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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, 2022
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, 2022 was 234,347,525.




The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2022
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
   
Item 1. 
   
 
Consolidated Statement of Income (Unaudited) — Three Months and Nine Months Ended September 30, 2022 and 2021
   
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three Months and Nine Months Ended September 30, 2022 and 2021
   
 
Consolidated Balance Sheet — September 30, 2022 (Unaudited) and December 31, 2021
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Nine Months Ended September 30, 2022 and 2021
   
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2022 and 2021
   
 
   
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,
2022202120222021
Revenues
Premiums$8,615 $7,829 $24,946 $22,831 
Net investment income593 771 1,937 2,290 
Fee income104 97 307 302 
Net realized investment gains (losses)(93)8 (211)113 
Other revenues84 100 269 269 
Total revenues9,303 8,805 27,248 25,805 
Claims and expenses
Claims and claim adjustment expenses6,088 5,464 16,930 15,479 
Amortization of deferred acquisition costs1,406 1,281 4,081 3,742 
General and administrative expenses1,193 1,187 3,607 3,524 
Interest expense88 87 263 252 
Total claims and expenses8,775 8,019 24,881 22,997 
Income before income taxes528 786 2,367 2,808 
Income tax expense74 124 344 479 
Net income$454 $662 $2,023 $2,329 
Net income per share
Basic$1.91 $2.65 $8.43 $9.24 
Diluted$1.89 $2.62 $8.34 $9.16 
Weighted average number of common shares outstanding
Basic235.4 247.7 238.3 250.1 
Diluted237.9 250.1 240.9 252.4 
Cash dividends declared per common share$0.93 $0.88 $2.74 $2.61 

 









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,
2022202120222021
Net income$454 $662 $2,023 $2,329 
Other comprehensive income (loss)
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income(3,204)(686)(11,078)(1,749)
Having credit losses recognized in the consolidated statement of income  (3) 
Net changes in benefit plan assets and obligations12 26 34 77 
Net changes in unrealized foreign currency translation(251)(91)(423)(25)
Other comprehensive loss before income taxes(3,443)(751)(11,470)(1,697)
Income tax benefit(690)(148)(2,369)(361)
Other comprehensive loss, net of taxes(2,753)(603)(9,101)(1,336)
Comprehensive income (loss)$(2,299)$59 $(7,078)$993 
 


































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,
2022
December 31,
2021
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $76,471 and $74,751; allowance for expected credit losses of $3 and $3)
$68,450 $77,810 
Equity securities, at fair value (cost $757 and $749)
774 893 
Real estate investments954 979 
Short-term securities3,927 3,836 
Other investments4,008 3,857 
Total investments78,113 87,375 
Cash773 761 
Investment income accrued583 615 
Premiums receivable (net of allowance for expected credit
    losses of $86 and $107)
8,886 8,085 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $133 and $141)
8,202 8,452 
Ceded unearned premiums1,199 902 
Deferred acquisition costs2,858 2,542 
Deferred taxes2,175  
Contractholder receivables (net of allowance for expected credit
   losses of $18 and $21)
3,749 3,890 
Goodwill3,922 4,008 
Other intangible assets287 306 
Other assets3,570 3,530 
Total assets$114,317 $120,466 
Liabilities  
Claims and claim adjustment expense reserves$58,138 $56,907 
Unearned premium reserves18,364 16,469 
Contractholder payables3,767 3,911 
Payables for reinsurance premiums629 384 
Deferred taxes 289 
Debt7,291 7,290 
Other liabilities6,222 6,329 
Total liabilities94,411 91,579 
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 234.3 and 241.2 shares issued and outstanding)
24,472 24,154 
Retained earnings42,917 41,555 
Accumulated other comprehensive income (loss)(7,908)1,193 
Treasury stock, at cost (550.8 and 541.5 shares)
(39,575)(38,015)
Total shareholders’ equity19,906 28,887 
Total liabilities and shareholders’ equity$114,317 $120,466 





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,
2022202120222021
Common stock    
Balance, beginning of period$24,419 $24,002 $24,154 $23,743 
Employee share-based compensation11 45 176 214 
Compensation amortization under share-based plans and other changes
42 37 142 127 
Balance, end of period24,472 24,084 24,472 24,084 
Retained earnings    
Balance, beginning of period42,684 39,998 41,555 38,771 
Net income454 662 2,023 2,329 
Dividends(221)(220)(660)(660)
Other (2)(1)(2)
Balance, end of period42,917 40,438 42,917 40,438 
Accumulated other comprehensive income (loss), net of tax    
Balance, beginning of period(5,155)1,769 1,193 2,502 
Other comprehensive loss(2,753)(603)(9,101)(1,336)
Balance, end of period(7,908)1,166 (7,908)1,166 
Treasury stock, at cost    
Balance, beginning of period(39,074)(36,613)(38,015)(35,815)
Treasury stock acquired — share repurchase authorizations(500)(600)(1,500)(1,356)
Net shares acquired related to employee share-based compensation plans
(1)(1)(60)(43)
Balance, end of period(39,575)(37,214)(39,575)(37,214)
Total shareholders’ equity$19,906 $28,474 $19,906 $28,474 
Common shares outstanding    
Balance, beginning of period237.3 249.5 241.2 252.4 
Treasury stock acquired — share repurchase authorizations(3.1)(3.8)(8.9)(8.8)
Net shares issued under employee share-based compensation plans
0.1 0.3 2.0 2.4 
Balance, end of period234.3 246.0 234.3 246.0 
 











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,
20222021
Cash flows from operating activities  
Net income$2,023 $2,329 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net realized investment (gains) losses211 (113)
Depreciation and amortization639 662 
Deferred federal income tax expense (benefit)(130)61 
Amortization of deferred acquisition costs4,081 3,742 
Equity in income from other investments(319)(774)
Premiums receivable(861)(462)
Reinsurance recoverables185 20 
Deferred acquisition costs(4,419)(3,955)
Claims and claim adjustment expense reserves1,694 2,299 
Unearned premium reserves2,033 1,460 
Other(12)313 
Net cash provided by operating activities5,125 5,582 
Cash flows from investing activities  
Proceeds from maturities of fixed maturities5,481 6,523 
Proceeds from sales of investments:  
Fixed maturities3,951 2,864 
Equity securities104 74 
Real estate investments10 7 
Other investments242 275 
Purchases of investments:  
Fixed maturities(12,100)(14,356)
Equity securities(112)(375)
Real estate investments(28)(22)
Other investments(414)(336)
Net sales (purchases) of short-term securities(107)754 
Securities transactions in the course of settlement214 407 
Acquisitions, net of cash acquired(4)(38)
Other(291)(199)
Net cash used in investing activities(3,054)(4,422)
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorizations(1,500)(1,356)
Treasury stock acquired — net employee share-based compensation(60)(43)
Dividends paid to shareholders(656)(655)
Issuance of debt 739 
Issuance of common stock — employee share options205 256 
Net cash used in financing activities(2,011)(1,059)
Effect of exchange rate changes on cash(48)(4)
Net increase in cash12 97 
Cash at beginning of year761 721 
Cash at end of period$773 $818 
Supplemental disclosure of cash flow information  
Income taxes paid$663 $543 
Interest paid$234 $222 

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, 2021 (the Company’s 2021 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. Certain reclassifications have been made to the prior period to conform to the 2022 presentation.

Adoption of Accounting Standards

For information regarding accounting standards that the Company adopted during the periods presented, see note 1 of the notes to the consolidated financial statements in the Company’s 2021 Annual Report.

Enactment of the Inflation Reduction Act of 2022

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (IRA) which, among other changes, created a new corporate alternative minimum tax (AMT) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. The effective date of these provisions is January 1, 2023. The Company does not expect the enactment of the IRA will have an impact on the Company’s financial statements in 2022. While the Company expects to be an applicable corporation subject to the AMT tax beginning in 2023 based on its reported GAAP earnings for the past three years, the Company expects any AMT tax incurred to be treated as a taxable temporary difference and have no direct impact on total income tax expense, subject to any additional guidance or regulations that may be issued. Any excise tax incurred on corporate stock repurchases will generally be recognized as part of the cost basis of the treasury stock acquired and not reported as part of income tax expense.

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 2021 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
2022    
Premiums$4,353 $877 $3,385 $8,615 
Net investment income426 65 102 593 
Fee income96  8 104 
Other revenues56 6 22 84 
Total segment revenues (1)
$4,931 $948 $3,517 $9,396 
Segment income (loss) (1)
$471 $242 $(111)$602 
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 
________________________________________________________
(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
2022    
Premiums$12,642 $2,548 $9,756 $24,946 
Net investment income1,415 188 334 1,937 
Fee income285  22 307 
Other revenues194 14 61 269 
Total segment revenues (1)
$14,536 $2,750 $10,173 $27,459 
Segment income (loss) (1)
$1,806 $687 $(79)$2,414 
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 
_________________________________________________________
(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)2022202120222021
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$872 $789 $2,566 $2,410 
Commercial automobile754 718 2,202 2,122 
Commercial property668 582 1,914 1,669 
General liability728 662 2,116 1,887 
Commercial multi-peril1,057 939 3,034 2,708 
Other19 17 52 45 
Total Domestic4,098 3,707 11,884 10,841 
International255 263 758 808 
Total Business Insurance4,353 3,970 12,642 11,649 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety307 277 876 819 
General liability396 365 1,154 1,043 
Other57 54 166 165 
Total Domestic760 696 2,196 2,027 
International117 110 352 298 
Total Bond & Specialty Insurance877 806 2,548 2,325 
Personal Insurance:    
Domestic:    
Automobile1,575 1,445 4,544 4,220 
Homeowners and Other1,648 1,437 4,714 4,122 
Total Domestic3,223 2,882 9,258 8,342 
International162 171 498 515 
Total Personal Insurance3,385 3,053 9,756 8,857 
Total earned premiums8,615 7,829 24,946 22,831 
Net investment income