Third Quarter 2024 Earnings Release

The Travelers Companies, Inc.

485 Lexington Avenue

New York, NY 10017-2630

www.travelers.com

NYSE: TRV

Travelers Reports Excellent Third Quarter and Year-to-Date Results

Third Quarter 2024 Net Income per Diluted Share of $5.42, up 211%, and Retuon Equity of 19.2%

Third Quarter 2024 Core Income per Diluted Share of $5.24, up 169%, and Core Retuon Equity of 16.6%

• Strong third quarter net income of $1.260 billion and core income of $1.218 billion.
• Consolidated combined ratio improved 7.8 points from the prior year quarter to a strong 93.2%.
• Catastrophe losses of $939 million pre-tax, compared to $850 million pre-tax in the prior year quarter.
• Substantial net favorable prior year reserve development of $126 million pre-tax.
• Record underlying underwriting income of $1.498 billion pre-tax, reflecting an underlying combined ratio that improved 5.0 points to an excellent 85.6%; strong underlying results in all three segments.
• Record net written premiums of $11.317 billion, up 8%, with growth in all three segments.
• Net investment income increased 18% pre-tax over the prior year quarter.
• Book value per share of $122.00, up 39% over September 30, 2023, driven by lower interest rates; adjusted book value per share of $131.30, up 13% over September 30, 2023.

New York, October 17, 2024 - The Travelers Companies, Inc. today reported net income of $1.260 billion, or $5.42 per diluted share, for the quarter ended September 30, 2024, compared to $404 million, or $1.74 per diluted share, in the prior year quarter. Core income in the current quarter was $1.218 billion, or $5.24 per diluted share, compared to $454 million, or $1.95 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 gains in the current quarter were $55 million pre-tax ($42 million after- tax), compared to net realized investment losses of $65 million pre-tax ($50 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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"We are pleased to report excellent results for the quarter, with both underwriting and investment income contributing meaningfully to our strong performance," said Alan Schnitzer, Chairman and Chief Executive Officer. "Core income for the quarter was more than $1.2 billion, or $5.24 per diluted share, generating core retuon equity of 16.6%. Our results benefited from a 10% increase in net earned premiums to a record $10.7 billion and an excellent combined ratio that improved nearly 8 points to 93.2%. Very strong underlying profitability and net favorable prior year development drove the improvement in our combined ratio. Both underwriting income and underlying margins were strong in all three of our segments. Our high-quality investment portfolio generated after- tax net investment income of $742 million. These results, along with our strong balance sheet, enabled us to retu$496 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 a record $11.3 billion. In Business Insurance, we grew net written premiums by 9% to $5.5 billion. Renewal premium change in the segment remained very strong at 10.5%, including renewal rate change of 7.3% that was higher sequentially, while retention was strong and higher sequentially at 86%. In Bond & Specialty Insurance, we grew net written premiums by 7% to a record $1.1 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 7%. In Personal Insurance, net written premiums grew 7% to a record $4.7 billion, driven by continued strong renewal premium change, particularly in the homeowners book.

"Our excellent profitability and continued strong premium growth both this quarter and year-to-date are a reflection of our powerful franchise value. Driven by our formidable earnings power across underwriting and investments, we delivered 15.9% core retuon equity over the last twelve months. We continue to grow book value per share, while making important strategic investments in our business and returning excess capital to shareholders. With this momentum, we are very confident in our outlook for our business into 2025 and beyond."

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Consolidated Results

Third Quarter 2024 Results

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

Net income of $1.260 billion increased $856 million, due to higher core income and net realized investment gains, compared to net realized investment losses in the prior year quarter. Core income of $1.218 billion increased $764 million, primarily due to a higher underlying underwriting gain, net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Net realized investment gains were $55 million pre-tax ($42 million after-tax), compared to net realized investment losses of $65 million pre-tax ($50 million after-tax) in the prior year quarter.

Combined ratio:

• The combined ratio of 93.2% improved 7.8 points due to an improvement in the underlying combined ratio (5.0 points) and net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter (2.8 points).
• The underlying combined ratio improved 5.0 points to an excellent 85.6%. See below for further details by segment.
• Net favorable prior year reserve development in Personal Insurance and Bond & Specialty Insurance was partially offset by net unfavorable prior year reserve development in Business Insurance driven by the Company's annual in-depth asbestos claim review. See below for further details by segment.
• Catastrophe losses primarily resulted from Hurricane Helene and severe wind and hail storms in multiple states.

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Net investment income of $904 million pre-tax ($742 million after-tax) increased 18%. 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 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 $11.317 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 $2.917 billion increased $1.552 billion, due to higher core income and net realized investment gains, compared to net realized investment losses in the prior year period. Core income of $2.899 billion increased $1.460 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 period included a onetime tax benefit of $211 million due to the expiration of the statute of limitations with respect to a tax item. Net realized investment gains were $25 million pre-tax ($18 million after-tax), compared to net realized investment losses of $94 million pre-tax ($74 million after-tax) in the prior year.

Combined ratio:

• The combined ratio of 95.7% improved 5.3 points due to an improvement in the underlying combined ratio (3.8 points), higher net favorable prior year reserve development (1.4 points) and lower catastrophe losses as a percentage of net earned premiums (0.1 points).
• The underlying combined ratio of 87.0% improved 3.8 points. See below for further details by segment.
• Net favorable prior year reserve development in Personal Insurance and Bond & Specialty Insurance was partially offset by net unfavorable prior year reserve development in Business Insurance. See below for further details by segment.
• Catastrophe losses included the third quarter events described above, as well as numerous severe wind and hail storms in multiple states in the first six months of 2024.

Net investment income of $2.635 billion pre-tax ($2.167 billion after-tax) increased 23% driven by the same factors described above for the third quarter of 2024.

Net written premiums of $32.614 billion increased 8%. See below for further details by segment.

Shareholders' Equity

Shareholders' equity of $27.696 billion increased 11% over year-end 2023, primarily due to net income of $2.917 billion and lower net unrealized investment losses, partially offset by common share repurchases and dividends to shareholders. Net unrealized investment losses included in shareholders' equity were $2.672 billion pre-tax ($2.111 billion after-tax), compared to $3.970 billion pre-tax ($3.129 billion after-tax) at year-end 2023. The decrease in net unrealized investment losses was driven primarily by lower interest rates. Book value per share of $122.00 increased 12% over year-end 2023. Adjusted book value per share of $131.30, which excludes net unrealized investment gains (losses), increased 7% over year-end 2023.

The Company repurchased 1.1 million shares during the third quarter at an average price of $222.64 per share for a total cost of $253 million. At September 30, 2024, the Company had $5.290 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 $26.191 billion, and the ratio of debt-to-capital was 22.5%. The ratio of debt-to-capital excluding after- tax net unrealized investment gains (losses) included in shareholders' equity was 21.2%, 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 December 31, 2024, to shareholders of record at the close of business on December 10, 2024.

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Business Insurance Segment Financial Results

Third Quarter 2024 Results

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

Segment income for Business Insurance was $698 million after-tax, an increase of $230 million. Segment income increased primarily due to lower net unfavorable prior year reserve development, a higher underlying underwriting gain 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 95.8% improved 3.3 points due to lower net unfavorable prior year reserve development (3.6 points) and an improvement in the underlying combined ratio (1.8 points), partially offset by higher catastrophe losses (2.1 points).
• The underlying combined ratio improved 1.8 points to an excellent 87.9%.
• Net unfavorable prior year reserve development was primarily driven by an addition to asbestos reserves of $242 million, partially offset by better than expected loss experience in the workers' compensation product line for multiple accident years.

Net written premiums of $5.517 billion increased 9%, reflecting strong renewal premium change and retention.

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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 $2.118 billion after-tax, an increase of $492 million. Segment income increased primarily due to higher net investment income, lower net unfavorable prior year reserve development 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 period included a onetime 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 95.1% improved 2.6 points due to lower net unfavorable prior year reserve development (2.0 points) and an improvement in the underlying combined ratio (0.8 points), partially offset by higher catastrophe losses (0.2 points).
• The underlying combined ratio improved 0.8 points to an excellent 88.8%.
• Net unfavorable prior year reserve development was primarily driven by (i) higher than expected loss experience in the general liability product line (excluding asbestos) for recent accident years, (ii) an addition to asbestos reserves of $242 million and (iii) an addition to reserves related to run-off operations, partially offset by (iv) better than expected loss experience in the workers' compensation product line for multiple accident years.

Net written premiums of $16.652 billion increased 8%, reflecting the same factors described above for the third quarter of 2024.

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Bond & Specialty Insurance Segment Financial Results

Third Quarter 2024 Results

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

Segment income for Bond & Specialty Insurance was $222 million after-tax, a decrease of $43 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.

Combined ratio:

• The combined ratio of 82.5% increased 8.9 points due to a higher underlying combined ratio (4.9 points) and lower net favorable prior year reserve development (4.2 points), partially offset by lower catastrophe losses (0.2 points).
• The underlying combined ratio increased 4.9 points to a very strong 85.6%.
• Net favorable prior year reserve development was primarily driven by better than expected loss experience in the fidelity and surety product lines for recent accident years.

Net written premiums of $1.072 billion increased 7%, 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 $587 million after-tax, a decrease of $115 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. 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 84.9% increased 8.1 points due to lower net favorable prior year reserve development (6.2 points), a higher underlying combined ratio (1.3 points) and higher catastrophe losses (0.6 points).
• The underlying combined ratio increased 1.3 points to a very strong 86.1%.
• Net favorable prior year reserve development was primarily driven by the same factors described above for the third quarter of 2024.

Net written premiums of $3.055 billion increased 7%, reflecting the same factor described above for the third quarter of 2024.

Personal Insurance Segment Financial Results

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Third Quarter 2024 Results

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

Segment income for Personal Insurance was $384 million after-tax, compared with a segment loss of $193 million in the prior year quarter. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

• The combined ratio of 92.5% improved 17.5 points due to an improvement in the underlying combined ratio (11.5 points), higher net favorable prior year reserve development (3.3 points) and lower catastrophe losses (2.7 points).
• The underlying combined ratio of 82.7% improved 11.5 points, reflecting improvement in both Homeowners and Other and Automobile.
• 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 $4.728 billion increased 7%, reflecting strong renewal premium change in both Domestic Homeowners and Other and Automobile.

Year-to-Date 2024 Results

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

Segment income for Personal Insurance was $451 million after-tax, compared with a segment loss of $648 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 99.2% improved 12.1 points due to an improvement in the underlying combined ratio (8.8 points), higher net favorable prior year reserve development (2.4 points) and lower catastrophe losses as a percentage of net earned premiums (0.9 points).
• The underlying combined ratio of 85.0% improved 8.8 points, reflecting improvement in both Homeowners and Other and Automobile.
• Net favorable prior year reserve development was primarily driven by the same factors described above for the third quarter of 2024.

Net written premiums of $12.907 billion increased 8%, reflecting the same factor described above for the third 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 Thursday, October 17, 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 growth, profitability and competitiveness;

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