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Buy Day today: Good (62) Broad market participation · no major macro event
TRV

The Travelers Companies Inc

Financial Services · Insurance - Property & Casualty · listed since 1996

379.50$ +0.2% vs. previous close Closing price · As of: Sep 17, 2026
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Price history

Chart

Interactive price chart (TradingView).

52-week range: 261.60 $ to 397.20 $ · Last price: 379.50 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 79.1$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 209m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 99.4%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 0.5

Performance

Perf. 1M ?Price performance over the last month. 13.20%
Perf. 3M ?Price performance over the last 3 months. 16.80%
Perf. 6M ?Price performance over the last 6 months. 13.80%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 10.10%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -2.3%
Perf. 1Y ?Price performance over the last 12 months. 40.09%
Perf. 3Y ?Price performance over the last 3 years. 142.30%
Perf. 5Y ?Price performance over the last 5 years. 167.01%
Perf. 10Y ?Price performance over the last 10 years. 309.63%
Perf. Since Inception ?Price performance since the first available trading day (11/17/1975) — with a complete history, that is since the IPO. 16,759.48%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 373.60$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 369.20$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 315.80$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 61.4
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 17.1%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 20.6%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 11.7
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 13.0
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 2.7
P/B ?Price-to-book ratio: market value relative to book equity. 2.6
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 1.6
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 0.0
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 7.2

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 34.7%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 18.7%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 17.0%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 25.3%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 4.8%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 22.5%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.3
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 6.65
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 7 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 1.00%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 357.60%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 5.17%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 2.88%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 1.40%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 1.33%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 4.55$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 12.7%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 20Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 20Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 52
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. Top 10% 94
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (61 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Insurance - Property & Casualty

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
The Travelers Companies Inc TRV 79.1 11.7 0.0 34.7 18.7 5.2 40.1
Chubb Ltd CB 132.6 12.7 0.0 31.1 20.6 6.5 27.1
Progressive Corp PGR 126.0 11.7 21.9 18.5 16.4 16.3 -5.5
The Allstate Corporation ALL 64.9 5.9 0.0 36.8 19.0 4.6 30.3
W. R. Berkley Corp WRB 26.1 15.4 0.0 43.8 17.1 7.8 -1.5
Cincinnati Financial Corporation CINF 25.8 10.1 0.0 31.1 11.8 11.4 13.9
Markel Corporation MKL 21.9 13.2 0.0 51.9 -9.7 -1.0 -7.4
Loews Corp L 21.8 14.2 0.0 36.3 11.8 5.4 12.2
Assurant, Inc. AIZ 14.1 14.9 0.0 13.3 10.6 7.9 37.4
Median of companies shown 26.1 12.7 0.0 34.7 16.4 6.5 13.9

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 27,625 $M 2016 · Operating income: 4,053 $M 2016 · Net income: 3,014 $M 2017 · Revenue: 28,902 $M 2017 · Operating income: 2,730 $M 2017 · Net income: 2,056 $M 2018 · Revenue: 30,282 $M 2018 · Operating income: 2,961 $M 2018 · Net income: 2,523 $M 2019 · Revenue: 31,581 $M 2019 · Operating income: 3,138 $M 2019 · Net income: 2,622 $M 2020 · Revenue: 31,981 $M 2020 · Operating income: 3,237 $M 2020 · Net income: 2,697 $M 2021 · Revenue: 34,816 $M 2021 · Operating income: 4,458 $M 2021 · Net income: 3,662 $M 2022 · Revenue: 36,896 $M 2022 · Operating income: 3,354 $M 2022 · Net income: 2,842 $M 2023 · Revenue: 41,373 $M 2023 · Operating income: 3,371 $M 2023 · Net income: 2,991 $M 2024 · Revenue: 46,428 $M 2024 · Operating income: 6,180 $M 2024 · Net income: 4,999 $M 2025 · Revenue: 48,828 $M 2025 · Operating income: 7,796 $M 2025 · Net income: 6,288 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 27,625 4,053 3,014 10.36 4,469 23,221 100,245
2017 28,902 2,730 2,056 7.38 4,148 23,731 103,483
2018 30,282 2,961 2,523 9.35 4,380 22,894 104,233
2019 31,581 3,138 2,622 10.00 5,205 25,943 110,122
2020 31,981 3,237 2,697 10.59 6,519 29,201 116,764
2021 34,816 4,458 3,662 14.60 7,274 28,887 120,466
2022 36,896 3,354 2,842 11.86 7,274 21,560 115,717
2023 41,373 3,371 2,991 12.88 7,711 24,921 125,978
2024 46,428 6,180 4,999 21.63 9,074 27,864 133,189
2025 48,828 7,796 6,288 27.63 10,606 32,894 143,708

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 12,013.0 $M Q4 2025: Q1 · 11,810.0 $M Q1 2025: Q2 · 12,116.0 $M Q2 2025: Q3 · 12,470.0 $M Q3 2025: Q4 · 12,432.0 $M Q4 2026: Q1 · 11,924.0 $M Q1 2026: Q2 · 12,153.0 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 9.02 28.30 12,013 9.80 17.30 2,064 2,064
2025: Q1 1.71 -64.60 11,810 5.20 3.30 1,360 1,360
2025: Q2 6.58 185.30 12,116 7.40 12.50 2,334 2,334
2025: Q3 8.30 51.90 12,470 4.80 15.10 4,227 4,227
2025: Q4 11.14 23.50 12,432 3.50 20.10 2,685 2,685
2026: Q1 7.83 357.00 11,924 1.00 14.30 2,198 2,198
2026: Q2 10.26 55.90 12,153 0.30 18.20 1,916 1,916

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 4 of our scanner strategies — each hit links to the scanner.

Quality & Balance Sheet

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Hold 1 = Strong buy … 5 = Strong sell
Analyst Ratings 28
Price Target (average) 360.33$
Distance to price -5.1% The price target sits 5.1% below the current price.

Distribution of Recommendations

Strong Buy 6
Buy 2
Hold 18
Sell 2
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 34.05 31.78 – 35.65 43,431 23.4% 28
12/31/2027 30.21 28.10 – 33.06 44,697 -11.3% 27

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly -6.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $11.03B
Market cap $79.08B
Free cash flow in year ten $5.55B
Terminal value as a share of market value 37.0%

For comparison: over the past five years free cash flow grew by 10.2% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Uses AI

Geprüft am 28.07.2026 gegen die sechs jüngsten SEC-Einreichungen von The Travelers Companies, Inc. (CIK 0000086312): 10-K für das Geschäftsjahr 2025 (eingereicht 12.02.2026), 10-K für 2024 (eingereicht 13.02.2025) sowie die Quartalsberichte 10-Q vom 17.07.2026, 16.04.2026, 16.10.2025 und 17.07.2025. Ergebnis: Travelers setzt Künstliche Intelligenz operativ ein, verkauft sie aber nicht. Belegt ist der Einsatz vor allem in der Schadenbearbeitung; die Aussage steht wortgleich in beiden Geschäftsberichten: „In recent years, the Company has invested significant additional resources in many of its claims handling operations, including digital, analytics, artificial intelligence and automation capabilities.“ Dazu passt die Beschreibung des Kleingewerbegeschäfts, in dem jedes Risiko über eine „automated underwriting platform“ maschinell geprüft wird, sowie die Feststellung im 10-K 2025, dass die eigenen Geschäftsprozesse zunehmend digital werden „and seek to incorporate artificial intelligence“. Stufe 1 „verkauft“ greift nicht: Weder in Item 1 (Business) noch in der Managementanalyse taucht ein KI-Produkt oder ein KI-Dienst als Umsatzquelle auf. Die Erlöse stammen ausschließlich aus dem Versicherungsgeschäft (Prämien, Kapitalanlageerträge, Gebühren); KI erscheint durchgängig als internes Werkzeug für Underwriting, Pricing und Schadenregulierung, nicht als verkaufte Leistung. Stufe 2 „bedroht“ greift ebenfalls nicht: Die Risk Factors nennen KI zwar auffällig oft, aber der Bezug ist konsequent ein Adoptions- und Wettbewerbsrisiko und keine Verdrängung des eigenen Geschäftsmodells: „our competitive position could be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning that collects and analyzes a wide variety of data points to help make underwriting or other decisions“. Das Risiko besteht also darin, KI zu langsam einzusetzen, nicht darin, durch KI ersetzt zu werden. Die übrigen KI-Nennungen sind branchenübliche Begleitrisiken jedes großen Finanzkonzerns: Angreifer, die KI für Cyberattacken nutzen, aufsichtsrechtliche Prüfung von Algorithmen und Modellen im Underwriting, mögliche unvorhergesehene Deckungsfragen in gezeichneten Policen sowie Schulungspflichten. Solche Formulierungen sind Boilerplate im Sinne der Vorrang-Regel und tragen keine Einstufung als „bedroht“. Die vier geprüften 10-Q enthalten zu KI ausschließlich die verkürzte Wiederholung dieser Risikohinweise im Abschnitt der zukunftsgerichteten Aussagen, keine eigenständigen Befunde. Damit bleibt Stufe 3: nutzt KI.

View the full file — quotes, sources, reviewed filings
„In recent years, the Company has invested significant additional resources in many of its claims handling operations, including digital, analytics, artificial intelligence and automation capabilities."

In den vergangenen Jahren hat das Unternehmen erhebliche zusätzliche Mittel in viele Bereiche seiner Schadenbearbeitung investiert, darunter in digitale Fähigkeiten, Analytik, Künstliche Intelligenz und Automatisierung.

10-K · 2026-02-12 · View SEC filing

„For example, our competitive position could be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning that collects and analyzes a wide variety of data points to help make underwriting or other decisions, or if our competitors collect and use data which we do not have the ability to access or use or deploy artificial intelligence to create efficiencies in ways that we do not."

Beispielsweise könnte unsere Wettbewerbsposition beeinträchtigt werden, wenn wir Technologien wie Künstliche Intelligenz und maschinelles Lernen, die eine Vielzahl von Datenpunkten erfassen und auswerten, um Zeichnungs- oder andere Entscheidungen zu unterstützen, nicht kosteneffizient und wettbewerbsfähig einsetzen können, oder wenn unsere Wettbewerber Daten erheben und nutzen, auf die wir keinen Zugriff haben, oder Künstliche Intelligenz auf eine Weise zur Effizienzsteigerung einsetzen, wie wir es nicht tun.

10-K · 2026-02-12 · View SEC filing

„If we do not anticipate, keep pace with and adapt to technological and other changes impacting the insurance industry, including artificial intelligence, it will harm our ability to compete, decrease the value of our products to customers, and materially and adversely affect our business."

Wenn wir technologische und andere Veränderungen in der Versicherungsbranche, einschließlich Künstlicher Intelligenz, nicht vorwegnehmen, mit ihnen Schritt halten und uns an sie anpassen, wird dies unsere Wettbewerbsfähigkeit beeinträchtigen, den Wert unserer Produkte für die Kunden mindern und unser Geschäft wesentlich nachteilig beeinflussen.

10-K · 2026-02-12 · View SEC filing

„Each small business risk is independently evaluated via an automated underwriting platform which in turn enables agents to quote, bind and issue a substantial amount of new small business risks in an efficient manner."

Jedes Kleingewerberisiko wird eigenständig über eine automatisierte Zeichnungsplattform bewertet, die es den Agenturen wiederum ermöglicht, einen erheblichen Teil der neuen Kleingewerberisiken effizient zu kalkulieren, zu binden und zu policieren.

10-K · 2025-02-13 · View SEC filing

Filings Reviewed: 10-K 2026-02-12 · 10-K 2025-02-13 · 10-Q 2026-07-17 · 10-Q 2026-04-16 · 10-Q 2025-10-16 · 10-Q 2025-07-17

Rated on July 28, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Between 2024-Q1 and 2026-Q2, Travelers delivered operationally with remarkable reliability: guidance on investment income, expense ratio, share repurchases, the sale of the Canadian business and the reshaping of the homeowners portfolio was met or exceeded. What stands out is not the performance but the reporting around it. Over exactly the period in which commercial pricing dropped from 10.6 percent (2024-Q1) to 4.8 percent (2026-Q2), management introduced a new and more flattering pricing metric, dropped growth percentages for the weaker segments and permanently discontinued its loss trend disclosure. Repeated analyst questions on loss trend and on the cost benefit of the technology spending went without a number for more than two years.

Red flags Metrics quietly redefined 10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 2, 2026

A new pricing metric exactly when the old one weakened

The key commercial pricing figure, renewal premium change, fell from 10.6 percent in 2024-Q1 through 9.6 percent (2024-Q4) and 7.7 percent (2025-Q2) to 4.8 percent in 2026-Q2. In 2025-Q3, when the number first dropped below 7.5 percent, management quoted a second figure for the first time: pricing excluding the property line, then 9 percent instead of 7.1 percent. Analyst David Motemaden asked in the same session for the prior-quarter comparatives; segment president Greg Toczydlowski declined, saying the metric would neither be backfilled nor given every quarter. It has appeared in every call since (2025-Q4: 8 percent, 2026-Q1: about 8 percent, 2026-Q2: 7.8 percent) while the headline figure kept falling. The result is a more flattering metric without history sitting next to a weakening one with history.

Growth percentages disappear when they turn awkward

In the 2024 calls, CEO Alan Schnitzer quoted a growth rate for every segment: Business Insurance up 9, 7, 9 and 8 percent, surety up 15, 11, 7 and 19 percent, Personal Insurance up 9, 9, 7 and 7 percent. From 2025-Q3 the pattern changes: Personal Insurance is merely said to have written 4.7 billion dollars, surety to have remained strong. In 2025-Q4 the percentage is missing for Business Insurance and Bond and Specialty as well. In 2026-Q1 and 2026-Q2 the percentages are back, most prominently where they look good (Bond and Specialty up 7 and 14 percent, surety up 14 and 40 percent), while Personal Insurance again appears as a dollar figure only. For 2026 there is an explanation given on the call: the Canadian disposal distorts the year-over-year comparison, and CFO Dan Frey quantified the effect by segment in 2026-Q1, at roughly four points for Personal Insurance. The CEO did give Business Insurance percentages in 2026, but only on an adjusted basis (2026-Q1 domestic ex property up 6 percent, 2026-Q2 up 5 percent adjusted for Canada). What remains unexplained are the omissions in 2025-Q3 and 2025-Q4, when Canada was still fully included. The 5 percent decline in domestic premiums in 2026-Q1 also came not from the CEO but from the segment president.

The loss trend was quietly retired as a metric

Travelers used to publish a long-term loss trend figure. In 2025-Q1, CFO Dan Frey told Gregory Peters the company had moved away from giving a specific trend number. In 2025-Q3 he justified this to Michael Zaremski by calling the measure too narrow; in 2026-Q1 Alan Schnitzer repeated the same reasoning; in 2026-Q2 Frey deflected David Motemaden with the same argument. The gap became clearest in 2026-Q1, when Yaron Kinar pointed out that pricing had fallen below the company's own last published loss trend for the first time in years and asked what that meant for underwriting and retention. He received no answer to the arithmetic, only the assurance that management is very happy with the book. The one figure outsiders could use to check whether falling prices still exceed cost inflation is therefore missing.

Expense ratio unchanged for three years

Analyst Gregory Peters asked in virtually every call from 2024-Q4 to 2026-Q2 when the more than 1.5 billion dollars of annual technology spending and the AI initiatives would show up in the expense ratio. Each time the answer moved the goalposts: management steers operating leverage, not the expense ratio, and claims efficiency gains land in the loss ratio anyway (2025-Q4). Concrete headcount figures were declined in 2025-Q4, with management pointing to rising premium per employee instead. Over a decade Travelers can show a lever: per the 2025-Q4 call the expense ratio came down by three points or 10 percent over ten years even as technology spending rose. Over the last three years, however, it has stalled: 28.5 percent in 2024, 28.5 percent in 2025, guidance of around 28.5 percent for 2026, while the first half of 2026 ran at 29.0 percent. CFO Dan Frey explained that by the timing of contingent commission accruals and more earned premium days in the second half, and reaffirmed the full-year guidance. At the same time the AI narrative expanded sharply: across all of 2024 the terms AI or artificial intelligence came up three times, in 2025-Q4 alone twenty times, and since 2025-Q4 management frames its investments as Innovation 2.0.

What was reliably delivered

The counter-evidence is strong. Guidance for fixed income investment income was given every quarter from 2024-Q1 to 2026-Q2, mostly raised and always met; 640 million dollars per quarter became roughly 870 million for 2026-Q4. The roughly 3.5 billion dollars of repurchases announced in 2025-Q3 for the window 2025-Q3 to 2026-Q1 were exceeded at about 4.1 billion, the Canadian sale closed on 2 January 2026 as promised and the earmarked 700 million did go into buybacks. The commitment made in 2025-Q2 to complete the homeowners remediation actions by the end of 2025 was kept, as was the 2025-Q3 forecast that homeowners pricing would fall into single digits from early 2026 (2026-Q2: 6.6 percent). The 250 million dollar reserve strengthening in umbrella taken in 2024-Q2 held: no further additions were needed through 2026-Q2.

Management promises

  • 2024-Q1 — Full-year 2024 expense ratio of 28 to 28.5 percent. Delivered exactly at 28.5 percent in 2024-Q4, despite higher supplemental commissions. kept
  • 2024-Q3 — 2025 fixed income investment income of about 2.9 billion dollars after tax. Raised to about 3.0 billion in 2024-Q4 and confirmed or raised again in every quarter of 2025. kept
  • 2024-Q4 — Small commercial non-renewals had bottomed out, retention at 80 percent was the floor, with improvement expected in the second half of 2025. Retention ticked up as announced in 2025-Q3, stood two points above the prior year in 2025-Q4 and reached 82 percent in 2026-Q1. kept
  • 2025-Q2 — Most rate and non-rate actions in the homeowners book to be relaxed by the end of 2025. Reported as largely complete in 2026-Q1, accompanied by the first year-over-year rise in homeowners new business. kept
  • 2025-Q2 — Sale of the Canadian business for 2.4 billion dollars, closing in early 2026, with 700 million earmarked for additional share repurchases. Closed on 2 January 2026 as announced; per 2026-Q1 the 700 million formed part of the quarter's 1.8 billion of repurchases. kept
  • 2025-Q3 — Homeowners renewal premium change to drop into single digits from early 2026. Reported as moderating further in 2026-Q1 and clearly single digit at 6.6 percent in 2026-Q2. kept
  • 2025-Q3 — About 3.5 billion dollars of share repurchases between 2025-Q3 and 2026-Q1, equal to roughly 5 percent fewer shares. Actually about 4.1 billion dollars (628 million, 1.65 billion, 1.8 billion), clearly more than announced. kept

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

5 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 9.8%
  • More than 10% revenue growth is expected for the coming year 2.9%
  • Share count grows by less than 3% a year -1.7%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 5.2%
  • Gross margin at 40% or higher and without meaningful erosion 29.4%
  • Goodwill from acquisitions does not grow faster than revenue 2.8%
  • Net debt below twice EBITDA 16,902 m net cash
  • Operating cash flow covers the profits of the last three years 13,113 m
  • Return on capital at 15% or higher, or up versus two years ago 15.1%
  • Insiders hold at least 10% or are net buyers 0.3%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

8/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 6.5%
  • Exp. sales growth 3Y > 5% -4.3%
  • EBIT growth 10Y > 5% 7.5%
  • Exp. EBIT growth 3Y > 5% 4.6%
  • Net debt < 4x EBIT -2.2x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 32.6%
  • Return on equity > 15% 25.2%
  • ROCE > 15% 15.1%
  • Expected return > 10% 18.6%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Aug 28, 2026 Olivo Maria EVP, ERM & Chief Risk Officer Sell 6,000 369.86 2,219,145
Aug 14, 2026 Jabbour Anthony M Director Other 446 370.36 165,181
Jul 24, 2026 Yin Daniel Tei-Hwa EVP & Co-Chief Invest. Officer Sell 7,153 387.00 2,768,211
Jul 24, 2026 Yin Daniel Tei-Hwa EVP & Co-Chief Invest. Officer Other 7,153 140.85 1,007,500
Jul 24, 2026 Kurtzman Diane EVP & Chief HR Officer Sell 4,164 386.71 1,610,260
Jul 24, 2026 Kurtzman Diane EVP & Chief HR Officer Other 4,164 132.58 552,063
Jul 21, 2026 Klein Michael Frederick EVP & President, Personal Ins. Sell 5,875 366.12 2,150,949
Jul 21, 2026 Klein Michael Frederick EVP & President, Personal Ins. Sell 125 364.90 45,613
Jul 21, 2026 Klein Michael Frederick EVP & President, Personal Ins. Other 6,000 139.83 838,980
Jul 21, 2026 Frey Daniel S. EVP & Chief Financial Officer Sell 3,000 368.53 1,105,575

View all insider transactions →

The company

About the Company

The Travelers Companies, Inc. bietet über ihre Tochtergesellschaften eine Reihe von gewerblichen und privaten Sach- und Haftpflichtversicherungsprodukten und -diensten für Unternehmen, Behörden, Verbände und Privatpersonen in den USA, Kanada und international an.

Employees
34,000
Headquarters
New York, NY
Address
485 Lexington Avenue, 10017 New York, United States
Phone
(917) 778-6000
IPO Date
04/22/1996
ISIN
US89417E1091
Stock Split
2:1 on 05/12/1998
Stock Split
2:1 on 06/07/1994

Management

Management
Name Title Birth Year
Alan David Schnitzer J.D. Chairman & CEO 1966
Daniel Stephen Frey C.P.A. Executive VP & CFO 1965
Avrohom J. Kess Vice Chairman & Chief Legal Officer 1969
Michael Frederick Klein Executive VP & President of Personal Insurance 1968
Gregory Cheshire Toczydlowski Executive VP & President of Business Insurance 1967
Mojgan Mehdian Lefebvre Executive VP, Chief Technology & Operations Officer 1966
David Donnay Rowland CFA Executive VP & Co-Chief Investment Officer 1966
Daniel Tei-Hwa Yin Executive VP & Co-Chief Investment Officer 1966
Paul Edward Munson Senior VP of Finance, Corporate Controller & Principal Accounting Officer 1966
Andy Francis Bessette Executive VP & Chief Administrative Officer 1954

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 08/07/2026 TRAVELERS COMPANIES, INC. (TRV): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
  • 07/24/2026 TRAVELERS COMPANIES, INC. (TRV): Other Events; Financial Statements and Exhibits SEC ↗
  • 07/17/2026 TRAVELERS COMPANIES, INC. (TRV): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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