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The Travelers Companies (TRV) investor relations material
The Travelers Companies Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Net income for Q2 2025 rose 183% year-over-year to $1.509 billion, with EPS up 185% to $6.53; core income per diluted share increased 159% to $6.51 and core ROE was 18.8%.
Strong underwriting, lower catastrophe losses, and increased investment income drove results, with all segments contributing to profitability and premium growth.
Combined ratio improved 9.9 points to 90.3%; underlying combined ratio improved 3.0 points to 84.7%.
Net written premiums reached a record $11.543 billion, up 4% year-over-year, with growth in all segments.
Book value per share increased 20% year-over-year to $131.11; adjusted book value per share rose 14% to $144.57.
Financial highlights
Net earned premiums up 7% year-over-year to $10.92B; net investment income after-tax increased 6%.
Catastrophe losses were $927M pre-tax, down from $1.51B in Q2 2024; net favorable prior year reserve development was $315M pre-tax.
Operating cash flows for Q2 2025 were $2.33B; total capital returned to shareholders was $809M, including $557M in share repurchases and $252M in dividends.
Book value per share: $131.11; adjusted book value per share: $144.57.
Net realized investment gains were $5–6M after-tax in Q2 2025, compared to a loss last year.
Outlook and guidance
Management expressed high confidence in continued premium growth, attractive underwriting margins, and positive investment income trajectory.
After-tax net investment income outlook raised: $770M in Q3 2025, $805M in Q4 2025; further increases expected beyond 2025.
Full-year expense ratio expected at 28–28.5%.
Retention levels and property/casualty market conditions expected to remain strong and competitive.
Sale of Canadian business for $2.4B expected to close in Q1 2026 and be slightly accretive to EPS.
Explain drivers of Personal Insurance's 7.0 point improvement in underlying combined ratio.
What drove the better loss experience in workers' compensation?
What is the remaining capacity for share repurchases?
Assess BI's exposure to subscription market price competition.
How will relaxing property restrictions impact premium?
What's driving strong Middle Market premium growth?
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Next The Travelers Companies earnings date
Q3 202516 Oct, 2025
Next The Travelers Companies earnings date
Q3 202516 Oct, 2025
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Frequently asked questions
The Travelers Companies, Inc. is a multi-line insurance holding company that provides property, casualty and life insurance products and services to businesses, governmental units, associations and individuals primarily in the United States and abroad. The Company’s segments include: Personal Insurance, National Accounts and International. The Personal Insurance segment primarily consists of individual homeowners and automobile insurance businesses. The National Accounts segment insures commercial risks throughout the United States which are not insured by the Company’s major national accounts subsidiaries. The International segment provides a range of property and casualty insurance products internationally as well as in the U.S.
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