Form 8-K - Current report

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): January 19, 2024

_______________________________________________

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 January 19, 2024, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended December 31, 2023, and the availability of the Company’s fourth 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 January 19 , 2024 , reporting results of operations (This exhibit is furnished and not filed.)

99.2						Fourth Q uarter 2023 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:	January 19, 2024	By:	/S/ CHRISTINE K. KALLA
			Name: Christine K. Kalla
			Executive Vice President and General Counsel

Exhibit 99.1

The Travelers Companies, Inc.

485 Lexington Avenue

New York, NY 10017-2630

www.travelers.com

NYSE: TRV

Travelers Reports Excellent Fourth Quarter 2023 Results

Record Quarterly Net Income per Diluted Share of $6.99 and Return on Equity of 29.0%

Record Quarterly Core Income per Diluted Share of $7.01 and Core Return on Equity of 24.0%

Full Year Net Income of $2.991 billion and Return on Equity of 13.6%

Full Year Core Income of $3.072 billion and Core Return on Equity of 11.5%

•Record quarterly net income of $1.626 billion and core income of $1.633 billion, driven by both underwriting and investment results.

•Exceptional consolidated combined ratio of 85.8%, an 8.7 point improvement, and underlying combined ratio of 85.9%, a 5.5 point improvement.

•Net written premiums of $9.994 billion for the quarter, up 13%, and full year net written premiums of $40.201 billion, up 14%; both periods reflect growth in all three segments.

•Net investment income increased 24% pre-tax over the prior year quarter, primarily due to strong fixed income returns and growth in fixed maturity investments.

•Total capital of $298 million returned to shareholders in the quarter; full year total capital returned to shareholders of $1.944 billion.

•Book value per share of $109.19, up 18% over year-end 2022, driven by lower interest rates; adjusted book value per share of $122.90, up 8% over year-end 2022.

•Board of Directors declares regular cash dividend of $1.00 per share.

New York, January 19, 2024 — The Travelers Companies, Inc. today reported net income of $1.626 billion, or $6.99 per diluted share, for the quarter ended December 31, 2023, compared to $819 million, or $3.44 per diluted share, in the prior year quarter. Core income in the current quarter was $1.633 billion, or $7.01 per diluted share, compared to $810 million, or $3.40 per diluted share, in the prior year quarter. Core income increased primarily due to a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), lower catastrophe losses and higher net investment income. Net realized investment losses in the current quarter were $11 million pre-tax ($7 million after-tax), compared to net realized investment gains of $7 million pre-tax ($9 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 December 31,									Twelve Months Ended December 31,
	2023			2022			Change			2023			2022			Change
Net written premiums	$	9,994		$	8,829		13	%		$	40,201		$	35,414		14	%

Total revenues	$	10,927		$	9,636		13			$	41,364		$	36,884		12
Net income	$	1,626		$	819		NM			$	2,991		$	2,842		5
per diluted share	$	6.99		$	3.44		NM			$	12.79		$	11.77		9
Core income	$	1,633		$	810		NM			$	3,072		$	2,998		2
per diluted share	$	7.01		$	3.40		NM			$	13.13		$	12.42		6
Diluted weighted average shares outstanding	231.1			236.3			(2)			232.2			239.7			(3)
Combined ratio	85.8		%	94.5		%	(8.7)		pts	97.0		%	95.6		%	1.4		pts
Underlying combined ratio	85.9		%	91.4		%	(5.5)		pts	89.5		%	92.0		%	(2.5)		pts
Return on equity	29.0		%	15.8		%	13.2		pts	13.6		%	12.2		%	1.4		pts
Core return on equity	24.0		%	12.3		%	11.7		pts	11.5		%	11.3		%	0.2		pts


	As of
	December 31, 2023		December 31, 2022		Change
Book value per share	$	109.19	$	92.90	18	%
Adjusted book value per share	122.90		114.00		8	%

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

Note: NM = not meaningful.

“We are very pleased to report exceptional top- and bottom-line results for the fourth quarter,” said Alan Schnitzer, Chairman and Chief Executive Officer.

“Core income, earnings per share and return on equity were all record highs for the quarter, driven by both underwriting and investment results. Record underlying underwriting income resulted from net earned premiums of $10 billion, up more than 13% over the prior year quarter, and an underlying combined ratio which improved 5.5 points to a record 85.9%. Each of our business segments contributed to the improvement.

“We are also pleased to have delivered full year core income of $3.1 billion, generating core ROE of 11.5%, notwithstanding elevated industry-wide catastrophe losses and an operating environment for our Personal Insurance business that, while improving, was difficult during the year. Our high-quality investment portfolio generated after-tax net investment income of $2.4 billion for the year, driven by strong and reliable returns from our growing fixed income portfolio.

“Our operating results, together with our strong balance sheet, enabled us to grow adjusted book value per share by 8% during the year to $122.90, after returning nearly $2 billion of excess capital to shareholders through dividends and share repurchases and making important investments in our business.

“Through excellent marketplace execution across all three segments, we grew net written premiums in the quarter by $1.2 billion, or 13%, to $10 billion. In Business Insurance, we grew net written premiums by 14% to more than $5 billion. Renewal premium change in the segment was very strong at 11.8%, while retention remained historically high at 87% and new business increased significantly. In Bond & Specialty Insurance, we grew net written premiums by 7% to $989 million, achieved 90% retention of our high-quality management liability business and grew net written premiums by 9% in our industry-leading surety business. Given the attractive returns, we are very pleased with the strong production results in both of our commercial business segments. In Personal Insurance, 13% top-line growth was driven by higher pricing. Renewal premium change was 21.2% in our Homeowners and Other business and was 16.7% in our Auto business.

“Looking ahead, the fundamentals across our business are in excellent shape. In Business Insurance, we are growing while achieving very strong margins. Our Bond & Specialty business continues to produce excellent returns, and we added to our expert cyber capabilities with the strategic acquisition of Corvus. Our Personal Insurance business is showing significantly improved profitability, and the outlook is for continued improvement. Record cash flows have enabled us to make important strategic investments in our business, return excess capital to shareholders and grow our investment portfolio to nearly $93 billion. Combined with higher fixed income yields, this sets us up for higher levels of net investment income moving forward. With another year of very strong results in the books, continued strategic investment in pursuit of our focused innovation agenda and the best talent in the industry, we could not feel more confident about how we are positioned for 2024 and beyond.”

Consolidated Results


	Three Months Ended December 31,												Twelve Months Ended December 31,
($ in millions and pre-tax, unless noted otherwise)	2023				2022				Change				2023				2022				Change
Underwriting gain:	$	1,375			$	449			$	926			$	966			$	1,336			$	(370)
Underwriting gain includes:
Net favorable prior year reserve development	132				185				(53)				143				649				(506)
Catastrophes, net of reinsurance	(125)				(459)				334				(2,991)				(1,877)				(1,114)
Net investment income	778				625				153				2,922				2,562				360
Other income (expense), including interest expense	(123)				(94)				(29)				(412)				(340)				(72)
Core income before income taxes	2,030				980				1,050				3,476				3,558				(82)
Income tax expense	397				170				227				404				560				(156)
Core income	1,633				810				823				3,072				2,998				74
Net realized investment gains (losses) after income taxes	(7)				9				(16)				(81)				(156)				75

Net income	$	1,626			$	819			$	807			$	2,991			$	2,842			$	149

Combined ratio	85.8		%		94.5		%		(8.7)			pts	97.0		%		95.6		%		1.4			pts
Impact on combined ratio
Net favorable prior year reserve development	(1.3)			pts	(2.1)			pts	0.8			pts	(0.4)			pts	(1.9)			pts	1.5			pts
Catastrophes, net of reinsurance	1.2			pts	5.2			pts	(4.0)			pts	7.9			pts	5.5			pts	2.4			pts
Underlying combined ratio	85.9		%		91.4		%		(5.5)			pts	89.5		%		92.0		%		(2.5)			pts

Net written premiums
Business Insurance	$	5,018			$	4,390			14		%		$	20,430			$	17,635			16		%
Bond & Specialty Insurance	989				924				7				3,842				3,732				3
Personal Insurance	3,987				3,515				13				15,929				14,047				13
Total	$	9,994			$	8,829			13		%		$	40,201			$	35,414			14		%

Fourth Quarter 2023 Results

(All comparisons vs. fourth quarter 2022, unless noted otherwise)

Net income of $1.626 billion increased $807 million, due to higher core income, partially offset by net realized investment losses compared to net realized investment gains in the same period of 2022. Core income of $1.633 billion increased $823 million, primarily due to a higher underlying underwriting gain, lower catastrophe losses and higher net investment income. The underlying underwriting gain benefited from higher business volumes. Net realized investment losses were $11 million pre-tax ($7 million after-tax), compared to net realized investment gains of $7 million pre-tax ($9 million after-tax) in the prior year quarter.

Combined ratio:

•The combined ratio of 85.8% improved 8.7 points due to an improvement in the underlying combined ratio (5.5 points) and lower catastrophe losses (4.0 points), partially offset by lower net favorable prior year reserve development (0.8 points).

•The underlying combined ratio of 85.9% improved 5.5 points. See below for further details by segment.

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

•Catastrophe losses primarily resulted from wind and hail storms in multiple states, as well as a winter storm.

Net investment income of $778 million pre-tax ($645 million after-tax) increased 24%. Income from the fixed income investment portfolio increased over the prior year quarter due to a higher average yield and growth in fixed maturity investments. Income from the non-fixed income investment portfolio increased slightly over the prior year quarter, primarily due to higher private equity partnership returns, partially offset by lower real estate partnership returns.

Non-fixed income returns are generally reported on a one-quarter lagged basis and directionally follow the broader equity markets.

Net written premiums of $9.994 billion increased 13%. See below for further details by segment.

Full Year 2023 Results

(All comparisons vs. full year 2022, unless noted otherwise)

Net income of $2.991 billion increased $149 million, due to higher core income and lower net realized investment losses. Core income of $3.072 billion increased $74 million, primarily due to a higher underlying underwriting gain and higher net investment income, partially offset by higher catastrophe losses and lower net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the current year also included a one-time tax benefit of $211 million due to the expiration of the statute of limitations with respect to a tax item, while the prior year included a $47 million reduction in income tax expense as a result of the resolution of prior year tax matters. These tax benefits are included in the income tax line in the Consolidated Statement of Income and, accordingly, do not impact the combined ratio or the underlying combined ratio. Net realized investment losses were $105 million pre-tax ($81 million after-tax), compared to $204 million pre-tax ($156 million after-tax) in the prior year.

Combined ratio:

•The combined ratio of 97.0% increased 1.4 points due to higher catastrophe losses (2.4 points) and lower net favorable prior year reserve development (1.5 points), partially offset by an improvement in the underlying combined ratio (2.5 points).

•The underlying combined ratio of 89.5% improved 2.5 points. See below for further details by segment.

•Net favorable prior year reserve development in Bond & Specialty Insurance and Personal Insurance was partially offset by net unfavorable prior year reserve development in Business Insurance. See below for further details by segment.

•Catastrophe losses included the fourth quarter events described above, as well as numerous severe wind and hail storms in multiple states in the first nine months of 2023.

Net investment income of $2.922 billion pre-tax ($2.436 billion after-tax) increased 14%. Income from the fixed income investment portfolio increased over the prior year due to a higher average yield and growth in fixed maturity investments. Income from the non-fixed income investment portfolio was solid but decreased from a strong level in the prior year, primarily due to lower real estate and private equity partnership returns.

Net written premiums of $40.201 billion increased 14%. See below for further details by segment.

Shareholders’ Equity

Shareholders’ equity of $24.921 billion increased 16% over year-end 2022, primarily due to net income of $2.991 billion and lower net unrealized investment losses, partially offset by common share repurchases and dividends to shareholders. Net unrealized investment losses included in shareholders’ equity were $3.970 billion pre-tax ($3.129 billion after-tax), compared to $6.220 billion pre-tax ($4.898 billion after-tax) at year-end 2022. The decrease in net unrealized investment losses was driven by lower interest rates. Book value per share of $109.19 increased 18% over year-end 2022. Adjusted book value per share of $122.90, which excludes net unrealized investment gains (losses), increased 8% over year-end 2022.

The Company repurchased 0.4 million shares during the fourth quarter at an average price of $184.78 per share for a total cost of $66 million. At December 31, 2023, the Company had $6.040 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 $25.114 billion, and the ratio of debt-to-capital was 24.4%. The ratio of debt-to-capital excluding after-tax net unrealized investment gains (losses) included in shareholders’ equity was 22.3%, within the Company’s target range of 15% to 25%.

The Board of Directors declared a regular quarterly dividend of $1.00 per share. The dividend is payable March 29, 2024, to shareholders of record at the close of business on March 8, 2024.

Business Insurance Segment Financial Results


	Three Months Ended December 31,												Twelve Months Ended December 31,
($ in millions and pre-tax, unless noted otherwise)	2023				2022				Change				2023				2022				Change
Underwriting gain:	$	669			$	457			$	212			$	959			$	1,244			$	(285)
Underwriting gain includes:
Net favorable (unfavorable) prior year reserve development	56				127				(71)				(289)				381				(670)
Catastrophes, net of reinsurance	(40)				(125)				85				(838)				(654)				(184)
Net investment income	552				449				103				2,085				1,864				221
Other income (expense)	(37)				(22)				(15)				(93)				(41)				(52)
Segment income before income taxes	1,184				884				300				2,951				3,067				(116)
Income tax expense	227				159				68				368				536				(168)
Segment income	$	957			$	725			$	232			$	2,583			$	2,531			$	52

Combined ratio	86.5		%		89.5		%		(3.0)			pts	94.7		%		92.5		%		2.2			pts
Impact on combined ratio
Net (favorable) unfavorable prior year reserve development	(1.1)			pts	(2.8)			pts	1.7			pts	1.5			pts	(2.2)			pts	3.7			pts
Catastrophes, net of reinsurance	0.8			pts	2.8			pts	(2.0)			pts	4.3			pts	3.8			pts	0.5			pts
Underlying combined ratio	86.8		%		89.5		%		(2.7)			pts	88.9		%		90.9		%		(2.0)			pts

Net written premiums by market
Domestic
Select Accounts	$	862			$	734			17		%		$	3,477			$	3,099			12		%
Middle Market	2,751				2,513				9				11,045				9,923				11
National Accounts	317				295				7				1,135				1,085				5
National Property and Other	682				578				18				3,008				2,467				22
Total Domestic	4,612				4,120				12				18,665				16,574				13
International	406				270				50				1,765				1,061				66
Total	$	5,018			$	4,390			14		%		$	20,430			$	17,635			16		%

Fourth Quarter 2023 Results

(All comparisons vs. fourth quarter 2022, unless noted otherwise)

Segment income for Business Insurance was $957 million after-tax, an increase of $232 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net investment income and lower catastrophe losses, partially offset by lower net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 86.5% improved 3.0 points due to an improvement in the underlying combined ratio (2.7 points) and lower catastrophe losses (2.0 points), partially offset by lower net favorable prior year reserve development (1.7 points).

•The underlying combined ratio improved 2.7 points to a very strong 86.8%.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the domestic operations’ workers’ compensation product line for multiple accident years, partially offset by higher than expected loss experience in the general liability product line for multiple accident years.

Net written premiums of $5.018 billion increased 14%, reflecting strong renewal premium change and retention, as well as higher levels of new business. The increase in net written premiums also included the impact of the

Company’s quota share reinsurance agreement with subsidiaries of Fidelis Insurance Holdings Limited effective January 1, 2023, which is included in the segment’s International results.

Full Year 2023 Results

(All comparisons vs. full year 2022, unless noted otherwise)

Segment income for Business Insurance was $2.583 billion after-tax, an increase of $52 million. Segment income increased primarily due to a higher underlying underwriting gain and higher net investment income, partially offset by net unfavorable prior year reserve development, compared to net favorable prior year reserve development in 2022, and higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the current year also included a one-time tax benefit of $171 million due to the expiration of the statute of limitations with respect to a tax item, while the prior year included a $3 million reduction in income tax expense as a result of the resolution of prior year tax matters.

Combined ratio:

•The combined ratio of 94.7% increased 2.2 points due to net unfavorable prior year reserve development compared to net favorable prior year reserve development in 2022 (3.7 points) and higher catastrophe losses (0.5 points), partially offset by an improvement in the underlying combined ratio (2.0 points).

•The underlying combined ratio improved 2.0 points to a very strong 88.9%.

•Net unfavorable prior year reserve development was primarily driven by (i) net unfavorable prior year reserve development in the run-off operations within the general liability product line, including additions to reserves for asbestos, childhood sexual molestation and environmental claims, partially offset by (ii) net favorable prior year reserve development in the ongoing operations, including better than expected loss experience in the domestic operations’ workers’ compensation product line for multiple accident years, partially offset by higher than expected loss experience in the general liability product line for multiple accident years and the commercial automobile product line for recent accident years.

Net written premiums of $20.430 billion increased 16%, reflecting the same factors described above for the fourth quarter of 2023.

Bond & Specialty Insurance Segment Financial Results


	Three Months Ended December 31,												Twelve Months Ended December 31,
($ in millions and pre-tax, unless noted otherwise)	2023				2022				Change				2023				2022				Change
Underwriting gain:	$	207			$	201			$	6			$	824			$	830			$	(6)
Underwriting gain includes:
Net favorable prior year reserve development	36				51				(15)				285				222				63
Catastrophes, net of reinsurance	(6)				(9)				3				(37)				(25)				(12)
Net investment income	91				70				21				328				258				70
Other income	3				4				(1)				17				15				2
Segment income before income taxes	301				275				26				1,169				1,103				66
Income tax expense	61				54				7				227				195				32
Segment income	$	240			$	221			$	19			$	942			$	908			$	34

Combined ratio	77.3		%		76.9		%		0.4			pts	76.9		%		75.3		%		1.6			pts
Impact on combined ratio
Net favorable prior year reserve development	(3.9)			pts	(5.8)			pts	1.9			pts	(7.8)			pts	(6.5)			pts	(1.3)			pts
Catastrophes, net of reinsurance	0.6			pts	1.0			pts	(0.4)			pts	1.0			pts	0.7			pts	0.3			pts
Underlying combined ratio	80.6		%		81.7		%		(1.1)			pts	83.7		%		81.1		%		2.6			pts

Net written premiums
Domestic
Management Liability	$	553			$	520			6		%		$	2,156			$	2,112			2		%
Surety	276				253				9				1,147				1,081				6
Total Domestic	829				773				7				3,303				3,193				3
International	160				151				6				539				539				—
Total	$	989			$	924			7		%		$	3,842			$	3,732			3		%

Fourth Quarter 2023 Results

(All comparisons vs. fourth quarter 2022, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $240 million after-tax, an increase of $19 million. Segment income increased primarily due to higher net investment income and a higher underlying underwriting gain, partially offset by lower net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 77.3% increased 0.4 points due to lower net favorable prior year reserve development (1.9 points), partially offset by an improvement in the underlying combined ratio (1.1 points) and lower catastrophe losses (0.4 points).

•The underlying combined ratio of 80.6% improved 1.1 points.

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

Net written premiums of $989 million increased 7%, reflecting strong production in both surety and management liability.

Full Year 2023 Results

(All comparisons vs. full year 2022, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $942 million after-tax, an increase of $34 million. Segment income increased primarily due to higher net investment income and higher net favorable prior year reserve development, partially offset by a lower underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the current year included a one-time tax benefit of $9 million due to the expiration of the statute of limitations with respect to a tax item, while the prior year included a $24 million reduction in income tax expense as a result of the resolution of prior year tax matters.

Combined ratio:

•The combined ratio of 76.9% increased 1.6 points due to a higher underlying combined ratio (2.6 points) and higher catastrophe losses (0.3 points), partially offset by higher net favorable prior year reserve development (1.3 points).

•The underlying combined ratio of 83.7% increased 2.6 points, primarily driven by losses from a small number of surety accounts and loss activity related to the disruption in the banking sector, as well as a higher expense ratio.

•Net favorable prior year reserve development was primarily driven by the same factors described above for the fourth quarter of 2023.

Net written premiums of $3.842 billion increased 3%, reflecting the same factors described above for the fourth quarter of 2023.

Personal Insurance Segment Financial Results


	Three Months Ended December 31,												Twelve Months Ended December 31,
($ in millions and pre-tax, unless noted otherwise)	2023				2022				Change				2023				2022				Change
Underwriting gain (loss):	$	499			$	(209)			$	708			$	(817)			$	(738)			$	(79)
Underwriting gain (loss) includes:
Net favorable prior year reserve development	40				7				33				147				46				101
Catastrophes, net of reinsurance	(79)				(325)				246				(2,116)				(1,198)				(918)
Net investment income	135				106				29				509				440				69
Other income	18				18				—				77				68				9
Segment income (loss) before income taxes	652				(85)				737				(231)				(230)				(1)
Income tax expense (benefit)	132				(24)				156				(103)				(90)				(13)
Segment income (loss)	$	520			$	(61)			$	581			$	(128)			$	(140)			$	12

Combined ratio	86.8		%		105.3		%		(18.5)			pts	104.8		%		104.9		%		(0.1)			pts
Impact on combined ratio
Net favorable prior year reserve development	(1.1)			pts	(0.2)			pts	(0.9)			pts	(1.0)			pts	(0.3)			pts	(0.7)			pts
Catastrophes, net of reinsurance	2.0			pts	9.3			pts	(7.3)			pts	14.1			pts	9.0			pts	5.1			pts
Underlying combined ratio	85.9		%		96.2		%		(10.3)			pts	91.7		%		96.2		%		(4.5)			pts

Net written premiums
Domestic
Automobile	$	1,831			$	1,614			13		%		$	7,330			$	6,482			13		%
Homeowners and Other	1,995				1,752				14				7,949				6,916				15
Total Domestic	3,826				3,366				14				15,279				13,398				14
International	161				149				8				650				649				—
Total	$	3,987			$	3,515			13		%		$	15,929			$	14,047			13		%

Fourth Quarter 2023 Results

(All comparisons vs. fourth quarter 2022, unless noted otherwise)

Segment income for Personal Insurance was $520 million after-tax, compared with a segment loss of $61 million in the prior year quarter. The improvement was driven by a higher underlying underwriting gain, lower catastrophe losses, higher net favorable prior year reserve development and higher net investment income. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

•The combined ratio of 86.8% improved 18.5 points due to an improvement in the underlying combined ratio (10.3 points), lower catastrophe losses (7.3 points) and higher net favorable prior year reserve development (0.9 points).

•The underlying combined ratio of 85.9% improved 10.3 points, reflecting improvement in both Homeowners and Other and Automobile.

•Net favorable prior year reserve development was primarily driven by better than expected loss experience in the domestic operations’ homeowners and other product line for recent accident years.

Net written premiums of $3.987 billion increased 13%, primarily reflecting higher renewal premium change in both Domestic Homeowners and Other and Domestic Automobile.

Full Year 2023 Results

(All comparisons vs. full year 2022, unless noted otherwise)

Segment loss for Personal Insurance was $128 million after-tax, compared with a segment loss of $140 million in 2022. The improvement in segment loss was driven by a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the current year included a one-time tax benefit of $31 million due to the expiration of the statute of limitations with respect to a tax item, while the prior year included a $20 million reduction in income tax expense as a result of the resolution of prior year tax matters.

Combined ratio:

•The combined ratio of 104.8% improved 0.1 points due to an improvement in underlying combined ratio (4.5 points) and higher net favorable prior year reserve development (0.7 points), partially offset by higher catastrophe losses (5.1 points).

•The underlying combined ratio of 91.7% improved 4.5 points, reflecting improvement in both Homeowners and Other and Automobile.

•Net favorable prior year reserve development was primarily driven by the same factor described above for the fourth quarter of 2023.

Net written premiums of $15.929 billion increased 13%, reflecting the same factor described above for the fourth quarter of 2023.

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 a.m. Eastern (8 a.m. Central) on Friday, January 19, 2024. Investors can access the call via webcast at investor.travelers.com or 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 30 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 more than 30,000 employees and generated revenues of approximately $41 billion in 2023. 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 twitter.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 covering individuals’ personal risks, primarily in the United States, as well as in Canada. 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,” “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, such as the impact of elevated industrywide loss costs in Personal Insurance, 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 asbestos and other reserves;

•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 and inflation;

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

•the impact of changing climate conditions;

•strategic and operational initiatives to improve profitability and competitiveness;

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

•new product offerings;

•the impact of developments in the tort environment;

•the impact of developments in the geopolitical environment;

•the impact of a U.S. government shutdown; and

•the impact of the Company’s acquisition of Corvus Insurance Holdings, Inc.

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, or the estimated level of claims and claim adjustment expense reserves may increase, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments, including increased inflation;

•the Company’s potential exposure to asbestos and environmental 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 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 make acquisitions 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 (including new variants of COVID-19).

Technology and Intellectual Property Risks

•as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions) 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 higher tax rates; and

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

In addition, the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining capital levels appropriate for the Company’s business operations, changes in levels of written premiums, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws (including the Inflation Reduction Act) 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 our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 16, 2023, 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 December 31,				Twelve Months Ended December 31,
($ in millions, after-tax)	2023		2022		2023		2022
Net income	$	1,626	$	819	$	2,991	$	2,842
Adjustments:
Net realized investment (gains) losses	7		(9)		81		156

Core income	$	1,633	$	810	$	3,072	$	2,998


	Three Months Ended December 31,				Twelve Months Ended December 31,
($ in millions, pre-tax)	2023		2022		2023		2022
Net income	$	2,019	$	987	$	3,371	$	3,354
Adjustments:
Net realized investment (gains) losses	11		(7)		105		204
Core income	$	2,030	$	980	$	3,476	$	3,558


	Twelve Months Ended December 31,						Average Annual
($ in millions, after-tax)	2021		2020		2019			2005 - 2018
Net income	$	3,662	$	2,697	$	2,622		$	3,035
Less: Loss from discontinued operations	—		—		—			(31)
Income from continuing operations	3,662		2,697		2,622			3,066
Adjustments:
Net realized investment (gains) losses	(132)		(11)		(85)			(41)
Impact of changes in tax laws and/or tax rates (1) (2)	(8)		—		—			9
Core income	3,522		2,686		2,537			3,034
Less: Preferred dividends	—		—		—			2
Core income, less preferred dividends	$	3,522	$	2,686	$	2,537		$	3,032

(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 December 31,				Twelve Months Ended December 31,
	2023		2022		2023		2022






Diluted income per share
Net income	$	6.99	$	3.44	$	12.79	$	11.77
Adjustments:
Net realized investment (gains) losses, after-tax	0.02		(0.04)		0.34		0.65

Core income	$	7.01	$	3.40	$	13.13	$	12.42

Reconciliation of Segment Income (Loss) to Total Core Income


	Three Months Ended December 31,				Twelve Months Ended December 31,
($ in millions, after-tax)	2023		2022		2023		2022
Business Insurance	$	957	$	725	$	2,583	$	2,531
Bond & Specialty Insurance	240		221		942		908
Personal Insurance	520		(61)		(128)		(140)
Total segment income	1,717		885		3,397		3,299
Interest Expense and Other	(84)		(75)		(325)		(301)
Total core income	$	1,633	$	810	$	3,072	$	2,998

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 December 31,										Average Annual
($ in millions)	2023		2022		2021		2020		2019			2005 - 2018
Shareholders’ equity	$	24,921	$	21,560	$	28,887	$	29,201	$	25,943		$	24,659
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity	3,129		4,898		(2,415)		(4,074)		(2,246)			(1,232)
Net realized investment (gains) losses, net of tax	81		156		(132)		(11)		(85)			(41)
Impact of changes in tax laws and/or tax rates (1) (2)	—		—		(8)		—		—			20
Preferred stock	—		—		—		—		—			(45)
Loss from discontinued operations	—		—		—		—		—			31
Adjusted shareholders’ equity	$	28,131	$	26,614	$	26,332	$	25,116	$	23,612		$	23,392

(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 December 31,						Twelve Months Ended December 31,
($ in millions, after-tax)	2023			2022			2023			2022
Annualized net income	$	6,506		$	3,278		$	2,991		$	2,842
Average shareholders’ equity	22,449			20,733			22,031			23,384
Return on equity	29.0		%	15.8		%	13.6		%	12.2		%
Annualized core income	$	6,530		$	3,241		$	3,072		$	2,998
Adjusted average shareholders’ equity	27,250			26,336			26,772			26,588
Core return on equity	24.0		%	12.3		%	11.5		%	11.3		%


	Twelve Months Ended December 31,										Average Annual
($ in millions, after-tax)		2021			2020			2019				2005 - 2018
Net income, less preferred dividends		$	3,662		$	2,697		$	2,622			$	3,033
Average shareholders' equity		28,735			26,892			24,922				24,677
Return on equity		12.7		%	10.0		%	10.5		%		12.3		%
Core income, less preferred dividends		$	3,522		$	2,686		$	2,537			$	3,032

Adjusted average shareholders’ equity		25,718			23,790			23,335				23,401
Core return on equity		13.7		%	11.3		%	10.9		%		13.0		%

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.

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 exceeded 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 2023 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 December 31,				Twelve Months Ended December 31,
($ in millions, after-tax, except as noted)	2023		2022		2023		2022
Net income	$	1,626	$	819	$	2,991	$	2,842
Net realized investment (gains) losses	7		(9)		81		156

Core income	1,633		810		3,072		2,998
Net investment income	(645)		(531)		(2,436)		(2,170)
Other (income) expense, including interest expense	100		75		337		277
Underwriting income	1,088		354		973		1,105
Income tax expense (benefit) on underwriting results	287		95		(7)		231
Pre-tax underwriting income	1,375		449		966		1,336
Pre-tax impact of net favorable prior year reserve development	(132)		(185)		(143)		(649)
Pre-tax impact of catastrophes	125		459		2,991		1,877
Pre-tax underlying underwriting income	$	1,368	$	723	$	3,814	$	2,564

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


	Three Months Ended December 31,				Twelve Months Ended December 31,
($ in millions, after-tax)	2023		2022		2023		2022
Net income	$	1,626	$	819	$	2,991	$	2,842
Net realized investment (gains) losses	7		(9)		81		156

Core income	1,633		810		3,072		2,998
Net investment income	(645)		(531)		(2,436)		(2,170)
Other (income) expense, including interest expense	100		75		337		277
Underwriting income	1,088		354		973		1,105
Impact of net favorable prior year reserve development	(105)		(145)		(113)		(512)
Impact of catastrophes	99		362		2,361		1,480
Underlying underwriting income	$	1,082	$	571	$	3,221	$	2,073


	Twelve Months Ended December 31,
($ in millions, after-tax)	2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Net income	$	3,662	$	2,697	$	2,622	$	2,523	$	2,056	$	3,014	$	3,439	$	3,692	$	3,673	$	2,473
Net realized investment gains	(132)		(11)		(85)		(93)		(142)		(47)		(2)		(51)		(106)		(32)
Impact of changes in tax laws and/or tax rates (1) (2)	(8)		—		—		—		129		—		—		—		—		—
Core income	3,522		2,686		2,537		2,430		2,043		2,967		3,437		3,641		3,567		2,441
Net investment income	(2,541)		(1,908)		(2,097)		(2,102)		(1,872)		(1,846)		(1,905)		(2,216)		(2,186)		(2,316)
Other (income) expense, including interest expense	235		232		214		248		179		78		193		159		61		171
Underwriting income	1,216		1,010		654		576		350		1,199		1,725		1,584		1,442		296
Impact of net (favorable) unfavorable prior year reserve development	(424)		(276)		47		(409)		(378)		(510)		(617)		(616)		(552)		(622)
Impact of catastrophes	1,459		1,274		699		1,355		1,267		576		338		462		387		1,214
Underlying underwriting income	$	2,251	$	2,008	$	1,400	$	1,522	$	1,239	$	1,265	$	1,446	$	1,430	$	1,277	$	888

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

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

COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED RATIO

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

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

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

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

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

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

Calculation of the Combined Ratio


	Three Months Ended December 31,						Twelve Months Ended December 31,
($ in millions, pre-tax)	2023			2022			2023			2022
Loss and loss adjustment expense ratio
Claims and claim adjustment expenses	$	5,880		$	5,924		$	26,215		$	22,854
Less:
Policyholder dividends	13			9			49			40
Allocated fee income	40			39			164			151
Loss ratio numerator	$	5,827		$	5,876		$	26,002		$	22,663
Underwriting expense ratio
Amortization of deferred acquisition costs	$	1,641		$	1,434		$	6,226		$	5,515
General and administrative expenses (G&A)	1,289			1,203			5,176			4,810
Less:
Non-insurance G&A	103			88			389			340
Allocated fee income	69			66			269			261
Billing and policy fees and other	29			28			113			109
Expense ratio numerator	$	2,729		$	2,455		$	10,631		$	9,615
Earned premium	$	9,973		$	8,817		$	37,761		$	33,763
Combined ratio (1)
Loss and loss adjustment expense ratio	58.4		%	66.6		%	68.9		%	67.1		%
Underwriting expense ratio	27.4		%	27.9		%	28.1		%	28.5		%
Combined ratio	85.8		%	94.5		%	97.0		%	95.6		%
Impact on combined ratio:
Net favorable prior year reserve development	(1.3)		%	(2.1)		%	(0.4)		%	(1.9)		%
Catastrophes, net of reinsurance	1.2		%	5.2		%	7.9		%	5.5		%
Underlying combined ratio	85.9		%	91.4		%	89.5		%	92.0		%

(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 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)	December 31, 2023		December 31, 2022
Shareholders’ equity	$	24,921	$	21,560
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity	(3,129)		(4,898)
Shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity	28,050		26,458
Less:
Goodwill	3,976		3,952
Other intangible assets	277		287
Impact of deferred tax on other intangible assets	(69)		(60)
Tangible shareholders’ equity, excluding net unrealized investment losses, net of tax, included in shareholders’ equity	$	23,866	$	22,279
Common shares outstanding	228.2		232.1
Book value per share	$	109.19	$	92.90
Adjusted book value per share	122.90		114.00
Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders’ equity	104.57		96.00

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)	December 31, 2023			December 31, 2022
Debt	$	8,031		$	7,292
Shareholders’ equity	24,921			21,560
Total capitalization	32,952			28,852
Less: Net unrealized investment losses, net of tax, included in shareholders’ equity	(3,129)			(4,898)
Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders’ equity	$	36,081		$	33,750
Debt-to-capital ratio	24.4		%	25.3		%
Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders’ equity	22.3		%	21.6		%

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


	As of December 31,
($ in millions)	2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Invested assets	$	88,810	$	80,454	$	87,375	$	84,423	$	77,884	$	72,278	$	72,502	$	70,488	$	70,470	$	73,261	$	73,160	$	73,838
Less: Net unrealized investment gains (losses), pre-tax	(3,970)		(6,220)		3,060		5,175		2,853		(137)		1,414		1,112		1,974		3,008		2,030		4,761
Invested assets excluding net unrealized investment gains (losses)	$	92,780	$	86,674	$	84,315	$	79,248	$	75,031	$	72,415	$	71,088	$	69,376	$	68,496	$	70,253	$	71,130	$	69,077

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 16, 2023, and subsequent periodic filings with the SEC.

###

Contacts


Media:			Institutional Investors:
Patrick Linehan			Abbe Goldstein
917.778.6267			917.778.6825


The Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2023						Exhibit 99.2


			Page Number
Consolidated Results
Financial Highlights			1
Reconciliation to Net Income (Loss) and Earnings Per Share			2
Statement of Income (Loss)			3
Net Income (Loss) 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-K 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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Net income (loss)	$	1,018		$	551		$	454		$	819		$	975		$	(14)		$	404		$	1,626		$	2,842		$	2,991
Net income (loss) per share:
Basic	$	4.20		$	2.29		$	1.91		$	3.49		$	4.18		$	(0.07)		$	1.75		$	7.07		$	11.91		$	12.93
Diluted	$	4.15		$	2.27		$	1.89		$	3.44		$	4.13		$	(0.07)		$	1.74		$	6.99		$	11.77		$	12.79
Core income	$	1,037		$	625		$	526		$	810		$	970		$	15		$	454		$	1,633		$	2,998		$	3,072
Core income per share:
Basic	$	4.27		$	2.60		$	2.22		$	3.45		$	4.16		$	0.06		$	1.97		$	7.09		$	12.56		$	13.28
Diluted	$	4.22		$	2.57		$	2.20		$	3.40		$	4.11		$	0.06		$	1.95		$	7.01		$	12.42		$	13.13
Return on equity	15.0		%	9.1		%	8.5		%	15.8		%	17.5		%	(0.2)		%	7.7		%	29.0		%	12.2		%	13.6		%
Core return on equity	15.5		%	9.3		%	7.9		%	12.3		%	14.5		%	0.2		%	6.9		%	24.0		%	11.3		%	11.5		%
Total assets, at period end	$	118,592		$	116,587		$	114,317		$	115,717		$	118,352		$	120,573		$	121,384		$	125,978		$	115,717		$	125,978
Total equity, at period end	$	25,531		$	22,874		$	19,906		$	21,560		$	23,052		$	21,855		$	19,978		$	24,921		$	21,560		$	24,921
Book value per share, at period end	$	106.40		$	96.39		$	84.94		$	92.90		$	99.80		$	95.46		$	87.47		$	109.19		$	92.90		$	109.19
Less: Net unrealized investment gains (losses), net of tax	(5.79)			(15.98)			(26.96)			(21.10)			(16.75)			(19.99)			(28.31)			(13.71)			(21.10)			(13.71)
Adjusted book value per share, at period end	$	112.19		$	112.37		$	111.90		$	114.00		$	116.55		$	115.45		$	115.78		$	122.90		$	114.00		$	122.90

Weighted average number of common shares outstanding (basic)	240.9			238.4			235.4			233.2			231.7			229.7			228.8			228.4			237.0			229.7
Weighted average number of common shares outstanding and common stock equivalents (diluted)	243.7			241.1			237.9			236.3			234.4			229.7			231.1			231.1			239.7			232.2
Common shares outstanding at period end	240.0			237.3			234.3			232.1			231.0			228.9			228.4			228.2			232.1			228.2
Common stock dividends declared	$	214		$	225		$	221		$	220		$	218		$	233		$	232		$	232		$	880		$	915
Common stock repurchased:
Under Board of Directors authorization
Shares	2.9			2.9			3.1			2.7			2.2			2.2			0.6			0.4			11.6			5.4
Cost	$	500		$	500		$	500		$	500		$	400		$	400		$	100		$	65		$	2,000		$	965
Other
Shares	0.4			—			—			—			0.3			—			—			—			0.4			0.3
Cost	$	59		$	—		$	1		$	1		$	62		$	—		$	1		$	1		$	61		$	64

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


The Travelers Companies, Inc. Reconciliation to Net Income (Loss) and Earnings per Share


($ and shares in millions, except earnings per share)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Net income (loss)
Net income (loss)	$	1,018	$	551	$	454	$	819	$	975	$	(14)	$	404	$	1,626	$	2,842	$	2,991
Adjustments:
Net realized investment (gains) losses, after-tax	19		74		72		(9)		(5)		29		50		7		156		81

Core income	$	1,037	$	625	$	526	$	810	$	970	$	15	$	454	$	1,633	$	2,998	$	3,072
Basic earnings per share
Net income (loss)	$	4.20	$	2.29	$	1.91	$	3.49	$	4.18	$	(0.07)	$	1.75	$	7.07	$	11.91	$	12.93
Adjustments:
Net realized investment (gains) losses, after-tax	0.07		0.31		0.31		(0.04)		(0.02)		0.13		0.22		0.02		0.65		0.35

Core income	$	4.27	$	2.60	$	2.22	$	3.45	$	4.16	$	0.06	$	1.97	$	7.09	$	12.56	$	13.28
Diluted earnings per share
Net income (loss)	$	4.15	$	2.27	$	1.89	$	3.44	$	4.13	$	(0.07)	$	1.74	$	6.99	$	11.77	$	12.79
Adjustments:
Net realized investment (gains) losses, after-tax	0.07		0.30		0.31		(0.04)		(0.02)		0.13		0.21		0.02		0.65		0.34

Core income	$	4.22	$	2.57	$	2.20	$	3.40	$	4.11	$	0.06	$	1.95	$	7.01	$	12.42	$	13.13

Adjustments to net income (loss) and weighted average shares for net income (loss) EPS calculations: (1)


Basic and Diluted	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Net income (loss), as reported	$	1,018	$	551	$	454	$	819	$	975	$	(14)	$	404	$	1,626	$	2,842	$	2,991
Participating share-based awards - allocated income	(7)		(4)		(4)		(5)		(7)		(1)		(3)		(12)		(20)		(22)
Net income (loss) available to common shareholders - basic and diluted	$	1,011	$	547	$	450	$	814	$	968	$	(15)	$	401	$	1,614	$	2,822	$	2,969
Common Shares
Basic
Weighted average shares outstanding	240.9		238.4		235.4		233.2		231.7		229.7		228.8		228.4		237.0		229.7
Diluted
Weighted average shares outstanding	240.9		238.4		235.4		233.2		231.7		229.7		228.8		228.4		237.0		229.7
Weighted average effects of dilutive securities - stock options and performance shares	2.8		2.7		2.5		3.1		2.7		—		2.3		2.7		2.7		2.5
Diluted weighted average shares outstanding	243.7		241.1		237.9		236.3		234.4		229.7		231.1		231.1		239.7		232.2

(1) Adjustments to net income and weighted average shares for net income EPS calculations can generally be used for the core income EPS calculations. The net loss EPS calculation for 2Q 2023 excluded the allocation of $2 million of undistributed loss to participating share-based awards, since such allocation would result in anti-dilution of basic and diluted earnings per share. In addition, the net loss EPS calculation for 2Q 2023 excluded the incremental impact of 2.5 million stock options and performance shares, since the impact of these potential shares of common stock and their effects on income was anti-dilutive. The core income EPS calculation for 2Q 2023 included these items.

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


The Travelers Companies, Inc. Statement of Income (Loss) - Consolidated


($ in millions)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Revenues
Premiums	$	8,014		$	8,317		$	8,615		$	8,817		$	8,854		$	9,216		$	9,718		$	9,973		$	33,763		$	37,761
Net investment income	637			707			593			625			663			712			769			778			2,562			2,922
Fee income	103			100			104			105			106			106			112			109			412			433
Net realized investment gains (losses)	(23)			(95)			(93)			7			6			(35)			(65)			(11)			(204)			(105)
Other revenues	78			107			84			82			75			99			101			78			351			353
Total revenues	8,809			9,136			9,303			9,636			9,704			10,098			10,635			10,927			36,884			41,364
Claims and expenses
Claims and claim adjustment expenses	5,039			5,803			6,088			5,924			5,959			7,227			7,149			5,880			22,854			26,215
Amortization of deferred acquisition costs	1,310			1,365			1,406			1,434			1,462			1,519			1,604			1,641			5,515			6,226
General and administrative expenses	1,191			1,223			1,193			1,203			1,267			1,308			1,312			1,289			4,810			5,176
Interest expense	87			88			88			88			88			92			98			98			351			376
Total claims and expenses	7,627			8,479			8,775			8,649			8,776			10,146			10,163			8,908			33,530			37,993
Income (loss) before income taxes	1,182			657			528			987			928			(48)			472			2,019			3,354			3,371
Income tax expense (benefit)	164			106			74			168			(47)			(34)			68			393			512			380
Net income (loss)	$	1,018		$	551		$	454		$	819		$	975		$	(14)		$	404		$	1,626		$	2,842		$	2,991






Other statistics
Effective tax rate on net investment income	15.4		%	15.8		%	14.8		%	15.1		%	16.0		%	16.5		%	16.8		%	17.0		%	15.3		%	16.6		%
Net investment income (after-tax)	$	539		$	595		$	505		$	531		$	557		$	594		$	640		$	645		$	2,170		$	2,436

Catastrophes, net of reinsurance:
Pre-tax	$	160		$	746		$	512		$	459		$	535		$	1,481		$	850		$	125		$	1,877		$	2,991
After-tax	$	127		$	587		$	404		$	362		$	422		$	1,171		$	669		$	99		$	1,480		$	2,361

Prior year reserve development - favorable (unfavorable):
Pre-tax	$	153		$	291		$	20		$	185		$	105		$	60		$	(154)		$	132		$	649		$	143
After-tax	$	122		$	229		$	16		$	145		$	83		$	47		$	(122)		$	105		$	512		$	113

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


The Travelers Companies, Inc. Net Income (Loss) by Major Component and Combined Ratio - Consolidated


($ in millions, net of tax)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Underwriting gain (loss)	$	575		$	86		$	90		$	354		$	501		$	(509)		$	(107)		$	1,088		$	1,105		$	973
Net investment income	539			595			505			531			557			594			640			645			2,170			2,436
Other income (expense), including interest expense	(77)			(56)			(69)			(75)			(88)			(70)			(79)			(100)			(277)			(337)
Core income	1,037			625			526			810			970			15			454			1,633			2,998			3,072
Net realized investment gains (losses)	(19)			(74)			(72)			9			5			(29)			(50)			(7)			(156)			(81)

Net income (loss)	$	1,018		$	551		$	454		$	819		$	975		$	(14)		$	404		$	1,626		$	2,842		$	2,991
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	62.3		%	69.3		%	70.1		%	66.6		%	66.7		%	77.9		%	73.0		%	58.4		%	67.1		%	68.9		%
Underwriting expense ratio	29.0		%	29.0		%	28.1		%	27.9		%	28.7		%	28.6		%	28.0		%	27.4		%	28.5		%	28.1		%
Combined ratio	91.3		%	98.3		%	98.2		%	94.5		%	95.4		%	106.5		%	101.0		%	85.8		%	95.6		%	97.0		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development	(1.9)		%	(3.5)		%	(0.2)		%	(2.1)		%	(1.2)		%	(0.7)		%	1.6		%	(1.3)		%	(1.9)		%	(0.4)		%
Catastrophes, net of reinsurance	2.0		%	9.0		%	5.9		%	5.2		%	6.0		%	16.1		%	8.8		%	1.2		%	5.5		%	7.9		%
Underlying combined ratio	91.2		%	92.8		%	92.5		%	91.4		%	90.6		%	91.1		%	90.6		%	85.9		%	92.0		%	89.5		%



(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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Billing and policy fees and other	$	27		$	27		$	27		$	28		$	28		$	28		$	28		$	29		$	109		$	113
Fee income:
Loss and loss adjustment expenses	$	35		$	39		$	38		$	39		$	42		$	40		$	42		$	40		$	151		$	164
Underwriting expenses	68			61			66			66			64			66			70			69			261			269
Total fee income	$	103		$	100		$	104		$	105		$	106		$	106		$	112		$	109		$	412		$	433
Non-insurance general and administrative expenses	$	82		$	87		$	83		$	88		$	95		$	92		$	99		$	103		$	340		$	389

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Revenues
Premiums	$	8,014		$	8,317		$	8,615		$	8,817		$	8,854		$	9,216		$	9,718		$	9,973		$	33,763		$	37,761
Net investment income	637			707			593			625			663			712			769			778			2,562			2,922
Fee income	103			100			104			105			106			106			112			109			412			433
Other revenues	78			107			84			82			75			99			101			78			351			353
Total revenues	8,832			9,231			9,396			9,629			9,698			10,133			10,700			10,938			37,088			41,469
Claims and expenses
Claims and claim adjustment expenses	5,039			5,803			6,088			5,924			5,959			7,227			7,149			5,880			22,854			26,215
Amortization of deferred acquisition costs	1,310			1,365			1,406			1,434			1,462			1,519			1,604			1,641			5,515			6,226
General and administrative expenses	1,191			1,223			1,193			1,203			1,267			1,308			1,312			1,289			4,810			5,176
Interest expense	87			88			88			88			88			92			98			98			351			376
Total claims and expenses	7,627			8,479			8,775			8,649			8,776			10,146			10,163			8,908			33,530			37,993
Core income (loss) before income taxes	1,205			752			621			980			922			(13)			537			2,030			3,558			3,476
Income tax expense (benefit)	168			127			95			170			(48)			(28)			83			397			560			404
Core income	$	1,037		$	625		$	526		$	810		$	970		$	15		$	454		$	1,633		$	2,998		$	3,072
Other statistics
Effective tax rate on net investment income	15.4		%	15.8		%	14.8		%	15.1		%	16.0		%	16.5		%	16.8		%	17.0		%	15.3		%	16.6		%
Net investment income (after-tax)	$	539		$	595		$	505		$	531		$	557		$	594		$	640		$	645		$	2,170		$	2,436
Catastrophes, net of reinsurance:
Pre-tax	$	160		$	746		$	512		$	459		$	535		$	1,481		$	850		$	125		$	1,877		$	2,991
After-tax	$	127		$	587		$	404		$	362		$	422		$	1,171		$	669		$	99		$	1,480		$	2,361
Prior year reserve development - favorable (unfavorable):
Pre-tax	$	153		$	291		$	20		$	185		$	105		$	60		$	(154)		$	132		$	649		$	143
After-tax	$	122		$	229		$	16		$	145		$	83		$	47		$	(122)		$	105		$	512		$	113

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Statutory underwriting
Gross written premiums	$	9,283	$	9,536	$	9,812	$	9,245	$	10,347	$	10,907	$	11,263	$	10,455	$	37,876	$	42,972
Net written premiums	$	8,367	$	9,020	$	9,198	$	8,829	$	9,396	$	10,318	$	10,493	$	9,994	$	35,414	$	40,201
Net earned premiums	$	8,016	$	8,316	$	8,615	$	8,817	$	8,854	$	9,216	$	9,718	$	9,973	$	33,764	$	37,761
Losses and loss adjustment expenses	4,994		5,758		6,034		5,870		5,906		7,179		7,091		5,826		22,656		26,002
Underwriting expenses	2,441		2,568		2,533		2,450		2,727		2,863		2,860		2,748		9,992		11,198
Statutory underwriting gain (loss)	581		(10)		48		497		221		(826)		(233)		1,399		1,116		561
Policyholder dividends	11		6		14		9		12		10		14		13		40		49
Statutory underwriting gain (loss) after policyholder dividends	$	570	$	(16)	$	34	$	488	$	209	$	(836)	$	(247)	$	1,386	$	1,076	$	512
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	49,027	$	49,676	$	50,139	$	50,762	$	51,164	$	52,643	$	53,692	$	53,717	$	50,762	$	53,717
Increase (decrease) in reserves	$	438	$	649	$	463	$	623	$	402	$	1,479	$	1,049	$	25	$	2,173	$	2,955
Statutory capital and surplus	$	24,168	$	23,776	$	23,375	$	23,677	$	23,689	$	22,934	$	23,267	$	25,114	$	23,677	$	25,114
Net written premiums/surplus (1)	1.36:1		1.42:1		1.48:1		1.50:1		1.54:1		1.65:1		1.68:1		1.60:1		1.50:1		1.60:1

(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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Written premiums
Gross	$	9,283	$	9,536	$	9,812	$	9,245	$	10,347	$	10,907	$	11,263	$	10,455	$	37,876	$	42,972
Ceded	(916)		(516)		(614)		(416)		(951)		(589)		(770)		(461)		(2,462)		(2,771)
Net	$	8,367	$	9,020	$	9,198	$	8,829	$	9,396	$	10,318	$	10,493	$	9,994	$	35,414	$	40,201
Earned premiums
Gross	$	8,565	$	8,897	$	9,216	$	9,415	$	9,469	$	9,866	$	10,397	$	10,678	$	36,093	$	40,410
Ceded	(551)		(580)		(601)		(598)		(615)		(650)		(679)		(705)		(2,330)		(2,649)
Net	$	8,014	$	8,317	$	8,615	$	8,817	$	8,854	$	9,216	$	9,718	$	9,973	$	33,763	$	37,761

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Revenues
Premiums	$	4,071		$	4,218		$	4,353		$	4,453		$	4,477		$	4,644		$	4,956		$	5,067		$	17,095		$	19,144
Net investment income	468			521			426			449			473			509			551			552			1,864			2,085
Fee income	96			93			96			97			99			98			102			101			382			400
Other revenues	53			85			56			54			47			67			71			47			248			232
Total revenues	4,688			4,917			4,931			5,053			5,096			5,318			5,680			5,767			19,589			21,861
Claims and expenses
Claims and claim adjustment expenses	2,514			2,698			2,959			2,736			2,907			3,296			3,519			2,974			10,907			12,696
Amortization of deferred acquisition costs	668			691			708			721			742			773			820			838			2,788			3,173
General and administrative expenses	697			714			704			712			734			764			772			771			2,827			3,041
Total claims and expenses	3,879			4,103			4,371			4,169			4,383			4,833			5,111			4,583			16,522			18,910
Segment income before income taxes	809			814			560			884			713			485			569			1,184			3,067			2,951
Income tax expense (benefit)	140			148			89			159			(43)			83			101			227			536			368
Segment income	$	669		$	666		$	471		$	725		$	756		$	402		$	468		$	957		$	2,531		$	2,583
Other statistics
Effective tax rate on net investment income	15.3		%	15.8		%	14.6		%	14.9		%	15.8		%	16.4		%	16.8		%	16.8		%	15.2		%	16.5		%
Net investment income (after-tax)	$	396		$	439		$	364		$	382		$	398		$	426		$	458		$	459		$	1,581		$	1,741
Catastrophes, net of reinsurance:
Pre-tax	$	79		$	234		$	216		$	125		$	199		$	396		$	203		$	40		$	654		$	838
After-tax	$	63		$	184		$	170		$	98		$	157		$	313		$	160		$	32		$	515		$	662
Prior year reserve development - favorable (unfavorable):
Pre-tax	$	113		$	202		$	(61)		$	127		$	19		$	(101)		$	(263)		$	56		$	381		$	(289)
After-tax	$	90		$	159		$	(48)		$	100		$	15		$	(80)		$	(207)		$	44		$	301		$	(228)

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Underwriting gain (loss)	$	291		$	220		$	117		$	361		$	388		$	(12)		$	22		$	531		$	989		$	929
Net investment income	396			439			364			382			398			426			458			459			1,581			1,741
Other income (expense)	(18)			7			(10)			(18)			(30)			(12)			(12)			(33)			(39)			(87)
Segment income	$	669		$	666		$	471		$	725		$	756		$	402		$	468		$	957		$	2,531		$	2,583
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	60.7		%	63.0		%	66.9		%	60.4		%	63.8		%	70.0		%	70.0		%	57.7		%	62.8		%	65.3		%
Underwriting expense ratio	30.2		%	30.2		%	29.4		%	29.1		%	29.8		%	30.1		%	29.1		%	28.8		%	29.7		%	29.4		%
Combined ratio	90.9		%	93.2		%	96.3		%	89.5		%	93.6		%	100.1		%	99.1		%	86.5		%	92.5		%	94.7		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development	(2.8)		%	(4.8)		%	1.4		%	(2.8)		%	(0.4)		%	2.2		%	5.3		%	(1.1)		%	(2.2)		%	1.5		%
Catastrophes, net of reinsurance	1.9		%	5.6		%	4.9		%	2.8		%	4.4		%	8.5		%	4.1		%	0.8		%	3.8		%	4.3		%
Underlying combined ratio	91.8		%	92.4		%	90.0		%	89.5		%	89.6		%	89.4		%	89.7		%	86.8		%	90.9		%	88.9		%



(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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Billing and policy fees and other	$	3		$	4		$	4		$	4		$	4		$	4		$	4		$	4		$	15		$	16
Fee income:
Loss and loss adjustment expenses	$	35		$	39		$	38		$	39		$	42		$	40		$	42		$	40		$	151		$	164
Underwriting expenses	61			54			58			58			57			58			60			61			231			236
Total fee income	$	96		$	93		$	96		$	97		$	99		$	98		$	102		$	101		$	382		$	400
Non-insurance general and administrative expenses	$	70		$	73		$	70		$	76		$	80		$	77		$	84		$	84		$	289		$	325

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Statutory underwriting
Gross written premiums	$	5,148	$	4,786	$	4,864	$	4,723	$	5,828	$	5,662	$	5,685	$	5,394	$	19,521	$	22,569
Net written premiums	$	4,502	$	4,373	$	4,370	$	4,390	$	5,157	$	5,175	$	5,080	$	5,018	$	17,635	$	20,430
Net earned premiums	$	4,073	$	4,217	$	4,353	$	4,453	$	4,477	$	4,644	$	4,956	$	5,067	$	17,096	$	19,144
Losses and loss adjustment expenses	2,472		2,656		2,911		2,682		2,858		3,251		3,467		2,924		10,721		12,500
Underwriting expenses	1,313		1,325		1,281		1,282		1,492		1,507		1,459		1,464		5,201		5,922
Statutory underwriting gain (loss)	288		236		161		489		127		(114)		30		679		1,174		722
Policyholder dividends	8		4		7		9		8		7		8		8		28		31
Statutory underwriting gain (loss) after policyholder dividends	$	280	$	232	$	154	$	480	$	119	$	(121)	$	22	$	671	$	1,146	$	691

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Net written premiums by market
Domestic
Select Accounts	$	819	$	807	$	739	$	734	$	908	$	883	$	824	$	862	$	3,099	$	3,477
Middle Market	2,616		2,329		2,465		2,513		2,926		2,618		2,750		2,751		9,923		11,045
National Accounts	303		240		247		295		294		277		247		317		1,085		1,135
National Property and Other	497		690		702		578		590		862		874		682		2,467		3,008
Total Domestic	4,235		4,066		4,153		4,120		4,718		4,640		4,695		4,612		16,574		18,665
International	267		307		217		270		439		535		385		406		1,061		1,765
Total	$	4,502	$	4,373	$	4,370	$	4,390	$	5,157	$	5,175	$	5,080	$	5,018	$	17,635	$	20,430
Net written premiums by product line
Domestic
Workers’ compensation	$	1,008	$	823	$	787	$	779	$	1,051	$	852	$	777	$	812	$	3,397	$	3,492
Commercial automobile	781		759		762		759		851		830		835		830		3,061		3,346
Commercial property	551		763		756		701		693		988		968		845		2,771		3,494
General liability	789		678		738		757		866		744		829		825		2,962		3,264
Commercial multi-peril	1,085		1,041		1,067		1,111		1,241		1,227		1,240		1,292		4,304		5,000
Other	21		2		43		13		16		(1)		46		8		79		69
Total Domestic	4,235		4,066		4,153		4,120		4,718		4,640		4,695		4,612		16,574		18,665
International	267		307		217		270		439		535		385		406		1,061		1,765
Total	$	4,502	$	4,373	$	4,370	$	4,390	$	5,157	$	5,175	$	5,080	$	5,018	$	17,635	$	20,430

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Revenues
Premiums	$	820		$	851		$	877		$	870		$	875		$	911		$	935		$	934		$	3,418		$	3,655
Net investment income	59			64			65			70			73			78			86			91			258			328
Other revenues	4			4			6			6			5			7			6			7			20			25
Total revenues	883			919			948			946			953			996			1,027			1,032			3,696			4,008
Claims and expenses
Claims and claim adjustment expenses	354			331			334			359			380			366			351			388			1,378			1,485
Amortization of deferred acquisition costs	149			155			162			159			160			168			173			172			625			673
General and administrative expenses	141			148			148			153			165			173			172			171			590			681
Total claims and expenses	644			634			644			671			705			707			696			731			2,593			2,839
Segment income before income taxes	239			285			304			275			248			289			331			301			1,103			1,169
Income tax expense	22			57			62			54			41			59			66			61			195			227
Segment income	$	217		$	228		$	242		$	221		$	207		$	230		$	265		$	240		$	908		$	942
Other statistics
Effective tax rate on net investment income	15.1		%	15.4		%	15.6		%	15.7		%	16.5		%	17.0		%	16.6		%	17.9		%	15.5		%	17.0		%
Net investment income (after-tax)	$	50		$	55		$	54		$	59		$	61		$	65		$	71		$	75		$	218		$	272
Catastrophes, net of reinsurance:
Pre-tax	$	1		$	4		$	11		$	9		$	5		$	21		$	5		$	6		$	25		$	37
After-tax	$	1		$	3		$	9		$	7		$	4		$	17		$	4		$	4		$	20		$	29
Prior year reserve development - favorable:
Pre-tax	$	35		$	73		$	63		$	51		$	58		$	119		$	72		$	36		$	222		$	285
After-tax	$	28		$	57		$	50		$	40		$	46		$	93		$	57		$	29		$	175		$	225

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Underwriting gain	$	165		$	171		$	185		$	158		$	143		$	160		$	190		$	163		$	679		$	656
Net investment income	50			55			54			59			61			65			71			75			218			272
Other income	2			2			3			4			3			5			4			2			11			14
Segment income	$	217		$	228		$	242		$	221		$	207		$	230		$	265		$	240		$	908		$	942
Combined ratio (1)
Loss and loss adjustment expense ratio	42.8		%	38.5		%	37.3		%	41.3		%	43.0		%	39.8		%	36.9		%	41.1		%	39.9		%	40.1		%
Underwriting expense ratio	35.2		%	35.5		%	35.2		%	35.6		%	37.0		%	37.3		%	36.7		%	36.2		%	35.4		%	36.8		%
Combined ratio	78.0		%	74.0		%	72.5		%	76.9		%	80.0		%	77.1		%	73.6		%	77.3		%	75.3		%	76.9		%
Impact on combined ratio:
Net favorable prior year reserve development	(4.3)		%	(8.6)		%	(7.2)		%	(5.8)		%	(6.7)		%	(13.0)		%	(7.7)		%	(3.9)		%	(6.5)		%	(7.8)		%
Catastrophes, net of reinsurance	0.1		%	0.4		%	1.3		%	1.0		%	0.6		%	2.3		%	0.6		%	0.6		%	0.7		%	1.0		%
Underlying combined ratio	82.2		%	82.2		%	78.4		%	81.7		%	86.1		%	87.8		%	80.7		%	80.6		%	81.1		%	83.7		%



(1) 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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Non-insurance general and administrative expenses	$	1		$	1		$	1		$	2		$	1		$	1		$	2		$	4		$	5		$	8

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Statutory underwriting
Gross written premiums	$	1,009	$	1,036	$	1,043	$	994	$	1,010	$	1,035	$	1,082	$	1,060	$	4,082	$	4,187
Net written premiums	$	882	$	962	$	964	$	924	$	886	$	964	$	1,003	$	989	$	3,732	$	3,842
Net earned premiums	$	820	$	851	$	877	$	870	$	875	$	911	$	935	$	934	$	3,418	$	3,655
Losses and loss adjustment expenses	351		328		328		359		376		363		345		384		1,366		1,468
Underwriting expenses	319		319		326		306		346		352		359		333		1,270		1,390
Statutory underwriting gain	150		204		223		205		153		196		231		217		782		797
Policyholder dividends	3		2		7		—		4		3		6		5		12		18
Statutory underwriting gain after policyholder dividends	$	147	$	202	$	216	$	205	$	149	$	193	$	225	$	212	$	770	$	779

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Net written premiums by market
Domestic
Management Liability	$	505	$	533	$	554	$	520	$	511	$	541	$	551	$	553	$	2,112	$	2,156
Surety	257		287		284		253		257		293		321		276		1,081		1,147
Total Domestic	762		820		838		773		768		834		872		829		3,193		3,303
International	120		142		126		151		118		130		131		160		539		539
Total	$	882	$	962	$	964	$	924	$	886	$	964	$	1,003	$	989	$	3,732	$	3,842
Net written premiums by product line
Domestic
Fidelity & surety	$	320	$	346	$	350	$	313	$	318	$	350	$	385	$	334	$	1,329	$	1,387
General liability	389		419		424		407		399		425		419		443		1,639		1,686
Other	53		55		64		53		51		59		68		52		225		230
Total Domestic	762		820		838		773		768		834		872		829		3,193		3,303
International	120		142		126		151		118		130		131		160		539		539
Total	$	882	$	962	$	964	$	924	$	886	$	964	$	1,003	$	989	$	3,732	$	3,842

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Revenues
Premiums	$	3,123		$	3,248		$	3,385		$	3,494		$	3,502		$	3,661		$	3,827		$	3,972		$	13,250		$	14,962
Net investment income	110			122			102			106			117			125			132			135			440			509
Fee income	7			7			8			8			7			8			10			8			30			33
Other revenues	21			18			22			22			23			25			24			24			83			96
Total revenues	3,261			3,395			3,517			3,630			3,649			3,819			3,993			4,139			13,803			15,600
Claims and expenses
Claims and claim adjustment expenses	2,171			2,774			2,795			2,829			2,672			3,565			3,279			2,518			10,569			12,034
Amortization of deferred acquisition costs	493			519			536			554			560			578			611			631			2,102			2,380
General and administrative expenses	345			352			333			332			359			361			359			338			1,362			1,417
Total claims and expenses	3,009			3,645			3,664			3,715			3,591			4,504			4,249			3,487			14,033			15,831
Segment income (loss) before income taxes	252			(250)			(147)			(85)			58			(685)			(256)			652			(230)			(231)
Income tax expense (benefit)	27			(57)			(36)			(24)			(25)			(147)			(63)			132			(90)			(103)
Segment income (loss)	$	225		$	(193)		$	(111)		$	(61)		$	83		$	(538)		$	(193)		$	520		$	(140)		$	(128)
Other statistics
Effective tax rate on net investment income	15.9		%	16.3		%	15.4		%	15.6		%	16.3		%	16.9		%	17.2		%	17.3		%	15.8		%	17.0		%
Net investment income (after-tax)	$	93		$	101		$	87		$	90		$	98		$	103		$	111		$	111		$	371		$	423
Catastrophes, net of reinsurance:
Pre-tax	$	80		$	508		$	285		$	325		$	331		$	1,064		$	642		$	79		$	1,198		$	2,116
After-tax	$	63		$	400		$	225		$	257		$	261		$	841		$	505		$	63		$	945		$	1,670
Prior year reserve development - favorable:
Pre-tax	$	5		$	16		$	18		$	7		$	28		$	42		$	37		$	40		$	46		$	147
After-tax	$	4		$	13		$	14		$	5		$	22		$	34		$	28		$	32		$	36		$	116

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Underwriting gain (loss)	$	119		$	(305)		$	(212)		$	(165)		$	(30)		$	(657)		$	(319)		$	394		$	(563)		$	(612)
Net investment income	93			101			87			90			98			103			111			111			371			423
Other income	13			11			14			14			15			16			15			15			52			61
Segment income (loss)	$	225		$	(193)		$	(111)		$	(61)		$	83		$	(538)		$	(193)		$	520		$	(140)		$	(128)
Combined ratio (1)
Loss and loss adjustment expense ratio	69.5		%	85.4		%	82.6		%	81.0		%	76.3		%	97.4		%	85.7		%	63.4		%	79.8		%	80.4		%
Underwriting expense ratio	25.8		%	25.8		%	24.6		%	24.3		%	25.2		%	24.6		%	24.3		%	23.4		%	25.1		%	24.4		%
Combined ratio	95.3		%	111.2		%	107.2		%	105.3		%	101.5		%	122.0		%	110.0		%	86.8		%	104.9		%	104.8		%

Impact on combined ratio:
Net favorable prior year reserve development	(0.1)		%	(0.5)		%	(0.5)		%	(0.2)		%	(0.8)		%	(1.2)		%	(1.0)		%	(1.1)		%	(0.3)		%	(1.0)		%
Catastrophes, net of reinsurance	2.6		%	15.6		%	8.4		%	9.3		%	9.4		%	29.1		%	16.8		%	2.0		%	9.0		%	14.1		%
Underlying combined ratio	92.8		%	96.1		%	99.3		%	96.2		%	92.9		%	94.1		%	94.2		%	85.9		%	96.2		%	91.7		%



(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 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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Billing and policy fees and other	$	24		$	23		$	23		$	24		$	24		$	24		$	24		$	25		$	94		$	97
Fee income	$	7		$	7		$	8		$	8		$	7		$	8		$	10		$	8		$	30		$	33
Non-insurance general and administrative expenses	$	3		$	4		$	4		$	4		$	5		$	4		$	4		$	6		$	15		$	19

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Statutory underwriting
Gross written premiums	$	3,126	$	3,714	$	3,905	$	3,528	$	3,509	$	4,210	$	4,496	$	4,001	$	14,273	$	16,216
Net written premiums	$	2,983	$	3,685	$	3,864	$	3,515	$	3,353	$	4,179	$	4,410	$	3,987	$	14,047	$	15,929
Net earned premiums	$	3,123	$	3,248	$	3,385	$	3,494	$	3,502	$	3,661	$	3,827	$	3,972	$	13,250	$	14,962
Losses and loss adjustment expenses	2,171		2,774		2,795		2,829		2,672		3,565		3,279		2,518		10,569		12,034
Underwriting expenses	809		924		926		862		889		1,004		1,042		951		3,521		3,886
Statutory underwriting gain (loss)	$	143	$	(450)	$	(336)	$	(197)	$	(59)	$	(908)	$	(494)	$	503	$	(840)	$	(958)
Policies in force (in thousands)
Automobile	3,212		3,243		3,283		3,278		3,248		3,225		3,223		3,223		3,278		3,223
Homeowners and Other	6,284		6,338		6,367		6,375		6,355		6,361		6,348		6,290		6,375		6,290

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Net written premiums by product line
Domestic
Automobile	$	1,496	$	1,629	$	1,743	$	1,614	$	1,654	$	1,823	$	2,022	$	1,831	$	6,482	$	7,330
Homeowners and Other	1,344		1,868		1,952		1,752		1,565		2,173		2,216		1,995		6,916		7,949
Total Domestic	2,840		3,497		3,695		3,366		3,219		3,996		4,238		3,826		13,398		15,279
International	143		188		169		149		134		183		172		161		649		650
Total	$	2,983	$	3,685	$	3,864	$	3,515	$	3,353	$	4,179	$	4,410	$	3,987	$	14,047	$	15,929

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Statutory underwriting
Gross written premiums	$	1,605		$	1,755		$	1,857		$	1,717		$	1,751		$	1,946		$	2,142		$	1,947		$	6,934		$	7,786
Net written premiums	$	1,591		$	1,749		$	1,849		$	1,709		$	1,741		$	1,939		$	2,132		$	1,937		$	6,898		$	7,749
Net earned premiums	$	1,568		$	1,620		$	1,679		$	1,727		$	1,723		$	1,789		$	1,874		$	1,944		$	6,594		$	7,330
Losses and loss adjustment expenses	1,188			1,311			1,510			1,542			1,406			1,540			1,525			1,602			5,551			6,073
Underwriting expenses	382			408			408			387			409			432			458			424			1,585			1,723
Statutory underwriting gain (loss)	$	(2)		$	(99)		$	(239)		$	(202)		$	(92)		$	(183)		$	(109)		$	(82)		$	(542)		$	(466)
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio	75.8		%	80.9		%	90.0		%	89.3		%	81.7		%	86.0		%	81.4		%	82.4		%	84.2		%	82.8		%
Underwriting expense ratio	23.5		%	23.4		%	22.2		%	22.1		%	23.0		%	22.4		%	22.1		%	21.2		%	22.8		%	22.2		%
Combined ratio	99.3		%	104.3		%	112.2		%	111.4		%	104.7		%	108.4		%	103.5		%	103.6		%	107.0		%	105.0		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development	0.3		%	0.3		%	0.4		%	0.5		%	0.4		%	0.2		%	0.3		%	0.4		%	0.4		%	0.3		%
Catastrophes, net of reinsurance	0.2		%	2.2		%	7.9		%	0.4		%	0.9		%	4.7		%	2.6		%	0.5		%	2.7		%	2.2		%
Underlying combined ratio	98.8		%	101.8		%	103.9		%	110.5		%	103.4		%	103.5		%	100.6		%	102.7		%	103.9		%	102.5		%
Catastrophes, net of reinsurance:
Pre-tax	$	4		$	35		$	133		$	7		$	15		$	85		$	49		$	10		$	179		$	159
After-tax	$	3		$	28		$	105		$	5		$	11		$	68		$	38		$	8		$	141		$	125
Prior year reserve development - favorable (unfavorable):
Pre-tax	$	(4)		$	(6)		$	(8)		$	(8)		$	(7)		$	(4)		$	(5)		$	(8)		$	(26)		$	(24)
After-tax	$	(3)		$	(4)		$	(6)		$	(7)		$	(6)		$	(2)		$	(4)		$	(6)		$	(20)		$	(18)

Policies in force (in thousands)	3,212			3,243			3,283			3,278			3,248			3,225			3,223			3,223
Change from prior year quarter	5.1		%	4.7		%	4.5		%	3.1		%	1.1		%	(0.6)		%	(1.8)		%	(1.7)		%
Change from prior quarter	1.0		%	1.0		%	1.2		%	(0.2)		%	(0.9)		%	(0.7)		%	(0.1)		%	—		%



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


($ in millions)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Billing and policy fees and other	$	14		$	14		$	14		$	14		$	14		$	14		$	14		$	15		$	56		$	57
Fee income	$	4		$	3		$	4		$	5		$	4		$	4		$	5		$	4		$	16		$	17

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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Statutory underwriting
Gross written premiums	$	1,521		$	1,959		$	2,048		$	1,811		$	1,758		$	2,264		$	2,354		$	2,054		$	7,339		$	8,430
Net written premiums	$	1,392		$	1,936		$	2,015		$	1,806		$	1,612		$	2,240		$	2,278		$	2,050		$	7,149		$	8,180
Net earned premiums	$	1,555		$	1,628		$	1,706		$	1,767		$	1,779		$	1,872		$	1,953		$	2,028		$	6,656		$	7,632
Losses and loss adjustment expenses	983			1,463			1,285			1,287			1,266			2,025			1,754			916			5,018			5,961
Underwriting expenses	427			516			518			475			480			572			584			527			1,936			2,163
Statutory underwriting gain (loss)	$	145		$	(351)		$	(97)		$	5		$	33		$	(725)		$	(385)		$	585		$	(298)		$	(492)
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio	63.2		%	89.9		%	75.4		%	72.8		%	71.2		%	108.2		%	89.7		%	45.2		%	75.4		%	78.1		%
Underwriting expense ratio	28.0		%	28.1		%	26.9		%	26.6		%	27.3		%	26.9		%	26.5		%	25.6		%	27.4		%	26.5		%
Combined ratio	91.2		%	118.0		%	102.3		%	99.4		%	98.5		%	135.1		%	116.2		%	70.8		%	102.8		%	104.6		%
Impact on combined ratio:
Net favorable prior year reserve development	(0.6)		%	(1.3)		%	(1.5)		%	(0.8)		%	(2.0)		%	(2.4)		%	(2.1)		%	(2.4)		%	(1.1)		%	(2.2)		%
Catastrophes, net of reinsurance	4.9		%	29.0		%	8.9		%	18.0		%	17.8		%	52.3		%	30.3		%	3.5		%	15.4		%	25.6		%
Underlying combined ratio	86.9		%	90.3		%	94.9		%	82.2		%	82.7		%	85.2		%	88.0		%	69.7		%	88.5		%	81.2		%
Catastrophes, net of reinsurance:
Pre-tax	$	76		$	473		$	152		$	318		$	316		$	979		$	593		$	69		$	1,019		$	1,957
After-tax	$	60		$	372		$	120		$	252		$	250		$	773		$	467		$	55		$	804		$	1,545
Prior year reserve development - favorable:
Pre-tax	$	9		$	22		$	26		$	15		$	35		$	46		$	42		$	48		$	72		$	171
After-tax	$	7		$	17		$	20		$	12		$	28		$	36		$	32		$	38		$	56		$	134

Policies in force (in thousands)	6,284			6,338			6,367			6,375			6,355			6,361			6,348			6,290
Change from prior year quarter	5.7		%	4.3		%	3.2		%	2.3		%	1.1		%	0.4		%	(0.3)		%	(1.3)		%
Change from prior quarter	0.9		%	0.9		%	0.5		%	0.1		%	(0.3)		%	0.1		%	(0.2)		%	(0.9)		%



(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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Billing and policy fees and other	$	10		$	9		$	9		$	10		$	10		$	10		$	10		$	10		$	38		$	40
Fee income	$	3		$	4		$	4		$	3		$	3		$	4		$	5		$	4		$	14		$	16

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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Revenues
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Claims and expenses
Interest expense	87		88		88		88		88		92		98		98		351		376
General and administrative expenses	8		9		8		6		9		10		9		9		31		37
Total claims and expenses	95		97		96		94		97		102		107		107		382		413

Loss before income tax benefit	(95)		(97)		(96)		(94)		(97)		(102)		(107)		(107)		(382)		(413)
Income tax benefit	(21)		(21)		(20)		(19)		(21)		(23)		(21)		(23)		(81)		(88)
Loss	$	(74)	$	(76)	$	(76)	$	(75)	$	(76)	$	(79)	$	(86)	$	(84)	$	(301)	$	(325)

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)	December 31, 2023 (1)		December 31, 2022
Assets
Fixed maturities, available for sale, at fair value (amortized cost $81,781 and $77,380; allowance for expected credit losses of $5 and $3)	$	77,807	$	71,160
Equity securities, at fair value (cost $553 and $747)	608		807
Real estate investments	959		952
Short-term securities	5,137		3,470
Other investments	4,299		4,065
Total investments	88,810		80,454
Cash	650		799
Investment income accrued	688		650
Premiums receivable (net of allowance for expected credit losses of $69 and $77)	10,282		8,922
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $118 and $132)	8,143		8,063
Ceded unearned premiums	1,150		1,024
Deferred acquisition costs	3,306		2,836
Deferred taxes	1,504		1,877
Contractholder receivables (net of allowance for expected credit losses of $20 and $17)	3,249		3,579
Goodwill	3,976		3,952
Other intangible assets	277		287
Other assets	3,943		3,274
Total assets	$	125,978	$	115,717

Liabilities
Claims and claim adjustment expense reserves	$	61,627	$	58,649
Unearned premium reserves	20,872		18,240
Contractholder payables	3,269		3,596
Payables for reinsurance premiums	518		419

Debt	8,031		7,292
Other liabilities	6,740		5,961
Total liabilities	101,057		94,157
Shareholders’ equity
Common stock (1,750.0 shares authorized; 228.2 and 232.1 shares issued and outstanding)	24,906		24,565
Retained earnings	45,591		43,516
Accumulated other comprehensive loss	(4,471)		(6,445)
Treasury stock, at cost (559.2 and 553.5 shares)	(41,105)		(40,076)
Total shareholders’ equity	24,921		21,560
Total liabilities and shareholders’ equity	$	125,978	$	115,717

(1) Preliminary


The Travelers Companies, Inc. Investment Portfolio


(at carrying value, $ in millions)	December 31, 2023		Pre-tax Book Yield (1)		December 31, 2022		Pre-tax Book Yield (1)
Investment portfolio
Taxable fixed maturities	$	53,626	3.51	%	$	43,664	2.94	%
Tax-exempt fixed maturities	24,181		2.92	%	27,496		2.91	%
Total fixed maturities	77,807		3.33	%	71,160		2.93	%
Non-redeemable preferred stocks	48		2.18	%	44		2.24	%
Common stocks	560				763
Total equity securities	608				807
Real estate investments	959				952
Short-term securities	5,137		5.49	%	3,470		4.38	%
Private equities	2,783				2,785
Hedge funds	219				225
Real estate partnerships	855				862
Other investments	442				193
Total other investments	4,299				4,065
Total investments	$	88,810			$	80,454



Net unrealized investment gains (losses), net of tax, included in shareholders’ equity	$	(3,129)			$	(4,898)

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


The Travelers Companies, Inc. Investment Portfolio - Fixed Maturities Data


(at carrying value, $ in millions)	December 31, 2023				December 31, 2022
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	6,368			$	5,438
Obligations of U.S. states and political subdivisions:
Pre-refunded	966				2,339
All other	27,540				29,040
Total	28,506				31,379
Debt securities issued by foreign governments	1,006				994
Mortgage-backed securities - principally obligations of U.S. Government agencies	7,818				1,991
Corporate and all other bonds	34,109				31,358
Total fixed maturities	$	77,807			$	71,160

Fixed Maturities Quality Characteristics (1)
	December 31, 2023				December 31, 2022
	Amount		% of Total		Amount		% of Total
Quality Ratings
Aaa	$	36,612	47.0	%	$	31,688	44.6	%
Aa	15,797		20.3		16,217		22.8
A	14,715		18.9		13,333		18.7
Baa	9,701		12.5		8,992		12.6
Total investment grade	76,825		98.7		70,230		98.7
Ba	581		0.8		580		0.8
B	335		0.4		281		0.4
Caa and lower	66		0.1		69		0.1
Total below investment grade	982		1.3		930		1.3
Total fixed maturities	$	77,807	100.0	%	$	71,160	100.0	%
Average weighted quality	Aa2, AA				Aa2, AA
Weighted average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases	4.1				4.6

(1) 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)	1Q2022			2Q2022			3Q2022			4Q2022			1Q2023			2Q2023			3Q2023			4Q2023			YTD 4Q2022			YTD 4Q2023
Gross investment income
Fixed maturities	$	505		$	512		$	534		$	562		$	575		$	591		$	631		$	675		$	2,113		$	2,472
Short-term securities	2			9			23			39			47			55			67			72			73			241
Other	142			197			46			34			53			78			82			40			419			253
	649			718			603			635			675			724			780			787			2,605			2,966
Investment expenses	12			11			10			10			12			12			11			9			43			44
Net investment income, pre-tax	637			707			593			625			663			712			769			778			2,562			2,922
Income taxes	98			112			88			94			106			118			129			133			392			486
Net investment income, after-tax	$	539		$	595		$	505		$	531		$	557		$	594		$	640		$	645		$	2,170		$	2,436

Effective tax rate	15.4		%	15.8		%	14.8		%	15.1		%	16.0		%	16.5		%	16.8		%	17.0		%	15.3		%	16.6		%

Average invested assets (1)	$86,345			$86,660			$87,315			$88,242			$88,740			$89,536			$91,591			$93,603			$87,191			$90,941

Average yield pre-tax (1)	2.9		%	3.3		%	2.7		%	2.8		%	3.0		%	3.2		%	3.4		%	3.3		%	2.9		%	3.2		%
Average yield after-tax	2.5		%	2.7		%	2.3		%	2.4		%	2.5		%	2.7		%	2.8		%	2.8		%	2.5		%	2.7		%

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


The Travelers Companies, Inc. Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders' Equity


($ in millions)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Net realized investment gains (losses)
Fixed maturities	$	2	$	(21)	$	(42)	$	(37)	$	(11)	$	(22)	$	(36)	$	(27)	$	(98)	$	(96)
Equity securities	(19)		(64)		(26)		40		18		(19)		(16)		28		(69)		11
Other	(6)		(10)		(25)		4		(1)		6		(13)		(12)		(37)		(20)
Realized investment gains (losses) before tax	(23)		(95)		(93)		7		6		(35)		(65)		(11)		(204)		(105)
Related taxes	(4)		(21)		(21)		(2)		1		(6)		(15)		(4)		(48)		(24)
Net realized investment gains (losses)	$	(19)	$	(74)	$	(72)	$	9	$	5	$	(29)	$	(50)	$	(7)	$	(156)	$	(81)

Gross investment gains	$	13	$	16	$	15	$	69	$	46	$	17	$	9	$	33	$	113	$	105
Gross investment losses before impairments	(35)		(91)		(94)		(59)		(39)		(52)		(73)		(34)		(279)		(198)
Net investment gains (losses) before impairments	(22)		(75)		(79)		10		7		(35)		(64)		(1)		(166)		(93)
Net impairment (charges) recoveries	(1)		(20)		(14)		(3)		(1)		—		(1)		(10)		(38)		(12)
Net realized investment gains (losses) before tax	(23)		(95)		(93)		7		6		(35)		(65)		(11)		(204)		(105)
Related taxes	(4)		(21)		(21)		(2)		1		(6)		(15)		(4)		(48)		(24)
Net realized investment gains (losses)	$	(19)	$	(74)	$	(72)	$	9	$	5	$	(29)	$	(50)	$	(7)	$	(156)	$	(81)

($ in millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type
Fixed maturities	$	(1,768)	$	(4,814)	$	(8,018)	$	(6,217)	$	(4,909)	$	(5,811)	$	(8,204)	$	(3,969)
Other	(2)		(3)		(3)		(3)		(3)		(4)		(2)		(1)
Unrealized investment gains (losses) before tax	(1,770)		(4,817)		(8,021)		(6,220)		(4,912)		(5,815)		(8,206)		(3,970)
Related taxes	(379)		(1,025)		(1,704)		(1,322)		(1,044)		(1,239)		(1,740)		(841)
Balance, end of period	$	(1,391)	$	(3,792)	$	(6,317)	$	(4,898)	$	(3,868)	$	(4,576)	$	(6,466)	$	(3,129)


The Travelers Companies, Inc. Reinsurance Recoverables


($ in millions)	December 31, 2023		December 31, 2022
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)	$	3,895	$	3,792
Gross structured settlements (2)	2,707		2,802
Mandatory pools and associations (3)	1,659		1,601
Gross reinsurance recoverables (4)	8,261		8,195
Allowance for estimated uncollectible reinsurance (5)	(118)		(132)
Net reinsurance recoverables	$	8,143	$	8,063

(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

December 31, 2023

Swiss Re Group

A+ second highest of 16 ratings

634

Berkshire Hathaway

A++ highest of 16 ratings

472

Munich Re Group

A+ second highest of 16 ratings

349

Axa Group

A+ second highest of 16 ratings

162

Hannover Group

A+ second highest of 16 ratings

126

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

December 31, 2023

Fidelity & Guaranty Life Group (a)

A third highest of 16 ratings

677

Genworth Financial Group

B- eighth highest of 16 ratings

325

John Hancock Group

A+ second highest of 16 ratings

229

Symetra Financial Corporation

A third highest of 16 ratings

209

Brighthouse Financial, Inc.

A third highest of 16 ratings

190

(a) On January 12, 2024, A.M. Best upgraded Fidelity & Guaranty Life's financial strength rating to A (Excellent) from A- (Excellent).

(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 December 31, 2023, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $5.74 billion, or 87%, were rated by A.M. Best Company. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 13% of reinsurance recoverables comprised the following: 6% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 6% 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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period	$	38,233	$	38,450	$	38,618	$	38,905	$	39,027	$	39,279	$	39,908	$	40,690	$	38,233	$	39,027
Incurred	2,472		2,656		2,911		2,682		2,858		3,251		3,467		2,924		10,721		12,500
Paid	(2,242)		(2,411)		(2,516)		(2,631)		(2,620)		(2,657)		(2,637)		(2,832)		(9,800)		(10,746)
Foreign exchange and other	(13)		(77)		(108)		71		14		35		(48)		51		(127)		52
End of period	$	38,450	$	38,618	$	38,905	$	39,027	$	39,279	$	39,908	$	40,690	$	40,833	$	39,027	$	40,833
Bond & Specialty Insurance
Beginning of period	$	3,938	$	4,079	$	4,118	$	4,042	$	4,167	$	4,318	$	4,448	$	4,423	$	3,938	$	4,167
Incurred	351		328		328		359		376		363		345		384		1,366		1,468
Paid	(197)		(242)		(345)		(282)		(238)		(256)		(335)		(325)		(1,066)		(1,154)
Foreign exchange and other	(13)		(47)		(59)		48		13		23		(35)		39		(71)		40
End of period	$	4,079	$	4,118	$	4,042	$	4,167	$	4,318	$	4,448	$	4,423	$	4,521	$	4,167	$	4,521
Personal Insurance
Beginning of period	$	6,418	$	6,498	$	6,940	$	7,192	$	7,568	$	7,567	$	8,287	$	8,579	$	6,418	$	7,568
Incurred	2,171		2,774		2,795		2,829		2,672		3,565		3,279		2,518		10,569		12,034
Paid	(2,103)		(2,306)		(2,486)		(2,467)		(2,674)		(2,863)		(2,967)		(2,755)		(9,362)		(11,259)
Foreign exchange and other	12		(26)		(57)		14		1		18		(20)		21		(57)		20
End of period	$	6,498	$	6,940	$	7,192	$	7,568	$	7,567	$	8,287	$	8,579	$	8,363	$	7,568	$	8,363
Total
Beginning of period	$	48,589	$	49,027	$	49,676	$	50,139	$	50,762	$	51,164	$	52,643	$	53,692	$	48,589	$	50,762
Incurred	4,994		5,758		6,034		5,870		5,906		7,179		7,091		5,826		22,656		26,002
Paid	(4,542)		(4,959)		(5,347)		(5,380)		(5,532)		(5,776)		(5,939)		(5,912)		(20,228)		(23,159)
Foreign exchange and other	(14)		(150)		(224)		133		28		76		(103)		111		(255)		112
End of period	$	49,027	$	49,676	$	50,139	$	50,762	$	51,164	$	52,643	$	53,692	$	53,717	$	50,762	$	53,717
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos	$	—	$	—	$	212	$	—	$	—	$	—	$	284	$	—	$	212	$	284

All other	(113)		(202)		(151)		(127)		(19)		101		(21)		(56)		(593)		5
Total Business Insurance (1)	(113)		(202)		61		(127)		(19)		101		263		(56)		(381)		289
Bond & Specialty Insurance	(35)		(73)		(63)		(51)		(58)		(119)		(72)		(36)		(222)		(285)
Personal Insurance	(5)		(16)		(18)		(7)		(28)		(42)		(37)		(40)		(46)		(147)
Total	$	(153)	$	(291)	$	(20)	$	(185)	$	(105)	$	(60)	$	154	$	(132)	$	(649)	$	(143)

(1) 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)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Asbestos reserves
Beginning reserves:
Gross	$	1,687	$	1,635	$	1,547	$	1,765	$	1,674	$	1,620	$	1,552	$	1,848	$	1,687	$	1,674
Ceded	(346)		(331)		(322)		(372)		(369)		(348)		(334)		(415)		(346)		(369)
Net	1,341		1,304		1,225		1,393		1,305		1,272		1,218		1,433		1,341		1,305
Incurred losses and loss expenses:
Gross	—		—		287		—		—		—		374		—		287		374
Ceded	—		—		(75)		—		—		—		(90)		—		(75)		(90)
Paid loss and loss expenses:
Gross	52		85		68		93		54		69		77		81		298		281
Ceded	(16)		(8)		(25)		(4)		(21)		(13)		(10)		(25)		(53)		(69)
Foreign exchange and other:
Gross	—		(3)		(1)		2		—		1		(1)		1		(2)		1
Ceded	(1)		1		—		(1)		—		1		(1)		—		(1)		—
Ending reserves:
Gross	1,635		1,547		1,765		1,674		1,620		1,552		1,848		1,768		1,674		1,768
Ceded	(331)		(322)		(372)		(369)		(348)		(334)		(415)		(390)		(369)		(390)
Net	$	1,304	$	1,225	$	1,393	$	1,305	$	1,272	$	1,218	$	1,433	$	1,378	$	1,305	$	1,378

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


The Travelers Companies, Inc. Capitalization


($ in millions)	December 31, 2023			December 31, 2022
Debt

Short-term debt
Commercial paper	$	100		$	100
Total short-term debt	100			100
Long-term debt
7.75% Senior notes due April 15, 2026	200			200
7.625% Junior subordinated debentures due December 15, 2027	125			125
6.375% Senior notes due March 15, 2033 (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			—
Total long-term debt	8,004			7,254
Unamortized fair value adjustment	35			38
Unamortized debt issuance costs	(108)			(100)
	7,931			7,192
Total debt	8,031			7,292
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	28,050			26,458
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	$	36,081		$	33,750
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	22.3		%	21.6		%

(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)	December 31, 2023 (1)		December 31, 2022
Statutory capital and surplus	$	25,114	$	23,677
GAAP adjustments
Goodwill and intangible assets	3,657		3,551
Investments	(3,455)		(5,893)
Noninsurance companies	(5,183)		(4,412)
Deferred acquisition costs	3,161		2,836
Deferred federal income tax	84		630
Current federal income tax	(6)		(2)
Reinsurance recoverables	55		65
Furniture, equipment & software	982		742
Agents balances	189		156
Other	323		210
Total GAAP adjustments	(193)		(2,117)
GAAP shareholders’ equity	$	24,921	$	21,560

(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 - Preliminary


($ in millions)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Cash flows from operating activities
Net income (loss)	$	1,018	$	551	$	454	$	819	$	975	$	(14)	$	404	$	1,626	$	2,842	$	2,991
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net realized investment (gains) losses	23		95		93		(7)		(6)		35		65		11		204		105
Depreciation and amortization	234		210		195		187		204		179		169		170		826		722
Deferred federal income tax expense (benefit)	40		(68)		(102)		(56)		32		(96)		(43)		(56)		(186)		(163)
Amortization of deferred acquisition costs	1,310		1,365		1,406		1,434		1,462		1,519		1,604		1,641		5,515		6,226
Equity in income from other investments	(118)		(177)		(24)		(17)		(30)		(55)		(59)		(13)		(336)		(157)
Premiums receivable	(509)		(562)		210		(16)		(557)		(832)		(33)		81		(877)		(1,341)
Reinsurance recoverables	(282)		198		269		159		(24)		(17)		(163)		141		344		(63)
Deferred acquisition costs	(1,413)		(1,504)		(1,502)		(1,405)		(1,629)		(1,722)		(1,728)		(1,610)		(5,824)		(6,689)
Claims and claim adjustment expense reserves	679		593		422		356		381		1,413		1,259		(210)		2,050		2,843
Unearned premium reserves	727		671		635		(171)		893		1,042		882		(227)		1,862		2,590
Other	(443)		3		428		57		(689)		97		689		550		45		647
Net cash provided by operating activities	1,266		1,375		2,484		1,340		1,012		1,549		3,046		2,104		6,465		7,711
Cash flows from investing activities
Proceeds from maturities of fixed maturities	1,879		1,818		1,784		1,356		1,538		1,493		1,878		1,462		6,837		6,371
Proceeds from sales of investments:
Fixed maturities	1,044		1,657		1,250		1,706		2,364		751		1,504		362		5,657		4,981
Equity securities	63		21		20		34		28		62		27		21		138		138
Real estate investments	—		—		10		—		—		—		—		—		10		—
Other investments	81		92		69		60		64		36		66		89		302		255
Purchases of investments:
Fixed maturities	(4,409)		(3,589)		(4,102)		(3,808)		(4,335)		(3,328)		(5,391)		(2,636)		(15,908)		(15,690)
Equity securities	(63)		(23)		(26)		(24)		(34)		(16)		(30)		(25)		(136)		(105)
Real estate investments	(9)		(7)		(12)		(13)		(14)		(12)		(20)		(21)		(41)		(67)
Other investments	(135)		(117)		(162)		(160)		(139)		(116)		(120)		(120)		(574)		(495)
Net sales (purchases) of short-term securities	367		(110)		(364)		462		228		(646)		(600)		(646)		355		(1,664)
Securities transactions in the course of settlement	613		(377)		(22)		(193)		(35)		50		45		(143)		21		(83)
Acquisition, net of cash acquired	(4)		—		—		—		—		—		—		—		(4)		—
Other	(84)		(75)		(132)		(94)		(120)		(131)		(84)		(127)		(385)		(462)
Net cash used in investing activities	(657)		(710)		(1,687)		(674)		(455)		(1,857)		(2,725)		(1,784)		(3,728)		(6,821)


The Travelers Companies, Inc. Statement of Cash Flows - Preliminary (Continued)


($ in millions)	1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023		3Q2023		4Q2023		YTD 4Q2022		YTD 4Q2023
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations	(500)		(500)		(500)		(500)		(398)		(396)		(100)		(64)		(2,000)		(958)
Treasury stock acquired - net employee share-based compensation	(59)		—		(1)		(1)		(62)		—		(1)		(1)		(61)		(64)
Dividends paid to shareholders	(213)		(223)		(220)		(219)		(215)		(232)		(229)		(232)		(875)		(908)

Issuance of debt	—		—		—		—		—		738		—		—		—		738
Issuance of common stock - employee share options	159		35		11		62		82		28		7		24		267		141
Net cash provided by (used in) financing activities	(613)		(688)		(710)		(658)		(593)		138		(323)		(273)		(2,669)		(1,051)
Effect of exchange rate changes on cash	(5)		(19)		(24)		18		4		8		(10)		10		(30)		12
Net increase (decrease) in cash	(9)		(42)		63		26		(32)		(162)		(12)		57		38		(149)
Cash at beginning of period	761		752		710		773		799		767		605		593		761		799
Cash at end of period	$	752	$	710	$	773	$	799	$	767	$	605	$	593	$	650	$	799	$	650
Income taxes paid (received)	$	10	$	542	$	111	$	154	$	(16)	$	155	$	13	$	49	$	817	$	201
Interest paid	$	59	$	115	$	60	$	115	$	60	$	115	$	59	$	136	$	349	$	370


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, 2022		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023
Shareholders’ equity	$	25,531	$	22,874	$	19,906	$	21,560	$	23,052	$	21,855	$	19,978	$	24,921
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity	1,391		3,792		6,317		4,898		3,868		4,576		6,466		3,129
Net realized investment (gains) losses, net of tax	19		93		165		156		(5)		24		74		81

Adjusted shareholders’ equity	$	26,941	$	26,759	$	26,388	$	26,614	$	26,915	$	26,455	$	26,518	$	28,131

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 a catastrophe by internationally 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 exceeded 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 2023 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 Canada, 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, Oil & Gas, 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 the assumed reinsurance and certain other runoff operations.

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 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 and Colombia is conducted through Junto Holding Brasil S.A. (Junto) and Junto Holding Latam S.A. in Brazil. The Company owns 49.5% of both Junto, a market leader in surety coverages in Brazil, and Junto Holding Latam S.A., which owns a majority interest in JMalucelli Travelers Seguros S.A., a Colombian surety provider. These joint venture investments are accounted for using the equity method and are 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 covering individuals’ personal risks, primarily in the United States, as well as in Canada. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

Cover Page	Jan. 19, 2024
Cover [Abstract]
Document type	8-K
Document period end date	Jan. 19, 2024
Registrant name	Travelers Companies, Inc.
Entity incorporation, state	MN
Entity file number	001-10898
Entity tax identification number	41-0518860
Entity address, address line one	485 Lexington Avenue
Entity address, city	New York
Entity address, state	NY
Entity address, postal zip code	10017
City area code	917
Local phone number	778-6000
Written communications	false
Soliciting material	false
Pre-commencement communications pursuant to Rule 14d-2(b)	false
Pre-commencement communications pursuant to Rule 13e-4(c)	false
Title of 12(b) security	Common stock, without par value
Trading symbol	TRV
Security exchange name	NYSE
Entity emerging growth company	false
Central index key	0000086312
Amendment flag	false

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