The earnings call highlighted strong financial performance, improved combined ratios, and strategic capital management, indicating robust operational health. However, challenges such as the sale of the Canadian business and ongoing concerns about tort inflation and property market pricing were noted.

Company Guidance -

Q3 2025

During the second quarter of 2025, The Travelers Companies, Inc. achieved exceptional financial results, highlighted by a core income of $1.5 billion or $6.51 per diluted share and a core return on equity of 18.8%. The company's combined ratio improved by almost 10 points to 90.3%, with the underlying combined ratio enhancing by three points to 84.7%. The company's net earned premiums grew by 7% to $10.9 billion, contributing to a 35% increase in underlying underwriting income to $1.6 billion pretax. Each segment—Business Insurance, Bond and Specialty Insurance, and Personal Insurance—reported strong performance, with underlying combined ratios of 88.3%, 87.8%, and 79.3%, respectively. Net investment income was robust at $774 million after tax, and Travelers returned over $800 million to shareholders, including $557 million in share repurchases. Adjusted book value per share rose by more than 14% year-over-year, supported by $11.5 billion in net written premiums across all segments. The company also announced the sale of most of its Canadian business for $2.4 billion, intending to use $700 million of the proceeds for share repurchases in 2026, expecting the transaction to be accretive to earnings per share.

Exceptional Financial Performance

The company reported core income of $1.5 billion or $6.51 per diluted share, with a core return on equity of 18.8% for the quarter and 17.1% for the trailing twelve months. Underlying underwriting income was up 35% over the prior year quarter.

Improved Combined Ratios

The reported combined ratio improved by almost 10 points to 90.3%, with an underlying combined ratio improving three points to 84.7%.

Strong Investment Income

After-tax net investment income was $774 million, driven by reliable returns from a growing fixed income portfolio.

Strategic Capital Allocation

Returned more than $800 million of capital to shareholders, including $557 million of share repurchases. Adjusted book value per share was up by more than 14% compared to a year ago.

Record Operating Cash Flow

Operating cash flows for the quarter were $2.3 billion, marking the twenty-first consecutive quarter with operating cash flows of more than $1 billion.

Segment Growth

Net written premiums grew to $11.5 billion, with growth in all three segments. Business Insurance premiums increased by 5%, Bond and Specialty Insurance by 4%, and Personal Insurance by 3%.

Travelers Companies (TRV) Earnings, Revenues Date & History

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TRV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	5.38 / -	5.24	―	―	―
Jul 17, 2025	2025 (Q2)	3.65 / 6.51	2.51	159.36% (+4.00)
Apr 16, 2025	2025 (Q1)	0.79 / 1.91	4.69	-59.28% (-2.78)
Jan 22, 2025	2024 (Q4)	6.70 / 9.15	7.01	30.53% (+2.14)
Oct 17, 2024	2024 (Q3)	3.66 / 5.24	1.95	168.72% (+3.29)
Jul 19, 2024	2024 (Q2)	2.01 / 2.51	0.06	4083.33% (+2.45)
Apr 17, 2024	2024 (Q1)	4.92 / 4.69	4.11	14.11% (+0.58)
Jan 19, 2024	2023 (Q4)	5.09 / 7.01	3.4	106.18% (+3.61)
Oct 18, 2023	2023 (Q3)	3.00 / 1.95	2.2	-11.36% (-0.25)
Jul 20, 2023	2023 (Q2)	2.05 / 0.06	2.57	-97.67% (-2.51)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TRV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 17, 2025	$252.19	$261.81	+3.81%
Apr 16, 2025	$248.63	$251.44	+1.13%
Jan 22, 2025	$237.21	$244.70	+3.16%
Oct 17, 2024	$239.96	$261.56	+9.00%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.