g34651mo25i001b121.gif           Exhibit 99.1
                  The Travelers Companies, Inc.
              485 Lexington Avenue
                  New York, NY 10017-2630
                  www.travelers.com
NYSE: TRV

Travelers Reports Second Quarter 2020
Net and Core Loss per Diluted Share of $0.16 and $0.20, Respectively

Provides Estimate of PG&E Subrogation Recoveries
of Approximately $400 Million Pre-Tax to be Recognized in Third Quarter of 2020

Second quarter net loss of $40 million and core loss of $50 million.
Catastrophe losses of $854 million pre-tax, compared to $367 million pre-tax in the prior year quarter.
Net investment income of $268 million pre-tax, compared to $648 million pre-tax in the prior year quarter.
Consolidated combined ratio of 103.7%; underlying combined ratio improved 3.5 points to a strong 91.4%.
Net impact of COVID-19 and related economic conditions on underwriting results in the quarter was modest.
Net written premiums of $7.346 billion, down 1% compared to the prior year quarter; excluding personal automobile premium refunds, net written premiums increased 2%.
Strong renewal rate change in all three segments, including 7.4% in Business Insurance and a record level in Bond & Specialty Insurance.
Total capital returned to shareholders of $218 million; no share repurchases in the current quarter. Year-to-date total capital returned to shareholders of $899 million, including $471 million of share repurchases.
Book value per share of $106.42; adjusted book value per share of $92.01.
Board of Directors declares regular quarterly cash dividend of $0.85 per share.

New York, July 23, 2020
— The Travelers Companies, Inc. today reported a net loss of $40 million, or $0.16 per diluted share, for the quarter ended June 30, 2020, compared to net income of $557 million, or $2.10 per diluted share, in the prior year quarter. The core loss in the current quarter was $50 million, or $0.20 per diluted share, compared to core income of $537 million, or $2.02 per diluted share, in the prior year quarter. The difference was primarily due to higher catastrophe losses, lower net investment income and lower net favorable prior year reserve development, partially offset by a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses). COVID-19 and related economic conditions had a modest net impact on the underwriting result in the quarter. Net realized investment gains in the current quarter were $13 million pre-tax ($10 million after-tax), compared to net realized investment gains of $25 million pre-tax ($20 million after-tax) in the prior year quarter.
Consolidated Highlights
($ in millions, except for per share amounts, and after-tax, except for premiums and revenues)Three Months Ended June 30,Six Months Ended June 30,
20202019Change20202019Change
Net written premiums$7,346  $7,450  (1)%$14,692  $14,507  %
Total revenues$7,401  $7,834  (6) $15,309  $15,505  (1) 
Net income (loss)$(40) $557  NM$560  $1,353  (59) 
per diluted share$(0.16) $2.10  NM$2.19  $5.08  (57) 
Core income (loss)$(50) $537  NM$626  $1,292  (52) 
per diluted share$(0.20) $2.02  NM$2.44  $4.85  (50) 
Diluted weighted average shares outstanding251.6  263.7  (5) 254.7  264.2  (4) 
Combined ratio103.7 %98.4 %5.3  pts99.5 %96.1 %3.4  pts
Underlying combined ratio91.4 %94.9 %(3.5) pts91.3 %93.3 %(2.0) pts
Return on equity(0.6)%9.0 %(9.6) pts4.3 %11.2 %(6.9) pts
Core return on equity(0.8)%9.2 %(10.0) pts5.3 %11.1 %(5.8) pts

As ofChange From
June 30,
2020
December 31,
2019
June 30,
2019
December 31, 2019June 30,
2019
Book value per share$106.42  $101.55  $97.26  %%
Adjusted book value per share92.01  92.76  90.05  (1)%%
See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data. NM = Not meaningful.
1

The following information was filed by Travelers Companies, Inc. (TRV) on Thursday, July 23, 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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