TRAVELERS COMPANIES, INC.TRV
TRAVELERS COMPANIES, INC. Segments Disclosure
SEGMENT INFORMATION
The accounting policies used to prepare the segment reporting data for the Company’s three reportable business segments are the same as those described in the Summary of Significant Accounting Policies in note 1.
The chief operating decision maker (CODM) is the Company’s Chairman and Chief Executive Officer. The CODM reviews the financial performance of the reportable business segments to assess the efficiency with which capital is employed, the effective management of risk, the achievement of strategic initiatives, and how to allocate resources to reportable business segments based on the segment’s historical and projected financial performance. The significant measures of the reportable business segments’ financial performance include segment revenues, consisting of premiums, net investment income, fee income and other revenues, less segment expenses, consisting of claims and claim adjustment expenses, deferred acquisition costs, and general and administrative expenses.
Except as described below for certain legal entities, the Company allocates its invested assets and the related net investment income to its reportable business segments. Pre-tax net investment income is allocated based upon an investable funds concept, which takes into account liabilities (net of non-invested assets) and appropriate capital considerations for each segment. For investable funds, a benchmark investment yield is developed that reflects the estimated duration of the loss reserves’ future cash flows, the interest rate environment at the time the losses were incurred and A+ rated corporate debt instrument yields. For capital, a benchmark investment yield is developed that reflects the average yield on the total investment portfolio. The benchmark investment yields are applied to each segment’s investable funds and capital, respectively, to produce a total notional investment income by segment. The Company’s actual net investment income is allocated to each segment in proportion to the respective segment’s notional investment income to total notional investment income. There are certain legal entities within the Company that are dedicated to specific reportable business segments. The invested assets and related net investment income from these legal entities are reported in the applicable business segment and are not allocated among the other business segments.
The cost of the Company’s catastrophe treaty program is included in the Company’s ceded premiums and is allocated among reportable business segments based on an estimate of actual market reinsurance pricing using expected losses calculated by the Company’s catastrophe model, adjusted for any experience adjustments.
The following tables summarize the components of the Company’s revenues, income (loss), net written premiums and total assets by reportable business segments.
| (for the year ended December 31, in millions) | Business Insurance | Bond & Specialty Insurance | Personal Insurance | Total Reportable Segments | ||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| Premiums | $ | 22,412 | $ | 4,107 | $ | 17,395 | $ | 43,914 | ||||||||||||||||||
| Net investment income | 2,782 | 445 | 732 | 3,959 | ||||||||||||||||||||||
| Fee income | 445 | — | 50 | 495 | ||||||||||||||||||||||
| Other revenues | 379 | 27 | 102 | 508 | ||||||||||||||||||||||
Total segment revenues (1) | 26,018 | 4,579 | 18,279 | 48,876 | ||||||||||||||||||||||
| Claims and claim adjustment expenses | 14,154 | 1,764 | 11,303 | 27,221 | ||||||||||||||||||||||
| Amortization of deferred acquisition costs | 3,796 | 778 | 2,692 | 7,266 | ||||||||||||||||||||||
| General and administrative expenses | 3,482 | 843 | 1,746 | 6,071 | ||||||||||||||||||||||
| Income tax expense | 891 | 244 | 485 | 1,620 | ||||||||||||||||||||||
Segment income (1) | $ | 3,695 | $ | 950 | $ | 2,053 | $ | 6,698 | ||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||
| Premiums | $ | 21,345 | $ | 3,958 | $ | 16,638 | $ | 41,941 | ||||||||||||||||||
| Net investment income | 2,560 | 390 | 640 | 3,590 | ||||||||||||||||||||||
| Fee income | 430 | — | 43 | 473 | ||||||||||||||||||||||
| Other revenues | 322 | 30 | 97 | 449 | ||||||||||||||||||||||
Total segment revenues (1) | 24,657 | 4,378 | 17,418 | 46,453 | ||||||||||||||||||||||
| Claims and claim adjustment expenses | 13,679 | 1,774 | 11,606 | 27,059 | ||||||||||||||||||||||
| Amortization of deferred acquisition costs | 3,588 | 756 | 2,629 | 6,973 | ||||||||||||||||||||||
| General and administrative expenses | 3,303 | 832 | 1,640 | 5,775 | ||||||||||||||||||||||
| Income tax expense | 781 | 201 | 294 | 1,276 | ||||||||||||||||||||||
Segment income (1) | $ | 3,306 | $ | 815 | $ | 1,249 | $ | 5,370 | ||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||
| Premiums | $ | 19,144 | $ | 3,655 | $ | 14,962 | $ | 37,761 | ||||||||||||||||||
| Net investment income | 2,085 | 328 | 509 | 2,922 | ||||||||||||||||||||||
| Fee income | 400 | — | 33 | 433 | ||||||||||||||||||||||
| Other revenues | 232 | 25 | 96 | 353 | ||||||||||||||||||||||
Total segment revenues (1) | 21,861 | 4,008 | 15,600 | 41,469 | ||||||||||||||||||||||
| Claims and claim adjustment expenses | 12,696 | 1,485 | 12,034 | 26,215 | ||||||||||||||||||||||
| Amortization of deferred acquisition costs | 3,173 | 673 | 2,380 | 6,226 | ||||||||||||||||||||||
| General and administrative expenses | 3,041 | 681 | 1,417 | 5,139 | ||||||||||||||||||||||
| Income tax expense (benefit) | 368 | 227 | (103) | 492 | ||||||||||||||||||||||
Segment income (loss) (1) | $ | 2,583 | $ | 942 | $ | (128) | $ | 3,397 | ||||||||||||||||||
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(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
| (for the year ended December 31, in millions) | Business Insurance | Bond & Specialty Insurance | Personal Insurance | Total Reportable Segments | ||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| Net favorable prior year reserve development | $ | 233 | $ | 221 | $ | 582 | $ | 1,036 | ||||||||||||||||||
| Catastrophe losses | $ | 1,073 | $ | 25 | $ | 2,592 | $ | 3,690 | ||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||
| Net favorable prior year reserve development | $ | 90 | $ | 129 | $ | 490 | $ | 709 | ||||||||||||||||||
| Catastrophe losses | $ | 1,032 | $ | 51 | $ | 2,252 | $ | 3,335 | ||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||
| Net favorable (unfavorable) prior year reserve development | $ | (289) | $ | 285 | $ | 147 | $ | 143 | ||||||||||||||||||
| Catastrophe losses | $ | 838 | $ | 37 | $ | 2,116 | $ | 2,991 | ||||||||||||||||||
The following table presents the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs which is disclosed separately in the table above with segment income (loss) by reportable business segment).
| (for the year ended December 31, in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Business Insurance | $ | 409 | $ | 426 | $ | 467 | ||||||||||||||
| Bond & Specialty Insurance | 82 | 86 | 71 | |||||||||||||||||
| Personal Insurance | 182 | 197 | 178 | |||||||||||||||||
| Total | $ | 673 | $ | 709 | $ | 716 | ||||||||||||||
Net written premiums by market were as follows:
| (for the year ended December 31, in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Business Insurance: | ||||||||||||||||||||
| Domestic: | ||||||||||||||||||||
| Select Accounts | $ | 3,830 | $ | 3,727 | $ | 3,477 | ||||||||||||||
| Middle Market | 12,541 | 12,023 | 11,045 | |||||||||||||||||
| National Accounts | 1,262 | 1,259 | 1,135 | |||||||||||||||||
| National Property and Other | 3,112 | 3,134 | 3,008 | |||||||||||||||||
| Total Domestic | 20,745 | 20,143 | 18,665 | |||||||||||||||||
| International | 1,934 | 1,935 | 1,765 | |||||||||||||||||
| Total Business Insurance | 22,679 | 22,078 | 20,430 | |||||||||||||||||
| Bond & Specialty Insurance: | ||||||||||||||||||||
| Domestic: | ||||||||||||||||||||
| Management Liability | 2,326 | 2,309 | 2,156 | |||||||||||||||||
| Surety | 1,354 | 1,294 | 1,147 | |||||||||||||||||
| Total Domestic | 3,680 | 3,603 | 3,303 | |||||||||||||||||
| International | 582 | 506 | 539 | |||||||||||||||||
| Total Bond & Specialty Insurance | 4,262 | 4,109 | 3,842 | |||||||||||||||||
| Personal Insurance: | ||||||||||||||||||||
| Domestic: | ||||||||||||||||||||
| Automobile | 7,745 | 7,925 | 7,330 | |||||||||||||||||
| Homeowners and Other | 9,051 | 8,550 | 7,949 | |||||||||||||||||
| Total Domestic | 16,796 | 16,475 | 15,279 | |||||||||||||||||
| International | 650 | 694 | 650 | |||||||||||||||||
| Total Personal Insurance | 17,446 | 17,169 | 15,929 | |||||||||||||||||
| Total consolidated net written premiums | $ | 44,387 | $ | 43,356 | $ | 40,201 | ||||||||||||||
Business Segment Reconciliations
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| (for the year ended December 31, in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenue reconciliation | ||||||||||||||||||||
| Earned premiums | ||||||||||||||||||||
| Business Insurance: | ||||||||||||||||||||
| Domestic: | ||||||||||||||||||||
| Workers’ compensation | $ | 3,360 | $ | 3,470 | $ | 3,467 | ||||||||||||||
| Commercial automobile | 3,942 | 3,590 | 3,215 | |||||||||||||||||
| Commercial property | 3,772 | 3,616 | 3,154 | |||||||||||||||||
| General liability | 3,566 | 3,464 | 3,146 | |||||||||||||||||
| Commercial multi-peril | 5,797 | 5,269 | 4,686 | |||||||||||||||||
| Other | 76 | 73 | 76 | |||||||||||||||||
| Total Domestic | 20,513 | 19,482 | 17,744 | |||||||||||||||||
| International | 1,899 | 1,863 | 1,400 | |||||||||||||||||
| Total Business Insurance | 22,412 | 21,345 | 19,144 | |||||||||||||||||
| Bond & Specialty Insurance: | ||||||||||||||||||||
| Domestic: | ||||||||||||||||||||
| Fidelity and surety | 1,492 | 1,416 | 1,290 | |||||||||||||||||
| General liability | 1,838 | 1,778 | 1,639 | |||||||||||||||||
| Other | 239 | 231 | 225 | |||||||||||||||||
| Total Domestic | 3,569 | 3,425 | 3,154 | |||||||||||||||||
| International | 538 | 533 | 501 | |||||||||||||||||
| Total Bond & Specialty Insurance | 4,107 | 3,958 | 3,655 | |||||||||||||||||
| Personal Insurance: | ||||||||||||||||||||
| Domestic: | ||||||||||||||||||||
| Automobile | 7,902 | 7,767 | 6,923 | |||||||||||||||||
| Homeowners and Other | 8,824 | 8,208 | 7,404 | |||||||||||||||||
| Total Domestic | 16,726 | 15,975 | 14,327 | |||||||||||||||||
| International | 669 | 663 | 635 | |||||||||||||||||
| Total Personal Insurance | 17,395 | 16,638 | 14,962 | |||||||||||||||||
| Total earned premiums | 43,914 | 41,941 | 37,761 | |||||||||||||||||
| Net investment income | 3,959 | 3,590 | 2,922 | |||||||||||||||||
| Fee income | 495 | 473 | 433 | |||||||||||||||||
| Other revenues | 508 | 449 | 353 | |||||||||||||||||
| Total segment revenues | 48,876 | 46,453 | 41,469 | |||||||||||||||||
| Net realized investment losses | (48) | (30) | (105) | |||||||||||||||||
| Total revenues | $ | 48,828 | $ | 46,423 | $ | 41,364 | ||||||||||||||
| Income reconciliation, net of tax | ||||||||||||||||||||
| Total segment income | $ | 6,698 | $ | 5,370 | $ | 3,397 | ||||||||||||||
Interest Expense and Other (1) | (373) | (345) | (325) | |||||||||||||||||
| Core income | 6,325 | 5,025 | 3,072 | |||||||||||||||||
| Net realized investment losses | (37) | (26) | (81) | |||||||||||||||||
| Net income | $ | 6,288 | $ | 4,999 | $ | 2,991 | ||||||||||||||
(1) The primary component of Interest Expense and Other was after-tax interest expense of $336 million, $310 million and $297 million in 2025, 2024 and 2023, respectively.
| (as of December 31, in millions) | 2025 | 2024 | ||||||||||||
| Asset reconciliation: | ||||||||||||||
| Business Insurance | $ | 106,084 | $ | 98,311 | ||||||||||
| Bond & Specialty Insurance | 13,676 | 12,628 | ||||||||||||
| Personal Insurance | 22,787 | 21,138 | ||||||||||||
| Total assets for reportable segments | 142,547 | 132,077 | ||||||||||||
Other assets (1) | 1,161 | 1,112 | ||||||||||||
| Total consolidated assets | $ | 143,708 | $ | 133,189 | ||||||||||
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(1) The primary components of other assets as of both December 31, 2025 and 2024, were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.
Enterprise-Wide Disclosures
The Company does not have revenue from transactions with a single customer amounting to 10 percent or more of its revenues.
The following table presents revenues of the Company’s operations based on location.
| (for the year ended December 31, in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| U.S. | $ | 46,360 | $ | 43,924 | $ | 39,086 | ||||||||||||||
| Non-U.S.: | ||||||||||||||||||||
| Canada | 1,345 | 1,359 | 1,281 | |||||||||||||||||
| Other Non-U.S. | 1,123 | 1,140 | 997 | |||||||||||||||||
| Total Non-U.S. | 2,468 | 2,499 | 2,278 | |||||||||||||||||
| Total revenues | $ | 48,828 | $ | 46,423 | $ | 41,364 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.