g34651mo25i001b12.gifExhibit 99.1
The Travelers Companies, Inc.
485 Lexington Avenue
New York, NY 10017-2630
www.travelers.com
NYSE: TRV

Travelers Reports Fourth Quarter 2018 Net Income per Diluted Share of $2.32, up 17%,
and Return on Equity of 10.9%

Fourth Quarter 2018 Core Income per Diluted Share of $2.13 and Core Return on Equity of 10.0%

Full Year Net Income of $2.523 billion and Return on Equity of 11.0%

Full Year Core Income of $2.430 billion and Core Return on Equity of 10.7%

Fourth quarter net income of $621 million and core income of $571 million.
Catastrophe losses of $610 million pre-tax increased from $499 million pre-tax in the prior year quarter.
Fourth quarter consolidated combined ratio of 97.5%; underlying combined ratio of 91.1%.
Fourth quarter net written premiums of $6.691 billion, up 4%; record full year net written premiums of $27.708 billion, up 6%; both periods reflect growth in all segments.
Total capital returned to shareholders of $375 million in the quarter, including $170 million of share repurchases.
Year-to-date total capital returned to shareholders of $2.139 billion, including $1.321 billion of share repurchases.
Book value per share of $86.84, down 1% from year-end 2017, due to the impact of higher interest rates on net unrealized investment gains (losses). Adjusted book value per share of $87.27, up 5% from year-end 2017.
Board of Directors declared quarterly dividend per share of $0.77.

New York, January 22, 2019 — The Travelers Companies, Inc. today reported net income of $621 million, or $2.32 per diluted share, for the quarter ended December 31, 2018, compared to $551 million, or $1.98 per diluted share, in the prior year quarter. Core income in the current quarter was $571 million, or $2.13 per diluted share, compared to $633 million, or $2.28 per diluted share, in the prior year quarter. Core income before income taxes decreased primarily due to a decrease in net favorable prior year reserve development of $126 million and an increase in catastrophe losses of $111 million, partially offset by an increase in underlying underwriting gain (i.e., excluding net favorable prior year reserve development and catastrophe losses) of $106 million and an increase in net investment income of $29 million. Core income benefited from a lower U.S. corporate income tax rate. Net income in the prior year quarter included a charge of $129 million related to the passage of the Tax Cuts and Jobs Act of 2017 (TCJA). Per diluted share amounts benefited from the impact of share repurchases.

Consolidated Highlights
($ in millions, except for per share amounts, and after-tax, except for premiums and revenues)
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
Net written premiums
 
$
6,691

 
$
6,424

 
4
 %
 
$
27,708

 
$
26,219

 
6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
7,796

 
$
7,451

 
5

 
$
30,282

 
$
28,902

 
5

 
Net income
 
$
621

 
$
551

 
13

 
$
2,523

 
$
2,056

 
23

 
per diluted share
 
$
2.32

 
$
1.98

 
17

 
$
9.28

 
$
7.33

 
27

 
Core income
 
$
571

 
$
633

 
(10
)
 
$
2,430

 
$
2,043

 
19

 
per diluted share
 
$
2.13

 
$
2.28

 
(7
)
 
$
8.94

 
$
7.28

 
23

 
Diluted weighted average shares outstanding
 
266.0

 
275.7

 
(4
)
 
269.8

 
278.6

 
(3
)
 
Combined ratio
 
97.5
%
 
95.5
%
 
2.0

pts
96.9
%
 
97.9
%
 
(1.0
)
pts
Underlying combined ratio
 
91.1
%
 
92.4
%
 
(1.3
)
pts
92.5
%
 
92.6
%
 
(0.1
)
pts
Return on equity
 
10.9
%
 
9.3
%
 
1.6

pts
11.0
%
 
8.7
%
 
2.3

pts
Core return on equity
 
10.0
%
 
11.1
%
 
(1.1
)
pts
10.7
%
 
9.0
%
 
1.7

pts
 
 
As of
 
 
 
 
December 31,
2018
 
December 31,
2017
 
Change
Book value per share
 
$
86.84

 
$
87.46

 
(1
)%
Adjusted book value per share
 
87.27

 
83.36

 
5
 %
See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.

1

The following information was filed by Travelers Companies, Inc. (TRV) on Tuesday, January 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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