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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
_________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
___________________________________________________________________
 
Commission file number: 001-10898
___________________________________________________________________
The Travelers Companies, Inc.
(Exact name of registrant as specified in its charter)
 ____________________________________________________________________
Minnesota 41-0518860
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
485 Lexington Avenue
New York, NY 10017
(Address of principal executive offices) (Zip Code)
 (917) 778-6000
(Registrant’s telephone number, including area code)
_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, without par value TRV New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes ý    No o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         
Yes ý    No o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes    No ý 
The number of shares of the Registrant’s Common Stock, without par value, outstanding at October 14, 2021 was 246,008,687.




The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2021
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
   
Item 1. 
   
 
Consolidated Statement of Income (Unaudited) — Three Months and Nine Months ended September 30, 2021 and 2020
   
 
Consolidated Statement of Comprehensive Income (Unaudited) — Three Months and Nine Months Ended September 30, 2021 and 2020
   
 
Consolidated Balance Sheet — September 30, 2021 (Unaudited) and December 31, 2020
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Nine Months Ended September 30, 2021 and 2020
   
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2021 and 2020
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
  
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 5.
   
Item 6.
   
 
   

2


PART 1 — FINANCIAL INFORMATION
 
Item 1.  FINANCIAL STATEMENTS
 
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in millions, except per share amounts)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenues
Premiums$7,829 $7,380 $22,831 $21,564 
Net investment income771 671 2,290 1,550 
Fee income97 101 302 323 
Net realized investment gains (losses)8 37 113 (48)
Other revenues100 86 269 195 
Total revenues8,805 8,275 25,805 23,584 
Claims and expenses
Claims and claim adjustment expenses5,464 4,886 15,479 14,782 
Amortization of deferred acquisition costs1,281 1,207 3,742 3,558 
General and administrative expenses1,187 1,109 3,524 3,367 
Interest expense87 87 252 256 
Total claims and expenses8,019 7,289 22,997 21,963 
Income before income taxes786 986 2,808 1,621 
Income tax expense124 159 479 234 
Net income$662 $827 $2,329 $1,387 
Net income per share
Basic$2.65 $3.24 $9.24 $5.44 
Diluted$2.62 $3.23 $9.16 $5.41 
Weighted average number of common shares outstanding
Basic247.7 253.3 250.1 253.5 
Diluted250.1 254.3 252.4 254.5 
Cash dividends declared per common share$0.88 $0.85 $2.61 $2.52 

 









The accompanying notes are an integral part of the consolidated financial statements.
3


THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income$662 $827 $2,329 $1,387 
Other comprehensive income (loss)
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income(686)217 (1,749)2,001 
Having credit losses recognized in the consolidated statement of income (7) (10)
Net changes in benefit plan assets and obligations26 20 77 64 
Net changes in unrealized foreign currency translation(91)79 (25)(137)
Other comprehensive income (loss) before income taxes(751)309 (1,697)1,918 
Income tax expense (benefit)(148)53 (361)420 
Other comprehensive income (loss), net of taxes(603)256 (1,336)1,498 
Comprehensive income$59 $1,083 $993 $2,885 
 


































The accompanying notes are an integral part of the consolidated financial statements.
4


THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
September 30,
2021
December 31,
2020
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $73,614 and $68,830; allowance for expected credit losses of $2 and $2)
$77,040 $74,003 
Equity securities, at fair value (cost $398 and $387)
509 453 
Real estate investments1,004 1,026 
Short-term securities4,754 5,511 
Other investments4,199 3,430 
Total investments87,506 84,423 
Cash818 721 
Investment income accrued565 603 
Premiums receivable (net of allowance for expected credit
    losses of $102 and $105)
8,289 7,829 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $142 and $146)
8,329 8,350 
Ceded unearned premiums1,084 772 
Deferred acquisition costs2,570 2,358 
Contractholder receivables (net of allowance for expected credit
   losses of $19 and $19)
4,024 4,242 
Goodwill4,005 3,976 
Other intangible assets309 317 
Other assets3,207 3,173 
Total assets$120,706 $116,764 
Liabilities  
Claims and claim adjustment expense reserves$56,805 $54,521 
Unearned premium reserves16,677 15,222 
Contractholder payables4,043 4,261 
Payables for reinsurance premiums621 356 
Deferred taxes274 558 
Debt7,290 6,550 
Other liabilities6,522 6,095 
Total liabilities92,232 87,563 
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 246.0 and 252.4 shares issued and outstanding)
24,084 23,743 
Retained earnings40,438 38,771 
Accumulated other comprehensive income1,166 2,502 
Treasury stock, at cost (536.4 and 527.3 shares)
(37,214)(35,815)
Total shareholders’ equity28,474 29,201 
Total liabilities and shareholders’ equity$120,706 $116,764 





The accompanying notes are an integral part of the consolidated financial statements.
5


THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Common stock    
Balance, beginning of period$24,002 $23,606 $23,743 $23,469 
Employee share-based compensation45 8 214 64 
Compensation amortization under share-based plans and other changes
37 32 127 113 
Balance, end of period24,084 23,646 24,084 23,646 
Retained earnings    
Balance, beginning of period39,998 37,069 38,771 36,977 
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2020
 —  (43)
Net income662 827 2,329 1,387 
Dividends(220)(218)(660)(646)
Other(2)1 (2)4 
Balance, end of period40,438 37,679 40,438 37,679 
Accumulated other comprehensive income, net of tax    
Balance, beginning of period1,769 1,882 2,502 640 
Other comprehensive income (loss)(603)256 (1,336)1,498 
Balance, end of period1,166 2,138 1,166 2,138 
Treasury stock, at cost    
Balance, beginning of period(36,613)(35,614)(35,815)(35,143)
Treasury stock acquired — share repurchase authorizations(600) (1,356)(425)
Net shares acquired related to employee share-based compensation plans
(1) (43)(46)
Balance, end of period(37,214)(35,614)(37,214)(35,614)
Total shareholders’ equity$28,474 $27,849 $28,474 $27,849 
Common shares outstanding    
Balance, beginning of period249.5 253.2 252.4 255.5 
Treasury stock acquired — share repurchase authorizations(3.8) (8.8)(3.5)
Net shares issued under employee share-based compensation plans
0.3 0.1 2.4 1.3 
Balance, end of period246.0 253.3 246.0 253.3 
 











The accompanying notes are an integral part of the consolidated financial statements.
6


THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(in millions)
Nine Months Ended September 30,
20212020
Cash flows from operating activities  
Net income$2,329 $1,387 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net realized investment (gains) losses(113)48 
Depreciation and amortization662 577 
Deferred federal income tax expense (benefit)61 (67)
Amortization of deferred acquisition costs3,742 3,558 
Equity in (income) loss from other investments(774)32 
Premiums receivable(462)(324)
Reinsurance recoverables20 (150)
Deferred acquisition costs(3,955)(3,694)
Claims and claim adjustment expense reserves2,299 2,673 
Unearned premium reserves1,460 960 
Other313 (382)
Net cash provided by operating activities5,582 4,618 
Cash flows from investing activities  
Proceeds from maturities of fixed maturities6,523 5,241 
Proceeds from sales of investments:  
Fixed maturities2,864 1,994 
Equity securities74 76 
Real estate investments7  
Other investments275 184 
Purchases of investments:  
Fixed maturities(14,356)(9,951)
Equity securities(68)(80)
Real estate investments(22)(33)
Other investments(643)(321)
Net sales (purchases) of short-term securities754 (1,387)
Securities transactions in course of settlement407 522 
Acquisition, net of cash acquired(38) 
Other(199)(222)
Net cash used in investing activities(4,422)(3,977)
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorizations(1,356)(425)
Treasury stock acquired — net employee share-based compensation(43)(46)
Dividends paid to shareholders(655)(643)
Issuance of debt739 490 
Issuance of common stock — employee share options256 72 
Net cash used in financing activities(1,059)(552)
Effect of exchange rate changes on cash(4) 
Net increase in cash97 89 
Cash at beginning of year721 494 
Cash at end of period$818 $583 
Supplemental disclosure of cash flow information  
Income taxes paid$543 $413 
Interest paid$222 $226 



The accompanying notes are an integral part of the consolidated financial statements.
7

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.     BASIS OF PRESENTATION AND ACCOUNTING POLICIES
 
Basis of Presentation
 
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited.  In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected.  Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted.  All material intercompany transactions and balances have been eliminated.  The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the Company’s 2020 Annual Report).
 
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period.  Actual results could differ from those estimates.

 Adoption of Accounting Standards

Income Taxes - Simplifying the Accounting for Income Taxes

In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

For additional information regarding accounting standards that the Company adopted during the periods presented, see note 1 of notes to the consolidated financial statements in the Company’s 2020 Annual Report.


2.    SEGMENT INFORMATION

Nature of Operations
 
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations section of note 1 of notes to the consolidated financial statements in the Company’s 2020 Annual Report.
8

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
The following tables summarize the components of the Company’s revenues, income and total assets by reportable business segments:
(For the three months ended September 30, in millions) Business
Insurance
Bond & Specialty
Insurance
Personal
Insurance
Total
Reportable
Segments
2021    
Premiums$3,970 $806 $3,053 $7,829 
Net investment income575 63 133 771 
Fee income90  7 97 
Other revenues69 5 26 100 
Total segment revenues (1)
$4,704 $874 $3,219 $8,797 
Segment income (loss) (1)
$558 $174 $(2)$730 
2020    
Premiums$3,841 $723 $2,816 $7,380 
Net investment income498 58 115 671 
Fee income95  6 101 
Other revenues58 7 21 86 
Total segment revenues (1)
$4,492 $788 $2,958 $8,238 
Segment income (1)
$365 $115 $392 $872 
_________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in "interest expense and other." Segment income (loss) for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses) and income (loss) from "interest expense and other."

(For the nine months ended September 30, in millions) Business
Insurance
Bond & Specialty
Insurance
Personal
Insurance
Total
Reportable
Segments
2021    
Premiums$11,649 $2,325 $8,857 $22,831 
Net investment income1,713 186 391 2,290 
Fee income282  20 302 
Other revenues179 17 73 269 
Total segment revenues (1)
$13,823 $2,528 $9,341 $25,692 
Segment income (1)
$1,518 $498 $433 $2,449 
2020    
Premiums$11,440 $2,083 $8,041 $21,564 
Net investment income1,131 155 264 1,550 
Fee income305  18 323 
Other revenues125 17 53 195 
Total segment revenues (1)
$13,001 $2,255 $8,376 $23,632 
Segment income (1)
$596 $309 $738 $1,643 
_________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in "interest expense and other." Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses) and income (loss) from "interest expense and other."

9

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
Business Segment Reconciliations
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$789 $851 $2,410 $2,568 
Commercial automobile718 698 2,122 2,058 
Commercial property582 522 1,669 1,544 
General liability662 605 1,887 1,786 
Commercial multi-peril939 891 2,708 2,660 
Other17 15 45 38 
Total Domestic3,707 3,582 10,841 10,654 
International263 259 808 786 
Total Business Insurance3,970 3,841 11,649 11,440 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety277 277 819 805 
General liability365 310 1,043 893 
Other54 60 165 178 
Total Domestic696 647 2,027 1,876 
International110 76 298 207 
Total Bond & Specialty Insurance806 723 2,325 2,083 
Personal Insurance:    
Domestic:    
Automobile1,445 1,391 4,220 3,896 
Homeowners and Other1,437 1,262 4,122 3,659 
Total Domestic2,882 2,653 8,342 7,555 
International171 163 515 486 
Total Personal Insurance3,053 2,816 8,857 8,041 
Total earned premiums7,829