Schedule II

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED STATEMENT OF INCOME


For the year ended December 31,	2024		2023		2022
Revenues
Net investment income	$	92	$	92	$	30
Net realized investment gains (losses)	34		37		(51)
Total revenues	126		129		(21)
Expenses
Interest	344		328		303
Other	3		(18)		13
Total expenses	347		310		316
Loss before income taxes and net income of subsidiaries	(221)		(181)		(337)
Income tax benefit	(88)		(58)		(99)
Loss before net income of subsidiaries	(133)		(123)		(238)
Net income of subsidiaries	5,132		3,114		3,080
Net income	$	4,999	$	2,991	$	2,842

The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto.

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


For the year ended December 31,	2024		2023		2022
Net income	$	4,999	$	2,991	$	2,842
Other comprehensive income (loss)—parent company:
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the condensed statement of income	(1)		3		(12)
Net changes in benefit plan assets and obligations	294		111		(105)
Other comprehensive income (loss) before income taxes and other comprehensive income (loss) of subsidiaries	293		114		(117)
Income tax expense (benefit)	61		30		(38)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	232		84		(79)
Other comprehensive income (loss) of subsidiaries	(728)		1,890		(7,559)
Other comprehensive income (loss)	(496)		1,974		(7,638)
Comprehensive income (loss)	$	4,503	$	4,965	$	(4,796)

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED BALANCE SHEET


As of December 31,	2024		2023
Assets
Fixed maturities	$	186	$	182
Equity securities	284		241
Short-term securities	1,748		1,494
Investment in subsidiaries	32,374		29,946
Other assets	774		549
Total assets	$	35,366	$	32,412
Liabilities
Debt	$	7,337	$	7,336
Other liabilities	158		146
Total liabilities	7,495		7,482
Shareholders’ equity
Common stock (1,750.0 shares authorized; 226.6 and 228.2 shares issued and outstanding)	25,452		24,906
Retained earnings	49,637		45,600
Accumulated other comprehensive loss	(4,967)		(4,471)
Treasury stock, at cost (564.3 and 559.2 shares)	(42,251)		(41,105)
Total shareholders’ equity	27,871		24,930
Total liabilities and shareholders’ equity	$	35,366	$	32,412

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED STATEMENT OF CASH FLOWS


For the year ended December 31,	2024		2023		2022
Cash flows from operating activities
Net income	$	4,999	$	2,991	$	2,842
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(5,132)		(3,114)		(3,080)
Dividends received from consolidated subsidiaries	1,964		1,125		2,860
Capital received from subsidiaries	48		18		—
Deferred federal income tax expense	9		17		14
Change in income taxes payable	(7)		(2)		(13)
Other	130		142		7
Net cash provided by operating activities	2,011		1,177		2,630
Cash flows from investing activities
Net sales (purchases) of short-term securities	(254)		(88)		73
Other investments, net	(8)		(37)		(35)
Net cash provided by (used in) investing activities	(262)		(125)		38
Cash flows from financing activities
Treasury stock acquired—share repurchase authorizations	(1,003)		(958)		(2,000)
Treasury stock acquired—net employee share-based compensation	(114)		(64)		(61)
Dividends paid to shareholders	(951)		(908)		(875)

Issuance of debt	—		738		—
Issuance of common stock—employee share options	321		141		267

Net cash used in financing activities	(1,747)		(1,051)		(2,669)
Net increase (decrease) in cash	2		1		(1)
Cash at beginning of year	1		—		1
Cash at end of year	$	3	$	1	$	—

Supplemental disclosure of cash flow information
Cash received during the year for taxes	$	122	$	73	$	100
Cash paid during the year for interest	$	343	$	322	$	301
Supplemental disclosure of noncash financing activities
Issuance of common stock — net share settlement of employee stock options	$	32	$	—	$	—

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

NOTES TO THE CONDENSED FINANCIAL INFORMATION OF REGISTRANT

1. GUARANTEES

The Travelers Companies, Inc. (TRV) fully and unconditionally guarantees the payment of all principal, premiums, if any, and interest on certain debt obligations of its subsidiaries TPC and TIGHI. The guarantees pertain to the $200 million 7.75% notes due 2026 and the $500 million 6.375% notes due 2033.

TRV also has contingent obligations for guarantees in connection with the selling of businesses to third parties; certain insurance, reinsurance and banking facility obligations of certain subsidiaries and various indemnifications including indemnifications that it utilizes with service providers in the normal course of business. The guarantees and indemnification clauses are often standard contractual terms and include indemnifications for breaches of representations and warranties and in some cases obligations arising from certain liabilities. The terms of these provisions vary in duration and nature.

Certain of the guarantees and indemnifications described above have no stated or notional amounts or limitation to the maximum potential future payments. Accordingly, TRV is unable to provide an estimate of the maximum potential payments for such arrangements; the likelihood for any payment under these guarantees is remote.