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Analogy 1: The Allstate for businesses and homeowners.

Analogy 2: The JPMorgan Chase of the insurance world.

Analogy 3: The Microsoft of insurance solutions.

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• Personal Insurance: Provides coverage for individuals and families, including auto, homeowners, renters, and personal umbrella liability policies.
• Business Insurance: Offers a broad spectrum of property, casualty, and workers' compensation insurance solutions for commercial clients across various industries.
• Bond & Specialty Insurance: Delivers surety bonds, management liability, professional liability, and other tailored insurance products for unique business needs.

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Alan Schnitzer, Chairman and Chief Executive Officer

Alan Schnitzer is the Chairman and Chief Executive Officer of Travelers. He joined Travelers in 2007 as Vice Chairman and Chief Legal Officer, overseeing various corporate functions. Before joining Travelers, Schnitzer was a partner in the law firm of Simpson Thacher & Bartlett LLP, where he advised corporate clients and boards on a range of transaction and corporate governance matters. He also advised on the merger of Travelers with The St. Paul Companies in 2004. Schnitzer became CEO in December 2015 and was elected Chairman of the Board in August 2017. He earned his undergraduate degree in finance and accounting from The Wharton School of the University of Pennsylvania and his J.D. from Columbia Law School.

Daniel Frey, Executive Vice President and Chief Financial Officer

Daniel Frey is the Executive Vice President and Chief Financial Officer for Travelers. He joined Travelers in 2003 and has held several key financial management roles across the company. Prior to joining Travelers, Frey served as Chief Financial Officer for Spalding Sports Worldwide, where he helped improve the company's overall performance and successfully managed the simultaneous sale of three product lines to three buyers. He also held various finance positions at Duracell International, Inc. and began his career in public accounting at Deloitte & Touche, where he earned his CPA. Frey holds a bachelor's degree in accounting from the University of Connecticut. He was appointed Executive Vice President and Chief Financial Officer effective September 1, 2018.

Avrohom J. Kess, Vice Chairman and Chief Legal Officer

Avrohom J. (“A.J.”) Kess serves as the Vice Chairman and Chief Legal Officer for Travelers.

Andy Bessette, Executive Vice President and Chief Administrative Officer

Andy Bessette is the Executive Vice President and Chief Administrative Officer of Travelers.

Mojgan Lefebvre, Executive Vice President and Chief Information Officer, Technology & Operations

Mojgan Lefebvre serves as the Executive Vice President and Chief Information Officer, Technology & Operations of Travelers.

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1. Catastrophic Events and Climate Change

Travelers is highly exposed to claims arising from natural disasters and catastrophic events, the frequency and severity of which are increasingly impacted by climate change. These events can lead to substantial losses, affecting the company's underwriting profits and combined ratio. The unpredictability of climate trends, including hurricanes, tornadoes, hail, and wildfires, creates uncertainty in future exposures and necessitates continuous adjustments to underwriting, pricing, and reinsurance strategies. There is also a risk that climate-related pricing and coverage decisions could impact the sustainability of Travelers' homeowners' insurance customer base.

2. Cyber Threats

Cyber threats consistently rank as a top business concern, both for Travelers and its surveyed business customers. The company faces risks from cyberattacks and data security breaches, which could disrupt operations, lead to significant legal liabilities, and increase compliance costs. Travelers' reliance on information technology systems and the outsourcing of some technology functions further expose it to data security risks and service disruptions.

3. Economic and Financial Market Risks

Travelers is susceptible to broader economic and financial market risks. Economic downturns, financial market disruptions, and fluctuations in interest rates can negatively impact the company's business volumes, overall profitability, and the value of its investment portfolio. The company's investment portfolio is subject to credit and interest rate risks, which could result in material losses. Additionally, "social inflation," characterized by rising litigation costs and larger jury awards, puts pressure on the liability side of the insurance business.

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• Autonomous Vehicles: The ongoing development and gradual adoption of autonomous vehicles (AVs) represent a clear emerging threat to a significant portion of Travelers' business, specifically auto insurance. As AV technology improves and deployment increases, the frequency and severity of accidents caused by human error are expected to drastically decline. This shift could fundamentally reduce the demand for traditional auto liability and collision insurance, and potentially shift liability from individual policyholders to vehicle manufacturers or software providers. This transformation directly impacts the core product and risk pool of a major insurance line.
• Disruptive Insurtech and Big Tech Entry: The rise of agile insurtech startups and the potential entry of major technology companies (e.g., Amazon, Google, Apple) into the insurance market pose a threat by leveraging advanced data analytics, artificial intelligence for underwriting, and direct-to-consumer digital distribution models. These new entrants can offer more competitive pricing, highly personalized products, faster claims processing, and a superior digital customer experience, potentially disintermediating traditional insurers and their agency networks. Their ability to use vast customer data and integrate insurance into other services could challenge Travelers' established market position and operating model.

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The Travelers Companies (TRV) primarily operates across three main segments: Personal Insurance, Business Insurance, and Bond & Specialty Insurance. The addressable market sizes for these main products and services, predominantly in the U.S. and North America, are as follows:

• Personal Insurance: The U.S. personal insurance market, which includes home, auto, and other insurance products for individuals, had direct premiums written totaling approximately $534.92 billion in 2024.

• Business Insurance: The U.S. commercial insurance market, offering a broad array of property and casualty insurance and related services to businesses, recorded aggregated direct premiums written of approximately $502.35 billion in 2024.

• Bond & Specialty Insurance: For the broader global specialty insurance market, which includes surety, crime, and financial liability businesses, the market size was approximately $108.47 billion in 2024. North America held a 39.4% revenue share of this market in 2024, indicating an addressable market of approximately $42.7 billion for Travelers' Bond & Specialty Insurance in the North American region.

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• Strong Renewal Premium Changes: Travelers has demonstrated robust performance through strong renewal premium changes across its business and personal insurance segments. This reflects the company's disciplined approach to market conditions and its ability to implement effective pricing strategies. For instance, Q3 2024 results highlighted strong renewal premium changes across insurance segments.
• Growth in Net Written Premiums: The company has consistently achieved growth in net written premiums, which is a direct indicator of increased business. Travelers reported an 8% increase in net written premiums in Q3 2024, totaling $11.3 billion, with all three business segments contributing to this growth. The 2024 annual report noted a record $43.4 billion in net written premiums, marking the 15th consecutive year of growth.
• Increased Net Investment Income: Higher net investment income is a significant contributor to Travelers's overall profitability and, by extension, its revenue. In Q3 2024, after-tax net investment income increased by 16%. This trend continued into Q3 2025, where investment income boosted results, increasing 14% to $1.033 billion pre-tax. Analysts project "Total Revenues- Net investment income" to show an 8.6% change from the year-ago quarter for Q3 2025.
• Strategic Investments in Technology and Specialty Insurance: Travelers is focusing on expanding high-margin revenue streams through investments in analytics and specialty insurance, such as cyber offerings. The company is actively enhancing risk selection and underwriting margins using new technology. The integration of the Corbus acquisition into cyber offerings is an example of this strategy, and analysts view these technology upgrades and focus on specialty lines as a durable growth engine. These investments are anticipated to support long-term premium expansion and improved loss ratios.

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Share Repurchases

• Travelers returned $809 million to shareholders in Q2 2025, including $557 million in share repurchases.
• In Q3 2025, the company repurchased 2.3 million shares for a total cost of $628 million and had $3.665 billion remaining under its share repurchase authorizations.
• For the full year 2024, Travelers returned over $2.1 billion of excess capital to shareholders through dividends and share repurchases, with $1.1 billion allocated to repurchasing 5.1 million shares.

Outbound Investments

• In July 2021, Travelers made a strategic minority investment in Fidelis Insurance Holdings Limited, a global insurer specializing in bespoke insurance and reinsurance products.
• Travelers finalized the acquisition of Corvus Insurance in early 2024.

Capital Expenditures

• Travelers emphasizes strategic investments in technology, artificial intelligence, and distribution partnerships to drive profitable growth and modernize its operations.