The Travelers Companies, Inc. (TRV) Earnings
The Travelers Companies, Inc. is expected to report next earnings on July 16, 2026 (in NaN days), with a consensus EPS estimate of $4.87. TRV has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +35.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $7.07 | $7.71 | +9.1% | $10.3B | -3.5% |
| Jan 21, 2026 | $8.80 | $11.13 | +26.5% | $12.4B | +11.8% |
| Oct 16, 2025 | $6.39 | $8.14 | +27.4% | $12.5B | +6.7% |
| Jul 17, 2025 | $3.65 | $6.51 | +78.4% | $12.1B | +4.3% |
| Apr 16, 2025 | $0.79 | $1.91 | +143.3% | $11.8B | +8.9% |
| Jan 22, 2025 | $6.70 | $9.15 | +36.6% | $12.0B | +11.8% |
| Oct 17, 2024 | $3.55 | $5.24 | +47.6% | $11.9B | +4.1% |
| Jul 19, 2024 | $1.98 | $2.51 | +26.8% | $11.3B | -0.5% |
| Apr 17, 2024 | $4.90 | $4.69 | -4.3% | $11.2B | +6.3% |
| Jan 19, 2024 | $5.09 | $7.01 | +37.7% | $10.9B | +9.4% |
| Oct 18, 2023 | $3.01 | $1.95 | -35.2% | $10.6B | +2.9% |
| Jul 20, 2023 | $2.27 | $0.06 | -97.4% | $10.1B | +0.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 16, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Company reported core income of $1.7 billion, $7.71 per diluted share, core return on equity 19.7%. Trailing 12-month core ROE 22.7%. • Underwriting income pre-tax $1.2 billion, investment portfolio net investment income after tax increased 9% to $833 million. • Returned over $2.2 billion of excess capital to shareholders, including $2 billion share repurchases. • Board declared 14% increase in quarterly cash dividend to $1.25 per diluted share, 22 consecutive years of dividend increases. • Disciplined marketplace execution across segments led to net written premiums of $10.3 billion. • Discussed strategic initiatives like technology investment, Travelers Leadership Conference with distribution partners.
Guidance
• After-tax net investment income expected: second quarter ~$810 million, third quarter ~$840 million, fourth quarter ~$870 million. • Adjusted book value per share was 16% higher than a year ago. • Board declared 14% increase in quarterly cash dividend. • Approximately $5.2 billion remaining under prior board authorizations for share repurchases.
Segment performance
Business Insurance: Net written premiums reached $5.8 billion. Domestic net written premiums excluding property line grew 6%. Renewal premium change was 5.8%, retention increased to 86%, new business was a record $775 million. Bond and Specialty Insurance: Net written premiums grew 7% to $1.1 billion. Management liability business renewal premium change ticked up, surety business net written premiums grew 14%. Personal Insurance: Net written premiums were $3.5 billion. Completion of Canadian operations sale impacted net written premiums. Automobile and homeowners business had strong retention and renewal premium change performance.
Risks & headwinds
• AI exclusions from policy terms risk. • Litigation abuse and tort reform related risks in various states. • Uncertainty in loss development, especially in liability lines with IBNR and non-CAT property losses uncertainty. • Potential impact of AI on distribution channels, including broker negotiating power and small commercial shift.
Analyst Q&A
Q: Gregory Peters from Raymond James asked about how technology investment is affecting the company's culture.
A: Greg responded that innovation is a long-honed strategy, shaping a culture with skills in picking right initiatives, assessing performance, managing change, and communicating during change.
Q: David Momaden with Evercore inquired about RRC in Select business and underlying loss ratio in BI.
A: For Select, RPC was strong with 9% and good retention, Dan talked about underlying profitability in BI and the inclusion of uncertainty provision in loss picks for casualty lines again in 2026.
Q: Rob Cox with Goldman Sachs asked about AI exclusions from policy terms and tort reform.
A: Greg said they're watching AI exclusions closely, Rob Klink discussed tort reform efforts state by state and looking at dynamics in each state.
Q: Andrew Anderson with Jefferies asked about workers' comp in BI and surety growth relative to credit quality.
A: Greg mentioned workers' comp is a great business, Jeff Klink talked about surety growth being broad-based and high credit quality of the book.
Q: Josh Shanker with Bank of America asked about expense ratio drivers and personal lines business churn vs new.
A: Dan explained expense ratio variability by quarter, Michael said the business churning out is less high quality than new business added with better profile characteristics.
Q: Yaron Canar with Mizuho asked about renewal pricing in BI and AI impact on commercial lines distribution.
A: Greg talked about granular account-by-account execution in BI, Greg also discussed Gen AI in independent agent channel and that small commercial gravitating to larger brokers could be positive for Travelers.
Q: Elise Greenspan with Wells Fargo asked about M&A and personal lines margins given gas prices and supply chain.
A: Dan said they're always interested in M&A, Michael discussed gas prices needing sustained elevation to impact miles driven and supply chain being speculative.
Q: Mike Zeromski with BMO asked about home insurance pricing and commercial lines loss cost trend.
A: Michael explained home pricing moving to mid-single digits due to rate adequacy and loss trend assumptions, Dan talked about business insurance reserve development and loss trend not having a sea change, also noting loss picks reflect their view on loss trend.
Q: Pablo from J.P. Morgan asked about impact of Canada sale on premiums and AI exposures in cyber.
A: Dan said the Canada sale impact on expenses not significantly changing profitability profile, Jeff talked about AI being an underwriting consideration in cyber risk management.