The Travelers Companies, Inc. · NYSE:TRV
The Travelers Companies — Q2 2026 Earnings Presentation
24 slides from The Travelers Companies's earnings presentation, Jul 17, 2026
Slide 1: Second Quarter 2026 Results
SECOND QUARTER 2026 RESULTS July 17, 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: Second Quarter 2026 Overview
SECOND QUARTER 2026 OVERVIEW Travelers Reports Excellent Second Quarter and Year-to-Date Results Second Quarter 2026 Net Income per Diluted Share of $10.26 and Core Income per Diluted Share of $10.04 Second Quarter 2026 Return on Equity of 27.1% and Core Return on Equity of 24.9% • Second quarter ne
Slide 4: Consolidated Performance
CONSOLIDATED PERFORMANCE ($ in millions, except per share amounts, after-tax, except for premiums) SECOND QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Core income $ 2,160 $ 1,504 44 % $ 3,856 $ 1,947 98 % per diluted share $ 10.04 $ 6.51 54 % $ 17.73 $ 8.42 111 % Included the following ite
Slide 5: Very Strong Financial Position
VERY STRONG FINANCIAL POSITION ($ and shares in millions, except per share amounts) June 30, December 31, Capital 2026 2025 • Continued strong capitalization to support the Company’s business operations. Debt $ 9,068 $ 9,267 • Repurchased 4.3 million shares in the second quarter 2026 for a total cos
Slide 6: Net Investment Income
NET INVESTMENT INCOME ($ in millions, after-tax) TOTAL Second Quarter 2026 vs. Prior Year Quarter Commentary $850 $867 $883 $814 $833 $738 $763 $774 • Net investment income (NII) from the long-term fixed income portfolio increased due to a higher average yield and growth in average invested assets •
Slide 7: Leading Core Return on Equity at Industry-Low Volatility
LEADING CORE RETURN ON EQUITY AT INDUSTRY-LOW VOLATILITY 12.7% 13.7% 11.3% 11.5% 17.2% 19.4% 17.1% 24.2% 15.1% 10.4% 8.8% 9.0% 9.0% 8.9% 9.1% 8.5% 8.0% 8.2% 0.8% 0.8% 8.2% 0.8% 1.1% 1.0% 0.6% 0.6% 0.6% 0.2% 7.1% 0.7% 0.7% 3.3% 0.7% 1.2% 0.2% 4.9% 4.2% 4.2% 3.5% 7.6% 7.7% 7.3% 7.2% 7.5% 6.6% 5.5% 5.7
Slide 8: Business Insurance Performance
BUSINESS INSURANCE PERFORMANCE ($ in millions) SECOND QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 1,198 $ 813 47 % $ 2,037 $ 1,496 36 % Loss and loss adjustment expense ratio 56.5 % 63.7 % 59.8 % 65.3 % Underwriting expense ratio 30.3 29.9 30.4 29.6 Combined ratio1 86.8 %
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% 6.3% 6% 5.1% 4.3% 3.7% 4% 3.1% 2% 1.9% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Retention 86% 85% 85% 85% 86% 86% Renew
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% 4.1% 3.8% 2% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Retention 80% 80% 81% 80% 82% 81% Renewal prem
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% 7.4% 6.9% 6.1% 6% 5.0% 4.2% 3.6% 4% 2% —% ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Retention 89% 89% 88% 87% 89% 89% Renewal premiu
Slide 12: Bond & Specialty Insurance Performance
BOND & SPECIALTY INSURANCE PERFORMANCE ($ in millions) SECOND QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 234 $ 244 (4) % $ 488 $ 464 5 % Loss and loss adjustment expense ratio 43.0 % 40.5 % 43.0 % 41.8 % Underwriting expense ratio 39.8 39.8 40.0 39.6 Combined ratio1 82.8
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 Management Liability 1 Retention 89% 87% 87% 87% 87% 88% Renewal premium change 2 3.1% 3.4% 3.6% 2.6% 3.0% 2.9% New business $71 $71 $71 $60 $67 $77 1 Domestic only, excludes surety
Slide 14: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE ($ in millions) SECOND QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 827 $ 534 55 % $ 1,531 $ 160 857 % Loss and loss adjustment expense ratio 54.9 % 64.0 % 56.9 % 77.4 % Underwriting expense ratio 24.6 24.4 24.3 24.3 Combined ratio1 79.5 % 88
Slide 15: Personal Insurance Performance
PERSONAL INSURANCE PERFORMANCE SECOND QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Automobile Loss and loss adjustment expense ratio 59.9 % 63.1 % 60.2 % 62.2 % Underwriting expense ratio 22.9 22.2 22.6 22.1 Combined ratio1 82.8 % 85.3 % 2.5 pts 82.8 % 84.3 % 1.5 pts Net favorable prior ye
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 Automobile Retention 1 81% 81% 81% 81% 82% 82% Renewal premium change 2 7.5% 5.1% 3.9% 2.3% 0.8% —% Policies in force (in thousands) 2,902 2,880 2,858 2,842 2,819 2,801 • Sequential quarter
Slide 17: Appendix
APPENDIX 17
Slide 18: 2026 Catastrophe Reinsurance
2026 CATASTROPHE REINSURANCE Catastrophe Bonds – Long Point Re IV Ltd. - $575 million aggregate principal expired as scheduled in May 2026 - $750 million aggregate principal was placed in May 2026 – The reinsurance agreement provides single occurrence coverage to the Company through May 24, 2030 for
Slide 19: A Decade of Success
A DECADE OF SUCCESS Significant NWP Growth Improved Underlying Profitability1 Improved Expense Ratio $44.4B AG R AVG = 90.3% %C 91.6% 31.5% 6.6 Impro ved 3 $25.0B 83.9% .0 pts 28.5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 201
Slide 20: Well-Defined and Consistent Investment Philosophy
Well-Defined and Consistent Investment Philosophy ($ in millions, as of June 30, 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 $ 43,568 42 % Aaa 27.8 % Inc
Slide 21: 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 22: 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 23: 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 24: investor.travelers.com
investor.travelers.com 24
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