Fourth Quarter 2022 Core Income per Diluted Share of $3.40 and Core Return on Equity of 12.3%.

Full Year Net Income of $2.842 billion and Return on Equity of 12.2%

Full Year Core Income of $2.998 billion and Core Return on Equity of 11.3%

Fourth quarter net income of $819 million and core income of $810 million.

Results reflect record net earned premium, consolidated combined ratio of 94.5% and underlying combined ratio of 91.4%; underwriting results in commercial businesses were exceptional.

Catastrophe losses of $459 million pre-tax compared to $36 million pre-tax in the prior year quarter.

Net written premiums of $8.829 billion, up 10% compared to the prior year quarter; record full year net written premiums of $35.414 billion, up 11% compared to the prior year.

Net written premium growth in all three segments compared to the prior year quarter; Business Insurance up 11%, Bond & Specialty Insurance up 2% (5% excluding the impact of changes in foreign exchange rates) and Personal Insurance up 13%.

Total capital returned to shareholders of $721 million, including $501 million of share repurchases; full year total capital returned to shareholders of $2.941 billion, including $2.061 billion of share repurchases.

Book value per share of $92.90, down 22% from year-end 2021, driven by higher interest rates; adjusted book value per share of $114.00, up 4% from year-end 2021.

Board of Directors declares regular cash dividend of $0.93 per share.

NEW YORK--(BUSINESS WIRE)-- The Travelers Companies, Inc. today reported net income of $819 million, or $3.44 per diluted share, for the quarter ended December 31, 2022, compared to $1.333 billion, or $5.37 per diluted share, in the prior year quarter. Core income in the current quarter was $810 million, or $3.40 per diluted share, compared to $1.289 billion, or $5.20 per diluted share, in the prior year quarter. Core income decreased primarily due to higher catastrophe losses, a lower underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses) and lower net investment income, partially offset by higher net favorable prior year reserve development. Net realized investment gains in the current quarter were $7 million pre-tax ($9 million after-tax), compared to $58 million pre-tax ($44 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.

Consolidated Highlights

($ in millions, except for per share amounts, and after-tax, except for premiums and revenues)

Three Months Ended December 31,

Twelve Months Ended December 31,

2022

2021

Change

2022

2021

Change

Net written premiums

$

8,829

$

7,995

10

%

$

35,414

$

31,959

11

%

Total revenues

$

9,636

$

9,011

7

$

36,884

$

34,816

6

Net income

$

819

$

1,333

(39

)

$

2,842

$

3,662

(22

)

per diluted share

$

3.44

$

5.37

(36

)

$

11.77

$

14.49

(19

)

Core income

$

810

$

1,289

(37

)

$

2,998

$

3,522

(15

)

per diluted share

$

3.40

$

5.20

(35

)

$

12.42

$

13.94

(11

)

Diluted weighted average shares outstanding

236.3

246.4

(4

)

239.7

250.8

(4

)

Combined ratio

94.5

%

88.0

%

6.5

pts

95.6

%

94.5

%

1.1

pts

Underlying combined ratio

91.4

%

88.7

%

2.7

pts

92.0

%

90.3

%

1.7

pts

Return on equity

15.8

%

18.6

%

(2.8

)

pts

12.2

%

12.7

%

(0.5

)

pts

Core return on equity

12.3

%

19.8

%

(7.5

)

pts

11.3

%

13.7

%

(2.4

)

pts

As of

December 31,

2022

December 31,

2021

Change

Book value per share

$

92.90

$

119.77

(22

)%

Adjusted book value per share

114.00

109.76

4

%

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

'We are pleased to report solid fourth quarter 2022 results, particularly in light of the significant winter storm that swept across the U.S. and Canada in the last week of the year,' said Alan Schnitzer, Chairman and Chief Executive Officer. 'Results in our commercial businesses were exceptional, with another quarter of strong growth at very attractive margins. Underlying results in Personal Insurance remain challenged by elevated industrywide loss costs. We recorded another quarter of progress with strong pricing and other actions to address these challenges.

'Core income for the fourth quarter was $810 million, or $3.40 per diluted share, generating core return on equity of 12.3%. This result includes $459 million of pre-tax catastrophe losses ($362 million after-tax). Core income benefited from record net earned premiums of $8.8 billion, up 10% compared to the prior year period, and a solid underlying combined ratio of 91.4%.

'Our best-in-class marketplace execution produced 10% growth in net written premiums this quarter to almost $9 billion, with all three segments contributing. In Business Insurance, net written premiums grew by 11% to $4.4 billion. Renewal premium change remained very strong at an historically high 10.1%, with record-high retention of 88%. New business in Business Insurance of $558 million increased 10% from the prior year period. Given the attractive returns, we are pleased with the very strong retention of our high-quality book of business and the strong new business growth. In Bond & Specialty Insurance, net written premiums increased 5% on a constant currency basis, driven by excellent production in our market-leading surety business. Production was also strong in our management liability business, with renewal premium change of 6.3%, retention of 90% and 23% growth in new business. In Personal Insurance, top-line growth was driven by higher pricing. Renewal premium change was meaningfully higher both year over year and sequentially.

'Our full year 2022 results benefited from higher core income from our commercial businesses, driven by record net earned premiums and strong profitability, including our best-ever underlying combined ratio in Business Insurance. Our high-quality investment portfolio generated after-tax net investment income of $2.2 billion for the year. Our underwriting and investment results, together with our strong balance sheet, enabled us to return nearly $3 billion of excess capital to shareholders, including more than $2 billion of share repurchases, while also growing adjusted book value per share and making important investments in our business.

'Our results this year cap off a decade of terrific performance. Over that period, we have significantly accelerated premium growth while generating superior returns with industry low volatility. Given our track record of successfully investing in differentiating capabilities and our ambitious roadmap, we are confident in the outlook for Travelers.'

Consolidated Results

Three Months Ended December 31,

Twelve Months Ended December 31,

($ in millions and pre-tax, unless noted otherwise)

2022

2021

Change

2022

2021

Change

Underwriting gain:

$

449

$

926

$

(477

)

$

1,336

$

1,542

$

(206

)

Underwriting gain includes:

Net favorable prior year reserve development

185

95

90

649

538

111

Catastrophes, net of reinsurance

(459

)

(36

)

(423

)

(1,877

)

(1,847

)

(30

)

Net investment income

625

743

(118

)

2,562

3,033

(471

)

Other income (expense), including interest expense

(94

)

(77

)

(17

)

(340

)

(288

)

(52

)

Core income before income taxes

980

1,592

(612

)

3,558

4,287

(729

)

Income tax expense

170

303

(133

)

560

765

(205

)

Core income

810

1,289

(479

)

2,998

3,522

(524

)

Net realized investment gains (losses) after income taxes

9

44

(35

)

(156

)

132

(288

)

Impact of changes in tax laws and/or tax rates (1)

-

-

-

-

8

(8

)

Net income

$

819

$

1,333

$

(514

)

$

2,842

$

3,662

$

(820

)

Combined ratio

94.5

%

88.0

%

6.5

pts

95.6

%

94.5

%

1.1

pts

Impact on combined ratio

Net favorable prior year reserve development

(2.1

)

pts

(1.2

)

pts

(0.9

)

pts

(1.9

)

pts

(1.8

)

pts

(0.1

)

pts

Catastrophes, net of reinsurance

5.2

pts

0.5

pts

4.7

pts

5.5

pts

6.0

pts

(0.5

)

pts

Underlying combined ratio

91.4

%

88.7

%

2.7

pts

92.0

%

90.3

%

1.7

pts

Net written premiums

Business Insurance

$

4,390

$

3,966

11

%

$

17,635

$

16,092

10

%

Bond & Specialty Insurance

924

905

2

3,732

3,376

11

Personal Insurance

3,515

3,124

13

14,047

12,491

12

Total

$

8,829

$

7,995

10

%

$

35,414

$

31,959

11

%

(1) Impact is recognized in the accounting period in which the change is enacted

Fourth Quarter 2022 Results

(All comparisons vs. fourth quarter 2021, unless noted otherwise)

Net income of $819 million decreased $514 million, due to lower core income and lower net realized investment gains. Core income of $810 million decreased $479 million, primarily due to higher catastrophe losses, a lower underlying underwriting gain and lower net investment income, partially offset by higher net favorable prior year reserve development. Business Insurance and Bond & Specialty Insurance reported strong and higher underlying underwriting gains, which were more than offset by the lower underlying underwriting gain in Personal Insurance. The underlying underwriting gains in all three segments benefited from higher business volumes. Net realized investment gains were $7 million pre-tax ($9 million after-tax), compared to $58 million pre-tax ($44 million after-tax) in the prior year quarter.

Combined ratio:

The combined ratio of 94.5% increased 6.5 points due to higher catastrophe losses (4.7 points) and a higher underlying combined ratio (2.7 points), partially offset by higher net favorable prior year reserve development (0.9 points).

The underlying combined ratio of 91.4% increased 2.7 points. See below for further details by segment.

Net favorable prior year reserve development occurred in all three segments. See below for further details by segment.

Catastrophe losses primarily resulted from a significant winter storm that impacted most of the U.S. and parts of Canada.

Net investment income of $625 million pre-tax ($531 million after-tax) decreased 16%. Income from the non-fixed income investment portfolio decreased from a very strong result in the prior year quarter, primarily due to lower private equity partnership returns. Non-fixed income returns are generally reported on a one-quarter lagged basis and directionally follow the broader equity markets. 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.

Net written premiums of $8.829 billion increased 10%. See below for further details by segment.

Full Year 2022 Results

(All comparisons vs. full year 2021, unless noted otherwise)

Net income of $2.842 billion decreased $820 million, primarily due to lower core income and net realized investment losses compared to net realized investment gains in the prior year. Core income of $2.998 billion decreased $524 million, primarily due to lower net investment income and a lower underlying underwriting gain, partially offset by higher net favorable prior year reserve development. Business Insurance and Bond & Specialty Insurance reported strong and higher underlying underwriting gains, which were more than offset by the lower underlying underwriting gain in Personal Insurance. The underlying underwriting gain benefited from higher business volumes and a $47 million benefit relating to the resolution of prior year income tax matters. Net realized investment losses were $204 million pre-tax ($156 million after-tax), compared to net realized investment gains of $171 million pre-tax ($132 million after-tax) in the prior year.

Combined ratio:

The combined ratio of 95.6% increased 1.1 points due to a higher underlying combined ratio (1.7 points), partially offset by a smaller impact from catastrophe losses (0.5 points) and higher net favorable prior year reserve development (0.1 points).

The underlying combined ratio of 92.0% increased 1.7 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 fourth quarter winter storm described above, as well as Hurricanes Ian and Fiona and severe wind and hail storms in several regions of the United States in the first nine months of 2022.

Net investment income of $2.562 billion pre-tax ($2.170 billion after-tax) decreased 16%. Income from the non-fixed income investment portfolio decreased from a very strong result in the prior year, primarily due to lower private equity partnership returns. Income from the fixed income investment portfolio increased over the prior year, primarily due to growth in fixed maturity investments and a higher average yield.

Net written premiums of $35.414 billion increased 11%. See below for further details by segment.

Shareholders' Equity

Shareholders' equity of $21.560 billion decreased 25% from year-end 2021, primarily due to net unrealized investment losses compared to net unrealized investment gains at year-end 2021, common share repurchases and dividends to shareholders, partially offset by net income of $2.842 billion. Net unrealized investment losses included in shareholders' equity were $6.220 billion pre-tax ($4.898 billion after-tax), compared to net unrealized investment gains of $3.060 billion pre-tax ($2.415 billion after-tax) at year-end 2021, driven by higher interest rates. Book value per share of $92.90 decreased 22% from year-end 2021. Adjusted book value per share of $114.00, which excludes net unrealized investment gains (losses), increased 4% over year-end 2021.

The Company repurchased 2.7 million shares during the fourth quarter at an average price of $184.20 per share for a total of $501 million. At December 31, 2022, the Company had $2.005 billion of capacity remaining under its share repurchase authorization approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $23.677 billion, and the ratio of debt-to-capital was 25.3%. The ratio of debt-to-capital excluding after-tax net unrealized investment gains (losses) included in shareholders' equity was 21.6%, within the Company's target range of 15% to 25%.

The Board of Directors declared a regular quarterly dividend of $0.93 per share. The dividend is payable March 31, 2023 to shareholders of record at the close of business on March 10, 2023.

Business Insurance Segment Financial Results

Three Months Ended December 31,

Twelve Months Ended December 31,

($ in millions and pre-tax, unless noted otherwise)

2022

2021

Change

2022

2021

Change

Underwriting gain:

$

457

$

523

$

(66

)

$

1,244

$

640

$

604

Underwriting gain includes:

Net favorable prior year reserve development

127

74

53

381

173

208

Catastrophes, net of reinsurance

(125

)

43

(168

)

(654

)

(793

)

139

Net investment income

449

552

(103

)

1,864

2,265

(401

)

Other income (expense)

(22

)

(7

)

(15

)

(41

)

(21

)

(20

)

Segment income before income taxes

884

1,068

(184

)

3,067

2,884

183

Income tax expense

159

201

(42

)

536

499

37

Segment income

$

725

$

867

$

(142

)

$

2,531

$

2,385

$

146

Combined ratio

89.5

%

87.0

%

2.5

pts

92.5

%

95.7

%

(3.2

)

pts

Impact on combined ratio

Net favorable prior year reserve development

(2.8

)

pts

(1.8

)

pts

(1.0

)

pts

(2.2

)

pts

(1.1

)

pts

(1.1

)

pts

Catastrophes, net of reinsurance

2.8

pts

(1.0

)

pts

3.8

pts

3.8

pts

5.1

pts

(1.3

)

pts

Underlying combined ratio

89.5

%

89.8

%

(0.3

)

pts

90.9

%

91.7

%

(0.8

)

pts

Net written premiums by market

Domestic

Select Accounts

$

734

$

693

6

%

$

3,099

$

2,833

9

%

Middle Market

2,513

2,210

14

9,923

8,933

11

National Accounts

295

256

15

1,085

987

10

National Property and Other

578

535

8

2,467

2,265

9

Total Domestic

4,120

3,694

12

16,574

15,018

10

International

270

272

(1

)

1,061

1,074

(1

)

Total

$

4,390

$

3,966

11

%

$

17,635

$

16,092

10

%

Fourth Quarter 2022 Results

(All comparisons vs. fourth quarter 2021, unless noted otherwise)

Segment income for Business Insurance was $725 million after-tax, a decrease of $142 million. Segment income decreased primarily due to higher catastrophe losses and lower net investment income, partially offset by higher net favorable prior year reserve development and a higher underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

The combined ratio of 89.5% increased 2.5 points due to higher catastrophe losses (3.8 points), partially offset by higher net favorable prior year reserve development (1.0 points) and a lower underlying combined ratio (0.3 points).

The underlying combined ratio improved 0.3 points to a very strong 89.5%.

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 an addition to reserves in the domestic operations' general liability product line for excess coverages (excluding asbestos and environmental) for multiple accident years.

Net written premiums of $4.390 billion increased 11%, reflecting strong renewal premium change and retention, as well as higher levels of new business.

Full Year 2022 Results

(All comparisons vs. full year 2021, unless noted otherwise)

Segment income for Business Insurance was $2.531 billion after-tax, an increase of $146 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development and lower catastrophe losses, partially offset by lower net investment income. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

The combined ratio of 92.5% improved 3.2 points due to lower catastrophe losses (1.3 points), higher net favorable prior year reserve development (1.1 points) and a lower underlying combined ratio (0.8 points).

The underlying combined ratio improved 0.8 points to a very strong 90.9%, driven primarily by a 1.0 point improvement in the expense ratio.

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 and in the commercial property and commercial multi-peril product lines for recent accident years, partially offset by an addition to asbestos reserves of $212 million, an addition to reserves in the domestic operations' general liability product line for excess coverages (excluding asbestos and environmental), including for run-off operations and an addition to environmental reserves. Net favorable prior year reserve development in the prior year included an increase in asbestos reserves of $225 million.

Net written premiums of $17.635 billion increased 10%, reflecting the same factors described above for the fourth quarter of 2022.

Bond & Specialty Insurance Segment Financial Results

Three Months Ended December 31,

Twelve Months Ended December 31,

($ in millions and pre-tax, unless noted otherwise)

2022

2021

Change

2022

2021

Change

Underwriting gain:

$

201

$

147

$

54

$

830

$

569

$

261

Underwriting gain includes :

Net favorable prior year reserve development

51

24

27

222

105

117

Catastrophes, net of reinsurance

(9

)

(10

)

1

(25

)

(40

)

15

Net investment income

70

61

9

258

247

11

Other income

4

4

-

15

17

(2

)

Segment income before income taxes

275

212

63

1,103

833

270

Income tax expense

54

42

12

195

165

30

Segment income

$

221

$

170

$

51

$

908

$

668

$

240

Combined ratio

76.9

%

81.5

%

(4.6

)

pts

75.3

%

81.5

%

(6.2

)

pts

Impact on combined ratio

Net favorable prior year reserve development

(5.8

)

pts

(3.0

)

pts

(2.8

)

pts

(6.5

)

pts

(3.3

)

pts

(3.2

)

pts

Catastrophes, net of reinsurance

1.0

pts

1.2

pts

(0.2

)

pts

0.7

pts

1.3

pts

(0.6

)

pts

Underlying combined ratio

81.7

%

83.3

%

(1.6

)

pts

81.1

%

83.5

%

(2.4

)

pts

Net written premiums

Domestic

Management Liability

$

520

$

510

2

%

$

2,112

$

1,983

7

%

Surety

253

215

18

1,081

888

22

Total Domestic

773

725

7

3,193

2,871

11

International

151

180

(16

)

539

505

7

Total

$

924

$

905

2

%

$

3,732

$

3,376

11

%

Fourth Quarter 2022 Results

(All comparisons vs. fourth quarter 2021, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $221 million after-tax, an increase of $51 million. Segment income increased primarily due to a higher underlying underwriting gain and higher net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

The combined ratio of 76.9% improved 4.6 points due to higher net favorable prior year reserve development (2.8 points), a lower underlying combined ratio (1.6 points) and lower catastrophe losses (0.2 points).

The underlying combined ratio improved 1.6 points to a very strong 81.7%, driven primarily by the benefit of earned pricing.

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 and in the general liability product line for management liability coverages for multiple accident years.

Net written premiums of $924 million increased 2% (5% excluding the impact of changes in foreign exchange rates), reflecting strong production in surety and strong renewal premium change, retention and new business in management liability.

Full Year 2022 Results

(All comparisons vs. full year 2021, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $908 million after-tax, an increase of $240 million. Segment income increased primarily due to a higher underlying underwriting gain and higher net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes. The current year also benefited by $24 million relating to the resolution of prior year income tax matters.

Combined ratio:

The combined ratio of 75.3% improved 6.2 points due to higher net favorable prior year reserve development (3.2 points), a lower underlying combined ratio (2.4 points) and lower catastrophe losses (0.6 points).

The underlying combined ratio improved 2.4 points to a very strong 81.1%, primarily driven by the benefit of earned pricing.

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 $3.732 billion increased 11%, reflecting the same factors described above for the fourth quarter of 2022.

Personal Insurance Segment Financial Results

Three Months Ended December 31,

Twelve Months Ended December 31,

($ in millions and pre-tax, unless noted otherwise)

2022

2021

Change

2022

2021

Change

Underwriting gain (loss):

$

(209

)

$

256

$

(465

)

$

(738

)

$

333

$

(1,071

)

Underwriting gain (loss) includes:

Net favorable (unfavorable) prior year reserve development

7

(3

)

10

46

260

(214

)

Catastrophes, net of reinsurance

(325

)

(69

)

(256

)

(1,198

)

(1,014

)

(184

)

Net investment income

106

130

(24

)

440

521

(81

)

Other income

18

21

(3

)

68

85

(17

)

Segment income (loss) before income taxes

(85

)

407

(492

)

(230

)

939

(1,169

)

Income tax expense (benefit)

(24

)

80

(104

)

(90

)

179

(269

)

Segment income (loss)

$

(61

)

$

327

$

(388

)

$

(140

)

$

760

$

(900

)

Combined ratio

105.3

%

91.1

%

14.2

pts

104.9

%

96.5

%

8.4

pts

Impact on combined ratio

Net (favorable) unfavorable prior year reserve development

(0.2

)

pts

0.1

pts

(0.3

)

pts

(0.3

)

pts

(2.2

)

pts

1.9

pts

Catastrophes, net of reinsurance

9.3

pts

2.3

pts

7.0

pts

9.0

pts

8.5

pts

0.5

pts

Underlying combined ratio

96.2

%

88.7

%

7.5

pts

96.2

%

90.2

%

6.0

pts

Net written premiums

Domestic

Automobile

$

1,614

$

1,456

11

%

$

6,482

$

5,827

11

%

Homeowners and Other

1,752

1,504

16

6,916

5,980

16

Total Domestic

3,366

2,960

14

13,398

11,807

13

International

149

164

(9

)

649

684

(5

)

Total

$

3,515

$

3,124

13

%

$

14,047

$

12,491

12

%

Fourth Quarter 2022 Results

(All comparisons vs. fourth quarter 2021, unless noted otherwise)

Segment loss for Personal Insurance was $61 million after-tax, compared with segment income of $327 million after-tax in the prior year quarter. The difference was primarily due to higher catastrophe losses, a lower underlying underwriting gain and lower net investment income. The underlying underwriting gain benefited from higher business volumes.

Combined ratio:

The combined ratio of 105.3% increased 14.2 points due to a higher underlying combined ratio (7.5 points) and higher catastrophe losses (7.0 points), partially offset by net favorable prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter (0.3 points).

The underlying combined ratio of 96.2% increased 7.5 points, driven primarily by elevated losses in both the automobile and homeowners and other product lines, partially offset by a lower expense ratio.

Net favorable prior year reserve development was not significant in the quarter.

Net written premiums of $3.515 billion increased 13%, primarily reflecting higher pricing in both Domestic Automobile and Domestic Homeowners and Other.

Full Year 2022 Results

(All comparisons vs. full year 2021, unless noted otherwise)

Segment loss for Personal Insurance was $140 million after-tax, compared with segment income of $760 million after-tax in the prior year. The difference was primarily due to a lower underlying underwriting gain, lower net favorable prior year reserve development, higher catastrophe losses and lower net investment income. The underlying underwriting gain benefited from higher business volumes. The current year also benefited by $20 million relating to the resolution of prior year income tax matters.

Combined ratio:

The combined ratio of 104.9% increased 8.4 points due to a higher underlying combined ratio (6.0 points), lower net favorable prior year reserve development (1.9 points) and higher catastrophe losses (0.5 points).

The underlying combined ratio of 96.2% increased 6.0 points, driven primarily by elevated losses in both the automobile and homeowners and other product lines, partially offset by a lower expense ratio.

Net favorable prior year reserve development was not significant in the current year.

Net written premiums of $14.047 billion increased 12%, primarily reflecting higher pricing in both Domestic Automobile and Domestic Homeowners and Other.

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 www.travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9 a.m. Eastern (8 a.m. Central) on Tuesday, January 24, 2023. Investors can access the call via webcast at http://investor.travelers.com or 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.

Following the live event, replays will be available via webcast for one year at http://investor.travelers.com and 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, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $37 billion in 2022. For more information, visit www.travelers.com.

Travelers may use its website and/or social media outlets, such as Facebook and Twitter, 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 http://investor.travelers.com, our Facebook page at https://www.facebook.com/travelers and our Twitter account (@Travelers) at https://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 http://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 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. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

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