Travelers
Underwriter of commercial, surety, auto, and homeowners insurance through agent-led distribution.
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Profile
Writes commercial, specialty, surety, auto, and homeowners insurance, earning from underwriting and investment income. A U.S.-centered, agent-and-broker distribution network supports three reporting segments, while catastrophe losses, reserve estimates, reinsurance, and the fixed-income portfolio shape results.
Underwrites property-and-casualty coverage through Business Insurance, Bond & Specialty Insurance, and Personal Insurance. Business Insurance covers organizations with workers' compensation, commercial auto, property, liability, and specialty policies. Bond & Specialty writes surety and management and professional liability coverage, while Personal Insurance focuses on auto, homeowners, and related personal lines. Most U.S. products reach customers through independent agents and brokers, supplemented by direct and partner channels.
Earns from underwriting and investment income, supported by risk selection, pricing, claims, actuarial, and engineering capabilities. Operations are centered in the United States, with a smaller international footprint spanning the United Kingdom, Ireland, retained Canadian surety, Lloyd's, and a Brazilian joint venture following the Canadian divestiture. Results depend on claim-cost estimates, catastrophe exposure, reinsurance availability, and a predominantly fixed-income portfolio held to fund policyholder obligations.
Company facts
Key statistics
Year to date +29.7% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 21, 2026 | BMO Capital | Downgrade | Outperform | Market Perform | $314 | $379 |
| Jul 20, 2026 | Goldman Sachs | Downgrade | Neutral | Sell | $304 | $350 |
| Jul 20, 2026 | Truist Financial | Target | $395 | $425 | ||
| Jul 20, 2026 | Raymond James | Target | $307 | $430 | ||
| Jul 15, 2026 | Morgan Stanley | Downgrade | Mixed | Underweight | $269 | $290 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 17, 2026Q2 FY26 | $5.41 | $10.04 | +85.6% | $11.26B | $11.53B | +2.4% | −0.13% |
| Apr 16, 2026Q1 FY26 | $7.07 | $7.71 | +9.1% | $10.72B | $10.34B | −3.5% | +0.66% |
| Jan 21, 2026Q4 FY25 | $8.80 | $11.13 | +26.5% | $11.12B | $10.86B | −2.4% | +2.13% |
| Oct 16, 2025Q3 FY25 | $6.39 | $8.14 | +27.4% | $11.69B | $12.47B | +6.7% | +0.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $11.81B | $12.12B | $12.47B | $12.43B | $11.92B | $12.15B | |
| Gross profit | $2.03B | $3.53B | $4.03B | $4.76B | $3.78B | $4.45B | |
| Operating income | $468.0M | $1.88B | $2.34B | $3.10B | $2.12B | $2.88B | |
| Net income | $395.0M | $1.51B | $1.89B | $2.50B | $1.71B | $2.21B | |
| Diluted EPS | $1.70 | $6.53 | $8.24 | $11.06 | $7.78 | $10.26 | |
| Gross margin | 17.2% | 29.1% | 32.3% | 38.3% | 31.7% | 36.6% | |
| Operating margin | 4.0% | 15.5% | 18.8% | 25.0% | 17.8% | 23.7% |
Fiscal years (4-quarter sums)FY21 $34.82B · FY22 $36.90B · FY23 $41.37B · FY24 $46.43B · FY25 $48.83B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $5.20B · Total debt $9.07B · Total assets $143.58B · Shareholders' equity $33.12B
Dividends
Raised for 21 straight years — most recently to $1.25 from $1.10 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 10, 2026 | Jun 10 | Jun 30 | $1.25 | raised from $1.10 |
| Mar 10, 2026 | Mar 10 | Mar 31 | $1.10 | |
| Dec 10, 2025 | Dec 10 | Dec 31 | $1.10 | |
| Sep 10, 2025 | Sep 10 | Sep 30 | $1.10 | |
| Jun 10, 2025 | Jun 10 | Jun 30 | $1.10 | raised from $1.05 |
| Mar 10, 2025 | Mar 10 | Mar 31 | $1.05 | |
| Dec 10, 2024 | Dec 10 | Dec 31 | $1.05 | |
| Sep 10, 2024 | Sep 10 | Sep 30 | $1.05 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 208.58M · Float 207.51M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 20.95M | 10.04% | 13F | Aug 7, 2026 |
| State Street Corp | 15.71M | 7.53% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 13.89M | 6.66% | 13F | Aug 13, 2026 |
| FMR LLC | 10.27M | 4.93% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 8.31M | 3.99% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 24, 2026 | Diane Kurtzman | officer: EVP & Chief HR Officer | −4,164 | $386.71 |
| Jul 24, 2026 | Daniel Tei-Hwa Yin | officer: EVP & Co-Chief Invest. Officer | −7,153 | $387.00 |
| Jul 22, 2026 | Andy F. Bessette | officer: EVP and Chief Admin Officer | −3,000 | $368.11 |
| Jul 22, 2026 | Paul E. Munson | officer: SVP & Corp. Controller | −1,525 | $369.91 |
| Jul 22, 2026 | David Donnay Rowland | officer: EVP & Co-Chief Invest. Officer | −5,000 | $371.69 |
Peers
- Chubb
The most direct commercial-lines rival; neck-and-neck in US commercial premiums.
- The Hartford
Core US commercial-lines rival; #1 in workers comp, #2 in commercial multi-peril.
- Progressive
Dominant personal-auto and commercial-auto rival; #2 US P&C; telematics leader.
- Allstate
Major personal-lines rival in auto and homeowners; 4th-largest US P&C insurer.
- American International Group
Global specialty and large-commercial rival; overlaps in management liability and E&S.
- C.N.A. Financial
Pure commercial-lines rival in small-to-large US business; #8 US commercial writer.
- W. R. Berkley
Disciplined specialty and E&S commercial insurer; $12.7B NWP in FY2025.
- Markel Group
Specialty insurer in professional liability, programs, and niche commercial lines.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Travelers | $372.15 | +0.62% | $77.15B | 9.9 | 12.4 | 1.6 | −4.8% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| The Hartford | $137.85 | −0.49% | $37.98B | 9.0 | 10.6 | 1.3 | +4.0% |
| Progressive | $217.33 | −0.61% | $127.12B | 11.0 | 13.3 | 1.4 | −4.2% |
| Allstate | $260.58 | −0.03% | $67.08B | 5.2 | 9.2 | 1.0 | −7.2% |
| American International Group | $76.93 | 0.00% | $40.79B | 14.1 | 9.2 | 1.5 | +0.8% |
| C.N.A. Financial | $49.31 | +0.02% | $13.34B | 10.8 | 10.6 | 0.9 | +3.0% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| Median | 10.9 | 11.4 | 1.4 | +1.0% |