Sep 2026 (Q3 FY26) — Oct 16, 2026
The Travelers Companies, Inc. Q3 FY26 — Excellent Underwriting and Record Investment Income
Read the full callTravelers Companies (TRV) earnings
- Sep 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Travelers Companies earnings: last reported Fri, 16 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 12,412 | −0.5% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Sep 2026 | Not in the filed figures for the quarter to sep 2026. No older figure is substituted. | ||
| Net profit | 1,917 | +1.5% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
18 of 19 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Fixed income net investment income (after tax) for the quarter | roughly $810 million | Mar 2026 | Fixed income NII was higher than in the prior year quarter and in line with our expectations, benefiting from both higher yields and a higher level of invested assets. | Achieved |
| Full year consolidated expense ratio | around 28.5% | Sep 2025 | we continue to expect the full year expense ratio to be in line with our prior guidance of around 28.5% | On Track |
1 of TRAVELERS COMPANIES, INC.'s 31 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 29 more targets are in the full ledger.
Claimed
- Core income of $1.95 billion or $9.18 per diluted share, generating a core return on equity of 22.1%.
- Underwriting income of $1.4 billion pretax, with a combined ratio of 86.8% and underlying combined ratio of 84.1%.
- After-tax net investment income increased by 7% to a record $908 million.
- Returned $1.8 billion of excess capital to shareholders, including $1.5 billion in share repurchases.
- Adjusted book value per share grew 15% year-over-year to $172.47.
Qualified
- Net unrealized investment loss increased to $6.4 billion after tax at quarter-end from $2 billion due to rising interest rates.
- Expense ratio outlook for 2026 and 2027 is expected to be "a little below 29%", an uptick from prior plans due to higher variable expenses.
Price
$385.45 −1.05% · −$4.09
Performance +47.1% 1Y
1Y: $262.01 on 17 Oct 2025 → $385.45. High $397.22 (28 Jul 2026), low $262.01 (17 Oct 2025).
- Previous close
- $389.54
- 52-week range
- $265.25 – $397.22
- One year
- +45.32%
Overview
- Symbol
- TRV
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
18 of 19 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Fixed income net investment income (after tax) for the quarter | roughly $810 million | Mar 2026 | Fixed income NII was higher than in the prior year quarter and in line with our expectations, benefiting from both higher yields and a higher level of invested assets. | Achieved |
| Full year consolidated expense ratio | around 28.5% | Sep 2025 | we continue to expect the full year expense ratio to be in line with our prior guidance of around 28.5% | On Track |
Claimed
- Core income of $1.95 billion or $9.18 per diluted share, generating a core return on equity of 22.1%.
- Underwriting income of $1.4 billion pretax, with a combined ratio of 86.8% and underlying combined ratio of 84.1%.
- After-tax net investment income increased by 7% to a record $908 million.
- Returned $1.8 billion of excess capital to shareholders, including $1.5 billion in share repurchases.
- Adjusted book value per share grew 15% year-over-year to $172.47.
Qualified
- Net unrealized investment loss increased to $6.4 billion after tax at quarter-end from $2 billion due to rising interest rates.
- Expense ratio outlook for 2026 and 2027 is expected to be "a little below 29%", an uptick from prior plans due to higher variable expenses.
The full ledger
Open TRAVELERS COMPANIES, INC.’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 17, 2026
Travelers Q2 FY26 — Strong Underwriting and Investment Performance
Read the full callMar 2026 (Q1 FY26) — Apr 16, 2026
The Travelers Companies, Inc. Q1 FY26 — Strong Underwriting Performance and Capital Return
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Travelers Companies earnings calls (TRV)
Financials
What the filings say
Net profit, year on year: +2% (quarter to sep 2026 against sep 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 12,008 | 11,810 | 12,116 | 12,470 | 12,432 | 11,924 | 12,153 | 12,412 |
| Interest | 98 | 99 | 99 | 111 | 116 | 116 | 113 | 118 |
| Profit before tax | 2,594 | 468 | 1,881 | 2,344 | 3,103 | 2,119 | 2,767 | 2,369 |
| Tax rate | 19.7% | 15.6% | 19.8% | 19.4% | 19.6% | 19.3% | 20.2% | 19.1% |
| Net profit | 2,082 | 395 | 1,509 | 1,888 | 2,496 | 1,711 | 2,208 | 1,917 |
| EPS ($ per share) | — | 1.73 | 6.63 | 8.37 | — | 7.89 | 10.41 | 9.20 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 35,204 | 36,977 | 38,771 | 41,555 | 43,516 | 45,591 | 49,630 | 54,931 |
| Total liabilities | 81,339 | 84,179 | 87,563 | 91,579 | 94,157 | 101,057 | 105,325 | 110,814 |
| Total assets | 104,233 | 110,122 | 116,764 | 120,466 | 115,717 | 125,978 | 133,189 | 143,708 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,380 | 5,205 | 6,519 | 7,274 | 6,465 | 7,711 | 9,074 | 10,606 |
| Cash from investing | -2,329 | -2,902 | -4,892 | -5,196 | -3,728 | -6,821 | -7,264 | -7,652 |
| Cash from financing | -2,012 | -2,187 | -1,416 | -2,037 | -2,669 | -1,051 | -1,747 | -2,663 |
| Net cash flow | 29 | 121 | 227 | 40 | 38 | -149 | 49 | 314 |
TRV operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Combined ratio Bond & Specialty | 82.5%We generated segment income of $220 million, an excellent combined ratio of 82.5% and a strong 87.3% underlying combined ratio in the quarter.Source: earnings call transcript | 81.6%We generated segment income of $250 million and an outstanding combined ratio of 81.6%, nearly 1 point better than the prior year quarter.Source: earnings call transcript | 83%In the fourth quarter, we generated segment income of $236 million and an excellent combined ratio of 83%.Source: earnings call transcript | 83.3%We generated segment income of $254 million, an excellent combined ratio of 83.3% and had a strong underlying combined ratio of 88.9%.Source: earnings call transcript | 82.8%We generated segment income of $234 million and an excellent combined ratio of 82.8%.Source: earnings call transcript | 77.3%We generated record segment income of $309 million, driven by strong earned premium and a terrific combined ratio of 77.3%.Source: earnings call transcript | -5.5 pt |
| Combined ratio Personal Insurance | 115.2%In Personal Insurance, the first quarter segment loss of $374 million and combined ratio of 115.2% reflect the impact of the California wildfires, a significant event for us and the industry.Source: earnings call transcript | 81.3%The combined ratio of 81.3% improved 11 points relative to the prior year quarter.Source: earnings call transcript | 74%I'm very pleased to share that Personal Insurance generated segment income of more than $1 billion in the quarter and a combined ratio of 74%.Source: earnings call transcript | 82.9%The combined ratio of 82.9% was a terrific result in the quarter.Source: earnings call transcript | 79.5%The combined ratio was an outstanding 79.5% in the quarter.Source: earnings call transcript | 83.5%The combined ratio of 83.5% was a terrific result in the quarter.Source: earnings call transcript | +4 pt |
| Combined ratio Automobile | 83.4%In Automobile, the first quarter combined ratio was 83.4% and included a 6-point benefit from favorable prior year development.Source: earnings call transcript | 84.9%In auto, the third quarter combined ratio was very strong at 84.9%.Source: earnings call transcript | 89.4%In auto, the fourth quarter combined ratio was 89.4%, reflecting a strong underlying combined ratio and favorable net prior year development.Source: earnings call transcript | 82.9%The first quarter combined ratio was 82.9%, reflecting a very strong underlying combined ratio of 88.3% and a 6.3 point benefit from favorable prior year development.Source: earnings call transcript | 82.8%The second quarter combined ratio was 82.8%, reflecting a 4.5 point benefit from favorable prior year reserve development and a strong underlying combined ratio of 85.8%.Source: earnings call transcript | 87.1%In auto, the third quarter combined ratio of 87.1% reflects a strong underlying combined ratio and favorable net prior year development.Source: earnings call transcript | +4.3 pt |
| Combined ratio Homeowners and Other | 145.5%In Homeowners and Other, the first quarter combined ratio of 145.5% includes the impact of the California wildfires.Source: earnings call transcript | 78%In Homeowners and Other, the third quarter combined ratio of 78% improved by 13.5 points compared to the prior year quarter, primarily because of lower catastrophe losses and improvement in the underlying combined ratio.Source: earnings call transcript | 60.3%In Homeowners and Other, the fourth quarter combined ratio of 60.3% improved by 7.5 points compared to the prior year quarter, primarily as a result of improvement in the underlying combined ratio and lower catastrophe losses.Source: earnings call transcript | 83%In homeowners and other, first quarter combined ratio was an excellent 83%.Source: earnings call transcript | 76.7%In Homeowners and Other, the second quarter combined ratio was an excellent 76.7%, reflecting modest catastrophe losses and very strong underlying underwriting income.Source: earnings call transcript | 80.5%In Homeowners and Other, the third quarter combined ratio was a very strong 80.5% and the underlying combined ratio of 68% was outstanding and comparable to the prior year.Source: earnings call transcript | +3.8 pt |
| Policy retention rate Business Insurance | 86%Even with strong pricing pretty much across the board, retention improved nearly 2 points from the fourth quarter to 86% and was higher in every line.Source: earnings call transcript | 85%Retention in this segment was 85%.Source: earnings call transcript | 85%Retention remained excellent at 85% and new business of $675 million was up 6% from the prior year quarter.Source: earnings call transcript | 86%Retention increased a point from recent quarters to a very strong 86% and was higher or stable in every line, reflecting deliberate execution on our part and a generally high level of stability in the market.Source: earnings call transcript | 86%Retention remains very strong at 86%, reflecting deliberate execution on our part and a generally high level of stability in the market.Source: earnings call transcript | 86%Retention, which as you've heard us say before, is an important indicator of marketplace stability, remained very strong at 86% and was higher or stable on every line.Source: earnings call transcript | 0 pt |
| Policy retention rate Middle Market | 89%Retention of our high-quality book remained historically high at 89% and increased 1 point from the fourth quarter, while new business of $434 million was an all-time quarterly high.Source: earnings call transcript | 88%We're pleased that retention of 88% remained exceptional given the level of price increases we achieved.Source: earnings call transcript | 87%We're pleased that Middle Market retention remained exceptional at 87% and new business of $395 million was up 11% to an all-time fourth quarter high.Source: earnings call transcript | 89%Renewal premium change in our core middle market business was about unchanged sequentially, also with retention higher at 89%.Source: earnings call transcript | 89%In middle market, renewal premium change remained steady at 6.1% while retention of 89% remained at historically high levels.Source: earnings call transcript | 89%In middle market, renewal premium change was 5.4% while retention remained exceptional at 89%.Source: earnings call transcript | 0 pt |
| Policy retention rate Domestic Automobile | 82%In Domestic Automobile, retention of 82% remained consistent with recent periods.Source: earnings call transcript | 82%In domestic auto, retention of 82% remained consistent with recent quarters.Source: earnings call transcript | 82%In domestic auto, retention of 82% increased slightly from recent quarters.Source: earnings call transcript | — | — | — | 0 pt |
| Combined ratio Business Insurance | — | 92.9%Business Insurance had a very strong quarter, delivering a record third quarter segment income of $907 million and an all-in combined ratio of 92.9%.Source: earnings call transcript | 84.4%The all-in combined ratio of 84.4% was a great result and about 1 point better than the prior year quarter.Source: earnings call transcript | — | — | 90.9%This quarter's results reflect the continued benefit of strong underwriting results, driven by higher earned premiums and a combined ratio that improved 2 points to a terrific 90.9%.Source: earnings call transcript | — |
| Policy retention rate Homeowners and Other | — | 84%In Homeowners and Other, retention of 84% remained relatively consistent with recent quarters.Source: earnings call transcript | 84%In domestic Homeowners and Other, retention of 84% remained relatively consistent with recent quarters.Source: earnings call transcript | — | 85%In Homeowners and Other, retention was strong at 85%.Source: earnings call transcript | 85%In homeowners and other, retention of 85% remained strong, while renewal premium change continued to moderate, reflecting strong profitability and replacement costs that are generally aligned with insured values.Source: earnings call transcript | 0 pt |
| Policy retention rate Automobile | — | — | — | 82%In automobile, retention of 82% was relatively consistent with recent periods, and real premium change continued to moderate, reflective of our strong profitability.Source: earnings call transcript | 82%In automobile, retention of 82% was consistent with recent periods.Source: earnings call transcript | 81%In auto, retention was 81%, while renewal premium change was slightly negative as we continue to incorporate sustained levels of profitability into our pricing.Source: earnings call transcript | -1 pt |
| Policy retention rate Domestic Management Liability | — | — | — | — | 88%In our high-quality domestic management liability business, retention ticked up 1 point from the first quarter to 88%, while renewal premium change remained consistent.Source: earnings call transcript | 89%In our high-quality domestic management liability business, we drove retention to a very strong 89% while improving real premium change by nearly 1 point sequentially.Source: earnings call transcript | +1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
170 filings between Oct 28, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$103.60M
70 sales by 14 insiders
Compensation
not trading decisions- 32
- Award — granted as compensation
- 44
- Option exercise — converted options into shares
- 18
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Schnitzer Alan D | — | $16.42M | Feb 4, 2026 |
| Frey Daniel S. | — | $14.52M | Jul 21, 2026 |
| Klein Michael Frederick | — | $13.64M | Jul 21, 2026 |
| OLIVO MARIA | — | $11.17M | Aug 28, 2026 |
| HEYMAN WILLIAM H | — | $8.97M | Apr 28, 2026 |
| Lefebvre Mojgan M | — | $7.75M | Jul 21, 2026 |
| Klenk Jeffrey P. | — | $6.63M | Apr 20, 2026 |
| Rowland David Donnay | — | $4.77M | Jul 22, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Robinson Elizabeth Director | Award | 123 | $43.8K |
| Sep 30, 2026 | Golden Russell G. Director | Award | 130 | $46.3K |
| Sep 30, 2026 | Jabbour Anthony M Director | Award | 65 | $23.2K |
| Aug 28, 2026 | OLIVO MARIA EVP, ERM & Chief Risk Officer | Sale | 6,000 | $2.22M |
| Aug 14, 2026 | Jabbour Anthony M Director | Award | 446 | $165.2K |
| Jul 24, 2026 | Kurtzman Diane EVP & Chief HR Officer | Option exercise | 4,164 | $552.1K |
| Jul 24, 2026 | Yin Daniel Tei-Hwa EVP & Co-Chief Invest. Officer | Sale | 7,153 | $2.77M |
| Jul 24, 2026 | Yin Daniel Tei-Hwa EVP & Co-Chief Invest. Officer | Option exercise | 7,153 | $1.01M |
| Jul 24, 2026 | Kurtzman Diane EVP & Chief HR Officer | Sale | 4,164 | $1.61M |
| Jul 22, 2026 | Munson Paul E. SVP & Corp. Controller | Sale | 1,525 | $564.1K |
| Jul 22, 2026 | Rowland David Donnay EVP & Co-Chief Invest. Officer | Sale | 5,000 | $1.86M |
| Jul 22, 2026 | Munson Paul E. SVP & Corp. Controller | Option exercise | 1,525 | $192.4K |
| Jul 22, 2026 | BESSETTE ANDY F EVP and Chief Admin Officer | Sale | 100 | $36.9K |
| Jul 22, 2026 | BESSETTE ANDY F EVP and Chief Admin Officer | Sale | 2,900 | $1.07M |
| Jul 22, 2026 | Rowland David Donnay EVP & Co-Chief Invest. Officer | Option exercise | 5,000 | $662.9K |
| Jul 21, 2026 | Lefebvre Mojgan M EVP & Chief Tech & Ops Officer | Sale | 7,100 | $2.62M |
| Jul 21, 2026 | Lefebvre Mojgan M EVP & Chief Tech & Ops Officer | Option exercise | 7,100 | $992.8K |
| Jul 21, 2026 | Lefebvre Mojgan M EVP & Chief Tech & Ops Officer | Sale | 9,213 | $3.39M |
| Jul 21, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Option exercise | 6,000 | $839.0K |
| Jul 21, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 125 | $45.6K |
| Jul 21, 2026 | Frey Daniel S. EVP & Chief Financial Officer | Option exercise | 11,037 | $1.54M |
| Jul 21, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 5,875 | $2.15M |
| Jul 21, 2026 | Frey Daniel S. EVP & Chief Financial Officer | Sale | 3,000 | $1.11M |
| Jul 21, 2026 | Frey Daniel S. EVP & Chief Financial Officer | Option exercise | 3,000 | $517.5K |
| Jul 21, 2026 | Lefebvre Mojgan M EVP & Chief Tech & Ops Officer | Option exercise | 9,213 | $1.22M |
| Jul 21, 2026 | Frey Daniel S. EVP & Chief Financial Officer | Sale | 11,037 | $4.06M |
| Jun 30, 2026 | Robinson Elizabeth Director | Award | 133 | $43.8K |
| Jun 30, 2026 | Golden Russell G. Director | Award | 140 | $46.2K |
| May 26, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 6,069 | $1.86M |
| May 26, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Option exercise | 10,000 | $1.33M |
| May 26, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 1,519 | $469.1K |
| May 26, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 2,412 | $743.7K |
| May 22, 2026 | BESSETTE ANDY F EVP and Chief Admin Officer | Sale | 4,255 | $1.31M |
| May 22, 2026 | BESSETTE ANDY F EVP and Chief Admin Officer | Option exercise | 4,255 | $804.2K |
| Apr 30, 2026 | Kess Avrohom J. Vice Chmn. & Chief Legal Off. | Gift | 1,000 | $0 |
| Apr 28, 2026 | HEYMAN WILLIAM H Vice Chairman | Sale | 1,000 | $311.0K |
| Apr 28, 2026 | HEYMAN WILLIAM H Vice Chairman | Option exercise | 1,557 | $294.3K |
| Apr 28, 2026 | Kess Avrohom J. Vice Chmn. & Chief Legal Off. | Option exercise | 27,686 | $3.90M |
| Apr 28, 2026 | Kess Avrohom J. Vice Chmn. & Chief Legal Off. | Sale | 6,735 | $2.08M |
| Apr 28, 2026 | HEYMAN WILLIAM H Vice Chairman | Sale | 557 | $172.7K |
| Apr 28, 2026 | Kess Avrohom J. Vice Chmn. & Chief Legal Off. | Tax withheld | 20,951 | $6.47M |
| Apr 23, 2026 | THOMSEN LAURIE J Director | Gift | 631 | $0 |
| Apr 20, 2026 | Kurtzman Diane EVP & Chief HR Officer | Option exercise | 1,387 | $183.9K |
| Apr 20, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Option exercise | 10,000 | $1.33M |
| Apr 20, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 6,730 | $2.04M |
| Apr 20, 2026 | Kurtzman Diane EVP & Chief HR Officer | Sale | 1,480 | $449.1K |
| Apr 20, 2026 | Kess Avrohom J. Vice Chmn. & Chief Legal Off. | Gift | 2,125 | $0 |
| Apr 20, 2026 | Klenk Jeffrey P. EVP & Pres., Bond & Spec. Ins. | Sale | 6,414 | $1.96M |
| Apr 20, 2026 | Klein Michael Frederick EVP & President, Personal Ins. | Sale | 3,270 | $995.3K |
| Apr 20, 2026 | Kurtzman Diane EVP & Chief HR Officer | Sale | 1,387 | $420.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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