Fourth Quarter 2024 Earnings Release

The Travelers Companies, Inc.

485 Lexington Avenue

New York, NY 10017-2630

www.travelers.com

NYSE: TRV

Travelers Reports Exceptional Fourth Quarter and Full Year Results

Fourth Quarter 2024 Net Income per Diluted Share of $8.96, up 28%, and Retuon Equity of 30.0%

Fourth Quarter 2024 Core Income per Diluted Share of $9.15, up 31%, and Core Retuon Equity of 27.7%

Full Year Net Income and Core Income of $5 Billion

Full Year Retuon Equity of 19.2% and Core Retuon Equity of 17.2%

• Excellent fourth quarter net income of $2.082 billion and core income of $2.126 billion.
• Consolidated combined ratio improved 2.6 points from the prior year quarter to an excellent 83.2%.
• Underlying underwriting income of $1.700 billion pre-tax, reflecting an underlying combined ratio that improved 1.9 points to an excellent 84.0%; very strong underlying results in all three segments.
• Net written premiums of $10.742 billion, up 7%, with growth in all three segments; record full year net written premiums of $43.356 billion, up 8%, with growth in all three segments.
• Net investment income increased 23% pre-tax over the prior year quarter.
• Book value per share of $122.97, up 13% over year-end 2023; adjusted book value per share of $139.04, up 13% over year-end 2023.
• Record full year operating cash flows of $9.074 billion.

New York, January 22, 2025 - The Travelers Companies, Inc. today reported net income of $2.082 billion, or $8.96 per diluted share, for the quarter ended December 31, 2024, compared to $1.626 billion, or $6.99 per diluted share, in the prior year quarter. Core income in the current quarter was $2.126 billion, or $9.15 per diluted share, compared to $1.633 billion, or $7.01 per diluted share, in the prior year quarter. Core income increased primarily due to a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), higher net investment income and higher net favorable prior year reserve development, partially offset by higher catastrophe losses. Net realized investment losses in the current quarter were $55 million pre-tax ($44 million after-tax), compared to $11 million pre-tax ($7 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.

Consolidated Highlights

See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.

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"On behalf of all of us at Travelers, I want to acknowledge the tragic wildfires that have devastated communities across Los Angeles," said Alan Schnitzer, Chairman and Chief Executive Officer. "Our hearts go out to everyone affected - those who have lost their homes, their businesses, and, most tragically, their loved ones. At times like these, words alone of course are not enough. As a company rooted in the communities we serve, we will be there for our customers and neighbors to support them as they recover and rebuild. We also extend our deep gratitude to all of the first responders who have been working tirelessly and to our claim professionals who demonstrate day in and day out to our customers and agents the value of the Travelers promise.

"The strong results and financial position that we are reporting today enable us to be there when our customers need us most, including in the event of devastating tragedy, as our friends and neighbors in Los Angeles are experiencing right now. In that regard, we are very pleased to report record core income for the quarter of $2.1 billion driven by strong growth in earned premiums and excellent profitability. Net earned premiums increased 9% to $10.9 billion, and the combined ratio improved 2.6 points to 83.2%. The improvement in the combined ratio was driven by very strong underlying profitability and higher net favorable prior year reserve development. Earned premiums and underwriting margins were strong in all three segments. Our high-quality investment portfolio performed well, generating after-tax net investment income of $785 million.

"For the full year, core income was up 64% to more than $5 billion, or $21.58 per diluted share, generating core retuon equity of 17.2%. Full year results were driven by strong earned premiums, excellent underwriting margins and a higher level of net investment income.

"These results, together with our strong balance sheet, enabled us to grow adjusted book value per share by 13% during the year to $139.04, after making important investments in our business and returning more than $2.1 billion of excess capital to shareholders through dividends and share repurchases.

"Through continued terrific marketplace execution across all three segments, we grew net written premiums during the year by 8% to $43.4 billion and in the quarter by 7% to $10.7 billion. In Business Insurance, we grew net written premiums in the quarter by 8% to $5.4 billion. Renewal premium change in the segment remained strong at 9.6%, including renewal rate change of 6.9%, while retention also remained strong at 85%. In Bond & Specialty Insurance, we grew net written premiums by 7% to $1.1 billion, with excellent retention of 88% in our high-quality management liability business. In our industry-leading surety business, we grew net written premiums by 19%. In Personal Insurance, net written premiums grew 7% to $4.3 billion, driven by continued strong renewal premium change, particularly in our Homeowners business.

"The depth and breadth of our franchise value was on full display in 2024. The compelling value proposition that we offer to our customers and distribution partners drives our top line. Underwriting excellence delivers strong profitability and cash flow. Investing expertise along with a growing portfolio and higher reinvestment rates contributes to meaningful growth in net investment income. All of that contributes to strong returns and meaningful growth in book value per share. With this momentum, we are very confident in the outlook for Travelers in 2025 and beyond."

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Consolidated Results

Fourth Quarter 2024 Results

(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Net income of $2.082 billion increased $456 million, driven by higher core income, partially offset by higher net realized investment losses. Core income of $2.126 billion increased $493 million, primarily due to a higher underlying underwriting gain, higher net investment income and higher net favorable prior year reserve development, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Net realized investment losses were $55 million pre-tax ($44 million after-tax), compared to $11 million pre-tax ($7 million after-tax) in the prior year quarter.

Combined ratio:

• The combined ratio of 83.2% improved 2.6 points due to an improvement in the underlying combined ratio (1.9 points) and higher net favorable prior year reserve development (1.1 points), partially offset by higher catastrophe losses (0.4 points).
• The underlying combined ratio improved 1.9 points to an excellent 84.0%. See below for further details by segment.
• Net favorable prior year reserve development occurred in all segments. See below for further details by segment.
• Catastrophe losses primarily resulted from Hurricane Milton, as well as an increase in estimated losses related to Hurricane Helene, a third quarter event.

Net investment income of $955 million pre-tax ($785 million after-tax) increased 23%. Income from the fixed income investment portfolio increased over the prior year quarter due to a higher average yield and growth in fixed maturity

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investments. Income from the non-fixed income investment portfolio increased over the prior year quarter primarily due to higher private equity partnership returns.

Net written premiums of $10.742 billion increased 7%. See below for further details by segment.

Full Year 2024 Results

(All comparisons vs. full year 2023, unless noted otherwise)

Net income of $4.999 billion increased $2.008 billion, driven by higher core income and lower net realized investment losses. Core income of $5.025 billion increased $1.953 billion, primarily due to a higher underlying underwriting gain, higher net investment income and higher net favorable prior year reserve development, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the prior year included a one-time tax benefit of $211 million due to the expiration of the statute of limitations with respect to a tax item. Net realized investment losses were $30 million pre-tax ($26 million after-tax), compared to $105 million pre-tax ($81 million after-tax) in the prior year.

Combined ratio:

• The combined ratio of 92.5% improved 4.5 points due to an improvement in the underlying combined ratio (3.3 points) and higher net favorable prior year reserve development (1.3 points), partially offset by higher catastrophe losses (0.1 points).
• The underlying combined ratio of 86.2% improved 3.3 points. See below for further details by segment.
• Net favorable prior year reserve development occurred in all segments. See below for further details by segment.
• Catastrophe losses primarily resulted from Hurricane Helene and numerous severe wind and hail storms in multiple states.

Net investment income of $3.590 billion pre-tax ($2.952 billion after-tax) increased 23% driven by the same factors described above for the fourth quarter of 2024.

Net written premiums of $43.356 billion increased 8%. See below for further details by segment.

Shareholders' Equity

Shareholders' equity of $27.864 billion increased 12% over year-end 2023, primarily due to net income of $4.999 billion, partially offset by common share repurchases, dividends to shareholders and higher net unrealized investment losses. Net unrealized investment losses included in shareholders' equity were $4.609 billion pre-tax ($3.640 billion after-tax), compared to $3.970 billion pre-tax ($3.129 billion after-tax) at year-end 2023. The increase in net unrealized investment losses was driven primarily by higher interest rates. Book value per share of $122.97 increased 13% over year-end 2023. Adjusted book value per share of $139.04, which excludes net unrealized investment gains (losses), increased 13% over year-end 2023.

The Company repurchased 1.0 million shares during the fourth quarter at an average price of $255.41 per share for a total cost of $252 million. At December 31, 2024, the Company had $5.040 billion of capacity remaining under its share repurchase authorizations approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $27.715 billion, and the ratio of debt-to-capital was 22.4%. The ratio of debt-to-capital excluding after- tax net unrealized investment gains (losses) included in shareholders' equity was 20.3%, within the Company's target range of 15% to 25%.

The Board of Directors declared a regular quarterly dividend of $1.05 per share. The dividend is payable March 31, 2025, to shareholders of record at the close of business on March 10, 2025.

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Business Insurance Segment Financial Results

Fourth Quarter 2024 Results

(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Segment income for Business Insurance was $1.188 billion after-tax, an increase of $231 million. Segment income increased primarily due to higher net investment income, a higher underlying underwriting gain and higher net favorable prior year reserve development, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

• The combined ratio of 85.2% improved 1.3 points due to higher net favorable prior year reserve development (1.6 points) and an improvement in the underlying combined ratio (0.6 points), partially offset by higher catastrophe losses (0.9 points).
• The underlying combined ratio improved 0.6 points to an excellent 86.2%.
• Net favorable prior year reserve development was primarily driven by better than expected loss experience in the workers' compensation product line for multiple accident years, partially offset by additions to reserves attributable to childhood sexual molestation in the Company's run-off operations.

Net written premiums of $5.426 billion increased 8%, reflecting strong renewal premium change and retention.

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Full Year 2024 Results

(All comparisons vs. full year 2023, unless noted otherwise)

Segment income for Business Insurance was $3.306 billion after-tax, an increase of $723 million. Segment income increased primarily due to higher net investment income, net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year and a higher underlying underwriting gain, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the prior year included a one-time tax benefit of $171 million due to the expiration of the statute of limitations with respect to a tax item.

Combined ratio:

• The combined ratio of 92.5% improved 2.2 points due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year (1.9 points) and an improvement in the underlying combined ratio (0.8 points), partially offset by higher catastrophe losses (0.5 points).
• The underlying combined ratio improved 0.8 points to an excellent 88.1%.
• Net favorable prior year reserve development was primarily driven by (i) better than expected loss experience in the workers' compensation product line for multiple accident years, partially offset by (ii) higher than expected loss experience in the general liability product line (excluding asbestos) for recent accident years, (iii) an addition to asbestos reserves of $242 million and (iv) additions to other reserves related to run-off operations.

Net written premiums of $22.078 billion increased 8%, reflecting the same factors described above for the fourth quarter of 2024.

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Bond & Specialty Insurance Segment Financial Results

Fourth Quarter 2024 Results

(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $228 million after-tax, a decrease of $12 million. Segment income decreased primarily due to a lower underlying underwriting gain, partially offset by higher net investment income and higher net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

• The combined ratio of 82.7% increased 5.4 points due to a higher underlying combined ratio (6.2 points), partially offset by higher net favorable prior year reserve development (0.4 points) and lower catastrophe losses (0.4 points).
• The underlying combined ratio increased 6.2 points to a very strong 86.8%.
• Net favorable prior year reserve development was primarily driven by better than expected loss experience in the fidelity and surety product lines for multiple accident years.

Net written premiums of $1.054 billion increased 7%, reflecting production growth in both surety and management liability.

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Full Year 2024 Results

(All comparisons vs. full year 2023, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $815 million after-tax, a decrease of $127 million. Segment income decreased primarily due to lower net favorable prior year reserve development and a lower underlying underwriting gain, partially offset by higher net investment income. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the prior year included a one-time tax benefit of $9 million due to the expiration of the statute of limitations with respect to a tax item.

Combined ratio:

• The combined ratio of 84.3% increased 7.4 points due to lower net favorable prior year reserve development (4.5 points), a higher underlying combined ratio (2.6 points) and higher catastrophe losses (0.3 points).
• The underlying combined ratio increased 2.6 points to a very strong 86.3%.
• Net favorable prior year reserve development was primarily driven by the same factors described above for the fourth quarter of 2024.

Net written premiums of $4.109 billion increased 7%, reflecting the same factors described above for the fourth quarter of 2024.

Personal Insurance Segment Financial Results

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Fourth Quarter 2024 Results

(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Segment income for Personal Insurance was $798 million after-tax, an increase of $278 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net investment income and higher net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

• The combined ratio of 80.7% improved 6.1 points due to an improvement in the underlying combined ratio (5.4 points), higher net favorable prior year reserve development (0.5 points) and lower catastrophe losses as a percentage of net earned premiums (0.2 points).
• The underlying combined ratio of 80.5% improved 5.4 points, reflecting improvement in both Automobile and Homeowners and Other.
• Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Homeowners and Other and Automobile product lines for recent accident years.

Net written premiums of $4.262 billion increased 7%, reflecting strong renewal premium change.

Full Year 2024 Results

(All comparisons vs. full year 2023, unless noted otherwise)

Segment income for Personal Insurance was $1.249 billion after-tax, compared with a segment loss of $128 million in 2023. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the prior year included a one-time tax benefit of $31 million due to the expiration of the statute of limitations with respect to a tax item.

Combined ratio:

• The combined ratio of 94.4% improved 10.4 points due to an improvement in the underlying combined ratio (7.8 points), higher net favorable prior year reserve development (2.0 points) and lower catastrophe losses as a percentage of net earned premiums (0.6 points).
• The underlying combined ratio of 83.9% improved 7.8 points, reflecting improvement in both Automobile and Homeowners and Other.
• Net favorable prior year reserve development was primarily driven by the same factors described above for the fourth quarter of 2024.

Net written premiums of $17.169 billion increased 8%, reflecting the same factors described above for the fourth quarter of 2024.

Financial Supplement and Conference Call

The information in this press release should be read in conjunction with the financial supplement that is available on our website at Travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9 a.m. Easte(8 a.m. Central) on Wednesday, January 22, 2025. Investors can access the call via webcast at investor.travelers.comor by dialing 1.888.440.6281 within the United States or 1.646.960.0218 outside the United States. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company's website.

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Following the live event, replays will be available via webcast for one year at investor.travelers.comand by telephone for 30 days by dialing 1.800.770.2030 within the United States or 1.647.362.9199 outside the United States. All callers should use conference ID 5449478.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, homeand 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.

Travelers may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at investor.travelers.com, our Facebook page at facebook.com/ travelersand our X account (@Travelers) at x.com/travelers. In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notifications section at investor.travelers.com.

Travelers is organized into the following reportable business segments:

Business Insurance - Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd's.

Bond & Specialty Insurance - Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and specialty insurance products in Canada, the United Kingdom and the Republic of Ireland, as well as Brazil through a joint venture, in each case utilizing various degrees of financially- based underwriting approaches.

Personal Insurance - Personal Insurance offers a broad range of property and casualty insurance products and services covering individuals' personal risks, primarily in the United States, as well as in Canada. Personal Insurance's primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

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Forward-Looking Statements

This press release contains, and management may make, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "probably," "anticipates," "expects," "intends," "plans," "projects," "believes," "views," "ensures," "estimates" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company's statements about:

• the Company's outlook, the impact of trends on its business and its future results of operations and financial condition;
• the impact of legislative or regulatory actions or court decisions;
• share repurchase plans;
• future pension plan contributions;
• the sufficiency of the Company's reserves, including asbestos;
• the impact of emerging claims issues as well as other insurance and non-insurance litigation;
• the cost and availability of reinsurance coverage;
• catastrophe losses (including the recent California wildfires and the 2025 Plan) and modeling;
• the impact of investment, economic and underwriting market conditions, including interest rates and inflation;
• the Company's approach to managing its investment portfolio;
• the impact of changing climate conditions;
• strategic and operational initiatives to improve growth, profitability and competitiveness;

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