$TRV

TRAVELERS COMPANIES, INC.

CIK:0000086312|SEC Filings

Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Premiums	$ 10,753	$ 10,921	$ 21,358	$ 21,631
Net investment income	1,070	942	2,078	1,872
Fee income	126	124	247	243
Net realized investment gains (losses)	60	6	109	(55)
Other revenues	144	123	285	235
Total revenues	12,153	12,116	24,077	23,926
Claims and expenses
Claims and claim adjustment expenses	5,922	6,789	12,304	14,795
Amortization of deferred acquisition costs	1,786	1,802	3,552	3,580
General and administrative expenses	1,565	1,545	3,106	3,004
Interest expense	113	99	229	198
Total claims and expenses	9,386	10,235	19,191	21,577
Income before income taxes	2,767	1,881	4,886	2,349
Income tax expense	559	372	967	445
Net income	$ 2,208	$ 1,509	$ 3,919	$ 1,904
Net income per share
Basic (in dollars per share)	$ 10.41	$ 6.63	$ 18.28	$ 8.35
Diluted (in dollars per share)	$ 10.26	$ 6.53	$ 18.01	$ 8.23
Weighted average number of common shares outstanding
Basic (in shares)	210.5	225.9	212.9	226.4
Diluted (in shares)	213.6	229.3	216.0	229.7
Cash dividends declared per common share (in dollars per share)	$ 1.25	$ 1.10	$ 2.35	$ 2.15

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 3,919	$ 1,904
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	(109)	55
Depreciation and amortization	363	352
Deferred federal income tax benefit	(7)	(52)
Amortization of deferred acquisition costs	3,552	3,580
Equity in income from other investments	(98)	(95)
Premiums receivable	(1,395)	(897)
Reinsurance recoverables	(131)	(19)
Deferred acquisition costs	(3,749)	(3,739)
Claims and claim adjustment expense reserves	1,530	2,543
Unearned premium reserves	910	914
Other operating activities	(671)	(852)
Net cash provided by operating activities	4,114	3,694
Cash flows from investing activities
Proceeds from maturities of fixed maturities	5,977	5,872
Proceeds from sales of investments:
Fixed maturities	385	601
Equity securities	116	100
Real estate investments	17	0
Other investments	125	142
Purchases of investments:
Fixed maturities	(10,155)	(9,143)
Equity securities	(56)	(60)
Real estate investments	(22)	(13)
Other investments	(181)	(176)
Net sales of short-term securities	1,136	24
Securities transactions in the course of settlement	30	372
Proceeds from the divestiture of the Canadian business	2,384
Other investing activities	(256)	(243)
Net cash used in investing activities	(500)	(2,524)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorizations	(3,098)	(750)
Treasury stock acquired — net employee share-based compensation	(154)	(124)
Dividends paid to shareholders	(500)	(490)
Payment of debt	(200)	0
Issuance of common stock — employee share options	124	127
Net cash used in financing activities	(3,828)	(1,237)
Effect of exchange rate changes on cash and restricted cash	(7)	27
Net decrease in cash and restricted cash	(221)	(40)
Cash and restricted cash at beginning of year	842	699
Cash and restricted cash at end of period	621	659
Supplemental disclosure of cash flow information
Income taxes paid	1,112	562
Interest paid	$ 230	$ 197

Consolidated Balance Sheet (Unaudited at June 30, 2026) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Fixed maturities, available for sale, at fair value (amortized cost $95,401 and $91,717; allowance for expected credit losses of $2 and $3)	$ 92,922	$ 89,833
Equity securities, at fair value (cost $410 and $457)	652	618
Real estate investments	884	900
Short-term securities	4,579	5,716
Other investments	4,142	4,115
Total investments	103,179	101,182
Cash (including restricted cash of $139 and $132)	621	842
Investment income accrued	911	877
Premiums receivable (net of allowance for expected credit losses of $61 and $58)	12,382	10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129)	8,009	7,886
Ceded unearned premiums	1,674	1,283
Deferred acquisition costs	3,713	3,518
Deferred taxes	1,041	887
Contractholder receivables (net of allowance for expected credit losses of $13 and $16)	3,076	3,010
Goodwill	4,060	4,066
Other intangible assets	325	336
Other assets	4,589	4,279
Assets held for sale		4,550
Total assets	143,580	143,708
Liabilities
Claims and claim adjustment expense reserves	67,226	65,737
Unearned premium reserves	23,327	22,431
Contractholder payables	3,089	3,026
Payables for reinsurance premiums	1,016	529
Debt	9,068	9,267
Other liabilities	6,733	7,282
Liabilities held for sale		2,542
Total liabilities	110,459	110,814
Shareholders’ equity
Common stock (1,750.0 shares authorized; 208.6 and 217.5 shares issued and outstanding)	26,186	25,910
Retained earnings	58,346	54,931
Accumulated other comprehensive loss	(2,668)	(2,500)
Treasury stock, at cost (586.8 and 575.9 shares)	(48,743)	(45,447)
Total shareholders’ equity	33,121	32,894
Total liabilities and shareholders’ equity	$ 143,580	$ 143,708