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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
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The Travelers Companies
The Travelers Companies (TRV) investor relations material
The Travelers Companies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
Delivered excellent Q4 and full-year 2025 results, with net income per diluted share up 23% to $11.06 and core income per diluted share up 22% to $11.13, driven by strong underwriting and investments across all segments.
Full-year net income reached $6.288B and core income $6.325B, both up 26% year-over-year; return on equity was 21.0% and core return on equity 19.4%.
Board authorized an additional $5.0B in share repurchases, supplementing prior authorizations.
Returned $1.9B to shareholders in Q4, including $1.7B in share repurchases and $244M in dividends.
Continued significant investments in AI and technology, with more than $1.5B invested in 2025.
Financial highlights
Q4 net income was $2.496B, up 20% year-over-year; core income was $2.511B, up 18%; net investment income after-tax for Q4 was $867M, up 10%.
Net written premiums for Q4 were $10.9B; Business Insurance at $5.5B, Bond and Specialty at $1.1B, and Personal Insurance at $4.2B.
Adjusted book value per share increased 14% year-over-year to $158.01; book value per share rose 23% to $151.21.
Full-year cash flow from operations reached $10.606B, up from $9B in 2024.
Combined ratio improved to 80.2% in Q4 (down 3.0 pts); full year combined ratio improved to 89.9% (down 2.6 pts).
Outlook and guidance
Expect 2026 expense ratio to remain around 28.5%.
Project after-tax fixed income net investment income of ~$3.3B in 2026, starting at $800M in Q1 and rising to $870M in Q4.
Anticipate Q1 2026 share repurchases of ~$1.8B, including proceeds from the sale of Canadian operations.
Plan to issue debt annually to maintain a consistent debt-to-capital ratio.
Long-term strategy targets mid-teens core ROE over time, focusing on sustainable competitive advantages and top-tier earnings.
Balance of capital return vs tech investment in 2026
Impact of asbestos reserve on Business Insurance?
Growth strategy for Personal Insurance Auto?
AI's impact on new capability delivery speed
Implications of annual debt issuance strategy
Personal Insurance portfolio repositioning impact
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Next The Travelers Companies earnings date
Q1 202615 Apr, 2026
The Travelers Companies
Next The Travelers Companies earnings date
Q1 202615 Apr, 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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