The Travelers Companies, Inc. (TRV) — Tellvest

Key financialsFY2026 Q1

Reported GAAP figures from SEC filings

Quarter	Revenue	Rev YoY	EPS	EPS YoY	Op margin	Net margin
FY2024 Q4	$12.01B	+9.8%	$8.96	+28.4%	21.6%	17.3%
FY2025 Q1	$11.81B	+5.2%	$1.70	-64.7%	4.0%	3.3%
FY2025 Q2	$12.12B	+7.4%	$6.53	+185.2%	15.5%	12.5%
FY2025 Q3	$12.47B	+4.8%	$8.24	+52.0%	18.8%	15.1%
FY2025 Q4	$12.43B	+3.5%	$11.06	+23.4%	25.0%	20.1%
FY2026 Q1	$11.92B	+1.0%	$7.78	+357.6%	17.8%	14.3%
FY2026 Q2	$12.15B	+0.3%	$10.26	+57.1%	23.7%	18.2%

As stated by management on the call

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “core income of $1.7 billion, or $7.71 per diluted share, generating core return on equity of 19.7%”
Revenue: “we generated net written premiums of $10.3 billion in the quarter”
Guidance: “Our outlook for fixed income NII by quarter, including earnings from short-term securities, is consistent with the guidance we provided on our fourth quarter earnings call”
Key metric: “The all-in combined ratio of 88.6% was again excellent”

Top Analysts & Firms

Most Active Analysts

Analyst	Firm	Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Greg Peters	Raymond James	14 (7%)
Dave Motemaden	Evercore ISI	13 (15%)
Mike Zaremski	BMO Capital Markets	12 (17%)
Rob Cox	Goldman Sachs	12 (0%)
Elyse Greenspan	Wells Fargo	11 (9%)
Brian Meredith	UBS	10 (10%)
Meyer Shields	KBW	9 (11%)
Alex Scott	Barclays	8 (0%)
Ryan Tunis	Cantor Fitzgerald	6 (0%)
Wes Carmichael	Wells Fargo	5 (0%)

Most Active Firms

Firm	Analysts	Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Wells Fargo	2	16 (6%)
Raymond James	1	14 (7%)
Evercore ISI	1	13 (15%)
Goldman Sachs	1

Key Themes7

positive📊 company

Record Underwriting Income And Combined Ratio Excellence

Underlying underwriting income exceeded $1 billion after tax for the seventh consecutive quarter. All-in combined ratio of 88.6% and underlying combined ratio of 85.3% on $10.6 billion of earned premium.

MarginRevenue Growth

positive📊 company

Business Insurance Record New Business And Retention Gains

New business of $775 million was a quarterly record, up 7% in Middle Market. Retention increased to 86%, higher or stable in every line. Renewal premium change of 5.8% with double-digit RPC in auto, CMP, and umbrella.

Revenue GrowthCompetitive Dynamics

positive📊 company

Personal Insurance Margin Strength And Growth Pivot

Combined ratio of 82.9% was the lowest first-quarter segment result in the last ten years. Underlying combined ratio of 78.3% improved by 1.6 points. Growth initiatives launched: expanded eligibility, relaxed binding limitations, new agency appointments.

MarginCompetitive Dynamics

positive📊 company

Investment Income Growth From High-Quality Portfolio

After-tax net investment income increased by 9% to $833 million. New money yields about 70 basis points higher than embedded portfolio yield. More than 90% in high-quality fixed income with average credit rating of AA-.

Revenue GrowthCapital Allocation

positive📊 company

Aggressive Capital Return And 14% Dividend Increase

Returned more than $2.2 billion to shareholders including approximately $2 billion of share repurchases. Board declared 14% dividend increase to $1.25 per share, marking 22 consecutive years of increases. Adjusted book value per share up 16% year over year.

Capital Allocation

negative🏢 sector

Social Inflation And Extended Casualty Payout Patterns

Attorney representation rates have not slowed down and severity increases continue. Payout patterns in long-tail liability lines remain extended beyond pre-COVID levels. Uncertainty provision carried forward into 2026 loss picks for casualty lines.

Cost PressureRegulation Policy

positive📊 company

AI And Technology Investment As Competitive Moat

Investing more than $1.5 billion annually in technology including AI strategy. TCAP commercial auto product live in 47 states. BAP 2.0 fully deployed nationwide. Travis digital platform processes over 1 million transactions annually.

Innovation & R&DCloud & AI

Q&A Topicsfrequency by quarter

	Margin	Pricing	Cost Pressure	Revenue Growth	Competitive Dynamics	Capital Allocation	Regulation Policy	Cloud & AI
2024Q4	12	7	1	1	1	2	2	1
2025Q1	7	4	8	4		3	2
2025Q2	5	7	4	2	6	3	2	1
2025Q3	6	7	3	7	3	1	1	1
2025Q4	9	4	2	3	1	4	2	2
2026Q1	8	3	7	1	6	1	3	5

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Margin	12	7	5	6	9	8
Pricing	7	4	7	7	4	3
Cost Pressure	1	8	4	3	2	7
Revenue Growth	1	4	2	7	3	1
Competitive Dynamics	1		6	3	1	6
Capital Allocation	2	3	3	1	4	1
Regulation Policy	2	2	2	1	2	3
Cloud & AI	1		1	1	2	5

Analyst Q&A10 analysts · 20 questions · 30% challenge

Andrew AndersenJefferies

how do you think about the relative attractiveness of workers’ comp from either a growth or a margin perspective

Company	Score	Rev YoY	Headline
TRV The Travelers Companies, Inc.	5	+1.0%	Travelers delivered record underwriting income with a core ROE of 19.7%, generating $1.7 billion in core income as the combined ratio remained excellent at 88.6% despite elevated catastrophe activity
ALL Allstate	7	+4.2%	Allstate delivered Q1 revenue of $16.9 billion up 3% with adjusted EPS of $10.65 as the underlying combined ratio improved 2.8 points to 80.3% and the recorded combined ratio reached 82% with underwriting income of $2.7 billion
CB Chubb Limited	7	+9.5%	Excellent P&C underwriting at 84% combined ratio
CINF Cincinnati Financial	7	+11.6%	Non-GAAP operating income surges to $330M from Q1 loss
ERIE Erie Indemnity	6	+2.3%	Earnings Growth Resumes with Operating Income Up 10%
FACO First Acceptance Corporation	5	-5.4%	First Acceptance Corporation, a non-standard personal auto insurer reporting on OTC Markets' Alternative Reporting Standard, posted much stronger earnings on an optically weak revenue line
KMPR Kemper Corporation	2	-6.8%	California Personal Auto Remains Primary Headwind
L Loews Corporation	5	+2.6%	CNA reserve charge and higher underlying loss ratio drive earnings decline
LMND Lemonade, Inc.	9	+55.0%	Lemonade extended its growth acceleration streak to 10 consecutive quarters with IFP reaching $1.33 billion (+32% YoY), while the QS reinsurance transition propelled revenue up 71% to $258 million and gross profit up 159% to $100 million
MCY Mercury General Corporation	8	+10.5%	Mercury General's Q1 2026 demonstrated the underlying strength of the franchise with a combined ratio of 89.3% and net income of $190 million ($3.44 per share), a dramatic reversal from the prior-year Q1 net loss of $108 million during the wildfire catastrophe
PGR Progressive Corporation	7	+8.7%	Progressive delivered 8.7% revenue growth with extraordinary profitability, maintaining personal auto combined ratios below 90 in nine of the last ten quarters
ROOT Root, Inc.	8	+12.6%	Root delivered its most profitable quarter ever with $36 million in net income and an annualized ROE of 47%, reversing the prior quarter's expectation of lower 2026 net income
WRB W. R. Berkley Corporation	6	+4.0%	Record Net Investment Income Drives Earnings Growth

The Travelers Companies, Inc.

Key financialsFY2026 Q1

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Most Active Analysts

Most Active Firms

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Q&A Topicsfrequency by quarter