g34651mo25i001b121a.gif                                            Exhibit 99.1
                                            The Travelers Companies, Inc.
                            485 Lexington Avenue
                                            New York, NY 10017-2630
                                            www.travelers.com
NYSE: TRV

Travelers Reports Record Fourth Quarter 2020 Net Income per Diluted Share of $5.10
and Return on Equity of 18.4%

Record Core Income per Diluted Share of $4.91 and Core Return on Equity of 20.5%

Full Year Net Income of $2.697 billion, up 3%, and Return on Equity of 10.0%

Full Year Core Income of $2.686 billion, up 6%, and Core Return on Equity of 11.3%

Fourth quarter net income of $1.310 billion and core income of $1.262 billion.
Consolidated combined ratio improved 5.7 points to a very strong 86.7%; underlying combined ratio improved 3.4 points to a very strong 88.7%.
Net written premiums of $7.269 billion, up 3% compared to the prior year quarter; full year net written premiums of $29.732 billion, up 2% compared to the prior year.
Strong renewal rate change in all three segments, including record renewal rate change in Business Insurance and Bond & Specialty Insurance.
Total capital returned to shareholders of $419 million, including $201 million of share repurchases; full year total capital returned to shareholders of $1.536 billion, including $672 million of share repurchases.
Book value per share of $115.68, up 14% from year-end 2019; adjusted book value per share of $99.54, up 7% from year-end 2019.
Board of Directors declares regular quarterly cash dividend of $0.85 per share.

New York, January 21, 2021
— The Travelers Companies, Inc. today reported net income of $1.310 billion, or $5.10 per diluted share, for the quarter ended December 31, 2020, compared to $873 million, or $3.35 per diluted share, in the prior year quarter. Core income in the current quarter was $1.262 billion, or $4.91 per diluted share, compared to $867 million, or $3.32 per diluted share, in the prior year quarter. Core income increased primarily due to a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), higher net favorable prior year reserve development, higher net investment income and lower catastrophe losses. Net realized investment gains in the current quarter were $50 million pre-tax ($48 million after-tax), compared to $12 million pre-tax ($6 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.
Consolidated Highlights
($ in millions, except for per share amounts, and after-tax, except for premiums and revenues)Three Months Ended December 31,Twelve Months Ended December 31,
20202019Change20202019Change
Net written premiums$7,269 $7,075 3 %$29,732 $29,151 2 %
Total revenues$8,397 $8,063 4 $31,981 $31,581 1 
Net income$1,310 $873 50 $2,697 $2,622 3 
per diluted share$5.10 $3.35 52 $10.52 $9.92 
Core income$1,262 $867 46 $2,686 $2,537 6 
per diluted share$4.91 $3.32 48 $10.48 $9.60 
Diluted weighted average shares outstanding254.8 259.0 (2)254.6 262.3 (3)
Combined ratio86.7 %92.4 %(5.7)pts95.0 %96.5 %(1.5)pts
Underlying combined ratio88.7 %92.1 %(3.4)pts90.7 %93.2 %(2.5)pts
Return on equity18.4 %13.5 %4.9 pts10.0 %10.5 %(0.5)pts
Core return on equity20.5 %14.8 %5.7 pts11.3 %10.9 %0.4 pts

As of
December 31,
2020
December 31,
2019
Change
Book value per share$115.68 $101.55 14 %
Adjusted book value per share99.54 92.76 7 %
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 Thursday, January 21, 2021 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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