The earnings call reflects a strong overall performance with significant improvements in underwriting results, profitability, and investment income. While there are challenges in certain segments such as national property and personal auto retention, the strategic sale of the Canadian business and effective capital management highlight a positive outlook.

Company Guidance -

Q3 2025

During the second quarter results call for The Travelers Companies, Inc., the guidance provided highlighted a strong financial performance with several key metrics. The company reported a 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. The reported combined ratio improved by nearly 10 points to 90.3%, driven by lower catastrophe losses and higher underlying underwriting results. The underwriting income was bolstered by a 7% increase in net earned premiums to $10.9 billion, and the underlying combined ratio improved by three points to 84.7%. Each segment showed robust results, with Business Insurance's underlying combined ratio improving to 88.3%, Bond and Specialty Insurance at 87.8%, and Personal Insurance at 79.3%. Additionally, the investment portfolio performed well, generating $774 million in after-tax net investment income. The company returned over $800 million to shareholders, including $557 million in share repurchases, and saw an adjusted book value per share increase by more than 14% year-over-year. Net written premiums grew to $11.5 billion, with notable growth in Business Insurance (5%), Bond and Specialty Insurance (4%), and Personal Insurance (3%). The call also discussed plans to sell most of its Canadian business to Definity, expecting it to be accretive to earnings per share in the coming years.

Exceptional Second Quarter Results

Core income reached $1.5 billion or $6.51 per diluted share, with a core return on equity of 18.8% for the quarter and 17.1% over the trailing twelve months. Underwriting income was supported by a 35% increase in underlying underwriting income and net earned premiums up by 7% to $10.9 billion.

Improved Combined Ratios Across Segments

The reported combined ratio improved by almost 10 points to 90.3%, with notable improvements in Business Insurance (88.3%), Bond and Specialty Insurance (87.8%), and Personal Insurance (79.3%).

Strong Investment Performance

The investment portfolio generated $774 million in after-tax net investment income, with total invested assets surpassing $100 billion.

Capital Return to Shareholders

The company returned more than $800 million to shareholders, including $557 million in share repurchases. Adjusted book value per share increased by more than 14% over the past year.

Growth in Net Written Premiums

Net written premiums grew to $11.5 billion, with increases in all segments: Business Insurance (5%), Bond and Specialty Insurance (4%), and Personal Insurance (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)	5.54 / -	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.