Travelers Companies Inc.
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+ FollowMarket Cap$81.52B
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Earnings Call Q3 2026
October 16, 2026 - AI Summary
Strong Q3 operating performance across underwriting + investments
- Core income: $1.95B ($9.18/share), +22.1% core ROE for the quarter; 24.1% on a trailing 12-month basis.
- Underwriting: $1.4B pretax underwriting income; reported combined ratio 86.8%, underlying 84.1% (both “excellent” and supported by net favorable prior-year reserve development).
- Investments: after-tax net investment income up 7% to $908M, with a stated emphasis on higher fixed-income NII and strong results from non-fixed income.
Premium growth + pricing/retention strength (durable profitable growth)
- Consolidated net written premiums: $11.5B.
- Business Insurance: $5.9B net written premium (+4% YoY, excluding Canadian sale impact); renewal premium change 4.1%, retention 86%; ex-property renewal premium change 7%; new business $699M (+4%).
- Management highlighted select lines strength: middle market renewal +5.4%, small commercial select +7.8%.
- Bond & Specialty: $1.2B (+12%); management liability retention 89%, renewal improvement sequentially; new business +18%.
- Personal Insurance: $4.4B; “solid” retention in auto/homeowners; pricing moderating but profitability remains strong.
Capital return remains aggressive; dividends + major buybacks
- Returned $1.8B of excess capital in the quarter: $1.5B share repurchases + $261M dividends.
- Since beginning of 2025, returned $8B via buybacks (noted as retiring ~12% of shares outstanding).
- Adjusted book value per share: 24% higher vs beginning of 2025, and 15% higher vs a year ago (ATBV excludes unrealized investment gains/losses).
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$648.92
58.5% upside
Current Fair Value
58.5% upsideUndervalued by 58.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $81.52 Billion |
|---|---|
| Enterprise Value | $114.09 Billion |
| Annual dividend | $4.70 |
| Dividend yield | 1.19% |
| Earnings per Share | $27.84 |
| Beta | 0.44 |
| Outstanding Shares | 206,900,000 |
Return
| Return on Equity | 28.74% |
|---|---|
| Return on Assets | 5.86% |
| Return on Invested Capital | 23.24% |
Valuation & Multiples
| P/E Ratio | 10.23 |
|---|---|
| PEG | 665.86 |
| Price to Sales | 1.73 |
| Price to Book Ratio | 2.92 |
| Enterprise Value to Revenue | 2.33 |
| Enterprise Value to EBIT | 10.54 |
| Enterprise Value to Net Income | 13 |
| Total Debt to Enterprise | 0.29 |
| Debt to Equity | 1.15 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 16, 2026
EPS Estimate
$7.39
Consensus analyst estimateRevenue Estimate
$11.36 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 20, 2027
EPS Estimate
$9.88
Consensus analyst estimateRevenue Estimate
$10.72 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 91.67% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 51,400▼ 96.41% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.46%▼ 82.17% |
|---|---|
| Total Invested | $3.35B▼ 94.55% |
| Investors Holding | 793▼ 1107.00% |
About Travelers Companies Inc.
30,800 employees
CEO: Alan Schnitzer
The Travelers Companies, Inc. is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2020.