Financial Performance - Third quarter net income was $1888 billion, up 50%, and core income was $1867 billion, up 53%[5] - Third Quarter 2025 Core Income per Diluted Share of $814, up 55%, and Core Return on Equity of 226%[5] - Net investment income increased 15% after-tax over the prior year quarter to $850 million[5] - Total capital returned to shareholders of $878 million, including $628 million of share repurchases[5] - Strong growth in book value per share, up 16%, and adjusted book value per share, up 15%, compared to the prior year quarter[5] Segment Performance - Business Insurance segment income increased 30% to $907 million in the third quarter[25] - Bond & Specialty Insurance segment income increased 13% to $250 million in the third quarter[37] - Personal Insurance segment income increased 110% to $807 million in the third quarter[43] Key Ratios - Consolidated combined ratio improved 59 points to 873%[5] - Underlying combined ratio improved 17 points to 839%[5] - Debt-to-capital ratio is 216%, within the target range of 15% - 25%[14] Investment Portfolio - Total Investments were $1037 billion, with Fixed Income comprising 94% and Non-Fixed Income 6%[52] - Fixed maturities at or above investment grade were 988%[15]

Core Insights - The company reported a higher profit in the third quarter, driven by an increase in revenue and net written premiums [1] Financial Performance - The rise in revenue contributed significantly to the overall profit increase [1] - Net written premiums also saw an upward trend, further enhancing the company's financial results [1]

Core Insights - The insurance company has exceeded earnings expectations for the sixth consecutive quarter [1] Group 1 - The company has demonstrated consistent financial performance by beating earnings expectations [1]

格隆汇10月16日｜旅行者保险(Travelers)第三季度营收达124.7亿美元，同比增长4.8%；核心每股收益 8.14美元，同比增长55.34%。 ...

Financial Performance - Net income for Q3 2025 was $1.89 billion, a 50% increase from $1.26 billion in Q3 2024, with diluted earnings per share rising to $8.24, up 52% from $5.42 [125] - Earned premiums in Q3 2025 reached $11.14 billion, a 4% increase from $10.70 billion in Q3 2024, while total revenues for the quarter were $12.47 billion, up 5% from $11.90 billion [129] - Net investment income for Q3 2025 was $1.03 billion, a 14% increase from $904 million in Q3 2024, driven by higher average fixed maturity investments [133] - Total capital returned to shareholders in Q3 2025 was $878 million, including $628 million in share repurchases and $250 million in dividends [122] - Shareholders' equity increased to $31.61 billion in Q3 2025, reflecting strong financial performance and capital management [122] Underwriting Performance - The combined ratio improved to 87.3% in Q3 2025 from 93.2% in Q3 2024, reflecting better underwriting performance [124] - The combined ratio for the third quarter of 2025 was 87.3%, 5.9 points lower than the 93.2% in the same period of 2024 [157] - The combined ratio improved to 92.9% in Q3 2025 from 95.8% in Q3 2024; for the first nine months, it was 94.2%, down from 95.1% [179][181] - The loss and loss adjustment expense ratio for the first nine months of 2025 was 64.7%, 2.4 points lower than the 67.1% in the same period of 2024 [159] - The loss and loss adjustment expense ratio for Q3 2025 was 63.3%, down from 66.6% in Q3 2024; for the first nine months, it was 64.6%, down from 65.5% [179][181] Claims and Expenses - Catastrophe losses decreased to $402 million in Q3 2025 from $939 million in Q3 2024, contributing to improved profitability [125] - Claims and claim adjustment expenses in the first nine months of 2025 were $21.39 billion, a 2% increase from the same period in 2024 [142] - Total claims and expenses in Q3 2025 were $3.61 billion, down $330 million or 8% from Q3 2024; for the first nine months, total claims were $12.44 billion, a slight increase of $90 million or 1% [219][220] - Catastrophe losses in Q3 2025 were $139 million, significantly lower than $340 million in Q3 2024; for the first nine months, losses were $1.02 billion compared to $938 million [166][167] Investment Performance - The gross fixed maturity portfolio was valued at $91.11 billion as of September 30, 2025, with a weighted average credit quality of "Aa2" [254] - The municipal bond portfolio included $30.30 billion in securities as of September 30, 2025, up from $27.19 billion in 2024, representing an 7.8% increase [255] - The company’s investment portfolio totaled $103.68 billion as of September 30, 2025, with 94% allocated to fixed maturity and short-term investments [253] - The weighted average effective duration of fixed maturities and short-term securities was 4.6 as of September 30, 2025, compared to 4.3 at the end of 2024 [254] Shareholder Returns - Common share repurchases in the first nine months of 2025 totaled $1.49 billion, compared to $859 million in the same period of 2024 [306] - Dividends paid to shareholders were $737 million in the first nine months of 2025, up from $711 million in 2024 [307] - The Company expects to repurchase approximately $2.9 billion of common shares over Q4 2025 and Q1 2026, including $700 million from the sale of its Canadian insurance business [290] Reserves and Liabilities - The total gross claims and claim adjustment expense reserves amounted to $67.705 billion, an increase from $64.093 billion as of December 31, 2024, reflecting a growth of approximately 4.1% [318] - The asbestos claims and related litigation reserves total $1.80 billion, which are included in the overall claims reserves and may lead to material future liabilities due to ongoing uncertainties [317] - The General liability reserves increased to $18.619 billion from $17.194 billion, representing a rise of approximately 8.3% [318] - The Workers' compensation reserves slightly decreased to $18.593 billion from $18.729 billion, indicating a decline of about 0.7% [318] Business Segments - Segment income for Q3 2025 was $907 million, a 30% increase from $698 million in Q3 2024 [166] - Bond & Specialty Insurance segment income increased by 13% to $250 million in Q3 2025, and by 22% to $714 million for the first nine months [192][194] - Net written premiums for National Accounts were $273 million in Q3 2025, a 3% increase from Q3 2024, and $914 million for the first nine months, a 1% increase [188] - Domestic automobile net written premiums decreased by 4% to $2.06 billion in Q3 2025, while homeowners and other net written premiums increased by 3% to $2.49 billion [232][233]

[Consolidated Results](index=2&type=section&id=Consolidated%20Results) This section provides a comprehensive overview of the company's financial performance, including income, earnings per share, and operational metrics [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The financial highlights for 3Q2025 show significant year-over-year growth in net income, core income, and EPS, alongside improvements in return on equity and book value per share. Total assets and equity also increased, and common stock repurchases saw a substantial rise Key Financial Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 | YTD 3Q2025 | Change (%) | Change (pp) | | :-------------------------------- | :--------- | :--------- | :--------- | :---------- | | Net income ($ millions) | $2,917 | $3,792 | 30.0% | - | | Diluted EPS | $12.51 | $16.45 | 31.5% | - | | Core income ($ millions) | $2,899 | $3,814 | 31.6% | - | | Core income per share (Diluted) | $12.43 | $16.54 | 33.1% | - | | Return on equity | 15.3% | 17.3% | - | +2.0 | | Core return on equity | 13.4% | 15.8% | - | +2.4 | | Total assets, at period end ($ millions) | $134,588 | $143,678 | 6.8% | - | | Total equity, at period end ($ millions) | $27,696 | $31,609 | 14.1% | - | | Book value per share, at period end | $122.00 | $141.72 | 16.2% | - | | Adjusted book value per share, at period end | $131.30 | $150.55 | 14.7% | - | | Common stock dividends declared ($ millions) | $720 | $743 | 3.2% | - | | Common stock repurchased (Cost, $ millions) | $750 | $1,375 | 83.3% | - | [Reconciliation to Net Income and Earnings Per Share](index=3&type=section&id=Reconciliation%20to%20Net%20Income%20and%20Earnings%20Per%20Share) This section reconciles net income to core income by adjusting for after-tax net realized investment gains (losses), providing a clearer view of operating performance. Both basic and diluted EPS are presented for net income and core income Net Income and Core Income Reconciliation (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 | YTD 3Q2025 | Change ($ millions) | | :--------------------------------------- | :--------- | :--------- | :------------------ | | Net income | $2,917 | $3,792 | $875 | | Net realized investment (gains) losses, after-tax | $(18) | $22 | $40 | | Core income | $2,899 | $3,814 | $915 | | Basic earnings per share (Net income) | $12.68 | $16.69 | $4.01 | | Basic earnings per share (Core income) | $12.60 | $16.78 | $4.18 | | Diluted earnings per share (Net income) | $12.51 | $16.45 | $3.94 | | Diluted earnings per share (Core income) | $12.43 | $16.54 | $4.11 | | Weighted average shares outstanding (Basic) | 228.3 | 225.6 | (2.7) | | Diluted weighted average shares outstanding | 231.3 | 228.9 | (2.4) | [Statement of Income](index=4&type=section&id=Statement%20of%20Income) The consolidated statement of income shows a robust increase in total revenues, driven by higher premiums and net investment income. Net income significantly improved, despite an increase in claims and claim adjustment expenses, with catastrophe losses remaining a notable factor Consolidated Statement of Income Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------------------- | :---------------------- | :---------------------- | :--------- | | Total revenues | $34,415 | $36,396 | 5.7% | | Premiums | $31,073 | $32,766 | 5.4% | | Net investment income | $2,635 | $2,905 | 10.2% | | Total claims and expenses | $30,829 | $31,703 | 2.8% | | Claims and claim adjustment expenses | $21,025 | $21,389 | 1.7% | | Income before income taxes | $3,586 | $4,693 | 30.9% | | Net income | $2,917 | $3,792 | 30.0% | | Catastrophes, net of reinsurance (Pre-tax) | $3,160 | $3,595 | 13.8% | | Prior year reserve development - favorable (Pre-tax) | $447 | $715 | 59.9% | [Net Income by Major Component and Combined Ratio](index=5&type=section&id=Net%20Income%20by%20Major%20Component%20and%20Combined%20Ratio) Consolidated net income saw a substantial increase, driven by improved underwriting gain and net investment income. The combined ratio improved, reflecting better underwriting performance, despite an increase in the impact of catastrophes Consolidated Net Income Components and Combined Ratio (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :---------------------- | :---------------------- | :------------------ | | Underwriting gain (loss) | $961 | $1,668 | $707 | | Net investment income | $2,167 | $2,387 | $220 | | Core income | $2,899 | $3,814 | $915 | | Net income | $2,917 | $3,792 | $875 | | Ratio | YTD 3Q2024 | YTD 3Q2025 | Change (pp) | | :--------------------------------------- | :--------- | :--------- | :---------- | | Combined ratio | 95.7% | 93.2% | (2.5) | | Loss and loss adjustment expense ratio | 67.1% | 64.7% | (2.4) | | Underwriting expense ratio | 28.6% | 28.5% | (0.1) | | Net favorable prior year reserve development | (1.5)% | (2.2)% | (0.7) | | Catastrophes, net of reinsurance | 10.2% | 11.0% | +0.8 | | Underlying combined ratio | 87.0% | 84.4% | (2.6) | [Core Income](index=6&type=section&id=Core%20Income) The consolidated core income statement shows a significant increase in core income before and after taxes, driven by higher premiums and net investment income, while managing claims and expenses. Catastrophe impacts increased, but favorable prior year reserve development also rose Consolidated Core Income Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Total revenues | $34,390 | $36,424 | 5.9% | | Premiums | $31,073 | $32,766 | 5.4% | | Net investment income | $2,635 | $2,905 | 10.2% | | Total claims and expenses | $30,829 | $31,703 | 2.8% | | Core income before income taxes | $3,561 | $4,721 | 32.6% | | Core income | $2,899 | $3,814 | 31.6% | | Catastrophes, net of reinsurance (Pre-tax) | $3,160 | $3,595 | 13.8% | | Prior year reserve development - favorable (Pre-tax) | $447 | $715 | 59.9% | [Selected Statistics - Property and Casualty Operations](index=7&type=section&id=Selected%20Statistics%20-%20Property%20and%20Casualty%20Operations) Property and Casualty operations reported increased gross and net written premiums, alongside higher net earned premiums. Statutory underwriting gain improved significantly, and reserves for losses and loss adjustment expenses, as well as statutory capital and surplus, grew year-over-year Property and Casualty Operations - Key Statutory Underwriting Statistics (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $35,324 | $36,407 | 3.1% | | Net written premiums | $32,616 | $33,503 | 2.7% | | Net earned premiums | $31,075 | $32,740 | 5.3% | | Losses and loss adjustment expenses | $20,862 | $21,215 | 1.7% | | Underwriting expenses | $9,262 | $9,597 | 3.6% | | Statutory underwriting gain (loss) | $951 | $1,928 | 102.7% | | Reserves for losses and loss adjustment expenses (period end) | $56,909 | $59,620 | 4.8% | | Statutory capital and surplus (period end) | $26,191 | $29,965 | 14.4% | | Net written premiums/surplus (rolling 12 months) | 1.63:1 | 1.48:1 | - | [Written and Earned Premiums - Property and Casualty Operations](index=8&type=section&id=Written%20and%20Earned%20Premiums%20-%20Property%20and%20Casualty%20Operations) Property and Casualty operations experienced growth in both gross and net written premiums, as well as gross and net earned premiums, indicating an expansion in business volume Property and Casualty Operations - Written and Earned Premiums (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $35,324 | $36,434 | 3.1% | | Ceded written premiums | $(2,710) | $(2,903) | 7.1% | | Net written premiums | $32,614 | $33,531 | 2.8% | | Gross earned premiums | $33,434 | $35,200 | 5.3% | | Ceded earned premiums | $(2,361) | $(2,434) | 3.1% | | Net earned premiums | $31,073 | $32,766 | 5.5% | [Business Insurance](index=9&type=section&id=Business%20Insurance) This section details the financial performance of the Business Insurance segment, including income, combined ratio, and key underwriting statistics [Segment Income](index=9&type=section&id=Segment%20Income) The Business Insurance segment reported increased revenues, driven by higher premiums and net investment income, leading to a significant rise in segment income. Catastrophe impacts increased, while prior year reserve development shifted from unfavorable to favorable Business Insurance Segment Income Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Premiums | $15,802 | $16,710 | 5.7% | | Net investment income | $1,883 | $2,045 | 8.6% | | Total revenues | $18,243 | $19,376 | 6.2% | | Claims and claim adjustment expenses | $10,500 | $10,956 | 4.3% | | Total claims and expenses | $15,634 | $16,406 | 4.9% | | Segment income | $2,118 | $2,403 | 13.5% | | Catastrophes, net of reinsurance (Pre-tax) | $938 | $1,016 | 8.3% | | Prior year reserve development - favorable (unfavorable) (Pre-tax) | $(57) | $28 | - | [Segment Income by Major Component and Combined Ratio - Business Insurance](index=10&type=section&id=Segment%20Income%20by%20Major%20Component%20and%20Combined%20Ratio%20-%20Business%20Insurance) The Business Insurance segment saw a substantial increase in underwriting gain and net investment income, contributing to higher segment income. The combined ratio improved, driven by a lower loss and loss adjustment expense ratio and a shift to favorable prior year reserve development, despite a slight increase in catastrophe impact Business Insurance Segment Income Components and Combined Ratio (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :---------------------- | :---------------------- | :------------------ | | Underwriting gain | $598 | $749 | $151 | | Net investment income | $1,551 | $1,682 | $131 | | Segment income | $2,118 | $2,403 | $285 | | Ratio | YTD 3Q2024 | YTD 3Q2025 | Change (pp) | | :--------------------------------------- | :--------- | :--------- | :---------- | | Combined ratio | 95.1% | 94.2% | (0.9) | | Loss and loss adjustment expense ratio | 65.5% | 64.6% | (0.9) | | Underwriting expense ratio | 29.6% | 29.6% | 0.0 | | Net (favorable) unfavorable prior year reserve development | 0.4% | (0.2)% | (0.6) | | Catastrophes, net of reinsurance | 5.9% | 6.1% | +0.2 | | Underlying combined ratio | 88.8% | 88.3% | (0.5) | [Selected Statistics - Business Insurance](index=11&type=section&id=Selected%20Statistics%20-%20Business%20Insurance) The Business Insurance segment reported growth in gross and net written premiums, along with an increase in net earned premiums. Statutory underwriting gain improved significantly year-over-year Business Insurance Segment - Key Statutory Underwriting Statistics (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $18,725 | $19,383 | 3.5% | | Net written premiums | $16,654 | $17,137 | 2.9% | | Net earned premiums | $15,804 | $16,684 | 5.6% | | Losses and loss adjustment expenses | $10,349 | $10,794 | 4.3% | | Underwriting expenses | $4,833 | $5,058 | 4.6% | | Statutory underwriting gain | $622 | $832 | 33.8% | [Net Written Premiums - Business Insurance](index=12&type=section&id=Net%20Written%20Premiums%20-%20Business%20Insurance) Net written premiums for Business Insurance increased, driven by growth in both domestic and international markets. Domestically, Middle Market and Commercial multi-peril showed notable increases, while Workers' compensation saw a slight decrease Business Insurance Net Written Premiums by Market (YTD 3Q2025 vs. YTD 3Q2024) | Market | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------- | :---------------------- | :---------------------- | :--------- | | Total Domestic | $15,199 | $15,692 | 3.2% | | International | $1,453 | $1,473 | 1.4% | | Total | $16,652 | $17,165 | 3.1% | Business Insurance Net Written Premiums by Product Line (Domestic, YTD 3Q2025 vs. YTD 3Q2024) | Product Line | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------- | :---------------------- | :---------------------- | :--------- | | Workers' compensation | $2,661 | $2,563 | (3.7)% | | Commercial automobile | $2,824 | $3,079 | 9.0% | | Commercial property | $2,839 | $2,885 | 1.6% | | General liability | $2,688 | $2,629 | (2.1)% | | Commercial multi-peril | $4,128 | $4,465 | 8.2% | [Bond & Specialty Insurance](index=13&type=section&id=Bond%20%26%20Specialty%20Insurance) This section outlines the financial performance of the Bond & Specialty Insurance segment, including income, combined ratio, and key underwriting statistics [Segment Income - Bond & Specialty Insurance](index=13&type=section&id=Segment%20Income%20-%20Bond%20%26%20Specialty%20Insurance) The Bond & Specialty Insurance segment demonstrated strong growth in revenues, primarily from premiums and net investment income, leading to a significant increase in segment income. Favorable prior year reserve development more than doubled, while catastrophe impacts remained low Bond & Specialty Insurance Segment Income Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Premiums | $2,942 | $3,058 | 4.0% | | Net investment income | $285 | $325 | 14.0% | | Total revenues | $3,249 | $3,402 | 4.7% | | Claims and claim adjustment expenses | $1,342 | $1,303 | (2.9)% | | Total claims and expenses | $2,516 | $2,508 | (0.3)% | | Segment income | $587 | $714 | 21.6% | | Catastrophes, net of reinsurance (Pre-tax) | $49 | $24 | (51.0)% | | Prior year reserve development - favorable (Pre-tax) | $84 | $191 | 127.4% | [Segment Income by Major Component and Combined Ratio - Bond & Specialty Insurance](index=14&type=section&id=Segment%20Income%20by%20Major%20Component%20and%20Combined%20Ratio%20-%20Bond%20%26%20Specialty%20Insurance) The Bond & Specialty Insurance segment achieved a higher underwriting gain and net investment income, contributing to a significant increase in segment income. The combined ratio improved, driven by a lower loss and loss adjustment expense ratio and substantially more favorable prior year reserve development Bond & Specialty Insurance Segment Income Components and Combined Ratio (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :---------------------- | :---------------------- | :------------------ | | Underwriting gain | $341 | $437 | $96 | | Net investment income | $232 | $266 | $34 | | Segment income | $587 | $714 | $127 | | Ratio | YTD 3Q2024 | YTD 3Q2025 | Change (pp) | | :--------------------------------------- | :--------- | :--------- | :---------- | | Combined ratio | 84.9% | 81.5% | (3.4) | | Loss and loss adjustment expense ratio | 45.2% | 42.2% | (3.0) | | Underwriting expense ratio | 39.7% | 39.3% | (0.4) | | Net favorable prior year reserve development | (2.9)% | (6.2)% | (3.3) | | Catastrophes, net of reinsurance | 1.7% | 0.8% | (0.9) | | Underlying combined ratio | 86.1% | 86.9% | +0.8 | [Selected Statistics - Bond & Specialty Insurance](index=15&type=section&id=Selected%20Statistics%20-%20Bond%20%26%20Specialty%20Insurance) The Bond & Specialty Insurance segment reported increases in gross and net written premiums, as well as net earned premiums. Statutory underwriting gain saw substantial growth year-over-year Bond & Specialty Insurance Segment - Key Statutory Underwriting Statistics (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $3,368 | $3,455 | 2.6% | | Net written premiums | $3,055 | $3,164 | 3.6% | | Net earned premiums | $2,942 | $3,058 | 4.0% | | Losses and loss adjustment expenses | $1,330 | $1,291 | (2.9)% | | Underwriting expenses | $1,240 | $1,280 | 3.2% | | Statutory underwriting gain | $372 | $487 | 30.9% | [Net Written Premiums - Bond & Specialty Insurance](index=16&type=section&id=Net%20Written%20Premiums%20-%20Bond%20%26%20Specialty%20Insurance) Net written premiums for Bond & Specialty Insurance increased, driven by growth in both domestic and international markets. Domestically, Management Liability and Surety both contributed to the increase Bond & Specialty Insurance Net Written Premiums by Market (YTD 3Q2025 vs. YTD 3Q2024) | Market | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------- | :---------------------- | :---------------------- | :--------- | | Total Domestic | $2,711 | $2,772 | 2.2% | | International | $344 | $392 | 14.0% | | Total | $3,055 | $3,164 | 3.6% | Bond & Specialty Insurance Net Written Premiums by Product Line (Domestic, YTD 3Q2025 vs. YTD 3Q2024) | Product Line | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------- | :---------------------- | :---------------------- | :--------- | | Fidelity and surety | $1,149 | $1,201 | 4.5% | | General liability | $1,381 | $1,384 | 0.2% | | Other | $181 | $187 | 3.3% | [Personal Insurance](index=17&type=section&id=Personal%20Insurance) This section presents the financial performance of the Personal Insurance segment, including income, combined ratio, and key underwriting statistics for its product lines [Segment Income (Loss) - Personal Insurance](index=17&type=section&id=Segment%20Income%20(Loss)%20-%20Personal%20Insurance) The Personal Insurance segment experienced growth in revenues, primarily from premiums and net investment income, leading to a significant increase in segment income. Catastrophe impacts increased substantially, while favorable prior year reserve development also rose Personal Insurance Segment Income Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Premiums | $12,329 | $12,998 | 5.4% | | Net investment income | $467 | $535 | 14.6% | | Total revenues | $12,898 | $13,646 | 5.8% | | Claims and claim adjustment expenses | $9,183 | $9,130 | (0.6)% | | Total claims and expenses | $12,354 | $12,444 | 0.7% | | Segment income (loss) | $451 | $967 | 114.4% | | Catastrophes, net of reinsurance (Pre-tax) | $2,173 | $2,555 | 17.6% | | Prior year reserve development - favorable (Pre-tax) | $420 | $496 | 18.1% | [Segment Income (Loss) by Major Component and Combined Ratio - Personal Insurance](index=18&type=section&id=Segment%20Income%20(Loss)%20by%20Major%20Component%20and%20Combined%20Ratio%20-%20Personal%20Insurance) The Personal Insurance segment saw a substantial increase in underwriting gain and net investment income, leading to a significant improvement in segment income. The combined ratio improved, driven by a lower loss and loss adjustment expense ratio and increased favorable prior year reserve development, despite a higher impact from catastrophes Personal Insurance Segment Income Components and Combined Ratio (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :---------------------- | :---------------------- | :------------------ | | Underwriting gain (loss) | $22 | $482 | $460 | | Net investment income | $384 | $439 | $55 | | Segment income (loss) | $451 | $967 | $516 | | Ratio | YTD 3Q2024 | YTD 3Q2025 | Change (pp) | | :--------------------------------------- | :--------- | :--------- | :---------- | | Combined ratio | 99.2% | 94.8% | (4.4) | | Loss and loss adjustment expense ratio | 74.5% | 70.3% | (4.2) | | Underwriting expense ratio | 24.7% | 24.5% | (0.2) | | Net favorable prior year reserve development | (3.4)% | (3.8)% | (0.4) | | Catastrophes, net of reinsurance | 17.6% | 19.7% | +2.1 | | Underlying combined ratio | 85.0% | 78.9% | (6.1) | [Selected Statistics - Personal Insurance](index=19&type=section&id=Selected%20Statistics%20-%20Personal%20Insurance) The Personal Insurance segment saw increases in gross and net written premiums and net earned premiums. Statutory underwriting gain improved significantly, despite a decrease in policies in force for both Automobile and Homeowners and Other Personal Insurance Segment - Key Statutory Underwriting Statistics (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $13,231 | $13,569 | 2.5% | | Net written premiums | $12,907 | $13,202 | 2.3% | | Net earned premiums | $12,329 | $12,998 | 5.4% | | Losses and loss adjustment expenses | $9,183 | $9,130 | (0.6)% | | Underwriting expenses | $3,189 | $3,259 | 2.2% | | Statutory underwriting gain (loss) | $(43) | $609 | - | Policies in force (in thousands) | Policies in force (in thousands) | 3Q2024 | 3Q2025 | Change (%) | | :------------------------------- | :----- | :----- | :--------- | | Automobile | 3,158 | 3,050 | (3.4)% | | Homeowners and Other | 6,106 | 5,768 | (5.5)% | [Net Written Premiums - Personal Insurance](index=20&type=section&id=Net%20Written%20Premiums%20-%20Personal%20Insurance) Net written premiums for Personal Insurance increased, primarily driven by growth in the Domestic Homeowners and Other product line, while Domestic Automobile saw a slight decrease Personal Insurance Net Written Premiums by Product Line (YTD 3Q2025 vs. YTD 3Q2024) | Product Line | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------- | :---------------------- | :---------------------- | :--------- | | Domestic Automobile | $5,998 | $5,889 | (1.8)% | | Domestic Homeowners and Other | $6,392 | $6,822 | 6.7% | | Total Domestic | $12,390 | $12,711 | 2.6% | | International | $517 | $491 | (5.1)% | | Total | $12,907 | $13,202 | 2.3% | [Selected Statistics - Personal Insurance - Automobile](index=21&type=section&id=Selected%20Statistics%20-%20Personal%20Insurance%20-%20Automobile) The Automobile product line within Personal Insurance saw a decrease in gross and net written premiums but an increase in net earned premiums. Statutory underwriting gain improved significantly, and the combined ratio decreased, driven by a lower loss and loss adjustment expense ratio and more favorable prior year reserve development, despite a decrease in policies in force Personal Insurance - Automobile Key Statistics (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $6,363 | $6,227 | (2.1)% | | Net written premiums | $6,332 | $6,194 | (2.2)% | | Net earned premiums | $6,086 | $6,253 | 2.7% | | Statutory underwriting gain | $230 | $947 | 311.7% | | Catastrophes, net of reinsurance (Pre-tax) | $227 | $85 | (62.6)% | | Prior year reserve development - favorable (Pre-tax) | $131 | $318 | 142.7% | Ratio | Ratio | YTD 3Q2024 | YTD 3Q2025 | Change (pp) | | :--------------------------------------- | :--------- | :--------- | :---------- | | Combined ratio | 95.3% | 84.5% | (10.8) | | Loss and loss adjustment expense ratio | 72.9% | 62.2% | (10.7) | | Net favorable prior year reserve development | (2.1)% | (5.1)% | (3.0) | | Catastrophes, net of reinsurance | 3.7% | 1.3% | (2.4) | | Underlying combined ratio | 93.7% | 88.3% | (5.4) | Policies in force (in thousands) | Policies in force (in thousands) | 3Q2024 | 3Q2025 | Change (%) | | :------------------------------- | :----- | :----- | :--------- | | Automobile | 3,158 | 3,050 | (3.4)% | [Selected Statistics - Personal Insurance - Homeowners and Other](index=22&type=section&id=Selected%20Statistics%20-%20Personal%20Insurance%20-%20Homeowners%20and%20Other) The Homeowners and Other product line within Personal Insurance saw increases in gross and net written premiums and net earned premiums. Statutory underwriting loss worsened, primarily due to a significant increase in catastrophe impacts, despite more favorable prior year reserve development and a decrease in policies in force Personal Insurance - Homeowners and Other Key Statistics (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross written premiums | $6,868 | $7,342 | 6.9% | | Net written premiums | $6,575 | $7,008 | 6.6% | | Net earned premiums | $6,243 | $6,745 | 8.0% | | Statutory underwriting gain (loss) | $(273) | $(338) | (23.8)% | | Catastrophes, net of reinsurance (Pre-tax) | $1,946 | $2,470 | 26.9% | | Prior year reserve development - favorable (Pre-tax) | $289 | $178 | (38.4)% | Ratio | Ratio | YTD 3Q2024 | YTD 3Q2025 | Change (pp) | | :--------------------------------------- | :--------- | :--------- | :---------- | | Combined ratio | 103.1% | 104.3% | +1.2 | | Loss and loss adjustment expense ratio | 76.0% | 77.7% | +1.7 | | Net favorable prior year reserve development | (4.6)% | (2.6)% | +2.0 | | Catastrophes, net of reinsurance | 31.2% | 36.6% | +5.4 | | Underlying combined ratio | 76.5% | 70.3% | (6.2) | Policies in force (in thousands) | Policies in force (in thousands) | 3Q2024 | 3Q2025 | Change (%) | | :------------------------------- | :----- | :----- | :--------- | | Homeowners and Other | 6,106 | 5,768 | (5.5)% | [Supplemental Detail](index=23&type=section&id=Supplemental%20Detail) This section provides additional financial details, including interest expense, balance sheet, investment portfolio, reinsurance, reserves, capitalization, and cash flow information [Interest Expense and Other](index=23&type=section&id=Interest%20Expense%20and%20Other) This section details the consolidated interest expense and other general and administrative expenses not directly attributable to business segments, resulting in a net loss before and after income tax benefit Interest Expense and Other (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------------------- | :---------------------- | :---------------------- | :--------- | | Interest expense | $294 | $309 | 5.1% | | General and administrative expenses | $31 | $36 | 16.1% | | Total claims and expenses | $325 | $345 | 6.2% | | Loss before income tax benefit | $(325) | $(345) | (6.2)% | | Loss | $(257) | $(270) | (5.1)% | [Consolidated Balance Sheet](index=24&type=section&id=Consolidated%20Balance%20Sheet) The consolidated balance sheet shows an increase in total assets, driven by higher investments and premiums receivable. Total liabilities also increased, primarily due to higher claims and claim adjustment expense reserves and unearned premium reserves, while total shareholders' equity grew significantly Consolidated Balance Sheet Highlights (September 30, 2025 vs. December 31, 2024) | Metric | December 31, 2024 ($ millions) | September 30, 2025 ($ millions) | Change (%) | | :--------------------------------------- | :----------------------------- | :------------------------------ | :--------- | | Total assets | $133,189 | $143,678 | 7.9% | | Total investments | $94,223 | $103,684 | 10.0% | | Premiums receivable | $11,110 | $11,621 | 4.6% | | Total liabilities | $105,325 | $112,069 | 6.4% | | Claims and claim adjustment expense reserves | $64,093 | $67,705 | 5.6% | | Unearned premium reserves | $22,289 | $23,596 | 5.9% | | Debt | $8,033 | $9,267 | 15.4% | | Total shareholders' equity | $27,864 | $31,609 | 13.4% | [Investment Portfolio](index=25&type=section&id=Investment%20Portfolio) The investment portfolio grew, primarily driven by an increase in fixed maturities. Taxable and tax-exempt fixed maturities both increased, with a slight rise in their pre-tax book yields. Net unrealized investment losses decreased significantly Investment Portfolio Composition (September 30, 2025 vs. December 31, 2024) | Metric | December 31, 2024 ($ millions) | September 30, 2025 ($ millions) | Change (%) | | :--------------------------------------- | :----------------------------- | :------------------------------ | :--------- | | Total investments | $94,223 | $103,684 | 10.0% | | Taxable fixed maturities | $61,012 | $65,412 | 7.2% | | Tax-exempt fixed maturities | $22,654 | $25,701 | 13.5% | | Total fixed maturities | $83,666 | $91,113 | 8.9% | | Short-term securities | $4,766 | $6,798 | 42.6% | | Net unrealized investment gains (losses), net of tax, included in shareholders' equity | $(3,640) | $(1,970) | 45.9% (reduction in loss) | - Pre-tax book yield for total fixed maturities increased from **3.63% to 3.80%** from December 31, 2024, to September 30, 2025[60](index=60&type=chunk) [Investment Portfolio - Fixed Maturities Data](index=26&type=section&id=Investment%20Portfolio%20-%20Fixed%20Maturities%20Data) The fixed maturities portfolio increased, with significant growth in corporate and all other bonds and obligations of U.S. states and political subdivisions. The portfolio maintained a high investment-grade quality, with a slight shift in ratings distribution and an increase in weighted average duration Fixed Maturities Composition (September 30, 2025 vs. December 31, 2024) | Type | December 31, 2024 ($ millions) | September 30, 2025 ($ millions) | Change (%) | | :------------------------------------------------------- | :----------------------------- | :------------------------------ | :--------- | | U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $5,570 | $4,013 | (28.0)% | | Obligations of U.S. states and political subdivisions | $27,185 | $30,304 | 11.5% | | Corporate and all other bonds | $37,397 | $42,447 | 13.5% | | Total fixed maturities | $83,666 | $91,113 | 8.9% | Quality Rating | Quality Rating | December 31, 2024 (% of Total) | September 30, 2025 (% of Total) | Change (pp) | | :----------------------- | :----------------------------- | :------------------------------ | :---------- | | Aaa | 48.3% | 28.3% | (20.0) | | Aa | 18.3% | 36.7% | +18.4 | | Total investment grade | 98.8% | 98.8% | 0.0 | | Total below investment grade | 1.2% | 1.2% | 0.0 | | Weighted average duration | 4.3 | 4.6 | +0.3 | [Investment Income](index=27&type=section&id=Investment%20Income) Net investment income, both pre-tax and after-tax, increased significantly year-over-year, driven by higher income from fixed maturities. Average invested assets and average pre-tax yield also saw increases Investment Income Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :-------------------------------- | :---------------------- | :---------------------- | :--------- | | Gross investment income | $2,673 | $2,948 | 10.3% | | Fixed maturities income | $2,150 | $2,519 | 17.2% | | Short-term securities income | $217 | $185 | (14.8)% | | Net investment income, pre-tax | $2,635 | $2,905 | 10.2% | | Net investment income, after-tax | $2,167 | $2,387 | 10.2% | | Average invested assets | $96,042 | $103,086 | 7.3% | | Average yield pre-tax | 3.7% | 3.8% | +0.1 pp | | Average yield after-tax | 3.0% | 3.1% | +0.1 pp | [Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders' Equity](index=28&type=section&id=Net%20Realized%20Investment%20Gains%20(Losses)%20and%20Net%20Unrealized%20Investment%20Gains%20(Losses)%20included%20in%20Shareholders'%20Equity) The company experienced a shift from net realized investment gains to losses year-over-year, primarily due to changes in equity securities and other investments. However, net unrealized investment losses included in shareholders' equity significantly decreased, indicating an improvement in the fair value of the investment portfolio Net Realized Investment Gains (Losses) (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :---------------------- | :---------------------- | :------------------ | | Net realized investment gains (losses) | $18 | $(22) | $(40) | | Fixed maturities | $(92) | $(50) | $42 | | Equity securities | $104 | $37 | $(67) | | Other | $13 | $(15) | $(28) | Net Unrealized Investment Gains (Losses) (September 30, 2025 vs. September 30, 2024) | Metric | September 30, 2024 ($ millions) | September 30, 2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :------------------------------ | :------------------------------ | :------------------ | | Net unrealized investment gains (losses), net of tax, included in shareholders' equity | $(2,111) | $(1,970) | $141 (reduction in loss) | [Reinsurance Recoverables](index=29&type=section&id=Reinsurance%20Recoverables) Net reinsurance recoverables increased, driven by higher gross recoverables on paid and unpaid claims. The company maintains a diversified panel of reinsurers, with a significant portion rated A- or better, and an allowance for estimated uncollectible reinsurance Reinsurance Recoverables (September 30, 2025 vs. December 31, 2024) | Metric | December 31, 2024 ($ millions) | September 30, 2025 ($ millions) | Change (%) | | :------------------------------------------------------- | :----------------------------- | :------------------------------ | :--------- | | Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses | $3,962 | $4,447 | 12.2% | | Gross structured settlements | $2,626 | $2,546 | (3.1)% | | Mandatory pools and associations | $1,531 | $1,446 | (5.6)% | | Gross reinsurance recoverables | $8,119 | $8,439 | 3.9% | | Allowance for estimated uncollectible reinsurance | $(119) | $(141) | 18.5% | | Net reinsurance recoverables | $8,000 | $8,298 | 3.7% | - Of the total reinsurance recoverables (excluding mandatory pools and associations and before allowances), **88%** were rated by A.M. Best Company, with **95%** of those rated A- or better as of September 30, 2025[70](index=70&type=chunk) [Net Reserves for Losses and Loss Adjustment Expense](index=30&type=section&id=Net%20Reserves%20for%20Losses%20and%20Loss%20Adjustment%20Expense) Total statutory reserves for losses and loss adjustment expenses increased, with all segments showing growth in ending reserves. The company experienced significant favorable prior year reserve development across all segments, contributing to overall reserve strength Statutory Reserves for Losses and Loss Adjustment Expenses (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Total Beginning of period reserves | $53,717 | $56,326 | 4.9% | | Total Incurred | $20,862 | $21,215 | 1.7% | | Total Paid | $(17,710) | $(18,127) | 2.4% | | Total End of period reserves | $56,909 | $59,620 | 4.8% | Prior Year Reserve Development (Favorable) | Prior Year Reserve Development (Favorable) | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change ($ millions) | | :--------------------------------------- | :---------------------- | :---------------------- | :------------------ | | Business Insurance | $57 | $(28) | $(85) | | Bond & Specialty Insurance | $(84) | $(191) | $(107) | | Personal Insurance | $(420) | $(496) | $(76) | | Total | $(447) | $(715) | $(268) | [Asbestos Reserves](index=31&type=section&id=Asbestos%20Reserves) Asbestos reserves, both gross and net, increased year-over-year, primarily due to higher incurred losses and loss expenses. Paid losses also increased, indicating ongoing claim settlements Asbestos Reserves Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Beginning gross reserves | $1,768 | $1,708 | (3.3)% | | Beginning net reserves | $1,378 | $1,338 | (2.9)% | | Incurred losses and loss expenses (Gross) | $279 | $327 | 17.2% | | Paid loss and loss expenses (Gross) | $233 | $239 | 2.6% | | Ending gross reserves | $1,815 | $1,798 | (0.9)% | | Ending net reserves | $1,420 | $1,446 | 1.8% | [Capitalization](index=32&type=section&id=Capitalization) The company's capitalization structure shows an increase in total debt, driven by higher long-term debt, and a significant increase in common equity. This resulted in an increase in total capital and a slightly higher debt-to-capital ratio Capitalization Highlights (September 30, 2025 vs. December 31, 2024) | Metric | December 31, 2024 ($ millions) | September 30, 2025 ($ millions) | Change (%) | | :--------------------------------------- | :----------------------------- | :------------------------------ | :--------- | | Total short-term debt | $100 | $300 | 200.0% | | Total long-term debt | $8,004 | $9,054 | 13.1% | | Total debt | $8,033 | $9,267 | 15.4% | | Common equity (excluding net unrealized investment gains (losses), net of tax) | $31,504 | $33,579 | 6.6% | | Total capital (excluding net unrealized investment gains (losses), net of tax) | $39,537 | $42,846 | 8.4% | | Total debt to capital (excluding net unrealized investment gains (losses), net of tax) | 20.3% | 21.6% | +1.3 pp | [Statutory Capital and Surplus to GAAP Shareholders' Equity Reconciliation](index=33&type=section&id=Statutory%20Capital%20and%20Surplus%20to%20GAAP%20Shareholders'%20Equity%20Reconciliation) Statutory capital and surplus increased, and the reconciliation to GAAP shareholders' equity shows various adjustments, with investments and noninsurance companies being significant deductions, while goodwill and intangible assets and deferred acquisition costs are notable additions Statutory Capital and Surplus to GAAP Shareholders' Equity Reconciliation (September 30, 2025 vs. December 31, 2024) | Metric | December 31, 2024 ($ millions) | September 30, 2025 ($ millions) | Change (%) | | :--------------------------------------- | :----------------------------- | :------------------------------ | :--------- | | Statutory capital and surplus | $27,715 | $29,965 | 8.1% | | GAAP adjustments: | | | | | Goodwill and intangible assets | $3,635 | $3,638 | 0.1% | | Investments | $(3,982) | $(1,955) | 50.9% (reduction in deduction) | | Noninsurance companies | $(4,350) | $(4,567) | 5.0% | | Deferred acquisition costs | $3,371 | $3,559 | 5.6% | | Deferred federal income tax | $218 | $(342) | - | | Total GAAP adjustments | $149 | $1,644 | 1000.0%+ | | GAAP shareholders' equity | $27,864 | $31,609 | 13.4% | [Statement of Cash Flows](index=34&type=section&id=Statement%20of%20Cash%20Flows) The statement of cash flows indicates a strong increase in net cash provided by operating activities. Net cash used in investing activities also increased significantly, while financing activities are detailed in the subsequent section Statement of Cash Flows Highlights (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Net cash provided by operating activities | $7,010 | $7,921 | 13.0% | | Net cash used in investing activities | $(5,571) | $(7,077) | 27.0% | | Net increase (decrease) in cash and restricted cash | $122 | $30 | (75.4)% | [Statement of Cash Flows (continued)](index=35&type=section&id=Statement%20of%20Cash%20Flows%20(continued)) Financing activities show a significant increase in treasury stock acquired through share repurchases and a substantial issuance of debt in YTD 3Q2025, leading to a shift from net cash used to net cash provided by financing activities. Income taxes and interest paid also increased Cash Flows from Financing Activities (YTD 3Q2025 vs. YTD 3Q2024) | Metric | YTD 3Q2024 ($ millions) | YTD 3Q2025 ($ millions) | Change (%) | | :--------------------------------------- | :---------------------- | :---------------------- | :--------- | | Treasury stock acquired - share repurchase authorizations | $(747) | $(1,369) | 83.3% | | Dividends paid to shareholders | $(711) | $(737) | 3.7% | | Issuance of debt | $0 | $1,233 | - | | Net cash provided by (used in) financing activities | $(1,325) | $(835) | 36.9% (reduction in use) | | Income taxes paid | $947 | $756 | (20.1)% | | Interest paid | $255 | $257 | 0.8% | [Glossary of Financial Measures and Description of Reportable Business Segments](index=36&type=section&id=Glossary%20of%20Financial%20Measures%20and%20Description%20of%20Reportable%20Business%20Segments) This section provides definitions for key financial measures used by management to evaluate performance, including non-GAAP measures like Core income and Adjusted book value per share, and describes the company's three reportable business segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance - Key financial measures defined include: **Core income (loss)**, **Segment income (loss)**, **Average shareholders' equity**, **Adjusted shareholders' equity**, **Return on equity**, **Core return on equity**, **Underwriting gain (loss)**, **Catastrophe**, **Net favorable (unfavorable) prior year loss reserve development**, **Combined ratio**, **Loss and LAE ratio**, **Underwriting expense ratio**, **Underlying combined ratio**, **Gross written premiums**, **Net written premiums**, **Book value per share**, **Adjusted book value per share**, **Total capital**, **Debt-to-capital ratio**, and **Statutory capital and surplus**[87](index=87&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The reportable business segments are: - **Business Insurance:** Offers property and casualty insurance products and services primarily in the U.S., Canada, UK, and Republic of Ireland, organized into Select Accounts, Middle Market, National Accounts, National Property and Other, and International. Includes Simply Business and asbestos/environmental liabilities[102](index=102&type=chunk)[103](index=103&type=chunk) - **Bond & Specialty Insurance:** Provides surety, fidelity, management liability, professional liability, and other P&C coverages primarily in the U.S., Canada, UK, Republic of Ireland, and Brazil (via a joint venture). Utilizes financially-based underwriting approaches[104](index=104&type=chunk) - **Personal Insurance:** Offers a broad range of property and casualty insurance products and services covering individuals' personal risks, primarily in the U.S. and Canada, with primary products being automobile and homeowners insurance[105](index=105&type=chunk)

The Travelers Companies, Inc. (NYSE:TRV) will release earnings results for the third quarter, before the opening bell on Thursday, Oct. 16.Analysts expect the New York-based company to report quarterly earnings at $6.30 per share, up from $5.24 per share in the year-ago period. Travelers projects quarterly revenue of $11.15 billion, compared to $10.7 billion a year earlier, according to data from Benzinga Pro.On July 17, Travelers reported better-than-expected second-quarter financial results.Shares of Trav ...

The Travelers Companies, Inc. (NYSE:TRV) will release earnings results for the third quarter, before the opening bell on Thursday, Oct. 16.Analysts expect the New York-based company to report quarterly earnings at $6.30 per share, up from $5.24 per share in the year-ago period. Travelers projects quarterly revenue of $11.15 billion, compared to $10.7 billion a year earlier, according to data from Benzinga Pro.On July 17, Travelers reported better-than-expected second-quarter financial results.Shares of Trav ...

Group 1 - Charles Schwab Corp. is expected to report quarterly earnings of $1.25 per share on revenue of $5.99 billion [2] - J B Hunt Transport Services Inc. reported quarterly earnings of $1.76 per share, exceeding the consensus estimate of $1.47, with revenue of $3.05 billion, beating the Street estimate of $3.02 billion [2] - Travelers Companies Inc. is anticipated to post quarterly earnings of $6.29 per share on revenue of $11.81 billion [2] - Taiwan Semiconductor Manufacturing Company Ltd. reported a 39.1% increase in profit for the third quarter, surpassing market expectations [2] - US Bancorp is expected to report quarterly earnings of $1.13 per share on revenue of $7.16 billion [2]

Core Insights - The Travelers Companies, Inc. (TRV) is anticipated to show improvements in both revenue and earnings for Q3 2025, with results expected to be reported on October 16 [1][2] Revenue and Earnings Estimates - The Zacks Consensus Estimate for TRV's Q3 revenues is $12.35 billion, reflecting a 4.2% increase from the previous year [1] - The consensus estimate for earnings is $5.56 per share, which has increased by 4.7% over the past 30 days, indicating a year-over-year growth of 6.1% [2] Earnings Prediction Model - The earnings prediction model suggests a likely earnings beat for Travelers, supported by a positive Earnings ESP of +4.92% and a Zacks Rank of 3 (Hold) [3][4] Segment Performance - All three segments are expected to contribute positively to TRV's Q3 results, with premiums projected to rise due to better pricing, strong retention, and exposure growth [5][9] - The Personal Insurance segment is estimated to generate $4.5 billion in premiums, a 6.7% increase from the previous year [7] - The Bond & Specialty Insurance segment is expected to see earned premiums of $1 billion, reflecting a 4.3% improvement [8] - The Business Insurance segment is projected to achieve $5.5 billion in earned premiums, a slight increase of 0.2% [10] Investment Income and Underwriting Results - Net investment income is estimated to be approximately $770 million for Q3 2025, with an expected increase of 12.1% to $1 billion [6][9] - Improved pricing and retention are anticipated to enhance underwriting profitability, with the combined ratio estimated at 98.4 [11] Expense Outlook - Total expenses are expected to rise by 5.9% to $10.9 billion due to higher claims and administrative costs [12]