Travelers Companies Inc

Latest Results (02.06.2026):

Travelers Companies Inc — Quarter 1, 2026: Travelers reported an excellent first quarter for the three months ended March 31, 2026, with net income of $1.711 billion ($7.78 per diluted share) and core income of $1.696 billion ($7.71 per diluted share). The company delivered a strong return on equity (21.1%) and core ROE (19.7%), an excellent consolidated combined ratio of 88.6% (underlying combined ratio 85.3%), and underlying underwriting income (pre-tax) of $1.521 billion — the sixth consecutive quarter above $1.5 billion.

Key financial results

Net income: $1.711 billion; diluted EPS $7.78. Core income: $1.696 billion; core EPS $7.71. Net written premiums: $10.338 billion (down 2% YoY, partly due to the sale of Canadian operations). Total revenues: $11.924 billion.

Underwriting performance

Underwriting gain (pre-tax) was $1.173 billion. Consolidated combined ratio improved to 88.6% from 102.5% a year ago; underlying combined ratio was 85.3%. Pre-tax underlying underwriting income was $1.521 billion.

Catastrophes and reserve development

Catastrophe losses were $761 million pre-tax (vs. $2.266 billion pre-tax in Q1 2025), driving most of the combined-ratio improvement. Net favorable prior‑year reserve development totaled $413 million pre-tax, with favorable development in all three segments.

Investment results

Net investment income was $1.008 billion pre-tax ($833 million after‑tax), up (reported) 9% year‑over‑year, helped by higher yields and larger average invested assets. Net realized gains were $49 million pre-tax ($15 million after‑tax).

Capital return and balance sheet

The company returned $2.223 billion of capital to shareholders in Q1 2026 (including $1.985 billion of share repurchases). Share repurchases in the quarter totaled 6.6 million shares ($1.985 billion), and remaining repurchase capacity was $5.215 billion at March 31, 2026. Shareholders’ equity was $31.986 billion (down 3% from year‑end 2025).

Dividend and shareholder metrics

The Board raised the regular quarterly cash dividend 14% to $1.25 per share (payable June 30, 2026). Book value per share was $150.42 and adjusted book value per share (excluding net unrealized investment losses) was $161.60 (up 2% vs. year‑end 2025).

Segment highlights

Business Insurance: net written premiums $5.786 billion (+2% YoY), combined ratio 93.8% (underlying 89.8%), segment income $839 million after‑tax. Bond & Specialty Insurance: net written premiums $1.066 billion (+7%), combined ratio 83.3% (underlying 88.9%), segment income $254 million after‑tax. Personal Insurance: net written premiums $3.486 billion (−9%), combined ratio 82.9% (underlying 78.3%), segment income $704 million after‑tax.

Management commentary

Management characterized Q1 2026 as an “excellent” start to the year, citing strong underwriting across all segments, favorable reserve development, solid investment income and confidence to return capital (dividend increase and large repurchases), while noting a strong balance sheet and continued focus on disciplined marketplace execution.