On this page of StockholderLetter.com we present the latest annual shareholder letter from TRAVELERS COMPANIES, INC. — ticker symbol TRV. Reading current and past TRV letters to shareholders can bring important insights into the investment thesis.

Inside Cover Last year, we debuted a new brand manifesto and ad campaign centered around a simple yet powerful idea: Remarkable things happen when people care. You can find the manifesto at the QR code above. The manifesto reflects Travelers employees extraordinary dedication to the customers and communities we are privileged to serve. This commitment is at the heart of everything we do. What would you do to help bring a lost dog home in the wake of an accident? When a devastating crash separated a loyal Australian Shepherd from his owner, one Travelers employee went above and beyond to do just that.
Our long-standing commitment to excellence and care was an important contributor to our exceptional top- and bottom-line results this past year. We delivered record core income, underlying underwriting income, net income per diluted share, cash flow from operations and net written premiums. Alan D. Schnitzer Chairman and Chief Executive Officer To My Fellow Shareholders Strong results such as we delivered in 2024 not only benefit This level of underlying underwriting income is an important our shareholders but also empower us to be there for the and highly consequential result of the strong top-line growth customers and communities we are privileged to serve, and profitability that we have achieved over the last eight especially during their times of greatest need. That took on years. It positions us to deliver strong bottom-line results particular importance last year as we faced record-breaking even in the face of elevated losses from catastrophes, as we natural catastrophes. Our team of more than 30,000 and the industry experienced this year. committed employees rose to the occasion with countless individual acts of excellence helping families and businesses recover, building resilience in affected communities and underscoring the value at the heart of our business. Our long-standing commitment to excellence and care was an important contributor to our exceptional top- and bottom-line results this past year. We delivered record core income, underlying underwriting income, net income per diluted share, cash flow from operations and net written premiums. Each of our three business segments was a strong contributor to these results. We earned $5 billion* of core income, generating core return on equity of 17.2%. The record underlying underwriting income, along with net favorable prior year reserve development and strong net investment income, more than offset a record level of catastrophe losses. Core return on equity was more than 1,200 basis points above the average 10-year Treasury. This year, our underlying underwriting income reached $4.5 billion after-tax, surpassing $4 billion for the first time, driven by record net earned premiums and very strong Net income per diluted share was $21.47, which was 68% higher than the prior year. Share repurchases, an important component of our disciplined capital management strategy, contributed to the strong earnings per share result. Thanks to our exceptional franchise value and excellent marketplace execution by our field organization, we grew net written premiums by 8% to a record $43.4 billion. Net written premiums were up more than 70% from $25 billion in 2016, with both reported and underlying profitability also improving over that period. Growth with improving profitability is a noteworthy accomplishment in this business. These excellent results, along with our strong balance sheet, enabled us to continue making important investments in our business and return $2.1 billion of excess capital to our shareholders during the year, including through $1.1 billion of share repurchases. Even after this deployment of capital, we grew adjusted book value per share by 13% during the year. With that, let me turn to a more detailed discussion of our 2024 performance and how we are positioning Travelers for continued success. profitability. * See Additional information for a discussion and calculation of non-GAAP financial measures. 2024 ANNUAL REPORT THE TRAVELERS COMPANIES 1
FINANCIAL HIGHLIGHTS $5.0 B $43.4 B CORE INCOME NET WRITTEN PREMIUMS 17.2% $2.1 B CORE RETURN ON EQUITY CAPITAL RETURNED TO SHAREHOLDERS As of and for the year ended December 31. Dollar amounts in millions, except per share amounts. 2024 2023 2022 2021 2020 Earned Premiums 41,941 37,761 33,763 30,855 29,044 Total Revenues 46,423 41,364 36,884 34,816 31,981 Core Income 5,025 3,072 2,998 3,522 2,686 Net Income 4,999 2,991 2,842 3,662 2,697 Net Income per Diluted Share 21.47 12.79 11.77 14.49 10.52 Total Investments 94,223 88,810 80,454 87,375 84,423 Total Assets $ 133,189 $ 125,978 $ 115,717 $ 120,466 $ 116,764 Shareholders Equity 27,864 24,921 21,560 28,887 29,201 Return on Equity 19.2% 13.6% 12.2% 12.7% 10.0% Core Return on Equity 17.2% 11.5% 11.3% 13.7% 11.3% Book Value per Share 122.97 109.19 92.90 119.77 115.68 Dividends per Share 4.15 3.93 3.67 3.49 3.37 The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of more than $46 billion in 2024. For more information, visit Travelers.com. 2 THE TRAVELERS COMPANIES 2024 ANNUAL REPORT
Our 2024 Results Speak to the Broad Strength of the Travelers Franchise Travelers delivered core income of $5 billion, or $21.58 of core income per diluted share, generating core return on equity of 17.2% an exceptional result and a meaningful spread over both the 10-year Treasury and our cost of equity. We achieved these excellent results in the face of record catastrophe losses. We delivered a record $4.5 billion of after-tax underlying underwriting income, an increase of nearly 40% compared to last year s then record, and an underlying combined ratio that improved 330 basis points to an excellent 86.2%. This year s outstanding underlying underwriting results are even more impressive when considered in their historical context. As illustrated by the chart below, prior to 2020, underlying underwriting income had never exceeded $1.5 billion. Since that time, we have taken underlying underwriting income to an entirely new level by profitably Insurance increasing 7% and Personal Insurance increasing 8%. This growth has been part of a deliberate strategy we developed in 2016 to profitably improve our growth trajectory. We seek to achieve profitable growth not by competing on price but by investing in franchise value making sure that we offer the products, services and experiences that our customers want to buy and our distribution partners want to sell. Also central to our growth strategy is our very granular approach to risk selection, underwriting and pricing. As a result of that approach, and investments we have made over decades in leading data and analytics, our growth in insured exposures correlates to returns. In other words, generally speaking, the more attractive the returns in a business, the more we have been growing insured exposures in that business. Conversely, where returns have not met our target, we have grown by pricing accordingly. All of which is to say, Travelers unique combination of franchise value and execution yields high-quality, profitable growth. growing our business. Turning to the top line, today s production generates tomorrow s earned premiums. In 2024, we delivered record $5.0 B $43.4 B RECORD CORE INCOME RECORD NET WRITTEN PREMIUMS net written premiums of $43.4 billion, up 8% compared to the prior year. This represents the 15th consecutive year of net written premium growth. All three of our business segments contributed to this strong top-line performance, with Business Insurance increasing 8%, Bond & Specialty Underlying Underwriting Income1 (in billions, after-tax) $4.5 $3.2 $2.3 $2.0 1 $1.5 $1.4 $1.3 $1.2 2015 2016 2017 2018 $2.1 $1.4 2019 2020 2021 2022 2023 2024 Excludes the impact of net prior year reserve development and catastrophe losses. 2024 ANNUAL REPORT THE TRAVELERS COMPANIES 3
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/7/2023 TRV Stockholder Letter
 • stockholder letter icon 4/2/2024 TRV Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon TRV Benford's Law Stock Score = 70


TRV Shareholder/Stockholder Letter Transcript:


Inside Cover
Last year, we debuted a new brand manifesto and ad campaign centered around
a simple yet powerful idea:    Remarkable things happen when people care.   
You can find the manifesto at the QR code above.
The manifesto reflects Travelers employees    extraordinary dedication to the
customers and communities we are privileged to serve. This commitment is at
the heart of everything we do.
What would you do to help bring a lost dog home in the wake of an accident?
When a devastating crash separated a loyal Australian Shepherd from his
owner, one Travelers employee went above and beyond to do just that.

Our long-standing commitment to excellence
and care was an important contributor to our
exceptional top- and bottom-line results this
past year. We delivered record core income,
underlying underwriting income, net income
per diluted share, cash flow from operations
and net written premiums.
Alan D. Schnitzer
Chairman and Chief Executive Officer
To My Fellow Shareholders
Strong results such as we delivered in 2024 not only benefit
This level of underlying underwriting income is an important
our shareholders but also empower us to be there for the
and highly consequential result of the strong top-line growth
customers and communities we are privileged to serve,
and profitability that we have achieved over the last eight
especially during their times of greatest need. That took on
years. It positions us to deliver strong bottom-line results
particular importance last year as we faced record-breaking
even in the face of elevated losses from catastrophes, as we
natural catastrophes. Our team of more than 30,000
and the industry experienced this year.
committed employees rose to the occasion with countless
individual acts of excellence     helping families and businesses
recover, building resilience in affected communities and
underscoring the value at the heart of our business.
Our long-standing commitment to excellence and care was
an important contributor to our exceptional top- and
bottom-line results this past year. We delivered record core
income, underlying underwriting income, net income per
diluted share, cash flow from operations and net written
premiums. Each of our three business segments was a strong
contributor to these results.
We earned $5 billion* of core income, generating core return
on equity of 17.2%. The record underlying underwriting
income, along with net favorable prior year reserve
development and strong net investment income, more than
offset a record level of catastrophe losses. Core return on
equity was more than 1,200 basis points above the average
10-year Treasury.
This year, our underlying underwriting income reached
$4.5 billion after-tax, surpassing $4 billion for the first time,
driven by record net earned premiums and very strong
Net income per diluted share was $21.47, which was 68%
higher than the prior year. Share repurchases, an important
component of our disciplined capital management strategy,
contributed to the strong earnings per share result.
Thanks to our exceptional franchise value and excellent
marketplace execution by our field organization, we grew net
written premiums by 8% to a record $43.4 billion. Net written
premiums were up more than 70% from $25 billion in 2016,
with both reported and underlying profitability also improving
over that period. Growth with improving profitability is a
noteworthy accomplishment in this business.
These excellent results, along with our strong balance sheet,
enabled us to continue making important investments in our
business and return $2.1 billion of excess capital to our
shareholders during the year, including through $1.1 billion of
share repurchases. Even after this deployment of capital, we
grew adjusted book value per share by 13% during the year.
With that, let me turn to a more detailed discussion of our
2024 performance and how we are positioning Travelers for
continued success.
profitability.
* See    Additional information    for a discussion and calculation of non-GAAP financial measures.
2024 ANNUAL REPORT
THE TRAVELERS COMPANIES
1

FINANCIAL
HIGHLIGHTS
$5.0 B
$43.4 B
CORE
INCOME
NET WRITTEN
PREMIUMS
17.2%
$2.1 B
CORE RETURN
ON EQUITY
CAPITAL
RETURNED TO
SHAREHOLDERS
As of and for the year ended December 31. Dollar amounts in millions, except per share amounts.
2024
2023
2022
2021
2020
Earned Premiums

41,941

37,761

33,763

30,855

29,044
Total Revenues

46,423

41,364

36,884

34,816

31,981
Core Income

5,025

3,072

2,998

3,522

2,686
Net Income

4,999

2,991

2,842

3,662

2,697
Net Income per Diluted Share

21.47

12.79

11.77

14.49

10.52
Total Investments

94,223

88,810

80,454

87,375

84,423
Total Assets
$ 133,189
$ 125,978
$ 115,717
$ 120,466
$ 116,764
Shareholders    Equity





27,864
24,921
21,560
28,887
29,201
Return on Equity
19.2%
13.6%
12.2%
12.7%
10.0%
Core Return on Equity
17.2%
11.5%
11.3%
13.7%
11.3%
Book Value per Share

122.97

109.19

92.90

119.77

115.68
Dividends per Share

4.15

3.93

3.67

3.49

3.37
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business.
A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of more than $46 billion in 2024.
For more information, visit Travelers.com.
2
THE TRAVELERS COMPANIES
2024 ANNUAL REPORT

Our 2024 Results Speak to the Broad
Strength of the Travelers Franchise
Travelers delivered core income of $5 billion, or $21.58 of
core income per diluted share, generating core return on
equity of 17.2%     an exceptional result and a meaningful
spread over both the 10-year Treasury and our cost of equity.
We achieved these excellent results in the face of record
catastrophe losses. We delivered a record $4.5 billion of
after-tax underlying underwriting income, an increase of
nearly 40% compared to last year   s then record, and an
underlying combined ratio that improved 330 basis points to
an excellent 86.2%.
This year   s outstanding underlying underwriting results are
even more impressive when considered in their historical
context. As illustrated by the chart below, prior to 2020,
underlying underwriting income had never exceeded
$1.5 billion. Since that time, we have taken underlying
underwriting income to an entirely new level by profitably
Insurance increasing 7% and Personal Insurance increasing
8%. This growth has been part of a deliberate strategy we
developed in 2016 to profitably improve our growth
trajectory. We seek to achieve profitable growth not by
competing on price but by investing in franchise value    
making sure that we offer the products, services and
experiences that our customers want to buy and our
distribution partners want to sell.
Also central to our growth strategy is our very granular
approach to risk selection, underwriting and pricing. As a
result of that approach, and investments we have made over
decades in leading data and analytics, our growth in insured
exposures correlates to returns. In other words, generally
speaking, the more attractive the returns in a business, the
more we have been growing insured exposures in that
business. Conversely, where returns have not met our target,
we have grown by pricing accordingly. All of which is to say,
Travelers    unique combination of franchise value and
execution yields high-quality, profitable growth.
growing our business.
Turning to the top line, today   s production generates
tomorrow   s earned premiums. In 2024, we delivered record
$5.0 B
$43.4 B
RECORD
CORE INCOME
RECORD
NET WRITTEN
PREMIUMS
net written premiums of $43.4 billion, up 8% compared to
the prior year. This represents the 15th consecutive year of
net written premium growth. All three of our business
segments contributed to this strong top-line performance,
with Business Insurance increasing 8%, Bond & Specialty
Underlying Underwriting Income1
(in billions, after-tax)
$4.5
$3.2
$2.3
$2.0
1
$1.5
$1.4
$1.3
$1.2
2015
2016
2017
2018
$2.1
$1.4
2019
2020
2021
2022
2023
2024
Excludes the impact of net prior year reserve development and catastrophe losses.
2024 ANNUAL REPORT
THE TRAVELERS COMPANIES
3



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