
The Travelers Companies, Inc. Financial Supplement - Third Quarter 2025						Exhibit 99.2


			Page Number
Consolidated Results
Financial Highlights			1
Reconciliation to Net Income and Earnings Per Share			2
Statement of Income			3
Net Income by Major Component and Combined Ratio			4
Core Income			5
Selected Statistics - Property and Casualty Operations			6
Written and Earned Premiums - Property and Casualty Operations			7

Business Insurance
Segment Income			8
Segment Income by Major Component and Combined Ratio			9
Selected Statistics			10
Net Written Premiums			11

Bond & Specialty Insurance
Segment Income			12
Segment Income by Major Component and Combined Ratio			13
Selected Statistics			14
Net Written Premiums			15

Personal Insurance
Segment Income (Loss)			16
Segment Income (Loss) by Major Component and Combined Ratio			17
Selected Statistics			18
Net Written Premiums			19
Selected Statistics - Automobile			20
Selected Statistics - Homeowners and Other			21

Supplemental Detail
Interest Expense and Other			22
Consolidated Balance Sheet			23
Investment Portfolio			24
Investment Portfolio - Fixed Maturities Data			25
Investment Income			26
Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders’ Equity			27
Reinsurance Recoverables			28
Net Reserves for Losses and Loss Adjustment Expense			29
Asbestos Reserves			30
Capitalization			31
Statutory Capital and Surplus to GAAP Shareholders’ Equity Reconciliation			32
Statement of Cash Flows			33
Statement of Cash Flows (continued)			34
Glossary of Financial Measures and Description of Reportable Business Segments			35-36

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

Index


The Travelers Companies, Inc. Financial Highlights


($ and shares in millions, except for per share data)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Net income	$	1,123		$	534		$	1,260		$	2,082		$	395		$	1,509		$	1,888		$	2,917		$	3,792
Net income per share:
Basic	$	4.87		$	2.32		$	5.50		$	9.11		$	1.73		$	6.63		$	8.37		$	12.68		$	16.69
Diluted	$	4.80		$	2.29		$	5.42		$	8.96		$	1.70		$	6.53		$	8.24		$	12.51		$	16.45
Core income	$	1,096		$	585		$	1,218		$	2,126		$	443		$	1,504		$	1,867		$	2,899		$	3,814
Core income per share:
Basic	$	4.75		$	2.54		$	5.31		$	9.30		$	1.94		$	6.61		$	8.27		$	12.60		$	16.78
Diluted	$	4.69		$	2.51		$	5.24		$	9.15		$	1.91		$	6.51		$	8.14		$	12.43		$	16.54
Return on equity	18.0		%	8.6		%	19.2		%	30.0		%	5.6		%	20.9		%	24.7		%	15.3		%	17.3		%
Core return on equity	15.4		%	8.1		%	16.6		%	27.7		%	5.6		%	18.8		%	22.6		%	13.4		%	15.8		%
Total assets, at period end	$	127,410		$	129,315		$	134,588		$	133,189		$	135,977		$	138,873		$	143,678		$	134,588		$	143,678
Total equity, at period end	$	25,022		$	24,862		$	27,696		$	27,864		$	28,191		$	29,518		$	31,609		$	27,696		$	31,609
Book value per share, at period end	$	109.28		$	109.08		$	122.00		$	122.97		$	124.43		$	131.11		$	141.72		$	122.00		$	141.72
Less: Net unrealized investment gains (losses), net of tax	(16.25)			(17.44)			(9.30)			(16.07)			(14.56)			(13.46)			(8.83)			(9.30)			(8.83)
Adjusted book value per share, at period end	$	125.53		$	126.52		$	131.30		$	139.04		$	138.99		$	144.57		$	150.55		$	131.30		$	150.55

Weighted average number of common shares outstanding (basic)	229.0			228.6			227.4			226.9			226.9			225.9			224.1			228.3			225.6
Weighted average number of common shares outstanding and common stock equivalents (diluted)	232.0			231.5			230.6			230.7			230.4			229.3			227.5			231.3			228.9
Common shares outstanding at period end	229.0			227.9			227.0			226.6			226.6			225.1			223.0			227.0			223.0
Common stock dividends declared	$	232		$	245		$	243		$	242		$	241		$	252		$	250		$	720		$	743
Common stock repurchased:
Under Board of Directors authorization
Shares	1.2			1.1			1.1			1.0			1.0			1.8			2.3			3.4			5.1
Cost	$	250		$	250		$	250		$	250		$	250		$	500		$	625		$	750		$	1,375
Other
Shares	0.6			0.1			—			—			0.4			0.3			—			0.7			0.7
Cost	$	138		$	3		$	3		$	2		$	108		$	57		$	3		$	144		$	168

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


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


($ and shares in millions, except earnings per share)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net income
Net income	$	1,123	$	534	$	1,260	$	2,082	$	395	$	1,509	$	1,888	$	2,917	$	3,792
Adjustments:
Net realized investment (gains) losses, after-tax	(27)		51		(42)		44		48		(5)		(21)		(18)		22

Core income	$	1,096	$	585	$	1,218	$	2,126	$	443	$	1,504	$	1,867	$	2,899	$	3,814
Basic earnings per share
Net income	$	4.87	$	2.32	$	5.50	$	9.11	$	1.73	$	6.63	$	8.37	$	12.68	$	16.69
Adjustments:
Net realized investment (gains) losses, after-tax	(0.12)		0.22		(0.19)		0.19		0.21		(0.02)		(0.10)		(0.08)		0.09

Core income	$	4.75	$	2.54	$	5.31	$	9.30	$	1.94	$	6.61	$	8.27	$	12.60	$	16.78
Diluted earnings per share
Net income	$	4.80	$	2.29	$	5.42	$	8.96	$	1.70	$	6.53	$	8.24	$	12.51	$	16.45
Adjustments:
Net realized investment (gains) losses, after-tax	(0.11)		0.22		(0.18)		0.19		0.21		(0.02)		(0.10)		(0.08)		0.09

Core income	$	4.69	$	2.51	$	5.24	$	9.15	$	1.91	$	6.51	$	8.14	$	12.43	$	16.54

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


Basic and Diluted	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net income, as reported	$	1,123	$	534	$	1,260	$	2,082	$	395	$	1,509	$	1,888	$	2,917	$	3,792
Participating share-based awards - allocated income	(8)		(5)		(10)		(15)		(3)		(11)		(13)		(22)		(27)
Net income available to common shareholders - basic and diluted	$	1,115	$	529	$	1,250	$	2,067	$	392	$	1,498	$	1,875	$	2,895	$	3,765
Common Shares
Basic
Weighted average shares outstanding	229.0		228.6		227.4		226.9		226.9		225.9		224.1		228.3		225.6
Diluted
Weighted average shares outstanding	229.0		228.6		227.4		226.9		226.9		225.9		224.1		228.3		225.6
Weighted average effects of dilutive securities - stock options and performance shares	3.0		2.9		3.2		3.8		3.5		3.4		3.4		3.0		3.3
Diluted weighted average shares outstanding	232.0		231.5		230.6		230.7		230.4		229.3		227.5		231.3		228.9

(1) Adjustments to net income and weighted average shares for net income EPS calculations can generally be used for the core income EPS calculations.

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


The Travelers Companies, Inc. Statement of Income - Consolidated


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	10,126		$	10,243		$	10,704		$	10,868		$	10,710		$	10,921		$	11,135		$	31,073		$	32,766
Net investment income	846			885			904			955			930			942			1,033			2,635			2,905
Fee income	109			115			121			128			119			124			127			345			370
Net realized investment gains (losses)	35			(65)			55			(55)			(61)			6			27			25			(28)
Other revenues	112			105			120			112			112			123			148			337			383
Total revenues	11,228			11,283			11,904			12,008			11,810			12,116			12,470			34,415			36,396
Claims and expenses
Claims and claim adjustment expenses	6,656			7,373			6,996			6,034			8,006			6,789			6,594			21,025			21,389
Amortization of deferred acquisition costs	1,698			1,678			1,790			1,807			1,778			1,802			1,849			5,166			5,429
General and administrative expenses	1,406			1,478			1,460			1,475			1,459			1,545			1,572			4,344			4,576
Interest expense	98			98			98			98			99			99			111			294			309
Total claims and expenses	9,858			10,627			10,344			9,414			11,342			10,235			10,126			30,829			31,703
Income before income taxes	1,370			656			1,560			2,594			468			1,881			2,344			3,586			4,693
Income tax expense	247			122			300			512			73			372			456			669			901
Net income	$	1,123		$	534		$	1,260		$	2,082		$	395		$	1,509		$	1,888		$	2,917		$	3,792






Other statistics
Effective tax rate on net investment income	17.6		%	17.8		%	17.9		%	17.9		%	17.9		%	17.9		%	17.8		%	17.8		%	17.9		%
Net investment income (after-tax)	$	698		$	727		$	742		$	785		$	763		$	774		$	850		$	2,167		$	2,387

Catastrophes, net of reinsurance:
Pre-tax	$	712		$	1,509		$	939		$	175		$	2,266		$	927		$	402		$	3,160		$	3,595
After-tax	$	563		$	1,192		$	739		$	138		$	1,790		$	732		$	318		$	2,494		$	2,840

Prior year reserve development - favorable:
Pre-tax	$	91		$	230		$	126		$	262		$	378		$	315		$	22		$	447		$	715
After-tax	$	71		$	182		$	99		$	207		$	297		$	249		$	16		$	352		$	562

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


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


($ in millions, net of tax)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain (loss)	$	472		$	(58)		$	547		$	1,420		$	(239)		$	808		$	1,099		$	961		$	1,668
Net investment income	698			727			742			785			763			774			850			2,167			2,387
Other income (expense), including interest expense	(74)			(84)			(71)			(79)			(81)			(78)			(82)			(229)			(241)
Core income	1,096			585			1,218			2,126			443			1,504			1,867			2,899			3,814
Net realized investment gains (losses)	27			(51)			42			(44)			(48)			5			21			18			(22)

Net income	$	1,123		$	534		$	1,260		$	2,082		$	395		$	1,509		$	1,888		$	2,917		$	3,792
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	65.2		%	71.4		%	64.8		%	55.0		%	74.2		%	61.7		%	58.7		%	67.1		%	64.7		%
Underwriting expense ratio	28.7		%	28.8		%	28.4		%	28.2		%	28.3		%	28.6		%	28.6		%	28.6		%	28.5		%
Combined ratio	93.9		%	100.2		%	93.2		%	83.2		%	102.5		%	90.3		%	87.3		%	95.7		%	93.2		%
Impact on combined ratio:
Net favorable prior year reserve development	(0.9)		%	(2.2)		%	(1.2)		%	(2.4)		%	(3.5)		%	(2.9)		%	(0.2)		%	(1.5)		%	(2.2)		%
Catastrophes, net of reinsurance	7.1		%	14.7		%	8.8		%	1.6		%	21.2		%	8.5		%	3.6		%	10.2		%	11.0		%
Underlying combined ratio	87.7		%	87.7		%	85.6		%	84.0		%	84.8		%	84.7		%	83.9		%	87.0		%	84.4		%



(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)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	30		$	30		$	28		$	28		$	28		$	29		$	28		$	88		$	85
Fee income:
Loss and loss adjustment expenses	$	39		$	42		$	44		$	47		$	45		$	45		$	48		$	125		$	138
Underwriting expenses	70			73			77			81			74			79			79			220			232
Total fee income	$	109		$	115		$	121		$	128		$	119		$	124		$	127		$	345		$	370
Non-insurance general and administrative expenses	$	102		$	106		$	106		$	107		$	109		$	113		$	131		$	314		$	353

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)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	10,126		$	10,243		$	10,704		$	10,868		$	10,710		$	10,921		$	11,135		$	31,073		$	32,766
Net investment income	846			885			904			955			930			942			1,033			2,635			2,905
Fee income	109			115			121			128			119			124			127			345			370
Other revenues	112			105			120			112			112			123			148			337			383
Total revenues	11,193			11,348			11,849			12,063			11,871			12,110			12,443			34,390			36,424
Claims and expenses
Claims and claim adjustment expenses	6,656			7,373			6,996			6,034			8,006			6,789			6,594			21,025			21,389
Amortization of deferred acquisition costs	1,698			1,678			1,790			1,807			1,778			1,802			1,849			5,166			5,429
General and administrative expenses	1,406			1,478			1,460			1,475			1,459			1,545			1,572			4,344			4,576
Interest expense	98			98			98			98			99			99			111			294			309
Total claims and expenses	9,858			10,627			10,344			9,414			11,342			10,235			10,126			30,829			31,703
Core income before income taxes	1,335			721			1,505			2,649			529			1,875			2,317			3,561			4,721
Income tax expense	239			136			287			523			86			371			450			662			907
Core income	$	1,096		$	585		$	1,218		$	2,126		$	443		$	1,504		$	1,867		$	2,899		$	3,814
Other statistics
Effective tax rate on net investment income	17.6		%	17.8		%	17.9		%	17.9		%	17.9		%	17.9		%	17.8		%	17.8		%	17.9		%
Net investment income (after-tax)	$	698		$	727		$	742		$	785		$	763		$	774		$	850		$	2,167		$	2,387
Catastrophes, net of reinsurance:
Pre-tax	$	712		$	1,509		$	939		$	175		$	2,266		$	927		$	402		$	3,160		$	3,595
After-tax	$	563		$	1,192		$	739		$	138		$	1,790		$	732		$	318		$	2,494		$	2,840
Prior year reserve development - favorable:
Pre-tax	$	91		$	230		$	126		$	262		$	378		$	315		$	22		$	447		$	715
After-tax	$	71		$	182		$	99		$	207		$	297		$	249		$	16		$	352		$	562

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)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	11,310	$	11,865	$	12,149	$	11,226	$	11,890	$	12,225	$	12,292	$	35,324	$	36,407
Net written premiums	$	10,184	$	11,115	$	11,317	$	10,742	$	10,515	$	11,516	$	11,472	$	32,616	$	33,503
Net earned premiums	$	10,128	$	10,243	$	10,704	$	10,868	$	10,710	$	10,897	$	11,133	$	31,075	$	32,740
Losses and loss adjustment expenses	6,602		7,320		6,940		5,966		7,947		6,731		6,537		20,862		21,215
Underwriting expenses	3,012		3,111		3,139		3,038		3,098		3,260		3,239		9,262		9,597
Statutory underwriting gain (loss)	514		(188)		625		1,864		(335)		906		1,357		951		1,928
Policyholder dividends	12		12		12		11		13		10		12		36		35
Statutory underwriting gain (loss) after policyholder dividends	$	502	$	(200)	$	613	$	1,853	$	(348)	$	896	$	1,345	$	915	$	1,893
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	54,578	$	55,922	$	56,909	$	56,326	$	58,091	$	59,072	$	59,620	$	56,909	$	59,620
Increase (decrease) in reserves	$	861	$	1,344	$	987	$	(583)	$	1,765	$	981	$	548	$	3,192	$	3,294
Statutory capital and surplus	$	25,329	$	25,210	$	26,191	$	27,715	$	27,785	$	28,364	$	29,965	$	26,191	$	29,965
Net written premiums/surplus (1)	1.62:1		1.66:1		1.63:1		1.56:1		1.57:1		1.55:1		1.48:1		1.63:1		1.48:1

(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)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Written premiums
Gross	$	11,310	$	11,865	$	12,149	$	11,226	$	11,890	$	12,251	$	12,293	$	35,324	$	36,434
Ceded	(1,128)		(750)		(832)		(484)		(1,375)		(708)		(820)		(2,710)		(2,903)
Net	$	10,182	$	11,115	$	11,317	$	10,742	$	10,515	$	11,543	$	11,473	$	32,614	$	33,531
Earned premiums
Gross	$	10,867	$	11,083	$	11,484	$	11,644	$	11,487	$	11,749	$	11,964	$	33,434	$	35,200
Ceded	(741)		(840)		(780)		(776)		(777)		(828)		(829)		(2,361)		(2,434)
Net	$	10,126	$	10,243	$	10,704	$	10,868	$	10,710	$	10,921	$	11,135	$	31,073	$	32,766

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)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	5,160		$	5,168		$	5,474		$	5,543		$	5,465		$	5,545		$	5,700		$	15,802		$	16,710
Net investment income	609			632			642			677			656			662			727			1,883			2,045
Fee income	101			105			109			115			108			111			114			315			333
Other revenues	77			77			89			79			82			95			111			243			288
Total revenues	5,947			5,982			6,314			6,414			6,311			6,413			6,652			18,243			19,376
Claims and expenses
Claims and claim adjustment expenses	3,331			3,471			3,698			3,179			3,705			3,584			3,667			10,500			10,956
Amortization of deferred acquisition costs	864			861			930			933			917			944			973			2,655			2,834
General and administrative expenses	818			835			826			824			847			875			894			2,479			2,616
Total claims and expenses	5,013			5,167			5,454			4,936			5,469			5,403			5,534			15,634			16,406
Segment income before income taxes	934			815			860			1,478			842			1,010			1,118			2,609			2,970
Income tax expense	170			159			162			290			159			197			211			491			567
Segment income	$	764		$	656		$	698		$	1,188		$	683		$	813		$	907		$	2,118		$	2,403
Other statistics
Effective tax rate on net investment income	17.4		%	17.7		%	17.7		%	17.8		%	17.8		%	17.7		%	17.7		%	17.6		%	17.8		%
Net investment income (after-tax)	$	502		$	521		$	528		$	557		$	539		$	545		$	598		$	1,551		$	1,682
Catastrophes, net of reinsurance:
Pre-tax	$	209		$	389		$	340		$	94		$	509		$	368		$	139		$	938		$	1,016
After-tax	$	166		$	307		$	268		$	74		$	402		$	291		$	110		$	741		$	803
Prior year reserve development - favorable (unfavorable):
Pre-tax	$	—		$	34		$	(91)		$	147		$	74		$	79		$	(125)		$	(57)		$	28
After-tax	$	—		$	26		$	(72)		$	116		$	58		$	62		$	(99)		$	(46)		$	21

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)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain	$	274		$	148		$	176		$	642		$	157		$	274		$	318		$	598		$	749
Net investment income	502			521			528			557			539			545			598			1,551			1,682
Other income (expense)	(12)			(13)			(6)			(11)			(13)			(6)			(9)			(31)			(28)
Segment income	$	764		$	656		$	698		$	1,188		$	683		$	813		$	907		$	2,118		$	2,403
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	63.6		%	66.2		%	66.6		%	56.4		%	66.8		%	63.7		%	63.3		%	65.5		%	64.6		%
Underwriting expense ratio	29.7		%	29.9		%	29.2		%	28.8		%	29.4		%	29.9		%	29.6		%	29.6		%	29.6		%
Combined ratio	93.3		%	96.1		%	95.8		%	85.2		%	96.2		%	93.6		%	92.9		%	95.1		%	94.2		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development	—		%	(0.6)		%	1.7		%	(2.7)		%	(1.3)		%	(1.4)		%	2.2		%	0.4		%	(0.2)		%
Catastrophes, net of reinsurance	4.1		%	7.5		%	6.2		%	1.7		%	9.3		%	6.7		%	2.4		%	5.9		%	6.1		%
Underlying combined ratio	89.2		%	89.2		%	87.9		%	86.2		%	88.2		%	88.3		%	88.3		%	88.8		%	88.3		%



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


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	4		$	4		$	4		$	4		$	4		$	5		$	4		$	12		$	13
Fee income:
Loss and loss adjustment expenses	$	39		$	42		$	44		$	47		$	45		$	45		$	48		$	125		$	138
Underwriting expenses	62			63			65			68			63			66			66			190			195
Total fee income	$	101		$	105		$	109		$	115		$	108		$	111		$	114		$	315		$	333
Non-insurance general and administrative expenses	$	86		$	87		$	90		$	86		$	91		$	93		$	112		$	263		$	296

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)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	6,383	$	6,169	$	6,173	$	5,790	$	6,740	$	6,359	$	6,284	$	18,725	$	19,383
Net written premiums	$	5,598	$	5,539	$	5,517	$	5,426	$	5,698	$	5,765	$	5,674	$	16,654	$	17,137
Net earned premiums	$	5,162	$	5,168	$	5,474	$	5,543	$	5,465	$	5,521	$	5,698	$	15,804	$	16,684
Losses and loss adjustment expenses	3,282		3,422		3,645		3,116		3,650		3,530		3,614		10,349		10,794
Underwriting expenses	1,630		1,620		1,583		1,566		1,700		1,704		1,654		4,833		5,058
Statutory underwriting gain	250		126		246		861		115		287		430		622		832
Policyholder dividends	8		7		9		7		9		5		9		24		23
Statutory underwriting gain after policyholder dividends	$	242	$	119	$	237	$	854	$	106	$	282	$	421	$	598	$	809

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)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net written premiums by market
Domestic
Select Accounts	$	974	$	975	$	885	$	893	$	976	$	1,004	$	920	$	2,834	$	2,900
Middle Market	3,213		2,769		3,030		3,011		3,166		3,034		3,232		9,012		9,432
National Accounts	327		312		264		356		312		329		273		903		914
National Property and Other	642		912		896		684		720		885		841		2,450		2,446
Total Domestic	5,156		4,968		5,075		4,944		5,174		5,252		5,266		15,199		15,692
International	440		571		442		482		524		540		409		1,453		1,473
Total	$	5,596	$	5,539	$	5,517	$	5,426	$	5,698	$	5,792	$	5,675	$	16,652	$	17,165
Net written premiums by product line
Domestic
Workers’ compensation	$	1,019	$	847	$	795	$	808	$	950	$	821	$	792	$	2,661	$	2,563
Commercial automobile	964		923		937		954		1,030		1,019		1,030		2,824		3,079
Commercial property	763		1,054		1,022		859		873		1,051		961		2,839		2,885
General liability	965		809		914		903		753		878		998		2,688		2,629
Commercial multi-peril	1,416		1,345		1,367		1,409		1,532		1,486		1,447		4,128		4,465
Other	29		(10)		40		11		36		(3)		38		59		71
Total Domestic	5,156		4,968		5,075		4,944		5,174		5,252		5,266		15,199		15,692
International	440		571		442		482		524		540		409		1,453		1,473
Total	$	5,596	$	5,539	$	5,517	$	5,426	$	5,698	$	5,792	$	5,675	$	16,652	$	17,165

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)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	956		$	977		$	1,009		$	1,016		$	995		$	1,021		$	1,042		$	2,942		$	3,058
Net investment income	90			94			101			105			102			107			116			285			325
Other revenues	9			6			7			8			6			5			8			22			19
Total revenues	1,055			1,077			1,117			1,129			1,103			1,133			1,166			3,249			3,402
Claims and expenses
Claims and claim adjustment expenses	428			473			441			432			434			418			451			1,342			1,303
Amortization of deferred acquisition costs	182			183			194			197			187			195			197			559			579
General and administrative expenses	205			207			203			217			205			214			207			615			626
Total claims and expenses	815			863			838			846			826			827			855			2,516			2,508
Segment income before income taxes	240			214			279			283			277			306			311			733			894
Income tax expense	45			44			57			55			57			62			61			146			180
Segment income	$	195		$	170		$	222		$	228		$	220		$	244		$	250		$	587		$	714
Other statistics
Effective tax rate on net investment income	18.0		%	18.2		%	18.8		%	18.5		%	18.4		%	18.5		%	17.7		%	18.4		%	18.2		%
Net investment income (after-tax)	$	74		$	77		$	81		$	87		$	83		$	88		$	95		$	232		$	266
Catastrophes, net of reinsurance:
Pre-tax	$	5		$	40		$	4		$	2		$	19		$	5		$	—		$	49		$	24
After-tax	$	4		$	31		$	3		$	2		$	15		$	4		$	—		$	38		$	19
Prior year reserve development - favorable:
Pre-tax	$	24		$	24		$	36		$	45		$	67		$	81		$	43		$	84		$	191
After-tax	$	19		$	19		$	28		$	35		$	52		$	65		$	33		$	66		$	150

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)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain	$	116		$	90		$	135		$	137		$	133		$	154		$	150		$	341		$	437
Net investment income	74			77			81			87			83			88			95			232			266
Other income	5			3			6			4			4			2			5			14			11
Segment income	$	195		$	170		$	222		$	228		$	220		$	244		$	250		$	587		$	714
Combined ratio (1)
Loss and loss adjustment expense ratio	44.4		%	48.0		%	43.4		%	42.1		%	43.2		%	40.5		%	42.9		%	45.2		%	42.2		%
Underwriting expense ratio	40.1		%	39.7		%	39.1		%	40.6		%	39.3		%	39.8		%	38.7		%	39.7		%	39.3		%
Combined ratio	84.5		%	87.7		%	82.5		%	82.7		%	82.5		%	80.3		%	81.6		%	84.9		%	81.5		%
Impact on combined ratio:
Net favorable prior year reserve development	(2.5)		%	(2.5)		%	(3.5)		%	(4.3)		%	(6.7)		%	(8.0)		%	(4.2)		%	(2.9)		%	(6.2)		%
Catastrophes, net of reinsurance	0.5		%	4.1		%	0.4		%	0.2		%	1.9		%	0.5		%	—		%	1.7		%	0.8		%
Underlying combined ratio	86.5		%	86.1		%	85.6		%	86.8		%	87.3		%	87.8		%	85.8		%	86.1		%	86.9		%



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


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	—		$	1		$	1		$	—		$	—		$	—		$	1		$	2		$	1
Non-insurance general and administrative expenses	$	3		$	1		$	1		$	2		$	1		$	2		$	1		$	5		$	4

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


The Travelers Companies, Inc. Selected Statistics - Bond & Specialty Insurance


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	1,076	$	1,127	$	1,165	$	1,151	$	1,129	$	1,166	$	1,160	$	3,368	$	3,455
Net written premiums	$	943	$	1,040	$	1,072	$	1,054	$	999	$	1,085	$	1,080	$	3,055	$	3,164
Net earned premiums	$	956	$	977	$	1,009	$	1,016	$	995	$	1,021	$	1,042	$	2,942	$	3,058
Losses and loss adjustment expenses	424		468		438		427		430		414		447		1,330		1,291
Underwriting expenses	411		408		421		421		422		434		424		1,240		1,280
Statutory underwriting gain	121		101		150		168		143		173		171		372		487
Policyholder dividends	4		5		3		4		4		5		3		12		12
Statutory underwriting gain after policyholder dividends	$	117	$	96	$	147	$	164	$	139	$	168	$	168	$	360	$	475

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)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net written premiums by market
Domestic
Management Liability	$	543	$	586	$	617	$	563	$	553	$	589	$	613	$	1,746	$	1,755
Surety	296		325		344		329		333		342		342		965		1,017
Total Domestic	839		911		961		892		886		931		955		2,711		2,772
International	104		129		111		162		113		154

TRAVELERS COMPANIES, INC. 8-K