The Travelers Companies, Inc. · NYSE:TRV
The Travelers Companies — Q1 2026 Earnings Presentation
22 slides from The Travelers Companies's earnings presentation, Apr 16, 2026
Slide 1: First Quarter 2026 Results
FIRST QUARTER 2026 RESULTS April 16, 2026
Slide 2: Long-Term Financial Strategy
LONG-TERM FINANCIAL STRATEGY Generation of Balanced Meaningful top-tier earnings approach to and sustainable and capital rightsizing capital competitive substantially and growing book advantages in excess of value per share growth needs over time CREATE SHAREHOLDER VALUE Objective: Mid–Teens Core RO
Slide 3: First Quarter 2026 Overview
FIRST QUARTER 2026 OVERVIEW Travelers Reports Excellent First Quarter Results First Quarter 2026 Net Income per Diluted Share of $7.78 and Core Income per Diluted Share of $7.71 First Quarter 2026 Return on Equity of 21.1% and Core Return on Equity of 19.7% Board of Directors Declares 14% Increase i
Slide 4: Consolidated Performance
CONSOLIDATED PERFORMANCE ($ in millions, except per share amounts, after-tax, except for premiums) FIRST QUARTER 2026 2025 Change Core income $ 1,696 $ 443 283 % per diluted share $ 7.71 $ 1.91 304 % Included the following items: Net favorable prior year reserve development $ 325 $ 297 Catastrophes,
Slide 5: Very Strong Financial Position
VERY STRONG FINANCIAL POSITION ($ and shares in millions, except per share amounts) March 31, December 31, Capital 2026 2025 • Continued strong capitalization to support the Company’s business operations. Debt $ 9,268 $ 9,267 • Repurchased 6.0 million shares in the open market during the first quart
Slide 6: Net Investment Income
NET INVESTMENT INCOME ($ in millions, after-tax) TOTAL First Quarter 2026 vs. Prior Year Quarter Commentary $850 $867 $833 • Net investment income (NII) from the long-term fixed $814 $774 $738 $763 income portfolio increased due to a higher average yield and growth in average invested assets • NII f
Slide 7: Leading Core Return on Equity at Industry-Low Volatility
LEADING CORE RETURN ON EQUITY AT INDUSTRY-LOW VOLATILITY 12.7% 13.7% 11.3% 11.5% 17.2% 19.4% 14.5% 22.7% 13.8% 10.4% 8.8% 9.0% 9.0% 9.0% 8.9% 8.5% 8.0% 1.1% 8.2% 0.8% 1.0% 0.7% 1.0% 0.6% 0.6% 0.2% 7.1% 0.7% 0.7% 0.7% 3.3% 0.7% 1.2% 0.2% 5.5% 4.9% 4.2% 4.2% 3.5% 7.6% 7.6% 7.3% 7.2% 7.3% 6.6% 5.5% 5.7
Slide 8: Business Insurance Performance
BUSINESS INSURANCE PERFORMANCE ($ in millions) FIRST QUARTER 2026 2025 Change Segment income $ 839 $ 683 23 % Loss and loss adjustment expense ratio 63.3 % 66.8 % Underwriting expense ratio 30.5 29.4 Combined ratio1 93.8 % 96.2 % 2.4 pts Net favorable prior year reserve development 2.9 1.3 Catastrop
Slide 9: Domestic Business Insurance (ex. National Accounts)
DOMESTIC BUSINESS INSURANCE (EX. NATIONAL ACCOUNTS) IL L U STRATIV E BU SINESS STATISTICS Renewal Premium Change1 % Renewal Rate Change2 % Exposure/Other % 12% 10% 8% 6.2% 6% 5.1% 4.3% 3.8% 4% 3.2% 2% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Retention 86% 85% 85% 85% 86% Renewal premium chan
Slide 10: Domestic Business Insurance: Select Accounts
DOMESTIC BUSINESS INSURANCE: SELECT ACCOUNTS IL L U STRATIV E BU SINESS STATISTICS Renewal Premium Change1 % Renewal Rate Change2 % Exposure/Other % 12% 10% 8% 6% 5.6% 5.2% 5.2% 5.1% 4% 4.0% 2% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Retention 80% 80% 81% 81% 82% Renewal premium change1 11.
Slide 11: Domestic Business Insurance: Middle Market
DOMESTIC BUSINESS INSURANCE: MIDDLE MARKET IL L U STRATIV E BU SINESS STATISTICS Renewal Premium Change1 % Renewal Rate Change2 % Exposure/Other % 12% 10% 8% 7.2% 6.8% 6.2% 6% 5.1% 4.3% 4% 2% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Retention 89% 89% 88% 87% 89% Renewal premium change1 9.3%
Slide 12: Bond & Specialty Insurance Performance
BOND & SPECIALTY INSURANCE PERFORMANCE ($ in millions) FIRST QUARTER 2026 2025 Change Segment income $ 254 $ 220 15 % Loss and loss adjustment expense ratio 43.0 % 43.2 % Underwriting expense ratio 40.3 39.3 Combined ratio1 83.3 % 82.5 % (0.8) pts Net favorable prior year reserve development 6.4 6.7
Slide 13: Domestic Bond & Specialty Insurance
DOMESTIC BOND & SPECIALTY INSURANCE ($ in millions) IL L U STRATIV E BU SINESS STATISTICS 2025 2026 1Q 2Q 3Q 4Q 1Q Management Liability 1 Retention 89% 87% 87% 87% 87% Renewal premium change 2 3.2% 3.2% 3.6% 2.7% 2.9% New business $71 $70 $71 $60 $67 1 Domestic only, excludes surety and other produc
Slide 14: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE ($ in millions) FIRST QUARTER 2026 2025 Change Segment income (loss) $ 704 $ (374) NM Loss and loss adjustment expense ratio 58.8 % 91.0 % Underwriting expense ratio 24.1 24.2 Combined ratio1 82.9 % 115.2 % 32.3 pts Net favorable prior year reserve development 4.5 5.6
Slide 15: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE FIRST QUARTER 2026 2025 Change Automobile Loss and loss adjustment expense ratio 60.6 % 61.3 % Underwriting expense ratio 22.3 22.1 Combined ratio1 82.9 % 83.4 % 0.5 pts Net favorable prior year reserve development 6.3 6.0 Catastrophes, net of reinsurance (0.9) (1.9) U
Slide 16: Domestic Personal Insurance
DOMESTIC PERSONAL INSURANCE ($ in millions) IL L U STRATIV E BU SINESS STATISTICS 2025 2026 1Q 2Q 3Q 4Q 1Q Automobile Retention 1 81% 81% 81% 82% 82% Renewal premium change 2 7.5% 5.1% 3.8% 2.2% 0.6% Policies in force (in thousands) 2,902 2,880 2,858 2,842 2,819 • Sequential quarter growth (1%) (1%)
Slide 17: Appendix
APPENDIX 17
Slide 18: Well-Defined and Consistent Investment Philosophy
Well-Defined and Consistent Investment Philosophy ($ in millions, as of March 31, 2026, unless otherwise noted) Investment Income reliable contributor to results Total Investments Fixed Income Portfolio Rating % % Fixed Maturities by Rating2 Fixed Non-Fixed Corporates1 A2 $ 42,167 41 % Aaa 27.8 % In
Slide 19: 2025 Travelers Canada Premiums Divested
2025 TRAVELERS CANADA PREMIUMS DIVESTED The prem i u m s be low re la t e t o t h e Ca n a di a n operations divested by the Company in 1Q26 ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 FY 2025 Net Written Premiums Business Insurance $ 67 $ 79 $ 59 $ 78 $ 283 Bond & Specialty Insurance 10 16 14 16 56 Per
Slide 20: Explanatory Note
EXPLANATORY NOTE This presentation 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,” “w
Slide 21: Disclosure
DISCLOSURE In this presentation, we may refer to some non-GAAP financial measures. For a reconciliation of these measures to the most comparable GAAP measures and a glossary of financial measures, we refer you to the press release and financial supplement that we have made available in connection wi
Slide 22: investor.travelers.com
investor.travelers.com 22
The Travelers Companies — Q1 2026 Earnings Presentation on 6ix