Second Quarter 2024 Earnings Release

The Travelers Companies, Inc.

485 Lexington Avenue

New York, NY 10017-2630

www.travelers.com

NYSE: TRV

Travelers Reports Strong Second Quarter and Year-to-Date Results

Excellent Underlying Results, Net Favorable Prior Year Reserve Development and Higher Net Investment

Income More Than Offset Significant Catastrophe Losses from Severe Convective Storms

Second Quarter 2024 Net Income per Diluted Share of $2.29 and Retuon Equity of 8.6%

Second Quarter 2024 Core Income per Diluted Share of $2.51 and Core Retuon Equity of 8.1%

• Second quarter net income of $534 million and core income of $585 million.
• Consolidated combined ratio improved 6.3 points from the prior year quarter to 100.2%.
• Catastrophe losses of $1.509 billion pre-tax, compared to $1.481 billion pre-tax in the prior year quarter.
• Underlying combined ratio improved 3.4 points from the prior year quarter to an excellent 87.7%.
• Net favorable prior year reserve development of $230 million pre-tax, with favorable development in all three segments.
• Record net written premiums of $11.115 billion, up 8%, with growth in all three segments.
• Net investment income increased 24% pre-tax over the prior year quarter, primarily due to strong fixed income returns and growth in fixed maturity investments.
• Total capital of $498 million returned to shareholders, including $253 million of share repurchases.
• Book value per share of $109.08, up 14% over June 30, 2023; adjusted book value per share of $126.52, up 10% over June 30, 2023.
• Board of Directors declares regular cash dividend of $1.05 per share.

New York, July 19, 2024 - The Travelers Companies, Inc. today reported net income of $534 million, or $2.29 per diluted share, for the quarter ended June 30, 2024, compared to a net loss of $14 million, or $0.07 per diluted share, in the prior year quarter. Core income in the current quarter was $585 million, or $2.51 per diluted share, compared to $15 million, or $0.06 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 favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. Net realized investment losses in the current quarter were $65 million pre-tax ($51 million after-tax), compared to net realized investment losses of $35 million pre-tax ($29 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.

Consolidated Highlights

NM = Not meaningful.

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

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"We are pleased to have generated a strong bottom line result in a quarter that included a record level of severe convective storms across the United States," said Alan Schnitzer, Chairman and Chief Executive Officer. "Core income of $585 million, or $2.51 per diluted share, benefited from excellent underlying results, favorable net prior year reserve development and higher investment income.

"Underlying underwriting income of $1.2 billion pre-tax was up 55% over the prior year quarter, driven by record net earned premiums of $10.2 billion and a consolidated underlying combined ratio that improved 3.4 points to an excellent 87.7%. Net earned premiums were higher in all three of our business segments. The underlying combined ratio in our Business Insurance segment was an excellent 89.2%; the underlying combined ratio in our Bond & Specialty Insurance business improved 1.7 points to a very strong 86.1%; and the underlying combined ratio in Personal Insurance improved by nearly eight points to a terrific 86.3%. Our high-quality investment portfolio continued to perform well, generating after-tax net investment income of $727 million, driven by strong and reliable returns from our growing fixed income portfolio and higher returns from our non-fixed income portfolio. We returned $498 million of excess capital to our shareholders this quarter, including $253 million of share repurchases.

"Through terrific marketplace execution across all three segments, we grew net written premiums in the quarter by 8% to $11.1 billion. In Business Insurance, we grew net written premiums by 7% to $5.5 billion. Renewal premium change in the segment remained very strong at 10.1%, while retention remained high at 85% and new business increased 9% to a record $732 million. In Bond & Specialty Insurance, we grew net written premiums by 8% to more than $1 billion, with excellent retention of 90% in our high-quality management liability business. In our industry- leading surety business, we grew net written premiums by 11%. Given the attractive returns, we are very pleased with the strong production results in both of our commercial business segments. In Personal Insurance, continued strong pricing drove 9% growth in net written premiums, with growth of 10% in Auto and 8% in Home.

"We continue to be very confident in the outlook for our business. Our results for the first half of the year include strong premium growth, excellent underlying underwriting profitability, record operating cash flow and steadily rising investment returns in our growing fixed income portfolio. With a strong and diversified business and balance sheet, we delivered 13.6% core retuon equity over the last twelve months, despite elevated industrywide catastrophe losses. We also continue to grow adjusted book value per share, while making important investments in our business and returning substantial excess capital to shareholders. With this momentum and plenty of opportunity ahead of us, we remain well positioned for success this year and beyond."

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Consolidated Results

Second Quarter 2024 Results

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

Net income of $534 million increased $548 million, due to higher core income, partially offset by higher net realized investment losses. Core income of $585 million increased $570 million, 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. Net realized investment losses were $65 million pre-tax ($51 million after-tax), compared to net realized investment losses of $35 million pre-tax ($29 million after-tax) in the prior year quarter.

Combined ratio:

• The combined ratio of 100.2% improved 6.3 points due to an improvement in the underlying combined ratio (3.4 points), higher net favorable prior year reserve development (1.5 points) and lower catastrophe losses as a percentage of net earned premiums (1.4 points).
• The underlying combined ratio improved 3.4 points to 87.7%. 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 numerous severe wind and hail storms in multiple states.

Net investment income of $885 million pre-tax ($727 million after-tax) increased 24%. Income from the fixed income investment portfolio increased over the prior year quarter due to a higher average yield and growth in fixed maturity investments. Income from the non-fixed income investment portfolio increased over the prior year quarter primarily

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due to higher private equity partnership returns. Non-fixed income returns are generally reported on a one-quarter lagged basis and directionally follow the broader equity markets.

Net written premiums of $11.115 billion increased 8%. See below for further details by segment.

Year-to-Date 2024 Results

(All comparisons vs. year-to-date 2023, unless noted otherwise)

Net income of $1.657 billion increased $696 million, due to higher core income. Core income of $1.681 billion increased $696 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. 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 ($24 million after-tax), compared to net realized investment losses of $29 million pre-tax ($24 million after-tax) in the prior year.

Combined ratio:

• The combined ratio of 97.1% improved 4.0 points due to an improvement in the underlying combined ratio (3.1 points), higher net favorable prior year reserve development (0.6 points) and lower catastrophe losses as a percentage of net earned premiums (0.3 points).
• The underlying combined ratio of 87.7% improved 3.1 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 included the second quarter events described above, as well as severe wind and hail storms in the central and easteregions of the United States in the first three months of 2024.

Net investment income of $1.731 billion pre-tax ($1.425 billion after-tax) increased 26% driven by the same factors described above for the second quarter of 2024.

Net written premiums of $21.297 billion increased 8%. See below for further details by segment.

Shareholders' Equity

Shareholders' equity of $24.862 billion decreased slightly from year-end 2023, primarily due to higher net unrealized investment losses, common share repurchases and dividends to shareholders, largely offset by net income of $1.657 billion. Net unrealized investment losses included in shareholders' equity were $5.043 billion pre-tax ($3.976 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 $109.08 was comparable with year-end 2023. Adjusted book value per share of $126.52, which excludes net unrealized investment gains (losses), increased 3% from year-end 2023.

The Company repurchased 1.2 million shares during the second quarter at an average price of $211.24 per share for a total cost of $253 million. At June 30, 2024, the Company had $5.540 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 $25.210 billion, and the ratio of debt-to-capital was 24.4%. The ratio of debt-to-capital excluding after- tax net unrealized investment gains (losses) included in shareholders' equity was 21.8%, 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 September 30, 2024, to shareholders of record at the close of business on September 10, 2024.

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Business Insurance Segment Financial Results

Second Quarter 2024 Results

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

Segment income for Business Insurance was $656 million after-tax, an increase of $254 million. Segment income increased primarily due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter, higher net investment income and a higher underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

• The combined ratio of 96.1% improved 4.0 points due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter (2.8 points), lower catastrophe losses (1.0 points) and an improvement in the underlying combined ratio (0.2 points).
• The underlying combined ratio remained excellent at 89.2%.
• Net favorable prior year reserve development was primarily driven by better than expected loss experience in the domestic operations' workers' compensation product line for multiple accident years, partially offset by higher than expected loss experience in the general liability product line for recent accident years, driven by excess coverages, as well as an addition to reserves related to run-off.

Net written premiums of $5.539 billion increased 7%, reflecting strong renewal premium change and retention, as well as higher levels of new business.

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Year-to-Date 2024 Results

(All comparisons vs. year-to-date 2023, unless noted otherwise)

Segment income for Business Insurance was $1.420 billion after-tax, an increase of $262 million. Segment income increased primarily due to higher net investment income and net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year period, partially offset by a lower underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the prior year period 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 94.7% improved 2.2 points due to net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year period (1.2 points), lower catastrophe losses as a percentage of net earned premiums (0.7 points) and an improvement in the underlying combined ratio (0.3 points).
• The underlying combined ratio remained excellent at 89.2%.
• Net favorable prior year reserve development was primarily driven by the same factors described above for the second quarter of 2024.

Net written premiums of $11.135 billion increased 8%, reflecting the same factors described above for the second quarter of 2024.

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Bond & Specialty Insurance Segment Financial Results

Second Quarter 2024 Results

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

Segment income for Bond & Specialty Insurance was $170 million after-tax, a decrease of $60 million. Segment income decreased primarily due to lower net favorable prior year reserve development and higher catastrophe losses, partially offset by a higher underlying underwriting gain and higher net investment income. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

• The combined ratio of 87.7% increased 10.6 points due to lower net favorable prior year reserve development (10.5 points) and higher catastrophe losses (1.8 points), partially offset by an improvement in the underlying combined ratio (1.7 points).
• The underlying combined ratio improved 1.7 points to a very strong 86.1%.
• Net favorable prior year reserve development was primarily driven by better than expected loss experience in the domestic operations' fidelity and surety product lines for recent accident years.

Net written premiums of $1.040 billion increased 8%, reflecting strong production in both surety and management liability.

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Year-to-Date 2024 Results

(All comparisons vs. year-to-date 2023, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $365 million after-tax, a decrease of $72 million. Segment income decreased primarily due to lower net favorable prior year reserve development and higher catastrophe losses, partially offset by higher net investment income and a higher underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes. The underlying underwriting gain in the prior year period 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 86.1% increased 7.6 points due to lower net favorable prior year reserve development (7.4 points) and higher catastrophe losses (0.8 points), partially offset by an improvement in the underlying combined ratio (0.6 points).
• The underlying combined ratio improved 0.6 points to a very strong 86.3%.
• Net favorable prior year reserve development was primarily driven by the same factors described above for the second quarter of 2024.

Net written premiums of $1.983 billion increased 7%, reflecting the same factors described above for the second quarter of 2024.

Personal Insurance Segment Financial Results

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Second Quarter 2024 Results

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

Segment loss for Personal Insurance was $153 million after-tax, compared with a segment loss of $538 million in the prior year quarter. The improvement in segment loss was 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.

Combined ratio:

• The combined ratio of 108.5% improved 13.5 points due to an improvement in the underlying combined ratio (7.8 points), higher net favorable prior year reserve development (3.0 points) and lower catastrophe losses as a percentage of net earned premiums (2.7 points).
• The underlying combined ratio of 86.3% improved 7.8 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 the domestic operations in both the homeowners and other and automobile product lines for recent accident years.

Net written premiums of $4.536 billion increased 9%, reflecting strong renewal premium change in both Domestic Automobile and Homeowners and Other.

Year-to-Date 2024 Results

(All comparisons vs. year-to-date 2023, unless noted otherwise)

Segment income for Personal Insurance was $67 million after-tax, compared with a segment loss of $455 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 period 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 102.8% improved 9.2 points due to an improvement in the underlying combined ratio (7.3 points) and higher net favorable prior year reserve development (1.9 points).
• The underlying combined ratio of 86.2% improved 7.3 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 second quarter of 2024.

Net written premiums of $8.179 billion increased 9%, reflecting the same factor described above for the second 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 Friday, July 19, 2024. 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 $41 billion in 2023. 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 twitter.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 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 profitability and competitiveness;

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