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Dec 31, 2025
Travelers Q4 2025 Earnings Report
Travelers posted strong quarterly results driven by improved underwriting profitability and higher investment income.
Key Takeaways
Travelers delivered a robust Q4 2025, with strong growth in earnings powered by improved combined ratios and solid investment income. Net income reached $2.496 billion, and the combined ratio improved to 80.2%, highlighting underwriting discipline across segments.
Net income for Q4 2025 increased by 20% to $2.496 billion, and core income rose by 18% to $2.511 billion.
The consolidated combined ratio improved by 3.0 points to 80.2%, indicating strong underwriting profitability.
Net investment income increased by 10% after-tax to $867 million, contributing to overall earnings growth.
The Board of Directors authorized an additional $5.0 billion of share repurchases, demonstrating confidence in future performance and commitment to shareholder returns.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Travelers expressed confidence in continued strength across underwriting and investments heading into 2026, supported by disciplined execution and strong capital returns.
Positive Outlook
- Exceptional underwriting profitability across all segments
- Improved combined and underlying combined ratios
- Increased investment income from higher reinvestment yields
- Share repurchase capacity increased by $5.0 billion
- Strong capital position and record cash flows
Challenges Ahead
- Auto premiums declined 4% YoY
- Slight dip in international premiums for Personal and Business Insurance
- Combined ratio improvement partially offset by catastrophe losses
- Ongoing exposure to catastrophe events across U.S.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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