TRAVELERS COMPANIES, INC.

Listed Company

TRVCIK 0000086312NYSELarge AcceleratedFire, Marine & Casualty InsuranceMinnesotaFY ends Dec 31

Period

FY 2025

Revenue

$48.83B

Net Income

$6.29B

Total Assets

$143.71B

Equity

$32.89B

Shares Out

212.64M

Op. Cash Flow

$10.61B

+ 13F Filer

Business

TRAVELERS COMPANIES, INC. is a holding company that, through its subsidiaries, provides a wide range of commercial and personal property and casualty insurance products and services. It offers property and casualty coverages including workers’ compensation, commercial automobile, commercial property, general liability, commercial multi‑peril, surety and fidelity, management and professional liability, cyber, and personal automobile and homeowners lines, together with risk management, claims administration and other insurance‑related services. The company operates through major reportable segments: Business Insurance, Bond & Specialty Insurance, Personal Insurance, and centralized Claims Services and reinsurance functions. Its products are distributed primarily in the United States and Canada, and internationally through brokers, Lloyd’s, independent agents, direct channels, affinity partners and other distribution platforms.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	43,914	41,941	37,761	33,763	30,855
Net investment income	3,959	3,590	2,922	2,562	3,033
Fee income	495	473	433	412	402
Net realized investment losses	−48	−30	−105	−204	171
Other revenues	508	449	353	351	355
Total revenues	48,828	46,423	41,364	36,884	34,816
Claims and claim adjustment expenses	27,221	27,059	26,215	22,854	20,298
Amortization of deferred acquisition costs	7,266	6,973	6,226	5,515	5,043
General and administrative expenses	6,120	5,819	5,176	4,810	4,677
Interest expense	425	392	376	351	340
Total claims and expenses	41,032	40,243	37,993	33,530	30,358
Income before income taxes	7,796	6,180	3,371	3,354	4,458
Income tax expense	1,508	1,181	380	512	796
Net income	6,288	4,999	2,991	2,842	3,662
Basic (in dollars per share)	27.83	21.76	12.93	11.91	14.63
Diluted (in dollars per share)	27.43	21.47	12.79	11.77	14.49
Basic (in shares)	224	228	230	237	249
Diluted (in shares)	228	231	232	240	251

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available for sale, at fair value (amortized cost $91,717 and $88,277; allowance for expected credit losses of $3 and $2)	89,833	83,666	77,807	71,160	77,810
Equity securities, at fair value (cost $457 and $544)	618	687	608	807	893
Real estate investments	900	902	959	952	979
Short-term securities	5,720	4,770	5,140	3,470	3,840
Other investments	4,115	4,202	4,299	4,065	3,857
Total investments	101,182	94,223	88,810	80,454	87,375
Cash (including restricted cash of $132 and $131)	842	699	650	799	761
Investment income accrued	877	752	688	650	615
Premiums receivable (net of allowance for expected credit losses of $58 and $58)	10,992	11,110	10,282	8,922	8,085
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $129 and $119)	7,890	8,000	8,143	8,063	8,452
Ceded unearned premiums	1,283	1,202	1,150	1,024	902
Deferred acquisition costs	3,518	3,494	3,306	2,836	2,542
Deferred taxes	887	1,762	1,504	1,877	0
Contractholder receivables (net of allowance for expected credit losses of $16 and $18)	3,010	3,171	3,249	3,579	3,890
Goodwill	4,066	4,233	3,976	3,952	4,008
Other intangible assets	336	360	277	287	306
Other assets	4,279	4,183	3,943	3,274	3,530
Assets held for sale	4,550	—	—	—	—
Total assets	143,708	133,189	125,978	115,717	120,466
Claims and claim adjustment expense reserves	65,737	64,093	61,627	58,649	56,907
Unearned premium reserves	22,431	22,289	20,872	18,240	16,469
Contractholder payables	3,026	3,189	3,269	3,596	3,911
Payables for reinsurance premiums	529	550	518	419	384
Debt	9,267	8,033	8,031	7,292	7,290
Other liabilities	7,282	7,171	6,740	5,961	6,329
Liabilities held for sale	2,542	—	—	—	—
Total liabilities	110,814	105,325	101,057	94,157	91,579
Common stock (1,750.0 shares authorized; 217.5 and 226.6 shares issued and outstanding)	25,910	25,452	24,906	24,565	24,154
Retained earnings	54,931	49,630	45,591	43,516	41,555
Accumulated other comprehensive loss	−2,500	−4,967	−4,471	−6,445	1,193
Treasury stock, at cost (575.9 and 564.3 shares)	−45,447	−42,251	−41,105	—	—
Total shareholders equity	32,894	27,864	24,921	21,560	28,887
Total liabilities and shareholders equity	143,708	133,189	125,978	115,717	120,466

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	680	715	722	826	870
Deferred federal income tax expense (benefit)	210	−152	−163	−186	62
Equity in income from other investments	−226	−294	−157	−336	−993
Premiums receivable	−115	−859	−1,341	−877	−258
Reinsurance recoverables	−137	111	−63	344	−101
Deferred acquisition costs	−7,373	−7,173	−6,689	−5,824	−5,227
Claims and claim adjustment expense reserves	3,300	2,680	2,843	2,050	2,388
Unearned premium reserves	584	1,488	2,590	1,862	1,249
Other operating activities	81	556	647	45	750
Net cash provided by operating activities	10,606	9,074	7,711	6,465	7,274
Proceeds from maturities of fixed maturities	11,660	8,537	6,371	6,837	8,852
Fixed maturities	832	1,630	4,980	5,660	3,170
Equity securities	160	143	138	138	102
Real estate investments	0	64	0	10	31
Other investments	321	422	255	302	427
Fixed maturities	−18,771	−17,132	−15,690	−15,908	−18,153
Equity securities	−126	−124	−105	−136	−407
Real estate investments	−48	−48	−67	−41	−28
Other investments	−346	−396	−495	−574	−520
Net sales (purchases) of short-term securities	−945	370	−1,664	355	1,671
Securities transactions in the course of settlement	144	56	−83	21	−19
Acquisition, net of cash acquired	0	−382	0	−4	−38
Other investing activities	−533	−408	−462	−385	−279
Net cash used in investing activities	−7,652	−7,264	−6,821	−3,728	−5,196
Treasury stock acquired share repurchase authorizations	−3,004	−1,003	−958	−2,000	−2,156
Treasury stock acquired net employee share-based compensation	−127	−114	−64	−61	−44
Dividends paid to shareholders	−979	−951	−908	−875	−869
Issuance of debt	1,233	0	738	0	739
Issuance of common stock employee share options	214	321	141	267	293
Net cash used in financing activities	−2,663	−1,747	−1,051	−2,669	−2,037
Effect of exchange rate changes on cash and restricted cash	23	−14	12	−30	−1
Net increase (decrease) in cash and restricted cash	314	49	−149	38	40
Income taxes paid	1,274	1,310	201	817	707
Interest paid	393	390	370	349	337

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 3 positions

Reported AUM

$151.87M

Holdings

Top sector

$151.87M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$151.87M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
FIDELIS INSURANCE HOLDINGS LIMITED	—	7.20M	$140.95M	92.8%
CIRCLE INTERNET GROUP	—	120.5K	$9.56M	6.3%
VICTORY CAPITAL HOLDINGS INC	—	21.6K	$1.36M	0.9%