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The Travelers Companies (TRV) investor relations material
The Travelers Companies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Net income for Q3 2025 rose 50% year-over-year to $1.89B, with core income up 53% to $1.867B and diluted EPS of $8.14–$8.24; core ROE was 22.6% and ROE reached 24.7%.
Underwriting income more than doubled year-over-year, with all segments—Business, Bond & Specialty, and Personal Insurance—reporting higher income.
Combined ratio improved by 5.9 points to 87.3%, and underlying combined ratio improved by 1.7 points to 83.9%.
Catastrophe losses fell to $402M pre-tax from $939M a year ago, mainly from tornado/hail events.
$878M returned to shareholders in Q3, including $628M in share repurchases and $250M in dividends.
Financial highlights
Net written premiums for Q3 2025 grew 1% to $11.47B; Business Insurance at $5.7B, Bond & Specialty at $1.1B, Personal Insurance at $4.7B.
Net investment income after-tax increased 15% to $850M; book value per share up 16% to $141.72, adjusted book value per share up 15% to $150.55.
Net favorable prior year reserve development of $22M pre-tax.
Debt-to-capital ratio at 22.7% (21.6% excluding unrealized losses); shareholders' equity at $31.61B.
Operating cash flow reached a record $4.2B for the quarter.
Outlook and guidance
Expect expense ratio of ~28.5% for full year 2025 and to maintain that in 2026.
After-tax net investment income projected at $810M for Q4 2025, rising to $885M by Q4 2026; fixed income outlook raised.
Share repurchases of ~$2.9B planned over Q4 2025 and Q1 2026, including proceeds from Canadian business sale.
Management targets mid-teens core ROE and sustainable competitive advantages.
Retention levels expected to remain strong for the remainder of 2025.
Detail the asbestos review's impact on BI reserves.
Remaining share repurchase capacity and plans?
Travelers' AI strategy and tech investments.
How will AI investments impact operating leverage?
Detail current excess capital and liquidity.
Impact of easing PI property restrictions on growth.
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Next The Travelers Companies earnings date
Q4 202521 Jan, 2026
Next The Travelers Companies earnings date
Q4 202521 Jan, 2026
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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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