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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.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.
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