Travelers reported strong second-quarter 2026 results with net income of $2.208 billion, or $10.26 per diluted share, and core income of $2.160 billion, or $10.04 per diluted share. The company delivered an improved consolidated combined ratio of 83.6% and underlying combined ratio of 84.1%, with underlying pre-tax underwriting income of $1.678 billion. Share repurchases totaled $1.311 billion in the quarter and the board declared a quarterly dividend of $1.25 per share.

Financial Highlights

  • Total revenues for Q2 2026: $12,153 million.
  • Net income for Q2 2026: $2,208 million; diluted net income per share: $10.26. Core income for Q2 2026: $2,160 million; core diluted EPS: $10.04.
  • Pre-tax underwriting gain Q2 2026: $1,738 million; underlying pre-tax underwriting income: $1,678 million.
  • Net investment income Q2 2026: $1,070 million pre-tax ($883 million after-tax), up 14% year-over-year.
  • Capital returned to shareholders in Q2 2026: $1,577 million total, including $1,311 million of share repurchases; book value per share: $158.81; adjusted book value per share: $168.20.

Business Highlights

  • Net written premiums in Q2 2026: $11,529 million, essentially flat versus prior year (prior year included divested Canadian operations); excluding sale, premiums up ~2%.
  • Business Insurance grew net written premiums to $5,984 million (3% increase); Middle Market up 7% and Select up 4% with retention at 86% and record new business of $805 million.
  • Bond & Specialty Insurance net written premiums rose 14% to $1,237 million, reflecting strong Management Liability and a 40% increase in Surety driven by large projects.
  • Personal Insurance generated $4,308 million of net written premiums with solid retention in Auto and Homeowners and higher new business in Homeowners; combined ratio improved materially driven by lower catastrophe impact.
  • Reserve development and catastrophe outcomes: net favorable prior year reserve development across all segments (total $578 million pre-tax) and Q2 catastrophes $518 million pre-tax (reduced from $927 million prior year Q2), supporting improved underwriting metrics.

Original SEC Filing:

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