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

Travelers Reports First Quarter 2020 Net Income per Diluted Share of $2.33
and Return on Equity of 9.4%

First Quarter 2020 Core Income per Diluted Share of $2.62 and Core Return on Equity of 11.5%

First quarter net income of $600 million and core income of $676 million.
Catastrophe losses of $333 million pre-tax compared to $193 million pre-tax in the prior year quarter.
COVID-19-related net charges of $86 million pre-tax ($68 million after-tax) included in underwriting gain.
Consolidated combined ratio of 95.5%; underlying combined ratio of 91.3%.
Net written premiums of $7.346 billion, up 4%; reflecting growth in all segments.
Total capital returned to shareholders of $681 million, including $471 million of share repurchases.
Book value per share of $99.69; adjusted book value per share of $92.63.
Board of Directors declares regular quarterly cash dividend of $0.85 per share, an increase of 4%.

New York, April 21, 2020 — The Travelers Companies, Inc. today reported net income of $600 million, or $2.33 per diluted share, for the quarter ended March 31, 2020, compared to $796 million, or $2.99 per diluted share, in the prior year quarter. Core income in the current quarter was $676 million, or $2.62 per diluted share, compared to $755 million, or $2.83 per diluted share, in the prior year quarter. Core income decreased primarily due to higher catastrophe losses, partially offset by a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses). The improved underlying underwriting gain was adversely impacted by net charges of $86 million pre-tax ($68 million after-tax) associated with COVID-19 and related economic conditions. Net realized investment losses in the current quarter were $(98) million pre-tax ($(76) million after-tax), driven by the mark-to-market impact on the Company's equity investments caused by the recent disruption in global financial markets, compared to net realized investment gains of $53 million pre-tax ($41 million after-tax) in the prior year quarter. 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 March 31,
 
 
2020
 
2019
 
Change
 
Net written premiums
 
$
7,346

 
$
7,057

 
4
 %
 
 
 
 
 
 
 
 
 
Total revenues
 
$
7,908

 
$
7,671

 
3

 
Net income
 
$
600

 
$
796

 
(25
)
 
per diluted share
 
$
2.33

 
$
2.99

 
(22
)
 
Core income
 
$
676

 
$
755

 
(10
)
 
per diluted share
 
$
2.62

 
$
2.83

 
(7
)
 
Diluted weighted average shares outstanding
 
255.9

 
264.8

 
(3
)
 
Combined ratio
 
95.5
%
 
93.7
%
 
1.8

pts
Underlying combined ratio
 
91.3
%
 
91.6
%
 
(0.3
)
pts
Return on equity
 
9.4
%
 
13.5
%
 
(4.1
)
pts
Core return on equity
 
11.5
%
 
13.0
%
 
(1.5
)
pts
 
 
As of
 
 
 
 
March 31,
2020
 
December 31,
2019
 
Change
Book value per share
 
$
99.69

 
$
101.55

 
(2
)%
Adjusted book value per share
 
92.63

 
92.76

 
 %

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, April 21, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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