10-Q 1 trv-20240930.htm 10-Q trv-20240930
0000086312false--12-312024Q3xbrli:sharesiso4217:USDiso4217:USDxbrli:sharestrv:segmentxbrli:pure00000863122024-01-012024-09-3000000863122024-10-1400000863122024-07-012024-09-3000000863122023-07-012023-09-3000000863122023-01-012023-09-3000000863122024-09-3000000863122023-12-310000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-06-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-06-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-07-012024-09-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-07-012023-09-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-09-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-09-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-09-300000086312us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-09-300000086312us-gaap:RetainedEarningsMember2024-06-300000086312us-gaap:RetainedEarningsMember2023-06-300000086312us-gaap:RetainedEarningsMember2023-12-310000086312us-gaap:RetainedEarningsMember2022-12-310000086312us-gaap:RetainedEarningsMember2024-07-012024-09-300000086312us-gaap:RetainedEarningsMember2023-07-012023-09-300000086312us-gaap:RetainedEarningsMember2024-01-012024-09-300000086312us-gaap:RetainedEarningsMember2023-01-012023-09-300000086312us-gaap:RetainedEarningsMember2024-09-300000086312us-gaap:RetainedEarningsMember2023-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000086312us-gaap:TreasuryStockCommonMember2024-06-300000086312us-gaap:TreasuryStockCommonMember2023-06-300000086312us-gaap:TreasuryStockCommonMember2023-12-310000086312us-gaap:TreasuryStockCommonMember2022-12-310000086312us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000086312us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000086312us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000086312us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000086312us-gaap:TreasuryStockCommonMember2024-09-300000086312us-gaap:TreasuryStockCommonMember2023-09-3000000863122023-09-300000086312us-gaap:CommonStockMember2024-06-300000086312us-gaap:CommonStockMember2023-06-300000086312us-gaap:CommonStockMember2023-12-310000086312us-gaap:CommonStockMember2022-12-310000086312us-gaap:CommonStockMember2024-07-012024-09-300000086312us-gaap:CommonStockMember2023-07-012023-09-300000086312us-gaap:CommonStockMember2024-01-012024-09-300000086312us-gaap:CommonStockMember2023-01-012023-09-300000086312us-gaap:CommonStockMember2024-09-300000086312us-gaap:CommonStockMember2023-09-3000000863122022-12-310000086312trv:CorvusMember2024-01-022024-01-020000086312trv:CorvusMember2024-01-0200000863122023-01-012023-03-310000086312us-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312us-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312us-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-07-012024-09-300000086312us-gaap:OperatingSegmentsMember2024-07-012024-09-300000086312us-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312us-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312us-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-07-012023-09-300000086312us-gaap:OperatingSegmentsMember2023-07-012023-09-300000086312us-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312us-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312us-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-01-012024-09-300000086312us-gaap:OperatingSegmentsMember2024-01-012024-09-300000086312us-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312us-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312us-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-01-012023-09-300000086312us-gaap:OperatingSegmentsMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:WorkersCompensationMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:WorkersCompensationMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:WorkersCompensationMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:WorkersCompensationMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PropertyMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PropertyMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PropertyMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PropertyMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:CommercialMultiPerilMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:CommercialMultiPerilMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:CommercialMultiPerilMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:CommercialMultiPerilMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherProductsAndServicesMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherProductsAndServicesMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherProductsAndServicesMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherProductsAndServicesMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:FidelityAndSuretyMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:FidelityAndSuretyMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:FidelityAndSuretyMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:FidelityAndSuretyMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMemberus-gaap:GeneralLiabilityMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherBondAndSpecialtyProductsAndServicesMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherBondAndSpecialtyProductsAndServicesMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherBondAndSpecialtyProductsAndServicesMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:OtherBondAndSpecialtyProductsAndServicesMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:PersonalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:PersonalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:PersonalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:AutomobileMembertrv:PersonalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:HomeownersAndOtherMembertrv:PersonalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:HomeownersAndOtherMembertrv:PersonalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:HomeownersAndOtherMembertrv:PersonalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:HomeownersAndOtherMembertrv:PersonalInsuranceMember2023-01-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-07-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-07-012023-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-01-012024-09-300000086312country:USus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-01-012023-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-07-012024-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-07-012023-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-01-012024-09-300000086312us-gaap:NonUsMemberus-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-01-012023-09-300000086312trv:CorporateAndReconcilingItemsMember2024-07-012024-09-300000086312trv:CorporateAndReconcilingItemsMember2023-07-012023-09-300000086312trv:CorporateAndReconcilingItemsMember2024-01-012024-09-300000086312trv:CorporateAndReconcilingItemsMember2023-01-012023-09-300000086312us-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2024-09-300000086312us-gaap:OperatingSegmentsMembertrv:BusinessAndInternationalInsuranceMember2023-12-310000086312us-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-09-300000086312us-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2023-12-310000086312us-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2024-09-300000086312us-gaap:OperatingSegmentsMembertrv:PersonalInsuranceMember2023-12-310000086312us-gaap:OperatingSegmentsMember2024-09-300000086312us-gaap:OperatingSegmentsMember2023-12-310000086312trv:CorporateAndReconcilingItemsMember2024-09-300000086312trv:CorporateAndReconcilingItemsMember2023-12-310000086312us-gaap:USTreasuryAndGovernmentMember2024-09-300000086312trv:USStatesAndPoliticalSubdivisionsLocalGeneralObligationMember2024-09-300000086312trv:USStatesAndPoliticalSubdivisionsRevenueMember2024-09-300000086312trv:USStatesAndPoliticalSubdivisionsStateGeneralObligationMember2024-09-300000086312trv:USStatesAndPoliticalSubdivisionsPreRefundedMember2024-09-300000086312us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000086312us-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300000086312us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000086312us-gaap:OtherDebtSecuritiesMember2024-09-300000086312us-gaap:USTreasuryAndGovernmentMember2023-12-310000086312trv:USStatesAndPoliticalSubdivisionsLocalGeneralObligationMember2023-12-310000086312trv:USStatesAndPoliticalSubdivisionsRevenueMember2023-12-310000086312trv:USStatesAndPoliticalSubdivisionsStateGeneralObligationMember2023-12-310000086312trv:USStatesAndPoliticalSubdivisionsPreRefundedMember2023-12-310000086312us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000086312us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000086312us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000086312us-gaap:OtherDebtSecuritiesMember2023-12-310000086312us-gaap:CommonStockMember2024-09-300000086312us-gaap:CommonStockMember2024-01-012024-09-300000086312us-gaap:NonredeemablePreferredStockMember2024-09-300000086312us-gaap:NonredeemablePreferredStockMember2024-01-012024-09-300000086312us-gaap:CommonStockMember2023-12-310000086312us-gaap:CommonStockMember2023-01-012023-12-310000086312us-gaap:NonredeemablePreferredStockMember2023-12-310000086312us-gaap:NonredeemablePreferredStockMember2023-01-012023-12-3100000863122023-01-012023-12-310000086312us-gaap:OtherDebtSecuritiesMember2024-06-300000086312us-gaap:OtherDebtSecuritiesMember2023-06-300000086312us-gaap:OtherDebtSecuritiesMember2024-07-012024-09-300000086312us-gaap:OtherDebtSecuritiesMember2023-07-012023-09-300000086312us-gaap:OtherDebtSecuritiesMember2023-09-300000086312us-gaap:OtherDebtSecuritiesMember2022-12-310000086312us-gaap:OtherDebtSecuritiesMember2024-01-012024-09-300000086312us-gaap:OtherDebtSecuritiesMember2023-01-012023-09-300000086312us-gaap:FairValueInputsLevel3Membertrv:InvestmentsInVariousNonpublicCommonAndPreferredEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Membertrv:InvestmentsInVariousNonpublicCommonAndPreferredEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000086312us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000086312us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000086312us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000086312us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000086312us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000086312us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000086312us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000086312us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000086312us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000086312us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-3100000863122024-06-3000000863122023-06-300000086312trv:RatedByAMBestMembertrv:CreditRatingAMBestProvidedRatingMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceMember2024-09-300000086312trv:RatedByAMBestMembertrv:CreditRatingAMBestProvidedRatingMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceMember2024-01-012024-09-300000086312trv:RatedByAMBestMembertrv:AMBestAMinusRatingOrBetterMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceRatedByAMBestMember2024-01-012024-09-300000086312trv:NotRatedByAMBestMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceMember2024-01-012024-09-300000086312trv:CaptiveInsuranceCompaniesMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceMember2024-01-012024-09-300000086312trv:VoluntaryPoolsMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceMember2024-01-012024-09-300000086312trv:OtherCompaniesNotRatedByAMBestMemberus-gaap:ReinsurerConcentrationRiskMembertrv:ReinsuranceRecoverablesAfterDeductionOfMandatoryPoolsAndAssociationsBeforeAllowanceMember2024-01-012024-09-300000086312trv:CorvusMemberus-gaap:OperatingSegmentsMembertrv:BondAndSpecialtyInsuranceMember2024-09-300000086312us-gaap:CustomerRelatedIntangibleAssetsMember2024-09-300000086312us-gaap:ContractBasedIntangibleAssetsMember2024-09-300000086312us-gaap:MarketingRelatedIntangibleAssetsMember2024-09-300000086312us-gaap:CustomerRelatedIntangibleAssetsMember2023-12-310000086312us-gaap:ContractBasedIntangibleAssetsMember2023-12-310000086312trv:CorvusMemberus-gaap:CustomerRelatedIntangibleAssetsMember2024-01-012024-03-310000086312trv:CorvusMemberus-gaap:MarketingRelatedIntangibleAssetsMember2024-01-012024-03-310000086312trv:CorvusMemberus-gaap:CustomerRelatedIntangibleAssetsMember2024-01-022024-01-020000086312trv:CorvusMemberus-gaap:MarketingRelatedIntangibleAssetsMember2024-01-022024-01-020000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-12-310000086312us-gaap:AccidentAndHealthInsuranceExcludingWorkersCompensationMember2024-09-300000086312us-gaap:AccidentAndHealthInsuranceExcludingWorkersCompensationMember2023-12-310000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2022-12-310000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-01-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-01-012023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312us-gaap:AsbestosIssueMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2024-07-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312us-gaap:AsbestosIssueMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2023-07-012023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312us-gaap:AsbestosIssueMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2024-01-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312us-gaap:AsbestosIssueMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BusinessAndInternationalInsuranceMember2023-01-012023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BondAndSpecialtyInsuranceMember2024-07-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BondAndSpecialtyInsuranceMember2024-01-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BondAndSpecialtyInsuranceMember2023-07-012023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:BondAndSpecialtyInsuranceMember2023-01-012023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:PersonalInsuranceMember2024-07-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:PersonalInsuranceMember2024-01-012024-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:PersonalInsuranceMember2023-07-012023-09-300000086312us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembertrv:PersonalInsuranceMember2023-01-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-06-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-06-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000086312us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-07-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-07-012024-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-12-310000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-12-310000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000086312us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-01-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-01-012024-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-07-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-01-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-07-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-01-012023-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-012023-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000086312us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000086312us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000086312us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000086312us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000086312us-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300000086312us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000086312us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300000086312us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000086312us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300000086312us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000086312us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300000086312us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300000086312trv:PolicyholderBenefitsAndClaimsIncurredNetMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300000086312us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000086312us-gaap:IndemnificationGuaranteeMember2024-09-300000086312trv:PaymentGuaranteeCertainInsurancePolicyObligationsMember2024-09-30

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, 2024
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 filer☐Smaller 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, 2024 was 227,018,963.


The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2024
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
Item 1. 
   
 
Consolidated Statement of Income (Unaudited) — Three and Nine Months Ended September 30, 2024 and 2023
   
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Nine Months Ended September 30, 2024 and 2023
 
Consolidated Balance Sheet — September 30, 2024 (Unaudited) and December 31, 2023
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Nine Months Ended September 30, 2024 and 2023
   
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2024 and 2023
   
 
   
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,
2024202320242023
Revenues
Premiums$10,704 $9,718 $31,073 $27,788 
Net investment income904 769 2,635 2,144 
Fee income121 112 345 324 
Net realized investment gains (losses)55 (65)25 (94)
Other revenues120 101 337 275 
Total revenues11,904 10,635 34,415 30,437 
Claims and expenses
Claims and claim adjustment expenses6,996 7,149 21,025 20,335 
Amortization of deferred acquisition costs1,790 1,604 5,166 4,585 
General and administrative expenses1,460 1,312 4,344 3,887 
Interest expense98 98 294 278 
Total claims and expenses10,344 10,163 30,829 29,085 
Income before income taxes1,560 472 3,586 1,352 
Income tax expense (benefit)300 68 669 (13)
Net income$1,260 $404 $2,917 $1,365 
Net income per share
Basic$5.50 $1.75 $12.68 $5.89 
Diluted$5.42 $1.74 $12.51 $5.83 
Weighted average number of common shares outstanding
Basic227.4 228.8 228.3 230.0 
Diluted230.6 231.1 231.3 232.5 
Cash dividends declared per common share$1.05 $1.00 $3.10 $2.93 

 









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

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in millions)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income$1,260 $404 $2,917 $1,365 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income2,370 (2,391)1,294 (1,986)
Having credit losses recognized in the consolidated statement of income1 — 4 — 
Net changes in benefit plan assets and obligations(1)(3)(4)(10)
Net changes in unrealized foreign currency translation120 (118)24 13 
Other comprehensive income (loss) before income taxes2,490 (2,512)1,318 (1,983)
Income tax expense (benefit)513 (509)280 (416)
Other comprehensive income (loss), net of taxes1,977 (2,003)1,038 (1,567)
Comprehensive income (loss)$3,237 $(1,599)$3,955 $(202)
 


































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,
2024		December 31,
2023
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $86,657 and $81,781; allowance for expected credit losses of $0 and $5)
$83,985 $77,807 
Equity securities, at fair value (cost $547 and $553)
702 608 
Real estate investments901 959 
Short-term securities5,482 5,137 
Other investments4,380 4,299 
Total investments95,450 88,810 
Cash772 650 
Investment income accrued665 688 
Premiums receivable (net of allowance for expected credit
    losses of $70 and $69)
11,271 10,282 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $120 and $118)
8,075 8,143 
Ceded unearned premiums1,502 1,150 
Deferred acquisition costs3,579 3,306 
Deferred taxes1,336 1,504 
Contractholder receivables (net of allowance for expected credit
   losses of $18 and $20)
3,292 3,249 
Goodwill4,273 3,976 
Other intangible assets368 277 
Other assets4,005 3,943 
Total assets$134,588 $125,978 
Liabilities  
Claims and claim adjustment expense reserves$64,746 $61,627 
Unearned premium reserves22,783 20,872 
Contractholder payables3,310 3,269 
Payables for reinsurance premiums921 518 
Debt8,033 8,031 
Other liabilities7,099 6,740 
Total liabilities106,892 101,057 
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 227.0 and 228.2 shares issued and outstanding)
25,339 24,906 
Retained earnings47,789 45,591 
Accumulated other comprehensive loss(3,433)(4,471)
Treasury stock, at cost (563.3 and 559.2 shares)
(41,999)(41,105)
Total shareholders’ equity27,696 24,921 
Total liabilities and shareholders’ equity$134,588 $125,978 





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,
2024202320242023
Common stock    
Balance, beginning of period$25,245 $24,776 $24,906 $24,565 
Employee share-based compensation31 8 231 102 
Compensation amortization under share-based plans and other changes
63 47 202 164 
Balance, end of period25,339 24,831 25,339 24,831 
Retained earnings    
Balance, beginning of period46,773 44,026 45,591 43,516 
Net income1,260 404 2,917 1,365 
Dividends(243)(232)(720)(683)
Other(1)— 1 — 
Balance, end of period47,789 44,198 47,789 44,198 
Accumulated other comprehensive income (loss), net of tax    
Balance, beginning of period(5,410)(6,009)(4,471)(6,445)
Other comprehensive income (loss)1,977 (2,003)1,038 (1,567)
Balance, end of period(3,433)(8,012)(3,433)(8,012)
Treasury stock, at cost    
Balance, beginning of period(41,746)(40,938)(41,105)(40,076)
Treasury stock acquired — share repurchase authorizations(250)(100)(750)(900)
Net shares acquired related to employee share-based compensation plans
(3)(1)(144)(63)
Balance, end of period(41,999)(41,039)(41,999)(41,039)
Total shareholders’ equity$27,696 $19,978 $27,696 $19,978 
Common shares outstanding    
Balance, beginning of period227.9 228.9 228.2 232.1 
Treasury stock acquired — share repurchase authorizations(1.1)(0.6)(3.4)(5.0)
Net shares issued under employee share-based compensation plans
0.2 0.1 2.2 1.3 
Balance, end of period227.0 228.4 227.0 228.4 
 











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,
20242023
Cash flows from operating activities  
Net income$2,917 $1,365 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses(25)94 
Depreciation and amortization552 552 
Deferred federal income tax benefit(102)(107)
Amortization of deferred acquisition costs5,166 4,585 
Equity in income from other investments(220)(144)
Premiums receivable(987)(1,422)
Reinsurance recoverables73 (204)
Deferred acquisition costs(5,439)(5,079)
Claims and claim adjustment expense reserves3,067 3,053 
Unearned premium reserves1,904 2,817 
Other104 97 
Net cash provided by operating activities7,010 5,607 
Cash flows from investing activities
Proceeds from maturities of fixed maturities5,990 4,909 
Proceeds from sales of investments:
Fixed maturities1,475 4,619 
Equity securities93 117 
Real estate investments64 — 
Other investments211 166 
Purchases of investments:
Fixed maturities(12,360)(13,054)
Equity securities(80)(80)
Real estate investments(34)(46)
Other investments(283)(375)
Net purchases of short-term securities(342)(1,018)
Securities transactions in the course of settlement382 60 
Acquisition, net of cash acquired(382)— 
Other(305)(335)
Net cash used in investing activities(5,571)(5,037)
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorizations(747)(894)
Treasury stock acquired — net employee share-based compensation(112)(63)
Dividends paid to shareholders(711)(676)
Issuance of debt— 738 
Issuance of common stock — employee share options245 117 
Net cash used in financing activities(1,325)(778)
Effect of exchange rate changes on cash8 2 
Net increase (decrease) in cash122 (206)
Cash at beginning of year650 799 
Cash at end of period$772 $593 
Supplemental disclosure of cash flow information
Income taxes paid$947 $152 
Interest paid$255 $234 
Supplemental disclosure of noncash financing activities
Issuance of common stock — net share settlement of employee options$32 $— 

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, 2023 (the Company’s 2023 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. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.
On January 2, 2024, the Company completed its previously announced acquisition of all issued and outstanding shares of Corvus Insurance Holdings, Inc. (Corvus), a cyber insurance managing general underwriter, for consideration transferred of approximately $427 million. The acquisition provides the Company the opportunity to renew Corvus’s book of business and to leverage Corvus’s capabilities to enhance the return profile of Travelers’ existing cyber portfolio. At the acquisition date, the Company recorded at fair value $478 million of assets acquired and $51 million of liabilities assumed as part of purchase accounting, including $390 million of identifiable intangible assets and goodwill. The assets acquired from Corvus were included in the Company’s Bond & Specialty Insurance segment, effective at the acquisition date. The Company funded this transaction from internal resources. A provisional amount of $19 million was recorded as a deferred tax asset and included on the consolidated balance sheet on January 2, 2024, the date of the acquisition. As the tax return for Corvus for the 2023 fiscal year will not be finalized until the fourth quarter of 2024, a measurement period adjustment is expected to be recorded in the fourth quarter of 2024.
Income Taxes
The Company recognized a one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item impacted by the repeal of Internal Revenue Code Section 847, which related to the discounting of property-casualty loss reserves.


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 the notes to the consolidated financial statements in the Company’s 2023 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 (loss) 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
2024    
Premiums$5,474 $1,009 $4,221 $10,704 
Net investment income642 101 161 904 
Fee income109 — 12 121 
Other revenues89 7 24 120 
Total segment revenues (1)
$6,314 $1,117 $4,418 $11,849 
Segment income (1)
$698 $222 $384 $1,304 
2023    
Premiums$4,956 $935 $3,827 $9,718 
Net investment income551 86 132 769 
Fee income102 — 10 112 
Other revenues71 6 24 101 
Total segment revenues (1)
$5,680 $1,027 $3,993 $10,700 
Segment income (loss) (1)
$468 $265 $(193)$540 
________________________________________________________
(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 excludes 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
2024
Premiums$15,802 $2,942 $12,329 $31,073 
Net investment income1,883 285 467 2,635 
Fee income315 — 30 345 
Other revenues243 22 72 337 
Total segment revenues (1)
$18,243 $3,249 $12,898 $34,390 
Segment income (1)
$2,118 $587 $451 $3,156 
2023
Premiums$14,077 $2,721 $10,990 $27,788 
Net investment income1,533 237 374 2,144 
Fee income299 — 25 324 
Other revenues185 18 72 275 
Total segment revenues (1)
$16,094 $2,976 $11,461 $30,531 
Segment income (loss) (1)
$1,626 $702 $(648)$1,680 
________________________________________________________
(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 excludes 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)2024202320242023
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$858 $876 $2,602 $2,584 
Commercial automobile915 816 2,649 2,375 
Commercial property915 828 2,682 2,297 
General liability871 804 2,563 2,312 
Commercial multi-peril1,374 1,211 3,890 3,456 
Other21 21 51 55 
Total Domestic4,954 4,556 14,437 13,079 
International520 400 1,365 998 
Total Business Insurance5,474 4,956 15,802 14,077 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety359 333 1,049 964 
General liability454 414 1,317 1,218 
Other58 57 172 168 
Total Domestic871 804 2,538 2,350 
International138 131 404 371 
Total Bond & Specialty Insurance1,009 935 2,942 2,721 
Personal Insurance:    
Domestic:    
Automobile1,973 1,772 5,766 5,084 
Homeowners and Other2,083 1,896 6,069 5,434 
Total Domestic4,056 3,668 11,835 10,518 
International165 159 494 472 
Total Personal Insurance4,221 3,827 12,329 10,990 
Total earned premiums10,704 9,718 31,073 27,788 
Net investment income904 769 2,635 2,144 
Fee income121 112 345 324 
Other revenues120 101 337 275 
Total segment revenues11,849 10,700 34,390 30,531 
Net realized investment gains (losses)55 (65)25 (94)
Total revenues$11,904 $10,635 $34,415 $30,437 
Income reconciliation, net of tax    
Total segment income$1,304 $540 $3,156 $1,680 
Interest Expense and Other (1)
(86)(86)(257)(241)
Core income1,218 454 2,899 1,439 
Net realized investment gains (losses)42 (50)18 (74)
Net income$1,260 $404 $2,917 $1,365 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $77 million and $78 million for the three months ended September 30, 2024 and 2023, respectively, and $232 million and $220 million for the nine months ended September 30, 2024 and 2023, respectively.
10
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
(in millions)September 30,
2024		December 31,
2023
Asset reconciliation  
Business Insurance$99,192 $93,565 
Bond & Specialty Insurance13,060 11,478 
Personal Insurance21,430 20,072 
Total assets by reportable segment133,682 125,115 
Other assets (1)
906 863 
Total consolidated assets$134,588 $125,978 
 _________________________________________________________
(1)The primary components of other assets at both September 30, 2024 and December 31, 2023 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.


3.      INVESTMENTS
Fixed Maturities
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(at September 30, 2024, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,048 $— $13 $136 $5,925 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation18,482 — 100 1,159 17,423 
Revenue9,244 — 59 544 8,759 
State general obligation1,125 — 8 54 1,079 
Pre-refunded832 — 4 1 835 
Total obligations of U.S. states, municipalities and political subdivisions29,683 — 171 1,758 28,096 
Debt securities issued by foreign governments949 — 8 15 942 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
11,880 — 253 134 11,999 
Corporate and all other bonds38,097 — 348 1,422 37,023 
Total$86,657 $— $793 $3,465 $83,985 
11
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(at December 31, 2023, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,591 $— $8 $231 $6,368 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation18,374 — 90 1,265 17,199 
Revenue9,748 — 52 616 9,184 
State general obligation1,209 — 7 59 1,157 
Pre-refunded963 — 5 2 966 
Total obligations of U.S. states, municipalities and political subdivisions30,294 — 154 1,942 28,506 
Debt securities issued by foreign governments1,035 — 2 31 1,006 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
7,874 — 120 176 7,818 
Corporate and all other bonds35,987 5 187 2,060 34,109 
Total$81,781 $5 $471 $4,440 $77,807 
Pre-refunded bonds of $835 million and $966 million at September 30, 2024 and December 31, 2023, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities.  These trusts were created to fund the payment of principal and interest due under the bonds.
Proceeds from the sales of fixed maturities classified as available for sale were $1.48 billion and $4.62 billion during the nine months ended September 30, 2024 and 2023, respectively. Gross gains of $2 million and $26 million and gross losses of $57 million and $93 million were realized on those sales during the nine months ended September 30, 2024 and 2023, respectively. Included in net realized investment gains (losses) for the nine months ended September 30, 2024 and 2023 were $34 million and $0 million, respectively, of losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds’ maturity date.
Equity Securities
The cost and fair value of investments in equity securities were as follows:
  
(at September 30, 2024, in millions)CostGross GainsGross LossesFair Value
Common stock$501 $158 $7 $652 
Non-redeemable preferred stock46 4 — 50 
Total$547 $162 $7 $702 
(at December 31, 2023, in millions)CostGross GainsGross LossesFair Value
Common stock$508 $93 $41 $560 
Non-redeemable preferred stock45 3 — 48 
Total$553 $96 $41 $608 
For the nine months ended September 30, 2024 and 2023, the Company recognized $102 million and $(11) million of net gains (losses) on equity securities still held as of September 30, 2024 and 2023, respectively.

12
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
Unrealized Investment Losses
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position at September 30, 2024 and December 31, 2023, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.  The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(at September 30, 2024, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$105 $— $3,052 $136 $3,157 $136 
Obligations of U.S. states, municipalities and political subdivisions1,771 8 15,819 1,750 17,590 1,758 
Debt securities issued by foreign governments
13 — 539 15 552 15 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
523 3 1,527 131 2,050 134 
Corporate and all other bonds927 5 23,413 1,417 24,340 1,422 
Total $3,339 $16 $44,350 $3,449 $47,689 $3,465 
Less than 12 months12 months or longerTotal
(at December 31, 2023, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$1,864 $7 $2,985  $224 $4,849 $231 
Obligations of U.S. states, municipalities and political subdivisions3,868 31 14,351  1,911 18,219 1,942 
Debt securities issued by foreign governments
30 — 763  31 793 31 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,215 9 1,433  167 2,648 176 
Corporate and all other bonds1,016 9 26,444  2,051 27,460 2,060 
Total $7,993 $56 $45,976 $4,384 $