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Sep 30
Travelers Q3 2025 Earnings Report
Travelers delivered exceptional financial performance in Q3 2025, driven by strong underwriting results and higher investment income.
Key Takeaways
Travelers posted a robust Q3 2025, with net income rising to $1.888 billion and core income reaching $1.867 billion. Strong underwriting gains and reduced catastrophe losses contributed to a significantly improved combined ratio and record EPS figures.
Net income per diluted share increased 52% to $8.24, and core income per diluted share increased 55% to $8.14 for the third quarter of 2025.
The consolidated combined ratio improved significantly by 5.9 points to an excellent 87.3%, reflecting lower catastrophe losses and an improved underlying combined ratio.
Net investment income rose 15% after-tax to $850 million, contributing to the strong financial performance.
The company returned $878 million of capital to shareholders, including $628 million in share repurchases, while growing book value per share by 16%.
Travelers
Travelers
Travelers Revenue by Segment
Travelers Revenue by Geographic Location
Revenue by Segment
Business Insurance Revenue
CapyFin.comBond & Specialty Insurance Revenue
CapyFin.comPersonal Insurance Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Management expressed strong confidence in future performance based on current momentum, scale, and underwriting advantages.
Positive Outlook
- Exceptional underwriting results expected to continue.
- Investment income supported by strong portfolio performance.
- Favorable pricing trends across key insurance segments.
- Momentum in core income and adjusted book value growth.
- Capital strength supports continued share repurchases and dividends.
Challenges Ahead
- Potential impact from future catastrophe losses.
- Economic uncertainty may affect premium growth.
- Ongoing asbestos-related reserve pressures.
- International segment experienced a revenue decline.
- Lower net favorable reserve development compared to prior periods.