses $ 91 $ 93 $ 112 $ 89 $ 107 $ 105 $ 184 $ 212

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory underwriting

Gross written premiums $ 6,740 $ 6,359 $ 6,284 $ 5,840 $ 6,791 $ 6,527 $ 13,099 $ 13,318

Net written premiums $ 5,698 $ 5,765 $ 5,674 $ 5,514 $ 5,771 $ 5,980 $ 11,463 $ 11,751

Net earned premiums $ 5,465 $ 5,521 $ 5,698 $ 5,700 $ 5,481 $ 5,547 $ 10,986 $ 11,028

Losses and loss adjustment expenses 3,650 3,530 3,614 3,138 3,463 3,138 7,180 6,601

Underwriting expenses 1,700 1,704 1,654 1,615 1,787 1,742 3,404 3,529

Statutory underwriting gain 115 287 430 947 231 667 402 898

Policyholder dividends 9 5 9 5 8 4 14 12

Statutory underwriting gain after policyholder dividends $ 106 $ 282 $ 421 $ 942 $ 223 $ 663 $ 388 $ 886

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net written premiums by market

Domestic

Select Accounts $ 976 $ 1,004 $ 920 $ 930 $ 1,006 $ 1,040 $ 1,980 $ 2,046

Middle Market 3,166 3,034 3,232 3,109 3,329 3,235 6,200 6,564

National Accounts 312 329 273 348 343 344 641 687

National Property and Other 720 885 841 666 691 866 1,605 1,557

Total Domestic 5,174 5,252 5,266 5,053 5,369 5,485 10,426 10,854

International 524 540 409 461 417 499 1,064 916

Total $ 5,698 $ 5,792 $ 5,675 $ 5,514 $ 5,786 $ 5,984 $ 11,490 $ 11,770

Net written premiums by product line

Domestic

Workers’ compensation $ 950 $ 821 $ 792 $ 786 $ 980 $ 835 $ 1,771 $ 1,815

Commercial automobile 1,030 1,019 1,030 1,017 1,106 1,106 2,049 2,212

Commercial property 873 1,051 961 820 821 1,042 1,924 1,863

General liability 753 878 998 967 847 964 1,631 1,811

Commercial multi-peril 1,532 1,486 1,447 1,461 1,580 1,537 3,018 3,117

Other 36 (3) 38 2 35 1 33 36

Total Domestic 5,174 5,252 5,266 5,053 5,369 5,485 10,426 10,854

International 524 540 409 461 417 499 1,064 916

Total $ 5,698 $ 5,792 $ 5,675 $ 5,514 $ 5,786 $ 5,984 $ 11,490 $ 11,770

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Revenues

Premiums $ 995 $ 1,021 $ 1,042 $ 1,049 $ 1,018 $ 1,056 $ 2,016 $ 2,074

Net investment income 102 107 116 120 113 113 209 226

Other revenues 6 5 8 8 5 6 11 11

Total revenues 1,103 1,133 1,166 1,177 1,136 1,175 2,236 2,311

Claims and expenses

Claims and claim adjustment expenses 434 418 451 461 441 458 852 899

Amortization of deferred acquisition costs 187 195 197 199 194 204 382 398

General and administrative expenses 205 214 207 217 219 218 419 437

Total claims and expenses 826 827 855 877 854 880 1,653 1,734

Segment income before income taxes 277 306 311 300 282 295 583 577

Income tax expense 57 62 61 64 28 61 119 89

Segment income $ 220 $ 244 $ 250 $ 236 $ 254 $ 234 $ 464 $ 488

Other statistics

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

Net investment income (after-tax) $ 83 $ 88 $ 95 $ 98 $ 92 $ 93 $ 171 $ 185

Catastrophes, net of reinsurance:

Pre-tax $ 19 $ 5 $ — $ 1 $ 8 $ 4 $ 24 $ 12

After-tax $ 15 $ 4 $ — $ 1 $ 7 $ 3 $ 19 $ 10

Prior year reserve development - favorable:

Pre-tax $ 67 $ 81 $ 43 $ 30 $ 65 $ 75 $ 148 $ 140

After-tax $ 52 $ 65 $ 33 $ 24 $ 51 $ 59 $ 117 $ 110

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Underwriting gain $ 133 $ 154 $ 150 $ 132 $ 159 $ 138 $ 287 $ 297

Net investment income 83 88 95 98 92 93 171 185

Other income 4 2 5 6 3 3 6 6

Segment income $ 220 $ 244 $ 250 $ 236 $ 254 $ 234 $ 464 $ 488

Combined ratio (1)

Loss and loss adjustment expense ratio 43.2 % 40.5 % 42.9 % 43.5 % 43.0 % 43.0 % 41.8 % 43.0 %

Underwriting expense ratio 39.3 % 39.8 % 38.7 % 39.5 % 40.3 % 39.8 % 39.6 % 40.0 %

Combined ratio 82.5 % 80.3 % 81.6 % 83.0 % 83.3 % 82.8 % 81.4 % 83.0 %

Impact on combined ratio:

Net favorable prior year reserve development (6.7) % (8.0) % (4.2) % (2.8) % (6.4) % (7.2) % (7.3) % (6.8) %

Catastrophes, net of reinsurance 1.9 % 0.5 % — % 0.1 % 0.8 % 0.4 % 1.2 % 0.6 %

Underlying combined ratio 87.3 % 87.8 % 85.8 % 85.7 % 88.9 % 89.6 % 87.5 % 89.2 %

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

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

Non-insurance general and administrative expenses $ 1 $ 2 $ 1 $ 2 $ 2 $ 2 $ 3 $ 4

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory underwriting

Gross written premiums $ 1,129 $ 1,166 $ 1,160 $ 1,192 $ 1,211 $ 1,333 $ 2,295 $ 2,544

Net written premiums $ 999 $ 1,085 $ 1,080 $ 1,098 $ 1,066 $ 1,237 $ 2,084 $ 2,303

Net earned premiums $ 995 $ 1,021 $ 1,042 $ 1,049 $ 1,018 $ 1,056 $ 2,016 $ 2,074

Losses and loss adjustment expenses 430 414 447 457 437 453 844 890

Underwriting expenses 422 434 424 433 676 469 856 1,145

Statutory underwriting gain (loss) 143 173 171 159 (95) 134 316 39

Policyholder dividends 4 5 3 5 4 4 9 8

Statutory underwriting gain (loss) after policyholder dividends $ 139 $ 168 $ 168 $ 154 $ (99) $ 130 $ 307 $ 31

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net written premiums by market

Domestic

Management Liability $ 553 $ 589 $ 613 $ 571 $ 572 $ 611 $ 1,142 $ 1,183

Surety 333 342 342 337 381 480 675 861

Total Domestic 886 931 955 908 953 1,091 1,817 2,044

International 113 154 125 190 113 146 267 259

Total $ 999 $ 1,085 $ 1,080 $ 1,098 $ 1,066 $ 1,237 $ 2,084 $ 2,303

Net written premiums by product line

Domestic

Fidelity and surety $ 394 $ 400 $ 407 $ 395 $ 447 $ 536 $ 794 $ 983

General liability 440 469 475 458 455 491 909 946

Other 52 62 73 55 51 64 114 115

Total Domestic 886 931 955 908 953 1,091 1,817 2,044

International 113 154 125 190 113 146 267 259

Total $ 999 $ 1,085 $ 1,080 $ 1,098 $ 1,066 $ 1,237 $ 2,084 $ 2,303

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Revenues

Premiums $ 4,250 $ 4,355 $ 4,393 $ 4,397 $ 4,094 $ 4,146 $ 8,605 $ 8,240

Net investment income 172 173 190 197 187 195 345 382

Fee income 11 13 13 13 10 9 24 19

Other revenues 24 23 29 26 32 25 47 57

Total revenues 4,457 4,564 4,625 4,633 4,323 4,375 9,021 8,698

Claims and expenses

Claims and claim adjustment expenses 3,867 2,787 2,476 2,173 2,410 2,276 6,654 4,686

Amortization of deferred acquisition costs 674 663 679 676 634 637 1,337 1,271

General and administrative expenses 396 444 458 448 397 422 840 819

Total claims and expenses 4,937 3,894 3,613 3,297 3,441 3,335 8,831 6,776

Segment income (loss) before income taxes (480) 670 1,012 1,336 882 1,040 190 1,922

Income tax expense (benefit) (106) 136 205 250 178 213 30 391

Segment income (loss) $ (374) $ 534 $ 807 $ 1,086 $ 704 $ 827 $ 160 $ 1,531

Other statistics

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

Net investment income (after-tax) $ 141 $ 141 $ 157 $ 162 $ 155 $ 161 $ 282 $ 316

Catastrophes, net of reinsurance:

Pre-tax $ 1,738 $ 554 $ 263 $ 37 $ 374 $ 276 $ 2,292 $ 650

After-tax $ 1,373 $ 437 $ 208 $ 30 $ 295 $ 219 $ 1,810 $ 514

Prior year reserve development - favorable:

Pre-tax $ 237 $ 155 $ 104 $ 86 $ 186 $ 184 $ 392 $ 370

After-tax $ 187 $ 122 $ 82 $ 67 $ 147 $ 145 $ 309 $ 292

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Underwriting gain (loss) $ (529) $ 380 $ 631 $ 907 $ 535 $ 655 $ (149) $ 1,190

Net investment income 141 141 157 162 155 161 282 316

Other income 14 13 19 17 14 11 27 25

Segment income (loss) $ (374) $ 534 $ 807 $ 1,086 $ 704 $ 827 $ 160 $ 1,531

Combined ratio (1)

Loss and loss adjustment expense ratio 91.0 % 64.0 % 56.4 % 49.4 % 58.8 % 54.9 % 77.4 % 56.9 %

Underwriting expense ratio 24.2 % 24.4 % 24.9 % 24.6 % 24.1 % 24.6 % 24.3 % 24.3 %

Combined ratio 115.2 % 88.4 % 81.3 % 74.0 % 82.9 % 79.5 % 101.7 % 81.2 %

Impact on combined ratio:

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

Catastrophes, net of reinsurance 40.9 % 12.7 % 6.0 % 0.8 % 9.1 % 6.7 % 26.6 % 7.9 %

Underlying combined ratio 79.9 % 79.3 % 77.7 % 75.1 % 78.3 % 77.3 % 79.6 % 77.8 %

(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 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 2Q2026 YTD 2Q2025 YTD 2Q2026

Billing and policy fees and other $ 24 $ 24 $ 23 $ 24 $ 21 $ 18 $ 48 $ 39

Fee income $ 11 $ 13 $ 13 $ 13 $ 10 $ 9 $ 24 $ 19

Non-insurance general and administrative expenses $ 6 $ 6 $ 5 $ 6 $ 14 $ 12 $ 12 $ 26

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory underwriting

Gross written premiums $ 4,021 $ 4,700 $ 4,848 $ 4,264 $ 3,748 $ 4,341 $ 8,721 $ 8,089

Net written premiums $ 3,818 $ 4,666 $ 4,718 $ 4,244 $ 3,486 $ 4,308 $ 8,484 $ 7,794

Net earned premiums $ 4,250 $ 4,355 $ 4,393 $ 4,397 $ 4,094 $ 4,146 $ 8,605 $ 8,240

Losses and loss adjustment expenses 3,867 2,787 2,476 2,173 2,410 2,276 6,654 4,686

Underwriting expenses 976 1,122 1,161 1,066 937 1,060 2,098 1,997

Statutory underwriting gain (loss) $ (593) $ 446 $ 756 $ 1,158 $ 747 $ 810 $ (147) $ 1,557

Policies in force (in thousands)

Automobile 3,118 3,083 3,050 3,025 2,819 2,801 3,083 2,801

Homeowners and Other 5,980 5,882 5,768 5,679 5,449 5,411 5,882 5,411

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net written premiums by product line

Domestic

Automobile $ 1,859 $ 1,968 $ 2,062 $ 1,856 $ 1,756 $ 1,858 $ 3,827 $ 3,614

Homeowners and Other 1,813 2,520 2,489 2,229 1,730 2,450 4,333 4,180

Total Domestic 3,672 4,488 4,551 4,085 3,486 4,308 8,160 7,794

International 146 178 167 159 — — 324 —

Total $ 3,818 $ 4,666 $ 4,718 $ 4,244 $ 3,486 $ 4,308 $ 8,484 $ 7,794

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory underwriting

Gross written premiums $ 1,967 $ 2,083 $ 2,177 $ 1,967 $ 1,767 $ 1,861 $ 4,050 $ 3,628

Net written premiums $ 1,955 $ 2,074 $ 2,165 $ 1,956 $ 1,756 $ 1,858 $ 4,029 $ 3,614

Net earned premiums $ 2,071 $ 2,091 $ 2,091 $ 2,075 $ 1,892 $ 1,897 $ 4,162 $ 3,789

Losses and loss adjustment expenses 1,270 1,320 1,300 1,393 1,145 1,137 2,590 2,282

Underwriting expenses 444 477 495 458 415 442 921 857

Statutory underwriting gain $ 357 $ 294 $ 296 $ 224 $ 332 $ 318 $ 651 $ 650

Other statistics

Combined ratio (1):

Loss and loss adjustment expense ratio 61.3 % 63.1 % 62.1 % 67.1 % 60.6 % 59.9 % 62.2 % 60.2 %

Underwriting expense ratio 22.1 % 22.2 % 22.8 % 22.3 % 22.3 % 22.9 % 22.1 % 22.6 %

Combined ratio 83.4 % 85.3 % 84.9 % 89.4 % 82.9 % 82.8 % 84.3 % 82.8 %

Impact on combined ratio:

Net favorable prior year reserve development (6.0) % (5.0) % (4.3) % (3.0) % (6.3) % (4.5) % (5.5) % (5.4) %

Catastrophes, net of reinsurance 1.9 % 1.3 % 0.9 % 0.2 % 0.9 % 1.5 % 1.6 % 1.1 %

Underlying combined ratio 87.5 % 89.0 % 88.3 % 92.2 % 88.3 % 85.8 % 88.2 % 87.1 %

Catastrophes, net of reinsurance:

Pre-tax $ 39 $ 27 $ 19 $ 4 $ 15 $ 29 $ 66 $ 44

After-tax $ 30 $ 22 $ 15 $ 3 $ 12 $ 23 $ 52 $ 35

Prior year reserve development - favorable:

Pre-tax $ 125 $ 104 $ 89 $ 61 $ 120 $ 85 $ 229 $ 205

After-tax $ 98 $ 83 $ 70 $ 47 $ 95 $ 67 $ 181 $ 162

Policies in force (in thousands) 3,118 3,083 3,050 3,025 2,819 2,801

Change from prior year quarter (2.9) % (3.1) % (3.4) % (4.0) % (9.6) % (9.1) %

Change from prior quarter (1.0) % (1.1) % (1.1) % (0.8) % (6.8) % (0.6) %

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

Billing and policy fees and other $ 14 $ 15 $ 14 $ 14 $ 13 $ 12 $ 29 $ 25

Fee income $ 6 $ 6 $ 7 $ 7 $ 5 $ 4 $ 12 $ 9

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory underwriting

Gross written premiums $ 2,054 $ 2,617 $ 2,671 $ 2,297 $ 1,981 $ 2,480 $ 4,671 $ 4,461

Net written premiums $ 1,863 $ 2,592 $ 2,553 $ 2,288 $ 1,730 $ 2,450 $ 4,455 $ 4,180

Net earned premiums $ 2,179 $ 2,264 $ 2,302 $ 2,322 $ 2,202 $ 2,249 $ 4,443 $ 4,451

Losses and loss adjustment expenses 2,597 1,467 1,176 780 1,265 1,139 4,064 2,404

Underwriting expenses 532 645 666 608 522 618 1,177 1,140

Statutory underwriting gain (loss) $ (950) $ 152 $ 460 $ 934 $ 415 $ 492 $ (798) $ 907

Other statistics

Combined ratio (1):

Loss and loss adjustment expense ratio 119.2 % 64.8 % 51.1 % 33.6 % 57.4 % 50.7 % 91.5 % 54.0 %

Underwriting expense ratio 26.3 % 26.5 % 26.9 % 26.7 % 25.6 % 26.0 % 26.4 % 25.8 %

Combined ratio 145.5 % 91.3 % 78.0 % 60.3 % 83.0 % 76.7 % 117.9 % 79.8 %

Impact on combined ratio:

Net favorable prior year reserve development (5.1) % (2.2) % (0.7) % (1.1) % (3.0) % (4.4) % (3.6) % (3.7) %

Catastrophes, net of reinsurance 78.0 % 23.2 % 10.7 % 1.5 % 16.3 % 11.0 % 50.1 % 13.6 %

Underlying combined ratio 72.6 % 70.3 % 68.0 % 59.9 % 69.7 % 70.1 % 71.4 % 69.9 %

Catastrophes, net of reinsurance:

Pre-tax $ 1,699 $ 527 $ 244 $ 33 $ 359 $ 247 $ 2,226 $ 606

After-tax $ 1,343 $ 415 $ 193 $ 27 $ 283 $ 196 $ 1,758 $ 479

Prior year reserve development - favorable:

Pre-tax $ 112 $ 51 $ 15 $ 25 $ 66 $ 99 $ 163 $ 165

After-tax $ 89 $ 39 $ 12 $ 20 $ 52 $ 78 $ 128 $ 130

Policies in force (in thousands) 5,980 5,882 5,768 5,679 5,449 5,411

Change from prior year quarter (4.1) % (4.6) % (5.5) % (6.3) % (8.9) % (8.0) %

Change from prior quarter (1.3) % (1.6) % (1.9) % (1.5) % (4.1) % (0.7) %

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

Billing and policy fees and other $ 10 $ 9 $ 9 $ 10 $ 8 $ 6 $ 19 $ 14

Fee income $ 5 $ 7 $ 6 $ 6 $ 5 $ 5 $ 12 $ 10

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 2Q2026 YTD 2Q2025 YTD 2Q2026

Revenues

Other revenues $ — $ — $ — $ — $ — $ — $ — $ —

Claims and expenses

Interest expense 99 99 111 116 116 113 198 229

General and administrative expenses 11 12 13 13 13 13 23 26

Total claims and expenses 110 111 124 129 129 126 221 255

Loss before income tax benefit (110) (111) (124) (129) (129) (126) (221) (255)

Income tax benefit (24) (24) (27) (26) (28) (27) (48) (55)

Loss $ (86) $ (87) $ (97) $ (103) $ (101) $ (99) $ (173) $ (200)

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) June 30,

2026 December 31,

2025

Assets

Fixed maturities, available for sale, at fair value (amortized cost $95,401 and $91,717; allowance for expected credit losses of $2 and $3)

$ 92,922 $ 89,833

Equity securities, at fair value (cost $410 and $457)

652 618

Real estate investments 884 900

Short-term securities 4,579 5,716

Other investments 4,142 4,115

Total investments 103,179 101,182

Cash (including restricted cash of $139 and $132)

621 842

Investment income accrued 911 877

Premiums receivable (net of allowance for expected credit losses of $61 and $58)

12,382 10,992

Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129)

8,009 7,886

Ceded unearned premiums 1,674 1,283

Deferred acquisition costs 3,713 3,518

Deferred taxes 1,041 887

Contractholder receivables (net of allowance for expected credit losses of $13 and $16)

3,076 3,010

Goodwill 4,060 4,066

Other intangible assets 325 336

Other assets 4,589 4,279

Assets held for sale (1) — 4,550

Total assets $ 143,580 $ 143,708

Liabilities

Claims and claim adjustment expense reserves $ 67,226 $ 65,737

Unearned premium reserves 23,327 22,431

Contractholder payables 3,089 3,026

Payables for reinsurance premiums 1,016 529

Debt 9,068 9,267

Other liabilities 6,733 7,282

Liabilities held for sale (1) — 2,542

Total liabilities 110,459 110,814

Shareholders’ equity

Common stock (1,750.0 shares authorized; 208.6 and 217.5 shares issued and outstanding)

26,186 25,910

Retained earnings 58,346 54,931

Accumulated other comprehensive loss (2,668) (2,500)

Treasury stock, at cost (586.8 and 575.9 shares)

(48,743) (45,447)

Total shareholders’ equity 33,121 32,894

Total liabilities and shareholders’ equity $ 143,580 $ 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) June 30,

2026 Pre-tax Book

Yield (1) December 31,

2025 (2) Pre-tax Book

Yield (1)

Investment portfolio

Taxable fixed maturities $ 64,394 4.19 % $ 63,051 4.11 %

Tax-exempt fixed maturities 28,528 3.39 % 26,782 3.29 %

Total fixed maturities 92,922 3.94 % 89,833 3.86 %

Non-redeemable preferred stocks 33 1.89 % 35 1.64 %

Common stocks 619 583

Total equity securities 652 618

Real estate investments 884 900

Short-term securities 4,579 3.80 % 5,716 3.86 %

Private equities 2,752 2,749

Hedge funds 206 212

Real estate partnerships 824 832

Other investments 360 322

Total other investments 4,142 4,115

Total investments $ 103,179 $ 101,182

Net unrealized investment gains (losses), net of tax, included in shareholders’ equity $ (1,960) $ (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) June 30,

2026 December 31,

2025 (1)

Fixed maturities

U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 3,281 $ 3,857

Obligations of U.S. states and political subdivisions:

Pre-refunded 443 416

All other 32,614 30,962

Total 33,057 31,378

Debt securities issued by foreign governments 397 312

Mortgage-backed securities - principally obligations of U.S. Government agencies 12,619 13,232

Corporate and all other bonds 43,568 41,054

Total fixed maturities $ 92,922 $ 89,833

Fixed Maturities

Quality Characteristics (2)

June 30, 2026 December 31, 2025 (1)

Amount % of Total Amount % of Total

Quality Ratings

Aaa $ 25,838 27.8 % $ 24,898 27.7 %

Aa 33,117 35.7 33,027 36.7

A 21,202 22.8 19,660 21.9

Baa 11,737 12.6 11,198 12.5

Total investment grade 91,894 98.9 88,783 98.8

Ba 803 0.9 812 1.0

B 196 0.2 205 0.2

Caa and lower 29 — 33 —

Total below investment grade 1,028 1.1 1,050 1.2

Total fixed maturities $ 92,922 100.0 % $ 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 5.0 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 2Q2026 YTD 2Q2025 YTD 2Q2026

Gross investment income

Fixed maturities $ 812 $ 833 $ 874 $ 914 $ 899 $ 930 $ 1,645 $ 1,829

Short-term securities 57 55 73 68 75 53 112 128

Other 76 67 101 82 47 100 143 147

945 955 1,048 1,064 1,021 1,083 1,900 2,104

Investment expenses 15 13 15 10 13 13 28 26

Net investment income, pre-tax 930 942 1,033 1,054 1,008 1,070 1,872 2,078

Income taxes 167 168 183 187 175 187 335 362

Net investment income, after-tax $ 763 $ 774 $ 850 $ 867 $ 833 $ 883 $ 1,537 $ 1,716

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

Average invested assets (1) (2) $101,000 $102,173 $105,655 $107,932 $106,666 $107,067 $101,634 $106,843

Average yield pre-tax (1) 3.7 % 3.7 % 3.9 % 3.9 % 3.8 % 4.0 % 3.7 % 3.9 %

Average yield after-tax 3.0 % 3.0 % 3.2 % 3.2 % 3.1 % 3.3 % 3.0 % 3.2 %

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

Net realized investment gains (losses)

Fixed maturities $ (31) $ (17) $ (2) $ (19) $ (22) $ (32) $ (48) $ (54)

Equity securities (22) 20 39 8 1 91 (2) 92

Other (1) (8) 3 (10) (9) 70 1 (5) 71

Realized investment gains (losses) before tax (61) 6 27 (20) 49 60 (55) 109

Related taxes (13) 1 6 (5) 34 12 (12) 46

Net realized investment gains (losses) $ (48) $ 5 $ 21 $ (15) $ 15 $ 48 $ (43) $ 63

Gross investment gains $ 4 $ 41 $ 45 $ 13 $ 277 $ 101 $ 45 $ 378

Gross investment losses before impairments (63) (35) (18) (33) (225) (32) (98) (257)

Net investment gains (losses) before impairments (59) 6 27 (20) 52 69 (53) 121

Net impairment (charges) recoveries (2) — — — (3) (9) (2) (12)

Net realized investment gains (losses) before tax (61) 6 27 (20) 49 60 (55) 109

Related taxes (13) 1 6 (5) 34 12 (12) 46

Net realized investment gains (losses) $ (48) $ 5 $ 21 $ (15) $ 15 $ 48 $ (43) $ 63

($ in millions) March 31,

2025 June 30,

2025 September 30,

2025 December 31,

2025 March 31,

2026 June 30,

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) $ (2,477)

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

Unrealized investment gains (losses) before tax (4,172) (3,831) (2,484) (1,862) (3,008) (2,478)

Related taxes (873) (800) (514) (384) (630) (518)

Balance, end of period $ (3,299) $ (3,031) $ (1,970) $ (1,478) $ (2,378) $ (1,960)

(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) June 30, 2026 December 31, 2025

Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1) $ 4,417 $ 4,352

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

Mandatory pools and associations (3) 1,455 1,485

Gross reinsurance recoverables (4) 8,151 8,306

Allowance for estimated uncollectible reinsurance (5) (142) (135)

Less amounts classified as held for sale — 285

Net reinsurance recoverables $ 8,009 $ 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 June 30, 2026

Swiss Re Group A+ second highest of 16 ratings $ 650

Berkshire Hathaway A++ highest of 16 ratings 423

Munich Re Group A+ second highest of 16 ratings 326

Sompo Group A+ second highest of 16 ratings 267

Fairfax Financial Group A+ second highest of 16 ratings 241

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 June 30, 2026

Fidelity & Guaranty Life Group A third highest of 16 ratings $ 624

Genworth Financial Group B- eighth highest of 16 ratings 310

Symetra Financial Corporation A third highest of 16 ratings 170

Brighthouse Financial, Inc. A third highest of 16 ratings 156

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 June 30, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $6.03 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, 95% 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 2Q2026 YTD 2Q2025 YTD 2Q2026

Statutory Reserves for Losses and Loss Adjustment Expenses

Business Insurance

Beginning of period $ 42,909 $ 43,742 $ 44,477 $ 45,148 $ 45,383 $ 45,599 $ 42,909 $ 45,383

Incurred 3,650 3,530 3,614 3,138 3,463 3,138 7,180 6,601

Paid (2,847) (2,890) (2,915) (2,912) (2,635) (2,973) (5,737) (5,608)

Foreign exchange and other (1) 30 95 (28) 9 (612) (4) 125 (616)

End of period $ 43,742 $ 44,477 $ 45,148 $ 45,383 $ 45,599 $ 45,760 $ 44,477 $ 45,760

Bond & Specialty Insurance

Beginning of period $ 4,938 $ 5,072 $ 5,249 $ 5,304 $ 5,367 $ 5,331 $ 4,938 $ 5,367

Incurred 430 414 447 457 437 453 844 890

Paid (325) (307) (372) (396) (336) (334) (632) (670)

Foreign exchange and other (1) 29 70 (20) 2 (137) (2) 99 (139)

End of period $ 5,072 $ 5,249 $ 5,304 $ 5,367 $ 5,331 $ 5,448 $ 5,249 $ 5,448

Personal Insurance

Beginning of period $ 8,479 $ 9,277 $ 9,346 $ 9,168 $ 8,997 $ 8,285 $ 8,479 $ 8,997

Incurred 3,867 2,787 2,476 2,173 2,410 2,276 6,654 4,686

Paid (3,069) (2,767) (2,635) (2,357) (2,213) (2,334) (5,836) (4,547)

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

End of period $ 9,277 $ 9,346 $ 9,168 $ 8,997 $ 8,285 $ 8,227 $ 9,346 $ 8,227

Total

Beginning of period $ 56,326 $ 58,091 $ 59,072 $ 59,620 $ 59,747 $ 59,215 $ 56,326 $ 59,747

Incurred 7,947 6,731 6,537 5,768 6,310 5,867 14,678 12,177

Paid (6,241) (5,964) (5,922) (5,665) (5,184) (5,641) (12,205) (10,825)

Foreign exchange and other (1) 59 214 (67) 24 (1,658) (6) 273 (1,664)

End of period $ 58,091 $ 59,072 $ 59,620 $ 59,747 $ 59,215 $ 59,435 $ 59,072 $ 59,435

Prior Year Reserve Development: Unfavorable (Favorable)

Business Insurance

Asbestos $ — $ — $ 277 $ — $ — $ — $ — $ —

All other (74) (79) (152) (205) (162) (319) (153) (481)

Total Business Insurance (2) (74) (79) 125 (205) (162) (319) (153) (481)

Bond & Specialty Insurance (67) (81) (43) (30) (65) (75) (148) (140)

Personal Insurance (237) (155) (104) (86) (186) (184) (392) (370)

Total $ (378) $ (315) $ (22) $ (321) $ (413) $ (578) $ (693) $ (991)

(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 2Q2026 YTD 2Q2025 YTD 2Q2026

Asbestos reserves

Beginning reserves:

Gross $ 1,708 $ 1,636 $ 1,555 $ 1,798 $ 1,700 $ 1,623 $ 1,708 $ 1,700

Ceded (370) (357) (318) (352) (345) (330) (370) (345)

Net 1,338 1,279 1,237 1,446 1,355 1,293 1,338 1,355

Incurred losses and loss expenses:

Gross — — 327 — — — — —

Ceded — — (50) — — — — —

Paid loss and loss expenses:

Gross 72 83 84 98 77 98 155 175

Ceded (13) (39) (16) (8) (15) (20) (52) (35)

Foreign exchange and other:

Gross — 2 — — — — 2 —

Ceded — — — (1) — — — —

Ending reserves:

Gross 1,636 1,555 1,798 1,700 1,623 1,525 1,555 1,525

Ceded (357) (318) (352) (345) (330) (310) (318) (310)

Net $ 1,279 $ 1,237 $ 1,446 $ 1,355 $ 1,293 $ 1,215 $ 1,237 $ 1,215

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

The Travelers Companies, Inc.

Capitalization

($ in millions) June 30,

2026 December 31,

2025

Debt

Short-term debt

Commercial paper $ 100 $ 100

7.75% Senior notes due April 15, 2026 — 200

Total short-term debt 100 300

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 30 31

Unamortized debt issuance costs (116) (118)

8,968 8,967

Total debt 9,068 9,267

Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity) 35,081 34,372

Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity) $ 44,149 $ 43,639

Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity) 20.5 % 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) June 30,

2026 (1) December 31,

2025

Statutory capital and surplus $ 31,433 $ 31,064

GAAP adjustments

Goodwill and intangible assets 3,429 3,640

Investments (1,872) (1,238)

Noninsurance companies (4,581) (4,876)

Deferred acquisition costs 3,568 3,478

Deferred federal income tax (240) (446)

Current federal income tax (6) (6)

Reinsurance recoverables 156 41

Furniture, equipment & software 923 948

Agents balances 229 182

Other 82 107

Total GAAP adjustments 1,688 1,830

GAAP shareholders’ equity $ 33,121 $ 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 2Q2026 YTD 2Q2025 YTD 2Q2026

Cash flows from operating activities

Net income $ 395 $ 1,509 $ 1,888 $ 2,496 $ 1,711 $ 2,208 $ 1,904 $ 3,919

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

Net realized investment (gains) losses 61 (6) (27) 20 (49) (60) 55 (109)

Depreciation and amortization 188 164 166 162 193 170 352 363

Deferred federal income tax expense (benefit) 31 (83) 320 (58) 51 (58) (52) (7)

Amortization of deferred acquisition costs 1,778 1,802 1,849 1,837 1,766 1,786 3,580 3,552

Equity in income from other investments (53) (42) (74) (57) (23) (75) (95) (98)

Premiums receivable (459) (438) 412 370 (434) (961) (897) (1,395)

Reinsurance recoverables (97) 78 (250) 132 (108) (23) (19) (131)

Deferred acquisition costs (1,822) (1,917) (1,877) (1,757) (1,837) (1,912) (3,739) (3,749)

Claims and claim adjustment expense reserves 1,818 725 845 (88) 1,211 319 2,543 1,530

Unearned premium reserves 419 495 331 (661) 351 559 914 910

Other (899) 47 644 289 (634) (37) (852) (671)

Net cash provided by operating activities 1,360 2,334 4,227 2,685 2,198 1,916 3,694 4,114

Cash flows from investing activities

Proceeds from maturities of fixed maturities 2,801 3,071 2,886 2,902 3,014 2,963 5,872 5,977

Proceeds from sales of investments:

Fixed maturities 253 348 178 53 251 134 601 385

Equity securities 68 32 31 29 52 64 100 116

Real estate investments — — — — — 17 — 17

Other investments 63 79 68 111 60 65 142 125

Purchases of investments:

Fixed maturities (4,296) (4,847) (5,376) (4,252) (5,356) (4,799) (9,143) (10,155)

Equity securities (25) (35) (34) (32) (25) (31) (60) (56)

Real estate investments (7) (6) (10) (25) (12) (10) (13) (22)

Other investments (96) (80) (86) (84) (69) (112) (176) (181)

Net sales (purchases) of short-term securities 239 (215) (2,051) 1,082 (945) 2,081 24 1,136

Securities transactions in the course of settlement 308 64 (4) (224) 430 (400) 372 30

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

Other (116) (127) (155) (135) (119) (137) (243) (256)

Net cash used in investing activities (808) (1,716) (4,553) (575) (335) (165) (2,524) (500)

The Travelers Companies, Inc.

Statement of Cash Flows (Continued)

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

Cash flows from financing activities

Treasury stock acquired - share repurchase authorizations (250) (500) (619) (1,635) (1,785) (1,313) (750) (3,098)

Treasury stock acquired - net employee share-based compensation (102) (22) (1) (2) (149) (5) (124) (154)

Dividends paid to shareholders (240) (250) (247) (242) (237) (263) (490) (500)

Payment of debt — — — — — (200) — (200)

Issuance of debt — — 1,233 — — — — —

Issuance of common stock - employee share options 57 70 36 51 86 38 127 124

Net cash provided by (used in) financing activities (535) (702) 402 (1,828) (2,085) (1,743) (1,237) (3,828)

Effect of exchange rate changes on cash and restricted cash 8 19 (6) 2 (5) (2) 27 (7)

Net increase (decrease) in cash and restricted cash 25 (65) 70 284 (227) 6 (40) (221)

Cash and restricted cash at beginning of period 699 724 659 729 842 615 699 842

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 $ 621 $ 659 $ 621

Supplemental disclosure of cash flow information

Income taxes paid $ 24 $ 538 $ 194 $ 518 $ 12 $ 1,100 $ 562 $ 1,112

Interest paid $ 61 $ 136 $ 60 $ 136 $ 94 $ 136 $ 197 $ 230

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 June 30, 2026

Shareholders’ equity $ 28,191 $ 29,518 $ 31,609 $ 32,894 $ 31,986 $ 33,121

Adjustments:

Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity 3,299 3,031 1,970 1,478 2,378 1,960

Net realized investment (gains) losses, net of tax 48 43 22 37 (15) (63)

Adjusted shareholders’ equity $ 31,538 $ 32,592 $ 33,601 $ 34,409 $ 34,349 $ 35,018

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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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

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Balance Type:

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- 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

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Namespace Prefix:

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- 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

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Data Type:

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- 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:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- 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

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Namespace Prefix:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- 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

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