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The Travelers Companies Inc. (TRV-0.39%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net income of $5.00 billion, or $21.76 per share basic and $21.47 per share diluted, with net earned premiums totaling $41.94 billion. The company's combined ratio was 92.5%, reflecting a loss and loss adjustment expense ratio of 64.0% and an underwriting expense ratio of 28.5%.
Catastrophe losses for the year amounted to $3.34 billion, with net favorable prior year reserve development of $709 million. The company recorded net investment income of $3.59 billion, and net realized investment losses of $30 million.
Total assets as of December 31, 2024, were $133.19 billion, with total investments of $94.22 billion. Shareholders' equity stood at $27.86 billion, and the debt-to-total capital ratio was 22.4%.
Business Insurance segment reported earned premiums of $21.35 billion, with a combined ratio of 92.5%. Segment income was $3.31 billion, reflecting higher net investment income and underlying underwriting margins.
Bond & Specialty Insurance segment reported earned premiums of $3.96 billion, with a combined ratio of 84.3%. Segment income was $815 million, impacted by lower net favorable prior year reserve development.
Personal Insurance segment reported earned premiums of $16.64 billion, with a combined ratio of 94.4%. Segment income was $1.25 billion, driven by higher underlying underwriting margins and net favorable prior year reserve development.
The filing also details the company's exposure to asbestos and environmental claims, with net asbestos reserves of $1.34 billion and net environmental reserves of $380 million as of December 31, 2024.
The investment portfolio remains diversified, with 94% in fixed maturity and short-term investments. The company's weighted average credit quality of the fixed maturity portfolio was "Aa2".
The filing outlines the company's use of catastrophe modeling to manage exposure to catastrophic events, with estimated losses from a single U.S. and Canadian hurricane event having a 1% chance of exceeding $2.4 billion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Travelers Companies Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.