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Travelers Companies — PRESENTATION (2026 Q3)
Travelers Companies (TRV) · 22 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All TRV deck slides
Slide 1 — THIRD QUARTER 2026 RESULTS
THIRD QUARTER 2026 RESULTS October 16, 2026
Slide 2 — CREATE SHAREHOLDER VALUE
CREATE SHAREHOLDER VALUE Objective: Mid–Teens Core ROE Over Time LONG-TERM FINANCIAL STRATEGY 2 Meaningful and sustainable competitive advantages Generation of top-tier earnings and capital substantially in excess of growth needs Balanced approach to rightsizing capital and growing book value per share over time
Slide 3 — THIRD QUARTER 2026 OVERVIEW
Travelers Reports Excellent Third Quarter and Year-to-Date Results Third Quarter 2026 Net Income per Diluted Share of $9.04 and Core Income per Diluted Share of $9.18 Third Quarter 2026 Return on Equity of 24.7% and Core Return on Equity of 22.1% THIRD QUARTER 2026 OVERVIEW 3 • Third quarter net income of $1.917 billion and core income of $1.947 billion. • Underwriting income of $1.432 billion pre-tax and underlying underwriting income of $1.736 billion pre-tax. • Strong margins with a consolidated combined ratio of 86.8% and underlying combined ratio of 84.1%. • Net favorable prior year reserve development in all three segments totaled $234 million pre-tax. • Net written premiums of $11.480 billion. • Record net investment income of $1.098 billion pre-tax ($908 million after-tax) increased 6%. • Total capital of $1.769 billion returned to shareholders, including $1.508 billion of share repurchases.
Slide 4 — CONSOLIDATED PERFORMANCE
CONSOLIDATED PERFORMANCE ($ in millions, except per share amounts, after-tax, except for premiums) 1 A favorable impact to the combined ratio is indicated as a positive item, and an unfavorable impact is indicated as a negative item. 2 Net written premiums in the third quarter and first nine months of 2025 included $240 million and $736 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 2% in both periods. 4 THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Core income $ 1,947 $ 1,867 4 % $ 5,803 $ 3,814 52 % per diluted share $ 9.18 $ 8.14 13 % $ 26.90 $ 16.54 63 % Included the following items: Net favorable prior year reserve development $ 185 $ 16 $ 966 $ 562 Catastrophes, net of reinsurance (424) (318) (1,435) (2,840) Total items $ (239) $ (302) $ (469) $ (2,278) Loss and loss adjustment expense ratio 57.9 % 58.7 % 57.3 % 64.7 % Underwriting expense ratio 28.9 28.6 29.0 28.5 Combined ratio1 86.8 % 87.3 % 0.5 pts 86.3 % 93.2 % 6.9 pts Net favorable prior year reserve development 2.1 0.2 3.8 2.2 Catastrophes, net of reinsurance (4.8) (3.6) (5.6) (11.0) Underlying combined ratio 84.1 % 83.9 % (0.2) pts 84.5 % 84.4 % (0.1) pts Net written premiums2 $ 11,480 $ 11,473 — % $ 33,347 $ 33,531 (1) %
Slide 5 — VERY STRONG FINANCIAL POSITION
Capital • Continued strong capitalization to support the Company’s business operations. • Repurchased 4.0 million shares in the third quarter 2026 for a total cost of $1.5 billion. • Dividends in the third quarter were $261 million. Leverage • Issued $750 million of 4.95% 5-year senior notes for general corporate purposes, which will mature on July 24, 2031. • Debt-to-capital ratio1 of 21.7% comfortably within target range of 15% - 25%. • Debt maturities3 over the next decade and beyond very manageable. Very high-quality investment portfolio • Fixed maturities average weighted quality Aa3, AA-. • Fixed maturities at or above investment grade 98.8%. VERY STRONG FINANCIAL POSITION ($ and shares in millions, except per share amounts) 1 Excludes net unrealized investment gains (losses), net of tax, included in shareholders’ equity. 2 Excludes the after-tax value of goodwill and other intangible assets. 3 Excludes commercial paper. For a complete view of the Company’s capitalization, see page 31 of the October 16, 2026 Financial Supplement. 5 September 30, 2026 December 31, 2025 Debt $ 9,813 $ 9,267 Common equity 1 35,347 34,372 Total capital 1 $ 45,160 $ 43,639 Debt-to-capital 1 21.7 % 21.2 % Common shares outstanding 204.9 217.5 Book value per common share $ 141.48 $ 151.21 Adjusted book value per common share 1 $ 172.47 $ 158.01 Tangible book value per common share 1,2 $ 151.31 $ 137.24 Statutory capital and surplus $ 31,596 $ 31,064 Holding company liquidity $ 3,169 $ 2,405 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Maturities $125 $— $— $— $750 $— $500 $— $500 $400 $800
Slide 6 — NET INVESTMENT INCOME
$738 $814 $763 $774 $850 $867 $833 $883 $908 2024 2025 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 $82 $66 $61 $55 $80 $67 $37 $79 $78 2024 2025 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 $665 $758 $714 $730 $780 $810 $806 $815 $840 2024 2025 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 5.3% 4.4% 4.0% 3.7% 5.4% 4.4% 2.6% 5.5% 5.4% Total 2.9% 3.1% 3.0% 3.0% 3.1% 3.2% 3.2% 3.2% 3.3% Short-term 4.8% 3.9% 4.1% 4.2% 4.1% 3.6% 3.6% 3.4% 3.6% Long-term 2.8% 3.0% 3.0% 3.0% 3.1% 3.1% 3.2% 3.2% 3.2% 3.0% 3.1% 3.0% 3.0% 3.2% 3.2% 3.1% 3.3% 3.3% NET INVESTMENT INCOME After-tax yield After-tax yield After-tax yield ($ in millions, after-tax) 1 2024 and 2025 data represent quarterly average. 2 Excludes investment expenses. 6 1 1 1 1 1 1 Long-term Short-term Third Quarter 2026 vs. Prior Year Quarter Commentary • Net investment income (NII) from the long-term fixed income portfolio increased due to a higher average yield and growth in average invested assets • NII from the short-term fixed income portfolio decreased due to a lower average yield • NII from the non-fixed income portfolio decreased slightly primarily due to lower private equity and partnership returns (non-fixed income returns are generally reported on a one-quarter lagged basis) TOTAL FIXED INCOME2 NON-FIXED INCOME2
Slide 7 — LEADING CORE RETURN ON EQUITY AT INDUSTRY-LOW VOLATILITY
8.5% 8.8% 7.1% 8.0% 9.0% 9.0% 9.0% 9.1% 4.2% 4.9% 4.2% 3.5% 8.2% 10.4% 9.7% 15.0% 7.3% 5.5% 5.7% 6.6% 7.2% 7.6% 7.5% 7.8% 0.7% 0.7% 0.6% 0.7% 0.6% 1.0% 3.3% 1.2% 0.7% 1.1% 0.8% 0.8% 0.7% 2005 through 2020 2021 2022 2023 2024 2025 2025 2026 13.7% 11.3% 11.5% 17.2% 12.7% Underwriting gain and other Full Year Long-term fixed net investment portfolio investment income less holding company interest expense Non-fixed net investment portfolio investment income Short-term fixed net investment portfolio investment income LEADING CORE RETURN ON EQUITY AT INDUSTRY-LOW VOLATILITY 19.4% 7 Twelve Months Ended September 30 18.7% 24.1% 0.2% 0.2%
Slide 8 — BUSINESS INSURANCE PERFORMANCE
BUSINESS INSURANCE PERFORMANCE 8 ($ in millions) 1 A favorable impact to the combined ratio is indicated as a positive item, and an unfavorable impact is indicated as a negative item. 2 Net written premiums in the third quarter and first nine months of 2025 included $59 million and $205 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 4% in both periods. THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 1,036 $ 907 14 % $ 3,073 $ 2,403 28 % Loss and loss adjustment expense ratio 61.2 % 63.3 % 60.3 % 64.6 % Underwriting expense ratio 29.7 29.6 30.2 29.6 Combined ratio1 90.9 % 92.9 % 2.0 pts 90.5 % 94.2 % 3.7 pts Net favorable (unfavorable) prior year reserve development 0.7 (2.2) 3.1 0.2 Catastrophes, net of reinsurance (2.7) (2.4) (4.6) (6.1) Underlying combined ratio 88.9 % 88.3 % (0.6) pts 89.0 % 88.3 % (0.7) pts Net written premiums Domestic Select Accounts $ 932 $ 920 1 % $ 2,978 $ 2,900 3 % Middle Market 3,448 3,232 7 10,012 9,432 6 National Accounts 286 273 5 973 914 6 National Property and Other 809 841 (4) 2,366 2,446 (3) Total Domestic 5,475 5,266 4 16,329 15,692 4 International2 393 409 (4) 1,309 1,473 (11) Total Business Insurance $ 5,868 $ 5,675 3 % $ 17,638 $ 17,165 3 %
Slide 9 — DOMESTIC BUSINESS INSURANCE (EX. NATIONAL ACCOUNTS)
6.4% 5.1% 4.3% 3.7% 3.1% 1.8% 0.9% —% 2% 4% 6% 8% 10% 12% DOMESTIC BUSINESS INSURANCE (EX. NATIONAL ACCOUNTS) ILLUSTRATIVE BUSINESS STATISTICS 1 Represents the estimated change in average premium on policies that renew, including rate and exposure changes. 2 Represents the estimated change in average premium on policies that renew, excluding exposure changes. Note: Statistics are in part dependent on the use of estimates and are therefore subject to change. Renewal Rate Change2 % Renewal Premium Change1 % Exposure/Other % 9 ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Retention 86% 85% 85% 85% 86% 86% 86% Renewal premium change1 8.7% 7.8% 6.8% 5.8% 5.6% 4.8% 4.1% New business $745 $755 $671 $666 $771 $807 $699
Slide 10 — DOMESTIC BUSINESS INSURANCE: SELECT ACCOUNTS
5.6% 5.2% 5.1% 5.0% 3.8% 3.9% 2.7% —% 2% 4% 6% 8% 10% 12% DOMESTIC BUSINESS INSURANCE: SELECT ACCOUNTS 10 1 Represents the estimated change in average premium on policies that renew, including rate and exposure changes. 2 Represents the estimated change in average premium on policies that renew, excluding exposure changes. Note: Statistics are in part dependent on the use of estimates and are therefore subject to change. ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Retention 80% 80% 81% 80% 82% 81% 81% Renewal premium change1 11.6% 11.1% 10.8% 10.9% 8.3% 9.1% 7.8% New business $160 $149 $135 $137 $158 $153 $139 ILLUSTRATIVE BUSINESS STATISTICS Renewal Rate Change2 % Renewal Premium Change1 % Exposure/Other %
Slide 11 — DOMESTIC BUSINESS INSURANCE: MIDDLE MARKET
7.5% 7.0% 6.2% 4.9% 4.2% 3.5% 2.6% —% 2% 4% 6% 8% 10% 12% DOMESTIC BUSINESS INSURANCE: MIDDLE MARKET 11 1 Represents the estimated change in average premium on policies that renew, including rate and exposure changes. 2 Represents the estimated change in average premium on policies that renew, excluding exposure changes. Note: Statistics are in part dependent on the use of estimates and are therefore subject to change. ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Retention 89% 89% 88% 87% 88% 89% 89% Renewal premium change1 8.9% 8.6% 8.0% 6.4% 6.4% 5.9% 5.4% New business $444 $438 $391 $388 $464 $506 $431 ILLUSTRATIVE BUSINESS STATISTICS Renewal Rate Change2 % Renewal Premium Change1 % Exposure/Other %
Slide 12 — BOND & SPECIALTY INSURANCE PERFORMANCE
BOND & SPECIALTY INSURANCE PERFORMANCE ($ in millions) 1 A favorable impact to the combined ratio is indicated as a positive item, and an unfavorable impact is indicated as a negative item. 2 Net written premiums in the third quarter and first nine months of 2025 included $14 million and $40 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums grew 13% and 12%, respectively. 12 THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 309 $ 250 24 % $ 797 $ 714 12 % Loss and loss adjustment expense ratio 38.2 % 42.9 % 41.3 % 42.2 % Underwriting expense ratio 39.1 38.7 39.7 39.3 Combined ratio1 77.3 % 81.6 % 4.3 pts 81.0 % 81.5 % 0.5 pts Net favorable prior year reserve development 8.6 4.2 7.4 6.2 Catastrophes, net of reinsurance (0.1) 0.0 (0.4) (0.8) Underlying combined ratio 85.8 % 85.8 % 0.0 pts 88.0 % 86.9 % (1.1) pts Net written premiums Domestic Management Liability $ 649 $ 613 6 % $ 1,832 $ 1,755 4 % Surety 414 342 21 1,275 1,017 25 Total Domestic 1,063 955 11 3,107 2,772 12 International2 146 125 17 405 392 3 Total Bond & Specialty Insurance $ 1,209 $ 1,080 12 % $ 3,512 $ 3,164 11 %
Slide 13 — DOMESTIC BOND & SPECIALTY INSURANCE
DOMESTIC BOND & SPECIALTY INSURANCE ($ in millions) 1 Domestic only, excludes surety and other products that are generally sold on a non-recurring, project specific basis. 2 Represents the estimated change in average premium on policies that renew, including rate and exposure changes. Note: Statistics are in part dependent on the use of estimates and are therefore subject to change. 13 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 3Q Management Liability 1 Retention 89% 87% 87% 87% 87% 89% 89% Renewal premium change 2 3.1% 3.3% 3.9% 2.7% 2.9% 2.9% 3.8% New business $71 $71 $71 $60 $67 $78 $84 ILLUSTRATIVE BUSINESS STATISTICS
Slide 14 — PERSONAL INSURANCE PERFORMANCE
PERSONAL INSURANCE PERFORMANCE ($ in millions) 1 A favorable impact to the combined ratio is indicated as a positive item, and an unfavorable impact is indicated as a negative item. 2 Net written premiums in the third quarter and first nine months of 2025 included $167 million and $491 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, net written premiums decreased 3% and 4%, respectively. 14 THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Segment income $ 706 $ 807 (13) % $ 2,237 $ 967 131 % Loss and loss adjustment expense ratio 58.4 % 56.4 % 57.4 % 70.3 % Underwriting expense ratio 25.1 24.9 24.6 24.5 Combined ratio1 83.5 % 81.3 % (2.2) pts 82.0 % 94.8 % 12.8 pts Net favorable prior year reserve development 2.4 2.4 3.8 3.8 Catastrophes, net of reinsurance (9.2) (6.0) (8.4) (19.7) Underlying combined ratio 76.7 % 77.7 % 1.0 pts 77.4 % 78.9 % 1.5 pts Net written premiums Domestic Automobile $ 1,892 $ 2,062 (8) % $ 5,506 $ 5,889 (7) % Homeowners and Other 2,511 2,489 1 6,691 6,822 (2) Total Domestic 4,403 4,551 (3) 12,197 12,711 (4) International2 — 167 (100) — 491 (100) Total Personal Insurance $ 4,403 $ 4,718 (7) % $ 12,197 $ 13,202 (8) %
Slide 15 — PERSONAL INSURANCE PERFORMANCE
PERSONAL INSURANCE PERFORMANCE 1 A favorable impact to the combined ratio is indicated as a positive item, and an unfavorable impact is indicated as a negative item. 15 THIRD QUARTER YEAR-TO-DATE 2026 2025 Change 2026 2025 Change Automobile Loss and loss adjustment expense ratio 63.6 % 62.1 % 61.4 % 62.2 % Underwriting expense ratio 23.5 22.8 22.9 22.3 Combined ratio1 87.1 % 84.9 % (2.2) pts 84.3 % 84.5 % 0.2 pts Net favorable prior year reserve development 1.3 4.3 4.1 5.1 Catastrophes, net of reinsurance (1.1) (0.9) (1.2) (1.3) Underlying combined ratio 87.3 % 88.3 % 1.0 pts 87.2 % 88.3 % 1.1 pts Homeowners and Other Loss and loss adjustment expense ratio 54.2 % 51.1 % 54.1 % 77.7 % Underwriting expense ratio 26.3 26.9 26.0 26.6 Combined ratio1 80.5 % 78.0 % (2.5) pts 80.1 % 104.3 % 24.2 pts Net favorable prior year reserve development 3.3 0.7 3.5 2.6 Catastrophes, net of reinsurance (15.8) (10.7) (14.4) (36.6) Underlying combined ratio 68.0 % 68.0 % 0.0 pts 69.2 % 70.3 % 1.1 pts
Slide 16 — DOMESTIC PERSONAL INSURANCE
DOMESTIC PERSONAL INSURANCE ($ in millions) 1 The ratio of expected number of renewal policies that will be retained throughout the annual policy period to the number of available renewal base policies. 2 Represents the estimated change in average premium on policies that renew, including rate and exposure changes. Note: Statistics are in part dependent on the use of estimates and are therefore subject to change. 16 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 3Q Automobile Retention 1 81% 81% 81% 81% 81% 82% 81% Renewal premium change 2 7.5% 5.1% 3.9% 2.4% 0.9% 0.1% (0.6)% Policies in force (in thousands) 2,902 2,880 2,858 2,842 2,819 2,801 2,769 • Sequential quarter growth (1%) (1%) (1%) (1%) (1%) (1%) (1%) • Year over year growth (3%) (3%) (3%) (3%) (3%) (3%) (3%) New business $288 $307 $318 $309 $293 $301 $293 Homeowners and Other Retention 1 84% 84% 83% 83% 84% 85% 85% Renewal premium change 2 19.0% 18.6% 17.5% 16.2% 9.3% 6.4% 5.4% Policies in force (in thousands) 5,784 5,699 5,595 5,514 5,449 5,411 5,373 • Sequential quarter growth (1%) (1%) (2%) (1%) (1%) (1%) (1%) • Year over year growth (4%) (4%) (5%) (6%) (6%) (5%) (4%) New business $199 $216 $224 $218 $200 $260 $247 ILLUSTRATIVE BUSINESS STATISTICS
Slide 17 — APPENDIX
APPENDIX 17 17
Slide 18 — Well-Defined and Consistent Investment Philosophy
Investment Income reliable contributor to results Well-Defined and Consistent Investment Philosophy Non-Fixed Income Portfolio % Private Equity Funds $ 2,753 3 % Real Estate & Real Estate Partnerships 1,689 2 % Equity Securities 640 1 % Hedge Funds & Other 573 — % Total Non-Fixed Income $ 5,655 6 % Fixed Income Portfolio Rating % Corporates2 A2 $ 42,894 43 % Municipal Aaa/Aa1 30,541 30 % Mortgage-Backed Securities Aa1 12,507 13 % Short-Term Securities A1/P1 5,561 5 % U.S. Government & Agencies Aa1 3,022 3 % Foreign Governments Aa1 408 — % Total Fixed Income Aa3 $ 94,933 94 % % Fixed Maturities by Rating3 Aaa 27.3 % Aa 35.0 % A 23.4 % Baa 13.1 % Total Investment Grade 98.8 % Below Investment Grade 1.2 % $100.6 Billion Fixed Income 94% 1 Includes $6.352 billion of after-tax net unrealized investment losses. 2 Includes $1.285 billion of Commercial Mortgage-Backed Securities with an Aaa/Aa1 rating and $455 million of Asset-Backed Securities with an Aa1 rating. 3 Rated using external rating agencies or by Travelers when a public rating does not exist. Ratings shown are the higher of the rating of the underlying issues or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and interest in the event of issuer default. Below investment grade assets refer to securities rated "Ba" or below. Non-Fixed Income 6% Total Investments 18 After-Tax Yield 3Q’26 FY’25 Long-Term Securities 3.2 % 3.0 % Short-Term Securities 3.6 % 3.9 % Total Fixed Income 3.3 % 3.1 % Non-Fixed Income 5.4 % 4.4 % Total Investments 3.3 % 3.1 % ($ in millions, as of September 30, 2026, unless otherwise noted) 1
Slide 19 — 2025 TRAVELERS CANADA PREMIUMS DIVESTED
2025 TRAVELERS CANADA PREMIUMS DIVESTED ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 FY 2025 Net Written Premiums Business Insurance $ 67 $ 79 $ 59 $ 78 $ 283 Bond & Specialty Insurance 10 16 14 16 56 Personal Insurance 146 178 167 159 650 Total $ 223 $ 273 $ 240 $ 253 $ 989 Earned Premiums Business Insurance $ 79 $ 80 $ 77 $ 73 $ 309 Bond & Specialty Insurance 14 14 14 14 56 Personal Insurance 165 172 168 165 670 Total $ 258 $ 266 $ 259 $ 252 $ 1,035 The premiums below relate to the Canadian operations which the Company divested in 1Q26 19
Slide 20 — EXPLANATORY NOTE
EXPLANATORY NOTE This presentation contains, and management may make, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “probably,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “views,” “ensures,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about: • the Company’s outlook, the impact of trends on its business and its future results of operations and financial condition; • the impact of legislative or regulatory actions or court decisions; • share repurchase plans; • future pension plan contributions; • the sufficiency of the Company’s reserves, including asbestos; • the impact of emerging claims issues as well as other insurance and non-insurance litigation; • the cost and availability of reinsurance coverage; • catastrophe losses and modeling; • the impact of investment, economic and underwriting market conditions, including interest rates, tariffs and inflation; • the Company’s approach to managing its investment portfolio; • the impact of changing climate conditions; • strategic and operational initiatives to improve growth, profitability and competitiveness; • the Company’s competitive advantages and innovation agenda, including executing on that agenda with respect to artificial intelligence; • the Company’s cybersecurity policies and practices; • new product offerings; • the impact of developments in the tort environment; and • the impact of developments in the geopolitical environment, including the war with Iran. The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward- looking information and statements. Some of the factors that could cause actual results to differ include, but are not limited to, the following: Insurance-Related Risks • high levels of catastrophe losses; • actual claims may exceed the Company’s claims and claim adjustment expense reserves, the estimated level of claims and claim adjustment expense reserves may increase, or increases in loss costs may not be offset with sufficient price increases, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments, including increased inflation and the impact of tariffs; • the Company’s continued exposure to asbestos claims and related litigation; • the Company is exposed to, and may face adverse developments involving, mass tort claims; and • the effects of emerging claim and coverage issues on the Company’s business are uncertain, and court decisions or legislative changes that take place after the Company issues its policies can result in an unexpected increase in the number of claims. Financial, Economic and Credit Risks • a period of financial market disruption or an economic downturn; • the Company’s investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses; • the Company is exposed to credit risk related to reinsurance and structured settlements, and reinsurance coverage may not be available to the Company; • the Company is exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that it has with third parties; • a downgrade in the Company’s claims-paying and financial strength ratings; and • the Company’s insurance subsidiaries may be unable to pay dividends to the Company’s holding company in sufficient amounts. Business and Operational Risks • the intense competition that the Company faces, including with respect to attracting and retaining employees, and the impact of innovation, technological change, including with respect to artificial intelligence, and changing customer preferences on the insurance industry and the markets in which it operates; • disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape; • the Company’s efforts to develop new products or services, expand in targeted markets, improve business processes and workflows or pursue acquisitions or dispositions may not be successful and may create enhanced risks; • the Company's pricing and capital models may provide materially different indications than actual results; • loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company’s products; • the Company is subject to additional risks associated with its business outside the United States; and • future pandemics. Technology and Intellectual Property Risks • as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions, including the war with Iran) or otherwise, the Company may experience difficulties with technology, data and network security or outsourcing relationships; • the Company’s dependence on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence; and • the Company may be unable to protect and enforce its own intellectual property or may be subject to claims for infringing the intellectual property of others. Regulatory and Compliance Risks • changes in regulation, including changes in tax laws; and • the Company's compliance controls may not be effective. In addition, the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for the Company’s business operations, changes in the levels of written premiums, funding of the Company’s qualified pension plan, regulatory capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors. Our forward-looking statements speak only as of the date of this presentation or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward Looking Statements” in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on October 16, 2026, and in our most recent annual report on Form 10-K filed with the SEC on February 12, 2026, in each case as updated by our periodic filings with the SEC. 20
Slide 21 — DISCLOSURE
DISCLOSURE In this presentation, we may refer to some non-GAAP financial measures. For a reconciliation of these measures to the most comparable GAAP measures and a glossary of financial measures, we refer you to the press release and financial supplement that we have made available in connection with this presentation and our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) as updated by our subsequent periodic filings with the SEC. See the “Investors” section at travelers.com. For further information, please see Travelers reports filed with the SEC pursuant to the Securities Exchange Act of 1934 which are available at the SEC’s website (sec.gov). Copies of this presentation and the accompanying webcast are publicly available on the Travelers website (travelers.com). This presentation should be read with the accompanying webcast and related press release and financial supplement. Travelers may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material information. Financial and other important information regarding the company is routinely accessible through and posted on our website at investor.travelers.com, our Facebook page at facebook.com/travelers and our X account (@Travelers) at x.com/travelers. In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notification section at investor.travelers.com. 21
Slide 22 — investor.travelers.com
investor.travelers.com 22