# The Travelers Companies Inc. (TRV) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TRV/thesis · /stocks/TRV/memo

## Financial Snapshot

---
ticker: TRV
step: 04
generated: 2026-05-12
source: quick-research
---

### The Travelers Companies (TRV) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $36.9B | $41.4B | $46.4B | $48.0B | +3.5% |
| Net Written Premiums | $35.4B | $40.6B | $43.4B | $45.0B | +3.7% |
| Combined Ratio | 96.0% | 97.0% | 92.5% | 90.3% | -220bps |
| Underlying Combined Ratio | 89.4% | 89.5% | 86.2% | 85.5% | -70bps |
| Cat Losses (pre-tax) | $2.0B | $3.0B | $3.3B | $4.2B | +27% |
| Net Investment Income | $2.7B | $2.9B | $3.6B | $4.1B | +14% |
| Net Income | $2.84B | $3.0B | $5.0B | $6.29B | +26% |
| Diluted EPS | $11.95 | $13.05 | $21.95 | $28.30 | +29% |
| Core ROE | 11% | 9.4% | 17.2% | 20%+ | |

Note: FY2025 EPS includes $1.3B after-tax CA wildfires cat loss. Underlying CR 85.5% = record underwriting profitability. 2025 Q4 record $8.96 EPS.

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$8.5B |
| Free Cash Flow | ~$8.0B |
| Investment Portfolio | ~$94B |
| Stockholders' Equity | ~$28B |
| Book Value per Share | ~$120 |
| Adjusted Book Value | ~$127 |

#### Key Ratios (approximate)
- P/E: ~10x | P/B: ~2.4x | P/Adj Book Value: ~2.3x
- Revenue Growth (TTM): +3.5% | Combined Ratio: 90.3%
- Dividend Yield: ~1.7% | Dividend: $4.40/share
- 22-year dividend growth track record
- $4-5B annual buybacks

#### Growth Profile
P&C model: 7-10% net written premium growth + combined ratio improvement (85% target underlying) + investment income compounding (rate cycle benefit). 2026 plan assumes 7.8% cat load. AI Claim Assistant (Feb 2026 launch) drives loss adjustment expense efficiency. Net investment income growing 15%+ as portfolio rolls forward at higher yields.

#### Forward Estimates
- **FY 2026**: Core EPS $27-30; underlying CR 85-86%; investment income $4.5B+
- **FY 2027**: EPS $29-32 with AI claim efficiency + investment income compounding
- 7.8% cat load assumption built into 2026 — bear case requires breach
- ROE pathway: 17-20% sustainable through cycle

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TRV/fundamental

## Navigation

- Overview: /stocks/TRV
- Financials (this page): /stocks/TRV/financials
- Thesis: /stocks/TRV/thesis
- Investment Memo: /stocks/TRV/memo
- Coverage universe: /stocks