Travelers Q1 2025 earnings summary

Net income was 395 million dollars or 1.70 per share, down 65 percent from Q1 2024. Core income was 443 million dollars or 1.91 per share, down 60 percent, mainly due to 2.27 billion dollars in catastrophe losses from California wildfires. Underlying underwriting income rose 32 percent to 1.58 billion dollars pre-tax. The underlying combined ratio improved 2.9 points to 84.8 percent. Net investment income increased 10 percent to 930 million dollars. Net written premiums rose 3 percent to 10.52 billion dollars.

Segment performance

Business Insurance income was 683 million dollars, down 11 percent, with 2 percent premium growth. Bond and Specialty Insurance income rose 13 percent to 220 million dollars with 6 percent premium growth. Personal Insurance reported a loss of 374 million dollars due to 1.7 billion dollars in catastrophe losses, though premiums rose 5 percent.

Capital return and outlook

Travelers repurchased 358 million dollars in shares. The dividend was raised 5 percent to 1.10 dollars per share, marking 21 consecutive years of increases. Return on equity was 5.6 percent. Core return on equity was also 5.6 percent. Book value per share was 124.43 dollars; adjusted book value was 138.99 dollars.

Despite heavy catastrophe losses, core underwriting and investment performance remained strong.