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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________

FORM 10-Q

_________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

___________________________________________________________________

Commission file number: 001-10898

___________________________________________________________________

The Travelers Companies, Inc.

(Exact name of registrant as specified in its charter)

____________________________________________________________________


Minnesota						41-0518860
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

485 Lexington Avenue

New York, NY 10017

(Address of principal executive offices) (Zip Code)

(917) 778-6000

(Registrant’s telephone number, including area code)

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, without par value

TRV

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	ý	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ý

The number of shares of the Registrant’s Common Stock, without par value, outstanding at April 9, 2026 was 212,644,693.

The Travelers Companies, Inc.

Quarterly Report on Form 10-Q

For Quarterly Period Ended ~~September~~March 3031, ~~2025~~2026

_________________________________________________________

TABLE OF CONTENTS

		Page
	Part I — Financial Information
Item 1.	Financial Statements:
	Consolidated Statement of Income (Unaudited) — Three and Nine Months Ended September 30, 2025 and 2024	3
	Consolidated Statement of Income (Unaudited) — Three Months Ended March 31, 2026 and 2025	3
	Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Nine Months Ended September 30, 2025 and 2024	4
	Consolidated Statement of Comprehensive Income (Unaudited) — Three Months Ended March 31, 2026 and 2025	4
	Consolidated Balance Sheet — September 30, 2025 (Unaudited) and December 31, 2024	5
	Consolidated Balance Sheet — March 31, 2026 (Unaudited) and December 31, 2025	5
	Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Nine Months Ended September 30, 2025 and 2024	6
	Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months Ended March 31, 2026 and 2025	6
	Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2025 and 2024	7
	Consolidated Statement of Cash Flows (Unaudited) — Three Months Ended March 31, 2026 and 2025	7
	Notes to Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3329
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6456
Item 4.	Controls and Procedures	6456
	Part II — Other Information
Item 1.	Legal Proceedings	6556
Item 1A.	Risk Factors	6557
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6557
Item 5.	Other Information	6657
Item 6.	Exhibits	6658
	SIGNATURES	6759

PART 1 — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(in millions, except per share amounts)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

2025

2024

2025

2024

2026

2025

Revenues

Premiums

1110,~~135~~605

10,~~704~~710

~~32,766~~

~~31,073~~

Net investment income

1,~~033~~008

~~904~~930

~~2,905~~

~~2,635~~

Fee income

~~127~~121

~~121~~119

~~370~~

~~345~~

Net realized investment gains (losses)

2749

55(61)

~~(28)~~

Other revenues

~~148~~141

~~120~~112

~~383~~

~~337~~

Total revenues

1211,~~470~~924

11,~~904~~810

~~36,396~~

~~34,415~~

Claims and expenses

Claims and claim adjustment expenses

6,~~594~~382

68,~~996~~006

~~21,389~~

~~21,025~~

Amortization of deferred acquisition costs

1,~~849~~766

1,~~790~~778

~~5,429~~

~~5,166~~

General and administrative expenses

1,~~572~~541

1,~~460~~459

~~4,576~~

~~4,344~~

Interest expense

~~111~~116

9899

~~309~~

~~294~~

Total claims and expenses

109,~~126~~805

1011,~~344~~342

~~31,703~~

~~30,829~~

Income before income taxes

2,~~344~~119

~~1,560~~468

~~4,693~~

~~3,586~~

Income tax expense

~~456~~408

~~300~~73

~~901~~

~~669~~

Net income

1,~~888~~711

~~1,260~~395

~~3,792~~

~~2,917~~

Net income per share

Basic

87.3789

51.5073

~~16.69~~

~~12.68~~

Diluted

87.2478

51.4270

~~16.45~~

~~12.51~~

Weighted average number of common shares outstanding

Basic

~~224~~215.12

~~227~~226.49

~~225.6~~

~~228.3~~

Diluted

~~227~~218.54

230.64

~~228.9~~

~~231.3~~

Cash dividends declared per common share

1.10

1.05

~~3.25~~

~~3.10~~

The accompanying notes are an integral part of the consolidated financial statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

(in millions)

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2025		2024		2025		2024
	2026		2025
Net income	$	1,~~888~~711	$	~~1,260~~395	$	~~3,792~~	$	~~2,917~~
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	(1,~~347~~146)		~~2,370~~436		~~2,124~~		~~1,294~~
Having credit losses recognized in the consolidated statement of income	—		1		1		4
Net changes in benefit plan assets and obligations	—(8)		~~(1)~~—		—		~~(4)~~
Net changes in unrealized foreign currency translation	~~(72)~~327		~~120~~61		~~217~~		24
Other comprehensive income before income taxes	1,275		2,490		2,342		1,318
Other comprehensive income (loss) before income taxes	(827)		498
Income tax expense	284		513		469		280
Income tax expense (benefit)	(249)		99
Other comprehensive income, net of taxes	991		1,977		1,873		1,038
Other comprehensive income (loss), net of taxes	(578)		399
Comprehensive income	$	21,~~879~~133	$	~~3,237~~794	$	~~5,665~~	$	~~3,955~~

The accompanying notes are an integral part of the consolidated financial statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions)

September 30,2025

December 31,2024

March 31,2026

December 31,2025

(Unaudited)

Assets

Fixed maturities, available for sale, at fair value (amortized cost $93,598 and $88,277; allowance for expected credit losses of $4 and $2)

91,113

83,666

Fixed maturities, available for sale, at fair value (amortized cost $93,742 and $91,717; allowance for expected credit losses of $3 and $3)

90,736

89,833

Equity securities, at fair value (cost $506 and $544)

692

687

Equity securities, at fair value (cost $428 and $457)

591

618

Real estate investments

~~888~~899

~~902~~900

Short-term securities

6,~~798~~660

45,~~766~~716

Other investments

4,~~193~~092

4,~~202~~115

Total investments

~~103~~102,~~684~~978

94101,~~223~~182

Cash (including restricted cash of $137 and $131)

729

699

Cash (including restricted cash of $134 and $132)

615

842

Investment income accrued

~~776~~801

~~752~~877

Premiums receivable (net of allowance for expected credit losses of $58 and $58)

11,621

11,110

Premiums receivable (net of allowance for expected credit losses of $60 and $58)

11,423

10,992

Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $141 and $119)

8,298

8,000

Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $130 and $129)

7,988

7,886

Ceded unearned premiums

1,~~680~~877

1,~~202~~283

Deferred acquisition costs

3,~~691~~587

3,~~494~~518

Deferred taxes

1,~~035~~101

~~1,762~~887

Contractholder receivables (net of allowance for expected credit losses of $17 and $18)

3,098

3,171

Contractholder receivables (net of allowance for expected credit losses of $14 and $16)

3,051

3,010

Goodwill

4,~~271~~060

4,~~233~~066

Other intangible assets

~~342~~331

~~360~~336

Other assets

4,~~453~~497

4,~~183~~279

Total assets

143,678

133,189

Assets held for sale

—

4,550

Total assets

142,309

143,708

Liabilities

Claims and claim adjustment expense reserves

6766,~~705~~912

6465,~~093~~737

Unearned premium reserves

2322,~~596~~772

22,~~289~~431

Contractholder payables

3,~~115~~065

3,~~189~~026

Payables for reinsurance premiums

~~946~~1,123

~~550~~529

Debt

9,~~267~~268

89,~~033~~267

Other liabilities

7,~~440~~183

7,~~171~~282

Total liabilities

112,069

105,325

Liabilities held for sale

—

2,542

Total liabilities

110,323

110,814

Shareholders’ equity

Common stock (1,750.0 shares authorized; 223.0 and 226.6 shares issued and outstanding)

25,817

25,452

Common stock (1,750.0 shares authorized; 212.6 and 217.5 shares issued and outstanding)

26,092

25,910

Retained earnings

5256,~~680~~404

4954,~~630~~931

Accumulated other comprehensive loss

(3,~~094~~078)

(42,~~967~~500)

Treasury stock, at cost (570.1 and 564.3 shares)

(43,794)

(42,251)

Treasury stock, at cost (582.5 and 575.9 shares)

(47,432)

(45,447)

Total shareholders’ equity

31,~~609~~986

2732,~~864~~894

Total liabilities and shareholders’ equity

~~143~~142,~~678~~309

~~133~~143,~~189~~708

The accompanying notes are an integral part of the consolidated financial statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in millions)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

2025

2024

2025

2024

2026

2025

Common stock

Balance, beginning of period

25,~~728~~910

25,~~245~~452

~~25,452~~

~~24,906~~

Employee share-based compensation

3095

3149

~~166~~

~~231~~

Compensation amortization under share-based plans and other changes

5987

6383

~~199~~

~~202~~

Balance, end of period

2526,~~817~~092

25,~~339~~584

~~25,817~~

~~25,339~~

Retained earnings

Balance, beginning of period

5154,~~041~~931

4649,~~773~~630

~~49,630~~

~~45,591~~

Net income

1,~~888~~711

~~1,260~~395

~~3,792~~

~~2,917~~

Dividends

(~~250~~238)

(~~243~~241)

~~(743)~~

~~(720)~~

Other

(1)

Balance, end of period

56,404

49,784

Balance, end of period

52,680

47,789

52,680

47,789

Accumulated other comprehensive loss, net of tax

Balance, beginning of period

(42,~~085~~500)

(54,~~410~~967)

~~(4,967)~~

~~(4,471)~~

Other comprehensive income

991

1,977

1,873

1,038

Other comprehensive income (loss)

(578)

399

Balance, end of period

(3,~~094~~078)

(34,~~433~~568)

~~(3,094)~~

~~(3,433)~~

Treasury stock, at cost

Balance, beginning of period

(4345,~~166~~447)

(4142,~~746~~251)

~~(42,251)~~

~~(41,105)~~

Treasury stock acquired — share repurchase authorizations

(~~625~~1,800)

(250)

~~(1,375)~~

~~(750)~~

Net shares acquired related to employee share-based compensation plans

(3185)

(3108)

~~(168)~~

~~(144)~~

Balance, end of period

(4347,~~794~~432)

(4142,~~999~~609)

~~(43,794)~~

~~(41,999)~~

Total shareholders’ equity

31,~~609~~986

2728,~~696~~191

~~31,609~~

~~27,696~~

Common shares outstanding

Balance, beginning of period

~~225~~217.15

~~227~~226.96

~~226.6~~

~~228.2~~

Treasury stock acquired — share repurchase authorizations

(26.30)

(1.10)

~~(5.1)~~

~~(3.4)~~

Net shares issued under employee share-based compensation plans

01.21

01.20

~~1.5~~

~~2.2~~

Balance, end of period

~~223~~212.06

~~227~~226.06

~~223.0~~

~~227.0~~

The accompanying notes are an integral part of the consolidated financial statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(in millions)

Nine Months Ended September 30,

Three Months Ended March 31,

2025

2024

2026

2025

Cash flows from operating activities

Net income

31,~~792~~711

~~2,917~~395

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized investment (gains) losses

28(49)

~~(25)~~61

Depreciation and amortization

~~518~~193

~~552~~188

Deferred federal income tax expense (benefit)

268

(102)

Deferred federal income tax expense

Amortization of deferred acquisition costs

51,~~429~~766

51,~~166~~778

Equity in income from other investments

(~~169~~23)

(~~220~~53)

Premiums receivable

(~~485~~434)

(~~987~~459)

Reinsurance recoverables

(~~269~~108)

73(97)

Deferred acquisition costs

(51,~~616~~837)

(51,~~439~~822)

Claims and claim adjustment expense reserves

31,~~388~~211

31,~~067~~818

Unearned premium reserves

~~1,245~~351

~~1,904~~419

Other

(~~208~~634)

~~104~~(899)

Net cash provided by operating activities

72,~~921~~198

71,~~010~~360

Cash flows from investing activities

Proceeds from maturities of fixed maturities

83,~~758~~014

52,~~990~~801

Proceeds from sales of investments:

Fixed maturities

~~779~~251

~~1,475~~253

Equity securities

~~131~~52

9368

Real estate investments

—

Other investments

210

211

Purchases of investments:

Fixed maturities

(145,~~519~~356)

(124,~~360~~296)

Equity securities

(9425)

(8025)

Real estate investments

(2312)

(347)

Other investments

(~~262~~69)

(~~283~~96)

Net purchases of short-term securities

(2,027)

(342)

Net (purchases) sales of short-term securities

(945)

239

Securities transactions in the course of settlement

~~368~~430

~~382~~308

Acquisition, net of cash acquired

—

(382)

Proceeds from the divestiture of the Canadian business

2,384

—

Other

(~~398~~119)

(~~305~~116)

Net cash used in investing activities

(~~7,077~~335)

(~~5,571~~808)

Cash flows from financing activities

Treasury stock acquired — share repurchase authorizations

(1,~~369~~785)

(~~747~~250)

Treasury stock acquired — net employee share-based compensation

(~~125~~149)

(~~112~~102)

Dividends paid to shareholders

(~~737~~237)

(~~711~~240)

Issuance of debt

1,233

—

Issuance of common stock — employee share options

163

245

Net cash used in financing activities

(2,085)

(535)

Net cash used in financing activities

(835)

(1,325)

Effect of exchange rate changes on cash and restricted cash

(5)

Effect of exchange rate changes on cash and restricted cash

Net increase (decrease) in cash and restricted cash

(227)

Net increase in cash and restricted cash

122

Cash and restricted cash at beginning of year

842

699

Cash and restricted cash at beginning of year

699

650

Cash and restricted cash at end of period

615

724

Cash and restricted cash at end of period

729

772

Supplemental disclosure of cash flow information

Income taxes paid

~~756~~12

~~947~~24

Interest paid

~~257~~94

~~255~~61

The accompanying notes are an integral part of the consolidated financial statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Basis of Presentation

The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited. In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. All material intercompany transactions and balances have been eliminated. The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025 (the Company’s ~~2024~~2025 Annual Report).

The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.

On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion. The ~~Company~~assets ~~will~~and ~~retain~~liabilities of the Canadian personal insurance business and the majority of its ~~surety~~Canadian commercial insurance business inwere ~~Canada.~~classified ~~The~~as held for sale isin ~~subject~~the toconsolidated ~~regulatory~~balance ~~approvals~~sheet ~~and~~as ~~customary~~of ~~closing~~December ~~conditions~~31, ~~and~~2025. isThe ~~expected~~Company toretained ~~close~~its surety business in ~~the~~Canada. ~~first~~The ~~quarter~~sale ofclosed on January 2, 2026.

The major classes of assets and liabilities classified as held for sale were as follows:


	December 31, 2025
Assets
Fixed maturities, available for sale, at fair value	$	3,243
Premiums receivable	263
Reinsurance recoverables	285
Goodwill	208
Remaining assets held for sale	551
Total assets held for sale	$	4,550
Liabilities
Claims and claim adjustment expense reserves	$	1,909
Unearned premium reserves	514
Remaining liabilities held for sale	119
Total liabilities held for sale	$	2,542

Accounting Standards Not Yet Adopted

In September 2025, the Financial Accounting Standards Board (FASB) issued updated guidance on the accounting for internal-use software costs. The updated guidance removes all references to software development project stages so that the guidance is neutral to different software development methods and allows for the application of iterative software development methods such as agile. The updated guidance requires that an entity capitalize software costs when both: 1) management has authorized and committed to the funding of the software project, and 2) it is probable that the project will be completed, and the software will be used to perform its intended function. Additionally, the updated guidance clarifies that internal and external training costs and maintenance costs must be expensed as incurred.

The updated guidance is effective for the quarter ended March 31, 2028, and can be applied on a prospective, modified, or retrospective transition approach. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position, or liquidity.

Enactment of the One Big Beautiful Bill Act of 2025

On July 4, 2025, the U.S. enacted a budget reconciliation package known as the One Big Beautiful Bill Act of 2025 (OBBBA) which includes both tax and non-tax provisions. The changes resulting from the tax provisions in OBBBA are not expected to have a material impact on the Company’s results of operations.

2. SEGMENT INFORMATION

Nature of Operations

The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

21. ~~SEGMENT~~BASIS ~~INFORMATION~~OF PRESENTATION AND ACCOUNTING POLICIES, Continued

The ~~following~~updated ~~tables~~guidance ~~summarize~~is effective for the ~~components~~quarter ended March 31, 2028, and can be applied on a prospective, modified, or retrospective transition approach. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s ~~revenues,~~results ~~income~~of ~~and~~operations, ~~total~~financial ~~assets~~position, byor ~~reportable business segments:~~liquidity.

(for the three months ended September 30, in millions)	BusinessInsurance		Bond & SpecialtyInsurance		PersonalInsurance		TotalReportableSegments
2025
Premiums	$	5,700	$	1,042	$	4,393	$	11,135
Net investment income	727		116		190		1,033
Fee income	114		—		13		127
Other revenues	111		8		29		148
Total segment revenues (1)	6,652		1,166		4,625		12,443
Claims and claim adjustment expenses	3,667		451		2,476		6,594
Amortization of deferred acquisition costs	973		197		679		1,849
General and administrative expenses	894		207		458		1,559
Income tax expense	211		61		205		477
Segment income (1)	$	907	$	250	$	807	$	1,964
2024
Premiums	$	5,474	$	1,009	$	4,221	$	10,704
Net investment income	642		101		161		904
Fee income	109		—		12		121
Other revenues	89		7		24		120
Total segment revenues (1)	6,314		1,117		4,418		11,849
Claims and claim adjustment expenses	3,698		441		2,857		6,996
Amortization of deferred acquisition costs	930		194		666		1,790
General and administrative expenses	826		203		420		1,449
Income tax expense	162		57		91		310
Segment income (1)	$	698	$	222	$	384	$	1,304

2. SEGMENT INFORMATION

Nature of Operations

The following tables summarize the components of the Company’s revenues, income (loss) and total assets by reportable business segments.


(for the three months ended March 31, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2026
Premiums	$	5,493	$	1,018	$	4,094	$	10,605
Net investment income	708		113		187		1,008
Fee income	111		—		10		121
Other revenues	104		5		32		141
Total segment revenues (1)	6,416		1,136		4,323		11,875
Claims and claim adjustment expenses	3,531		441		2,410		6,382
Amortization of deferred acquisition costs	938		194		634		1,766
General and administrative expenses	912		219		397		1,528
Income tax expense	196		28		178		402
Segment income (1)	$	839	$	254	$	704	$	1,797

2025
Premiums	$	5,465	$	995	$	4,250	$	10,710
Net investment income	656		102		172		930
Fee income	108		—		11		119
Other revenues	82		6		24		112
Total segment revenues (1)	6,311		1,103		4,457		11,871
Claims and claim adjustment expenses	3,705		434		3,867		8,006
Amortization of deferred acquisition costs	917		187		674		1,778
General and administrative expenses	847		205		396		1,448
Income tax expense (benefit)	159		57		(106)		110
Segment income (loss) (1)	$	683	$	220	$	(374)	$	529

________________________________________________________

(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

2. SEGMENT INFORMATION, Continued

(for the nine months ended September 30, in millions)	BusinessInsurance		Bond & SpecialtyInsurance		PersonalInsurance		TotalReportable Segments
2025
Premiums	$	16,710	$	3,058	$	12,998	$	32,766
Net investment income	2,045		325		535		2,905
Fee income	333		—		37		370
Other revenues	288		19		76		383
Total segment revenues (1)	19,376		3,402		13,646		36,424
Claims and claim adjustment expenses	10,956		1,303		9,130		21,389
Amortization of deferred acquisition costs	2,834		579		2,016		5,429
General and administrative expenses	2,616		626		1,298		4,540
Income tax expense	567		180		235		982
Segment income (1)	$	2,403	$	714	$	967	$	4,084
2024
Premiums	$	15,802	$	2,942	$	12,329	$	31,073
Net investment income	1,883		285		467		2,635
Fee income	315		—		30		345
Other revenues	243		22		72		337
Total segment revenues (1)	18,243		3,249		12,898		34,390
Claims and claim adjustment expenses	10,500		1,342		9,183		21,025
Amortization of deferred acquisition costs	2,655		559		1,952		5,166
General and administrative expenses	2,479		615		1,219		4,313
Income tax expense	491		146		93		730
Segment income (1)	$	2,118	$	587	$	451	$	3,156

________________________________________________________

(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”

Prior year reserve development and catastrophe losses by reportable business segments were as follows:

(for the three months ended September 30, in millions)	BusinessInsurance		Bond & SpecialtyInsurance		PersonalInsurance		Total Reportable Segments
(for the three months ended March 31, in millions)	BusinessInsurance		Bond & SpecialtyInsurance		PersonalInsurance		Total Reportable Segments
2026
Net favorable prior year reserve development	$	162	$	65	$	186	$	413
Catastrophe losses	$	379	$	8	$	374	$	761
2025
Net favorable (unfavorable) prior year reserve development	$	(125)	$	43	$	104	$	22
Net favorable prior year reserve development	$	74	$	67	$	237	$	378
Catastrophe losses	$	~~139~~509	$	—19	$	~~263~~1,738	$	~~402~~2,266
2024
Net favorable (unfavorable) prior year reserve development	$	(91)	$	36	$	181	$	126
Catastrophe losses	$	340	$	4	$	595	$	939

The following table presents the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs, which is disclosed separately in the table above with segment income (loss) by reportable business segment).


(for the three months ended March 31, in millions)	2026		2025
Business Insurance	$	114	$	113
Bond & Specialty Insurance	27		23
Personal Insurance	50		50
Total	$	191	$	186

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

2. SEGMENT INFORMATION, Continued

(for the nine months ended September 30, in millions)	BusinessInsurance		Bond & SpecialtyInsurance		PersonalInsurance		TotalReportable Segments
2025
Net favorable prior year reserve development	$	28	$	191	$	496	$	715
Catastrophe losses	$	1,016	$	24	$	2,555	$	3,595
2024
Net favorable (unfavorable) prior year reserve development	$	(57)	$	84	$	420	$	447
Catastrophe losses	$	938	$	49	$	2,173	$	3,160

The following tables present the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs which is disclosed separately in the table above with segment income by reportable business segment):

(for the three months ended September 30, in millions)	2025		2024
Business Insurance	$	99	$	102
Bond & Specialty Insurance	21		21
Personal Insurance	44		50
Total	$	164	$	173

(for the nine months ended September 30, in millions)	2025		2024
Business Insurance	$	312	$	330
Bond & Specialty Insurance	62		66
Personal Insurance	139		151
Total	$	513	$	547

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

2. SEGMENT INFORMATION, Continued

Business Segment Reconciliations

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenue reconciliation

Earned premiums

Business Insurance:

Domestic:

Workers’ compensation

~~842~~831

~~858~~823

~~2,506~~

~~2,602~~

Commercial automobile

1,~~011~~024

~~915~~942

~~2,921~~

~~2,649~~

Commercial property

~~942~~907

~~915~~937

~~2,839~~

~~2,682~~

General liability

~~907~~890

~~871~~861

~~2,630~~

~~2,563~~

Commercial multi-peril

1,~~474~~465

1,~~374~~400

~~4,309~~

~~3,890~~

Other

2017

2119

Total Domestic

5,~~196~~134

4,~~954~~982

~~15,261~~

~~14,437~~

International

~~504~~359

~~520~~483

~~1,449~~

~~1,365~~

Total Business Insurance

5,~~700~~493

5,~~474~~465

~~16,710~~

~~15,802~~

Bond & Specialty Insurance:

Domestic:

Fidelity and surety

~~378~~385

~~359~~358

~~1,103~~

~~1,049~~

General liability

~~463~~455

~~454~~452

~~1,374~~

~~1,317~~

Other

6159

~~178~~

~~172~~

Total Domestic

~~902~~899

~~871~~868

~~2,655~~

~~2,538~~

International

~~140~~119

~~138~~127

~~403~~

~~404~~

Total Bond & Specialty Insurance

1,~~042~~018

~~1,009~~995

~~3,058~~

~~2,942~~

Personal Insurance:

Domestic:

Automobile

1,~~987~~892

1,~~973~~964

~~5,931~~

~~5,766~~

Homeowners and Other

2,~~239~~202

2,~~083~~121

~~6,563~~

~~6,069~~

Total Domestic

4,~~226~~094

4,~~056~~085

~~12,494~~

~~11,835~~

International

~~167~~—

165

~~504~~

~~494~~

Total Personal Insurance

4,~~393~~094

4,~~221~~250

~~12,998~~

~~12,329~~

Total earned premiums

1110,~~135~~605

10,~~704~~710

~~32,766~~

~~31,073~~

Net investment income

1,~~033~~008

~~904~~930

~~2,905~~

~~2,635~~

Fee income

~~127~~121

~~121~~119

~~370~~

~~345~~

Other revenues

~~148~~141

~~120~~112

~~383~~

~~337~~

Total segment revenues

1211,~~443~~875

11,~~849~~871

~~36,424~~

~~34,390~~

Net realized investment gains (losses)

2749

55(61)

~~(28)~~

Total revenues

1211,~~470~~924

11,~~904~~810

~~36,396~~

~~34,415~~

Income reconciliation, net of tax

Total segment income

1,~~964~~797

~~1,304~~529

~~4,084~~

~~3,156~~

Interest Expense and Other (1)

(97101)

(86)

~~(270)~~

~~(257)~~

Core income

1,~~867~~696

~~1,218~~443

~~3,814~~

~~2,899~~

Net realized investment gains (losses)

2115

42(48)

~~(22)~~

Net income

1,~~888~~711

~~1,260~~395

~~3,792~~

~~2,917~~

_________________________________________________________

(1)The primary component of Interest Expense and Other was after-tax interest expense of $8892 million and $7778 million for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively, and $244 million and $232 million for the nine months ended September 30,~~ 2025 ~~and 2024~~, respectively.

1211

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

2. SEGMENT INFORMATION, Continued

(in millions)

~~September~~March 3031,~~2025~~2026

December 31,~~2024~~2025

Asset reconciliation

Business Insurance

106,~~018~~397

98106,~~311~~084

Bond & Specialty Insurance

13,~~767~~790

1213,~~628~~676

Personal Insurance

2220,~~817~~969

2122,~~138~~787

Total assets by reportable segment

~~142~~141,~~602~~156

~~132~~142,~~077~~547

Other assets (1)

1,~~076~~153

1,~~112~~161

Total consolidated assets

~~143~~142,~~678~~309

~~133~~143,~~189~~708

_________________________________________________________

(1)The primary components of other assets as of both ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.

3. INVESTMENTS

Fixed Maturities

The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:

Amortized Cost

Allowance for Expected Credit Losses

Gross Unrealized

Fair Value

(as of September 30, 2025, in millions)

Gains

Losses

(as of March 31, 2026, in millions)

Gains

Losses

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

43,~~084~~475

—

152

8694

43,~~013~~383

Obligations of U.S. states, municipalities and political subdivisions:

Local general obligation

2122,~~171~~523

—

~~103~~93

1,~~342~~394

1921,~~932~~222

Revenue

910,~~677~~171

—

4235

~~642~~645

9,~~077~~561

State general obligation

~~1,019~~861

—

5536

~~969~~828

Pre-refunded

~~324~~369

—

~~326~~369

Total obligations of U.S. states, municipalities and political subdivisions

3233,~~191~~924

—

~~153~~134

2,~~040~~078

3031,~~304~~980

Debt securities issued by foreign governments

~~984~~362

—

101

~~988~~358

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

1312,~~287~~839

—

~~225~~165

~~151~~156

1312,~~361~~848

Corporate and all other bonds

43,~~052~~142

~~480~~222

1,~~081~~194

42,~~447~~167

Total

93,~~598~~742

~~883~~524

3,~~364~~527

9190,~~113~~736

1312

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

3. INVESTMENTS, Continued

	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(as of December 31, 2024, in millions)					Gains		Losses
(as of December 31, 2025, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	53,~~735~~927	$	—	$	411	$	~~169~~81	$	53,~~570~~857
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	1821,~~604~~724		—		23161		1,~~604~~096		1720,~~023~~789
Revenue	9,~~268~~810		—		1658		~~704~~543		89,~~580~~325
State general obligation	~~1,081~~871		—		26		7329		~~1,010~~848
Pre-refunded	~~573~~414		—		24		32		~~572~~416
Total obligations of U.S. states, municipalities and political subdivisions	2932,~~526~~819		—		43229		21,~~384~~670		2731,~~185~~378
Debt securities issued by foreign governments	~~917~~313		—		52		133		~~909~~312
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1213,~~888~~094		—		53268		~~336~~130		1213,~~605~~232
Corporate and all other bonds	3941,~~211~~564		23		~~118~~458		~~1,930~~965		3741,~~397~~054
Total	$	88,277	$	2	$	223	$	4,832	$	83,666
Total (1)	$	91,717	$	3	$	968	$	2,849	$	89,833

_______________________________________________

~~Pre-refunded~~(1)Excludes ~~bonds~~fixed ofmaturities ~~$326~~classified ~~million~~as ~~and~~held ~~$572~~for ~~million~~sale as of ~~September 30~~$3, ~~2025 and December~~221 ~~31,~~million ~~2024, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised~~ of ~~U.S.~~amortized ~~Treasury~~cost ~~securities~~ and ~~obligations~~$3,243 million of ~~U.S.~~ ~~government~~fair ~~and~~value ~~government~~as ~~agencies and authorities. These trusts were created to fund the payment~~ of ~~principal~~December ~~and~~31, ~~interest due under the bonds~~2025.

~~Proceeds~~Pre-refunded ~~from~~bonds ~~the sales~~ of ~~fixed maturities classified as available for sale were~~ $~~779~~369 million and $~~1.48~~416 ~~billion~~million ~~during~~as ~~the~~of ~~nine~~March 31, ~~months~~2026 ~~ended~~and ~~September 30~~December 31, 2025 ~~and 2024~~, respectively., ~~Gross~~were ~~gains~~bonds offor $1which ~~million~~U.S. ~~and~~states $2or ~~million~~municipalities ~~and~~have ~~gross~~established ~~losses~~irrevocable oftrusts ~~$29~~that ~~million~~are ~~and~~almost ~~$57~~exclusively ~~million~~comprised ~~were~~of ~~realized~~U.S. onTreasury ~~those~~securities ~~sales during the nine months ended September 30, 2025~~ and ~~2024,~~obligations ~~respectively~~of U.S. ~~Included~~government ~~in net realized investment gains (losses) for the nine months ended September 30, 2025~~ and ~~2024~~government ~~were~~agencies ~~$20 million~~ and ~~$34 million,~~authorities. ~~respectively,~~These oftrusts ~~losses~~were ~~resulting~~created ~~from~~to fund the ~~early~~payment ~~redemption~~ of ~~fixed~~principal ~~maturities~~and byinterest ~~the~~due ~~issuer~~under ~~prior to~~ the bonds~~’ maturity date~~.

Proceeds from the sales of fixed maturities classified as available for sale were $251 million and $253 million during the three months ended March 31, 2026 and 2025, respectively. Gross gains of $1 million were realized on those sales during both the three months ended March 31, 2026 and 2025. Gross losses of $19 million and $12 million were realized on those sales during the three months ended March 31, 2026 and 2025, respectively. Included in net realized investment gains (losses) for the three months ended March 31, 2026 and 2025 were $0 million and $18 million, respectively, of losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds’ maturity date.

Equity Securities

The cost and fair value of investments in equity securities were as follows:

(as of September 30, 2025, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
(as of March 31, 2026, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	~~462~~397	$	~~193~~168	$	67	$	~~649~~558
Non-redeemable preferred stock	4431		52		6—		4333
Total	$	~~506~~428	$	~~198~~170	$	127	$	~~692~~591

(as of December 31, 2024, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
(as of December 31, 2025, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	~~500~~419	$	~~150~~177	$	1112	$	~~639~~584
Non-redeemable preferred stock	4438		41		—5		4834
Total	$	544	$	154	$	11	$	687
Total (1)	$	457	$	178	$	17	$	618

_______________________________________________

~~For~~(1)Excludes ~~the~~equity ~~nine~~securities ~~months~~classified ~~ended~~as ~~September~~held ~~30,~~for ~~2025~~sale ~~and~~of ~~2024, the Company recognized~~ $41 69 million of cost and $~~102~~ 104 million of ~~net~~fair ~~gains~~value ~~on equity securities still held~~ as of ~~September 30,~~December ~~2025 and 2024~~31, ~~respectively~~2025.

14For the three months ended March 31, 2026 and 2025, the Company recognized $5 million and $22 million of net losses on equity securities still held as of March 31, 2026 and 2025, respectively.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

3. INVESTMENTS, Continued

Unrealized Investment Losses

The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report to determine whether a credit loss impairment exists.

Less than 12 months

12 months or longer

Total

(as of September 30, 2025, in millions)

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

(as of March 31, 2026, in millions)

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

Fixed maturities

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

~~192~~1,166

—16

21,~~067~~401

8678

2,~~259~~567

8694

Obligations of U.S. states, municipalities and political subdivisions

610,~~006~~195

~~162~~198

1413,~~917~~253

1,~~878~~880

2023,~~923~~448

2,~~040~~078

Debt securities issued by foreign governments

52178

—3

~~327~~57

~~379~~235

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

12,~~031~~654

724

1,~~773~~319

~~144~~132

23,~~804~~973

~~151~~156

Corporate and all other bonds

111,~~896~~925

10155

1915,~~447~~564

1,~~071~~039

2127,~~343~~489

1,~~081~~194

Total

926,~~177~~118

~~179~~396

3831,~~531~~594

3,~~185~~131

4757,~~708~~712

3,~~364~~527

Less than 12 months

12 months or longer

Total

(as of December 31, 2024, in millions)

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

(as of December 31, 2025, in millions)

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

Fixed maturities

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

~~557~~611

21,~~830~~684

~~168~~76

32,~~387~~295

~~169~~81

Obligations of U.S. states, municipalities and political subdivisions

82,~~584~~234

~~160~~28

1516,~~007~~428

21,~~224~~642

2318,~~591~~662

21,~~384~~670

Debt securities issued by foreign governments

~~113~~34

1—

~~454~~75

123

~~567~~109

133

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

~~7,359~~437

~~148~~2

1,~~419~~835

~~188~~128

82,~~778~~272

~~336~~130

Corporate and all other bonds

72,~~341~~351

~~144~~13

2117,~~999~~428

~~1,786~~952

2919,~~340~~779

~~1,930~~965

Total

235,~~954~~667

~~454~~48

4137,~~709~~450

42,~~378~~801

6543,~~663~~117

42,~~832~~849

1514

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

3. INVESTMENTS, Continued

The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:.

	Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of September 30, 2025, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
(as of March 31, 2026, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	—399		2		~~161~~—		~~641~~382		~~804~~783
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	—		—		—		—		—
Corporate and all other bonds	2		—		4—		15		7
Total	$	2401	$	2	$	~~165~~—	$	~~642~~387	$	~~811~~790

	Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2024, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
(as of December 31, 2025, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	~~366~~18		—		4310		~~635~~550		~~1,044~~578
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	58—		—		—		—		58—
Corporate and all other bonds	131		—		—4		3—		165
Total	$	~~437~~19	$	—	$	4314	$	~~638~~550	$	~~1,118~~583

Increases in the applicable interest rates resulted in the gross unrealized investment losses disclosed in the tables above; however, the net unrealized loss is considered temporary in nature as the decrease in value is not due to credit impairments and there is no impact on expected contractual cash flows from fixed maturities.

1615

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

3. INVESTMENTS, Continued

Impairment Charges

The following ~~tables~~table ~~present~~presents changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):.

	Fixed Maturities
	Corporate and All Other Bonds
	As of and For the Three Months Ended
(in millions)	~~September~~March 3031, ~~2025~~2026		~~September~~March 3031, ~~2024~~2025
Balance, beginning of period	$	43	$	12
Additions for expected credit losses on securities where no credit losses were previously recognized	—		—2
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	—		~~(1)~~—
Reductions due to sales/defaults of credit-impaired securities	—		—
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Balance, end of period	$	43	$	—4

	Fixed Maturities
	Corporate and All Other Bonds
	As of and For the Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024
Balance, beginning of period	$	2		$	5
Additions for expected credit losses on securities where no credit losses were previously recognized	2			3
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	—			(1)
Reductions due to sales/defaults of credit-impaired securities	—			(7)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—			—
Balance, end of period	$	4		$	—

Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income were $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively. Credit losses related to the fixed maturity portfolio for both the three months ended March 31, 2026 and 2025 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.

Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income were $0 million and $5 million for the three months ended September 30, 2025 and 2024, respectively, and $2 million and $8 million for the nine months ended September 30, 2025 and 2024, respectively. Credit losses related to the fixed maturity portfolio for both the three and nine months ended September 30, 2025 and 2024 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.

Other Investments

Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

4. FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows:

•Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.

•Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

•Level 3 - Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

4. FAIR VALUE MEASUREMENTS, Continued

Valuation of Investments Reported at Fair Value in Financial Statements

The Company utilized a pricing service to estimate fair value measurements for approximately 99% of its fixed maturities as of both ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

While the vast majority of the Company’s fixed maturities are included in Level 2, the Company holds a number of corporate bonds which are not valued by the pricing service and estimates the fair value of these bonds using either another internal pricing matrix, a present value income approach or a broker quote (collectively, the other methodologies). The other methodologies include some unobservable inputs that are significant to the valuation. Due to the limited amount of observable market information available in the estimation of fair value, the Company includes the fair value estimates for bonds that are valued using the other methodologies in Level 3.

For certain investments in non-public common and preferred equity securities, the fair value estimate is determined either internally or by an external fund manager based on the impact of recent observable transactions on the investment, recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company included the fair value estimate of $3130 million and $3732 million for these investments as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively, in the amounts disclosed in Level 3.

For more information regarding the valuation of the Company’s fixed maturities, equity securities and other investments, see note 4 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report.

Fair Value Hierarchy

The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.


(as of March 31, 2026, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	3,383	$	3,383	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	31,980		—		31,980		—
Debt securities issued by foreign governments	358		—		358		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	12,848		—		12,848		—
Corporate and all other bonds	42,167		—		41,907		260
Total fixed maturities	90,736		3,383		87,093		260
Equity securities
Common stock	558		550		—		8
Non-redeemable preferred stock	33		7		4		22
Total equity securities	591		557		4		30
Other investments	8		8		—		—
Total	$	91,335	$	3,948	$	87,097	$	290

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

4. FAIR VALUE MEASUREMENTS, Continued

(as of September 30, 2025, in millions)	Total		Level 1		Level 2		Level 3
(as of December 31, 2025, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	43,~~013~~857	$	43,~~013~~857	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	3031,~~304~~378		—		3031,~~304~~378		—
Debt securities issued by foreign governments	~~988~~312		—		~~988~~312		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	13,~~361~~232		—		13,~~358~~232		3—
Corporate and all other bonds	4241,~~447~~054		1325		4240,~~098~~698		~~336~~331
Total fixed maturities	9189,~~113~~833		43,~~026~~882		8685,~~748~~620		~~339~~331
Equity securities
Common stock	~~649~~584		~~642~~576		—		78
Non-redeemable preferred stock	4334		167		3		24
Total equity securities	~~692~~618		~~658~~583		3		3132
Other investments	229		229		—		—
Total	$	91,827	$	4,706	$	86,751	$	370
Assets held for sale	3,347		104		3,243		—
Total	$	93,807	$	4,578	$	88,866	$	363

(as of December 31, 2024, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	5,570	$	5,570	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	27,185		—		27,185		—
Debt securities issued by foreign governments	909		—		909		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	12,605		—		12,602		3
Corporate and all other bonds	37,397		—		37,151		246
Total fixed maturities	83,666		5,570		77,847		249
Equity securities
Common stock	639		631		—		8
Non-redeemable preferred stock	48		16		3		29
Total equity securities	687		647		3		37
Other investments	20		20		—		—
Total	$	84,373	$	6,237	$	77,850	$	286

There was no significant activity in Level 3 of the hierarchy during the three months ended March 31, 2026.

A corporate and all other bonds investment totaling $133 million that had been valued using observable market inputs as of December 31, 2024 and disclosed in Level 2, was valued using a broker quote as of September 30, 2025 and transferred into Level 3 during the nine months ended September 30, 2025. There was no other significant activity in Level 3 of the hierarchy during the nine months ended September 30, 2025.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

4. FAIR VALUE MEASUREMENTS, Continued

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.

(as of September 30, 2025, in millions)	CarryingValue		FairValue		Level 1		Level 2		Level 3
(as of March 31, 2026, in millions)	CarryingValue		FairValue		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	6,~~798~~660	$	6,~~798~~660	$	~~1,139~~598	$	56,~~612~~011	$	4751
Financial liabilities
Debt	$	9,~~167~~168	$	8,~~597~~330	$	—	$	8,~~597~~330	$	—
Commercial paper	100		100		—		100		—

(as of December 31, 2024, in millions)	CarryingValue		FairValue		Level 1		Level 2		Level 3
(as of December 31, 2025, in millions)	CarryingValue		FairValue		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	45,~~766~~716	$	45,~~766~~716	$	1,~~933~~398	$	24,~~788~~267	$	4551
Financial liabilities
Debt	$	79,~~933~~167	$	78,~~095~~538	$	—	$	78,~~095~~538	$	—
Commercial paper	100		100		—		100		—

The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 or the year ended December 31, ~~2024~~2025.

~~5. ALLOWANCE FOR EXPECTED CREDIT LOSSES~~18

Premiums Receivable

The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, as of September 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024.

	As of and For the Three Months Ended September 30, 2025				As of and For the Three Months Ended September 30, 2024
(in millions)	Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
Balance, beginning of period	$	12,042	$	61	$	11,491	$	69
Current period change for expected credit losses			13				16
Write-offs of uncollectible premiums receivable			16				15
Balance, end of period	$	11,621	$	58	$	11,271	$	70

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

5. ALLOWANCE FOR EXPECTED CREDIT LOSSES~~, Continued~~

	As of and For the Nine Months Ended September 30, 2025				As of and For the Nine Months Ended September 30, 2024
(in millions)	Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
Balance, beginning of period	$	11,110	$	58	$	10,282	$	69
Current period change for expected credit losses			48				41
Write-offs of uncollectible premiums receivable			48				40
Balance, end of period	$	11,621	$	58	$	11,271	$	70

Premiums Receivable

The following table presents the balances of premiums receivable, net of the allowance for expected credit losses, as of March 31, 2026 and 2025, and the changes in the allowance for expected credit losses for the three months ended March 31, 2026 and 2025.


	As of and For the Three Months Ended March 31, 2026				As of and For the Three Months Ended March 31, 2025
(in millions)	Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Premiums Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses

Balance, beginning of period	$	10,992	$	58	$	11,110	$	58

Current period change for expected credit losses			18				16
Write-offs of uncollectible premiums receivable			16				16

Balance, end of period	$	11,423	$	60	$	11,575	$	58

Reinsurance Recoverables

The following ~~tables~~table ~~present~~presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, as of ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, and the changes in the allowance for estimated uncollectible reinsurance for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

As of and For the Three Months Ended September 30, 2025

As of and For the Three Months Ended September 30, 2024

As of and For the Three Months Ended March 31, 2026

As of and For the Three Months Ended March 31, 2025

(in millions)

Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance

Allowance for Estimated Uncollectible Reinsurance

Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance

Allowance for Estimated Uncollectible Reinsurance

Balance, beginning of period

87,~~059~~886

~~127~~129

8,~~132~~000

~~117~~119

Current period change for estimated uncollectible reinsurance

141

Write-offs of uncollectible reinsurance recoverables

—

Balance, end of period

87,~~298~~988

~~141~~130

8,~~075~~105

~~120~~128

	As of and For the Nine Months Ended September 30, 2025				As of and For the Nine Months Ended September 30, 2024
(in millions)	Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance		Allowance for Estimated Uncollectible Reinsurance		Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance		Allowance for Estimated Uncollectible Reinsurance
Balance, beginning of period	$	8,000	$	119	$	8,143	$	118
Current period change for estimated uncollectible reinsurance			22				2
Write-offs of uncollectible reinsurance recoverables			—				—
Balance, end of period	$	8,298	$	141	$	8,075	$	120

Of the total reinsurance recoverables as of March 31, 2026, $5.97 billion, or 90%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 10% of reinsurance recoverables comprised the following: 5% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 4% were balances from other companies not rated by A.M. Best Company. Certain of the Company’s reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

2119

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

5. ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued

Of the total reinsurance recoverables as of September 30, 2025, $6.19 billion, or 88%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 95% were rated A- or better. The remaining 12% of reinsurance recoverables comprised the following: 6% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 5% were balances from other companies not rated by A.M. Best Company. Certain of the Company’s reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

Contractholder Receivables

The following ~~tables~~table ~~present~~presents the balances of contractholder receivables, net of the allowance for expected credit losses, as of ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, and the changes in the allowance for expected credit losses for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

	As of and For the Three Months Ended September 30, 2025				As of and For the Three Months Ended September 30, 2024
	As of and For the Three Months Ended March 31, 2026				As of and For the Three Months Ended March 31, 2025
(in millions)	Contractholder Receivables, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Contractholder Receivables, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
Balance, beginning of period	$	3,~~095~~010	$	1716	$	3,~~274~~171	$	18
Current period change for expected credit losses			—(2)				—(1)
Write-offs of uncollectible contractholder receivables			—				—
Balance, end of period	$	3,~~098~~051	$	1714	$	3,~~292~~193	$	1817

	As of and For the Nine Months Ended September 30, 2025				As of and For the Nine Months Ended September 30, 2024
(in millions)	Contractholder Receivables, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Contractholder Receivables, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
Balance, beginning of period	$	3,171	$	18	$	3,249	$	20
Current period change for expected credit losses			(1)				(2)
Write-offs of uncollectible contractholder receivables			—				—
Balance, end of period	$	3,098	$	17	$	3,292	$	18

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

6. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table presents the carrying amount of the Company’s goodwill by segment. ~~Each~~Business ~~reportable~~Insurance ~~segment~~and ~~includes~~Bond & Specialty Insurance include goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates.

(in millions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Business Insurance	$	2,~~601~~551	$	2,~~572~~601
Bond & Specialty Insurance	~~838~~837		~~834~~838
Personal Insurance	~~806~~646		~~801~~809
Other	26		26
Total	$	4,271	$	4,233
Less amounts classified as held for sale	—		208
Total	$	4,060	$	4,066

Other Intangible Assets

The following tables present a summary of the Company’s other intangible assets by major asset class.

(as of September 30, 2025, in millions)

GrossCarryingAmount

AccumulatedAmortization

Net

(as of March 31, 2026, in millions)

GrossCarryingAmount

AccumulatedAmortization

Net

Subject to amortization

Customer-related

~~186~~184

8995

9789

Contract-based

~~204~~201

~~198~~195

Marketing-related

1311

Total subject to amortization

~~408~~403

~~292~~297

~~116~~106

Not subject to amortization

~~226~~225

—

~~226~~225

Total

~~634~~628

~~292~~297

~~342~~331

(as of December 31, 2024, in millions)	GrossCarryingAmount		AccumulatedAmortization		Net
Subject to amortization
Customer-related	$	185	$	74	$	111
Contract-based	204		196		8
Marketing-related	18		3		15
Total subject to amortization	407		273		134
Not subject to amortization	226		—		226
Total	$	633	$	273	$	360

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

6. GOODWILL AND OTHER INTANGIBLE ASSETS, Continued


(as of December 31, 2025, in millions)	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization
Customer-related	$	186	$	93	$	93
Contract-based	204		198		6
Marketing-related	18		6		12
Total subject to amortization	408		297		111
Not subject to amortization	226		—		226
Less amounts classified as held for sale	5		4		1
Total	$	629	$	293	$	336

7. INSURANCE CLAIM RESERVES

Claims and claim adjustment expense reserves were as follows:

(in millions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Property-casualty	$	6766,~~701~~908	$	6467,~~088~~643
Accident and health	4		53
Total	$	67,705	$	64,093
Less amounts classified as held for sale	—		1,909
Total	$	66,912	$	65,737

23The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses.


	Three Months Ended March 31,
(in millions)	2026		2025
Claims and claim adjustment expense reserves at beginning of year	$	67,643	$	64,088
Less reinsurance recoverables on unpaid losses	7,797		7,669

Net reserves at beginning of year	59,846		56,419
Estimated claims and claim adjustment expenses for claims arising in the current year	6,739		8,338
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years	(385)		(360)
Total increases	6,354		7,978
Claims and claim adjustment expense payments for claims arising in:
Current year	1,174		1,856
Prior years	4,146		4,415
Total payments	5,320		6,271
Net reserves disposed of related to the divestiture of the Canadian business	(1,627)		—
Unrealized foreign exchange (gain) loss	(32)		59
Net reserves at end of period	59,221		58,185
Plus reinsurance recoverables on unpaid losses	7,687		7,787
Claims and claim adjustment expense reserves at end of period	$	66,908	$	65,972

Gross claims and claim adjustment expense reserves as of March 31, 2026 increased by $1.18 billion over December 31, 2025, primarily reflecting the impacts of (i) catastrophe losses in the first three months of 2026 and (ii) loss cost trends for the current accident year, partially offset by (iii) claim payments made during the first three months of 2026 and (iv) net favorable prior year reserve development.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

7. INSURANCE CLAIM RESERVES, Continued

The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses:

	Nine Months Ended September 30,
(in millions)	2025		2024
Claims and claim adjustment expense reserves at beginning of year	$	64,088	$	61,621
Less reinsurance recoverables on unpaid losses	7,669		7,817
Net reserves at beginning of year	56,419		53,804
Estimated claims and claim adjustment expenses for claims arising in the current year	21,959		21,276
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years	(648)		(321)
Total increases	21,311		20,955
Claims and claim adjustment expense payments for claims arising in:
Current year	7,597		7,255
Prior years	10,623		10,545
Total payments	18,220		17,800
Unrealized foreign exchange loss	204		38
Net reserves at end of period	59,714		56,997
Plus reinsurance recoverables on unpaid losses	7,987		7,744
Claims and claim adjustment expense reserves at end of period	$	67,701	$	64,741

Gross claims and claim adjustment expense reserves as of September 30, 2025 increased by $3.61 billion from December 31, 2024, primarily reflecting the impacts of (i) catastrophe losses in the first nine months of 2025, (ii) higher volumes of insured exposures and (iii) loss cost trends for the current accident year, partially offset by (iv) claim payments made during the first nine months of 2025 and (v) net favorable prior year reserve development.

Prior Year Reserve Development

The following disclosures regarding reserve development are on a “net of reinsurance” basis.

For the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, estimated claims and claim adjustment expenses incurred included $~~648~~385 million and $~~321~~360 million, respectively, of net favorable development for claims arising in prior years, including $~~715~~413 million and $~~447~~378 million, respectively, of net favorable prior year reserve development, and $3211 million ~~and $33 million, respectively,~~ of accretion of discount in each period.

Business Insurance. Net ~~unfavorable~~favorable prior year reserve development in the ~~third~~first quarter of ~~2025~~2026 totaled $~~125~~162 million, primarily driven by ~~an addition to asbestos reserves of $277 million, partially offset by~~ better than expected loss experience in the commercial property and workers’ compensation product ~~line~~lines for multiple accident years. Net ~~unfavorable~~favorable prior year reserve development in the ~~third~~first quarter of ~~2024~~2025 totaled $9174 million, primarily driven by ~~an addition to asbestos reserves of $242 million, partially offset by~~ better than expected loss experience in the workers’ compensation product line for multiple accident years.

Bond & Specialty Insurance. Net favorable prior year reserve development in the first ~~nine~~quarter ~~months~~ of ~~2025~~2026 totaled $28 65 million, primarily driven by better than expected loss experience in the ~~workers’~~fidelity ~~compensation~~and surety product line for multiple accident years~~, partially offset by an addition to reserves related to run-off operations, including an addition to asbestos reserves of $277 million~~. Net ~~unfavorable~~favorable prior year reserve development in the first ~~nine~~quarter ~~months~~ of ~~2024~~2025 totaled $57 67 million, primarily driven by ~~(i)~~better ~~higher~~ than expected loss experience in the general liability product line ~~(excluding~~for ~~asbestos)~~management liability coverages for ~~recent~~multiple accident years, ~~(ii) an addition to asbestos reserves of $242 million~~ and ~~(iii) an addition to reserves related to run-off operations, partially offset by (iv) better than expected loss experience~~ in the ~~workers’~~fidelity ~~compensation~~and surety product line for ~~multiple~~recent accident years.

~~Bond &~~Personal ~~Specialty~~ Insurance. Net favorable prior year reserve development in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 totaled $43186 million ~~and $191 million~~, ~~respectively,~~ primarily driven by better than expected loss experience in both the ~~fidelity~~automobile and ~~surety~~homeowners and other product ~~line~~lines for recent accident years. Net favorable prior year reserve development in the ~~third~~first quarter ~~and first nine months~~ of ~~2024~~2025 totaled $36237 million ~~and $84 million~~, ~~respectively,~~ primarily driven by better than expected loss experience in both the ~~fidelity~~automobile and ~~surety~~homeowners and other product ~~line~~lines for recent accident years.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

7. INSURANCE CLAIM RESERVES, Continued

Personal Insurance. Net favorable prior year reserve development in the third quarter of 2025 totaled $104 million, primarily driven by better than expected loss experience in the automobile product line for recent accident years. Net favorable prior year reserve development in the first nine months of 2025 totaled $496 million, primarily driven by better than expected loss experience in both the automobile and homeowners and other product lines for recent accident years. Net favorable prior year reserve development in the third quarter and first nine months of 2024 totaled $181 million and $420 million, respectively, primarily driven by better than expected loss experience in both the homeowners and other and automobile product lines for recent accident years.

8. OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following ~~tables~~table ~~present~~presents the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026.

	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No CreditLosses Recognized inthe ConsolidatedStatement of Income		Having Credit Losses Recognized in the ConsolidatedStatement of Income		Net Benefit Plan Assets andObligationsRecognized inShareholders’ Equity		Net UnrealizedForeign CurrencyTranslation		Total AccumulatedOtherComprehensiveIncome (Loss)
Balance, June 30, 2025	$	(3,216)	$	185	$	(224)	$	(830)	$	(4,085)
Balance, December 31, 2025	$	(1,664)	$	186	$	(150)	$	(872)	$	(2,500)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	~~1,059~~(902)		—		—		(7028)		~~989~~(930)
Amounts reclassified from AOCI, net of tax	2		—		—(6)		—356		2352
Net OCI, current period	~~1,061~~(900)		—		—(6)		~~(70)~~328		~~991~~(578)
Balance, September 30, 2025	$	(2,155)	$	185	$	(224)	$	(900)	$	(3,094)
Balance, March 31, 2026	$	(2,564)	$	186	$	(156)	$	(544)	$	(3,078)

	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No CreditLosses Recognized inthe ConsolidatedStatement of Income		Having Credit Losses Recognized in the ConsolidatedStatement of Income		Net Benefit Plan Assets andObligationsRecognized inShareholders’ Equity		Net UnrealizedForeign CurrencyTranslation		Total AccumulatedOtherComprehensiveIncome (Loss)
Balance, December 31, 2024	$	(3,824)	$	184	$	(224)	$	(1,103)	$	(4,967)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	1,629		1		—		203		1,833
Amounts reclassified from AOCI, net of tax	40		—		—		—		40
Net OCI, current period	1,669		1		—		203		1,873
Balance, September 30, 2025	$	(2,155)	$	185	$	(224)	$	(900)	$	(3,094)

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

8. OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), Continued

The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	$	(1,~~347~~146)	$	~~2,370~~436	$	~~2,124~~	$	~~1,294~~
Income tax expense	286		506		455		279
Income tax expense (benefit)	(246)		96
Net of taxes	~~1,061~~(900)		~~1,864~~340		~~1,669~~		~~1,015~~
Having credit losses recognized in the consolidated statement of income	—		1		1		4
Income tax expense	—		—		—		1
Income tax expense (benefit)	—		—
Net of taxes	—		1		1		3
Net changes in benefit plan assets and obligations	—(8)		~~(1)~~—		—		~~(4)~~
Income tax benefit	—		—		—		(1)
Income tax expense (benefit)	(2)		—
Net of taxes	—(6)		~~(1)~~—		—		~~(3)~~
Net changes in unrealized foreign currency translation	~~(72)~~327		~~120~~61		~~217~~		24
Income tax expense (benefit)	(21)		73		14		1
Net of taxes	~~(70)~~328		~~113~~58		~~203~~		23
Total other comprehensive income	1,275		2,490		2,342		1,318
Total other comprehensive income (loss)	(827)		498
Total income tax expense	284		513		469		280
Total income tax expense (benefit)	(249)		99
Total other comprehensive income, net of taxes	$	991	$	1,977	$	1,873	$	1,038
Total other comprehensive income (loss), net of taxes	$	(578)	$	399

2623

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

8. OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), Continued

The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Reclassification adjustments related to unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (1)	$	2	$	17	$	50	$	92
Having no credit losses recognized in the consolidated statement of income (1) (2)	$	7	$	31
Income tax benefit (2)	—		3		10		19
Income tax benefit (3)	5		6
Net of taxes	2		1425		40		73
Having credit losses recognized in the consolidated statement of income (1)	—		—		—		—
Income tax benefit (2)	—		—		—		—
Income tax benefit (3)	—		—
Net of taxes	—		—		—		—
Reclassification adjustment related to benefit plan assets and obligations:
Claims and claim adjustment expenses (benefit) (3)	—		—		—		(1)
Claims and claim adjustment expenses (benefit) (4)	(1)		—
General and administrative expenses (benefit) (3)	—		(1)		—		(3)
General and administrative expenses (benefit) (4)	(1)		—
Total	—		(1)		—		(4)
Other (2)	(4)		—
Income tax expense (2)	—		(1)		—		(1)
Total	(6)		—
Net of taxes	—		—		—		(3)
Income tax expense (3)	—		—
Reclassification adjustment related to foreign currency translation (1)	—		—		—		—
Net of taxes	(6)		—
Income tax benefit (2)	—		—		—		—
Reclassification adjustment related to foreign currency translation (1) (2)	356		—
Net of taxes	—		—		—		—
Income tax benefit (3)	—		—
Total reclassifications	2		16		50		88
Net of taxes	356		—
Total income tax benefit	—		2		10		18
Total reclassifications	357		31
Total reclassifications, net of taxes	$	2	$	14	$	40	$	70
Total income tax benefit	5		6
Total reclassifications, net of taxes	$	352	$	25

_______________________________________________

~~_________________________________________________________~~(1)(Increases) decreases in net realized investment gains (losses) on the consolidated statement of income.

(12)(Increases) decreases in net realized investment gains (losses) on the consolidated statement of income related to accumulated other comprehensive income (loss), net of taxes, includes the following related to the Canadian operations divested by the Company in the first quarter of 2026: a $(16) million reclassification adjustment related to unrealized gains (losses) on investment securities, a $(4) million reclassification adjustment related to benefit plan assets and obligations and a $356 million reclassification adjustment related to foreign currency translation.

(23)(Increases) decreases in income tax expense on the consolidated statement of income.

(34)Increases (decreases) in respective expenses on the consolidated statement of income.

9. ~~DEBT~~COMMON SHARE REPURCHASES

~~2025~~During ~~Debt~~the ~~Issuance. On~~three ~~July~~months 24ended March 31, ~~2025~~2026, the Company ~~issued~~repurchased 6.0 million common shares under its share repurchase authorizations for a total cost of $1.25 80 billion. The average cost per share repurchased was $300.30. In addition, the Company acquired 0.6 million shares for a total cost of ~~debt~~$185 million during the three months ended March 31, 2026 that were not part of the publicly announced share repurchase authorizations. These shares consisted of shares retained to cover payroll withholding taxes in ~~two~~connection ~~tranches:~~with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the exercise price, as well as the related payroll withholding taxes, with respect to certain stock options that were exercised. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% federal excise tax imposed on common share repurchase activity, net of common share issuances, as part of the Inflation Reduction Act of 2022. As of March 31, 2026, the Company had $5.22 billion of capacity remaining under its share repurchase authorizations.

~~•$500 million aggregate principal amount of 5.05% senior notes that will mature on July~~ 24~~, 2035 (the “2035 notes”), and~~

•$750 million aggregate principal amount of 5.70% senior notes that will mature on July 24, 2055 (the “2055 notes” and together with the 2035 notes, the “senior notes”).

The net proceeds of the issuance, after deducting the underwriting discount and expenses payable by the Company, totaled approximately $1.23 billion. Interest on the senior notes is payable semi-annually in arrears on January 24 and July 24, beginning on January 24, 2026.

The 2035 notes may be redeemed prior to April 24, 2035, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any 2035 notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding April 24, 2035 on any 2035 notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate (as

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

910. ~~DEBT,~~ EARNINGS ~~Continued~~PER SHARE

~~defined~~The infollowing ~~the~~is ~~2035~~a ~~notes),~~reconciliation ~~plus~~of ~~15 basis points. On or after April 24, 2035,~~ the ~~2035~~income ~~notes~~and ~~may~~share bedata ~~redeemed,~~used in ~~whole or in part, at~~ the ~~Company’s~~basic ~~option,~~and atdiluted ~~any~~earnings ~~time~~per orshare ~~from~~computations ~~time~~for ~~to time, at a redemption price equal to 100% of~~ the ~~principal~~periods ~~amount of any 2035 notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date~~presented.

The 2055 notes may be redeemed prior to January 24, 2055, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any 2055 notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding January 24, 2055 on any 2055 notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate (as defined in the 2055 notes), plus 15 basis points. On or after January 24, 2055, the 2055 notes may be redeemed, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to 100% of the principal amount of any 2055 notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.


	Three Months Ended March 31,
(in millions, except per share amounts)	2026		2025
Basic and Diluted
Net income, as reported	$	1,711	$	395
Participating share-based awards — allocated income	(12)		(3)
Net income available to common shareholders — basic and diluted	$	1,699	$	392
Common Shares
Basic
Weighted average shares outstanding	215.2		226.9
Diluted
Weighted average shares outstanding	215.2		226.9
Weighted average effects of dilutive securities — stock options and performance shares	3.2		3.5
Total	218.4		230.4
Net Income per Common Share
Basic	$	7.89	$	1.73
Diluted	$	7.78	$	1.70

1011. ~~COMMON~~ SHARE-BASED ~~REPURCHASES~~INCENTIVE COMPENSATION

During the three and nine months ended September 30, 2025, the Company repurchased 2.3 million and 5.1 million common shares, respectively, under its share repurchase authorizations for total cost of $625 million and $1.38 billion, respectively. The ~~average~~following ~~cost~~information ~~per~~relates share repurchased was $271.76 and $268.28, respectively. In addition, the Company acquired 10,402 shares and 0.7 million common shares for a total cost of $3 million and $168 million during the three and nine months ended September 30, 2025, respectively, that were not part of its publicly announced share repurchase authorizations. These shares consisted of shares retained to ~~cover~~fully ~~payroll~~vested ~~withholding taxes in connection with the vesting of restricted~~ stock ~~unit~~option awards ~~and performance share awards, and shares used by employees to cover the exercise price,~~ as ~~well as the related payroll withholding taxes, with respect to certain stock options that were exercised. Included in the cost~~ of treasury stock acquired pursuant to common share repurchases is the 1% excise tax imposed on common share repurchase activity, net of common share issuances, as part of the Inflation Reduction Act of 2022. As of SeptemberMarch 3031, ~~2025, the Company had $3~~2026.~~67 billion of capacity remaining under its share repurchase authorizations.~~

11. EARNINGS PER SHARE


Stock Options	Number	Weighted Average Exercise Price		Weighted Average Contractual Life Remaining	Aggregate Intrinsic Value ($ in millions)
Vested at end of period (1)	5,478,656	$	174.08	5.6 years	$	644
Exercisable at end of period	4,219,228	$	152.72	4.7 years	$	586

~~The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented:~~_______________________________________________

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Basic and Diluted
Net income, as reported	$	1,888	$	1,260	$	3,792	$	2,917
Participating share-based awards — allocated income	(13)		(10)		(27)		(22)
Net income available to common shareholders — basic and diluted	$	1,875	$	1,250	$	3,765	$	2,895
Common Shares
Basic
Weighted average shares outstanding	224.1		227.4		225.6		228.3
Diluted
Weighted average shares outstanding	224.1		227.4		225.6		228.3
Weighted average effects of dilutive securities — stock options and performance shares	3.4		3.2		3.3		3.0
Total	227.5		230.6		228.9		231.3
Net Income per Common Share
Basic	$	8.37	$	5.50	$	16.69	$	12.68
Diluted	$	8.24	$	5.42	$	16.45	$	12.51

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

12. SHARE-BASED INCENTIVE COMPENSATION

The following information relates to fully vested stock option awards as of September 30, 2025:

Stock Options	Number	WeightedAverageExercisePrice		WeightedAverageContractualLifeRemaining	AggregateIntrinsicValue($ in millions)
Vested at end of period (1)	5,804,107	$	159.98	5.4 years	$	692
Exercisable at end of period	4,388,364	$	142.96	4.5 years	$	598

_________________________________________________________

(1)Represents awards for which the requisite service has been rendered, including those that are retirement eligible.

The total compensation cost for all share-based incentive compensation awards recognized in earnings was $5987 million and $6383 million for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively, and $199 million and $202 million for the nine months ended September 30,~~ 2025 ~~and 2024~~, respectively. The related tax benefits recognized in the consolidated statement of income were $1113 million for both the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, and $33 million for both the nine months ended September 30,~~ 2025 ~~and 2024~~.

The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards as of ~~September~~March 3031, ~~2025~~2026 was $~~310~~425 million, which is expected to be recognized over a weighted-average period of 12.92 years.

~~13. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS~~25

The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended September 30, 2025 and 2024.

	Pension Plans				Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2025		2024		2025		2024
Net Periodic Benefit Cost (Benefit):
Service cost	$	28	$	29	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	44		43		1		1
Expected return on plan assets	(71)		(74)		—		—
Amortization of unrecognized:
Prior service benefit	—		—		—		—
Net actuarial (gain) loss	4		2		(3)		(3)
Total non-service cost (benefit)	(23)		(29)		(2)		(2)
Net periodic benefit cost (benefit)	$	5	$	—	$	(2)	$	(2)

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

13 12. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS~~, Continued~~

The following table ~~indicates~~summarizes the ~~line~~components ~~items~~of innet ~~which~~periodic ~~the~~benefit ~~respective~~cost ~~service~~(benefit) ~~cost~~for ~~and~~the ~~non-service~~Company’s ~~cost~~pension (and postretirement benefit) ~~are~~plans ~~presented~~recognized in the consolidated statement of income for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

	Pension Plans				Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2025		2024		2025		2024
(for the three months ended March 31, in millions)	2026		2025		2026		2025
Service Cost:
Net Periodic Benefit Cost (Benefit):
Claims and claim adjustment expenses	$	11	$	11	$	—	$	—
Service cost	$	30	$	28	$	—	$	—
General and administrative expenses	17		18		—		—
Non-service cost (benefit):
Total service cost	28		29		—		—
Interest cost on benefit obligation	42		44		1		1
Non-Service Cost (Benefit):
Expected return on plan assets	(74)		(70)		—		—
Claims and claim adjustment expenses	(9)		(11)		(1)		—
Amortization of unrecognized:
General and administrative expenses	(14)		(18)		(1)		(2)
Prior service benefit	—		—		—		(1)
Total non-service cost (benefit)	(23)		(29)		(2)		(2)
Net actuarial (gain) loss	1		4		(3)		(3)
Net periodic benefit cost (benefit)	$	5	$	—	$	(2)	$	(2)
Total non-service cost (benefit)	(31)		(22)		(2)		(3)
Net periodic benefit cost (benefit)	$	(1)	$	6	$	(2)	$	(3)

The following table ~~summarizes~~indicates the ~~components~~line ofitems ~~net~~in ~~periodic~~which ~~benefit cost (benefit) for~~ the ~~Company’s~~respective ~~pension~~service cost and ~~postretirement~~non-service cost (benefit) ~~plans~~are ~~recognized~~presented in the consolidated statement of income for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

	Pension Plans				Postretirement Benefit Plans
(for the nine months ended September 30, in millions)	2025		2024		2025		2024
(for the three months ended March 31, in millions)	2026		2025		2026		2025
Net Periodic Benefit Cost (Benefit):
Service Cost:
Service cost	$	85	$	87	$	—	$	—
Claims and claim adjustment expenses	$	11	$	11	$	—	$	—
Non-service cost (benefit):
General and administrative expenses	19		17		—		—
Interest cost on benefit obligation	132		129		2		3
Total service cost	30		28		—		—
Expected return on plan assets	(211)		(223)		—		—
Non-Service Cost (Benefit):
Amortization of unrecognized:
Claims and claim adjustment expenses	(12)		(8)		(1)		(1)
Prior service benefit	—		—		(1)		(2)
General and administrative expenses	(19)		(14)		(1)		(2)
Net actuarial (gain) loss	11		5		(9)		(7)
Total non-service cost (benefit)	(31)		(22)		(2)		(3)
Total non-service cost (benefit)	(68)		(89)		(8)		(6)
Net periodic benefit cost (benefit)	$	(1)	$	6	$	(2)	$	(3)
Net periodic benefit cost (benefit)	$	17	$	(2)	$	(8)	$	(6)

The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the nine months ended September 30, 2025 and 202413. LEASES

	Pension Plans				Postretirement Benefit Plans
(for the nine months ended September 30, in millions)	2025		2024		2025		2024
Service Cost:
Claims and claim adjustment expenses	$	33	$	34	$	—	$	—
General and administrative expenses	52		53		—		—
Total service cost	85		87		—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(26)		(34)		(3)		(2)
General and administrative expenses	(42)		(55)		(5)		(4)
Total non-service cost (benefit)	(68)		(89)		(8)		(6)
Net periodic benefit cost (benefit)	$	17	$	(2)	$	(8)	$	(6)

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

14. LEASES

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease, and a right-of-use asset and lease liability is recognized as part of other assets and other liabilities, respectively, in the consolidated balance sheet.

Most leases include an option to extend or renew the lease term. The exercise of the renewal option is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercising those options. The Company, in determining the present value of lease payments, utilizes either the rate implicit in the lease, if that rate is readily determinable, or the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

13. LEASES, Continued

Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026			~~2024~~2025				~~2025~~			~~2024~~
Lease cost
Operating leases	$	1615		$	1816			$	48		$	56
Short-term leases (1)	1			1				2			2
Lease expense	1716			1917				50			58
Less: sublease income (2)	—			—				—			—
Net lease cost	$	1716		$	1917			$	50		$	58
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows	$	1918		$	18			$	55		$	60
Right-of-use assets obtained in exchange for new lease liabilities	$	98		$	317			$	25		$	45
Weighted average discount rate	4.0013		%	3.3287		%		~~4.00~~		%	~~3.32~~		%
Weighted average remaining lease term	5.45 years			45.26 years				~~5.4 years~~			~~4.2 years~~

~~_________________________________________________________~~_______________________________________________

(1)Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.

(2)Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.

1514. CONTINGENCIES, COMMITMENTS AND GUARANTEES

Contingencies

The major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or to which any of the Company’s properties is subject are described below.

Asbestos Claims and Litigation

In the ordinary course of its insurance business, the Company has received and continues to receive claims for insurance arising under policies issued by the Company asserting alleged injuries and damages from asbestos-related exposures that are the subject of related coverage litigation. The Company is defending asbestos-related litigation vigorously and believes that it has meritorious defenses; however, the outcomes of these disputes are uncertain. In this regard, the Company employs dedicated specialists and comprehensive resolution strategies to manage asbestos loss exposure, including settling litigation under appropriate circumstances. Currently, it is not possible to predict legal outcomes and their impact on future loss development for claims and litigation relating to asbestos claims. Any such development could be affected by future court decisions and interpretations, as well as future changes, if any, in applicable legislation. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current insurance reserves. In addition, the Company’s estimate of ultimate claims and claim adjustment expenses may change. These additional liabilities or changes in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s results of operations in future periods.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

15. CONTINGENCIES, COMMITMENTS AND GUARANTEES, Continued

claims and claim adjustment expenses may change. These additional liabilities or changes in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s results of operations in future periods.

Other Proceedings Not Arising Under Insurance Contracts or Reinsurance Agreements

The Company is involved in other lawsuits, including lawsuits alleging extra-contractual damages relating to insurance contracts or reinsurance agreements, that do not arise under insurance contracts or reinsurance agreements. The legal costs associated with such lawsuits are expensed in the period in which the costs are incurred. Based upon currently available information, the Company does not believe it is reasonably possible that any such lawsuit or related lawsuits would be material to the Company’s results of operations or would have a material adverse effect on the Company’s financial position or liquidity.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

14. CONTINGENCIES, COMMITMENTS AND GUARANTEES, Continued

Other Commitments and Guarantees

Commitments

Investment Commitments — The Company has unfunded commitments to private equity limited partnerships, real estate partnerships and other investments. These commitments totaled $1.3747 billion and $1.4941 billion as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

Guarantees

The maximum amount of the Company’s contingent obligation for indemnifications related to the sale of businesses that are quantifiable was $352 million as of ~~September~~March 3031, ~~2025~~2026.

The maximum amount of the Company’s obligation related to the guarantee of certain insurance policy obligations of a former insurance subsidiary was $480 million as of ~~September~~March 3031, ~~2025~~2026, all of which is indemnified by a third party. For more information regarding the Company’s guarantees, see note 17 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report.

1615. NONCASH INVESTING AND FINANCING ACTIVITIES

The Company issued common stock during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 in connection with its stock compensation plan which resulted in noncash financing transactions totaling $4336 million and $326 million, respectively, from the net share settlement of employee stock options. In an unrelated transaction, the Company received a beneficial interest totaling $32 million in a noncash investing activity related to the restructuring of the Massachusetts Property Insurance Underwriting Association, a FAIR Plan, during the nine months ended September 30, 2024. For additional information, see note 18 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report. There were no other material noncash investing or financing activities during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

3228

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of the Company’s financial condition and results of operations.

FINANCIAL HIGHLIGHTS

~~2025~~2026 ~~Third~~First Quarter Consolidated Results of Operations

•Net income of $1.8971 billion, or $87.3789 per share basic and $87.2478 per share diluted

•Net earned premiums of $1110.1461 billion

•Catastrophe losses of $~~402~~761 million ($~~318~~601 million after-tax)

•Net favorable prior year reserve development of $22413 million ($16325 million after-tax)

•Combined ratio of 8788.36%

•Net investment income of $1.0301 billion ($~~850~~833 million after-tax)

•Net realized investment gains of $2749 million ($2115 million after-tax)

•Operating cash flows of $42.2320 billion

~~2025~~2026 ~~Third~~First Quarter Consolidated Financial Condition

•Total investments of $~~103~~102.6898 billion; fixed maturities and short-term securities comprised 9495% of total investments

•Total assets of $~~143~~142.6831 billion

•Total debt of $9.27 billion, resulting in a debt-to-total capital ratio of 22.75% (21.62% excluding net unrealized investment losses, net of tax)

•Total capital returned to shareholders of $~~878~~2.22 ~~million~~billion, comprising $~~628~~1.99 ~~million~~billion of share repurchases and $~~250~~238 million of dividends

•Shareholders’ equity of $31.6199 billion

•Net unrealized investment losses of $23.4801 billion ($12.9738 billion after-tax)

•Book value per common share of $~~141~~150.7242

•Holding company liquidity of $2.8438 billion

3329

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

CONSOLIDATED OVERVIEW

Consolidated Results of Operations

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions, except ratio and per share amounts)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues

Premiums

1110,~~135~~605

10,~~704~~710

~~32,766~~

~~31,073~~

Net investment income

1,~~033~~008

~~904~~930

~~2,905~~

~~2,635~~

Fee income

~~127~~121

~~121~~119

~~370~~

~~345~~

Net realized investment gains (losses)

2749

55(61)

~~(28)~~

Other revenues

~~148~~141

~~120~~112

~~383~~

~~337~~

Total revenues

1211,~~470~~924

11,~~904~~810

~~36,396~~

~~34,415~~

Claims and expenses

Claims and claim adjustment expenses

6,~~594~~382

68,~~996~~006

~~21,389~~

~~21,025~~

Amortization of deferred acquisition costs

1,~~849~~766

1,~~790~~778

~~5,429~~

~~5,166~~

General and administrative expenses

1,~~572~~541

1,~~460~~459

~~4,576~~

~~4,344~~

Interest expense

~~111~~116

9899

~~309~~

~~294~~

Total claims and expenses

109,~~126~~805

1011,~~344~~342

~~31,703~~

~~30,829~~

Income before income taxes

2,~~344~~119

~~1,560~~468

~~4,693~~

~~3,586~~

Income tax expense

~~456~~408

~~300~~73

~~901~~

~~669~~

Net income

1,~~888~~711

~~1,260~~395

~~3,792~~

~~2,917~~

Net income per share

Basic

87.3789

51.5073

~~16.69~~

~~12.68~~

Diluted

87.2478

51.4270

~~16.45~~

~~12.51~~

Combined ratio

Loss and loss adjustment expense ratio

5859.76

6474.82

~~64.7~~

~~67.1~~

Underwriting expense ratio

2829.60

28.43

~~28.5~~

~~28.6~~

Combined ratio

8788.36

93102.25

~~93.2~~

~~95.7~~

The following discussions of the Company’s net income and segment income are presented on an after-tax basis. Discussions of the components of net income and segment income are presented on a pre-tax basis, unless otherwise noted. Discussions of net income per common share are presented on a diluted basis.

Overview

Diluted net income per share of $87.2478 in the ~~third~~first quarter of ~~2025~~2026 increased by 52358% over diluted net income per share of $51.4270 in the same period of ~~2024~~2025. Net income of $1.8971 billion in the ~~third~~first quarter of ~~2025~~2026 increased by 50333% over net income of $~~1.26~~395 ~~billion~~million in the same period of ~~2024~~2025. The higher rate of increase in diluted net income per share reflected the impact of share repurchases in recent periods. The increase in income before income taxes in the ~~third~~first quarter of ~~2025~~2026 primarily reflected the pre-tax impacts of (i) lower catastrophe losses, (ii) ~~higher~~net ~~underwriting~~realized ~~margins~~investment ~~excluding~~gains ~~catastrophe~~compared ~~losses~~to ~~and~~net ~~prior~~realized ~~year~~investment ~~reserve~~losses ~~development~~in ~~(“underlying~~the ~~underwriting~~same ~~margins”)~~period ~~and~~of 2025, (iii) higher net investment income, ~~partially~~and ~~offset by~~ (iv) ~~lower~~higher net favorable prior year reserve development, ~~and~~partially offset by (v) lower ~~net~~underwriting ~~realized~~margins ~~investment~~excluding ~~gains~~catastrophe losses and prior year reserve development (“underlying underwriting margins”). Catastrophe losses in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 were $~~402~~761 million and $~~939~~2.27 ~~million~~billion, respectively. Net favorable prior year reserve development in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 was $22413 million and $~~126~~378 million, respectively. ~~Underlying~~The lower underlying underwriting margins in the ~~third~~first quarter of ~~2025~~2026 were ~~higher~~driven inby ~~all~~Business ~~three~~Insurance ~~segments~~and Bond & Specialty Insurance, partially offset by Personal Insurance. Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was higher than in the same period of ~~2024~~2025, primarily reflecting the impact of the increase in income before income taxes.

34The Company has insurance operations in the United Kingdom, the Republic of Ireland, Canada and throughout other parts of the world as a corporate member of Lloyd’s, as well as in Brazil through a joint venture. Because these operations are conducted in local currencies other than the U.S. dollar, the Company is subject to changes in foreign currency exchange rates. For the three months ended March 31, 2026 and 2025, changes in foreign currency exchange rates impacted reported line items

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

~~Diluted net income per share of $16.45~~ in the ~~first~~statement ~~nine months~~ of ~~2025 increased by 31% over diluted net~~ income ~~per share of $12.51 in the same period of 2024. Net income of $3.79 billion in the first nine months of 2025 increased~~ by ~~30%~~insignificant ~~over net income of $2~~amounts.92 ~~billion in the same period of 2024.~~ The ~~higher rate of increase in diluted net income per share reflected the~~ impact of ~~share~~these ~~repurchases~~changes inwas ~~recent~~not ~~periods.~~material ~~The~~to ~~increase in income before income taxes primarily reflected~~ the ~~pre-tax~~Company’s ~~impacts of (i) higher underlying underwriting margins, (ii) higher~~ net ~~investment~~ income ~~and~~or ~~(iii)~~segment ~~higher~~income ~~net~~for ~~favorable prior year reserve development, partially offset by (iv) higher catastrophe losses and (v) net realized investment losses compared to net realized investment gains in~~ the ~~same~~periods ~~period of 2024~~reported. Catastrophe losses in the first nine months of 2025 and 2024 were $3.60 billion and $3.16 billion, respectively. Net favorable prior year reserve development in the first nine months of 2025 and 2024 was $715 million and $447 million, respectively. The higher underlying underwriting margins in the first nine months of 2025 were driven by Personal Insurance and Business Insurance, partially offset by Bond & Specialty Insurance. Income tax expense in the first nine months of 2025 was higher than in the same period of 2024, primarily reflecting the impact of the increase in income before income taxes.

The Company has insurance operations in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world as a corporate member of Lloyd’s, as well as in Brazil through a joint venture. Because these operations are conducted in local currencies other than the U.S. dollar, the Company is subject to changes in foreign currency exchange rates. For the three months and nine months ended September 30, 2025 and 2024, changes in foreign currency exchange rates impacted reported line items in the statement of income by insignificant amounts. The impact of these changes was not material to the Company’s net income or segment income for the periods reported.

Revenues

Earned Premiums

Earned premiums in the ~~third~~first quarter of ~~2025~~2026 were $1110.1461 billion, $~~431~~105 million or 41% ~~higher~~lower than in the same period of ~~2024~~2025. Earned premiums in the first ~~nine~~quarter ~~months~~ of 2025 ~~were~~included $~~32.77~~258 ~~billion,~~million ~~$1.69~~related ~~billion~~to orthe 5%Canadian ~~higher~~operations ~~than~~divested by the Company in the ~~same~~first ~~period~~quarter of ~~2024~~2026. In Business Insurance, earned premiums in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 increased by 41% ~~and 6%, respectively,~~ over the same ~~periods~~period of ~~2024~~2025. In Bond & Specialty Insurance, earned premiums in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 increased by 32% ~~and 4%, respectively,~~ over the same ~~periods~~period of ~~2024~~2025. In Personal Insurance, earned premiums in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 ~~increased~~decreased by 4% ~~and~~from ~~5%, respectively, over~~ the same ~~periods~~period of ~~2024~~2025. Factors contributing to the changes in earned premiums in each segment are discussed in more detail in the segment discussions that follow.

Net Investment Income

The following table sets forth information regarding the Company’s investments.

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(dollars in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Average investments (1)

~~105~~106,~~655~~666

97101,~~736~~000

~~103,086~~

~~96,042~~

Pre-tax net investment income

1,~~033~~008

~~904~~930

~~2,905~~

~~2,635~~

After-tax net investment income

~~850~~833

~~742~~763

~~2,387~~

~~2,167~~

Average pre-tax yield (2)

3.98

3.7

~~3.8~~

~~3.7~~

Average after-tax yield (2)

3.21

3.0

~~3.1~~

~~3.0~~

~~_________________________________________________________~~_______________________________________________

(1)Excludes net unrealized investment gains and losses and reflects cash, receivables for investment sales, payables on investment purchases and accrued investment income.

(2)Excludes net realized and net unrealized investment gains and losses.

Net investment income in the ~~third~~first quarter of ~~2025~~2026 was $1.0301 billion, $~~129~~78 million or 148% higher than in the same period of ~~2024. Net investment income in the first nine months of~~ 2025 ~~was $2~~.91 ~~billion, $270 million or 10% higher than in the same period of 2024.~~ Net investment income from fixed maturity investments in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 was $~~874~~899 million ~~and $2.52 billion~~, ~~respectively,~~ $~~125~~87 million ~~and $369 million~~ higher, ~~respectively,~~ than in the same ~~periods~~period of ~~2024~~2025. The ~~increases~~increase in ~~both~~the ~~periods~~first quarter of ~~2025~~2026 primarily resulted from higher long-term average yields and a higher average level of fixed maturity investments ~~and higher long-term average yields~~. Net investment income from short-term securities in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 was $7375 million ~~and $185 million~~, ~~respectively,~~ $418 million ~~and~~higher ~~$32 million lower, respectively,~~ than in the same ~~periods~~period of ~~2024~~2025. The ~~decreases~~increase in ~~both~~the ~~periods~~first quarter of ~~2025~~2026 primarily resulted from ~~lower~~a higher average level of short-term ~~average yields~~securities, partially offset by alower ~~higher average level of~~ short-term ~~securities~~average yields. The Company’s remaining investment portfolios had net investment income of $~~101~~47 million in the ~~third~~first quarter of ~~2025~~2026, $1129 million ~~higher~~lower than in the same period of ~~2024~~2025, primarily reflecting ~~higher~~lower private equity partnership returns. Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.

35Fee Income

Fee income in the first quarter of 2026 was $121 million, $2 million higher than in the same period of 2025. The National Accounts market in Business Insurance is the primary source of the Company’s fee-based business and is discussed in the Business Insurance segment discussion that follows.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

equity partnership returns. The Company’s remaining investment portfolios had net investment income of $244 million in the first nine months of 2025, $62 million lower than in the same period of 2024, primarily reflecting lower private equity partnership returns. Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.

Fee Income

Fee income in the third quarter of 2025 was $127 million, $6 million higher than in the same period of 2024. Fee income in the first nine months of 2025 was $370 million, $25 million higher than in the same period of 2024. The National Accounts market in Business Insurance is the primary source of the Company’s fee-based business and is discussed in the Business Insurance segment discussion that follows.

Net Realized Investment Gains (Losses)

The following table sets forth information regarding the Company’s net realized investment gains (losses).

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Impairment gains (losses):
Fixed maturities	$	—(3)	$	(52)	$	~~(2)~~	$	~~(8)~~
Net realized investment gains (losses) on equity securities still held	40(5)		51(22)		41		~~102~~
Other net realized investment gains (losses), including from sales	~~(13)~~57		9(37)		~~(67)~~		~~(69)~~
Total	$	2749	$	55(61)	$	~~(28)~~	$	25

Net realized investment ~~gains~~losses on equity securities still held of $405 million and $4122 million, ~~respectively,~~ in the ~~third quarter and~~ first ~~nine~~quarters ~~months~~ of ~~2025~~2026 ~~were driven by the impact of changes in fair value attributable to favorable equity markets. Net realized investment gains on equity securities still held of $51 million~~ and ~~$102 million~~2025, respectively, ~~in the third quarter and first nine months of 2024~~ were driven by the impact of changes in fair value attributable to ~~favorable~~unfavorable equity markets.

Other net realized investment gains in the first quarter of 2026 were driven by net realized investment gains related to the Canadian operations divested by the Company in the first quarter of 2026, partially offset by net realized investment losses related to fixed maturity investments.

Other Revenues

Other revenues in the ~~third~~first quarter of ~~2025~~2026 were $~~148~~141 million, $2829 million higher than in the same period of ~~2024. Other revenues in the first nine months of~~ 2025 ~~were $383 million, $46 million higher than in the same period of 2024~~. Other revenues include revenues from Simply Business, installment premium charges and other policyholder service charges.

Claims and Expenses

Claims and Claim Adjustment Expenses

Claims and claim adjustment expenses in the ~~third~~first quarter of ~~2025~~2026 were $6.5938 billion, $~~402~~1.62 ~~million~~billion or 620% lower than in the same period of ~~2024~~2025, driven by ~~(i)~~Personal ~~lower~~Insurance ~~catastrophe losses in all three segments~~ and ~~(ii)~~Business ~~lower losses in Personal~~ Insurance, partially offset by ~~(iii)~~Bond ~~loss~~& ~~cost~~Specialty ~~trends~~Insurance. inClaims ~~all~~and ~~three~~claim ~~segments,~~adjustment ~~(iv)~~expenses ~~lower~~in ~~net~~the ~~favorable~~first ~~prior~~quarter ~~year~~of ~~reserve~~2025 ~~development~~included ~~and~~$182 ~~(v)~~million ~~higher~~related ~~business~~to ~~volumes~~the inCanadian ~~Business~~operations ~~Insurance~~divested ~~and~~by ~~Bond~~the &Company ~~Specialty~~in ~~Insurance~~the first quarter of 2026. Catastrophe losses in the ~~third~~first quarter of ~~2025~~2026 primarily resulted from severe wind and hail storms and winter storms in multiple states. Catastrophe losses in the ~~third~~first quarter of ~~2024~~2025 primarily resulted from ~~Hurricane~~the ~~Helene~~January 2025 wildfires and severe wind and hail storms in multiple states. Factors contributing to the changes in claims and claim adjustment expenses in each segment are discussed in more detail in the segment discussions that follow.

~~Claims~~Factors ~~and~~contributing ~~claim~~to adjustment expenses in the first nine months of 2025 were $21.39 billion, $364 million or 2% higher than in the same period of 2024, driven by (i) higher catastrophe losses in Personal Insurance and Business Insurance, partially offset by lower catastrophe losses in Bond & Specialty Insurance, (ii) loss cost trends in all three segments and (iii) higher business volumes in Business Insurance and Bond & Specialty Insurance, partially offset by (iv) higher net ~~favorable~~ prior year reserve development induring ~~all three segments and (v) lower losses in Personal Insurance. Catastrophe losses in~~ the first ~~nine~~quarters ~~months~~ of ~~2025~~2026 ~~included~~and ~~the third quarter events described above, as well as the January~~ 2025 ~~California~~are ~~wildfires~~discussed ~~and severe wind and hail storms~~ in ~~multiple~~more ~~states~~detail in ~~the~~note ~~first~~7 ~~six months~~ of ~~2025. Catastrophe losses in~~ the ~~first~~notes ~~nine~~to ~~months of 2024 included~~ the ~~third~~unaudited ~~quarter~~consolidated ~~events~~financial ~~described above, as well as numerous severe wind and hail storms in multiple states in the first six months of 2024~~statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Factors contributing to net prior year reserve development during the third quarters and first nine months of 2025 and 2024 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.

Significant Catastrophe Losses

The following table presents the amount of losses recorded by the Company for significant catastrophes that occurred in the three months ~~and nine months~~ ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, the amount of net unfavorable (favorable) prior year reserve development recognized in the three months ~~and nine months~~ ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 for significant catastrophes that occurred in ~~2024~~2025 and ~~2023~~2024, and the estimate of ultimate losses for those catastrophes at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses will be $100 million or more after reinsurance and before taxes. The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level and for ~~2025~~2026 ranged from $20 million to $30 million of losses before reinsurance and taxes. For the Company’s definition of a catastrophe, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Consolidated Overview” in the Company’s ~~2024~~2025 Annual Report.

3732

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

	Losses Incurred/Unfavorable (Favorable)Prior Year Reserve Development
	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
			Estimated Ultimate Losses			~~Estimated Ultimate Losses~~
(in millions, pre-tax and net of reinsurance)	~~2025~~2026	~~2024~~2025	~~2025~~	~~2024~~	March 31, 2026	~~September 30, 2025~~	December 31, 2025	~~December 31, 2024~~
2023
PCS Serial Number:
25 — Severe wind and hail storms	(1)	(1)	(2)	(3)		145		147
32 — Severe wind and hail storms	3	(2)	(2)	(2)		133		135
33 — Severe wind and hail storms	—	(2)	—	(6)		189		189
35 — Severe wind and hail storms	2	1	11	(2)		151		140
38 — Severe wind and hail storms	2	3	4	5		117		113
42 — Severe wind and hail storms	1	2	—	5		137		137
48 — Severe wind and hail storms	—	1	4	(5)		148		144
49 — Severe wind and hail storms	—	2	(4)	(2)		131		135
51 — Severe wind and hail storms	2	(12)	4	(33)		235		231
63 — Severe wind and hail storms	4	14	1	7		131		130
75 — Severe wind and hail storms	2	(6)	(5)	(17)		168		173
2024
PCS Serial Number:
26 — Severe wind and hail storms	(82)	15(2)	~~(13)~~	~~266~~		~~248~~249		~~261~~251
39 — Severe wind and hail storms	(2)	35(2)	~~(10)~~	~~256~~		~~240~~241		~~250~~243
42 — Severe wind and hail storms	(51)	(303)	~~(15)~~	~~159~~		~~146~~148		~~161~~149
44 — Severe wind and hail storms	1—	~~(22)~~1	1	~~182~~		~~172~~170		~~171~~170
45 — Severe wind and hail storms	61	~~(13)~~3	15	~~151~~		~~174~~175		~~159~~174
46 — Severe wind and hail storms	13	291	10	~~187~~		~~192~~194		~~182~~191
61 — Severe wind and hail storms	1(2)	~~159~~(1)	~~(9)~~	~~159~~		~~135~~125		~~144~~127
77 — Hurricane Helene	2(9)	~~547~~(29)	~~(46)~~	~~547~~		~~687~~656		~~733~~665
2025
PCS Serial Number:
11 — California wildfire – Palisades fire	(273)	~~n/a~~1,339	~~1,332~~	~~n/a~~		1,~~332~~271		~~n/a~~1,344
12 — California wildfire – Eaton fire	—(43)	~~n/a~~392	~~391~~	~~n/a~~		~~391~~334		~~n/a~~377
24 — Severe wind and hail storms	—	~~n/a~~315	~~338~~	~~n/a~~		~~338~~337		~~n/a~~337
29 — Severe wind and hail storms	~~(7)~~—	n/a	~~135~~	~~n/a~~		~~135~~137		~~n/a~~137
37 — Severe wind and hail storms	3—	n/a	~~225~~	~~n/a~~		~~225~~227		~~n/a~~227
39 — Severe wind and hail storms (1)	8	n/a	101	n/a		101		n/a
39 — Severe wind and hail storms	—	n/a				101		101
43 — Severe wind and hail storms (1)	29	n/a	104	n/a		104		n/a
43 — Severe wind and hail storms	(5)	n/a				92		97
45 — Severe wind and hail storms	(175)	n/a	~~110~~	~~n/a~~		~~110~~102		~~n/a~~107
2026
PCS Serial Number:
13 — Severe winter storm	199	n/a				199		n/a
24 — Severe wind and hail storms	226	n/a				226		n/a

~~_________________________________________________________~~_______________________________________________

n/a: not applicable.

(1) PCS events 39 and 43, which were $93 million and $75 million, respectively, as of June 30, 2025, both exceeded the Company’s threshold for a significant catastrophe ($100 million) as of September 30, 2025.

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the ~~third~~first quarter of ~~2025~~2026 was $1.8577 billion, $5912 million or 31% ~~higher~~lower than in the same period of ~~2024. Amortization of deferred acquisition costs in the first nine months of~~ 2025 ~~was $5~~.43 ~~billion, $263 million or 5% higher than in the same period of 2024.~~ The ~~increases~~decrease inwas ~~both periods were~~ generally consistent with the ~~increases~~decrease in earned premiums. Amortization of deferred acquisition costs is discussed in more detail in the segment discussions that follow.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

General and Administrative Expenses

General and administrative expenses in the ~~third~~first quarter of ~~2025~~2026 were $1.5754 billion, $~~112~~82 million or 86% higher than in the same period of ~~2024. General and administrative expenses in the first nine months of~~ 2025 ~~were $4.58 billion~~, ~~$232 million or 5% higher than in the same period of 2024. The increases in both periods of 2025~~ primarily ~~reflected~~reflecting ~~the~~normal ~~impact~~quarter-to-quarter ~~of costs associated with higher business volumes~~variability. General and administrative expenses are discussed in more detail in the segment discussions that follow.

Interest Expense

Interest expense in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 was $~~111~~116 million ~~and $309 million~~, ~~respectively,~~ compared with $9899 million ~~and $294 million, respectively,~~ in the same ~~periods~~period of ~~2024~~2025.

Income Tax Expense

Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was $~~456~~408 million, $~~156~~335 million or 52459% higher than in the same period of ~~2024, primarily reflecting the impact of the $784 million increase in income before income taxes in the third quarter of~~ 2025~~. Income tax expense in the first nine months of 2025 was $901 million~~, ~~$232 million or 35% higher than in the same period of 2024,~~ primarily reflecting the impact of the $1.1165 billion increase in income before income taxes in the first ~~nine~~quarter ~~months~~ of ~~2025~~2026.

The Company’s effective tax rate was 19% ~~in both the third quarters of 2025~~ and ~~2024. The Company’s effective tax rate was 19~~16% in ~~both~~ the first ~~nine~~quarters ~~months~~ of ~~2025~~2026 and ~~2024~~2025, respectively. The effective tax rate for all periods reflected the impact of tax-exempt investment income on the calculation of the Company’s income tax provision.

~~Combined Ratio~~33

The combined ratio of 87.3% in the third quarter of 2025 was 5.9 points lower than the combined ratio of 93.2% in the same period of 2024. The loss and loss adjustment expense ratio of 58.7% in the third quarter of 2025 was 6.1 points lower than the loss and loss adjustment expense ratio of 64.8% in the same period of 2024. The underwriting expense ratio of 28.6% in the third quarter of 2025 was 0.2 points higher than the underwriting expense ratio of 28.4% in the same period of 2024.

Catastrophe losses in the third quarters of 2025 and 2024 accounted for 3.6 points and 8.8 points, respectively, of the combined ratio. Net favorable prior year reserve development in the third quarters of 2025 and 2024 provided 0.2 points and 1.2 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the third quarter of 2025 was 1.7 points lower than the 2024 ratio on the same basis, primarily reflecting the impacts of (i) the benefit of earned pricing and (ii) lower losses in Personal Insurance.

The combined ratio of 93.2% in the first nine months of 2025 was 2.5 points lower than the combined ratio of 95.7% in the same period of 2024. The loss and loss adjustment expense ratio of 64.7% for the first nine months of 2025 was 2.4 points lower than the loss and loss adjustment expense ratio of 67.1% in the same period of 2024. The underwriting expense ratio of 28.5% for the first nine months of 2025 was 0.1 points lower than the underwriting expense ratio of 28.6% in the same period of 2024.

Catastrophe losses in the first nine months of 2025 and 2024 accounted for 11.0 points and 10.2 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first nine months of 2025 and 2024 provided 2.2 points and 1.5 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first nine months of 2025 was 2.6 points lower than the 2024 ratio on the same basis, primarily reflecting the impacts of (i) the benefit of earned pricing and (ii) lower losses in Personal Insurance.

The combined ratio continues to be impacted by the tort environment, including more aggressive attorney involvement in insurance claims.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Combined Ratio

The combined ratio of 88.6% in the first quarter of 2026 was 13.9 points lower than the combined ratio of 102.5% in the same period of 2025. The loss and loss adjustment expense ratio of 59.6% in the first quarter of 2026 was 14.6 points lower than the loss and loss adjustment expense ratio of 74.2% in the same period of 2025. The underwriting expense ratio of 29.0% in the first quarter of 2026 was 0.7 points higher than the underwriting expense ratio of 28.3% in the same period of 2025. The Company expects the full year 2026 expense ratio to be approximately 28.5%.

Catastrophe losses in the first quarters of 2026 and 2025 accounted for 7.2 points and 21.2 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first quarters of 2026 and 2025 provided 3.9 points and 3.5 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the first quarter of 2026 was 0.5 points higher than the 2025 ratio on the same basis, primarily reflecting the impacts of a higher expense ratio in Business Insurance and Bond & Specialty Insurance, partially offset by lower losses in Personal Insurance.

The combined ratio continues to be impacted by the tort environment, including more aggressive attorney involvement in insurance claims.

Written Premiums

Consolidated gross and net written premiums were as follows:

Gross Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Business Insurance

6,~~285~~806

6,~~173~~740

~~19,410~~

~~18,725~~

Bond & Specialty Insurance

1,~~160~~211

1,~~165~~129

~~3,455~~

~~3,368~~

Personal Insurance

43,~~848~~748

4,~~811~~021

~~13,569~~

~~13,231~~

Total

1211,~~293~~765

1211,~~149~~890

~~36,434~~

~~35,324~~

Net Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Business Insurance

5,~~675~~786

5,~~517~~698

~~17,165~~

~~16,652~~

Bond & Specialty Insurance

1,~~080~~066

~~1,072~~999

~~3,164~~

~~3,055~~

Personal Insurance

43,~~718~~486

43,~~728~~818

~~13,202~~

~~12,907~~

Total

1110,~~473~~338

1110,~~317~~515

~~33,531~~

~~32,614~~

Gross and net written premiums in the ~~third~~first quarter of ~~2025~~2026 ~~both~~decreased ~~increased~~ by 1% ~~over~~and 2%, respectively, from the same period of ~~2024~~2025. Gross and net written premiums in the first ~~nine~~quarter ~~months~~ of 2025 ~~both~~included $238 million and $223 million, respectively, related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, gross written premiums increased by 31% over the same period of ~~2024~~2025 and net written premiums increased slightly over the same period of 2025. Factors contributing to the changes in gross and net written premiums in each segment are discussed in more detail in the segment discussions that follow.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

RESULTS OF OPERATIONS BY SEGMENT

Business Insurance

Results of Business Insurance were as follows:

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(dollars in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues

Earned premiums

5,~~700~~493

5,~~474~~465

~~16,710~~

~~15,802~~

Net investment income

~~727~~708

~~642~~656

~~2,045~~

~~1,883~~

Fee income

~~114~~111

~~109~~108

~~333~~

~~315~~

Other revenues

~~111~~104

8982

~~288~~

~~243~~

Total revenues

6,~~652~~416

6,~~314~~311

~~19,376~~

~~18,243~~

Total claims and expenses

5,~~534~~381

5,~~454~~469

~~16,406~~

~~15,634~~

Segment income before income taxes

1,~~118~~035

~~860~~842

~~2,970~~

~~2,609~~

Income tax expense

~~211~~196

~~162~~159

~~567~~

~~491~~

Segment income

~~907~~839

~~698~~683

~~2,403~~

~~2,118~~

Loss and loss adjustment expense ratio

63.3

66.68

~~64.6~~

~~65.5~~

Underwriting expense ratio

2930.65

29.24

~~29.6~~

Combined ratio

9293.98

9596.82

~~94.2~~

~~95.1~~

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Overview

Segment income in the ~~third~~first quarter of ~~2025~~2026 was $~~907~~839 million, $~~209~~156 million or 3023% higher than segment income of $~~698~~683 million in the same period of ~~2024~~2025. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) lower catastrophe losses, (ii) higher net favorable prior year reserve development and (iiiii) higher net investment income, partially offset by (~~iii~~iv) ~~higher~~lower ~~net~~underlying ~~unfavorable~~underwriting ~~prior year reserve development~~margins. Catastrophe losses in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 were $~~139~~379 million and $~~340~~509 million, respectively. Net ~~unfavorable~~favorable prior year reserve development in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 was $~~125~~162 million and $9174 million, respectively. The lower underlying underwriting margins primarily reflected the impacts of (i) higher general and administrative expenses and (ii) lower business volumes, partially offset by (iii) the benefit of earned pricing. Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was higher than in the same period of ~~2024~~2025, primarily reflecting the impact of the increase in segment income before income taxes.

Segment income in the first nine months of 2025 was $2.40 billion, $285 million or 13% higher than segment income of $2.12 billion in the same period of 2024. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) higher underlying underwriting margins, (ii) higher net investment income and (iii) net favorable prior year reserve development of $28 million compared to net unfavorable prior year reserve development of $57 million in the same period of 2024, partially offset by (iv) higher catastrophe losses. Catastrophe losses in the first nine months of 2025 and 2024 were $1.02 billion and $938 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) the benefit of earned pricing and (ii) higher business volumes, partially offset by (iii) higher general and administrative expenses. Income tax expense in the first nine months of 2025 was higher than in the same period of 2024, primarily reflecting the impact of the increase in segment income before income taxes.

Revenues

Earned Premiums

Earned premiums in the ~~third~~first quarter of ~~2025~~2026 were $5.7049 billion, $~~226~~28 million or 41% higher than in the same period of ~~2024.~~2025, ~~Earned~~primarily ~~premiums~~reflecting in the ~~first~~increase ~~nine~~in ~~months~~net ofwritten ~~2025~~premiums ~~were~~over ~~$16.71~~the ~~billion,~~preceding ~~$908~~twelve ~~million~~months. orEarned 6%premiums ~~higher than~~ in the ~~same~~first ~~period~~quarter of ~~2024.~~2025 ~~The~~included ~~increases~~$79 inmillion ~~both~~related ~~periods~~to ofthe ~~2025~~Canadian ~~primarily~~operations ~~reflected~~divested by the ~~increase~~Company in ~~net written premiums over~~ the ~~preceding~~first ~~twelve~~quarter ~~months.~~of 2026.

Net Investment Income

Net investment income in the ~~third~~first quarter of ~~2025~~2026 was $~~727~~708 million, $8552 million or 138% higher than in the same period of ~~2024. Net investment income in the first nine months of~~ 2025 ~~was $2~~.~~05 billion, $162 million or 9% higher than in the same period of 2024.~~ Refer to the “Revenues—Net Investment Income” section of the “Consolidated Results of Operations” discussion herein for a description of the factors contributing to the ~~increases~~increase in the Company’s consolidated net investment income in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared with the same ~~periods~~period of ~~2024~~2025. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report for a discussion of the Company’s net investment income allocation methodology.

Fee Income

National Accounts is the primary source of fee income due to revenue from its large deductible policies and service businesses, which include risk management, claims administration, loss control and risk management information services provided to third parties, as well as policy issuance and claims management services to workers’ compensation residual market pools. Fee income in the ~~third~~first quarter of ~~2025~~2026 was $~~114~~111 million, $53 million or 53% higher than in the same period of ~~2024. Fee income in the first nine months of~~ 2025 ~~was $333 million, $18 million or 6% higher than in the same period of 2024~~.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Other Revenues

Other revenues in the ~~third~~first quarter of ~~2025~~2026 were $~~111~~104 million, $22 million higher than in the same period of ~~2024. Other revenues in the first nine months of~~ 2025 ~~were $288 million, $45 million higher than in the same period of 2024~~. Other revenues include revenues from Simply Business, ~~installment~~ premium installment charges and other policyholder service charges.

Claims and Expenses

Claims and Claim Adjustment Expenses

Claims and claim adjustment expenses in the ~~third~~first quarter of ~~2025~~2026 were $3.6753 billion, $31174 million or 15% lower than in the same period of ~~2024~~2025, primarily reflecting the impacts of (i) lower catastrophe losses, ~~partially offset by~~ (ii) ~~higher~~lower business volumes, (iii) ~~loss~~higher ~~cost~~net ~~trends~~favorable prior year reserve development and (iv) ~~higher~~the ~~net~~Canadian ~~unfavorable~~operations ~~prior~~divested ~~year~~by ~~reserve~~the ~~development~~Company in the first quarter of 2026, partially offset by (v) loss cost trends.

~~Claims~~Factors ~~and~~contributing ~~claim~~to ~~adjustment~~net ~~expenses~~prior inyear reserve development during the first ~~nine~~quarters ~~months~~ of ~~2025~~2026 ~~were~~and ~~$10.96~~2025 ~~billion,~~are ~~$456~~discussed ~~million~~in ormore 4%detail ~~higher than~~ in ~~the~~note ~~same~~7 ~~period~~ of ~~2024, primarily reflecting~~ the ~~impacts~~notes ~~of (i) higher business volumes, (ii) loss cost trends and (iii) higher catastrophe losses, partially offset by (iv) net favorable prior year reserve development compared~~ to ~~net unfavorable prior year reserve development in~~ the ~~same~~unaudited ~~period~~consolidated offinancial ~~2024~~statements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the ~~third~~first quarter of ~~2025~~2026 was $~~973~~938 million, $4321 million or 52% higher than the same period of ~~2024. Amortization of deferred acquisition costs in the first nine months of~~ 2025 ~~was $2.83 billion~~, ~~$179 million or 7% higher than the same period of 2024. The increases in both periods of 2025 were~~ generally consistent with the ~~increases~~increase in earned premiums.

General and Administrative Expenses

General and administrative expenses in the ~~third~~first quarter of ~~2025~~2026 were $~~894~~912 million, $6865 million or 8% higher than in the same period of ~~2024. General and administrative expenses in the first nine months of~~ 2025 ~~were $2.62 billion~~, ~~$137 million or 6% higher than in the same period of 2024. The increases in both periods of 2025 were~~ primarily inreflecting ~~support~~normal ofquarter-to-quarter ~~business growth~~variability.

Income Tax Expense

Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was $~~211~~196 million, $4937 million or 3023% higher than the same period of ~~2024, primarily reflecting the impact of the $258 million increase in income before income taxes. Income tax expense in the first nine months of~~ 2025 ~~was $567 million~~, ~~$76 million or 15% higher than in the same period of 2024,~~ primarily reflecting the impact of the $~~361~~193 million increase in income before income taxes.

Combined Ratio

The combined ratio of 9293.98% in the ~~third~~first quarter of ~~2025~~2026 was 2.94 points lower than the combined ratio of 9596.82% in the same period of ~~2024~~2025. The loss and loss adjustment expense ratio of 63.3% in the ~~third~~first quarter of ~~2025~~2026 was 3.35 points lower than the loss and loss adjustment expense ratio of 66.68% in the same period of ~~2024~~2025. The underwriting expense ratio of 2930.65% in the ~~third~~first quarter of ~~2025~~2026 was 01.41 points higher than the underwriting expense ratio of 29.24% in the same period of ~~2024~~2025.

Catastrophe losses in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 accounted for 26.49 points and 69.23 points, respectively, of the combined ratio. Net ~~unfavorable~~favorable prior year reserve development in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 ~~accounted~~provided ~~for~~ 2.29 points and 1.73 points of benefit, respectively, of the combined ratio. The underlying combined ratio in the ~~third~~first quarter of ~~2025~~2026 was 01.46 points higher than the ~~2024~~2025 ratio on the same basis, primarily reflecting a higher expense ratio.

The combined ratio of 94.2% in the first nine months of 2025 was 0.9 points lower than the combined ratio of 95.1% in the same period of 2024. The loss and loss adjustment expense ratio of 64.6% in the first nine months of 2025 was 0.9 points lower than the loss and loss adjustment expense ratio of 65.5% in the same period of 2024. The underwriting expense ratio of 29.6% for the first nine months of 2025 was comparable with the underwriting expense ratio in the same period of 2024.

Catastrophe losses in the first nine months of 2025 and 2024 accounted for 6.1 points and 5.9 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first nine months of 2025 provided 0.2 points of benefit to the combined ratio. Net unfavorable prior year reserve development in the first nine months of 2024 accounted for 0.4 points of the combined ratio. The underlying combined ratio in the first nine months of 2025 was 0.5 points lower than the 2024 ratio on the same basis, primarily reflecting the impact of the benefit of earned pricing.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Written Premiums

Business Insurance’s gross and net written premiums by market were as follows:

Gross Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic:

Select Accounts

~~927~~1,081

~~892~~1,045

~~2,980~~

~~2,874~~

Middle Market

3,~~463~~851

3,~~279~~682

~~10,496~~

~~9,835~~

National Accounts

~~367~~537

~~355~~511

~~1,307~~

~~1,300~~

National Property and Other

~~1,089~~823

~~1,172~~873

~~2,955~~

~~3,056~~

Total Domestic

56,~~846~~292

56,~~698~~111

~~17,738~~

~~17,065~~

International

~~439~~514

~~475~~629

~~1,672~~

~~1,660~~

Total Business Insurance

6,~~285~~806

6,~~173~~740

~~19,410~~

~~18,725~~

	Net Written Premiums
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(in millions)	2025		2024		2025		2024
Domestic:
Select Accounts	$	920	$	885	$	2,900	$	2,834
Middle Market	3,232		3,030		9,432		9,012
National Accounts	273		264		914		903
National Property and Other	841		896		2,446		2,450
Total Domestic	5,266		5,075		15,692		15,199
International	409		442		1,473		1,453
Total Business Insurance	$	5,675	$	5,517	$	17,165	$	16,652

Gross written premiums in the third quarter and first nine months of 2025 increased by 2% and 4%, respectively, over the same periods of 2024. Net written premiums in the third quarter of 2025 increased by 3% over the same period of 2024. Net written premiums in the first nine months of 2025 increased by 3% over the same period of 2024, as growth in gross written premiums was partially offset by higher ceded written premiums driven by changes in the casualty reinsurance program.

Select Accounts. Net written premiums of $920 million and $2.90 billion in the third quarter and first nine months of 2025, respectively, increased by 4% and 2%, respectively, over the same periods of 2024. Retention rates remained strong in the third quarter of 2025 but decreased slightly from the same period of 2024. Retention rates remained strong in the first nine months of 2025 but decreased from the same period of 2024. Renewal premium changes in the third quarter of 2025 remained positive but were lower than the same period of 2024. Renewal premium changes in the first nine months of 2025 remained positive but were slightly lower than the same period of 2024. New business premiums in the third quarter and first nine months of 2025 increased over the same periods of 2024.

Middle Market. Net written premiums of $3.23 billion and $9.43 billion in the third quarter and first nine months of 2025, respectively, increased by 7% and 5%, respectively, over the same periods of 2024. Net written premiums in the first nine months of 2025 were reduced by the impact of higher ceded written premiums driven by changes in the casualty reinsurance program. Retention rates remained strong in the third quarter of 2025 but decreased from the same period of 2024. Retention rates remained strong in the first nine months of 2025 and were comparable with the same period of 2024. Renewal premium changes in the third quarter and first nine months of 2025 remained positive but were lower than the same periods of 2024. New business premiums in the third quarter and first nine months of 2025 increased over the same periods of 2024.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

National Accounts. Net written premiums of $273 million and $914 million in the third quarter and first nine months of 2025, respectively, increased by 3% and 1%, respectively, over the same periods of 2024. Retention rates remained strong in the third quarter of 2025 and increased over the same period of 2024. Retention rates remained strong in the first nine months of 2025 but decreased slightly from the same period of 2024. Renewal premium changes in the third quarter and first nine months of 2025 remained positive but were lower than the same periods of 2024. New business premiums in the third quarter and first nine months of 2025 decreased from the same periods of 2024.


	Net Written Premiums
	Three Months Ended March 31,
(in millions)	2026		2025
Domestic:
Select Accounts	$	1,006	$	976
Middle Market	3,329		3,166
National Accounts	343		312
National Property and Other	691		720
Total Domestic	5,369		5,174
International	417		524
Total Business Insurance	$	5,786	$	5,698

~~National~~Gross ~~Property~~ and ~~Other. Net~~net written premiums ~~of $841 million~~ in the ~~third~~first quarter of ~~2025~~2026 ~~decreased~~increased by 61% ~~from~~and 2%, respectively, over the same period of ~~2024~~2025. ~~Net~~ ~~written~~Gross ~~premiums~~and ofnet ~~$2.45~~written ~~billion~~premiums in the first ~~nine~~quarter ~~months~~ of 2025 ~~were~~included ~~comparable~~$77 ~~with~~million ~~the~~and ~~same~~$67 ~~period~~million, ofrespectively, ~~2024.~~related ~~Retention~~to ~~rates remained strong in~~ the ~~third~~Canadian ~~quarter~~operations ~~and~~divested ~~first~~by ~~nine~~the ~~months~~Company ofin ~~2025 and increased over~~ the ~~same~~first ~~periods~~quarter of ~~2024~~2026. ~~Renewal~~Excluding ~~premium changes in~~ the ~~third~~impact ~~quarter and first nine months~~ of ~~2025 remained positive but were lower than~~ the ~~same~~sale, ~~periods~~gross ofand ~~2024.~~net ~~New~~written ~~business~~ premiums inincreased ~~the~~by ~~third~~2% ~~quarter~~ and ~~first~~3%, ~~nine~~respectively, ~~months~~over ~~of 2025 decreased from~~ the same ~~periods~~period of ~~2024~~2025.

~~International~~Select Accounts. Net written premiums of $~~409~~1.01 ~~million~~billion in the ~~third~~first quarter of ~~2025~~2026 ~~decreased~~increased by 73% ~~from~~over the same period of ~~2024~~2025. ~~Net~~Retention ~~written~~rates ~~premiums~~remained strong in the first quarter of $12026 and increased over the same period of 2025.47 ~~billion~~Renewal premium changes in the first ~~nine~~quarter ~~months~~of 2026 remained positive but were lower than the same period of 2025. ~~increased~~New bybusiness 1%premiums ~~over~~in the first quarter of 2026 decreased slightly from the same period of ~~2024~~2025.

Middle Market. Net written premiums of $3.33 billion in the first quarter of 2026 increased by 5% over the same period of 2025. Retention rates remained strong in the first quarter of 2026 and were comparable with the same period of 2025. Renewal premium changes in the first quarter of 2026 remained positive but were lower than the same period of 2025. New business premiums in the first quarter of 2026 increased over the same period of 2025.

National Accounts. Net written premiums of $343 million in the first quarter of 2026 increased by 10% over the same period of 2025. Retention rates remained strong in the first quarter of 2026 and were comparable with the same period of 2025. Renewal premium changes in the first quarter of 2026 remained positive but were lower than the same period of 2025. New business premiums in the first quarter of 2026 decreased from the same period of 2025.

National Property and Other. Net written premiums of $691 million in the first quarter of 2026 decreased by 4% from the same period of 2025. Retention rates remained strong in the first quarter of 2026 and were comparable with the same period of 2025. Renewal premium changes in the first quarter of 2026 were lower than the same period of 2025. New business premiums in the first quarter of 2026 increased over the same period of 2025.

International. Net written premiums of $417 million in the first quarter of 2026 decreased by 20% from the same period of 2025. Net written premiums in the first quarter of 2025 included $67 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased by 9% from the same period of 2025.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Bond & Specialty Insurance

Results of Bond & Specialty Insurance were as follows:

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(dollars in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues

Earned premiums

1,~~042~~018

~~1,009~~995

~~3,058~~

~~2,942~~

Net investment income

~~116~~113

~~101~~102

~~325~~

~~285~~

Other revenues

Total revenues

1,~~166~~136

1,~~117~~103

~~3,402~~

~~3,249~~

Total claims and expenses

~~855~~854

~~838~~826

~~2,508~~

~~2,516~~

Segment income before income taxes

~~311~~282

~~279~~277

~~894~~

~~733~~

Income tax expense

6128

~~180~~

~~146~~

Segment income

~~250~~254

~~222~~220

~~714~~

~~587~~

Loss and loss adjustment expense ratio

4243.90

43.42

~~42.2~~

~~45.2~~

Underwriting expense ratio

3840.73

39.13

~~39.3~~

~~39.7~~

Combined ratio

8183.63

82.5

~~81.5~~

~~84.9~~

Overview

Segment income in the ~~third~~first quarter of ~~2025~~2026 was $~~250~~254 million, $2834 million or 1315% higher than segment income of $~~222~~220 million in the same period of ~~2024~~2025. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) ~~higher~~lower ~~net~~catastrophe ~~investment~~losses ~~income,~~and (ii) higher net ~~favorable~~investment ~~prior~~income, ~~year~~partially ~~reserve~~offset ~~development,~~by (iii) ~~higher~~lower underlying underwriting margins. ~~and~~Catastrophe ~~(iv) lower catastrophe~~ losses. ~~Net favorable prior year reserve development~~ in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 ~~was~~were $438 million and $3619 million, respectively. ~~Catastrophe~~Net ~~losses~~favorable prior year reserve development in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 ~~were~~was $065 million and $467 million, respectively. The ~~higher~~lower underlying underwriting margins primarily reflected (i) higher ~~business~~general ~~volumes,~~and ~~partially~~administrative ~~offset~~expenses byand (ii) the impact of earned pricing, partially offset by (iii) higher business volumes. Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was ~~higher~~lower than in the same period of ~~2024~~2025, primarily reflecting a tax benefit related to the Canadian operations divested by the Company in the first quarter of 2026, partially offset by the impact of the increase in segment income before income taxes.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Segment income in the first nine months of 2025 was $714 million, $127 million or 22% higher than segment income of $587 million in the same period of 2024. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) higher net favorable prior year reserve development, (ii) higher net investment income and (iii) lower catastrophe losses, partially offset by (iv) lower underlying underwriting margins. Net favorable prior year reserve development in the first nine months of 2025 and 2024 was $191 million and $84 million, respectively. Catastrophe losses in the first nine months of 2025 and 2024 were $24 million and $49 million, respectively. The lower underlying underwriting margins primarily reflected (i) the impact of earned pricing and (ii) higher general and administrative expenses, partially offset by (iii) higher business volumes. Income tax expense in the first nine months of 2025 was higher than in the same period of 2024, primarily reflecting the impact of the increase in segment income before income taxes.

Revenues

Earned Premiums

Earned premiums in the ~~third~~first quarter of ~~2025~~2026 were $1.0402 billion, $3323 million or 32% higher than in the same period of ~~2024.~~2025, ~~Earned~~primarily ~~premiums~~reflecting increases in ~~the~~net ~~first~~written ~~nine~~premiums ~~months~~in ofprior ~~2025 were $3.06 billion~~quarters, ~~$116~~including ~~million~~the orimpact 4%of ~~higher~~longer ~~than~~duration insurety ~~the~~bonds ~~same~~and ~~period~~multi-year ofmanagement ~~2024~~liability policies. ~~The~~Earned ~~increases~~premiums in ~~both~~the ~~periods~~first quarter of 2025 ~~primarily~~included ~~reflected~~$14 ~~increases~~million inrelated ~~net~~to ~~written~~the ~~premiums~~Canadian inoperations ~~prior~~divested ~~quarters,~~by ~~including~~ the ~~impact~~Company ofin ~~longer~~the ~~duration~~first ~~surety~~quarter ~~bonds~~of ~~and multi-year management liability policies~~2026.

Net Investment Income

Net investment income in the ~~third~~first quarter of ~~2025~~2026 was $~~116~~113 million, $1511 million or 1511% higher than in the same period of ~~2024. Net investment income in the first nine months of~~ 2025 ~~was $325 million, $40 million or 14% higher than in the same period of 2024~~. Included in Bond & Specialty Insurance are certain legal entities whose invested assets and related net investment income are reported exclusively in this segment and not allocated among all business segments. Refer to the “Revenues—Net Investment Income” section of “Consolidated Results of Operations” herein for a discussion of the factors contributing to the ~~increases~~increase in the Company’s consolidated net investment income in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared with the same ~~periods~~period of ~~2024~~2025. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report for a discussion of the Company’s net investment income allocation methodology.

Claims and Expenses

Claims and Claim Adjustment Expense

Claims and claim adjustment expenses in the ~~third~~first quarter of ~~2025~~2026 were $~~451~~441 million, $107 million or 2% higher than in the same period of ~~2024~~2025, primarily reflecting the impacts of (i) ~~higher~~loss ~~business~~cost ~~volumes~~trends and (ii) ~~loss~~higher ~~cost~~business ~~trends~~volumes, partially offset by (iii) ~~higher~~lower ~~net~~catastrophe ~~favorable~~losses ~~prior year reserve development~~ and (iv) ~~lower~~the ~~catastrophe~~Canadian ~~losses~~operations divested by the Company in the first quarter of 2026.

Claims and claim adjustment expenses in the first nine months of 2025 were $1.30 billion, $39 million or 3% lower than in the same period of 2024, primarily reflecting the impacts of (i) higher net favorable prior year reserve development and (ii) lower catastrophe losses, partially offset by (iii) higher business volumes and (iv) loss cost trends.38

~~Factors~~THE ~~contributing~~TRAVELERS toCOMPANIES, INC. ~~net~~AND favorable prior year reserve development during the third quarters and first nine months of 2025 and 2024 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Factors contributing to net favorable prior year reserve development during the first quarters of 2026 and 2025 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the ~~third~~first quarter of ~~2025~~2026 was $~~197~~194 million, $37 million or 24% higher than in the same period of ~~2024. Amortization of deferred acquisition costs in the first nine months of~~ 2025 ~~was $579 million~~, ~~$20 million or 4% higher than in the same period of 2024. The increases in both periods of 2025 were~~ generally consistent with the ~~increases~~increase in earned premiums.

General and Administrative Expenses

General and administrative expenses in the ~~third~~first quarter of ~~2025~~2026 were $~~207~~219 million, $414 million or 27% higher than in the same period of ~~2024. General and administrative expenses in the first nine months of~~ 2025 ~~were $626 million~~, ~~$11~~primarily ~~million or 2% higher than~~ in ~~the~~support ~~same period~~ of ~~2024~~business growth.

Income Tax Expense

Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was $6128 million, $429 million or 751% ~~higher~~lower than in the same period of ~~2024~~2025, primarily reflecting ~~the~~a ~~impact~~tax ofbenefit ~~the~~related ~~$32~~to ~~million~~the ~~increase~~Canadian inoperations ~~segment~~divested ~~income~~by ~~before~~the ~~income~~Company ~~taxes. Income tax expense~~ in the first ~~nine~~quarter ~~months~~ of ~~2025 was $180 million~~2026, ~~$34~~partially ~~million~~offset orby ~~23% higher than in~~ the ~~same period of 2024, primarily reflecting the~~ impact of the $~~161~~5 million increase in segment income before income taxes.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Combined Ratio

The combined ratio of 8183.63% in the ~~third~~first quarter of ~~2025~~2026 was 0.98 points ~~lower~~higher than the combined ratio of 82.5% in the same period of ~~2024~~2025. The loss and loss adjustment expense ratio of 4243.90% in the ~~third~~first quarter of ~~2025~~2026 was 0.52 points lower than the loss and loss adjustment expense ratio of 43.42% in the same period of ~~2024~~2025. The underwriting expense ratio of 3840.73% in the ~~third~~first quarter of ~~2025~~2026 was 01.40 points ~~lower~~higher than the underwriting expense ratio of 39.13% in the same period of ~~2024~~2025.

Net favorable prior year reserve development in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 provided 46.24 points and 36.57 points of benefit, respectively, to the combined ratio. Catastrophe losses in the ~~third~~first ~~quarter~~quarters of ~~2025~~2026 ~~had~~and no2025 ~~impact on the combined ratio. Catastrophe losses in the third quarter of 2024~~ accounted for 0.48 and 1.9 points of the combined ratio. The underlying combined ratio in the ~~third~~first quarter of ~~2025~~2026 was 01.26 points higher than the ~~2024~~2025 ratio on the same basis, primarily reflecting a higher expense ratio.

The combined ratio of 81.5% in the first nine months of 2025 was 3.4 points lower than the combined ratio of 84.9% in the same period of 2024. The loss and loss adjustment expense ratio of 42.2% in the first nine months of 2025 was 3.0 points lower than the loss and loss adjustment expense ratio of 45.2% in the same period of 2024. The underwriting expense ratio of 39.3% in the first nine months of 2025 was 0.4 points lower than the underwriting expense ratio of 39.7% in the same period of 2024.

Net favorable prior year reserve development in the first nine months of 2025 and 2024 provided 6.2 points and 2.9 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first nine months of 2025 and 2024 accounted for 0.8 points and 1.7 points, respectively, of the combined ratio. The underlying combined ratio in the first nine months of 2025 was 0.8 points higher than the 2024 ratio on the same basis, primarily reflecting the impact of earned pricing.

Written Premiums

The Bond & Specialty Insurance segment’s gross and net written premiums were as follows:

Gross Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic:

Management Liability

~~679~~644

~~697~~615

~~1,947~~

~~1,965~~

Surety

~~349~~441

~~353~~391

~~1,091~~

~~1,040~~

Total Domestic

1,~~028~~085

1,~~050~~006

~~3,038~~

~~3,005~~

International

~~132~~126

~~115~~123

~~417~~

~~363~~

Total Bond & Specialty Insurance

1,~~160~~211

1,~~165~~129

~~3,455~~

~~3,368~~

Net Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic:

Management Liability

~~613~~572

~~617~~553

~~1,755~~

~~1,746~~

Surety

~~342~~381

~~344~~333

~~1,017~~

~~965~~

Total Domestic

~~955~~953

~~961~~886

~~2,772~~

~~2,711~~

International

~~125~~113

~~111~~113

~~392~~

~~344~~

Total Bond & Specialty Insurance

1,~~080~~066

~~1,072~~999

~~3,164~~

~~3,055~~

Gross written premiums in the third quarter of 2025 were comparable with the same period of 2024. Net written premiums in the third quarter of 2025 increased by 1% over the same period of 2024. Gross and net written premiums in the first nine months of 2025 increased by 3% and 4%, respectively, over the same period of 2024.39

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

~~Domestic. Net~~Gross and net written premiums ~~of $955 million~~ in the ~~third~~first quarter of ~~2025~~2026 ~~decreased~~both increased by 17% ~~from~~over the same period of ~~2024~~2025. ~~Net~~Gross and net written premiums ~~of $2.77 billion~~ in the first ~~nine~~quarter ~~months~~ of 2025 ~~increased~~included by$11 2%million ~~over~~and ~~the~~$10 ~~same period of 2024. Excluding the surety line of business~~million, ~~for which the following are not relevant measures~~respectively, ~~retention~~related ~~rates~~to ~~remained strong in~~ the ~~third~~Canadian ~~quarter~~operations ~~and~~divested ~~first~~by ~~nine months of 2025 but decreased from~~ the ~~same~~Company ~~periods of 2024. Renewal premium changes~~ in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026. ~~remained~~Excluding ~~positive and were higher than in~~ the ~~same~~impact ~~periods~~ of ~~2024. New business premiums in~~ the ~~third~~sale, ~~quarter~~gross and ~~first~~net ~~nine~~written ~~months~~premiums ofboth ~~2025~~increased ~~decreased~~by ~~from~~8% over the same ~~periods~~period of ~~2024~~2025.

~~International~~Domestic. Net written premiums of $~~125~~953 million ~~and $392 million~~ in the ~~third~~first quarter ~~and~~of ~~first~~2026 ~~nine~~increased ~~months~~by 8% over the same period of 2025,. ~~respectively,~~Excluding ~~increased~~the bysurety ~~13%~~line ~~and~~of ~~14%~~business, ~~respectively~~for which the following are not relevant measures, ~~over~~retention rates remained strong in the first quarter of 2026 but decreased from the same ~~periods~~period of ~~2024~~2025. ~~The~~Renewal ~~increases~~premium changes in ~~both~~the ~~periods~~first quarter of ~~2025~~2026 remained positive but were ~~primarily~~lower ~~driven~~than bythe ~~increases~~same period of 2025. New business premiums in the ~~United~~first ~~Kingdom~~quarter ~~and~~of ~~broader~~2026 ~~Europe~~decreased from the same period of 2025.

International. Net written premiums of $113 million in the first quarter of 2026 were comparable with the same period of 2025. Net written premiums in the first quarter of 2025 included $10 million related to the Canadian operations divested by the Company in the first quarter of 2026. Excluding the impact of the sale, net written premiums increased by 10% over the same period of 2025.

Personal Insurance

Results of Personal Insurance were as follows:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(dollars in millions)	~~2025~~2026			~~2024~~2025			~~2025~~			~~2024~~
Revenues
Earned premiums	$	4,~~393~~094		$	4,~~221~~250		$	~~12,998~~		$	~~12,329~~
Net investment income	~~190~~187			~~161~~172			~~535~~			~~467~~
Fee income	1310			1211			37			30
Other revenues	2932			24			76			72
Total revenues	4,~~625~~323			4,~~418~~457			~~13,646~~			~~12,898~~
Total claims and expenses	3,~~613~~441			34,~~943~~937			~~12,444~~			~~12,354~~
Segment income before income taxes	1,012			475			1,202			544
Segment income (loss) before income taxes	882			(480)
Income tax expense	205			91			235			93
Income tax expense (benefit)	178			(106)
Segment income	$	807		$	384		$	967		$	451
Segment income (loss)	$	704		$	(374)
Loss and loss adjustment expense ratio	5658.48		%	6791.70		%	~~70.3~~		%	~~74.5~~		%
Underwriting expense ratio	24.91			24.82			~~24.5~~			~~24.7~~
Combined ratio	8182.39		%	92115.52		%	~~94.8~~		%	~~99.2~~		%

Overview

Segment income in the ~~third~~first quarter of ~~2025~~2026 was $~~807~~704 million, ~~$423~~compared ~~million~~with ora ~~110% higher than~~ segment ~~income~~loss of $~~384~~374 million in the same period of ~~2024~~2025. The increase in segment income before income taxes was driven by the pre-tax impacts of (i) lower catastrophe losses, (ii) higher underlying underwriting margins and (iii) higher net investment income, partially offset by (iv) lower net favorable prior year reserve development. Catastrophe losses in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 were $~~263~~374 million and $~~595~~1.74 ~~million~~billion, respectively. Net favorable prior year reserve development in the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 was $~~104~~186 million and $~~181~~237 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) ~~lower~~the ~~losses~~benefit of earned pricing in the ~~automobile~~homeowners and other product line, (ii) ~~the~~lower ~~benefit~~non-catastrophe ofweather-related ~~earned~~losses ~~pricing~~ in the homeowners and other product line, and (iii) ~~higher~~lower ~~business~~losses ~~volumes~~in ~~and~~the automobile product line, partially offset by (iv) ~~lower~~the ~~non-catastrophe~~impact ~~weather-related~~of ~~losses~~earned pricing in the ~~homeowners~~automobile ~~and other~~ product line. ~~Income~~The segment recorded income tax expense in the ~~third~~first quarter of ~~2025~~2026 ~~was~~compared ~~higher~~with ~~than~~an income tax benefit in the same period of ~~2024,~~2025. The change primarily ~~reflecting~~reflected the impact of the increase in segment income before income taxes.

Segment income in the first nine months of 2025 was $967 million, $516 million or 114% higher than segment income of $451 million in the same period of 2024. The increase in segment income before income taxes was driven by the pre-tax impacts of (i) higher underlying underwriting margins, (ii) higher net favorable prior year reserve development and (iii) higher net investment income, partially offset by (iv) higher catastrophe losses. Catastrophe losses in the first nine months of 2025 and 2024 were $2.56 billion and $2.17 billion, respectively. Net favorable prior year reserve development in the first nine months of 2025 and 2024 was $496 million and $420 million, respectively. The higher underlying underwriting margins primarily reflected the impacts of (i) the benefit of earned pricing, (ii) lower losses in the automobile product line, (iii) higher business volumes and (iv) lower non-catastrophe weather-related and non-weather losses in the homeowners and other product line. Income tax expense in the first nine months of 2025 was higher than in the same period of 2024, primarily reflecting the impact of the increase in segment income before income taxes.40

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Revenues

Earned Premiums

Earned premiums in the ~~third~~first quarter of ~~2025~~2026 were $4.3909 billion, $~~172~~156 million or 4% ~~higher~~lower than in the same period of ~~2024~~2025. Earned premiums in the first ~~nine~~quarter ~~months~~ of 2025 ~~were~~included $~~13.00~~165 ~~billion, $669~~ million orrelated 5%to ~~higher than in~~ the ~~same~~Canadian ~~period~~operations ofdivested ~~2024.~~by ~~The increases in both periods of 2025 primarily reflected~~ the ~~increase~~Company in ~~net written premiums over~~ the ~~preceding~~first ~~twelve~~quarter ~~months~~of 2026.

Net Investment Income

Net investment income in the ~~third~~first quarter of ~~2025~~2026 was $~~190~~187 million, $2915 million or 189% higher than in the same period of ~~2024. Net investment income in the first nine months of~~ 2025 ~~was $535 million, $68 million or 15% higher than in the same period of 2024~~. Refer to the “Revenues—Net Investment Income” section of the “Consolidated Results of Operations” discussion herein for a description of the factors contributing to the ~~increases~~increase in the Company’s consolidated net investment income in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared with the same ~~periods~~period of ~~2024~~2025. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report for a discussion of the Company’s net investment income allocation methodology.

Other Revenues

Other revenues in the ~~third~~first quarters ~~and first nine months~~ of ~~2025~~2026 and ~~2024~~2025 primarily consisted of installment premium charges.

Claims and Expenses

Claims and Claim Adjustment Expenses

Claims and claim adjustment expenses in the ~~third~~first quarter of ~~2025~~2026 were $2.4841 billion, $~~381~~1.46 ~~million~~billion or 1338% lower than in the same period of ~~2024~~2025, primarily reflecting the impacts of (i) lower catastrophe losses, and (ii) ~~lower losses in~~ the ~~automobile~~Canadian ~~product~~operations ~~line~~divested ~~and~~by ~~(iii)~~the ~~lower~~Company ~~non-catastrophe weather-related losses~~ in the ~~homeowners~~first ~~and~~quarter ~~other~~of ~~product line~~2026, partially offset by (iviii) loss cost trends and (viv) lower net favorable prior year reserve development.

~~Claims~~Factors ~~and~~contributing ~~claim~~to ~~adjustment~~net ~~expenses~~favorable inprior ~~the~~year ~~first~~reserve ~~nine~~development ~~months~~during ofthe ~~2025~~first ~~were~~quarters ~~$9.13~~of ~~billion,~~2026 ~~$53~~and ~~million~~2025 orare 1%discussed ~~lower than~~ in ~~the~~more ~~same~~detail ~~period~~in ofnote ~~2024,~~7 ~~primarily reflecting the impacts~~ of ~~(i) lower losses in~~ the ~~automobile~~notes ~~product~~to ~~line, (ii) lower non-catastrophe weather-related and non-weather losses in~~ the ~~homeowners~~unaudited ~~and~~consolidated ~~other~~financial ~~product line and (iii) higher net favorable prior year reserve development, partially offset by (iv) higher catastrophe losses and (v) loss cost trends~~statements.

Factors contributing to net favorable prior year reserve development during the third quarters and first nine months of 2025 and 2024 are discussed in more detail in note 7 of the notes to the unaudited consolidated financial statements.

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the ~~third~~first quarter of ~~2025~~2026 was $~~679~~634 million, $1340 million or 26% ~~higher~~lower than in the same period of ~~2024. Amortization of deferred acquisition costs in the first nine months of~~ 2025 ~~was $2.02 billion~~, ~~$64 million or 3% higher than in the same period of 2024. The increases in both periods of 2025 were~~ generally consistent with the ~~increases~~decrease in earned premiums.

General and Administrative Expenses

General and administrative expenses in the ~~third~~first quarter of ~~2025~~2026 were $~~458~~397 million, $~~38 million or 9% higher than in the same period of 2024. General and administrative expenses in the first nine months of 2025 were $~~1~~.30~~ ~~billion, $79~~ million ~~or 6%~~ higher than in the same period of ~~2024. The increases in both periods of~~ 2025 ~~primarily reflected higher contingent commissions~~.

Income Tax Expense (Benefit)

Income tax expense in the ~~third~~first quarter of ~~2025~~2026 was $~~205~~178 million, ~~$114~~compared ~~million~~with oran ~~125% higher than in the same period of 2024, primarily reflecting the impact of the $537 million increase in segment~~ income ~~before income taxes. Income~~ tax ~~expense~~benefit ~~in the first nine months~~ of ~~2025 was~~ $~~235~~106 million, ~~$142 million or 153% higher than~~ in the same period of ~~2024~~2025, primarily reflecting the impact of the $~~658~~1.36 ~~million~~billion increase in segment income before income taxes.

48Combined Ratio

The combined ratio of 82.9% in the first quarter of 2026 was 32.3 points lower than the combined ratio of 115.2% in the same period of 2025. The loss and loss adjustment expense ratio of 58.8% in the first quarter of 2026 was 32.2 points lower than the loss and loss adjustment expense ratio of 91.0% in the same period of 2025. The underwriting expense ratio of 24.1% in the first quarter of 2026 was 0.1 points lower than the underwriting expense ratio of 24.2% in the same period of 2025.

Catastrophe losses in the first quarters of 2026 and 2025 accounted for 9.1 points and 40.9 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first quarters of 2026 and 2025 provided 4.5 points and 5.6 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first quarter of 2026 was 1.6 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) the benefit of earned pricing in the homeowners and other product line, (ii) lower non-catastrophe weather-related losses in the homeowners and other product line and (iii) lower losses in the automobile product line, partially offset by (iv) the impact of earned pricing in the automobile product line.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Combined Ratio

The combined ratio of 81.3% in the third quarter of 2025 was 11.2 points lower than the combined ratio of 92.5% in the same period of 2024. The loss and loss adjustment expense ratio of 56.4% in the third quarter of 2025 was 11.3 points lower than the loss and loss adjustment expense ratio of 67.7% in the same period of 2024. The underwriting expense ratio of 24.9% in the third quarter of 2025 was 0.1 points higher than the underwriting expense ratio of 24.8% in the same period of 2024.

Catastrophe losses in the third quarters of 2025 and 2024 accounted for 6.0 points and 14.1 points, respectively, of the combined ratio. Net favorable prior year reserve development in the third quarters of 2025 and 2024 provided 2.4 points and 4.3 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the third quarter of 2025 was 5.0 points lower than the 2024 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line, (ii) the benefit of earned pricing in the homeowners and other product line and (iii) lower non-catastrophe weather-related losses in the homeowners and other product line.

The combined ratio of 94.8% in the first nine months of 2025 was 4.4 points lower than the combined ratio of 99.2% in the same period of 2024. The loss and loss adjustment expense ratio of 70.3% in the first nine months of 2025 was 4.2 points lower than the loss and loss adjustment expense ratio of 74.5% in the same period of 2024. The underwriting expense ratio of 24.5% in the first nine months of 2025 was 0.2 points lower than the underwriting expense ratio of 24.7% in same period of 2024.

Catastrophe losses in the first nine months of 2025 and 2024 accounted for 19.7 points and 17.6 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first nine months of 2025 and 2024 provided 3.8 points and 3.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first nine months of 2025 was 6.1 points lower than the 2024 ratio on the same basis, primarily reflecting the impacts of (i) the benefit of earned pricing, (ii) lower losses in the automobile product line and (iii) lower non-catastrophe weather-related and non-weather losses in the homeowners and other product line.

Written Premiums

Personal Insurance’s gross and net written premiums were as follows:

Gross Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic:

Automobile

21,~~070~~767

21,~~143~~867

~~5,910~~

~~6,016~~

Homeowners and Other

21,~~599~~981

2,~~476~~004

~~7,146~~

~~6,676~~

Total Domestic

43,~~669~~748

43,~~619~~871

~~13,056~~

~~12,692~~

International

~~179~~—

~~192~~150

~~513~~

~~539~~

Total Personal Insurance

43,~~848~~748

4,~~811~~021

~~13,569~~

~~13,231~~

Net Written Premiums

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic:

Automobile

21,~~062~~756

21,~~138~~859

~~5,889~~

~~5,998~~

Homeowners and Other

21,~~489~~730

21,~~410~~813

~~6,822~~

~~6,392~~

Total Domestic

43,~~551~~486

43,~~548~~672

~~12,711~~

~~12,390~~

International

~~167~~—

~~180~~146

~~491~~

~~517~~

Total Personal Insurance

43,~~718~~486

43,~~728~~818

~~13,202~~

~~12,907~~

Gross and net written premiums in the ~~third~~first quarter of ~~2025~~2026 ~~increased~~decreased by 17% ~~over~~and 9%, respectively, from the same period of ~~2024~~2025. ~~Net~~Gross and net written premiums in the ~~third~~first quarter of 2025 ~~were~~included ~~comparable~~$150 ~~with~~million ~~the~~and ~~same~~$146 ~~period~~million, ofrespectively, ~~2024.~~related ~~Gross~~to ~~and~~the ~~net~~Canadian ~~written~~operations ~~premiums~~divested by the Company in the first ~~nine~~quarter ~~months~~of 2026. Excluding the impact of ~~2025~~the ~~increased~~sale, gross and net written premiums decreased by 3% and 25%, respectively, ~~over~~from the same period of ~~2024~~2025.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Domestic

Automobile net written premiums of $21.0676 billion ~~and $5.89 billion~~ in the ~~third~~first quarter ~~and first nine months~~ of ~~2025,~~2026 ~~respectively,~~ decreased by 46% ~~and 2%, respectively,~~ from the same ~~periods~~period of ~~2024~~2025. Retention rates remained strong in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 and increased ~~slightly~~ over the same ~~periods~~period of ~~2024~~2025. Renewal premium changes in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 remained positive but were lower than in the same ~~periods~~period of ~~2024~~2025. New business premiums in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 increased over the same ~~periods~~period of ~~2024~~2025.

Homeowners and Other net written premiums of $21.4973 billion ~~and $6.82 billion~~ in the ~~third~~first quarter ~~and first nine months~~ of ~~2025,~~2026 ~~respectively,~~decreased ~~increased~~ by 35% ~~and~~from ~~7%, respectively, over~~ the same ~~periods~~period of ~~2024~~2025. Retention rates remained strong in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 ~~but~~and ~~decreased~~increased ~~slightly~~over ~~from~~ the same ~~periods~~period of ~~2024~~2025. Renewal premium changes in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 remained positive ~~and~~but were ~~higher~~lower than in the same ~~periods~~period of ~~2024~~2025. New business premiums in the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 ~~decreased~~increased ~~from~~slightly over the same ~~periods~~period of ~~2024~~2025.

For its Domestic business, Personal Insurance had approximately 8.53 million and 8.87 million active policies at ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively.

International

~~International~~Personal ~~net~~Insurance ~~written~~had ~~premiums~~approximately of412,000 ~~$167~~active ~~million~~policies inas ~~the~~of ~~third~~March ~~quarter~~31, of 2025 ~~decreased~~for ~~by 7% from~~ the ~~same~~Canadian ~~period~~operations ofdivested ~~2024, driven~~ by ~~decreases in~~ the ~~homeowners~~Company ~~and other and automobile product lines. International net written premiums of $491 million~~ in the first ~~nine~~quarter ~~months~~ of ~~2025 decreased by 5% from the same period of 2024, driven by decreases in the automobile product line~~2026.

~~For its International business, Personal Insurance had approximately 365,000 and 432,000 active policies at September 30, 2025 and 2024, respectively.~~42

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Interest Expense and Other

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Income (loss)

(97101)

(86)

~~(270)~~

~~(257)~~

The Income (loss) for Interest Expense and Other for the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 was $(97101) million and $(86) million, respectively. Pre-tax interest expense for the ~~third~~first quarters of ~~2025~~2026 and ~~2024~~2025 was $~~111~~116 million and $9899 million, respectively. After-tax interest expense for the ~~third~~first quarters of ~~2025~~2026 and ~~2024 was $88 million and $77 million, respectively. The Income (loss) for Interest Expense and Other in the first nine months of~~ 2025 ~~and 2024~~ was $~~(270)~~92 million and $~~(257)~~78 million, respectively. Pre-tax interest expense in the first nine months of 2025 and 2024 was $309 million and $294 million, respectively. After-tax interest expense in the first nine months of 2025 and 2024 was $244 million and $232 million, respectively.

ASBESTOS CLAIMS AND LITIGATION

The Company believes that the property and casualty insurance industry has suffered from court decisions and other trends that have expanded insurance coverage for asbestos claims far beyond the original intent of insurers and policyholders. The Company has received and continues to receive a significant number of asbestos claims. Factors underlying these claim filings include continued intensive advertising by lawyers seeking asbestos claimants and the focus by plaintiffs on defendants, such as manufacturers of talcum powder, who were not traditionally sued and/or primary targets of asbestos litigation. Many defendants have also been subject to increased settlement demands, in part due to the bankruptcy of many traditional primary targets of asbestos litigation. Currently, in many jurisdictions, those who allege very serious injury and who can present credible medical evidence of their injuries are receiving priority trial settings in the courts, while those who have not shown any credible disease manifestation are having their hearing dates delayed or placed on an inactive docket. Prioritizing claims involving credible evidence of injuries, along with the focus on defendants who were not traditionally primary targets of asbestos litigation, contributes to the claims and claim adjustment expense payment patterns experienced by the Company. The Company’s asbestos-related claims and claim adjustment expense experience also has been impacted by the unavailability of other insurance sources potentially available to policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers.

50The Company continues to be involved in disputes, including litigation, with a number of policyholders, some of whom are in bankruptcy, over coverage for asbestos-related claims. Many coverage disputes with policyholders are only resolved through settlement agreements. Because many policyholders make exaggerated demands, it is difficult to predict the outcome of settlement negotiations. Settlements involving bankrupt policyholders may include extensive releases which are favorable to the Company, but which could result in settlements for larger amounts than originally anticipated. Although the Company has seen a reduction in the overall risk associated with these disputes, it remains difficult to predict the ultimate cost of these claims. As in the past, the Company will continue to pursue settlement opportunities.

In addition to claims against policyholders, proceedings have been launched directly against insurers, including the Company, by individuals challenging insurers’ conduct with respect to the handling of past asbestos claims and by individuals seeking damages arising from alleged asbestos-related bodily injuries. While the number of direct actions has decreased significantly over time, it is possible that other direct actions against insurers, including the Company, could be filed in the future. It is difficult to predict the outcome of these proceedings, including whether the plaintiffs would be able to sustain these actions against insurers based on novel legal theories of liability. The Company believes it has meritorious defenses to any such claims and has received favorable rulings in certain jurisdictions.

Because each policyholder presents different liability and coverage issues, the Company generally conducts an in-depth asbestos claim review on an annual basis, including a review of domestic policyholders with open claims and litigation cases for potential product and “non-product” liability. Policyholders are identified for this review based upon, among other factors: a combination of past payments and current case reserves in excess of a specified threshold (currently $100,000), perceived level of exposure, number of reported claims, products/completed operations and potential “non-product” exposures, size of policyholder and geographic distribution of products or services sold by the policyholder.

Among the factors the Company may consider in the course of this review are: available insurance coverage, including the role of any umbrella or excess insurance the Company has issued to the policyholder; limits and deductibles; an analysis of the policyholder’s potential liability, including as a result of the bankruptcy of other defendants; the jurisdictions involved, including any trends, judicial rulings or legislative actions in those jurisdictions; past and anticipated future claim activity and loss development on pending claims; past settlement values of similar claims; allocated claim adjustment expense; the potential role of other insurance; the role, if any, of non-asbestos claims or potential non-asbestos claims in any resolution process; and

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

~~The~~applicable ~~Company~~coverage ~~continues~~defenses toor bedeterminations, ~~involved~~if ~~in disputes~~any, including ~~litigation,~~the ~~with~~determination aas ~~number~~to ofwhether ~~policyholders,~~or ~~some~~not ofan ~~whom are in bankruptcy, over coverage for~~ asbestos~~-related~~ ~~claims.~~claim ~~Many coverage disputes with policyholders are only resolved through settlement agreements. Because many policyholders make exaggerated demands, it~~ is ~~difficult~~a toproducts/completed ~~predict~~operation ~~the~~claim ~~outcome~~subject ~~of settlement negotiations. Settlements involving bankrupt policyholders may include extensive releases which are favorable~~ to ~~the~~an ~~Company,~~aggregate ~~but~~limit ~~which~~and ~~could result in settlements for larger amounts than originally anticipated. Although~~ the ~~Company~~available ~~has seen a reduction in the overall risk associated with these disputes~~coverage, itif ~~remains difficult to predict the ultimate cost of these claims. As in the past~~any, ~~the~~for ~~Company~~that ~~will continue to pursue settlement opportunities~~claim.

In addition to claims against policyholders, proceedings have been launched directly against insurers, including the Company, by individuals challenging insurers’ conduct with respect to the handling of past asbestos claims and by individuals seeking damages arising from alleged asbestos-related bodily injuries. It is possible that other direct actions against insurers, including the Company, could be filed in the future. It is difficult to predict the outcome of these proceedings, including whether the plaintiffs would be able to sustain these actions against insurers based on novel legal theories of liability. The Company believes it has meritorious defenses to any such claims and has received favorable rulings in certain jurisdictions.

Because each policyholder presents different liability and coverage issues, the Company generally reviews the exposure presented by each policyholder with open claims at least annually. Among the factors the Company may consider in the course of this review are: available insurance coverage, including the role of any umbrella or excess insurance the Company has issued to the policyholder; limits and deductibles; an analysis of the policyholder’s potential liability, including as a result of the bankruptcy of other defendants; the jurisdictions involved, including any trends, judicial rulings or legislative actions in those jurisdictions; past and anticipated future claim activity and loss development on pending claims; past settlement values of similar claims; allocated claim adjustment expense; the potential role of other insurance; the role, if any, of non-asbestos claims or potential non-asbestos claims in any resolution process; and applicable coverage defenses or determinations, if any, including the determination as to whether or not an asbestos claim is a products/completed operation claim subject to an aggregate limit and the available coverage, if any, for that claim.

The Company also reviews its asbestos reserves quarterly. These reviews include, as appropriate, an analysis of exposure and claim payment patterns by policyholder, as well as recent settlements, policyholder bankruptcies, judicial rulings and legislative actions. The Company also analyzes developing payment patterns among policyholders and the assumed reinsurance component of reserves, as well as projected reinsurance billings and recoveries. In addition, the Company reviews its historical gross and net loss and expense paid experience, year-by-year, to assess any emerging trends, fluctuations, or characteristics suggested by the aggregate paid activity. Conventional actuarial methods are not utilized to establish asbestos reserves, and the Company’s evaluations have not resulted in a reliable method to determine a meaningful average asbestos defense or indemnity payment.

During the third quarter of 2025, the Company completed its annual in-depth asbestos claim review, including a review of policyholders with open claims and litigation cases for potential product and “non-product” liability. While the latest available government data continue to reflect a declining trend in deaths caused by mesothelioma, the number of policyholders with open asbestos claims was relatively flat compared to 2024. Net asbestos payments were down compared to 2024, as described below. Payments on behalf of these policyholders continue to be influenced by the factors described above, including an increase in severity for certain policyholders and a high level of litigation activity in a limited number of jurisdictions where individuals alleging serious asbestos-related injury, primarily mesothelioma, continue to target defendants who were not traditionally sued and/or primary targets of asbestos litigation. The completion of the analyses described above and the annual review in the third quarters of 2025 and 2024 resulted in $277 million and $242 million increases, respectively, to the Company’s net asbestos reserves. In both 2025 and 2024, the reserve increases were primarily driven by increases in the Company’s estimate of projected settlement and defense costs related to a broad number of policyholders. The increase in the estimate of projected settlement and defense costs primarily resulted from payment trends that continue to be higher than previously anticipated due to the continued high level of mesothelioma claim filings and the impact of the current litigation environment surrounding those claims discussed above.

Over the past decade, the property and casualty insurance industry, including the Company, has experienced net unfavorable prior year reserve development with regard to asbestos reserves, but the Company believes that over that period there has been a reduction in the volatility associated with the Company’s overall asbestos exposure as the overall asbestos environment has evolved from one dominated by exposure to significant litigation risks, particularly coverage disputes relating to policyholders in bankruptcy who were asserting that their claims were not subject to the aggregate limits contained in their policies, to an environment primarily driven by a frequency of litigation related to individuals with mesothelioma. The Company’s overall view of the current underlying asbestos environment is essentially unchanged from recent periods, and there remains a high degree of uncertainty with respect to future exposure to asbestos claims.

51Net asbestos paid loss and loss adjustment expenses in the first three months of 2026 and 2025 were $62 million and $59 million, respectively. Net asbestos reserves were $1.29 billion and $1.28 billion as of March 31, 2026 and 2025, respectively.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Net asbestos paid loss and loss adjustment expenses in the first nine months of 2025 and 2024 were $171 million and $201 million, respectively. Net asbestos reserves were $1.45 billion and $1.42 billion as of September 30, 2025 and 2024, respectively.

The following table displays activity for asbestos losses and loss adjustment expenses and reserves:

(as of and for the nine months ended September 30, in millions)

2025

2024

(as of and for the three months ended March 31, in millions)

2026

2025

Beginning reserves:

Gross

1,~~708~~700

1,~~768~~708

Ceded

(~~370~~345)

(~~390~~370)

Net

1,~~338~~355

1,~~378~~338

Incurred losses and loss adjustment expenses:

Gross

~~327~~—

~~279~~—

Ceded

~~(50)~~—

~~(37)~~—

Net

~~277~~—

~~242~~—

Paid loss and loss adjustment expenses:

Gross

~~239~~77

~~233~~72

Ceded

(6815)

(3213)

Net

~~171~~62

~~201~~59

Foreign exchange and other:

Gross

2—

1—

Ceded

—

Net

2—

1—

Ending reserves:

Gross

1,~~798~~623

1,~~815~~636

Ceded

(~~352~~330)

(~~395~~357)

Net

1,~~446~~293

1,~~420~~279

UNCERTAINTY REGARDING ADEQUACY OF ASBESTOS RESERVES

As a result of the processes and procedures discussed above, management believes that the reserves carried for asbestos claims are appropriately established based upon known facts, current law and management’s judgment. However, the uncertainties surrounding the final resolution of these claims continue, and it is difficult to determine the ultimate exposure for asbestos ~~claims and related litigation. As a result, these reserves are subject to revision as new information becomes available and as claims develop. The continuing uncertainties include, without limitation:~~

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

claims and related litigation. As a result, these reserves are subject to revision as new information becomes available and as claims develop. The continuing uncertainties include, without limitation:

•the risks and lack of predictability inherent in complex litigation;

•a further increase in the cost to resolve, and/or the number of, asbestos claims beyond that which is anticipated;

•the emergence of a greater number of asbestos claims than anticipated as a result of extended life expectancies resulting from medical advances and lifestyle improvements;

•the role of any umbrella or excess policies we have issued;

•the resolution or adjudication of disputes concerning coverage for asbestos claims in a manner inconsistent with our previous assessment of these disputes;

•the number and outcome of direct actions against us;

•future developments pertaining to our ability to recover reinsurance for asbestos claims;

•any impact on asbestos defendants we insure due to the bankruptcy of other asbestos defendants;

•the unavailability of other insurance sources potentially available to policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers; and

•uncertainties arising from the insolvency or bankruptcy of policyholders.

Changes in the legal, regulatory and legislative environment may impact the future resolution of asbestos claims and result in adverse loss reserve development. The emergence of a greater number of asbestos claims beyond that which is anticipated may result in adverse loss reserve development. Changes in applicable legislation and future court and regulatory decisions and interpretations, including the outcome of legal challenges to legislative and/or judicial reforms establishing medical criteria for the pursuit of asbestos claims, could affect the settlement of asbestos claims. It is also difficult to predict the ultimate outcome of complex coverage disputes until settlement negotiations near completion and significant legal questions are resolved or, failing settlement, until the dispute is adjudicated. This is particularly the case with policyholders in bankruptcy where negotiations often involve a large number of claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos reserves, the Company continues to study the implications of these and other developments.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

interpretations, including the outcome of legal challenges to legislative and/or judicial reforms establishing medical criteria for the pursuit of asbestos claims, could affect the settlement of asbestos claims. It is also difficult to predict the ultimate outcome of complex coverage disputes until settlement negotiations near completion and significant legal questions are resolved or, failing settlement, until the dispute is adjudicated. This is particularly the case with policyholders in bankruptcy where negotiations often involve a large number of claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos reserves, the Company continues to study the implications of these and other developments.

Because of the uncertainties set forth above, additional liabilities may arise for amounts in excess of the Company’s current reserves. In addition, the Company’s estimate of claims and claim adjustment expenses may change. These additional liabilities or increases in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s operating results in future periods.

INVESTMENT PORTFOLIO

The Company’s invested assets as of ~~September~~March 3031, ~~2025~~2026 were $~~103~~102.6898 billion, of which 9495% was invested in fixed maturity and short-term investments, 10% in equity securities, 1% in real estate investments and 4% in other investments. Because the primary purpose of the investment portfolio is to fund future claims payments, the Company employs a thoughtful investment philosophy that focuses on appropriate risk-adjusted returns. A significant majority of funds available for investment are deployed in a widely diversified portfolio of high quality, liquid, taxable U.S. government, tax-exempt and taxable U.S. municipal and taxable corporate and U.S. agency mortgage-backed bonds.

The carrying value of the Company’s fixed maturity portfolio as of ~~September~~March 3031, ~~2025~~2026 was $9190.1174 billion. The Company closely monitors the duration of its fixed maturity investments, and investment purchases and sales are executed with the objective of having adequate funds available to satisfy the Company’s insurance and debt obligations. The weighted average credit quality of the Company’s fixed maturity portfolio was “~~Aa2” as of both September 30, 2025 and December 31, 2024. The weighted average credit quality of the Company’s fixed maturity portfolio, excluding U.S. Treasury securities, was “~~Aa3” and “Aa2” as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively. Below investment grade securities represented 1.2% of the total fixed maturity investment portfolio as of both ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025. The weighted average effective duration of fixed maturities and short-term securities was 4.69 (45.93 excluding short-term securities) as of ~~September~~March 3031, ~~2025~~2026 and 4.37 (4.5.0 excluding short-term securities) as of December 31, ~~2024~~2025.

~~Obligations of U.S. States, Municipalities and Political Subdivisions~~45

The Company’s fixed maturity investment portfolio as of September 30, 2025 and December 31, 2024 included $30.30 billion and $27.19 billion, respectively, of securities which are obligations of U.S. states, municipalities and political subdivisions (collectively referred to as the municipal bond portfolio). The municipal bond portfolio is diversified across the United States, the District of Columbia and Puerto Rico and includes general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers. Included in the municipal bond portfolio as of September 30, 2025 and December 31, 2024 were $326 million and $572 million, respectively, of pre-refunded bonds, which are bonds for which U.S. states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds. The irrevocable trusts are verified as to their sufficiency by an independent verification agent of the underwriter, issuer or trustee. All of the Company’s holdings of securities issued by Puerto Rico and related entities have either been pre-refunded and therefore are defeased by U.S. Treasury securities or have FHA guarantees subject to federal appropriation.

The Company bases its investment decision on the underlying credit characteristics of the municipal security. The weighted average credit rating of the municipal bond portfolio was “Aaa/Aa1” as of both September 30, 2025 and December 31, 2024.

Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through Securities

The Company’s fixed maturity investment portfolio as of September 30, 2025 and December 31, 2024 included $13.36 billion and $12.61 billion, respectively, of residential mortgage-backed securities, including pass-through securities and collateralized mortgage obligations (CMOs), all of which are subject to prepayment risk (either shortening or lengthening of duration). While prepayment risk for securities and its effect on income cannot be fully controlled, particularly when interest rates move dramatically, the Company’s investment strategy generally favors securities that reduce this risk within expected interest rate ranges. Included in the totals as of September 30, 2025 and December 31, 2024 were $10.33 billion and $9.93 billion, respectively, of GNMA, FNMA, FHLMC (excluding FHA project loans) and Canadian government guaranteed residential mortgage-backed pass-through securities classified as available for sale. Also included in those totals were residential CMOs

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

~~classified~~Obligations ~~as available for sale with a fair value~~ of $3U.~~03 billion and $2~~S.68 ~~billion as of September 30~~States, ~~2025~~Municipalities and ~~December 31,~~Political 2024, respectively. Approximately 44% and 43% of the Company’s CMO holdings as of September 30, 2025 and December 31, 2024, respectively, were guaranteed by or fully collateralized by securities issued by GNMA, FNMA or FHLMC. The weighted average credit rating of the $1.68 billion and $1.53 billion of non-guaranteed CMO holdings was “Aaa” as of both September 30, 2025 and December 31, 2024. The weighted average credit rating of all of the above securities was “Aa1” and “Aaa/Aa1” as of September 30, 2025 and December 31, 2024, respectively. For further discussion regarding the Company’s investments in residential CMOs, see “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Investment Portfolio” in the Company’s 2024 Annual Report.Subdivisions

The Company’s fixed maturity investment portfolio as of March 31, 2026 and December 31, 2025 included $31.98 billion and $31.38 billion, respectively, of securities which are obligations of U.S. states, municipalities and political subdivisions (collectively referred to as the municipal bond portfolio). The municipal bond portfolio is diversified across the United States, the District of Columbia and Puerto Rico and includes general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers. Included in the municipal bond portfolio as of March 31, 2026 and December 31, 2025 were $369 million and $416 million, respectively, of pre-refunded bonds, which are bonds for which U.S. states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds. The irrevocable trusts are verified as to their sufficiency by an independent verification agent of the underwriter, issuer or trustee. All of the Company’s holdings of securities issued by Puerto Rico and related entities have either been pre-refunded and therefore are defeased by U.S. Treasury securities or have FHA guarantees subject to federal appropriation.

Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through Securities

The Company’s fixed maturity investment portfolio as of March 31, 2026 and December 31, 2025 included $12.85 billion and $13.23 billion, respectively, of residential mortgage-backed securities, including pass-through securities and collateralized mortgage obligations (CMOs), all of which are subject to prepayment risk (either shortening or lengthening of duration). While prepayment risk for securities and its effect on income cannot be fully controlled, particularly when interest rates move dramatically, the Company’s investment strategy generally favors securities that reduce this risk within expected interest rate ranges. Included in the totals as of March 31, 2026 and December 31, 2025 were $9.96 billion and $10.24 billion, respectively, of GNMA, FNMA, FHLMC (excluding FHA project loans) and Canadian government guaranteed residential mortgage-backed pass-through securities classified as available for sale. Also included in those totals were residential CMOs classified as available for sale with a fair value of $2.89 billion and $2.99 billion as of March 31, 2026 and December 31, 2025, respectively. Approximately 45% of the Company’s CMO holdings as of both March 31, 2026 and December 31, 2025, were guaranteed by or fully collateralized by securities issued by GNMA, FNMA or FHLMC. The weighted average credit rating of the $1.59 billion and $1.64 billion of non-guaranteed CMO holdings was “Aaa” as of both March 31, 2026 and December 31, 2025. The weighted average credit rating of all of the above securities was “Aa1” as of both March 31, 2026 and December 31, 2025. For further discussion regarding the Company’s investments in residential CMOs, see “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Investment Portfolio” in the Company’s 2025 Annual Report.

Equity Securities, Real Estate and Short-Term Investments

See note 1 of the notes to the consolidated financial statements in the Company’s ~~2024~~2025 Annual Report for further information about these invested asset classes.

Other Investments

The Company also invests in private equity, hedge fund and real estate partnerships, and joint ventures. These asset classes have historically provided a higher return than investments in fixed maturities but are subject to more volatility. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the carrying value of the Company’s other investments was $4.1909 billion and $4.2012 billion, respectively.

Investments in private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.

CATASTROPHE REINSURANCE COVERAGE

The Company’s normal renewals and changes to its catastrophe reinsurance coverage occur in January and July each year. The changes effective in January are discussed in the “Catastrophe Reinsurance” section of “Part I—Item 1—Business” in the Company’s 2024 Annual Report, and changes effective in July are discussed in the “Catastrophe Reinsurance Coverage” section of “Part I—Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

The Company regularly reviews its catastrophe reinsurance coverage and may adjust such coverage in the future.

REINSURANCE RECOVERABLES

The Company reinsures a portion of the risks it underwrites in order to control its exposure to losses. For a description of the Company’s reinsurance recoverables, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Reinsurance Recoverables” in the Company’s ~~2024~~2025 Annual Report.

~~The following table summarizes the composition of the Company’s reinsurance recoverables:~~46

(in millions)	September 30,2025		December 31, 2024
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses	$	4,447	$	3,962
Gross structured settlements	2,546		2,626
Mandatory pools and associations	1,446		1,531
Gross reinsurance recoverables	8,439		8,119
Allowance for estimated uncollectible reinsurance	(141)		(119)
Net reinsurance recoverables	$	8,298	$	8,000

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

The following table summarizes the composition of the Company’s reinsurance recoverables.


(in millions)	March 31, 2026		December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses	$	4,364	$	4,352
Gross structured settlements	2,279		2,469
Mandatory pools and associations	1,475		1,485
Gross reinsurance recoverables	8,118		8,306
Allowance for estimated uncollectible reinsurance	(130)		(135)
Less amounts classified as held for sale	—		285
Net reinsurance recoverables	$	7,988	$	7,886

OUTLOOK

The following discussion provides outlook information for certain key drivers of the Company’s results of operations and capital position.

Premiums. The Company’s earned premiums are a function of net written premium volume. Net written premiums comprise both renewal business and new business and are recognized as earned premium over the term of the underlying policies. When business renews, the amount of net written premiums associated with that business may increase or decrease (renewal premium change) as a result of increases or decreases in rate and/or insured exposures, which the Company considers as a measure of units of exposure (such as the number and value of vehicles or properties insured). Net written premiums from both renewal and new business, and therefore earned premiums, are impacted by competitive market conditions as well as general economic conditions, which, particularly in the case of Business Insurance, affect audit premium adjustments, policy endorsements and mid-term cancellations. Net written premiums may also be impacted by the structure of reinsurance programs and related costs, as well as changes in foreign currency exchange rates.

Overall, the Company expects that retention levels (the amount of expiring premium that renews, before the impact of renewal premium changes) will remain strong ~~by historical standards~~ during the remainder of ~~2025~~2026.

Property and casualty insurance market conditions are expected to remain competitive during the remainder of ~~2025~~2026 for new business. In each of the Company’s business segments, new business generally has less of an impact on underwriting profitability than renewal business, given the volume of new business relative to renewal business. However, in periods of meaningful increases in new business, despite its positive impact on underwriting gains over time, the impact of higher new business levels may negatively impact the combined ratio for a period of time. In periods of meaningful decreases in new business, despite its negative impact on underwriting gains over time, the impact of lower new business levels may positively impact the combined ratio for a period of time.

Effective January 1, ~~2025~~2026, the Company renewed a quota share reinsurance agreement with subsidiaries of Fidelis Insurance Holdings Limited (Fidelis) for ~~2025~~2026 pursuant to which the Company assumes 20% of the subject gross written premiums of Fidelis on a risk-attaching basis, subject to a loss ratio cap. The Company’s portion of premiums from Fidelis is reported as part of the International results of Business Insurance. The Company also has a minority investment in Fidelis.

Underwriting Gain/Loss. The Company’s underwriting gain/loss can be significantly impacted by catastrophe losses and net favorable or unfavorable prior year reserve development, as well as underlying underwriting margins. Underlying underwriting margins can be impacted by a number of factors, including variability in non-catastrophe weather, large loss and other loss activity; changes in current period loss estimates resulting from prior period loss development; changes in loss cost trends; changes in business mix; changes in reinsurance coverages and/or costs; premium adjustments; and variability in expenses and assessments.

Catastrophe losses and non-catastrophe weather-related losses are inherently unpredictable from period to period. The Company’s results of operations could be adversely impacted if significant catastrophe and non-catastrophe weather-related losses were to occur.

On average for the ten-year period ended December 31, ~~2024~~2025, the Company experienced approximately 3837% of its annual catastrophe losses during the second quarter, primarily arising out of severe wind and hail storms, including tornadoes. Hurricanes, wildfires and winter storms tend to happen at other times of the year and can also have a material impact on the Company’s results of operations. Catastrophe losses incurred in a particular quarter in any given year may differ materially from historical experience. In addition, most of the Company’s reinsurance programs renew on January 1 or July 1 of each year, and, therefore, any changes to the availability, cost or coverage terms of such programs will be effective after such dates.

Over much of the past decade, the Company’s results have included significant amounts of net favorable prior year reserve development driven by better than expected loss experience. However, given the inherent uncertainty in estimating claims and claim adjustment expense reserves, loss experience could develop such that the Company recognizes in future periods higher or lower levels of favorable prior year reserve development, no favorable prior year reserve development or unfavorable prior year reserve development. In addition, the ongoing review of prior year claims and claim adjustment expense reserves, or other changes in current period circumstances, may result in the Company revising current year loss estimates upward or downward in future periods of the current year.47

It is possible that changes in economic conditions, the supply chain, international trade, including the impact of tariffs, the labor market and geopolitical tensions, as well as steps taken by federal, state and/or local governments and the Federal Reserve

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

~~could~~from ~~lead~~historical toexperience. ~~higher~~In ~~or lower inflation than the Company anticipated~~addition, ~~which~~most ~~could~~of ~~in turn lead to an increase or decrease in~~ the Company’s ~~loss~~reinsurance ~~costs~~programs ~~and~~renew ~~the~~on ~~need~~January to1 ~~strengthen~~ or ~~reduce~~July ~~claims~~1 ~~and claim adjustment expense reserves. These impacts~~ of ~~inflation~~each on loss costs and claims and claim adjustment expense reserves could be more pronounced for those lines of business that require a relatively longer period of time to finalize and settle claims for a given accident year ~~and~~, ~~accordingly, are relatively more inflation sensitive. Higher costs of labor, parts~~ and ~~raw materials adversely impacted severity in recent years in our personal and commercial businesses. Tariff and immigration policy could continue to impact severity. For a further discussion~~, ~~see “Part I—Item 1A—Risk Factors—If actual claims exceed our claims and claim adjustment expense reserves~~therefore, orany if changes into the ~~estimated level of claims and claim adjustment expense reserves are necessary~~availability, ~~including~~cost asor acoverage ~~result~~terms of, ~~among~~such ~~other~~programs ~~things,~~will ~~changes in the legal/tort, regulatory and economic environments in which the Company operates, our financial results could~~ be ~~materially~~effective ~~and~~after ~~adversely~~such ~~affected” in the Company’s 2024 Annual Report~~dates.

~~The~~Over much of the past decade, the Company’s results have included significant amounts of ~~operations~~net ~~may~~favorable beprior ~~impacted~~year reserve development driven by abetter ~~number~~than ofexpected ~~other~~loss ~~factors~~experience. However, ~~including~~given anthe ~~economic~~inherent ~~slowdown,~~uncertainty ain ~~recession,~~estimating ~~financial~~claims ~~market~~and ~~volatility~~claim adjustment expense reserves, aloss ~~continued~~experience ~~shutdown~~could ofdevelop such that the ~~U.S.~~Company ~~government,~~recognizes ~~monetary~~in ~~and~~future ~~fiscal~~periods ~~policy~~higher ~~measures,~~or ~~heightened~~lower ~~geopolitical~~levels ~~tensions~~of favorable prior year reserve development, ~~fluctuations~~no infavorable ~~interest~~prior ~~rates~~year ~~and~~reserve ~~foreign~~development ~~currency~~or ~~exchange~~unfavorable ~~rates~~prior year reserve development. In addition, the ~~political~~ongoing review of prior year claims and ~~regulatory~~claim ~~environment~~adjustment expense reserves, or other changes toin current period circumstances, may result in the ~~U.S.~~Company ~~Federal~~revising ~~budget~~current ~~and~~year ~~potential~~loss ~~changes~~estimates upward or downward in ~~tax~~future ~~laws~~periods of the current year.

~~Investment~~It ~~Portfolio. The~~is ~~Company~~possible ~~expects~~that tochanges ~~continue~~in toeconomic ~~focus~~conditions, ~~its~~the ~~investment~~supply ~~strategy~~chain, oninternational ~~maintaining~~trade, aincluding ~~high-quality~~the ~~investment~~impact ~~portfolio~~of tariffs, the labor market and ageopolitical ~~relatively~~tensions, ~~short~~including ~~average~~the ~~effective~~war ~~duration. The~~with ~~weighted~~Iran, ~~average~~as ~~effective~~well ~~duration~~as ofsteps ~~fixed~~taken ~~maturities~~by federal, state and/or ~~short-term~~local ~~securities~~governments ~~was~~and ~~4.6~~the ~~(4.9~~Federal ~~excluding~~Reserve ~~short-term~~could ~~securities)~~lead asto ofhigher ~~September 30~~or lower inflation than the Company anticipated, ~~2025. From~~which ~~time~~could in turn lead to ~~time,~~an increase or decrease in the Company’s ~~enters~~loss ~~into~~costs ~~short~~and ~~positions~~the inneed Uto strengthen or reduce claims and claim adjustment expense reserves.S. ~~Treasury~~These ~~futures~~impacts ~~contracts~~of toinflation ~~manage~~on ~~the~~loss ~~duration~~costs and claims and claim adjustment expense reserves could be more pronounced for those lines of ~~its~~business ~~fixed~~that ~~maturity~~require ~~portfolio.~~a Asrelatively longer period of ~~September 30~~time to finalize and settle claims for a given accident year and, ~~2025~~accordingly, ~~the~~are ~~Company~~relatively ~~had~~more noinflation ~~open~~sensitive. UHigher costs of labor, parts and raw materials adversely impacted severity in recent years in our personal and commercial businesses.S. ~~Treasury~~Tariff ~~futures~~and ~~contracts~~immigration policy could also impact severity. ~~The~~For ~~Company~~a ~~regularly~~further ~~evaluates~~discussion, ~~its~~see ~~investment~~“Part ~~alternatives~~I—Item 1A—Risk Factors—If actual claims exceed our claims and ~~mix.~~claim ~~Currently~~adjustment expense reserves, or if changes in the ~~majority~~estimated level of ~~the~~claims ~~Company’s~~and ~~investments~~claim adjustment expense reserves are ~~comprised~~necessary, ofincluding as a ~~widely~~result ~~diversified~~of, ~~portfolio~~among ofother ~~high-quality~~things, ~~liquid,~~changes ~~taxable~~in ~~U.S.~~the ~~government~~legal/tort, ~~tax-exempt~~regulatory and ~~taxable~~economic ~~U.S.~~environments ~~municipal~~in which the Company operates, ~~taxable~~our ~~corporate~~financial results could be materially and ~~U.S.~~adversely ~~agency~~affected” ~~mortgage-backed~~in ~~bonds~~the Company’s 2025 Annual Report.

The Company’s results of operations may be impacted by a number of other factors, including an economic slowdown, a recession, financial market volatility, monetary and fiscal policy measures, heightened geopolitical tensions, including the war with Iran, fluctuations in interest rates and foreign currency exchange rates, the political and regulatory environment, changes to the U.S. Federal budget and potential changes in tax laws.

Investment Portfolio. The Company expects to continue to focus its investment strategy on maintaining a high-quality investment portfolio and a relatively short average effective duration. The weighted average effective duration of fixed maturities and short-term securities was 4.9 (5.3 excluding short-term securities) as of March 31, 2026. From time to time, the Company enters into short positions in U.S. Treasury futures contracts to manage the duration of its fixed maturity portfolio. As of March 31, 2026, the Company had no open U.S. Treasury futures contracts. The Company regularly evaluates its investment alternatives and mix. Currently, the majority of the Company’s investments are comprised of a widely diversified portfolio of high-quality, liquid, taxable U.S. government, tax-exempt and taxable U.S. municipal, taxable corporate and U.S. agency mortgage-backed bonds.

The Company also invests much smaller amounts in equity securities, real estate and private equity, hedge fund and real estate partnerships, and joint ventures. These investment classes have the potential for higher returns but also the potential for greater volatility and higher degrees of risk, including less stable rates of return and less liquidity.

Approximately 3026% of the fixed maturity portfolio is expected to mature over the next three years (including the early redemption of bonds, assuming interest rates (including credit spreads) do not rise significantly by applicable call dates). As a result, the overall yield on and composition of its portfolio could be meaningfully impacted by the types of investments available for reinvestment with the proceeds of maturing bonds.

Net investment income is a material contributor to the Company’s results of operations. Based on the Company’s current expectations for the impact of expected higher reinvestment yields on the Company’s fixed income investments and higher levels of fixed income investments, the Company expects that after-tax net investment income from that portfolio will be approximately $810 million in the ~~fourth~~second quarter of ~~2025~~2026, ~~and the Company also currently expects that after-tax net investment income from that portfolio will be approximately~~ $~~810~~840 million in the ~~first~~third quarter of 2026 and ~~growing to approximately~~ $~~885~~870 million in the fourth quarter of 2026. This expectation could be impacted by the direction of interest rates and disruptions in global financial markets. Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income or loss from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis. The Company’s net investment income in future periods from its non-fixed income investment portfolio will be impacted, positively or negatively, by the performance of global financial markets.

The Company had net pre-tax realized investment losses of $28 million in the first nine months of 2025. Changes in global financial markets could result in net realized investment gains or losses in the Company’s investment portfolio. 48

The Company had a net pre-tax unrealized investment loss of $2.48 billion ($1.97 billion after-tax) in its fixed maturity investment portfolio as of September 30, 2025, compared to $4.61 billion ($3.64 billion after-tax) as of December 31, 2024. The net unrealized investment loss is primarily due to the impact of movements in interest rates. The decrease in the net unrealized investment loss in the first nine months of 2025 was due to decreases in interest rates. While the Company does not attempt to predict future interest rate movements, a rising interest rate environment reduces the market value of fixed maturity investments and, therefore, reduces shareholders’ equity, and a declining interest rate environment has the opposite effects. The net unrealized loss discussed above is considered temporary in nature as it is not due to credit impairments, there is no impact on expected contractual cash flows from fixed maturities, and the Company generally holds its fixed maturity investments to maturity. In addition, given the temporary nature of net unrealized losses combined with the Company’s strong operating cash

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

~~flows~~The ~~(which~~Company ~~include~~had ~~income~~net ~~received~~pre-tax onrealized ~~investments~~investment ~~and~~gains ~~the proceeds received upon maturity~~ of ~~the~~$49 ~~investments),~~million ~~the~~in ~~net unrealized investment loss is not expected to meaningfully impact~~ the ~~Company’s~~first ~~assessment~~three months of ~~capital adequacy or liquidity~~2026. ~~Equity~~Changes ~~securities,~~in ~~which~~global ~~include~~financial ~~common~~markets ~~and~~could ~~non-redeemable~~result ~~preferred~~in ~~stocks,~~net ~~are~~realized ~~reported~~investment atgains ~~fair~~or ~~value~~losses ~~with changes~~ in ~~fair~~the ~~value~~Company’s ~~recognized~~investment ~~in net income~~portfolio.

~~Additionally,~~The ~~disruptions~~Company had a net pre-tax unrealized investment loss of $3.00 billion ($2.37 billion after-tax) in ~~global~~its ~~financial~~fixed ~~markets~~maturity ~~could~~investment ~~also~~portfolio ~~impact~~as ~~the~~of ~~market~~March 31, ~~value~~2026, compared to $1.86 billion ($1.48 billion after-tax) as of ~~the~~December 31, ~~Company’s~~2025. The net unrealized investment ~~portfolio~~loss is primarily due to the impact of movements in interest rates. The ~~Company’s~~increase in the net unrealized investment ~~portfolio~~loss ~~has~~in ~~benefited~~the ~~from~~first ~~certain~~three ~~tax~~months ~~exemptions~~of ~~(primarily~~2026 ~~those~~was ~~related~~due to increases in interest ~~from~~rates. ~~municipal~~While ~~bonds)~~the ~~and~~Company ~~certain~~does ~~other~~not ~~tax~~attempt ~~laws,~~to ~~including~~predict future interest rate movements, ~~but~~a ~~not~~rising ~~limited~~interest torate environment reduces the market value of fixed maturity investments and, ~~those~~therefore, ~~governing~~reduces ~~dividends-received~~shareholders’ ~~deductions~~equity, and ~~tax~~a ~~credits~~declining ~~(such~~interest asrate ~~foreign~~environment ~~tax~~has ~~credits)~~the opposite effects. ~~Changes~~The net unrealized loss discussed above is considered temporary in ~~these~~nature ~~laws~~as ~~could~~it ~~adversely~~is not due to credit impairments, there is no impact on expected contractual cash flows from fixed maturities, and the ~~value~~Company generally holds its fixed maturity investments to maturity. In addition, given the temporary nature of net unrealized losses combined with the Company’s ~~investment~~strong ~~portfolio.~~operating ~~See~~cash ~~“Our~~flows ~~businesses~~(which ~~are~~include ~~heavily~~income ~~regulated~~received byon ~~the~~investments ~~states~~ and ~~countries~~the inproceeds ~~which~~received weupon ~~conduct~~maturity ~~business,~~of ~~including~~the ~~licensing~~investments), ~~market~~the ~~conduct~~net ~~and~~unrealized ~~financial~~investment ~~supervision,~~loss ~~and~~is ~~changes~~not inexpected ~~regulation,~~to ~~including~~meaningfully ~~changes~~impact inthe ~~tax~~Company’s ~~regulation,~~assessment ~~may~~of ~~reduce~~capital ~~our~~adequacy ~~profitability~~or liquidity. Equity securities, which include common and ~~limit~~non-redeemable ~~our~~preferred ~~growth”~~stocks, ~~included~~are inreported ~~“Part I—Item~~at ~~1A—Risk~~fair ~~Factors”~~value with changes in ~~the~~fair ~~Company’s~~value ~~2024~~recognized ~~Annual~~in ~~Report~~net income.

~~For~~Additionally, ~~further~~disruptions ~~discussion~~in ofglobal ~~the~~financial ~~Company’s~~markets ~~investment~~could ~~portfolio,~~also ~~see~~impact ~~“Investment~~the ~~Portfolio.”~~market ~~For~~value ~~a discussion~~ of the ~~risks to the~~ Company’s ~~business~~investment ~~during~~portfolio. orThe ~~following a financial market disruption and risks to the~~ Company’s investment portfolio, ~~see~~has ~~the~~benefited ~~risk~~from ~~factors~~certain ~~entitled~~tax ~~“During~~exemptions or(primarily ~~following~~those arelated ~~period~~to ofinterest ~~financial~~from ~~market~~municipal ~~disruption~~bonds) ~~or an economic downturn, our business could be materially~~ and ~~adversely~~certain ~~affected”~~other ~~and~~tax ~~“Our~~laws, ~~investment~~including, ~~portfolio~~but isnot ~~subject~~limited to, ~~credit~~those ~~and~~governing ~~interest~~dividends-received ~~rate~~deductions ~~risk,~~ and ~~may~~tax ~~suffer~~credits ~~reduced~~(such oras ~~low~~foreign ~~returns~~tax orcredits). ~~material~~Changes ~~realized~~in orthese ~~unrealized~~laws ~~losses”~~could ~~included~~adversely inimpact ~~“Part I—Item~~the ~~1A—Risk~~value ~~Factors”~~of in the Company’s ~~2024~~investment ~~Annual Report~~portfolio. ~~For~~See a“Our ~~discussion~~businesses ofare ~~the~~heavily ~~risks~~regulated toby the ~~Company’s~~states ~~investments~~and ~~from~~countries ~~foreign~~in ~~currency~~which ~~exchange~~we ~~rate~~conduct ~~fluctuations~~business, ~~see~~including ~~the~~licensing, ~~risk~~market ~~factor~~conduct ~~entitled~~and ~~“We~~financial ~~are~~supervision, ~~subject~~and tochanges ~~additional~~in ~~risks~~regulation, ~~associated~~including ~~with~~changes in tax regulation, may reduce our ~~business~~profitability ~~outside~~and ~~the~~limit ~~United~~our ~~States~~growth” included in “Part I—Item 1A—Risk Factors” in the Company’s ~~2024~~2025 Annual Report ~~and see “Part II—Item 7A—Quantitative and Qualitative Disclosures About Market Risk-Foreign Currency Exchange Rate Risk” in the Company’s 2024 Annual Report~~.

~~Capital~~For ~~Position. The~~further ~~Company~~discussion ~~believes it has a strong capital position and, as part~~ of ~~its ongoing efforts to create shareholder value, expects to continue to return capital not needed to support its business operations to its shareholders, subject to~~ the ~~considerations described below. The~~ Company’s ~~expects~~investment ~~that~~portfolio, ~~generally~~see ~~over~~“Investment ~~time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income~~Portfolio.” ~~The~~For ~~Company~~a ~~also~~discussion ~~expects~~of ~~that to~~ the ~~extent~~risks ~~that it continues~~ to ~~grow premium volumes,~~ the ~~level of capital to support the~~ Company’s ~~financial~~business ~~strength~~during ~~ratings~~or ~~will~~following ~~also~~a ~~increase,~~financial ~~and~~market ~~accordingly,~~disruption ~~the~~and ~~amount~~risks ~~of capital returned~~ to ~~shareholders relative to earnings would be somewhat less than it otherwise would have been absent~~ the ~~growth in premium volumes. Given the~~ Company’s ~~very~~investment ~~strong~~portfolio, ~~capital~~see ~~position and earnings over~~ the ~~past~~risk ~~four~~factors ~~quarters,~~entitled ~~the~~“During ~~Company~~or ~~currently~~following ~~expects~~a toperiod ~~repurchase approximately $2.9 billion~~ of ~~the~~financial ~~Company's~~market ~~common~~disruption ~~shares~~or inan ~~the~~economic ~~aggregate~~downturn, ~~over~~our ~~the~~business ~~fourth~~could ~~quarter~~be ofmaterially ~~2025~~ and ~~the~~

Filing Compare · TRAVELERS COMPANIES, INC.