Pay vs Performance Disclosure, Table


					Value of Initial Fixed $100 Investment Based On: 6
Year	Summary Compensation Table Total for PEO1 ($)	“Compensation Actually Paid” to PEO2,3 ($)	Average Summary Compensation Table Total for Non-PEO Named Executive Officers4 ($)	Average “Compensation Actually Paid” to Non-PEO Named Executive Officers3,5 ($)	Total Shareholder Return ($)	Peer Group Total Shareholder Return7 ($)	Net Income ($ in millions)	Core Return on Equity8
2023	22,730,072	27,638,689	6,700,056	9,138,414	152.77	148.54	2,991	11.5%
2022	21,072,397	50,398,377	6,328,959	12,329,181	146.99	135.01	2,842	11.3%
2021	19,853,697	37,338,163	5,876,115	9,387,843	120.08	129.43	3,662	13.7%
2020	18,990,270	26,534,461	5,570,463	6,947,087	105.36	97.57	2,697	11.3%

Company Selected Measure Name

core return on equity

Named Executive Officers, Footnote

The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Schnitzer, our CEO, for each

corresponding year as reported in the “Total” column of the “Summary Compensation Table” in this Proxy Statement.

The dollar amounts reported in this column represent the average of the total amounts reported for Messrs. Frey, Toczydlowski, Kess and

Klein, as our other named executive officers, for each corresponding year in the “Total” column of the “Summary Compensation Table” in

this Proxy Statement.

Peer Group Issuers, Footnote

Reflects total shareholder return for the Company’s Compensation Comparison Group, which includes American International Group, Inc.,

The Allstate Corporation, Chubb Limited, Hartford Financial Services Group, Inc., The Progressive Corporation, Aflac Incorporated,

American Express Company, The Bank of New York Mellon Corporation, Humana Inc., Lincoln National Corporation, Marsh & McLennan

Companies, Inc., MetLife, Inc. and Prudential Financial, Inc.

PEO Total Compensation Amount

$ 22,730,072

$ 21,072,397

$ 19,853,697

$ 18,990,270

PEO Actually Paid Compensation Amount

$ 27,638,689

50,398,377

37,338,163

26,534,461

Adjustment To PEO Compensation, Footnote

In accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K, the following adjustments were made to the amounts reported

for Mr. Schnitzer in the Summary Compensation Table. Importantly, the dollar amounts do not reflect the actual amount of compensation

earned by, or paid to, Mr. Schnitzer during the applicable year or the expense recorded by the Company in its financial statements for the

applicable year. For 2023, the following adjustments were made to the amounts reported for Mr. Schnitzer in the Summary Compensation

Table:


Description	2023 ($)
Change in Pension Value Deduction	(703,164)
Pension Service Cost Addition	295,500
Prior Pension Service Cost Addition	—
Stock Awards Deduction	(8,550,056)
Option Awards Deduction	(5,699,058)
Stock and Option Awards Addition(a)	19,565,395

(a)For 2023, the amount added includes (1) a revaluation as of December 31, 2023 with respect to outstanding and unvested options

awarded on February 7, 2023; (2) the change in value for the period from December 31, 2022 to December 31, 2023 with respect to

outstanding and unvested options awarded on February 8, 2022 and February 2, 2021; (3) the change in value for the period from

December 31, 2022 to the vesting date on February 4, 2023 with respect to options awarded on February 4, 2020; (4) a revaluation as of

December 31, 2023 with respect to performance shares awarded on February 7, 2023; and (5) the change in value for the period from

December 31, 2022 to December 31, 2023 with respect to performance shares awarded on February 8, 2022 and February 2, 2021.

For 2023, the amounts added or deducted, as applicable, in calculating stock and option award adjustments include:


Year	Year End Fair Value of Equity Awards Granted in Covered Fiscal Year ($)	Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Year(s) ($)	Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Same Fiscal Year ($)	Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Fiscal Year ($)	Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year ($)	Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)	Total Equity Award Adjustments ($)
2023	20,521,647	(793,232)	—	(163,020)	—	—	19,565,395

Non-PEO NEO Average Total Compensation Amount

$ 6,700,056

6,328,959

5,876,115

5,570,463

Non-PEO NEO Average Compensation Actually Paid Amount

$ 9,138,414

12,329,181

9,387,843

6,947,087

Adjustment to Non-PEO NEO Compensation Footnote

In accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K, when calculating the average “compensation actually paid” for

Messrs. Frey, Toczydlowski, Kess and Klein the following adjustments were made to the amounts reported in the Summary Compensation

Table. Importantly, the dollar amounts do not reflect the actual average amount of compensation earned by, or paid to, our other named

executive officers as a group during the applicable year or the expense recorded by the Company in its financial statements for the

applicable year. For 2023, the following adjustments were made to the amounts reported for Messrs. Frey, Toczydlowski, Kess and Klein in

the Summary Compensation Table:


Description	2023 ($)
Change in Pension Value Deduction	(300,330)
Pension Service Cost Addition	138,400
Prior Pension Service Cost Addition	—
Stock Awards Deduction	(1,777,497)
Option Awards Deduction	(1,184,796)
Stock and Option Awards Addition(a)	5,562,581

(a)For 2023, the amount added includes (1) a revaluation as of December 31, 2023 with respect to outstanding and unvested options

awarded on February 7, 2023; (2) the change in value for the period from December 31, 2022 to December 31, 2023 with respect to

outstanding and unvested options awarded on February 8, 2022 and February 2, 2021; (3) the change in value for the period from

December 31, 2022 to the vesting date on February 4, 2023 with respect to options awarded on February 4, 2020; (4) a revaluation as of

December 31, 2023 with respect to performance shares awarded on February 7, 2023; and (5) the change in value for the period from

December 31, 2022 to December 31, 2023 with respect to performance shares awarded on February 8, 2022 and February 2, 2021.

For 2023, the amounts added or deducted, as applicable, in calculating stock and option award adjustments include:


Year	Year End Fair Value of Equity Awards Granted in the Covered Fiscal Year ($)	Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Year(s) ($)	Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Same Fiscal Year	Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Fiscal Year ($)	Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year ($)	Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)	Total Equity Award Adjustments ($)
2023	7,759,659	(1,318,276)	—	(878,802)	—	—	5,562,581

Compensation Actually Paid vs. Total Shareholder Return

The following charts show the relationship between (1) each of the “compensation actually paid” to our CEO and the

average “compensation actually paid” to the other named executive officers (each as calculated pursuant to Item

402(v)(2)(iii) of Regulation S-K) and (2) the cumulative total shareholder return of the Company for its last four

completed fiscal (calendar) years. The charts also provide a comparison of the Company’s total shareholder return to

the Compensation Comparison Group total shareholder return for the four-year period.

CEO “COMPENSATION ACTUALLY PAID” VS TOTAL

SHAREHOLDER RETURN FOR TRAVELERS AND

COMPENSATION COMPARISON GROUP



CEO Compensation Actually Paid ($m)1	$26.5	$37.3	$50.4	$27.6
Total Shareholder Return for Travelers	$105.36	$120.08	$146.99	$152.77
Total Shareholder Return for Compensation Comparison Group	$97.57	$129.43	$135.01	$148.54

AVERAGE NON-CEO “COMPENSATION ACTUALLY PAID” VS

TOTAL SHAREHOLDER RETURN FOR TRAVELERS AND

COMPENSATION COMPARISON GROUP



Average Non-CEO Compensation Actually Paid ($m)1	$6.9	$9.4	$12.3	$9.1
Total Shareholder Return for Travelers	$105.36	$120.08	$146.99	$152.77
Total Shareholder Return for Compensation Comparison Group	$97.57	$129.43	$135.01	$148.54

1."Compensation Actually Paid" is calculated using our stock price as of a specific date, i.e., the last trading day of the applicable fiscal year

or the applicable vesting date. As a result, changes in the Company's stock price can materially impact the amount reported as

"compensation actually paid", both positively and negatively. For example, if the Company's closing stock price on the last trading day of

2022 had been the same as the closing price on the record date of the 2023 annual meeting (March 28, 2023), keeping all the other

valuation assumptions unchanged, the amount reported as "compensation actually paid" to our CEO for 2022 would have been

$35.1 million, or 30% less than the $50.4 million shown in the chart.

Compensation Actually Paid vs. Net Income

The following charts show the relationship between (1) each of the “compensation actually paid” to our CEO and the

average “compensation actually paid” to the other named executive officers (each as calculated pursuant to Item

402(v)(2)(iii) of Regulation S-K) and (2) the net income of the Company for the last four fiscal years.

CEO “COMPENSATION ACTUALLY PAID”

AND NET INCOME



CEO Compensation Actually Paid ($m)1	$26.5	$37.3	$50.4	$27.6
Net Income ($m)	$2,697	$3,662	$2,842	$2,991

AVERAGE NON-CEO "COMPENSATION ACTUALLY PAID"

AND NET INCOME



Average Non-CEO Compensation Actually Paid ($m)1	$6.9	$9.4	$12.3	$9.1
Net Income ($m)	$2,697	$3,662	$2,842	$2,991

1.See footnote (1) on page 100 for a description of how using a point in time stock price can affect the calculation of "compensation actually

paid".

Compensation Actually Paid vs. Company Selected Measure

The following charts show the relationship between (1) each of the “compensation actually paid” to our CEO and the

average “compensation actually paid” to the other named executive officers (each as calculated pursuant to Item

402(v)(2)(iii) of Regulation S-K) and (2) core return on equity of the Company for the last four fiscal years.

CEO “COMPENSATION ACTUALLY PAID”

AND CORE ROE



CEO Compensation Actually Paid ($m)1	$26.5	$37.3	$50.4	$27.6
Core ROE	11.3%	13.7%	11.3%	11.5%

AVERAGE NON-CEO "COMPENSATION ACTUALLY PAID"

AND CORE ROE



Average Non-CEO Compensation Actually Paid ($m)1	$6.9	$9.4	$12.3	$9.1
Core ROE	11.3%	13.7%	11.3%	11.5%

1.See footnote (1) on page 100 for a description of how using a point in time stock price can affect the calculation of "compensation actually

paid".

Total Shareholder Return Vs Peer Group

The following charts show the relationship between (1) each of the “compensation actually paid” to our CEO and the

average “compensation actually paid” to the other named executive officers (each as calculated pursuant to Item

402(v)(2)(iii) of Regulation S-K) and (2) the cumulative total shareholder return of the Company for its last four

completed fiscal (calendar) years. The charts also provide a comparison of the Company’s total shareholder return to

the Compensation Comparison Group total shareholder return for the four-year period.

CEO “COMPENSATION ACTUALLY PAID” VS TOTAL

SHAREHOLDER RETURN FOR TRAVELERS AND

COMPENSATION COMPARISON GROUP



CEO Compensation Actually Paid ($m)1	$26.5	$37.3	$50.4	$27.6
Total Shareholder Return for Travelers	$105.36	$120.08	$146.99	$152.77
Total Shareholder Return for Compensation Comparison Group	$97.57	$129.43	$135.01	$148.54

AVERAGE NON-CEO “COMPENSATION ACTUALLY PAID” VS

TOTAL SHAREHOLDER RETURN FOR TRAVELERS AND

COMPENSATION COMPARISON GROUP



Average Non-CEO Compensation Actually Paid ($m)1	$6.9	$9.4	$12.3	$9.1
Total Shareholder Return for Travelers	$105.36	$120.08	$146.99	$152.77
Total Shareholder Return for Compensation Comparison Group	$97.57	$129.43	$135.01	$148.54

1."Compensation Actually Paid" is calculated using our stock price as of a specific date, i.e., the last trading day of the applicable fiscal year

or the applicable vesting date. As a result, changes in the Company's stock price can materially impact the amount reported as

"compensation actually paid", both positively and negatively. For example, if the Company's closing stock price on the last trading day of

2022 had been the same as the closing price on the record date of the 2023 annual meeting (March 28, 2023), keeping all the other

valuation assumptions unchanged, the amount reported as "compensation actually paid" to our CEO for 2022 would have been

$35.1 million, or 30% less than the $50.4 million shown in the chart.

Tabular List, Table

•Core return on equity;

•Adjusted core return on equity;

•Core income;

•Core income per diluted share; and

•Adjusted core income (excluding prior year reserve

development related to asbestos and environmental

and catastrophes).

Total Shareholder Return Amount

$ 152.77

146.99

120.08

105.36

Peer Group Total Shareholder Return Amount

148.54

135.01

129.43

97.57

Net Income (Loss)

$ 2,991,000,000

$ 2,842,000,000

$ 3,662,000,000

$ 2,697,000,000

Company Selected Measure Amount

0.115

0.113

0.137

0.113

PEO Name

Mr. Schnitzer

Additional 402(v) Disclosure

The “Compensation Discussion and Analysis” section of this Proxy Statement sets forth the financial and other factors

considered by the Compensation Committee when reviewing and setting the compensation of our CEO and other

named executive officers for the 2023 performance year. As required by Item 402(v) (the “Rule”) of Regulation S-K, the

following sets forth information regarding the compensation of our CEO, who is our principal executive officer (PEO) for

purposes of the Rule, and our other (non-PEO) named executive officers. In accordance with the Rule, the table below

and the discussion that follows includes an amount referred to as “compensation actually paid” as defined in Item

402(v)(2)(iii). The calculation of this amount includes, among other things, the revaluation of four years of unvested and

outstanding stock option awards and three years of unvested and outstanding performance share awards, as our stock

options and performance shares are typically granted in February of each year and the terms of such stock options

include three-year cliff vesting and the terms of such performance shares include a three-year performance period,

ending on December 31 of the third year of the performance period. For example, options granted in February 2023 are

scheduled to vest in February 2026 and performance shares granted in February 2023 have a three-year performance

period from January 1, 2023 to December 31, 2025.

In accordance with the Rule, the value of option and stock awards in a particular year includes:

•the year-end fair value of the awards granted in the covered fiscal year (e.g., 2023) that are outstanding and

unvested as of the end of the covered fiscal year;

•the change in fair value from the end of the prior fiscal year (e.g., 2022) to the end of the covered fiscal year with

respect to any awards granted in prior years that are outstanding and unvested as of the end of the covered fiscal

year; and

•the change in fair value from the end of the prior fiscal year to the vesting date with respect to any awards granted in

prior years that vested in the covered fiscal year. Stock awards include the dollar amount of accrued dividend

equivalents.

Importantly, as of the valuation dates in the table, none of

the amounts included in “compensation actually paid” for

our CEO and other named executive officers relating to

stock option and performance share awards have been

paid to our CEO or other named executive officers. In

addition, “compensation actually paid” is calculated using

our stock price as of a specific date, i.e., the last trading

day of the applicable fiscal year or the applicable vesting

date, and changes in the price of the Company’s stock

can materially impact the amount reported as

“compensation actually paid”, both positively or

negatively. The amounts actually received will depend

upon the Company’s performance and the Company’s

stock price, including at the time the performance shares

are actually delivered and the vested options are actually

exercised, as the case may be.

When calculating amounts of “compensation actually paid” for purposes of this table:

•The fair value of each stock option award was estimated using a variation of the Black-Scholes option pricing model in accordance with

FASB ASC Topic 718 and the key input variables (assumptions) of that model as described in Note 14 to our financial statements for the

fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 15, 2024.

With regard to stock option awards to retirement eligible NEOs, the full amount of expense is recognized in the financial statements at

the date of grant in accordance with Topic 718 as there is no remaining requisite service period under the contractual terms of the

award. However, for purposes of the fair values of such awards reported in the Pay Versus Performance Table above, the fair value

continues to be estimated as of the relevant valuation dates until the awards become contractually vested under the terms of the award.

Other than the estimated term assumption, which was adjusted to reflect employee exercise history, named executive officer retirement

eligibility and the relationship between exercise history and intrinsic value, the assumptions used were not changed from those

described in Note 14 but were updated at each valuation date to reflect the then-current value of each variable.

•The fair value of performance shares was estimated at each valuation date using: (1) the market price of the Company’s common stock

on the relevant valuation date, (2) an adjustment to reflect actual performance for any completed performance year and an assumption

regarding attainment of the performance goals for the remaining performance period, and (3) includes the value of dividend equivalents

accrued from the grant date through the relevant valuation date.

•“Compensation actually paid” is calculated using our stock price as of a specific date, i.e., the last trading day of the applicable fiscal

year or the applicable vesting date, and changes in the price of the Company’s stock can materially impact the amount reported as

“compensation actually paid”, both positively or negatively.

Reflects total shareholder return as calculated based on a fixed investment of one hundred dollars measured from the market close on

December 31, 2019 (the last trading day of 2019) through and including the end of the fiscal year for each year reported in the table as

required by the Rule.

In accordance with the Rule, the charts above show the

Company’s total shareholder return, net income and core

return on equity, respectively, for the last four fiscal years.

It is important to note, however, that we measure our

success in executing on our financial strategy over time.

This long-term perspective is especially important in the

property and casualty insurance industry where a short-

term focus could create incentives for management to

relax underwriting or investment standards to increase

revenue and reported profit in the near term but create

excessive risk to earnings and negatively impact

shareholders over the longer term. Moreover, results in

the property and casualty insurance industry can vary

significantly from year-to-year due to many factors,

including the occurrence of natural and man-made

catastrophes, economic cycles, pandemics, and other

anticipated and unanticipated developments, and

success can only be measured over time and in the

context of those factors. Accordingly, we believe that the

right way to manage our business is with a long-term

perspective and to create value over time, and our

compensation program is structured to encourage a long-

term perspective. For a discussion of our pay-for-

performance philosophy and the relationship between our

executive compensation and financial results over time,

see pages 40-41 of the “Compensation Discussion and

Analysis” in this Proxy Statement.

As discussed in the “Compensation Discussion

and Analysis” section of this Proxy statement, the

Compensation Committee considered the above financial

performance measures, among others, when making

executive compensation decisions for performance year

2023.

In evaluating performance against the metrics, however,

the Compensation Committee does not use a formula or

pre-determined weighting, and no one metric is

individually material other than core return on equity and

core income. In addition, as noted above, however, the

Compensation Committee has not historically and does

not currently evaluate “compensation actually paid” as

calculated pursuant to Item 402(v)(2) as part of its

executive compensation determinations; accordingly, the

Compensation Committee does not actually use any

financial or non-financial performance measure

specifically to link executive “compensation actually paid”

to Company performance.

PEO Actually Paid Compensation Amount Using Record Date Stock Price

$ 35,100,000

Percentage Decrease in PEO Actually Paid Compensation When Using Record Date Stock Price Versus Last Trading Day of Performance Year Stock Price

30.00%

Measure:: 1

Non-GAAP Measure Description

Core return on equity

For purposes of the Rule, we have identified core return on equity as our Company-Selected Metric, the calculation of which is described in

Annex A – Reconciliation of GAAP Measures to Non-GAAP Measures and Selected Definitions. Although core return on equity is one

important financial performance measure, among others, that the Compensation Committee considers when making compensation

decisions with the intent of aligning compensation with Company performance, the Compensation Committee has not historically and does

not currently evaluate “compensation actually paid” as calculated pursuant to Item 402(v)(2) as part of its executive compensation

determinations; accordingly, the Compensation Committee does not actually use any financial performance measure specifically to link

executive “compensation actually paid” to Company performance. Please see the “Compensation Discussion & Analysis” section of this

Proxy Statement for a discussion of performance measures the Compensation Committee considered when making executive

compensation decisions for performance year 2023.

Measure:: 2

Adjusted core return on equity

Measure:: 3

Core income

Measure:: 4

Core income per diluted share

Measure:: 5

PEO | Change in Pension Value [Member]

Adjusted core income (excluding prior year reserve development related to asbestos and environmental and catastrophes)

PEO | Pension Adjustments, Service Cost [Member]

$ (703,164)

PEO | Pension Adjustments, Prior Service Cost [Member]

295,500

PEO | Stock Awards [Member]

PEO | Option Awards [Member]

(8,550,056)

PEO | Equity Awards [Member]

(5,699,058)

PEO | Equity Awards Granted During the Year, Unvested [Member]

19,565,395

PEO | Equity Awards Granted in Prior Years, Unvested [Member]

20,521,647

PEO | Equity Awards Granted During the Year, Vested [Member]

(793,232)

PEO | Equity Awards Granted in Prior Years, Vested [Member]

PEO | Equity Awards that Failed to Meet Vesting Conditions [Member]

(163,020)

PEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]

Non-PEO NEO | Change in Pension Value [Member]

Non-PEO NEO | Pension Adjustments, Service Cost [Member]

(300,330)

Non-PEO NEO | Pension Adjustments, Prior Service Cost [Member]

138,400

Non-PEO NEO | Stock Awards [Member]

Non-PEO NEO | Option Awards [Member]

(1,777,497)

Non-PEO NEO | Equity Awards [Member]

(1,184,796)

Non-PEO NEO | Equity Awards Granted During the Year, Unvested [Member]

5,562,581

Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]

7,759,659

Non-PEO NEO | Equity Awards Granted During the Year, Vested [Member]

(1,318,276)

Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]

Non-PEO NEO | Equity Awards that Failed to Meet Vesting Conditions [Member]

(878,802)

Non-PEO NEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]