[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","nl2j0vt9pasrbxu3eugp7a4v1","revision",2,"title","Travelers Companies 2026年第三季度净收入19.17亿美元","originalTitle","10-Q - TRAVELERS COMPANIES, INC. (0000086312) (Filer)","summary","Travelers Companies 2026年第三季度净收入为19.17亿美元，同比增长2%；稀释每股收益9.04美元，同比增长10%。综合成本率86.8%，较2025年同期下降0.5个百分点。公司回购1400万股，总成本46亿美元，剩余回购授权额度24.2亿美元。","reason","Travelers Companies 2026年第三季度净收入同比增长2%，稀释每股收益同比增长10%，综合成本率下降0.5个百分点，显示承保业务改善。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-16T11:00:26.000Z","discoveredAt","2026-10-16T11:02:34.138Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",85,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","foQFh5nQcGjc",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","55b8683c-88e2-497e-b792-d28da07c2246","美国旅行者公司发布2026年第三季度财报",{"_72":73,"_16":74},"

美国证券交易委员会

华盛顿特区 20549

________________________________________________________

表格 10-Q

_________________________________________________________

☒ 按照《1934年证券交易法》第 13 或 15(d) 条提交的季度报告

《1934年证券交易法》

截至 2026 年 9 月 30 日的季度

或

☐ 按照《1934年证券交易法》第 13 或 15(d) 条提交的过渡报告

《1934年证券交易法》

从 _______ 至 _______ 的过渡期

___________________________________________________________________

委员会文件编号: 001-10898

___________________________________________________________________

The Travelers Companies, Inc.

（根据其章程规定的注册人全名）

____________________________________________________________________


明尼苏达州		41-0518860
（州或其他司法管辖区成立或组织）		（美国国税局雇主识别号）

485 伦纳德大道

纽约，纽约 10017

（主要执行办公室地址）（邮政编码）

(917) 778-6000

（注册人的电话号码，包括区号）

_________________________________________________________

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券注册的交易所名称

无面值普通股

TRV

纽约证券交易所

是否已根据《1934年证券交易法》第 13 或 15(d) 条提交了过去 12 个月（或注册人需提交此类报告的较短期间）内应提交的所有报告，并且（2）在过去 90 天内已受此类提交要求约束？是 ý 否 o

是否已根据《S-T规则》第 405 条（本章第 232.405 条）提交了过去 12 个月（或注册人需提交此类文件的较短期间）内应提交的每个交互式数据文件？

是 ý 否 o

是否已根据《交易法》第 12b-2 条中的定义，表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司？


大型加速提交者	ý	加速提交者	☐
非加速提交者	☐	较小报告公司	☐
	新兴成长公司	☐

如果是新兴成长公司，请用复选标记表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 o

是否已根据《交易法》第 12b-2 条的定义表明注册人是壳公司？

是 ☐ 否 ý

截至2026年10月9日，发行人无面值普通股的流通股数量为204,946,347股。

The Travelers Companies, Inc.

10-Q表格季度报告

截至2026年9月30日的季度

_________________________________________________________


		页码
	第一部分 — 财务信息

项目1。	财务报表：

	合并损益表（未审计）— 截至2026年9月30日的三个月和九个月以及2025年	3

	合并综合收益（损失）表（未审计）— 截至2026年9月30日的三个月和九个月以及2025年	4

	合并资产负债表 — 截至2026年9月30日（未审计）和2025年12月31日	5

	合并股东权益变动表（未审计）— 截至2026年9月30日的三个月和九个月以及2025年	6

	合并现金流量表（未审计）— 截至2026年9月30日的九个月以及2025年	7

	合并财务报表附注（未审计）	8

项目2。	管理层讨论与分析财务状况和经营成果	35

项目3。	关于市场风险的定量和定性披露	67

项目4。	内部控制和程序	67

	第二部分 — 其他信息

项目1。	法律诉讼	67

项目1A。	风险因素	68

项目2。	未注册的股权证券销售及资金使用	68

项目5。	其他信息	68

项目6。	附录	69

	签名	70

第一部分 — 财务信息

项目1。财务报表

THE TRAVELERS COMPANIES, INC. 和子公司

合并损益表（未审计）

（单位：百万美元，每股金额除外）


	截至 9月30日的三个月		截至 9月30日的九个月
	2026		2025		2026		2025
收入
保费	$	11,103			$	11,135		$	32,461	$	32,766
净投资收益	1,098			1,033			3,176		2,905
费用收入	123			127			370		370
净已实现投资收益（损失）	(34)			27			75		(28)
其他收入	122			148			407		383
总收入	12,412			12,470			36,489		36,396
索赔和费用
索赔和理赔调整费用	6,487			6,594			18,791		21,389
递延获取成本的摊销	1,856			1,849			5,408		5,429
一般及行政费用	1,582			1,572			4,688		4,576
利息支出	118			111			347		309
总索赔和费用	10,043			10,126			29,234		31,703
税前收入	2,369			2,344			7,255		4,693
所得税费用	452			456			1,419		901
净收入	$	1,917			$	1,888		$	5,836	$	3,792
每股净收入
基本	$	9.20			$	8.37		$	27.48	$	16.69
稀释	$	9.04			$	8.24		$	27.05	$	16.45
流通普通股加权平均数
基本	206.9			224.1			210.9		225.6
稀释	210.6			227.5			214.2		228.9

每股现金股息	$	1.25			$	1.10		$	3.60	$	3.25

附注是合并财务报表的组成部分。

THE TRAVELERS COMPANIES, INC. 和子公司

合并综合收益（损失）表（未审计）

（单位：百万美元）


	截至 9月30日的三个月		截至 9月30日的九个月
	2026		2025		2026		2025
净收入	$	1,917			$	1,888		$	5,836	$	3,792
其他综合收益（亏损）：
投资证券未实现收益（亏损）的变动：
在合并损益表中未确认信用损失	(5,571)			1,347			(6,186)		2,124
在合并损益表中确认了信用损失	—			—			(1)		1
福利计划资产和负债的净变动	(1)			—			(11)		—
未实现外币折算的净变动	(2)			(72)			316		217
税前其他综合收益（亏损）	(5,574)			1,275			(5,882)		2,342
所得税费用（收益）	(1,179)			284			(1,319)		469
税后其他综合收益（亏损）	(4,395)			991			(4,563)		1,873
综合收益（亏损）	$	(2,478)			$	2,879		$	1,273	$	5,665

附注是合并财务报表不可分割的一部分。

THE TRAVELERS COMPANIES, INC. 及其子公司

合并资产负债表

（以百万计）


	2026年9月30日		2025年12月31日
	（未经审计）
资产
固定到期证券，可供出售，按公允价值计量（摊销成本97,423和91,717；预期信用损失准备金2和3）	$	89,372			$	89,833
权益证券，按公允价值计量（成本414和457）	640			618
房地产投资	883			900
短期证券	5,561			5,716
其他投资	4,132			4,115
总投资	100,588			101,182
现金（包括受限现金147和132）	766			842
应计投资收益	860			877
应收保费（扣除预期信用损失的准备金69和58）（扣除预期信用损失的准备金69和58）	12,142			10,992
再保险摊回（扣除估计不可收回再保险的准备金142和129）（扣除估计不可收回再保险的准备金142和129）	8,078			7,886
已赚未到期保费	1,488			1,283
递延获得成本	3,763			3,518
递延税项	2,268			887
保单持有人应收款（扣除预期信用损失的准备金13和16）（扣除预期信用损失的准备金13和16）	3,041			3,010
商誉	4,060			4,066
其他无形资产	326			336
其他资产	4,709			4,279
待售资产	—			4,550
总资产	$	142,089			$	143,708
负债
索赔及理赔调整费用准备金	$	68,130			$	65,737
未到期保费准备金	23,525			22,431
保单持有人应付款	3,054			3,026
再保险保费应付款	828			529
债务	9,813			9,267
其他负债	7,744			7,282
待售负债	—			2,542
总负债	113,094			110,814
股东权益
普通股（1,750.0股授权；204.9和 217.5 股发行和流通）	26,307			25,910
留存收益	60,002			54,931
其他综合亏损累计	(7,063)			(2,500)
库存股，按成本计算（590.8和575.9股）	(50,251)			(45,447)
股东权益总计	28,995			32,894
总负债和股东权益	$	142,089			$	143,708

附注是合并财务报表不可分割的一部分。

THE TRAVELERS COMPANIES, INC. 及其子公司

合并股东权益变动表（未经审计）

（以百万计）


	截至 2026年9月30日的三个月		截至 2026年9月30日的九个月
	2026		2025		2026		2025
普通股
期初余额	$	26,186			$	25,728		$	25,910	$	25,452
员工股权激励	59			30			188		166
股权激励计划和其他变动的摊销费用	62			59			209		199
期末余额	26,307			25,817			26,307		25,817
留存收益
期初余额	58,346			51,041			54,931		49,630


净收入	1,917			1,888			5,836		3,792
股息	(261)			(250)			(765)		(743)
其他	—			1			—		1
期末余额	60,002			52,680			60,002		52,680
累计其他综合损失（税后）
期初余额	(2,668)			(4,085)			(2,500)		(4,967)


其他综合收益（损失）	(4,395)			991			(4,563)		1,873
期末余额	(7,063)			(3,094)			(7,063)		(3,094)
库存股（按成本计）
期初余额	(48,743)			(43,166)			(45,447)		(42,251)
库存股购入 — 股票回购授权	(1,500)			(625)			(4,600)		(1,375)
与员工股权激励计划相关的净购入股数	(8)			(3)			(204)		(168)
期末余额	(50,251)			(43,794)			(50,251)		(43,794)
股东权益总额	$	28,995			$	31,609		$	28,995	$	31,609
流通股数量
期初余额	208.6			225.1			217.5		226.6
库存股购入 — 股票回购授权	(4.0)			(2.3)			(14.3)		(5.1)
员工股权激励计划下发行的净股数	0.3			0.2			1.7		1.5
期末余额	204.9			223.0			204.9		223.0

附注是合并财务报表不可分割的一部分。

THE TRAVELERS COMPANIES, INC. 及其子公司

合并现金流量表（未经审计）

（以百万计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	5,836			$	3,792
调整项目，以将净利润调节为经营活动产生的净现金：
已实现投资（收益）损失	(75)			28
折旧和摊销	537			518
递延联邦所得税费用（收益）	(66)			268
递延承销成本摊销	5,408			5,429
其他投资的权益收益	(170)			(169)
应收保费	(1,154)			(485)
再保险摊回	(199)			(269)
递延承销成本	(5,656)			(5,616)
赔款及理赔费用准备金	2,433			3,388
未到期保费准备金	1,108			1,245
其他	(10)			(208)
经营活动产生的净现金	7,992			7,921
投资活动产生的现金流量
固定到期证券的到期收益	8,800			8,758
出售投资的收益：
固定到期证券	917			779
权益证券	134			131
房地产投资	17			—
其他投资	203			210
投资的购买：
固定到期证券	(15,541)			(14,519)
权益证券	(77)			(94)
房地产投资	(34)			(23)
其他投资	(270)			(262)
短期证券的净销售（购买）	154			(2,027)
结算过程中的证券交易	382			368

加拿大业务的出售所得	2,388			—
其他	(386)			(398)
投资活动使用的净现金	(3,313)			(7,077)
筹资活动产生的现金流量
库存股购入 — 股票回购授权	(4,585)			(1,369)
库存股购入 — 净员工股权激励	(159)			(125)
向股东支付的股息	(759)			(737)
偿还债务	(200)			—
发行债务	744			1,233
发行普通股 — 员工股票期权	212			163
筹资活动使用的净现金	(4,747)			(835)
汇率变动对现金和受限现金的影响	(8)			21
现金和受限现金的净增加（减少）	(76)			30
年初现金和受限现金	842			699
期末现金和受限现金	$	766			$	729
现金流量信息的补充披露
支付的所得税	$	1,687			$	756
支付的利息	$	324			$	257

附注是合并财务报表不可分割的一部分。

THE TRAVELERS COMPANIES, INC. 及其子公司

合并财务报表附注（未经审计）

1. 报告基础和会计政策

报告基础

中期合并财务报表包括旅行者公司（The Travelers Companies, Inc.）（及其子公司，统称为公司）的账目。这些财务报表按照美国通用会计准则（GAAP）编制，未经审计。在公司管理层看来，所有为公允列报所必需的调整均已反映在内。某些通常在按照GAAP编制的年度财务报表中包含的财务信息，但因中期报告目的不需要，因此已被省略。所有重大的内部交易和余额均已抵销。随附的中期合并财务报表及相关附注应与公司2025年12月31日年度报告（公司2025年年度报告）中包含的合并财务报表及相关附注一并阅读。

按照GAAP编制中期合并财务报表需要管理层做出估计和假设，这些估计和假设会影响中期合并财务报表中所报告的资产和负债金额，以及截至中期合并财务报表日期的或有资产和负债的披露，以及报告期间的收入和索赔及费用金额。实际结果可能与这些估计不同。如果公司对其财务报表中某些项目的会计处理或列报方式进行了更改，将根据适当性将前期的此类金额的列报进行调整，以符合当期的列报方式，并在必要时进行披露。

2025年5月27日，公司与Definity Financial Corporation达成协议，以约24亿美元的价格出售其加拿大个人保险业务以及大部分加拿大商业保险业务。截至2025年12月31日，加拿大个人保险业务及其大部分加拿大商业保险业务的资产和负债在合并资产负债表中被归类为待售资产。公司保留了其在加拿大的保证业务。该交易于2026年1月2日完成。

被归类为待售资产和负债的主要类别如下：


	2025年12月31日
资产
可供出售的固定收益证券，按公允价值计量	$	3,243
应收保费	263
再保险摊回	285
商誉	208
其余待售资产	551
待售总资产	$	4,550
负债
索赔及索赔调整费用准备金	$	1,909
未赚取保费准备金	514
其余待售负债	119
待售总负债	$	2,542

尚未采用的会计准则

2025年9月，财务会计准则委员会（FASB）发布了关于内部使用软件成本会计处理的更新指南。更新后的指南删除了所有关于软件开发项目阶段的引用，使指南对不同的软件开发方法保持中立，并允许应用迭代软件开发方法，如敏捷开发。更新后的指南要求，当同时满足以下两个条件时，企业应将软件成本资本化：1）管理层已授权并承诺为软件项目提供资金；2）很可能完成该项目，并且软件将用于执行其预期功能。此外，更新后的指南澄清，内部和外部培训成本以及维护成本必须在发生时费用化。

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

合并财务报表附注（未审），继续

1. 列报基础和会计政策，继续

该更新后的指南适用于2028年3月31日结束的季度，可以采用前瞻性、修正或追溯的过渡方法进行应用。允许提前采用。预计该指南的采用不会对公司的经营成果、财务状况或流动性产生重大影响。

2026年5月，FASB发布了关于环境信用和环境信用义务会计处理的更新指南。根据更新后的指南，当环境信用很可能被：1）用于结算环境信用义务，2）在交易中转让，或3）用于非互惠转让时，企业应将环境信用确认为资产。获得其他所有环境信用的成本在发生时费用化（例如，为满足自愿的净零排放计划而获得的环境信用）。该更新后的指南适用于2028年3月31日结束的季度，并应以追溯方式应用，对采用年度期初的留存收益期初余额进行累计影响调整。预计该指南的采用不会对公司的经营成果、财务状况或流动性产生重大影响。

2. 分部信息

业务性质

公司的业绩按以下三个业务分部报告——商业保险、债券与特种保险和个人保险。这些分部反映了公司目前管理业务的方式，并代表了基于客户类型、业务的营销方式以及风险承保方式的产品和服务的聚合。有关公司业务性质的更多信息，请参阅公司2025年年度报告中合并财务报表附注的“业务性质””部分。

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合并财务报表附注（未审），继续

2. 分部信息，继续

以下表格总结了公司按报告业务部门划分的收入、利润和总资产的组成部分。


（截至9月30日的三个月，单位：百万美元）	业务保险		债券 & 专业保险		个人保险		总计报告的业务部门
2026
保费	$	5,862			$	1,103		$	4,138	$	11,103
净投资收益	766			127			205		1,098
费用收入	118			—			5		123
其他收入	94			6			22		122
业务部门总收入 (1)	6,840			1,236			4,370		12,446
索赔及索赔调整费用	3,643			425			2,419		6,487
递延获取成本的摊销	1,001			215			640		1,856
一般及行政费用	919			218			432		1,569
所得税费用	241			69			173		483
业务部门利润 (1)	$	1,036			$	309		$	706	$	2,051

2025
保费	$	5,700			$	1,042		$	4,393	$	11,135
净投资收益	727			116			190		1,033
费用收入	114			—			13		127
其他收入	111			8			29		148
业务部门总收入 (1)	6,652			1,166			4,625		12,443
索赔及索赔调整费用	3,667			451			2,476		6,594
递延获取成本的摊销	973			197			679		1,849
一般及行政费用	894			207			458		1,559
所得税费用	211			61			205		477
业务部门利润 (1)	$	907			$	250		$	807	$	1,964

________________________________________________________

(1)报告业务部门的业务总收入不包括净已实现投资收益（损失）以及包含在“利息支出和其他”的收入。报告业务部门的业务利润不包括净已实现投资收益（损失）以及“利息支出和其他”中的收入（损失）的税后影响。

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合并财务报表附注（未审），继续

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（截至9月30日的九个月，单位：百万美元）	业务保险		债券 & 专业保险		个人保险		总计报告的业务部门
2026
保费	$	16,906			$	3,177		$	12,378	$	32,461
净投资收益	2,236			353			587		3,176
费用收入	346			—			24		370
其他收入	311			17			79		407
业务部门总收入 (1)	19,799			3,547			13,068		36,414
索赔及索赔调整费用	10,362			1,324			7,105		18,791
递延获取成本的摊销	2,884			613			1,911		5,408
一般及行政费用	2,743			655			1,251		4,649
所得税费用	737			158			564		1,459
业务部门利润 (1)	$	3,073			$	797		$	2,237	$	6,107

2025
保费	$	16,710			$	3,058		$	12,998	$	32,766
净投资收益	2,045			325			535		2,905
费用收入	333			—			37		370
其他收入	288			19			76		383
业务部门总收入 (1)	19,376			3,402			13,646		36,424
索赔及索赔调整费用	10,956			1,303			9,130		21,389
递延获取成本的摊销	2,834			579			2,016		5,429
一般及行政费用	2,616			626			1,298		4,540
所得税费用	567			180			235		982
业务部门利润 (1)	$	2,403			$	714		$	967	$	4,084

________________________________________________________

按报告业务部门划分的前期准备金发展和灾难性损失如下：


（截至9月30日的三个月，单位：百万美元）	业务保险		债券 & 专业保险	个人保险		总计报告的业务部门
2026
前期准备金的有利发展	$	41		$	95		$	98	$	234
灾难损失	$	157		$	1		$	380	$	538
2025
前期年份准备金发展的有利（不利）金额	$	(125)		$	43		$	104	$	22
灾难损失	$	139		$	—		$	263	$	402

旅行者公司，股份有限公司及其子公司

合并财务报表附注（未审计），继续

2. 分部信息，继续


（截至9月30日的九个月，单位：百万美元）	商业保险		债券 & 特种保险	个人保险		总计可报告分部
2026
前期年份准备金发展的有利金额	$	522		$	235		$	468	$	1,225
灾难损失	$	774		$	13		$	1,030	$	1,817
2025
前期年份准备金发展的有利金额	$	28		$	191		$	496	$	715
灾难损失	$	1,016		$	24		$	2,555	$	3,595

以下表格展示了公司按可报告业务分部划分的摊销和折旧费用（不包括递延获取成本的摊销，该部分在上表中单独披露，按可报告业务分部的分部收入列示）。


（截至9月30日的三个月，单位：百万美元）	2026		2025
商业保险	$	103			$	99
债券和特种保险	24			21
个人保险	45			44
总计	$	172			$	164


（截至9月30日的九个月，单位：百万美元）	2026		2025
商业保险	$	318			$	312
债券和特种保险	75			62
个人保险	138			139
总计	$	531			$	513

旅行者公司，股份有限公司及其子公司

合并财务报表附注（未审计），继续

2. 分部信息，继续

分部调整


	截至 9月30日的三个月		截至 9月30日的九个月
（单位：百万美元）	2026		2025		2026		2025
收入调整
已赚取保费
商业保险：
国内：
工伤保险	$	871			$	842		$	2,548	$	2,506
商业汽车	1,092			1,011			3,169		2,921
商业财产	909			942			2,726		2,839
一般责任	978			907			2,754		2,630
商业多风险	1,519			1,474			4,480		4,309
其他	22			20			56		56
国内总计	5,391			5,196			15,733		15,261
国际	471			504			1,173		1,449
商业保险总计	5,862			5,700			16,906		16,710
债券 & 特种保险：
国内：
信用和保证	435			378			1,226		1,103
一般责任	473			463			1,391		1,374
其他	61			61			180		178
国内总计	969			902			2,797		2,655
国际	134			140			380		403
债券 & 特种保险总计	1,103			1,042			3,177		3,058
个人保险：
国内：
汽车	1,874			1,987			5,663		5,931
房主及其他	2,264			2,239			6,715		6,563
国内总计	4,138			4,226			12,378		12,494
国际	—			167			—		504
个人保险总计	4,138			4,393			12,378		12,998
已赚取保费总计	11,103			11,135			32,461		32,766
净投资收益	1,098			1,033			3,176		2,905
费用收入	123			127			370		370
其他收入	122			148			407		383
分部总收入	12,446			12,443			36,414		36,424

已实现投资收益（损失）	(34)			27			75		(28)
总收入	$	12,412			$	12,470		$	36,489	$	36,396
税后收入调整
分部总收入	$	2,051			$	1,964		$	6,107	$	4,084
利息支出和其他 (1)	(104)			(97)			(304)		(270)
核心收入	1,947			1,867			5,803		3,814
已实现投资收益（损失）	(30)			21			33		(22)

净收入	$	1,917			$	1,888		$	5,836	$	3,792

_________________________________________________________

(1)利息支出和其他的主要组成部分是税后利息支出，截至2026年9月30日的三个月分别为9300万美元和8800万美元，截至2025年9月30日的九个月分别为2.74亿美元和2.44亿美元。

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（以百万美元计）	2026年9月30日 2026年9月30日		2025年12月31日 2025年12月31日
资产对账
商业保险	$	105,291			$	106,084
债券与特种保险	14,523			13,676
个人保险	21,092			22,787
按报告分部划分的总资产	140,906			142,547
其他资产 (1)	1,183			1,161
合并总资产	$	142,089			$	143,708

_________________________________________________________

(1)截至2026年9月30日和2025年12月31日，其他资产的主要组成部分是公司合格国内养老金计划相关的超拨备福利计划资产和其他无形资产。

3. 投资

固定收益证券

可供出售的固定收益证券的投资摊销成本和公允价值如下：


	摊销成本		预期信用损失准备金		累计未实现		公允价值
（截至2026年9月30日，以百万美元计）			收益		损失
美国国债及美国政府及其机构和当局的债务	$	3,267			$	—		$	—	$	245	$	3,022
美国各州、市镇和政治分区的债务：
地方一般责任	23,649			—			1		3,084	20,566
收入	10,306			—			2		1,302	9,006
州一般责任	816			—			1		89	728
提前偿还	247			—			—		6	241
美国各州、市镇和政治分区的总债务	35,018			—			4		4,481	30,541
外国政府发行的债务证券	420			—			—		12	408
抵押贷款支持证券、抵押贷款担保债券和过手证券	13,232			—			8		733	12,507
公司债券和其他所有债券	45,486			2			17		2,607	42,894
总计	$	97,423			$	2		$	29	$	8,078	$	89,372

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	摊销成本		预期信用损失准备金		累计未实现		公允价值
（截至2025年12月31日，以百万美元计）			收益		损失
美国国债及美国政府及其机构和当局的债务	$	3,927			$	—		$	11	$	81	$	3,857
美国各州、市镇和政治分区的债务：
地方一般责任	21,724			—			161		1,096	20,789
收入	9,810			—			58		543	9,325
州一般责任	871			—			6		29	848
提前偿还	414			—			4		2	416
美国各州、市镇和政治分区的总债务	32,819			—			229		1,670	31,378
外国政府发行的债务证券	313			—			2		3	312
抵押贷款支持证券、抵押贷款担保债券和过手证券	13,094			—			268		130	13,232
公司债券和其他所有债券	41,564			3			458		965	41,054
总计 (1)	$	91,717			$	3		$	968	$	2,849	$	89,833

_______________________________________________

(1)不包括截至2025年12月31日账面价值为32.21亿美元、公允价值为32.43亿美元的可供出售的固定收益证券。

截至2026年9月30日和2025年12月31日，已退款债券分别为2.41亿美元和4.16亿美元，这些债券是美国各州或市政当局设立的不可撤销信托基金，几乎全部由美国国债证券及美国政府和政府机构的债务组成。这些信托基金的设立是为了支付债券项下的本金和利息。

在截至2026年9月30日和2025年9月30日的九个月内，分类为可供出售的固定收益证券销售所得分别为9.17亿美元和7.79亿美元。在截至2026年9月30日和2025年9月30日的九个月内，这些销售实现了100万美元的毛收益。Gross损失分别为4,500万美元和2,900万美元，是在截至2026年9月30日和2025年9月30日的九个月内实现的。在截至2026年9月30日和2025年9月30日的九个月内的净已实现投资收益（损失）中，分别包括了1,500万美元和2,000万美元的损失，这些损失是由于发行人提前赎回固定收益证券，早于债券到期日。

权益证券

权益证券的投资成本和公允价值如下：



（截至2026年9月30日，单位：百万美元）	成本		毛收益		毛损失		公允价值
普通股	$	383			$	233		$	9	$	607
不可赎回优先股	31			2			—		33
总计	$	414			$	235		$	9	$	640


（截至2025年12月31日，单位：百万美元）	成本		毛收益		毛损失		公允价值
普通股	$	419			$	177		$	12	$	584
不可赎回优先股	38			1			5		34
总计 (1)	$	457			$	178		$	17	$	618

_______________________________________________

(1)不包括截至2025年12月31日，成本为6,900万美元、公允价值为1.04亿美元的分类为出售中的权益证券。

截至2026年9月30日和2025年9月30日，公司分别确认了6,000万美元和4,100万美元的净收益，这些收益来自于截至2026年9月30日和2025年9月30日仍持有的权益证券。

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

合并财务报表附注（未审计），继续

3. 投资，继续

未实现投资损失

以下表格总结了截至2026年9月30日和2025年12月31日，所有分类为可供出售的固定收益证券中处于未实现损失状态的证券的总公允价值和毛未实现损失，按这些证券连续处于未实现损失状态的时间长度分类。表格中报告的公允价值金额是根据本文第4节中描述的过程以及公司2025年年度报告中第4节的附注准备的估计值。公司还依赖于多个因素的估计值，在其对个别投资的审查和评估中，使用公司2025年年度报告中附注第1节中描述的过程，以确定是否存在信用损失减值。


	少于12个月		12个月或更长		总计
（截至2026年9月30日，单位：百万美元）	公允价值		总未实现损失		公允价值		总未实现损失	公允价值		总未实现损失
固定期限证券
美国国债及美国政府及其政府机构和当局的义务	$	1,835			$	154		$	1,030		$	91		$	2,865	$	245
美国各州、市政当局和政治分区的义务	18,275			1,675			11,615		2,806		29,890		4,481
外国政府发行的债务证券	313			10			48		2		361		12
抵押贷款支持证券、抵押贷款债券和过手证券	11,013			528			1,164		205		12,177		733
公司债券和其他所有债券	26,757			1,294			13,903		1,313		40,660		2,607
总计	$	58,193			$	3,661		$	27,760		$	4,417		$	85,953	$	8,078


	少于12个月		12个月或更长		总计
（截至2025年12月31日，以百万美元计）	公允价值		总未实现损失		公允价值		总未实现损失	公允价值		总未实现损失
固定期限证券
美国国债及美国政府及其政府机构和当局的义务	$	611			$	5		$	1,684		$	76		$	2,295	$	81
美国各州、市政当局和政治分区的义务	2,234			28			16,428		1,642		18,662		1,670
外国政府发行的债务证券	34			—			75		3		109		3
抵押贷款支持证券、抵押贷款债券和过手证券	437			2			1,835		128		2,272		130
公司债券和其他所有债券	2,351			13			17,428		952		19,779		965
总计	$	5,667			$	48		$	37,450		$	2,801		$	43,117	$	2,849

旅行者公司, 股份有限公司及其子公司

合并财务报表附注（未审计），继续

3. 投资，继续

以下表格总结了截至2026年9月30日和2025年12月31日，公允价值低于摊余成本80%的所有固定期限证券的总未实现投资损失，按这些证券连续处于摊余成本超过20%的未实现损失状态的时间段进行分类。


	公允价值低于摊余成本80%的期间
（截至2026年9月30日，以百万美元计）	3个月或更少		超过3个月，6个月或更少		超过6个月，12个月或更少		超过12个月	总计
固定期限证券
美国国债及美国政府及其政府机构和当局的义务	$	—			$	—		$	—	$	—	$	—
美国各州、市政当局和政治分区的义务	933			5			302		476	1,716
外国政府发行的债务证券	—			—			—		—	—
抵押贷款支持证券、抵押贷款债券和过手证券	74			—			—		—	74
公司债券和其他所有债券	7			2			—		—	9
总计	$	1,014			$	7		$	302	$	476	$	1,799


	公允价值低于摊余成本80%的期间
（截至2025年12月31日，以百万美元计）	3个月或更少		超过3个月，6个月或更少		超过6个月，12个月或更少		超过12个月	总计
固定期限证券
美国国债及美国政府及其政府机构和当局的义务	$	—			$	—		$	—	$	—	$	—
美国各州、市政当局和政治分区的义务	18			—			10		550	578
外国政府发行的债务证券	—			—			—		—	—
抵押贷款支持证券、抵押贷款债券和过手证券	—			—			—		—	—
公司债券和其他所有债券	1			—			4		—	5
总计	$	19			$	—		$	14	$	550	$	583

适用利率的上升导致了上述表格中披露的未实现投资损失；然而，净未实现损失被认为是暂时性的，因为价值的下降不是由于信用减值，且对固定期限证券的预期合同现金流没有影响。

旅行者公司，股份有限公司及附属公司

合并财务报表附注（未审计），继续

3. 投资，继续

减值费用

以下表格展示了分类为可供出售的固定期限证券的预期信用损失拨备的变化情况，该类别为公司债券和其他所有债券（目前没有其他固定期限证券类别有预期信用损失拨备）。


	固定期限证券
	公司债券和其他所有债券
	截至和期间的三个月
（以百万美元计）	2026年9月30日		2025年9月30日

期初余额	$	2			$	4
对之前未确认信用损失的证券计提的预期信用损失	—			—
对之前已确认信用损失的证券计提（减少）的预期信用损失	—			—
由于信用受损证券的销售/违约导致的减少	—			—
由于公司打算出售或很可能被要求出售的证券减值导致的减少	—			—
期末余额	$	2			$	4


	固定期限证券
	公司债券和其他所有债券
	截至和期间的九个月
（以百万美元计）	2026年9月30日		2025年9月30日

期初余额	$	3			$	2
对之前未确认信用损失的证券计提的预期信用损失	—			2
对之前已确认信用损失的证券计提（减少）的预期信用损失	—			—
由于信用受损证券的销售/违约导致的减少	(1)			—
由于公司打算出售或很可能被要求出售的证券减值导致的减少	—			—
期末余额	$	2			$	4

在合并损益表中作为净已实现投资收益（损失）报告的总减值费用，包括信用减值，对于截至2026年9月30日和2025年9月30日的三个月分别为0百万美元，而对于截至2026年9月30日和2025年9月30日的九个月分别为11百万美元和2百万美元。截至2026年9月30日和2025年9月30日的三个月和九个月期间，与固定期限证券组合相关的信用损失在税前占固定期限证券组合的不到1%，在税后占股东权益的不到1%。

其他投资

其他投资包括私募股权、对冲基金和房地产合伙企业，这些投资采用权益法进行核算，通常在报告期结束后一个月至三个月内向公司报告其财务报表信息。因此，这些其他投资的净投资收益通常以季度滞后期反映在公司的财务报表中。

旅行者公司，股份有限公司及其子公司

合并财务报表附注（未审计），继续

4. 公允价值计量

公司对金融资产和金融负债的公允价值估计基于公允价值会计指引中建立的框架。该框架基于估值中使用的输入值，优先考虑活跃市场中的报价，并要求在可用时使用可观察输入值进行估值。公允价值估计在公允价值会计指引层级中的披露基于估值中显著输入值是否可观察。在确定估计值应披露的层级时，优先考虑活跃市场中未经调整的报价，而最低优先级是反映公司显著市场假设的不可观察输入值。公允价值层级中报告的公允价值计量基于对整个计量而言重要的最低层级输入值。该层级分为以下三类：

•第1级 - 公司能够访问的活跃市场中相同资产或负债的未经调整的市场价格。

•第2级 - 活跃市场中相似资产或负债的报价；不活跃市场中相同或相似资产或负债的报价；或基于模型的估值，其中显著输入值是可观察的（例如，利率、收益率曲线、提前还款速度、违约率、损失严重性等）或可通过可观察的市场数据验证。

•第3级 - 基于模型的估值，其中显著输入值不可观察。不可观察输入值反映了公司关于市场参与者将使用的输入值的自身假设。

财务报表中按公允价值报告的投资估值

截至2026年9月30日和2025年12月31日，公司利用定价服务对约99%的固定收益证券进行了公允价值估计。

尽管公司大部分固定到期证券都归类为第2级，但公司持有若干企业债券，这些债券未被定价服务定价，并通过另一种内部定价矩阵、现值收益法或经纪人报价（统称为其他方法）来估计其公允价值。其他方法包括一些对估值至关重要的不可观察输入。由于在公允价值估计中可观察的市场信息有限，公司将使用其他方法估值的债券的公允价值估计值归类为第3级。

对于某些非公开普通股和优先股投资，公允价值估计值是根据最近可观察交易对投资的影响、最近的文件、经营成果、资产负债表稳定性、增长和其他业务和市场部门基本面，由公司内部或外部基金经理确定。由于这些估值中存在大量不可观察输入，公司将截至2026年9月30日和2025年12月31日的这些投资的公允价值估计值3100万美元和3200万美元计入第3级中披露的金额。

有关公司固定到期证券、股权证券和其他投资估值的更多信息，请参阅公司2025年年度报告中合并财务报表的注释4。

公允价值层级

以下表格显示了公司在经常性基础上计量的财务资产和财务负债在公允价值层级中的级别。

THE TRAVELERS COMPANIES, INC. 和子公司

合并财务报表附注（未经审计），继续

4. 公允价值计量，继续


（截至2026年9月30日，单位：百万美元）	总计		第1级		第2级		第3级
投资资产：
固定到期证券
美国国债及美国政府及其机构和当局的义务	$	3,022			$	3,022		$	—	$	—
美国各州、市镇和政治分区的义务	30,541			—			30,541		—
外国政府发行的债务证券	408			—			408		—
抵押贷款支持证券、抵押贷款担保债券和过手证券	12,507			—			12,507		—
企业债券和其他所有债券	42,894			—			42,815		79
固定到期证券总计	89,372			3,022			86,271		79
股权证券
普通股	607			598			—		9
不可赎回优先股	33			8			3		22
股权证券总计	640			606			3		31
其他投资	9			9			—		—
总计	$	90,021			$	3,637		$	86,274	$	110


（截至2025年12月31日，单位：百万美元）	总计		第1级		第2级		第3级
投资资产：
固定到期证券
美国国债及美国政府及其机构和当局的义务	$	3,857			$	3,857		$	—	$	—
美国各州、市镇和政治分区的义务	31,378			—			31,378		—
外国政府发行的债务证券	312			—			312		—
抵押贷款支持证券、抵押贷款担保债券和过手证券	13,232			—			13,232		—
企业债券和其他所有债券	41,054			25			40,698		331
固定到期证券总计	89,833			3,882			85,620		331
股权证券
普通股	584			576			—		8
不可赎回优先股	34			7			3		24
总权益证券	618			583			3		32
其他投资	9			9			—		—
待售资产	3,347			104			3,243		—
总计	$	93,807			$	4,578		$	88,866	$	363

在截至2026年9月30日的九个月内，层级3中没有重大活动。

旅行者公司，股份有限公司及其子公司

合并财务报表附注（未审计），继续

4. 公允价值计量，继续

披露但未按公允价值计量的金融工具

以下表格列示了公司按公允价值披露但未按公允价值计量的金融资产和金融负债的账面价值和公允价值，以及这些资产和负债在公允价值层级中的分类。


（截至2026年9月30日，单位：百万美元）	账面价值		公允价值		层级 1		层级 2	层级 3
金融资产
短期证券	$	5,561			$	5,561		$	830	$	4,680	$	51
金融负债
债务	$	9,713			$	8,211		$	—	$	8,211	$	—
商业票据	100			100			—		100	—


（截至2025年12月31日，单位：百万美元）	账面价值		公允价值		层级 1		层级 2	层级 3
金融资产
短期证券	$	5,716			$	5,716		$	1,398	$	4,267	$	51
金融负债
债务	$	9,167			$	8,538		$	—	$	8,538	$	—
商业票据	100			100			—		100	—

公司在截至2026年9月30日的九个月内或截至2025年12月31日的年度内，没有按公允价值非经常性计量的重大资产或负债。

5. 预期信用损失准备

应收保费

以下表格列示了截至2026年9月30日和2025年9月30日的应收保费余额（扣除预期信用损失准备），以及截至2026年9月30日和2025年9月30日的三个月和九个月内预期信用损失准备的变化。


	截至2026年9月30日的三个月期间		截至2025年9月30日的三个月期间
（单位：百万美元）	扣除预期信用损失准备后的应收保费		预期信用损失准备	扣除预期信用损失准备后的应收保费		预期信用损失准备

期初余额	$	12,382		$	61			$	12,042	$	61

本期预期信用损失变动			24				13
无法收回的应收保费核销			16				16

期末余额	$	12,142		$	69			$	11,621	$	58

旅行者公司，股份有限公司及其子公司

合并财务报表附注（未审计），继续

5. 预期信用损失准备，继续


	截至2026年9月30日的九个月期间		截至2025年9月30日的九个月期间
（单位：百万美元）	扣除预期信用损失准备后的应收保费		预期信用损失准备	扣除预期信用损失准备后的应收保费		预期信用损失准备

期初余额	$	10,992		$	58			$	11,110	$	58

预期信用损失的当期变动			60				48
不可收回保费的注销			49				48
期末余额	$	12,142		$	69			$	11,621	$	58

再保险应收款项

以下表格列示了截至2026年9月30日和2025年9月30日再保险应收款项的余额（扣除预计不可收回再保险的拨备），以及截至2026年9月30日和2025年9月30日的三个月和九个月内预计不可收回再保险拨备的变动情况。


	截至2026年9月30日止三个月		截至2025年9月30日止三个月
（以十亿美元为单位）	扣除预计不可收回再保险拨备后的再保险应收款项		预计不可收回再保险拨备	扣除预计不可收回再保险拨备后的再保险应收款项		预计不可收回再保险拨备

期初余额	$	8,009		$	142			$	8,059	$	127


预计不可收回再保险的当期变动			—				14
不可收回再保险应收款项的注销			—				—

期末余额	$	8,078		$	142			$	8,298	$	141


	截至2026年9月30日止九个月		截至2025年9月30日止九个月
（以十亿美元为单位）	扣除预计不可收回再保险拨备后的再保险应收款项		预计不可收回再保险拨备	扣除预计不可收回再保险拨备后的再保险应收款项		预计不可收回再保险拨备

期初余额	$	7,886		$	129			$	8,000	$	119


预计不可收回再保险的当期变动			13				22
不可收回再保险应收款项的注销			—				—
期末余额	$	8,078		$	142			$	8,298	$	141

旅行者公司及子公司

合并财务报表附注（未审计），继续

5. 预期信用损失拨备，继续

截至2026年9月30日，再保险应收款项总额中，扣除强制性共保和协会后，在扣除预计不可收回再保险拨备前，有62.1亿美元（占91%）由A.M. Best Company进行了评级。公司在确定拨备时每季度都会使用更新的A.M. Best Company信用评级。在A.M. Best Company评级的总额中，95%的评级为A-或更高。其余9%的再保险应收款项包括：5%与自保保险公司有关，1%与公司参与自愿共保有关，3%为其他未被A.M. Best Company评级的公司的余额。公司部分再保险应收款项由信用证、托管资金或信托协议提供担保。

保单持有人应收款

以下表格列示了截至2026年9月30日和2025年9月30日的保单持有人应收款余额（扣除预期信用损失拨备），以及截至2026年9月30日和2025年9月30日的三个月和九个月内预期信用损失拨备的变动情况。


	截至2026年9月30日止三个月		截至2025年9月30日止三个月
（以十亿美元为单位）	合同持有人应收款，扣除预期信用损失准备后的净额		预期信用损失准备	合同持有人应收款，扣除预期信用损失准备后的净额		预期信用损失准备

期初余额	$	3,076		$	13			$	3,095	$	17

本期预期信用损失变动			—				—
无法收回的合同持有人应收款核销			—				—

期末余额	$	3,041		$	13			$	3,098	$	17


	截至2026年9月30日止九个月		截至2025年9月30日止九个月
（以百万为单位）	合同持有人应收款，扣除预期信用损失准备后的净额		预期信用损失准备	合同持有人应收款，扣除预期信用损失准备后的净额		预期信用损失准备

期初余额	$	3,010		$	16			$	3,171	$	18

本期预期信用损失变动			(3)				(1)
无法收回的合同持有人应收款核销			—				—

期末余额	$	3,041		$	13			$	3,098	$	17

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

合并财务报表附注（未审计），继续

6。商誉和其他无形资产

商誉

下表列示了公司按业务分部计算的商誉账面价值。人寿保险和债券及特种保险包括与公司国际业务相关的商誉，该业务受外汇汇率变动的影响。


（以百万为单位）	2026年9月30日		2025年12月31日
人寿保险	$	2,551			$	2,601
债券及特种保险	837			838
个人保险	646			809
其他	26			26
减去分类为待售的金额	—			208
总计	$	4,060			$	4,066

其他无形资产

下表列示了公司按主要资产类别分类的其他无形资产概要。


（截至2026年9月30日，以百万为单位）	账面价值总额		累计摊销		净额
可摊销
客户相关	$	190			$	104		$	86
合同相关	201			196			5
营销相关	18			8			10
可摊销总计	409			308			101
不可摊销	225			—			225
总计	$	634			$	308		$	326


（截至2025年12月31日，以百万为单位）	账面价值总额		累计摊销		净额
可摊销
客户相关	$	186			$	93		$	93
合同相关	204			198			6
营销相关	18			6			12
可摊销总计	408			297			111
不可摊销	226			—			226
减去分类为待售的金额	5			4			1
总计	$	629			$	293		$	336

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

合并财务报表附注（未审计），继续

7。保险索赔准备金

索赔及索赔调整费用准备金如下：


（以百万为单位）	2026年9月30日		2025年12月31日
财产及责任险	$	68,127			$	67,643
意外及健康险	3			3
减去分类为待售的金额	—			1,909
总计	$	68,130			$	65,737

下表展示了与索赔和索赔调整费用相关的期初和期末财产和意外险准备金余额的调节情况。


	截至9月30日的九个月
（以百万计）	2026		2025
年初的索赔和索赔调整费用准备金	$	67,643			$	64,088
减：未付损失的再保险可收回金额	7,797			7,669

年初的净准备金	59,846			56,419
本年度发生索赔的估计金额和索赔调整费用	19,861			21,959
本年度发生索赔的估计减少金额和索赔调整费用以前年度发生索赔的估计减少金额	(1,148)			(648)
总增加额	18,713			21,311
本年度发生索赔的索赔和索赔调整费用支付额：
本年度	6,254			7,597
以前年度	10,299			10,623
总支付额	16,553			18,220
与加拿大业务剥离相关的净准备金处置额	(1,627)			—
未实现的外汇（收益）损失	(39)			204
期末的净准备金	60,340			59,714
加上未付损失的再保险可收回金额	7,787			7,987
期末的索赔和索赔调整费用准备金	$	68,127			$	67,701

Gross claims and claim adjustment expense reserves as of September 30, 2026 increased by $2.39 billion over December 31, 2025, primarily reflecting the impacts of (i) catastrophe losses in the first nine months of 2026 and (ii) loss cost trends for the current accident year, partially offset by (iii) claim payments made during the first nine months of 2026 and (iv) 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 months ended September 30, 2026 and 2025, estimated claims and claim adjustment expenses incurred included $1.15 billion and $648 million, respectively, of net favorable development for claims arising in prior years, including $1.23 billion and $715 million, respectively, of net favorable prior year reserve development, and $32 million of accretion of discount in each period.

Business Insurance. Net favorable prior year reserve development in the third quarter of 2026 totaled $41 million, primarily driven by better than expected loss experience in all major product lines, primarily for recent accident years, partially offset by an addition to asbestos reserves of $295 million. Net unfavorable prior year reserve development in the third quarter of 2025 totaled $125 million, primarily driven by an addition to asbestos reserves of $277 million, partially offset by better than expected loss experience in the workers’ compensation product line for multiple accident years.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

7. INSURANCE CLAIM RESERVES, Continued

Net favorable prior year reserve development in the first nine months of 2026 totaled $522 million, primarily driven by better than expected loss experience in all major product lines, primarily for recent accident years, partially offset by an addition to reserves related to run-off operations, including an addition to asbestos reserves of $295 million. Net favorable prior year reserve development in the first nine months of 2025 totaled $28 million, primarily driven by better than expected loss experience in the workers’ compensation 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.

Bond & Specialty Insurance. Net favorable prior year reserve development in the third quarter and first nine months of 2026 totaled $95 million and $235 million, respectively, primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years and in the general liability product line for management liability coverages for multiple accident years. Net favorable prior year reserve development in the third quarter and first nine months of 2025 totaled $43 million and $191 million, respectively, primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years.

Personal Insurance. Net favorable prior year reserve development in the third quarter of 2026 totaled $98 million, primarily driven by better than expected loss experience in both the homeowners and other and automobile product lines for recent accident years. 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 2026 and 2025 totaled $468 million and $496 million, respectively, primarily driven by better than expected loss experience in both the automobile and homeowners and other product lines for recent accident years.

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

The following tables present the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three and nine months ended September 30, 2026.


	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No Credit Losses Recognized in the Consolidated Statement of Income		Having Credit Losses Recognized in the Consolidated Statement of Income		Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity		Net Unrealized Foreign Currency Translation	Total Accumulated Other Comprehensive Income (Loss)

Balance, June 30, 2026	$	(2,145)			$	185		$	(157)	$	(551)	$	(2,668)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	(4,405)			—			1		(2)	(4,406)
Amounts reclassified from AOCI, net of tax	13			—			(2)		—	11
Net OCI, current period	(4,392)			—			(1)		(2)	(4,395)
Balance, September 30, 2026	$	(6,537)			$	185		$	(158)	$	(553)	$	(7,063)

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


	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No Credit Losses Recognized in the Consolidated Statement of Income		Having Credit Losses Recognized in the Consolidated Statement of Income		Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity		Net Unrealized Foreign Currency Translation	Total Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2025	$	(1,664)			$	186		$	(150)	$	(872)	$	(2,500)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	(4,913)			(1)			1		(37)	(4,950)
Amounts reclassified from AOCI, net of tax	40			—			(9)		356	387
Net OCI, current period	(4,873)			(1)			(8)		319	(4,563)
Balance, September 30, 2026	$	(6,537)			$	185		$	(158)	$	(553)	$	(7,063)

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 Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	$	(5,571)			$	1,347		$	(6,186)	$	2,124
Income tax expense (benefit)	(1,179)			286			(1,313)		455
Net of taxes	(4,392)			1,061			(4,873)		1,669
Having credit losses recognized in the consolidated statement of income	—			—			(1)		1
Income tax expense (benefit)	—			—			—		—
Net of taxes	—			—			(1)		1
Net changes in benefit plan assets and obligations	(1)			—			(11)		—
Income tax expense (benefit)	—			—			(3)		—
Net of taxes	(1)			—			(8)		—
Net changes in unrealized foreign currency translation	(2)			(72)			316		217
Income tax expense (benefit)	—			(2)			(3)		14
Net of taxes	(2)			(70)			319		203
Total other comprehensive income (loss)	(5,574)			1,275			(5,882)		2,342
Total income tax expense (benefit)	(1,179)			284			(1,319)		469
Total other comprehensive income (loss), net of taxes	$	(4,395)			$	991		$	(4,563)	$	1,873

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 Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Reclassification adjustments related to unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (1) (2)	$	16			$	2		$	54	$	50
Income tax benefit (3)	3			—			14		10
Net of taxes	13			2			40		40
Having credit losses recognized in the consolidated statement of income (1)	—			—			—		—
Income tax benefit (3)	—			—			—		—
Net of taxes	—			—			—		—
Reclassification adjustment related to benefit plan assets and obligations:
Claims and claim adjustment expenses (benefit) (4)	—			—			(2)		—
General and administrative expenses (benefit) (4)	(2)			—			(4)		—
Other (2)	—			—			(4)		—
Total	(2)			—			(10)		—
Income tax expense (3)	—			—			(1)		—
Net of taxes	(2)			—			(9)		—
Reclassification adjustment related to foreign currency translation (1) (2)	—			—			356		—
Income tax benefit (3)	—			—			—		—
Net of taxes	—			—			356		—
Total reclassifications	14			2			400		50
Total income tax benefit	3			—			13		10
Total reclassifications, net of taxes	$	11			$	2		$	387	$	40

_______________________________________________

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

(2)(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 which the Company divested 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.

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

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

9. DEBT

Debt Issuance. On July 24, 2026, the Company issued $750 million aggregate principal amount of 4.95% senior notes that will mature on July 24, 2031. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $744 million. Interest on the senior notes is payable semi-annually in arrears on January 24 and July 24. Prior to June 24, 2031, the senior 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 the greater of (a) 100% of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding June 24, 2031 on any senior 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 senior notes), plus 10 basis points. On or after June 24, 2031, the senior notes

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

9. DEBT, Continued

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 senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Credit Agreement. On May 15, 2026, the Company entered into a five-year $1.2 billion revolving credit agreement with a syndicate of financial institutions, replacing its existing five-year $1.0 billion revolving credit agreement, which was terminated on May 15, 2026. Pursuant to the credit agreement covenants, the Company must maintain an excess of consolidated net worth, defined as shareholders’ equity determined in accordance with GAAP (excluding accumulated other comprehensive income (loss)) plus (a) trust preferred securities (not to exceed 15% of total capital) and (b) mandatorily convertible securities (combined with trust preferred securities, not to exceed 25% of total capital), over goodwill and other intangible assets. The minimum consolidated net worth requirement is fixed during the term of the credit agreement at an amount equal to $17.8 billion (57.5% of the Company’s net worth as defined above as of March 31, 2026). In addition, the credit agreement contains other customary restrictive covenants as well as certain customary events of default, including with respect to a change of control, which would occur upon the acquisition of 35% or more of the Company’s voting stock or certain changes in the composition of the Company’s Board of Directors. As of September 30, 2026, the Company was in compliance with these covenants. Generally, the cost of borrowing under this agreement will range from the Secured Overnight Financing Rate (SOFR) plus 75 basis points to SOFR plus 137.5 basis points, depending on the Company’s credit ratings. As of September 30, 2026, the cost of borrowing would have been SOFR plus 100 basis points, had there been any amounts outstanding under the credit agreement.

Debt Repayment. On April 15, 2026, the Company’s $200 million, 7.75% senior notes matured and were fully paid.

10. COMMON SHARE REPURCHASES

During the three and nine months ended September 30, 2026, the Company repurchased 4.0 million and 14.3 million common shares, respectively, under its share repurchase authorizations for total cost of $1.50 billion and $4.60 billion, respectively. The average cost per share repurchased during the three and nine months ended September 30, 2026 was $376.01 and $322.60, respectively. In addition, the Company acquired 22,146 and 0.6 million shares for a total cost of $8 million and $204 million during the three and nine months ended September 30, 2026, respectively, that were not part of the publicly announced share repurchase authorizations. These shares consisted of shares retained to cover payroll withholding taxes in connection 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 September 30, 2026, the Company had $2.42 billion of capacity remaining under its share repurchase authorizations.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

11. EARNINGS PER SHARE

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 Ended September 30,		Nine Months Ended September 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Basic and Diluted
Net income, as reported	$	1,917			$	1,888		$	5,836	$	3,792
Participating share-based awards — allocated income	(13)			(13)			(41)		(27)
Net income available to common shareholders — basic and diluted	$	1,904			$	1,875		$	5,795	$	3,765
Common Shares
Basic
Weighted average shares outstanding	206.9			224.1			210.9		225.6
Diluted
Weighted average shares outstanding	206.9			224.1			210.9		225.6
Weighted average effects of dilutive securities — stock options and performance shares	3.7			3.4			3.3		3.3
Total	210.6			227.5			214.2		228.9
Net Income per Common Share
Basic	$	9.20			$	8.37		$	27.48	$	16.69
Diluted	$	9.04			$	8.24		$	27.05	$	16.45

12. SHARE-BASED INCENTIVE COMPENSATION

The following information relates to fully vested stock option awards as of September 30, 2026.


Stock Options	Number	Weighted Average Exercise Price		Weighted Average Contractual Life Remaining	Aggregate Intrinsic Value ($ in millions)
Vested at end of period (1)	4,910,726		$	177.84		5.3 years	$	877
Exercisable at end of period	3,665,554		$	154.71		4.3 years	$	740

_______________________________________________

(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 $62 million and $59 million for the three months ended September 30, 2026 and 2025, respectively, and $210 million and $199 million for the nine months ended September 30, 2026 and 2025, respectively. The related tax benefits recognized in the consolidated statement of income were $10 million and $11 million for the three months ended September 30, 2026 and 2025, respectively, and $34 million and $33 million for the nine months ended September 30, 2026 and 2025, respectively.

The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards as of September 30, 2026 was $314 million, which is expected to be recognized over a weighted-average period of 1.8 years.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

13. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS

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, 2026 and 2025.


	Pension Plans		Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2026		2025		2026		2025
Net Periodic Benefit Cost (Benefit):
Service cost	$	30			$	28		$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	42			44			1		1
Expected return on plan assets	(74)			(71)			—		—

Amortization of unrecognized:
Prior service benefit	—			—			—		—
Net actuarial (gain) loss	1			4			(3)		(3)
Total non-service cost (benefit)	(31)			(23)			(2)		(2)
Net periodic benefit cost (benefit)	$	(1)			$	5		$	(2)	$	(2)

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 three months ended September 30, 2026 and 2025.


	Pension Plans		Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2026		2025		2026		2025
Service Cost:
Claims and claim adjustment expenses	$	11			$	11		$	—	$	—
General and administrative expenses	19			17			—		—
Total service cost	30			28			—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(12)			(9)			(1)		(1)
General and administrative expenses	(19)			(14)			(1)		(1)
Total non-service cost (benefit)	(31)			(23)			(2)		(2)
Net periodic benefit cost (benefit)	$	(1)			$	5		$	(2)	$	(2)

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

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


	Pension Plans		Postretirement Benefit Plans
(for the nine months ended September 30, in millions)	2026		2025		2026		2025
Net Periodic Benefit Cost (Benefit):
Service cost	$	90			$	85		$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	127			132			2		2
Expected return on plan assets	(223)			(211)			—		—

Amortization of unrecognized:
Prior service benefit	—			—			(1)		(1)
Net actuarial (gain) loss	3			11			(8)		(9)
Total non-service cost (benefit)	(93)			(68)			(7)		(8)
Net periodic benefit cost (benefit)	$	(3)			$	17		$	(7)	$	(8)

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, 2026 and 2025.


	Pension Plans		Postretirement Benefit Plans
(for the nine months ended September 30, in millions)	2026		2025		2026		2025
Service Cost:
Claims and claim adjustment expenses	$	34			$	33		$	—	$	—
General and administrative expenses	56			52			—		—
Total service cost	90			85			—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(35)			(26)			(3)		(3)
General and administrative expenses	(58)			(42)			(4)		(5)
Total non-service cost (benefit)	(93)			(68)			(7)		(8)
Net periodic benefit cost (benefit)	$	(3)			$	17		$	(7)	$	(8)

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

14. 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 Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025				2026	2025
Lease cost
Operating leases	$	15			$	16				$	44		$	48
Short-term leases (1)	1			1				3			2

Lease expense	16			17				47			50
Less: sublease income (2)	—			—				—			—
Net lease cost	$	16			$	17				$	47		$	50

Other information on operating leases

Cash payments to settle a lease liability reported in cash flows	$	18			$	19				$	54		$	55
Right-of-use assets obtained in exchange for new lease liabilities	$	21			$	9				$	32		$	25
Weighted average discount rate	4.27	%		4.00	%			4.27	%		4.00	%
Weighted average remaining lease term	5.4 years		5.4 years				5.4 years	5.4 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.

15. 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.

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

15. CONTINGENCIES, COMMITMENTS AND GUARANTEES, Continued

Other Commitments and Guarantees

Commitments

Unfunded Commitments — The Company has unfunded commitments to private equity limited partnerships, real estate partnerships and other parties. These commitments totaled $1.70 billion and $1.41 billion as of September 30, 2026 and December 31, 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 30, 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 30, 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 2025 Annual Report.

16. NONCASH INVESTING AND FINANCING ACTIVITIES

The Company issued common stock during the nine months ended September 30, 2026 and 2025 in connection with its stock compensation plan which resulted in noncash financing transactions totaling $45 million and $43 million, respectively, from the net share settlement of employee stock options. There were no other material noncash investing or financing activities during the nine months ended September 30, 2026 and 2025.

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

2026 Third Quarter Consolidated Results of Operations

•Net income of $1.92 billion, or $9.20 per share basic and $9.04 per share diluted

•Net earned premiums of $11.10 billion

•Catastrophe losses of $538 million ($424 million after-tax)

•Net favorable prior year reserve development of $234 million ($185 million after-tax)

•Combined ratio of 86.8%

•Net investment income of $1.10 billion ($908 million after-tax)

•Net realized investment losses of $34 million ($30 million after-tax)

•Operating cash flows of $3.88 billion

2026 Third Quarter Consolidated Financial Condition

•Total investments of $100.59 billion; fixed maturities and short-term securities comprised 94% of total investments

•Total assets of $142.09 billion

•Total debt of $9.81 billion, resulting in a debt-to-total capital ratio of 25.3% (21.7% excluding net unrealized investment losses, net of tax)

•Total capital returned to shareholders of $1.77 billion, comprising $1.51 billion of share repurchases and $261 million of dividends

•Shareholders’ equity of $29.00 billion

•Net unrealized investment losses of $8.05 billion ($6.35 billion after-tax)

•Book value per common share of $141.48

•Holding company liquidity of $3.17 billion

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

CONSOLIDATED OVERVIEW

Consolidated Results of Operations


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions, except ratio and per share amounts)	2026		2025		2026		2025
Revenues
Premiums	$	11,103			$	11,135			$	32,461		$	32,766
Net investment income	1,098			1,033			3,176			2,905
Fee income	123			127			370			370
Net realized investment gains (losses)	(34)			27			75			(28)
Other revenues	122			148			407			383
Total revenues	12,412			12,470			36,489			36,396
Claims and expenses
Claims and claim adjustment expenses	6,487			6,594			18,791			21,389
Amortization of deferred acquisition costs	1,856			1,849			5,408			5,429
General and administrative expenses	1,582			1,572			4,688			4,576
Interest expense	118			111			347			309
Total claims and expenses	10,043			10,126			29,234			31,703
Income before income taxes	2,369			2,344			7,255			4,693
Income tax expense	452			456			1,419			901
Net income	$	1,917			$	1,888			$	5,836		$	3,792
Net income per share
Basic	$	9.20			$	8.37			$	27.48		$	16.69
Diluted	$	9.04			$	8.24			$	27.05		$	16.45
Combined ratio
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 ratio	86.8	%		87.3	%		86.3	%		93.2	%

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 $9.04 in the third quarter of 2026 increased by 10% over diluted net income per share of $8.24 in the same period of 2025. Net income of $1.92 billion in the third quarter of 2026 increased by 2% over net income of $1.89 billion in the same period of 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 quarter of 2026 primarily reflected the pre-tax impacts of (i) higher net favorable prior year reserve development and (ii) higher net investment income, partially offset by (iii) higher catastrophe losses and (iv) net realized investment losses compared to net realized gains in the same period of 2025. Catastrophe losses in the third quarters of 2026 and 2025 were $538 million and $402 million, respectively. Net favorable prior year reserve development in the third quarters of 2026 and 2025 was $234 million and $22 million, respectively. Income tax expense in the third quarter of 2026 was lower than in the same period of 2025.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Diluted net income per share of $27.05 in the first nine months of 2026 increased by 64% over diluted net income per share of $16.45 in the same period of 2025. Net income of $5.84 billion in the first nine months of 2026 increased by 54% over net income of $3.79 billion in the same period of 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 primarily reflected the pre-tax impacts of (i) lower catastrophe losses, (ii) higher net favorable prior year reserve development, (iii) higher net investment income and (iv) net realized investment gains compared to net realized investment losses in the same period of 2025. Catastrophe losses in the first nine months of 2026 and 2025 were $1.82 billion and $3.60 billion, respectively. Net favorable prior year reserve development in the first nine months of 2026 and 2025 was $1.23 billion and $715 million, respectively. Income tax expense in the first nine months of 2026 was higher than in the same period of 2025, primarily reflecting the impact of the increase in income before income taxes.

The 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 and nine months ended September 30, 2026 and 2025, 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 quarter of 2026 were $11.10 billion, $32 million lower than in the same period of 2025. Earned premiums in the third quarter of 2025 included $259 million related to the Canadian operations which the Company divested in the first quarter of 2026. Earned premiums in the first nine months of 2026 were $32.46 billion, $305 million or 1% lower than in the same period of 2025. Earned premiums in the first nine months of 2025 included $783 million related to the Canadian operations which the Company divested in the first quarter of 2026. In Business Insurance, earned premiums in the third quarter and first nine months of 2026 increased by 3% and 1%, respectively, over the same periods of 2025. In Bond & Specialty Insurance, earned premiums in the third quarter and first nine months of 2026 increased by 6% and 4%, respectively, over the same periods of 2025. In Personal Insurance, earned premiums in the third quarter and first nine months of 2026 decreased by 6% and 5%, respectively, from the same periods of 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 Ended September 30,		Nine Months Ended September 30,
(dollars in millions)	2026		2025		2026		2025
Average investments (1)	$	108,727			$	105,655			$	107,566		$	103,086
Pre-tax net investment income	1,098			1,033			3,176			2,905
After-tax net investment income	908			850			2,624			2,387
Average pre-tax yield (2)	4.0	%		3.9	%		3.9	%		3.8	%
Average after-tax yield (2)	3.3	%		3.2	%		3.3	%		3.1	%

_______________________________________________

(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 quarter of 2026 was $1.10 billion, $65 million or 6% higher than in the same period of 2025. Net investment income in the first nine months of 2026 was $3.18 billion, $271 million or 9% higher than in the same period of 2025. Net investment income from fixed maturity investments in the third quarter and first nine months of 2026 was $955 million and $2.78 billion, respectively, $81 million and $265 million higher, respectively, than in the same periods of 2025. The increases in both periods of 2026 primarily resulted from higher long-term average yields and a higher average level of fixed maturity investments. Net investment income from short-term securities in the third quarter of 2026 was $59 million, $14 million lower than in the same period of 2025, driven by lower short-term average yields. Net investment income from short-term securities in the first nine months of 2026 was $187 million, $2 million higher than in the same period of 2025, driven by a higher average level of short-term securities, partially offset by lower short-term average yields. The Company’s remaining

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

investment portfolios had net investment income of $97 million in the third quarter of 2026, $4 million lower, than in the same period of 2025. The Company’s remaining investment portfolios had net investment income of $244 million in the first nine months of 2026, comparable with the same period of 2025. 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 2026 was $123 million, $4 million lower than in the same period of 2025. Fee income in the first nine months of 2026 was $370 million, comparable with 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.

Net Realized Investment Gains (Losses)

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


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Impairment gains (losses):
Fixed maturities	$	—			$	—		$	(11)	$	(2)

Net realized investment gains (losses) on equity securities still held	(16)			40			60		41
Other net realized investment gains (losses), including from sales	(18)			(13)			26		(67)
Total	$	(34)			$	27		$	75	$	(28)

Net realized investment losses on equity securities still held of $16 million in the third quarter of 2026 were driven by the impact of changes in fair value attributable to unfavorable equity markets. Net realized investment gains on equity securities still held of $60 million in the first nine months of 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 $40 million and $41 million, respectively, in the third quarter and first nine months of 2025 were driven by the impact of changes in fair value attributable to favorable equity markets.

Other net realized investment gains in the first nine months of 2026 were driven by net realized investment gains related to the Canadian operations which the Company divested 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 quarter of 2026 were $122 million, $26 million lower than in the same period of 2025. Other revenues in the first nine months of 2026 were $407 million, $24 million higher than in the same period of 2025. 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 quarter of 2026 were $6.49 billion, $107 million or 2% lower than in the same period of 2025, driven by all three segments. Claims and claim adjustment expenses in the third quarter of 2025 included $149 million related to the Canadian operations which the Company divested in the first quarter of 2026. Catastrophe losses in the third quarters of both 2026 and 2025 primarily resulted from severe wind and hail storms in multiple states.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Claims and claim adjustment expenses in the first nine months of 2026 were $18.79 billion, $2.60 billion or 12% lower than in the same period of 2025, driven by Personal Insurance and Business Insurance, partially offset by Bond & Specialty Insurance. Claims and claim adjustment expenses in the first nine months of 2025 included $511 million related to the Canadian operations which the Company divested in the first quarter of 2026. Catastrophe losses in the first nine months of 2026 included the third quarter events described above, as well as severe wind and hail storms and winter storms in multiple states in the first six months of 2026. Catastrophe losses in the first nine months of 2025 included the third quarter events described above, as well as the January 2025 California wildfires and severe wind and hail storms in multiple states in the first six months of 2025. 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.

Factors contributing to net favorable prior year reserve development during the third quarters and first nine months of 2026 and 2025 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 30, 2026 and 2025, the amount of net unfavorable (favorable) prior year reserve development recognized in the three months and nine months ended September 30, 2026 and 2025 for significant catastrophes that occurred in 2025 and 2024, and the estimate of ultimate losses for those catastrophes at September 30, 2026 and December 31, 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 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 2025 Annual Report.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued


		Losses Incurred/Unfavorable (Favorable) Prior Year Reserve Development
		Three Months Ended September 30,		Nine Months Ended September 30,
	Estimated Ultimate Losses
(in millions, pre-tax and net of reinsurance)	2026		2025		2026	2025	September 30, 2026	December 31, 2025
2024
PCS Serial Number:
26 — Severe wind and hail storms		(4)			(8)		(10)		(13)			241			251
39 — Severe wind and hail storms		2			(2)		(4)		(10)			239			243
42 — Severe wind and hail storms		12			(5)		13		(15)			162			149
44 — Severe wind and hail storms		—			1		—		1			170			170
45 — Severe wind and hail storms		(2)			6		(3)		15			171			174
46 — Severe wind and hail storms		(4)			1		—		10			191			191
61 — Severe wind and hail storms		(4)			1		(6)		(9)			121			127
77 — Hurricane Helene		(4)			2		(15)		(46)			650			665
2025
PCS Serial Number:
11 — California wildfire – Palisades fire		2			(2)		(87)		1,332			1,257			1,344
12 — California wildfire – Eaton fire		(5)			—		(48)		391		329			377
24 — Severe wind and hail storms		(19)			—		(23)		338		314			337
29 — Severe wind and hail storms		(3)			(7)		(7)		135		130			137
37 — Severe wind and hail storms		(4)			3	(6)		225		221			227
39 — Severe wind and hail storms		(2)			8	(9)		101		92			101
43 — Severe wind and hail storms		(1)			29	(10)		104		87			97
45 — Severe wind and hail storms		(12)			(17)		(23)		110		84			107
2026
PCS Serial Number:
13 — Severe winter storm		(11)			n/a	177		n/a		177			n/a
24 — Severe wind and hail storms		(8)			n/a	239		n/a		239			n/a
33 — Severe wind and hail storms		(6)			n/a	136		n/a		136			n/a
36 — Severe wind and hail storms		(2)			n/a	223		n/a		223			n/a
52 — Severe wind and hail storms (1)		154			n/a	154		n/a		154			n/a
58 — Severe wind and hail storms		112			n/a	112		n/a		112			n/a
63 — Severe wind and hail storms		130			n/a	130		n/a		130			n/a

_______________________________________________

n/a: not applicable.

(1) PCS event 52, which was $5 million as of June 30, 2026, exceeded the Company’s threshold for a significant catastrophe ($100 million) as of September 30, 2026.

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the third quarter of 2026 was $1.86 billion, $7 million higher than in the same period of 2025. Amortization of deferred acquisition costs in the first nine months of 2026 was $5.41 billion, $21 million lower than in the same period of 2025. 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 quarter of 2026 were $1.58 billion, $10 million or 1% higher than in the same period of 2025. General and administrative expenses in the first nine months of 2026 were $4.69 billion, $112 million or 2% higher than in the same period of 2025. The increases in both periods of 2026 primarily reflected normal quarter-to-quarter variability. General and administrative expenses are discussed in more detail in the segment discussions that follow.

Interest Expense

Interest expense in the third quarter and first nine months of 2026 was $118 million and $347 million, respectively, compared with $111 million and $309 million, respectively, in the same periods of 2025.

Income Tax Expense

Income tax expense in the third quarter of 2026 was $452 million, $4 million or 1% lower than in the same period of 2025. Income tax expense in the first nine months of 2026 was $1.42 billion, $518 million or 57% higher than in the same period of 2025, primarily reflecting the impact of the $2.56 billion increase in income before income taxes in the first nine months of 2026.

The Company’s effective tax rate was 19% in the third quarters of both 2026 and 2025. The Company’s effective tax rate was 20% and 19% in the first nine months of 2026 and 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

The combined ratio of 86.8% in the third quarter of 2026 was 0.5 points lower than the combined ratio of 87.3% in the same period of 2025. The loss and loss adjustment expense ratio of 57.9% in the third quarter of 2026 was 0.8 points lower than the loss and loss adjustment expense ratio of 58.7% in the same period of 2025. The underwriting expense ratio of 28.9% in the third quarter of 2026 was 0.3 points higher than the underwriting expense ratio of 28.6% in the same period of 2025.

Catastrophe losses in the third quarters of 2026 and 2025 accounted for 4.8 points and 3.6 points, respectively, of the combined ratio. Net favorable prior year reserve development in the third quarters of 2026 and 2025 provided 2.1 points and 0.2 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 2026 was 0.2 points higher than the 2025 ratio on the same basis.

The combined ratio of 86.3% in the first nine months of 2026 was 6.9 points lower than the combined ratio of 93.2% in the same period of 2025. The loss and loss adjustment expense ratio of 57.3% for the first nine months of 2026 was 7.4 points lower than the loss and loss adjustment expense ratio of 64.7% in the same period of 2025. The underwriting expense ratio of 29.0% for the first nine months of 2026 was 0.5 points higher than the underwriting expense ratio of 28.5% in the same period of 2025.

Catastrophe losses in the first nine months of 2026 and 2025 accounted for 5.6 points and 11.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first nine months of 2026 and 2025 provided 3.8 points and 2.2 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first nine months of 2026 was 0.1 points higher than the 2025 ratio on the same basis.

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 Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Business Insurance	$	6,297			$	6,285		$	19,634	$	19,410
Bond & Specialty Insurance	1,317			1,160			3,861		3,455
Personal Insurance	4,445			4,848			12,534		13,569
Total	$	12,059			$	12,293		$	36,029	$	36,434

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued


	Net Written Premiums
	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Business Insurance	$	5,868			$	5,675		$	17,638	$	17,165
Bond & Specialty Insurance	1,209			1,080			3,512		3,164
Personal Insurance	4,403			4,718			12,197		13,202
Total	$	11,480			$	11,473		$	33,347	$	33,531

Gross written premiums in the third quarter of 2026 decreased by 2% from the same period of 2025. Net written premiums in the third quarter of 2026 increased slightly over the same period of 2025. Gross and net written premiums in the third quarter of 2025 included $269 million and $240 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, gross written premiums were comparable with the same period of 2025 and net written premiums increased by 2% over the same period of 2025.

Gross and net written premiums in the first nine months of 2026 both decreased by 1% from the same period of 2025. Gross and net written premiums in the first nine months of 2025 included $790 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, gross and net written premiums increased by 1% and 2%, respectively, 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.

RESULTS OF OPERATIONS BY SEGMENT

Business Insurance

Results of Business Insurance were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(dollars in millions)	2026		2025		2026		2025
Revenues
Earned premiums	$	5,862			$	5,700			$	16,906		$	16,710
Net investment income	766			727			2,236			2,045
Fee income	118			114			346			333
Other revenues	94			111			311			288
Total revenues	6,840			6,652			19,799			19,376
Total claims and expenses	5,563			5,534			15,989			16,406
Segment income before income taxes	1,277			1,118			3,810			2,970
Income tax expense	241			211			737			567
Segment income	$	1,036			$	907			$	3,073		$	2,403

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 ratio	90.9	%		92.9	%		90.5	%		94.2	%

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Overview

Segment income in the third quarter of 2026 was $1.04 billion, $129 million or 14% higher than segment income of $907 million in the same period of 2025. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) net favorable prior year reserve development of $41 million compared to net unfavorable prior year reserve development of $125 million in the same period of 2025 and (ii) higher net investment income, partially offset by (iii) lower underwriting margins excluding catastrophe losses and prior year reserve development (“underlying underwriting margins”) and (iv) higher catastrophe losses. Catastrophe losses in the third quarters of 2026 and 2025 were $157 million and $139 million, respectively. Income tax expense in the third quarter of 2026 was higher than in the same period of 2025, primarily reflecting the impact of the increase in segment income before income taxes.

Segment income in the first nine months of 2026 was $3.07 billion, $670 million or 28% higher than segment income of $2.40 billion in the same period of 2025. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) higher net favorable prior year reserve development, (ii) lower catastrophe losses and (iii) higher net investment income, partially offset by (iv) lower underlying underwriting margins. Net favorable prior year reserve development in the first nine months of 2026 and 2025 was $522 million and $28 million, respectively. Catastrophe losses in the first nine months of 2026 and 2025 were $774 million and $1.02 billion, respectively. The lower underlying underwriting margins primarily reflected the impact of higher general and administrative expenses. Income tax expense in the first nine months of 2026 was higher than in the same period of 2025, primarily reflecting the impact of the increase in segment income before income taxes.

Revenues

Earned Premiums

Earned premiums in the third quarter of 2026 were $5.86 billion, $162 million or 3% higher than in the same period of 2025. Earned premiums in the first nine months of 2026 were $16.91 billion, $196 million or 1% higher than in the same period of 2025. The increases in both periods of 2026 primarily reflected the increase in net written premiums over the preceding twelve months. Earned premiums in the third quarter and first nine months of 2025 included $77 million and $236 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026.

Net Investment Income

Net investment income in the third quarter of 2026 was $766 million, $39 million or 5% higher than in the same period of 2025. Net investment income in the first nine months of 2026 was $2.24 billion, $191 million or 9% higher than in the same period of 2025. 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 in the Company’s consolidated net investment income in the third quarter and first nine months of 2026 compared with the same periods of 2025. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s 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 quarter of 2026 was $118 million, $4 million or 4% higher than in the same period of 2025. Fee income in the first nine months of 2026 was $346 million, $13 million or 4% higher than in the same period of 2025.

Other Revenues

Other revenues in the third quarter of 2026 were $94 million, $17 million lower than in the same period of 2025. Other revenues in the first nine months of 2026 were $311 million, $23 million higher than in the same period of 2025. Other revenues include revenues from Simply Business, premium installment charges and other policyholder service charges.

Claims and Expenses

Claims and Claim Adjustment Expenses

Claims and claim adjustment expenses in the third quarter of 2026 were $3.64 billion, $24 million or 1% lower than in the same period of 2025, primarily reflecting the impacts of net favorable prior year reserve development compared to net unfavorable prior year reserve development in the same period of 2025, partially offset by loss cost trends.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Claims and claim adjustment expenses in the first nine months of 2026 were $10.36 billion, $594 million or 5% lower than in the same period of 2025, primarily reflecting the impacts of (i) higher net favorable prior year reserve development, (ii) lower catastrophe losses and (iii) the Canadian operations which the Company divested in the first quarter of 2026, partially offset by (iv) loss cost trends.

Factors contributing to net prior year reserve development during the third quarters and first nine months 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 quarter of 2026 was $1.00 billion, $28 million or 3% higher than the same period of 2025. Amortization of deferred acquisition costs in the first nine months of 2026 was $2.88 billion, $50 million or 2% higher than the same period of 2025. The increases in both periods of 2026 were generally consistent with the increases in earned premiums.

General and Administrative Expenses

General and administrative expenses in the third quarter of 2026 were $919 million, $25 million or 3% higher than in the same period of 2025. General and administrative expenses in the first nine months of 2026 were $2.74 billion, $127 million or 5% higher than in the same period of 2025. The increases in both periods of 2026 primarily reflected normal quarter-to-quarter variability.

Income Tax Expense

Income tax expense in the third quarter of 2026 was $241 million, $30 million or 14% higher than the same period of 2025, primarily reflecting the impact of the $159 million increase in income before income taxes. Income tax expense in the first nine months of 2026 was $737 million, $170 million or 30% higher than in the same period of 2025, primarily reflecting the impact of the $840 million increase in income before income taxes.

Combined Ratio

The combined ratio of 90.9% in the third quarter of 2026 was 2.0 points lower than the combined ratio of 92.9% in the same period of 2025. The loss and loss adjustment expense ratio of 61.2% in the third quarter of 2026 was 2.1 points lower than the loss and loss adjustment expense ratio of 63.3% in the same period of 2025. The underwriting expense ratio of 29.7% in the third quarter of 2026 was 0.1 points higher than the underwriting expense ratio of 29.6% in the same period of 2025.

Catastrophe losses in the third quarters of 2026 and 2025 accounted for 2.7 points and 2.4 points, respectively, of the combined ratio. Net favorable prior year reserve development in the third quarter of 2026 provided 0.7 points of benefit to the combined ratio. Net unfavorable prior year reserve development in the third quarter of 2025 accounted for 2.2 points of the combined ratio. The underlying combined ratio in the third quarter of 2026 was 0.6 points higher than the 2025 ratio on the same basis.

The combined ratio of 90.5% in the first nine months of 2026 was 3.7 points lower than the combined ratio of 94.2% in the same period of 2025. The loss and loss adjustment expense ratio of 60.3% in the first nine months of 2026 was 4.3 points lower than the loss and loss adjustment expense ratio of 64.6% in the same period of 2025. The underwriting expense ratio of 30.2% for the first nine months of 2026 was 0.6 points higher than the underwriting expense ratio of 29.6% in the same period of 2025.

Catastrophe losses in the first nine months of 2026 and 2025 accounted for 4.6 points and 6.1 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first nine months of 2026 and 2025 provided 3.1 points and 0.2 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first nine months of 2026 was 0.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio.

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 Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Domestic:
Select Accounts	$	937			$	927		$	3,062	$	2,980
Middle Market	3,609			3,463			10,997		10,496
National Accounts	369			367			1,359		1,307
National Property and Other	981			1,089			2,742		2,955
Total Domestic	5,896			5,846			18,160		17,738
International	401			439			1,474		1,672
Total Business Insurance	$	6,297			$	6,285		$	19,634	$	19,410


	Net Written Premiums
	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Domestic:
Select Accounts	$	932			$	920		$	2,978	$	2,900
Middle Market	3,448			3,232			10,012		9,432
National Accounts	286			273			973		914
National Property and Other	809			841			2,366		2,446
Total Domestic	5,475			5,266			16,329		15,692
International	393			409			1,309		1,473
Total Business Insurance	$	5,868			$	5,675		$	17,638	$	17,165

Gross written premiums in the third quarter of 2026 were comparable with the same period of 2025. Net written premiums in the third quarter of 2026 increased by 3% over the same period of 2025. Gross and net written premiums in the third quarter of 2025 included $75 million and $59 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, gross and net written premiums increased by 1% and 4%, respectively, over the same period of 2025.

Gross and net written premiums in the first nine months of 2026 increased by 1% and 3%, respectively, over the same period of 2025. Gross and net written premiums in the first nine months of 2025 included $235 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, gross and net written premiums increased by 2% and 4%, respectively, over the same period of 2025.

Select Accounts. Net written premiums of $932 million and $2.98 billion in the third quarter and first nine months of 2026, respectively, increased by 1% and 3%, respectively, over the same periods of 2025. Retention rates remained strong in the third quarter and first nine months of 2026 and increased over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 remained positive but were lower than the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 increased slightly over the same periods of 2025.

Middle Market. Net written premiums of $3.45 billion and $10.01 billion in the third quarter and first nine months of 2026, respectively, increased by 7% and 6%, respectively, over the same periods of 2025. Retention rates remained strong in the third quarter and first nine months of 2026 and increased over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 remained positive but were lower than the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 increased over the same periods of 2025.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

National Accounts. Net written premiums of $286 million and $973 million in the third quarter and first nine months of 2026, respectively, increased by 5% and 6%, respectively, over the same periods of 2025. Retention rates remained strong in the third quarter and first nine months of 2026 and increased slightly over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 remained positive but were lower than the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 increased over the same periods of 2025.

National Property and Other. Net written premiums of $809 million and $2.37 billion in the third quarter and first nine months of 2026 decreased by 4% and 3%, respectively, from the same periods of 2025. Retention rates remained strong in the third quarter and first nine months of 2026 and increased over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 were lower than the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 decreased from the same periods of 2025.

International. Net written premiums of $393 million and $1.31 billion in the third quarter and first nine months of 2026 decreased by 4% and 11%, respectively, from the same periods of 2025. 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 in the third quarter and first nine months of 2026 increased by 12% and 3%, respectively, over the same periods of 2025.

Bond & Specialty Insurance

Results of Bond & Specialty Insurance were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(dollars in millions)	2026		2025		2026		2025
Revenues
Earned premiums	$	1,103			$	1,042			$	3,177		$	3,058
Net investment income	127			116			353			325
Other revenues	6			8			17			19
Total revenues	1,236			1,166			3,547			3,402
Total claims and expenses	858			855			2,592			2,508
Segment income before income taxes	378			311			955			894
Income tax expense	69			61			158			180
Segment income	$	309			$	250			$	797		$	714

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 ratio	77.3	%		81.6	%		81.0	%		81.5	%

Overview

Segment income in the third quarter of 2026 was $309 million, $59 million or 24% higher than segment income of $250 million in the same period of 2025. 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) higher underlying underwriting margins. Net favorable prior year reserve development in the third quarters of 2026 and 2025 was $95 million and $43 million, respectively. Catastrophe losses in the third quarters of 2026 and 2025 were $1 million and $0 million, respectively. The higher underlying underwriting margins primarily reflected higher business volumes, partially offset by higher general and administrative expense . Income tax expense in the third quarter of 2026 was higher than in the same period of 2025, primarily reflecting 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 2026 was $797 million, $83 million or 12% higher than segment income of $714 million in the same period of 2025. 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 2026 and 2025 was $235 million and $191 million, respectively. Catastrophe losses in the first nine months of 2026 and 2025 were $13 million and $24 million, respectively. The lower underlying underwriting margins primarily reflected (i) higher general and administrative expenses, (ii) a loss event in the international management liability business and (iii) the impact of earned pricing, partially offset by (iv) higher business volumes. Income tax expense in the first nine months of 2026 was lower than in the same period of 2025, primarily reflecting a tax benefit related to the Canadian operations which the Company divested in the first quarter of 2026, partially offset by the impact of the increase in segment income before income taxes.

Revenues

Earned Premiums

Earned premiums in the third quarter of 2026 were $1.10 billion, $61 million or 6% higher than in the same period of 2025. Earned premiums in the first nine months of 2026 were $3.18 billion, $119 million or 4% higher than in the same period of 2025. The increases in both periods of 2026 primarily reflected increases in net written premiums in prior quarters, including the impact of longer duration surety bonds and multi-year management liability policies. Earned premiums in the third quarter and first nine months of 2025 included $14 million and $42 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026.

Net Investment Income

Net investment income in the third quarter of 2026 was $127 million, $11 million or 9% higher than in the same period of 2025. Net investment income in the first nine months of 2026 was $353 million, $28 million or 9% higher than in the same period of 2025. 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 in the Company’s consolidated net investment income in the third quarter and first nine months of 2026 compared with the same periods of 2025. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s 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 quarter of 2026 were $425 million, $26 million or 6% lower than in the same period of 2025, primarily reflecting the impacts of higher net favorable prior year reserve development, partially offset by higher business volumes.

Claims and claim adjustment expenses in the first nine months of 2026 were $1.32 billion, $21 million or 2% higher than in the same period of 2025, primarily reflecting the impacts of (i) higher business volumes, (ii) a loss event in the international management liability business and (iii) loss cost trends, partially offset by (iv) higher net favorable prior year reserve development, (v) the Canadian operations which the Company divested in the first quarter of 2026 and (vi) lower catastrophe losses.

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the third quarter of 2026 was $215 million, $18 million or 9% higher than in the same period of 2025. Amortization of deferred acquisition costs in the first nine months of 2026 was $613 million, $34 million or 6% higher than in the same period of 2025. The increases in both periods of 2026 were generally consistent with the increases in earned premiums.

General and Administrative Expenses

General and administrative expenses in the third quarter of 2026 were $218 million, $11 million or 5% higher than in the same period of 2025. General and administrative expenses in the first nine months of 2026 were $655 million, $29 million or 5% higher than in the same period of 2025. The increases in both periods of 2026 were primarily in support of business growth.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Income Tax Expense

Income tax expense in the third quarter of 2026 was $69 million, $8 million or 13% higher than in the same period of 2025, primarily reflecting the impact of the $67 million increase in segment income before income taxes. Income tax expense in the first nine months of 2026 was $158 million, $22 million or 12% lower than in the same period of 2025, primarily reflecting a tax benefit related to the Canadian operations which the Company divested in the first quarter of 2026, partially offset by the impact of the $61 million increase in segment income before income taxes.

Combined Ratio

The combined ratio of 77.3% in the third quarter of 2026 was 4.3 points lower than the combined ratio of 81.6% in the same period of 2025. The loss and loss adjustment expense ratio of 38.2% in the third quarter of 2026 was 4.7 points lower than the loss and loss adjustment expense ratio of 42.9% in the same period of 2025. The underwriting expense ratio of 39.1% in the third quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 38.7% in the same period of 2025.

Net favorable prior year reserve development in the third quarters of 2026 and 2025 provided 8.6 points and 4.2 points of benefit, respectively, to the combined ratio. Catastrophe losses in the third quarters of 2026 and 2025 accounted for 0.1 and 0.0 points of the combined ratio. The underlying combined ratio in the third quarter of 2026 was comparable with the 2025 ratio on the same basis.

The combined ratio of 81.0% in the first nine months of 2026 was 0.5 points lower than the combined ratio of 81.5% in the same period of 2025. The loss and loss adjustment expense ratio of 41.3% in the first nine months of 2026 was 0.9 points lower than the loss and loss adjustment expense ratio of 42.2% in the same period of 2025. The underwriting expense ratio of 39.7% in the first nine months of 2026 was 0.4 points higher than the underwriting expense ratio of 39.3% in the same period of 2025.

Net favorable prior year reserve development in the first nine months of 2026 and 2025 provided 7.4 points and 6.2 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first nine months of 2026 and 2025 accounted for 0.4 points and 0.8 points, respectively, of the combined ratio. The underlying combined ratio in the first nine months of 2026 was 1.1 points higher than the 2025 ratio on the same basis, primarily reflecting (i) a higher expense ratio, (ii) a loss event in the international management liability business and (iii) 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 Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Domestic:
Management Liability	$	734			$	679		$	2,058	$	1,947
Surety	434			349			1,376		1,091
Total Domestic	1,168			1,028			3,434		3,038
International	149			132			427		417
Total Bond & Specialty Insurance	$	1,317			$	1,160		$	3,861	$	3,455


	Net Written Premiums
	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Domestic:
Management Liability	$	649			$	613		$	1,832	$	1,755
Surety	414			342			1,275		1,017
Total Domestic	1,063			955			3,107		2,772
International	146			125			405		392
Total Bond & Specialty Insurance	$	1,209			$	1,080		$	3,512	$	3,164

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Gross and net written premiums in the third quarter of 2026 increased by 14% and 12%, respectively, over the same period of 2025. Gross and net written premiums in the third quarter of 2025 included $15 million and $14 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, gross and net written premiums increased by 15% and 13%, respectively, over the same period of 2025.

Gross and net written premiums in the first nine months of 2026 increased by 12% and 11%, respectively, over the same period of 2025. Gross and net written premiums in the first nine months of 2025 included $42 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, gross and net written premiums increased by 13% and 12%, respectively, over the same period of 2025.

Domestic. Net written premiums of $1.06 billion and $3.11 billion in the third quarter and first nine months of 2026 increased by 11% and 12%, respectively, over the same periods of 2025. Excluding the surety line of business, for which the following are not relevant measures, retention rates remained strong in the third quarter and first nine months of 2026 and increased over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 remained positive but were slightly lower than the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 increased over the same periods of 2025.

International. Net written premiums of $146 million and $405 million in the third quarter and first nine months of 2026, respectively, increased by 17% and 3%, respectively, over the same periods of 2025. 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 increased by 32% and 15%, respectively, over the same periods of 2025.

Personal Insurance

Results of Personal Insurance were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(dollars in millions)	2026		2025		2026		2025
Revenues
Earned premiums	$	4,138			$	4,393			$	12,378		$	12,998
Net investment income	205			190			587			535
Fee income	5			13			24			37
Other revenues	22			29			79			76
Total revenues	4,370			4,625			13,068			13,646
Total claims and expenses	3,491			3,613			10,267			12,444
Segment income before income taxes	879			1,012			2,801			1,202
Income tax expense	173			205			564			235
Segment income	$	706			$	807			$	2,237		$	967

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 ratio	83.5	%		81.3	%		82.0	%		94.8	%

Overview

Segment income in the third quarter of 2026 was $706 million, $101 million or 13% lower than segment income of $807 million in the same period of 2025. The decrease in segment income before income taxes was driven by the pre-tax impacts of higher catastrophe losses. Catastrophe losses in the third quarters of 2026 and 2025 were $380 million and $263 million, respectively. Net favorable prior year reserve development in the third quarters of 2026 and 2025 was $98 million and $104 million, respectively. Income tax expense in the third quarter of 2026 was lower than in the same period of 2025, primarily reflecting the impact of the decrease 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 2026 was $2.24 billion, $1.27 billion or 131% higher than segment income of $967 million in the same period of 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 first nine months of 2026 and 2025 were $1.03 billion and $2.56 billion, respectively. Net favorable prior year reserve development in the first nine months of 2026 and 2025 was $468 million and $496 million, respectively. The higher underlying underwriting margins primarily reflected (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line and (iv) lower business volumes. Income tax expense in the first nine months of 2026 was higher than in the same period of 2025, primarily reflecting the impact of the increase in segment income before income taxes.

Revenues

Earned Premiums

Earned premiums in the third quarter of 2026 were $4.14 billion, $255 million or 6% lower than in the same period of 2025. Earned premiums in the first nine months of 2026 were $12.38 billion, $620 million or 5% lower than in the same period of 2025. Earned premiums in the third quarter and first nine months of 2025 included $168 million and $505 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026.

Net Investment Income

Net investment income in the third quarter of 2026 was $205 million, $15 million or 8% higher than in the same period of 2025. Net investment income in the first nine months of 2026 was $587 million, $52 million or 10% higher than in the same period of 2025. 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 in the Company’s consolidated net investment income in the third quarter and first nine months of 2026 compared with the same periods of 2025. In addition, refer to note 2 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report for a discussion of the Company’s net investment income allocation methodology.

Other Revenues

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

Claims and Expenses

Claims and Claim Adjustment Expenses

Claims and claim adjustment expenses in the third quarter of 2026 were $2.42 billion, $57 million or 2% lower than in the same period of 2025, primarily reflecting the impacts of (i) the Canadian operations which the Company divested in the first quarter of 2026, (ii) lower losses in the automobile product line and (iii) lower business volumes, partially offset by (iv) higher catastrophe losses, (v) loss cost trends and (vi) higher non-weather losses in the homeowners and other product line.

Claims and claim adjustment expenses in the first nine months of 2026 were $7.11 billion, $2.03 billion or 22% lower than in the same period of 2025, primarily reflecting the impacts of (i) lower catastrophe losses, (ii) the Canadian operations which the Company divested in the first quarter of 2026, (iii) lower business volumes and (iv) lower losses in the automobile product line, partially offset by (v) loss cost trends and (vi) higher non-weather losses in the homeowners and other product line.

Amortization of Deferred Acquisition Costs

Amortization of deferred acquisition costs in the third quarter of 2026 was $640 million, $39 million or 6% lower than in the same period of 2025. Amortization of deferred acquisition costs in the first nine months of 2026 was $1.91 billion, $105 million or 5% lower than in the same period of 2025. The decreases in both periods of 2026 were generally consistent with the decreases in earned premiums.

General and Administrative Expenses

General and administrative expenses in the third quarter of 2026 were $432 million, $26 million or 6% lower than in the same period of 2025. General and administrative expenses in the first nine months of 2026 were $1.25 billion, $47 million or 4% lower than in the same period of 2025.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Income Tax Expense

Income tax expense in the third quarter of 2026 was $173 million, $32 million or 16% lower than in the same period of 2025, primarily reflecting the impact of the $133 million decrease in segment income before income taxes. Income tax expense in the first nine months of 2026 was $564 million, $329 million or 140% higher than in the same period of 2025, primarily reflecting the impact of the $1.60 billion increase in segment income before income taxes.

Combined Ratio

The combined ratio of 83.5% in the third quarter of 2026 was 2.2 points higher than the combined ratio of 81.3% in the same period of 2025. The loss and loss adjustment expense ratio of 58.4% in the third quarter of 2026 was 2.0 points higher than the loss and loss adjustment expense ratio of 56.4% in the same period of 2025. The underwriting expense ratio of 25.1% in the third quarter of 2026 was 0.2 points higher than the underwriting expense ratio of 24.9% in the same period of 2025.

Catastrophe losses in the third quarters of 2026 and 2025 accounted for 9.2 points and 6.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the third quarters of both 2026 and 2025 provided 2.4 points of benefit to the combined ratio. The underlying combined ratio in the third quarter of 2026 was 1.0 points lower than the 2025 ratio on the same basis, primarily reflecting the impact of lower losses in the automobile product line.

The combined ratio of 82.0% in the first nine months of 2026 was 12.8 points lower than the combined ratio of 94.8% in the same period of 2025. The loss and loss adjustment expense ratio of 57.4% in the first nine months of 2026 was 12.9 points lower than the loss and loss adjustment expense ratio of 70.3% in the same period of 2025. The underwriting expense ratio of 24.6% in the first nine months of 2026 was 0.1 points higher than the underwriting expense ratio of 24.5% in the same period of 2025.

Catastrophe losses in the first nine months of 2026 and 2025 accounted for 8.4 points and 19.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first nine months of both 2026 and 2025 provided 3.8 points of benefit to the combined ratio. The underlying combined ratio in the first nine months of 2026 was 1.5 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Written Premiums

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


	Gross Written Premiums
	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Domestic:
Automobile	$	1,899			$	2,070		$	5,527	$	5,910
Homeowners and Other	2,546			2,599			7,007		7,146
Total Domestic	4,445			4,669			12,534		13,056
International	—			179			—		513
Total Personal Insurance	$	4,445			$	4,848		$	12,534	$	13,569


	Net Written Premiums
	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Domestic:
Automobile	$	1,892			$	2,062		$	5,506	$	5,889
Homeowners and Other	2,511			2,489			6,691		6,822
Total Domestic	4,403			4,551			12,197		12,711
International	—			167			—		491
Total Personal Insurance	$	4,403			$	4,718		$	12,197	$	13,202

Gross and net written premiums in the third quarter of 2026 decreased by 8% and 7%, respectively, from the same period of 2025. Gross and net written premiums in the third quarter of 2025 included $179 million and $167 million, respectively, related to the Canadian operations which the Company divested in the first quarter of 2026. Excluding the impact of the sale, gross and net written premiums decreased by 5% and 3%, respectively, from the same period of 2025.

Gross and net written premiums in the first nine months of 2026 both decreased by 8% from the same period of 2025. Gross and net written premiums in the first nine months of 2025 included $513 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, gross and net written premiums both decreased by 4% from the same period of 2025.

Domestic

Automobile net written premiums of $1.89 billion and $5.51 billion in the third quarter and first nine months of 2026, respectively, decreased by 8% and 7%, respectively, from the same periods of 2025. Retention rates remained strong in the third quarter and first nine months of 2026 and increased slightly over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 were lower than in the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 decreased from the same periods of 2025.

Homeowners and Other net written premiums of $2.51 billion in the third quarter of 2026 increased by 1% over the same period of 2025. Homeowners and Other net written premiums of $6.69 billion in the first nine months of 2026 decreased by 2% from the same period of 2025. Retention rates remained strong in the third quarter and first nine months of 2026 and increased over the same periods of 2025. Renewal premium changes in the third quarter and first nine months of 2026 remained positive but were lower than in the same periods of 2025. New business premiums in the third quarter and first nine months of 2026 increased over the same periods of 2025.

For its Domestic business, Personal Insurance had approximately 8.1 million and 8.5 million active policies at September 30, 2026 and 2025, respectively.

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MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

International

Personal Insurance had approximately 365,000 active policies as of September 30, 2025 for the Canadian operations which the Company divested in the first quarter of 2026.

Interest Expense and Other


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025	2026		2025
Income (loss)	$	(104)		$	(97)		$	(304)	$	(270)

The Income (loss) for Interest Expense and Other for the third quarters of 2026 and 2025 was $(104) million and $(97) million, respectively. Pre-tax interest expense for the third quarters of 2026 and 2025 was $118 million and $111 million, respectively. After-tax interest expense for the third quarters of 2026 and 2025 was $93 million and $88 million, respectively. The Income (loss) for Interest Expense and Other in the first nine months of 2026 and 2025 was $(304) million and $(270) million, respectively. Pre-tax interest expense in the first nine months of 2026 and 2025 was $347 million and $309 million, respectively. After-tax interest expense in the first nine months of 2026 and 2025 was $274 million and $244 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.

The 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

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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 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 2026, 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 2025. Net asbestos payments were up compared to 2025, 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 2026 and 2025 resulted in $295 million and $277 million increases, respectively, to the Company’s net asbestos reserves. In both 2026 and 2025, 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.

Net asbestos paid loss and loss adjustment expenses in the first nine months of 2026 and 2025 were $215 million and $171 million, respectively. Net asbestos reserves were $1.44 billion and $1.45 billion as of September 30, 2026 and 2025, respectively.

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MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

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)	2026		2025
Beginning reserves:
Gross	$	1,700			$	1,708
Ceded	(345)			(370)
Net	1,355			1,338
Incurred losses and loss adjustment expenses:
Gross	376			327
Ceded	(81)			(50)
Net	295			277
Paid loss and loss adjustment expenses:
Gross	265			239
Ceded	(50)			(68)
Net	215			171
Foreign exchange and other:
Gross	—			2
Ceded	—			—
Net	—			2
Ending reserves:
Gross	1,811			1,798
Ceded	(376)			(352)
Net	$	1,435			$	1,446

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 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

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MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

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 30, 2026 were $100.59 billion, of which 94% was invested in fixed maturity and short-term investments, 1% 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 30, 2026 was $89.37 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 “Aa3” and “Aa2” as of September 30, 2026 and December 31, 2025, respectively. Below investment grade securities represented 1.2% of the total fixed maturity investment portfolio as of both September 30, 2026 and December 31, 2025. The weighted average effective duration of fixed maturities and short-term securities was 5.3 (5.6 excluding short-term securities) as of September 30, 2026 and 4.7 (5.0 excluding short-term securities) as of December 31, 2025.

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

The Company’s fixed maturity investment portfolio as of September 30, 2026 and December 31, 2025 included $30.54 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 September 30, 2026 and December 31, 2025 were $241 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.

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, 2026 and December 31, 2025.

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

The Company’s fixed maturity investment portfolio as of September 30, 2026 and December 31, 2025 included $12.51 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 September 30, 2026 and December 31, 2025 were $9.64 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 $2.87 billion and $2.99 billion as of September 30, 2026 and December 31, 2025, respectively. Approximately 40% and 45% of the Company’s CMO holdings as of September 30, 2026 and December 31, 2025, respectively, were guaranteed by or fully collateralized by securities issued by GNMA, FNMA or FHLMC. The weighted average credit rating of the $1.72 billion and $1.64 billion of non-guaranteed CMO holdings was “Aaa” as of both September 30, 2026 and December 31, 2025. The weighted average credit rating of all of the above securities

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was “Aa1” as of both September 30, 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 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 30, 2026 and December 31, 2025, the carrying value of the Company’s other investments was $4.13 billion and $4.12 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 2025 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, 2026.

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 2025 Annual Report.

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


(in millions)	September 30, 2026		December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses	$	4,555			$	4,352
Gross structured settlements	2,269			2,469
Mandatory pools and associations	1,396			1,485
Gross reinsurance recoverables	8,220			8,306
Allowance for estimated uncollectible reinsurance	(142)			(135)
Less amounts classified as held for sale	—			285
Net reinsurance recoverables	$	8,078			$	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

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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 during the remainder of 2026 and into 2027.

Property and casualty insurance market conditions are expected to remain competitive during the remainder of 2026 and into 2027 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, 2026, the Company renewed a quota share reinsurance agreement with subsidiaries of Pelagos Insurance Capital Limited (formerly known as Fidelis Insurance Holdings Limited) for 2026 pursuant to which the Company assumes 20% of the subject gross written premiums of Pelagos on a risk-attaching basis, subject to a loss ratio cap. The Company’s portion of premiums from Pelagos is reported as part of the International results of Business Insurance. The Company also has a minority investment in Pelagos.

Effective October 1, 2026, the Company increased its cyber reinsurance quota share cession percentage, which will result in an increase in ceded written premiums, and therefore a decrease in net written premiums, of approximately $165 million in the fourth quarter 2026 and approximately $230 million for the full year 2027, primarily impacting the Bond & Specialty Insurance segment. The Company expects the impact on net and core income will be de minimis in both periods.

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.

For the ten-year period ended December 31, 2025, the Company experienced an average of approximately 37% 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.

It is possible that changes in economic conditions, the supply chain, international trade, including the impact of tariffs, the labor market and geopolitical tensions, including the war with Iran, as well as steps taken by federal, state and/or local governments and the Federal Reserve could lead to higher or lower inflation than the Company anticipated, which could in turn lead to an increase or decrease in the Company’s loss costs and the need to strengthen or reduce claims and claim adjustment expense reserves. These impacts of inflation on loss costs and claims and claim adjustment expense reserves could be more pronounced

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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 also impact severity. For a further discussion, see “Part I—Item 1A—Risk Factors—If actual claims exceed our claims and claim adjustment expense reserves, or if changes in the estimated level of claims and claim adjustment expense reserves are necessary, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments in which the Company operates, our financial results could be materially and adversely affected” in 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 5.3 (5.6 excluding short-term securities) as of September 30, 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 September 30, 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 21% 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 this 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 $875 million in the fourth quarter of 2026, and the Company also currently expects that after-tax net investment income from that portfolio will be approximately $875 million in the first quarter of 2027 and growing to approximately $965 million in the fourth quarter of 2027. 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 gains of $75 million in the first nine months of 2026. Changes in global financial markets could result in net realized investment gains or losses in the Company’s investment portfolio.

The Company had a net pre-tax unrealized investment loss of $8.05 billion ($6.35 billion after-tax) in its fixed maturity investment portfolio as of September 30, 2026, compared to $1.86 billion ($1.48 billion after-tax) as of December 31, 2025. The net unrealized investment loss is primarily due to the impact of movements in interest rates. The increase in the net unrealized investment loss in the first nine months of 2026 was due to increases 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 flows (which include income received on investments and the proceeds received upon maturity of the investments), the net unrealized investment loss is not expected to meaningfully impact the Company’s assessment of capital adequacy or liquidity.

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Equity securities, which include common and non-redeemable preferred stocks, are reported at fair value with changes in fair value recognized in net income.

Additionally, disruptions in global financial markets could also impact the market value of the Company’s investment portfolio. The Company’s investment portfolio has benefited from certain tax exemptions (primarily those related to interest from municipal bonds) and certain other tax laws, including, but not limited to, those governing dividends-received deductions and tax credits (such as foreign tax credits). Changes in these laws could adversely impact the value of the Company’s investment portfolio. See “Our businesses are heavily regulated by the states and countries in which we conduct business, including licensing, market conduct and financial supervision, and changes in regulation, including changes in tax regulation, may reduce our profitability and limit our growth” included in “Part I—Item 1A—Risk Factors” in the Company’s 2025 Annual Report.

For further discussion of the Company’s investment portfolio, see “Investment Portfolio.” For a discussion of the risks to the Company’s business during or following a financial market disruption and risks to the Company’s investment portfolio, see the risk factors entitled “During or following a period of financial market disruption or an economic downturn, our business could be materially and adversely affected” and “Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses” included in “Part I—Item 1A—Risk Factors” in the Company’s 2025 Annual Report. For a discussion of the risks to the Company’s investments from foreign currency exchange rate fluctuations, see the risk factor entitled “We are subject to additional risks associated with our business outside the United States” included in “Part I—Item 1A—Risk Factors” in the Company’s 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 2025 Annual Report.

Capital Position. The Company 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 expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company also expects that in periods of growing premium volumes, the level of capital to support the Company’s financial strength ratings will also increase, and accordingly, the amount of capital returned to shareholders relative to earnings would be somewhat less than it otherwise would have been absent the growth in premium volumes. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for business operations, changes in the levels of written premiums, funding of its qualified pension plan, regulatory capital requirements of the operating insurance subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors. For information regarding the Company’s common share repurchases in 2026, see “Liquidity and Capital Resources” herein.

As a result of the Company’s business outside of the United States, primarily in the United Kingdom (including Lloyd’s), the Republic of Ireland, Canada and in Brazil through a joint venture, the Company’s capital is also subject to the effects of changes in foreign currency exchange rates. Strengthening of the U.S. dollar in comparison to other currencies could result in a reduction in shareholders’ equity, while a weakening of the U.S. dollar in comparison to other currencies could result in an increase in shareholders’ equity. For additional discussion of the Company’s foreign exchange market risk exposure, see “Part II—Item 7A—Quantitative and Qualitative Disclosures About Market Risk” in the Company’s 2025 Annual Report.

Many of the statements in this “Outlook” section and in “Liquidity and Capital Resources” are forward-looking statements, which are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control. Actual results could differ materially from those expressed or implied by such forward-looking statements. Further, such forward-looking statements speak only as of the date of this report and the Company undertakes no obligation to update them. See “Part I—Item 2—Forward-Looking Statements.” For a discussion of potential risks and uncertainties that could impact the Company’s results of operations or financial position, see “Part I—Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein and “Part I—Item 1A—Risk Factors” and “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2025 Annual Report, in each case as updated by the Company’s periodic filings with the Securities and Exchange Commission (SEC).

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

LIQUIDITY AND CAPITAL RESOURCES

Liquidity is a measure of a company’s ability to generate sufficient cash flows to meet the cash requirements of its business operations and to satisfy general corporate purposes when needed.

Operating Company Liquidity. The liquidity requirements of the Company’s insurance subsidiaries are met primarily by funds generated from premiums, fees, income received on investments and investment maturities. The Company believes that cash flows from operating activities are sufficient to meet the future liquidity requirements of its insurance subsidiaries. Additionally, investment maturities provide a significant level of available liquidity without requiring the sale of investment securities. For further discussion of operating company liquidity, see “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in the Company’s 2025 Annual Report.

Holding Company Liquidity. The Travelers Companies, Inc.’s (TRV) liquidity requirements primarily include shareholder dividends, debt servicing, common share repurchases and, from time to time, contributions to its qualified domestic pension plan. As of September 30, 2026, TRV held total cash and short-term invested assets in the United States aggregating $3.17 billion and having a weighted average maturity of 17 days. TRV has established a holding company liquidity target equal to its estimated annual pre-tax interest expense and common shareholder dividends (currently approximately $1.47 billion). TRV’s holding company liquidity of $3.17 billion as of September 30, 2026 exceeded this target, and it is the opinion of the Company’s management that these assets are sufficient to meet TRV’s current liquidity requirements.

TRV is not dependent on dividends or other forms of repatriation from its foreign operations to support its liquidity needs. The undistributed earnings of the Company’s foreign operations are intended to be permanently reinvested in those operations, and such earnings were not material to the Company’s financial position or liquidity as of September 30, 2026.

TRV has a shelf registration statement filed with the SEC that expires on June 4, 2028 which permits it to issue securities from time to time. TRV also has a $1.2 billion line of credit facility with a syndicate of financial institutions that expires on May 15, 2031. As of September 30, 2026, the Company had $100 million of commercial paper outstanding. TRV is not reliant on its commercial paper program to meet its operating cash flow needs. The Company had $200 million of senior notes that matured on April 15, 2026.

The Company utilized uncollateralized letters of credit issued by major banks with an aggregate limit of $260 million to provide a portion of the capital needed to support its obligations at Lloyd’s as of September 30, 2026. If uncollateralized letters of credit are not available at a reasonable price or at all in the future, the Company can collateralize these letters of credit or may have to seek alternative means of supporting its obligations at Lloyd’s, which could include utilizing holding company funds on hand.

Operating Activities

Net cash provided by operating activities in the first nine months of 2026 and 2025 was $7.99 billion and $7.92 billion, respectively. The increase in cash flows in the first nine months of 2026 primarily reflected the impact of lower levels of payments for claims and claim adjustment expenses and higher levels of cash received for net investment income, partially offset by lower levels of cash received for premiums and higher levels of payments for income taxes.

Investing Activities

Net cash used in investing activities in the first nine months of 2026 and 2025 was $3.31 billion and $7.08 billion, respectively. The Company’s consolidated total investments as of September 30, 2026 decreased by $594 million, or 1%, from year-end 2025, primarily reflecting the impacts of (i) higher net unrealized investment losses due to the impact of higher interest rates during the first nine months of 2026 and (ii) net cash used in financing activities, partially offset by (iii) net cash flows provided by operating activities and (iv) proceeds from the Canadian operations which the Company divested in the first quarter of 2026.

The Company’s investment portfolio is managed to support its insurance operations; accordingly, the portfolio is positioned to meet obligations to policyholders. As such, the primary goals of the Company’s asset-liability management process are to satisfy the insurance liabilities and maintain sufficient liquidity to cover fluctuations in projected liability cash flows. Generally, the expected principal and interest payments produced by the Company’s fixed maturity portfolio adequately fund the estimated runoff of the Company’s insurance reserves. Although this is not an exact cash flow match in each period, the substantial amount by which the market value of the fixed maturity portfolio exceeds the value of the net insurance liabilities, as well as the positive cash flow from newly sold policies and the large amount of high quality liquid bonds, contributes to the Company’s ability to fund claim payments without having to sell illiquid assets or access credit facilities.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Financing Activities

Net cash used in financing activities in the first nine months of 2026 and 2025 was $4.75 billion and $835 million, respectively. The totals in both 2026 and 2025 reflected common share repurchases and dividends paid to shareholders, partially offset by the receipt of net proceeds from the issuance of debt and the net proceeds from employee stock option exercises. Common share repurchases in the first nine months of 2026 and 2025 were $4.74 billion and $1.49 billion, respectively. Net cash used in financing activities is the first nine months of 2026 also included the payment of debt.

Dividends. Dividends paid to shareholders were $759 million and $737 million in the first nine months of 2026 and 2025, respectively. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s Board of Directors and will depend upon many factors, including the Company’s financial position, earnings, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints and other factors as the Board of Directors deems relevant. Dividends will be paid by the Company only if declared by its Board of Directors out of funds legally available, subject to any other restrictions that may be applicable to the Company. On October 16, 2026, the Company declared a regular quarterly dividend of $1.25 per share, payable December 31, 2026 to shareholders of record on December 10, 2026.

Share Repurchases. The Company’s Board of Directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in private transactions or otherwise. The authorizations do not have a stated expiration date. The Company expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company also expects that in periods of growing premium volumes the amount of capital returned to shareholders relative to earnings would be somewhat less than it otherwise would have been absent the growth in premium volumes. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for business operations, changes in the levels of written premiums, funding of its qualified pension plan, regulatory capital requirements of the operating insurance subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors. During the nine months ended September 30, 2026, the Company repurchased 14.3 million common shares under its share repurchase authorizations for a total cost of $4.60 billion. The average cost per share repurchased was $322.60. The cost of the treasury stock acquired pursuant to common share repurchases includes 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 September 30, 2026, the Company had $2.42 billion of capacity remaining under its share repurchase authorizations. The most recent authorization was approved by the Board of Directors on January 21, 2026 and added $5.0 billion of repurchase capacity to the $2.02 billion capacity remaining at that date.

Capital Resources. Capital resources reflect the overall financial strength of the Company and its ability to borrow funds at competitive rates and raise new capital to meet its needs. The following table summarizes the components of the Company’s capital structure as of September 30, 2026 and December 31, 2025.


(in millions)	September 30, 2026		December 31, 2025
Debt:
Short-term	$	100			$	300
Long-term	9,804			9,054
Net unamortized fair value adjustments and debt issuance costs	(91)			(87)
Total debt	9,813			9,267
Shareholders’ equity:
Common stock and retained earnings, less treasury stock	36,058			35,394
Accumulated other comprehensive loss	(7,063)			(2,500)
Total shareholders’ equity	28,995			32,894
Total capitalization	$	38,808			$	42,161

On July 24, 2026, the Company issued $750 million aggregate principal amount of 4.95% senior notes that will mature on July 24, 2031. The Company intends to use the net proceeds of the notes for general corporate purposes. See note 9 of the notes to the unaudited financial statements for further discussion regarding the terms of the senior notes.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

The following table provides a reconciliation of total capitalization presented in the foregoing table to total capitalization excluding net unrealized losses on investments, net of taxes, included in shareholders’ equity.


(dollars in millions)	September 30, 2026		December 31, 2025
Total capitalization	$	38,808			$	42,161
Less: net unrealized losses on investments, net of taxes, included in shareholders’ equity	(6,352)			(1,478)
Total capitalization excluding net unrealized losses on investments, net of taxes, included in shareholders’ equity	$	45,160			$	43,639
Debt-to-total capital ratio	25.3	%		22.0	%
Debt-to-total capital ratio excluding net unrealized losses on investments, net of taxes, included in shareholders’ equity	21.7	%		21.2	%

The debt-to-total capital ratio excluding net unrealized gains (losses) on investments, net of taxes, included in shareholders’ equity, is calculated by dividing (a) debt by (b) total capitalization excluding net unrealized gains and losses on investments, net of taxes, included in shareholders’ equity. Net unrealized gains and losses on investments can be significantly impacted by both interest rate movements and other economic factors. Accordingly, in the opinion of the Company’s management, the debt-to-total capital ratio calculated on this basis provides another useful metric for investors to understand the Company’s financial leverage position. The Company’s ratio of debt-to-total capital excluding after-tax net unrealized investment losses included in shareholders’ equity of 21.7% as of September 30, 2026 was within the Company’s target range of 15% to 25%.

RATINGS

Ratings are an important factor in assessing the Company’s competitive position in the insurance industry. The Company receives ratings from the following major rating agencies: A.M. Best Company (A.M. Best), Fitch Ratings (Fitch), Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P). The following rating agency action was taken with respect to the Company since July 17, 2026, the date on which the Company’s Form 10-Q for the quarter ended June 30, 2026 was filed with the SEC. For additional discussion of ratings, see “Part I—Item 1—Business—Ratings” in the Company’s 2025 Annual Report.

•On August 21, 2026, A.M. Best affirmed all ratings of the Company. The outlook for all ratings is stable.

CRITICAL ACCOUNTING ESTIMATES

For a description of the Company’s critical accounting estimates, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the Company’s 2025 Annual Report. The Company considers its most significant accounting estimates to be those applied to claims and claim adjustment expense reserves and related reinsurance recoverables, and impairments of investments, goodwill and other intangible assets. Except as shown in the table below, there have been no material changes to the Company’s critical accounting estimates since December 31, 2025.

Claims and Claim Adjustment Expense Reserves

The table below displays the Company’s gross claims and claim adjustment expense reserves by product line. Because establishment of claims and claim adjustment expense reserves is an inherently uncertain process involving estimates and the application of judgment, currently established claims and claim adjustment expense reserves may change. The Company reflects adjustments to the reserves in the results of operations in the period the estimates are changed. These changes in estimates could result in income statement charges that could be material to the Company’s operating results in future periods. In particular, a portion of the Company’s gross claims and claim adjustment expense reserves (totaling $1.81 billion as of September 30, 2026) are for asbestos claims and related litigation. Asbestos reserves are included in the General liability, Commercial multi-peril and International and other lines in the summary table below. While the ongoing review of asbestos claims and associated liabilities considers the inconsistencies of court decisions as to coverage, plaintiffs’ expanded theories of liability and the risks inherent in complex litigation and other uncertainties, in the opinion of the Company’s management, it is possible that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that differs from current insurance reserves by an amount that could be material to the Company’s future operating results. Asbestos reserves are discussed separately; see “Asbestos Claims and Litigation” and “Uncertainty Regarding Adequacy of Asbestos Reserves” in this report.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued

Gross claims and claim adjustment expense reserves by product line were as follows:


	September 30, 2026		December 31, 2025
(in millions)	Case		IBNR		Total		Case	IBNR		Total
General liability	$	6,238			$	13,622		$	19,860		$	6,036		$	12,769	$	18,805
Commercial property	1,317			498			1,815		1,270		465		1,735
Commercial multi-peril	3,438			4,095			7,533		3,180		3,818		6,998
Commercial automobile	3,025			4,040			7,065		2,883		3,754		6,637
Workers’ compensation	10,355			8,027			18,382		10,195		8,224		18,419
Fidelity and surety	137			777			914		146		654		800
Personal automobile	2,340			2,399			4,739		2,326		2,523		4,849
Personal homeowners and other	1,731			2,071			3,802		1,577		1,980		3,557
International and other	1,577			2,440			4,017		2,762		3,081		5,843
Property-casualty	30,158			37,969			68,127		30,375		37,268		67,643
Accident and health	3			—			3		3		—		3
Less amounts classified as held for sale	—			—			—		1,123		786		1,909
Claims and claim adjustment expense reserves	$	30,161			$	37,969		$	68,130		$	29,255		$	36,482	$	65,737

The $2.39 billion increase in gross claims and claim adjustment expense reserves since December 31, 2025 primarily reflected the impacts of (i) catastrophe losses in the first nine months of 2026 and (ii) loss cost trends for the current accident year, partially offset by (iii) claim payments made during the first nine months of 2026 and (iv) net favorable prior year reserve development.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

See note 1 of the notes to the unaudited consolidated financial statements contained in this quarterly report and in the Company’s 2025 Annual Report for a discussion of recently issued accounting pronouncements.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

FORWARD-LOOKING STATEMENTS

This report 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 (including, among other things, anticipated premium volume, premium rates, renewal premium changes, underwriting margins and underlying underwriting margins, net and core income, investment income and performance, loss costs, return on equity, core return on equity and expected current returns, and combined ratios and underlying combined ratios);

•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, including statements about probabilities or likelihood of exceedance;

•the impact of investment (including changes in interest rates), economic (including inflation, the impact of tariffs, changes in tax laws, changes in commodity prices and fluctuations in foreign currency exchange rates) and underwriting market conditions;

•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, such as increased attorney involvement in insurance claims; 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, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas and changing climate conditions, could materially and adversely affect the Company’s results of operations, its financial position and/or liquidity, and could adversely impact the Company’s ratings, the Company’s ability to raise capital and the availability and cost of reinsurance;

•if actual claims exceed the Company’s claims and claim adjustment expense reserves, if changes in the estimated level of claims and claim adjustment expense reserves are necessary, or if the Company is unable to offset increases in loss costs with sufficient price increases, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments in which the Company operates, including increased inflation and the impact of tariffs, the Company’s financial results could be materially and adversely affected;

•the Company’s business could be harmed because of its continued exposure to asbestos claims and related litigation;

•the Company is exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances; 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 and have a material adverse impact on the Company’s results of operations and/or the Company’s financial position.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

FORWARD-LOOKING STATEMENTS, Continued

Financial, Economic and Credit Risks

•during or following a period of financial market disruption or an economic downturn, the Company’s business could be materially and adversely affected;

•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 may not be able to collect all amounts due to it from reinsurers, reinsurance coverage may not be available to the Company in the future at commercially reasonable rates or at all and the Company is exposed to credit risk related to its structured settlements;

•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 could adversely impact the Company’s business volumes, adversely impact the Company’s ability to access the capital markets and increase the Company’s borrowing costs; and

•the inability of the Company’s insurance subsidiaries to pay dividends to the Company’s holding company in sufficient amounts would harm the Company’s ability to meet its obligations, pay future shareholder dividends and/or make future share repurchases.

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, could harm its ability to maintain or increase its business volumes and its profitability;

•disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape could adversely affect the Company;

•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 may be adversely affected if its pricing and capital models 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 could reduce the Company’s future profitability;

•the Company is subject to additional risks associated with its business outside the United States; and

•future pandemics could materially affect the Company’s results of operations, financial position and/or liquidity.

Technology and Intellectual Property Risks

•the Company’s business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence, particularly as its business processes become more digital;

•if, 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 experiences difficulties with technology, data and network security, outsourcing relationships or cloud-based technology, the Company’s ability to conduct its business could be negatively impacted; and

•intellectual property is important to the Company’s business, and the Company may be unable to protect and enforce its own intellectual property or the Company may be subject to claims for infringing the intellectual property of others.

Regulatory and Compliance Risks

•the Company’s businesses are heavily regulated by the states and countries in which it conducts business, including licensing, market conduct and financial supervision, and changes in regulation, including changes in tax regulation, may reduce the Company’s profitability and limit its growth; and

•the Company could be adversely affected if its controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not 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 business operations, changes in the levels of written premiums, funding of its qualified pension plan, regulatory capital requirements of the operating insurance subsidiaries,

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

FORWARD-LOOKING STATEMENTS, Continued

legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors.

The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Part I—Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein and “Part I—Item 1A—Risk Factors” and “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2025 Annual Report, in each case as updated by the Company’s periodic filings with the SEC.

WEBSITE AND SOCIAL MEDIA DISCLOSURE

The Company may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at investor.travelers.com, its Facebook page at facebook.com/travelers and its X account (@Travelers) at x.com/Travelers. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Notifications” section under the “Investor Toolkit” section at investor.travelers.com.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For the Company’s disclosures about market risk, see “Part II—Item 7A—Quantitative and Qualitative Disclosures About Market Risk” in the Company’s 2025 Annual Report filed with the SEC. There have been no material changes to the Company’s disclosures about market risk in Part II—Item 7A of the Company’s 2025 Annual Report.

Item 4. CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of September 30, 2026. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2026, the design and operation of the Company’s disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

In addition, there was no change in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company regularly seeks to identify, develop, and implement improvements to its technology systems and business processes, some of which may affect its internal control over financial reporting. These changes may include activities such as implementing new, more efficient systems, updating existing systems or platforms, automating manual processes, or utilizing technology developed by third parties. These systems changes are often phased in over multiple periods in order to limit the implementation risk in any one period, and as each change is implemented the Company monitors its effectiveness as part of its internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

The information required with respect to this item can be found under “Contingencies” in note 15 of the notes to the unaudited consolidated financial statements contained in this quarterly report and is incorporated by reference into this Item 1.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

Item 1A. RISK FACTORS

For a discussion of the Company’s potential risks or uncertainties, please see “Part I—Item 1A—Risk Factors” and “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2025 Annual Report and “Part I—Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein, in each case as updated by the Company’s periodic filings with the SEC. There have been no material changes to the risk factors disclosed in Part I—Item 1A of the Company’s 2025 Annual Report.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below sets forth information regarding repurchases by the Company of its common stock during the periods indicated.

ISSUER PURCHASES OF EQUITY SECURITIES


Period Beginning	Period Ending	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions)
July 1, 2026	July 31, 2026	341,381		$	379.73		323,651	$	3,792
August 1, 2026	August 31, 2026	2,333,610		$	375.86		2,331,204	$	2,915
September 1, 2026	September 30, 2026	1,336,480		$	375.30		1,334,470	$	2,415
Total		4,011,471		$	376.00		3,989,325	$	2,415

The Company’s Board of Directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in private transactions or otherwise. The most recent authorization was approved by the Board of Directors on January 21, 2026 and added $5.0 billion of repurchase capacity to the $2.02 billion of capacity remaining at that date, which was previously approved by the Board of Directors on April 19, 2023. The authorizations do not have a stated expiration date. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining appropriate capital levels for business operations, changes in the levels of written premiums, funding of its qualified pension plan, regulatory capital requirements of the operating insurance subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors. The cost of the treasury stock acquired pursuant to common share repurchases includes 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.

The Company acquired 22,146 shares for a total cost of $8 million during the three months ended September 30, 2026 that were not part of the publicly announced share repurchase authorizations. These shares consisted of shares retained to cover payroll withholding taxes in connection 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, for stock options that were exercised.

For additional information regarding the Company’s share repurchases, see “Part I—Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

Item 5. OTHER INFORMATION

During the three months ended September 30, 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

Item 6. EXHIBITS


Exhibit Number		Description of Exhibit

3.1		Amended and Restated Articles of Incorporation of The Travelers Companies, Inc., as amended and restated May 23, 2013, were filed as Exhibit 3.1 to the Company’s current report on Form 8-K filed on May 24, 2013, and are incorporated herein by reference.

3.2		Bylaws of The Travelers Companies, Inc. as Amended and Restated December 7, 2022, were filed as Exhibit 3.2 to the Company’s current report on Form 8-K filed on December 12, 2022, and are incorporated herein by reference.





31.1†		Certification of Alan D. Schnitzer, Chairman and Chief Executive Officer of the Company, as required by Section 302 of the Sarbanes-Oxley Act of 2002.

31.2†		Certification of Daniel S. Frey, Executive Vice President and Chief Financial Officer of the Company, as required by Section 302 of the Sarbanes-Oxley Act of 2002.

32.1†		Certification of Alan D. Schnitzer, Chairman and Chief Executive Officer of the Company, as required by Section 906 of the Sarbanes-Oxley Act of 2002.

32.2†		Certification of Daniel S. Frey, Executive Vice President and Chief Financial Officer of the Company, as required by Section 906 of the Sarbanes-Oxley Act of 2002.



101.1†		The following information from The Travelers Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 formatted in Inline XBRL: (i) Consolidated Statement of Income for the three and nine months ended September 30, 2026 and 2025; (ii) Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025; (iii) Consolidated Balance Sheet as of September 30, 2026 and December 31, 2025; (iv) Consolidated Statement of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2026 and 2025; (v) Consolidated Statement of Cash Flows for the nine months ended September 30, 2026 and 2025; (vi) Notes to Consolidated Financial Statements; and (vii) the cover page.

104.1		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101.1).

________________________________________________________

† Filed herewith.

The total amount of securities authorized pursuant to any instrument defining rights of holders of long-term debt of the Company does not exceed 10% of the total assets of the Company and its consolidated subsidiaries. Therefore, the Company is not filing any instruments evidencing long-term debt. However, the Company will furnish copies of any such instrument to the Securities and Exchange Commission upon request.

Copies of any of the exhibits referred to above will be furnished to security holders who make written request therefor to The Travelers Companies, Inc., 385 Washington Street, Saint Paul, MN 55102, Attention: Corporate Secretary.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure except for the terms of the agreements or other documents themselves, and you should not rely on them for other than that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and do not apply in any other context or at any time other than the date they were made.

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Travelers Companies, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		THE TRAVELERS COMPANIES, INC.
		(Registrant)

Date: October 16, 2026	By	/S/ CHRISTINE K. KALLA
		Christine K. Kalla Executive Vice President and General Counsel (Authorized Signatory)

Date: October 16, 2026	By	/S/ PAUL E. MUNSON
		Paul E. Munson Senior Vice President and Corporate Controller (Principal Accounting Officer)

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