The Travelers Companies, Inc. · NYSE:TRV
The Travelers Companies — Q3 2025 Earnings Presentation
21 slides from The Travelers Companies's earnings presentation, Oct 16, 2025
Slide 1: Third Quarter 2025 Results
THIRD QUARTER 2025 RESULTS October 16, 2025
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: Third Quarter 2025 Overview
THIRD QUARTER 2025 OVERVIEW Travelers Reports Excellent Third Quarter and Year-to-Date Results Third Quarter 2025 Net Income per Diluted Share of $8.24, up 52%, and Return on Equity of 24.7% Third Quarter 2025 Core Income per Diluted Share of $8.14, up 55%, and Core Return on Equity of 22.6% • Third
Slide 4: Consolidated Performance
CONSOLIDATED PERFORMANCE ($ in millions, except per share amounts, after-tax, except for premiums) THIRD QUARTER YEAR-TO-DATE 2025 2024 Change 2025 2024 Change Core income $ 1,867 $ 1,218 53 % $ 3,814 $ 2,899 32 % per diluted share $ 8.14 $ 5.24 55 % $ 16.54 $ 12.43 33 % Included the following items
Slide 5: Very Strong Financial Position
VERY STRONG FINANCIAL POSITION ($ and shares in millions, except per share amounts) September 30, December 31, Capital 2025 2024 • Continued strong capitalization to support the Company’s business operations. Debt $ 9,267 $ 8,033 • Repurchased 2.3 million shares in third quarter 2025 for a total cos
Slide 6: Net Investment Income
NET INVESTMENT INCOME ($ in millions, after-tax) TOTAL Third Quarter 2025 vs. Prior Year Quarter Commentary $850 • Net investment income (NII) from the long-term fixed $742 $785 $763 $774 $738 $698 $727 income portfolio increased due to growth in average $609 invested assets and a higher average yie
Slide 7: Leading Core Return on Equity at Industry-Low Volatility
LEADING CORE RETURN ON EQUITY AT INDUSTRY-LOW VOLATILITY 12.8% 11.3% 13.7% 11.3% 11.5% 17.2% 15.9% 18.7% 9.7% 9.0% 9.0% 8.8% 8.7% 8.6% 1.1% 8.2% 0.8% 8.0% 0.9% 1.0% 0.7% 0.2% 7.1% 0.7% 0.7% 7.2% 6.9% 0.8% 3.3% 0.7% 0.7% 1.2% 0.1% 0.2% 4.9% 4.4% 4.2% 4.2% 7.4% 3.5% 7.5% 7.2% 7.0% 6.6% 6.1% 5.7% 5.5%
Slide 8: Business Insurance Performance
BUSINESS INSURANCE PERFORMANCE ($ in millions) THIRD QUARTER YEAR-TO-DATE 2025 2024 Change 2025 2024 Change Segment income $ 907 $ 698 30 % $ 2,403 $ 2,118 13 % Loss and loss adjustment expense ratio 63.3 % 66.6 % 64.6 % 65.5 % Underwriting expense ratio 29.6 29.2 29.6 29.6 Combined ratio1 92.9 % 95
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% 7.0% 7.3% 6.8% 6.5% 6.3% 6% 5.2% 4.5% 4% 2% —% ($ in millions) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Retention 86% 85% 86% 84% 86
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% 5.3% 5.5% 5.6% 5.6% 5.3% 5.2% 4% 3.8% 2% —% ($ in millions) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Retention 84% 83% 82% 79% 80% 80% 8
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% 7.9% 7.6% 8% 7.1% 7.0% 7.3% 7.0% 6.3% 6% 4% 2% —% ($ in millions) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Retention 87% 88% 89% 88% 89% 89% 88%
Slide 12: Bond & Specialty Insurance Performance
BOND & SPECIALTY INSURANCE PERFORMANCE ($ in millions) THIRD QUARTER YEAR-TO-DATE 2025 2024 Change 2025 2024 Change Segment income $ 250 $ 222 13 % $ 714 $ 587 22 % Loss and loss adjustment expense ratio 42.9 % 43.4 % 42.2 % 45.2 % Underwriting expense ratio 38.7 39.1 39.3 39.7 Combined ratio1 81.6
Slide 13: Domestic Bond & Specialty Insurance
DOMESTIC BOND & SPECIALTY INSURANCE ($ in millions) IL L U STRATIV E BU SINESS STATISTICS 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q Management Liability 1 Retention 90% 90% 89% 89% 89% 87% 87% Renewal premium change 2 3.3% 2.7% 1.3% 2.0% 2.4% 3.1% 3.7% New business $91 $112 $109 $83 $71 $70 $71 1 Domestic only
Slide 14: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE ($ in millions) THIRD QUARTER YEAR-TO-DATE 2025 2024 Change 2025 2024 Change Segment income $ 807 $ 384 110 % $ 967 $ 451 114 % Loss and loss adjustment expense ratio 56.4 % 67.7 % 70.3 % 74.5 % Underwriting expense ratio 24.9 24.8 24.5 24.7 Combined ratio1 81.3 % 92.5
Slide 15: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE THIRD QUARTER YEAR-TO-DATE 2025 2024 Change 2025 2024 Change Automobile Loss and loss adjustment expense ratio 62.1 % 71.0 % 62.2 % 72.9 % Underwriting expense ratio 22.8 22.4 22.3 22.4 Combined ratio1 84.9 % 93.4 % 8.5 pts 84.5 % 95.3 % 10.8 pts Net favorable prior ye
Slide 16: Domestic Personal Insurance
DOMESTIC PERSONAL INSURANCE ($ in millions) IL L U STRATIV E BU SINESS STATISTICS 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q Automobile Retention 1 81% 81% 81% 81% 82% 82% 82% Renewal premium change 2 17.6% 16.3% 13.1% 10.8% 7.6% 5.2% 3.9% Policies in force (in thousands) 2,985 2,958 2,939 2,930 2,902 2,880 2,8
Slide 17: Appendix
APPENDIX 17
Slide 18: Well-Defined and Consistent Investment Philosophy
Well-Defined and Consistent Investment Philosophy ($ in millions, as of September 30, 2025, unless otherwise noted) Investment Income reliable contributor to results Total Investments Fixed Income Portfolio Rating % % Fixed Maturities by Rating2 Fixed Non-Fixed Corporates1 A2 $ 42,447 41 % Aaa 28.3
Slide 19: 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 20: 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 21: investor.travelers.com
investor.travelers.com 21
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