The Travelers Companies, Inc. · NYSE:TRV
The Travelers Companies — Q3 2026 Earnings Presentation
22 slides from The Travelers Companies's earnings presentation, Oct 16, 2026
Slide 1: Third Quarter 2026 Results
THIRD QUARTER 2026 RESULTS October 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: Third Quarter 2026 Overview
THIRD QUARTER 2026 OVERVIEW Travelers Reports Excellent Third Quarter and Year-to-Date Results Third Quarter 2026 Net Income per Diluted Share of $9.04 and Core Income per Diluted Share of $9.18 Third Quarter 2026 Return on Equity of 24.7% and Core Return on Equity of 22.1% • Third quarter net incom
Slide 4: Consolidated Performance
CONSOLIDATED PERFORMANCE ($ in millions, except per share amounts, after-tax, except for premiums) THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Core income $ 1,947 $ 1,867 4 % $ 5,803 $ 3,814 52 % per diluted share $ 9.18 $ 8.14 13 % $ 26.90 $ 16.54 63 % 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 2026 2025 • Continued strong capitalization to support the Company’s business operations. Debt $ 9,813 $ 9,267 • Repurchased 4.0 million shares in the third quarter 2026 for a total
Slide 6: Net Investment Income
NET INVESTMENT INCOME ($ in millions, after-tax) TOTAL Third Quarter 2026 vs. Prior Year Quarter Commentary $867 $883 $908 $814 $850 $833 • Net investment income (NII) from the long-term fixed $738 $763 $774 income portfolio increased due to a higher average yield and growth in average invested asse
Slide 7: Leading Core Return on Equity at Industry-Low Volatility
LEADING CORE RETURN ON EQUITY AT INDUSTRY-LOW VOLATILITY 12.7% 13.7% 11.3% 11.5% 17.2% 19.4% 18.7% 24.1% 15.0% 10.4% 9.7% 8.8% 9.0% 9.0% 9.0% 9.1% 8.5% 8.0% 1.1% 8.2% 0.8% 0.8% 0.7% 1.0% 0.6% 0.7% 0.6% 0.2% 7.1% 0.7% 0.7% 3.3% 0.7% 1.2% 0.2% 4.9% 4.2% 4.2% 3.5% 7.6% 7.8% 7.3% 7.2% 7.5% 6.6% 5.5% 5.7
Slide 8: Business Insurance Performance
BUSINESS INSURANCE PERFORMANCE ($ in millions) THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 1,036 $ 907 14 % $ 3,073 $ 2,403 28 % Loss and loss adjustment expense ratio 61.2 % 63.3 % 60.3 % 64.6 % Underwriting expense ratio 29.7 29.6 30.2 29.6 Combined ratio1 90.9 %
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% 6.4% 6% 5.1% 4.3% 3.7% 4% 3.1% 2% 0.9% 1.8% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Retention 86% 85% 85% 85% 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% 5.6% 5.2% 5.1% 5.0% 4% 3.8% 3.9% 2% 2.7% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Retention 80% 80% 81% 80% 82% 81% 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% 8% 7.5% 7.0% 6.2% 6% 4.9% 4.2% 4% 3.5% 2% 2.6% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Retention 89% 89% 88% 87% 88% 89% 89%
Slide 12: Bond & Specialty Insurance Performance
BOND & SPECIALTY INSURANCE PERFORMANCE ($ in millions) THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 309 $ 250 24 % $ 797 $ 714 12 % Loss and loss adjustment expense ratio 38.2 % 42.9 % 41.3 % 42.2 % Underwriting expense ratio 39.1 38.7 39.7 39.3 Combined ratio1 77.3
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 2Q 3Q Management Liability 1 Retention 89% 87% 87% 87% 87% 89% 89% Renewal premium change 2 3.1% 3.3% 3.9% 2.7% 2.9% 2.9% 3.8% New business $71 $71 $71 $60 $67 $78 $84 1 Domestic only,
Slide 14: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE ($ in millions) THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 706 $ 807 (13) % $ 2,237 $ 967 131 % Loss and loss adjustment expense ratio 58.4 % 56.4 % 57.4 % 70.3 % Underwriting expense ratio 25.1 24.9 24.6 24.5 Combined ratio1 83.5 % 8
Slide 15: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Automobile Loss and loss adjustment expense ratio 63.6 % 62.1 % 61.4 % 62.2 % Underwriting expense ratio 23.5 22.8 22.9 22.3 Combined ratio1 87.1 % 84.9 % (2.2) pts 84.3 % 84.5 % 0.2 pts Net favorable prior y
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 2Q 3Q Automobile Retention 1 81% 81% 81% 81% 81% 82% 81% Renewal premium change 2 7.5% 5.1% 3.9% 2.4% 0.9% 0.1% (0.6)% Policies in force (in thousands) 2,902 2,880 2,858 2,842 2,819 2,801 2,769
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, 2026, unless otherwise noted) Investment Income reliable contributor to results Total Investments Fixed Income Portfolio Rating % % Fixed Maturities by Rating3 Fixed Non-Fixed Corporates2 A2 $ 42,894 43 % Aaa 27.3
Slide 19: 2025 Travelers Canada Premiums Divested
2025 TRAVELERS CANADA PREMIUMS DIVESTED The premiu m s be low re la t e t o t h e Ca n a di a n ope rations which the Company divested 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 P
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 — Q3 2026 Earnings Presentation on 6ix