At a glance
The Travelers Companies Inc is worth $81.73B, about 15 times its fiscal 2025 earnings. Revenue grew 5.2% to $48.83B in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 8.8% a year. It pays a 1.18% dividend yield, raised every year for at least 9 years, and returned $13.70B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +50.7% over the past year with dividends reinvested and +22.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.1% in the 2020 crash (S&P 500: 33.7%) and 18.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 2 months after the lows.
The business in plain English
Travelers, one of the oldest insurers in the United States, traces its roots to 1853. It is a holding company whose subsidiaries sell property and casualty insurance. That means coverage for damage to buildings, vehicles and equipment, plus liability coverage when a customer is blamed for harming someone else. Customers include businesses, government units, associations and individuals.
Travelers earns money mainly by pricing policies to cover expected claims, expenses and a profit margin, and by investing premiums until claims are paid. Revenue was $48.8 billion in fiscal 2025. Its Business Insurance unit sells through thousands of independent agents and brokers. Net written premiums are the premiums written in the year, minus the portion passed on to reinsurers. Measured that way, the Middle Market business for mid-sized companies made up 55.3% of that unit in 2025. Select Accounts for small businesses made up 16.9%, National Property and Other 13.7% and International 8.5%.
The United States produced 95.2% of direct written premiums (before reinsurance) in 2025. California led at 10.6%, with Texas and New York at 8.3% each. That exposes results to US catastrophes, from hurricanes to wildfires. In a deal that closed on January 2, 2026, Travelers sold its Canadian personal insurance business and most of its Canadian commercial business to Definity Financial Corporation for about US$2.4 billion. It kept its Canadian surety (contract bond) business.
Price history
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TRV +50.7% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $12.41B, down 0.5% from a year earlier, and net income was $1.92B (+1.5%).
- For fiscal 2025, revenue was $48.83B (+5.2% year over year; +8.8% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.8% good |
|---|---|
| Return on equity (FY2025) | 19.1% good |
| Return on assets (FY2025) | 4.4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $31.98B | $2.70B | — |
| FY2021 | $34.82B | $3.66B | — |
| FY2022 | $36.88B | $2.84B | — |
| FY2023 | $41.36B | $2.99B | — |
| FY2024 | $46.42B | $5.00B | — |
| FY2025 | $48.83B | $6.29B | — |
Valuation snapshot
| Market value | $81.73B |
|---|---|
| P/E ratio | 14.5 |
| Dividend yield | 1.18% |
Rank among 1514 US companies
Market value at each year end
The Travelers Companies’s market value went from $34.77B at the end of 2016 to $81.73B on Nov 2, 2026, about 2.4 times as much; since the end of 2025 it is up 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $81.73B | +26.3% |
| 2025 | $64.70B | +18.3% |
| 2024 | $54.69B | +25.7% |
| 2023 | $43.51B | -1.0% |
| 2022 | $43.94B | +14.2% |
| 2021 | $38.48B | +8.2% |
| 2020 | $35.56B | +0.6% |
| 2019 | $35.35B | +11.4% |
| 2018 | $31.72B | -14.6% |
| 2017 | $37.12B | +6.8% |
| 2016 | $34.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TRV price data to Nov 2, 2026 | +39.0% | +50.7% | +35.4% | +22.5% | +16.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +39.0% |
| 2025 | +22.4% |
| 2024 | +28.8% |
| 2023 | +3.9% |
| 2022 | +22.4% |
| 2021 | +14.0% |
| 2020 | +5.4% |
| 2019 | +17.0% |
| 2018 | -9.7% |
| 2017 | +13.4% |
| 2016 | +10.9% |
| 2015 | +9.1% |
| 2014 | +19.6% |
| 2013 | +29.1% |
| 2012 | +24.8% |
| 2011 | +9.3% |
| 2010 | +14.8% |
| 2009 | +13.5% |
| 2008 | -13.8% |
| 2007 | +2.4% |
| 2006 | +22.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.5% over that stretch · deepest drop along the way 43.7%, back to its old high 13 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 39.1%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.9% over that stretch · deepest drop along the way 18.9%, back to its old high 1.9 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 31 sales ($97.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 21, 2026 | Alan D Schnitzer Chairman and CEO, Director | sell | $17.8M |
| Oct 22, 2026 | Gregory C Toczydlowski EVP & President, Business Ins. | sell | $13.2M |
| Oct 21, 2026 | Alan D Schnitzer Chairman and CEO, Director | sell | $6.3M |
| Oct 21, 2026 | Maria Olivo EVP, ERM & Chief Risk Officer | sell | $6.0M |
| Oct 21, 2026 | Alan D Schnitzer Chairman and CEO, Director | sell | $5.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.6% | Mar 31, 2025 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| FMR LLC | 5.5% | Mar 31, 2026 |
ETFs with the most weight in TRV
| KBWP Invesco KBW Property & Casualty Insurance ETF | 7.84% |
| IAK iShares U.S. Insurance ETF | 6.31% |
| DIA SPDR Dow Jones Industrial Average ETF Trust | 3.75% |
| ABEQ Absolute Select Value ETF | 3.73% |
| BGIG Bahl & Gaynor Income Growth ETF | 3.41% |
| EDOW First Trust Dow 30 Equal Weight ETF | 3.38% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 3.21% |
| TIME Clockwise Core Equity & Innovation ETF | 3.13% |
What could go wrong
- Catastrophes can cause sudden, heavy losses. Hurricanes, wildfires, hail, tornadoes and cyber events can trigger huge claims at once. Travelers says changing climate, more people in high-risk areas and post-disaster inflation have raised such losses, and its models could be wrong.
- Old asbestos and mass tort claims linger. Travelers still carries asbestos liabilities from runoff business it no longer writes. It also faces mass torts, lawsuits by many people over harmful products or substances. Such claims are hard to predict and can grow.
- Claim reserves could prove too small. Travelers sets aside money, called reserves, for claims not yet paid. If court rulings, new laws or inflation push claim costs above estimates, even on policies already issued, it must add to reserves, cutting profits.
- States can restrict prices and underwriting tools. States must approve rates and policy forms, and some limit price increases or block insurers from leaving disaster-prone areas. Losing tools such as credit scoring in pricing could also reduce profitability.
- Investment portfolio losses or weak returns. Travelers invests the premiums it holds before paying claims. Borrower defaults, interest-rate swings or a market downturn could cut investment returns or cause losses, hurting earnings and capital.
- A ratings downgrade could shrink business. Agents and customers weigh an insurer's financial strength ratings. A downgrade could reduce business volumes, raise borrowing costs and make it harder to raise capital.
Recent events
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Travelers has raised its dividend in every fiscal year from 2016 through 2025, a streak of at least 9 increases. Dividends per share grew from $3.38 in 2020 to $4.30 in 2025, about 4.9% a year. That 2025 dividend used only 15.6% of earnings (the payout ratio), but the yield was a modest 1.19% as of October 28, 2026. Travelers returns more cash through share buybacks: $9.1 billion over 2021–2025, about twice the $4.6 billion paid in dividends. The share count fell 16.7% from October 2021 to October 2026.
The shares fell hard in past crashes. They dropped 43.7% in the 2008 financial crisis and 39.1% in the 2020 COVID crash, taking about 13 and 8 months, respectively, to recover from their lows. They held up better in the 2022 bear market, gaining 3.9% from the market's peak to its low despite an 18.9% dip along the way. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Travelers make money?
Travelers makes money by selling property and casualty insurance and investing the premiums it collects until claims are paid. It prices each policy to cover expected losses, expenses and a profit margin. Its Business Insurance unit sells to small, mid-sized and large companies through thousands of independent agents and brokers. The Middle Market business, which serves mid-sized companies, made up 55.3% of that unit's net written premiums in 2025. Total revenue was $48.8 billion in fiscal 2025, and net income was $6.3 billion.
Does Travelers raise its dividend every year?
Yes. Every fiscal year in SEC data from FY2016 to FY2025 shows a higher dividend, which is at least 9 straight annual increases. The true streak may be longer. The regular dividend rose from $3.38 per share in FY2020 to $4.30 in FY2025, about 4.9% a year. That was only 15.6% of FY2025 earnings. The yield was 1.18% as of October 29, 2026. Buybacks returned even more cash: $9.1 billion over FY2021–FY2025, compared with $4.6 billion in dividends.
Did Travelers sell its Canadian business?
Yes. On May 27, 2025, Travelers agreed to sell its Canadian personal insurance business and most of its Canadian commercial insurance business to Definity Financial Corporation for about US$2.4 billion. The sale closed on January 2, 2026. Travelers kept its Canadian surety business, which issues bonds guaranteeing that a contractor or other party will meet its obligations. Canada made up 2.5% of direct written premiums in 2025. The sale leaves Travelers even more concentrated in the United States, which produced 95.2%.
What are the biggest risks for Travelers stock?
Catastrophe losses are the biggest risk. Hurricanes, hail, wildfires, tornadoes and cyber events can cause large, unpredictable claims. Travelers says in its annual report (10-K) that changing climate conditions have likely made disasters more frequent and severe. Other risks include claims running above reserves (money set aside for future claims), long-running asbestos claims, losses in its investment portfolio, and state rules that limit price increases. The stock fell 43.7% during the 2008 financial crisis and 39.1% in the 2020 COVID crash.
How has Travelers stock performed over the long run?
Strongly over the past decade, though not smoothly. As of October 29, 2026, the stock's price-based return was about 16.4% a year over 10 years and 22.2% a year over five years. It was up 50.9% over one year and 38.8% year to date. It lost ground in calendar 2008 and 2018. Its price-to-earnings ratio (share price divided by yearly earnings per share) was 14.5 based on FY2025 earnings, as of the same date. Past returns do not predict future results.