Exhibit 99.2

The Travelers Companies, Inc.
Financial Supplement - Fourth Quarter 2013

	Page Number
Consolidated Results
Financial Highlights	1
Reconciliation to Net Income and Earnings Per Share	2
Statement of Income	3
Net Income by Major Component and Combined Ratio	4
Operating Income	5
Selected Statistics - Property and Casualty Operations	6
Written and Earned Premiums - Property and Casualty Operations	7
Business Insurance
Operating Income	8
Operating Income by Major Component and Combined Ratio	9
Selected Statistics	10
Net Written Premiums	11
Financial, Professional & International Insurance
Operating Income	12
Operating Income by Major Component and Combined Ratio	13
Selected Statistics	14
Net Written Premiums	15
Personal Insurance
Operating Income (Loss)	16
Operating Income (Loss) by Major Component and Combined Ratio	17
Selected Statistics	18
Selected Statistics - Agency Automobile	19
Selected Statistics - Agency Homeowners and Other	20
Selected Statistics - Direct to Consumer	21
Supplemental Detail
Interest Expense and Other	22
Consolidated Balance Sheet	23
Investment Portfolio	24
Investment Portfolio - Fixed Maturities Data	25
Investment Income	26
Net Realized and Unrealized Investment Gains	27
Reinsurance Recoverables	28
Net Reserves for Losses and Loss Adjustment Expense	29
Asbestos and Environmental Reserves	30
Capitalization	31
Statutory to GAAP Shareholders’ Equity Reconciliation	32
Statement of Cash Flows	33
Statement of Cash Flows (continued)	34
Glossary of Financial Measures and Description of Reportable Business Segments	35

On November 1, 2013, the Company acquired all of the issued and outstanding shares of The Dominion of Canada General Insurance Company (Dominion) for an aggregate purchase price of approximately $1.034 billion.  The results of operations of the acquired business are reported in the Company’s Financial, Professional & International Insurance segment from the closing date.

The information included in the Financial Supplement is unaudited.  This document should be read in conjunction with the Company’s Form 10-K which will be filed with the Securities and Exchange Commission.

Index

The Travelers Companies, Inc.
Financial Highlights
($ and shares in millions, except per share data) 

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Net income	$	806		$	499		$	864		$	304		$	896		$	925		$	864		$	988		$	2,473		$	3,673
Net income per share:
Basic	$	2.04		$	1.27		$	2.23		$	0.79		$	2.36		$	2.44		$	2.33		$	2.73		$	6.35		$	9.84
Diluted	$	2.02		$	1.26		$	2.21		$	0.78		$	2.33		$	2.41		$	2.30		$	2.70		$	6.30		$	9.74
Operating income	$	801		$	495		$	867		$	278		$	887		$	816		$	883		$	981		$	2,441		$	3,567
Operating income per share:
Basic	$	2.03		$	1.27		$	2.24		$	0.72		$	2.33		$	2.15		$	2.38		$	2.71		$	6.27		$	9.56
Diluted	$	2.01		$	1.26		$	2.22		$	0.72		$	2.31		$	2.13		$	2.35		$	2.68		$	6.21		$	9.46
Return on equity	13.1		%	8.0		%	13.6		%	4.7		%	14.1		%	14.6		%	13.9		%	15.9		%	9.8		%	14.6		%
Operating return on equity	14.7		%	9.0		%	15.5		%	5.0		%	15.8		%	14.2		%	15.2		%	16.8		%	11.0		%	15.5		%
Total assets, at period end	$	104,838		$	104,330		$	105,445		$	104,938		$	103,897		$	101,900		$	102,685		$	103,812		$	104,938		$	103,812
Total equity, at period end	$	24,872		$	25,049		$	25,905		$	25,405		$	25,596		$	24,890		$	24,811		$	24,796		$	25,405		$	24,796
Book value per share, at period end	$	63.81		$	64.90		$	67.81		$	67.31		$	68.00		$	66.65		$	68.15		$	70.15		$	67.31		$	70.15
Less: Net unrealized investment gains, net of tax	7.28			7.72			8.68			8.22			7.61			4.53			4.28			3.74			8.22			3.74
Adjusted book value per share, at period end	$	56.53		$	57.18		$	59.13		$	59.09		$	60.39		$	62.12		$	63.87		$	66.41		$	59.09		$	66.41
Weighted average number of common shares outstanding (basic)	392.0			388.0			384.0			381.0			377.7			375.9			368.9			359.1			386.2			370.3
Weighted average number of common shares outstanding and common stock equivalents (diluted)	395.8			391.6			387.9			385.3			381.9			379.9			372.9			363.4			389.8			374.3
Common shares outstanding at period end	389.8			386.0			382.0			377.4			376.4			373.5			364.1			353.5			377.4			353.5
Common stock dividends declared	$	162		$	181		$	179		$	178		$	176		$	191		$	185		$	182		$	700		$	734
Common stock repurchased:
Under Board of Directors authorization
Shares	6.0			5.6			5.4			5.4			3.7			3.6			9.7			11.4			22.4			28.4
Cost	$	350		$	350		$	350		$	400		$	300		$	300		$	800		$	1,000		$	1,450		$	2,400
Other
Shares	0.8			—			—			0.1			0.7			—			0.1			—			0.9			0.8
Cost	$	52		$	1		$	—		$	2		$	58		$	1		$	1		$	1		$	55		$	61

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

1

The Travelers Companies, Inc.
Reconciliation to Net Income and Earnings Per Share
($ and shares in millions, except earnings per share) 

																			YTD		YTD
	1Q		2Q		3Q			4Q		1Q		2Q		3Q			4Q		4Q		4Q
	2012		2012		2012			2012		2013		2013		2013			2013		2012		2013
Net income
Operating income	$	801	$	495	$	867		$	278	$	887	$	816	$	883		$	981	$	2,441	$	3,567
Net realized investment gains (losses)	5		4		(3		)	26		9		109		(19		)	7		32		106
Net income	$	806	$	499	$	864		$	304	$	896	$	925	$	864		$	988	$	2,473	$	3,673
Basic earnings per share
Operating income	$	2.03	$	1.27	$	2.24		$	0.72	$	2.33	$	2.15	$	2.38		$	2.71	$	6.27	$	9.56
Net realized investment gains (losses)	0.01		—		(0.01		)	0.07		0.03		0.29		(0.05		)	0.02		0.08		0.28
Net income	$	2.04	$	1.27	$	2.23		$	0.79	$	2.36	$	2.44	$	2.33		$	2.73	$	6.35	$	9.84
Diluted earnings per share
Operating income	$	2.01	$	1.26	$	2.22		$	0.72	$	2.31	$	2.13	$	2.35		$	2.68	$	6.21	$	9.46
Net realized investment gains (losses)	0.01		—		(0.01		)	0.06		0.02		0.28		(0.05		)	0.02		0.09		0.28
Net income	$	2.02	$	1.26	$	2.21		$	0.78	$	2.33	$	2.41	$	2.30		$	2.70	$	6.30	$	9.74

Adjustments to net income and weighted average shares for net income EPS calculations: (1)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Basic and Diluted
Net income, as reported	$	806		$	499		$	864		$	304		$	896		$	925		$	864		$	988		$	2,473		$	3,673
Participating share-based awards - allocated income	(6		)	(4		)	(6		)	(2		)	(6		)	(7		)	(6		)	(8		)	(19		)	(27		)
Net income available to common shareholders - basic and diluted	$	800		$	495		$	858		$	302		$	890		$	918		$	858		$	980		$	2,454		$	3,646
Common Shares
Basic
Weighted average shares outstanding	392.0			388.0			384.0			381.0			377.7			375.9			368.9			359.1			386.2			370.3
Diluted
Weighted average shares outstanding	392.0			388.0			384.0			381.0			377.7			375.9			368.9			359.1			386.2			370.3
Weighted average effects of dilutive securities - stock options and performance shares	3.8			3.6			3.9			4.3			4.2			4.0			4.0			4.3			3.6			4.0
Diluted weighted average shares outstanding	395.8			391.6			387.9			385.3			381.9			379.9			372.9			363.4			389.8			374.3

(1)  Adjustments to net income and weighted average shares for net income EPS calculations can generally be used for the operating income EPS calculations.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

2

The Travelers Companies, Inc.
Statement of Income - Consolidated
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Revenues
Premiums	$	5,523		$	5,529		$	5,666		$	5,639		$	5,517		$	5,603		$	5,666		$	5,851		$	22,357		$	22,637
Net investment income	740			738			722			689			670			687			657			702			2,889			2,716
Fee income	82			59			92			90			97			82			107			109			323			395
Net realized investment gains (losses)	10			4			(2		)	39			10			167			(22		)	11			51			166
Other revenues	37			29			34			20			34			135			44			64			120			277
Total revenues	6,392			6,359			6,512			6,477			6,328			6,674			6,452			6,737			25,740			26,191
Claims and expenses
Claims and claim adjustment expenses	3,364			3,786			3,359			4,167			3,153			3,530			3,297			3,327			14,676			13,307
Amortization of deferred acquisition costs	971			976			986			977			948			950			953			970			3,910			3,821
General and administrative expenses	884			893			904			929			915			931			934			977			3,610			3,757
Interest expense	96			96			93			93			92			86			91			92			378			361
Total claims and expenses	5,315			5,751			5,342			6,166			5,108			5,497			5,275			5,366			22,574			21,246
Income before income taxes	1,077			608			1,170			311			1,220			1,177			1,177			1,371			3,166			4,945
Income tax expense	271			109			306			7			324			252			313			383			693			1,272
Net income	$	806		$	499		$	864		$	304		$	896		$	925		$	864		$	988		$	2,473		$	3,673
Other-than-temporary impairments (OTTI)
Total OTTI gains (losses)	$	—		$	11		$	17		$	(1	)	$	—		$	(1	)	$	—		$	(9	)	$	27		$	(10	)
OTTI losses recognized in net realized investment gains (losses)	$	(4	)	$	(4	)	$	(3	)	$	(4	)	$	(5	)	$	(2	)	$	(3	)	$	(5	)	$	(15	)	$	(15	)
OTTI gains (losses) recognized in other comprehensive income	$	4		$	15		$	20		$	3		$	5		$	1		$	3		$	(4	)	$	42		$	5
Other statistics
Effective tax rate on net investment income	19.9		%	20.2		%	20.0		%	19.2		%	19.2		%	19.7		%	19.1		%	20.0		%	19.8		%	19.5		%
Net investment income (after-tax)	$	593		$	589		$	578		$	556		$	542		$	551		$	531		$	562		$	2,316		$	2,186
Catastrophes, net of reinsurance:
Pre-tax	$	168		$	549		$	91		$	1,054		$	99		$	340		$	99		$	53		$	1,862		$	591
After-tax	$	109		$	357		$	59		$	689		$	65		$	221		$	64		$	37		$	1,214		$	387
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	304		$	221		$	193		$	222		$	231		$	192		$	158		$	259		$	940		$	840
After-tax	$	200		$	147		$	129		$	146		$	154		$	125		$	107		$	166		$	622		$	552

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

3

The Travelers Companies, Inc.
Net Income by Major Component and Combined Ratio - Consolidated
($ in millions, net of tax)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Underwriting gain (loss)	$	248		$	(47	)	$	327		$	(232	)	$	385		$	235		$	387		$	435		$	296		$	1,442
Net investment income	593			589			578			556			542			551			531			562			2,316			2,186
Other, including interest expense	(40		)	(47		)	(38		)	(46		)	(40		)	30			(35		)	(16		)	(171		)	(61		)
Operating income	801			495			867			278			887			816			883			981			2,441			3,567
Net realized investment gains (losses)	5			4			(3		)	26			9			109			(19		)	7			32			106
Net income	$	806		$	499		$	864		$	304		$	896		$	925		$	864		$	988		$	2,473		$	3,673
GAAP combined ratio (1) (2)
Loss and loss adjustment expense ratio	60.1		%	68.1		%	58.4		%	73.0		%	56.2		%	62.3		%	57.3		%	56.0		%	64.9		%	57.9		%
Underwriting expense ratio	32.1		%	32.4		%	31.9		%	32.4		%	32.3		%	32.0		%	31.6		%	31.7		%	32.2		%	31.9		%
Combined ratio	92.2		%	100.5		%	90.3		%	105.4		%	88.5		%	94.3		%	88.9		%	87.7		%	97.1		%	89.8		%
GAAP combined ratio excluding incremental impact of direct to consumer initiative	91.4		%	99.8		%	89.3		%	104.6		%	87.8		%	93.8		%	88.4		%	87.1		%	96.3		%	89.3		%
Impact of catastrophes on combined ratio	3.1		%	10.0		%	1.6		%	18.7		%	1.8		%	6.1		%	1.7		%	0.9		%	8.3		%	2.6		%
Impact of prior year reserve development on combined ratio	-5.5		%	-4.0		%	-3.4		%	-4.0		%	-4.1		%	-3.5		%	-2.8		%	-4.4		%	-4.2		%	-3.7		%
(1)  Before policyholder dividends. (2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses as follows:

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2012		2012		2012		2012		2013		2013		2013		2013		2012		2013
Billing and policy fees and other	$	27	$	25	$	24	$	22	$	24	$	25	$	25	$	28	$	98	$	102
Fee income:
Loss and loss adjustment expenses	$	35	$	11	$	40	$	38	$	42	$	27	$	44	$	46	$	124	$	159
Underwriting expenses	47		48		52		52		55		55		63		63		199		236
Total fee income	$	82	$	59	$	92	$	90	$	97	$	82	$	107	$	109	$	323	$	395

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

4

The Travelers Companies, Inc.
Operating Income - Consolidated
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Revenues
Premiums	$	5,523		$	5,529		$	5,666		$	5,639		$	5,517		$	5,603		$	5,666		$	5,851		$	22,357		$	22,637
Net investment income	740			738			722			689			670			687			657			702			2,889			2,716
Fee income	82			59			92			90			97			82			107			109			323			395
Other revenues	37			29			34			20			34			135			44			64			120			277
Total revenues	6,382			6,355			6,514			6,438			6,318			6,507			6,474			6,726			25,689			26,025
Claims and expenses
Claims and claim adjustment expenses	3,364			3,786			3,359			4,167			3,153			3,530			3,297			3,327			14,676			13,307
Amortization of deferred acquisition costs	971			976			986			977			948			950			953			970			3,910			3,821
General and administrative expenses	884			893			904			929			915			931			934			977			3,610			3,757
Interest expense	96			96			93			93			92			86			91			92			378			361
Total claims and expenses	5,315			5,751			5,342			6,166			5,108			5,497			5,275			5,366			22,574			21,246
Operating income before income taxes	1,067			604			1,172			272			1,210			1,010			1,199			1,360			3,115			4,779
Income tax expense (benefit)	266			109			305			(6		)	323			194			316			379			674			1,212
Operating income	$	801		$	495		$	867		$	278		$	887		$	816		$	883		$	981		$	2,441		$	3,567
Other statistics
Effective tax rate on net investment income	19.9		%	20.2		%	20.0		%	19.2		%	19.2		%	19.7		%	19.1		%	20.0		%	19.8		%	19.5		%
Net investment income (after-tax)	$	593		$	589		$	578		$	556		$	542		$	551		$	531		$	562		$	2,316		$	2,186
Catastrophes, net of reinsurance:
Pre-tax	$	168		$	549		$	91		$	1,054		$	99		$	340		$	99		$	53		$	1,862		$	591
After-tax	$	109		$	357		$	59		$	689		$	65		$	221		$	64		$	37		$	1,214		$	387
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	304		$	221		$	193		$	222		$	231		$	192		$	158		$	259		$	940		$	840
After-tax	$	200		$	147		$	129		$	146		$	154		$	125		$	107		$	166		$	622		$	552

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

5

The Travelers Companies, Inc.
Selected Statistics - Property and Casualty Operations
($ in millions)

																								YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q		4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013		2012			2013
Statutory underwriting
Gross written premiums	$	6,073		$	6,240		$	6,271		$	5,725		$	6,188		$	6,247		$	6,310		$	5,912	$	24,309		$	24,657
Net written premiums	$	5,497		$	5,868		$	5,697		$	5,385		$	5,597		$	5,824		$	5,713		$	5,633	$	22,447		$	22,767
Net earned premiums	$	5,523		$	5,529		$	5,666		$	5,639		$	5,517		$	5,603		$	5,666		$	5,851	$	22,357		$	22,637
Losses and loss adjustment expenses	3,318			3,791			3,310			4,119			3,070			3,490			3,250			3,282		14,538			13,092
Underwriting expenses	1,797			1,838			1,840			1,780			1,799			1,808			1,799			1,794		7,255			7,200
Statutory underwriting gain (loss)	408			(100		)	516			(260		)	648			305			617			775		564			2,345
Policyholder dividends	12			11			11			12			10			13			7			5		46			35
Statutory underwriting gain (loss) after policyholder dividends	$	396		$	(111	)	$	505		$	(272	)	$	638		$	292		$	610		$	770	$	518		$	2,310
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	40,791		$	40,925		$	40,528		$	40,656		$	40,215		$	40,145		$	40,037		$	41,568	$	40,656		$	41,568
Increase (decrease) in reserves	$	(108	)	$	134		$	(397	)	$	128		$	(441	)	$	(70	)	$	(108	)	$	1,531	$	(243	)	$	912
Statutory basis surplus	$	19,867		$	19,841		$	20,291		$	20,048		$	20,692		$	20,672		$	21,509		$	21,123	$	20,048		$	21,123
Net written premiums/surplus (1)	1.12:1			1.12:1			1.10:1			1.12:1			1.09:1			1.09:1			1.05:1			1.08:1		1.12:1			1.08:1

(1)  Based on 12 months of rolling net written premiums.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

6

The Travelers Companies, Inc.
Written and Earned Premiums - Property and Casualty Operations
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Written premiums
Gross	$	6,073		$	6,240		$	6,271		$	5,725		$	6,188		$	6,247		$	6,310		$	5,912		$	24,309		$	24,657
Ceded	(576		)	(372		)	(574		)	(340		)	(591		)	(423		)	(597		)	(279		)	(1,862		)	(1,890		)
Net	$	5,497		$	5,868		$	5,697		$	5,385		$	5,597		$	5,824		$	5,713		$	5,633		$	22,447		$	22,767
Earned premiums
Gross	$	5,973		$	5,985		$	6,132		$	6,110		$	5,985		$	6,091		$	6,163		$	6,369		$	24,200		$	24,608
Ceded	(450		)	(456		)	(466		)	(471		)	(468		)	(488		)	(497		)	(518		)	(1,843		)	(1,971		)
Net	$	5,523		$	5,529		$	5,666		$	5,639		$	5,517		$	5,603		$	5,666		$	5,851		$	22,357		$	22,637

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

7

The Travelers Companies, Inc.
Operating Income - Business Insurance
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Revenues
Premiums	$	2,876		$	2,860		$	2,982		$	2,973		$	2,942		$	3,018		$	3,046		$	3,078		$	11,691		$	12,084
Net investment income	532			536			524			498			487			502			479			507			2,090			1,975
Fee income	82			58			92			90			97			82			106			108			322			393
Other revenues	14			8			9			9			13			114			8			23			40			158
Total revenues	3,504			3,462			3,607			3,570			3,539			3,716			3,639			3,716			14,143			14,610
Claims and expenses
Claims and claim adjustment expenses	1,709			2,049			1,906			2,193			1,749			2,008			1,965			1,854			7,857			7,576
Amortization of deferred acquisition costs	467			465			477			475			475			481			479			478			1,884			1,913
General and administrative expenses	498			504			504			514			517			511			503			521			2,020			2,052
Total claims and expenses	2,674			3,018			2,887			3,182			2,741			3,000			2,947			2,853			11,761			11,541
Operating income before income taxes	830			444			720			388			798			716			692			863			2,382			3,069
Income tax expense	218			82			177			62			208			137			166			229			539			740
Operating income	$	612		$	362		$	543		$	326		$	590		$	579		$	526		$	634		$	1,843		$	2,329
Other statistics
Effective tax rate on net investment income	20.0		%	20.3		%	20.1		%	19.1		%	19.2		%	19.8		%	19.2		%	20.1		%	19.9		%	19.6		%
Net investment income (after-tax)	$	425		$	428		$	419		$	402		$	394		$	402		$	387		$	406		$	1,674		$	1,589
Catastrophes, net of reinsurance:
Pre-tax	$	53		$	252		$	50		$	439		$	35		$	148		$	61		$	41		$	794		$	285
After-tax	$	34		$	164		$	33		$	285		$	23		$	96		$	40		$	27		$	516		$	186
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	248		$	58		$	41		$	120		$	113		$	55		$	36		$	121		$	467		$	325
After-tax	$	162		$	38		$	27		$	78		$	75		$	36		$	24		$	78		$	305		$	213

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

8

The Travelers Companies, Inc.
Operating Income by Major Component and Combined Ratio - Business Insurance
($ in millions, net of tax)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Underwriting gain (loss)	$	177		$	(71	)	$	117		$	(82	)	$	188		$	102		$	134		$	212		$	141		$	636
Net investment income	425			428			419			402			394			402			387			406			1,674			1,589
Other	10			5			7			6			8			75			5			16			28			104
Operating income	$	612		$	362		$	543		$	326		$	590		$	579		$	526		$	634		$	1,843		$	2,329
GAAP combined ratio (1) (2)
Loss and loss adjustment expense ratio	57.8		%	71.0		%	62.3		%	72.2		%	57.7		%	65.3		%	63.0		%	58.6		%	65.9		%	61.2		%
Underwriting expense ratio	31.8		%	32.0		%	31.0		%	31.3		%	31.7		%	30.9		%	30.0		%	30.3		%	31.5		%	30.7		%
Combined ratio	89.6		%	103.0		%	93.3		%	103.5		%	89.4		%	96.2		%	93.0		%	88.9		%	97.4		%	91.9		%
Impact of catastrophes on combined ratio	1.8		%	8.8		%	1.7		%	14.7		%	1.2		%	4.9		%	2.0		%	1.3		%	6.8		%	2.4		%
Impact of prior year reserve development on combined ratio	-8.6		%	-2.0		%	-1.4		%	-4.0		%	-3.9		%	-1.8		%	-1.2		%	-3.9		%	-4.0		%	-2.7		%
(1)  Before policyholder dividends.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses as follows:

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2012		2012		2012		2012		2013		2013		2013		2013		2012		2013
Billing and policy fees and other	$	5	$	5	$	5	$	4	$	4	$	5	$	4	$	4	$	19	$	17
Fee income:
Loss and loss adjustment expenses	$	35	$	10	$	40	$	38	$	42	$	27	$	43	$	45	$	123	$	157
Underwriting expenses	47		48		52		52		55		55		63		63		199		236
Total fee income	$	82	$	58	$	92	$	90	$	97	$	82	$	106	$	108	$	322	$	393

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

9

The Travelers Companies, Inc.
Selected Statistics - Business Insurance
($ in millions)

																			YTD		YTD
	1Q		2Q			3Q		4Q			1Q		2Q		3Q		4Q		4Q		4Q
	2012		2012			2012		2012			2013		2013		2013		2013		2012		2013
Statutory underwriting
Gross written premiums	$	3,429	$	3,280		$	3,382	$	3,020		$	3,626	$	3,344	$	3,483	$	3,124	$	13,111	$	13,577
Net written premiums	$	3,100	$	3,026		$	2,962	$	2,784		$	3,260	$	3,068	$	3,032	$	2,873	$	11,872	$	12,233
Net earned premiums	$	2,876	$	2,860		$	2,982	$	2,973		$	2,942	$	3,018	$	3,046	$	3,078	$	11,691	$	12,084
Losses and loss adjustment expenses	1,663		2,057			1,860		2,147			1,668		1,970		1,920		1,805		7,727		7,363
Underwriting expenses	940		928			937		894			969		933		913		888		3,699		3,703
Statutory underwriting gain (loss)	273		(125		)	185		(68		)	305		115		213		385		265		1,018
Policyholder dividends	10		8			9		10			8		11		5		4		37		28
Statutory underwriting gain (loss) after policyholder dividends	$	263	$	(133	)	$	176	$	(78	)	$	297	$	104	$	208	$	381	$	228	$	990

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

10

The Travelers Companies, Inc.
Net Written Premiums - Business Insurance
($ in millions)

																				YTD			YTD
	1Q		2Q			3Q		4Q			1Q		2Q		3Q		4Q			4Q			4Q
	2012		2012			2012		2012			2013		2013		2013		2013			2012			2013
Net written premiums by market
Select Accounts	$	718	$	721		$	679	$	657		$	724	$	709	$	654	$	637		$	2,775		$	2,724
Commercial Accounts	861		717			805		718			908		732		807		750			3,101			3,197
National Accounts	235		226			202		244			277		242		236		255			907			1,010
Industry-Focused Underwriting	648		636			671		599			699		653		673		620			2,554			2,645
Target Risk Underwriting	429		486			382		369			448		500		441		410			1,666			1,799
Specialized Distribution	208		242			222		198			204		232		220		202			870			858
Total core	3,099		3,028			2,961		2,785			3,260		3,068		3,031		2,874			11,873			12,233
Business Insurance other	1		(2		)	1		(1		)	—		—		1		(1		)	(1		)	—
Total	$	3,100	$	3,026		$	2,962	$	2,784		$	3,260	$	3,068	$	3,032	$	2,873		$	11,872		$	12,233
Net written premiums by product line
Commercial multi-peril	$	819	$	777		$	769	$	735		$	828	$	771	$	755	$	729		$	3,100		$	3,083
Workers’ compensation	944		800			849		807			1,056		860		885		841			3,400			3,642
Commercial automobile	489		499			498		438			484		476		488		449			1,924			1,897
Commercial property	416		481			373		377			427		484		424		413			1,647			1,748
General liability	426		464			452		423			458		469		458		438			1,765			1,823
Other	6		5			21		4			7		8		22		3			36			40
Total	$	3,100	$	3,026		$	2,962	$	2,784		$	3,260	$	3,068	$	3,032	$	2,873		$	11,872		$	12,233
National Accounts
Additions to claim volume under administration (1)	$	639	$	472		$	480	$	549		$	701	$	523	$	523	$	596		$	2,140		$	2,343
Written fees	$	88	$	77		$	77	$	74		$	104	$	88	$	92	$	81		$	316		$	365

(1)  Includes new and renewal business.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

11

The Travelers Companies, Inc.
Operating Income - Financial, Professional & International Insurance
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Revenues
Premiums	$	737		$	766		$	772		$	770		$	735		$	751		$	785		$	958		$	3,045		$	3,229
Net investment income	104			99			97			95			92			91			88			101			395			372
Fee income	—			1			—			—			—			—			1			1			1			2
Other revenues	8			5			8			5			5			5			5			7			26			22
Total revenues	849			871			877			870			832			847			879			1,067			3,467			3,625
Claims and expenses
Claims and claim adjustment expenses	341			302			309			362			302			332			331			439			1,314			1,404
Amortization of deferred acquisition costs	143			149			149			148			143			147			155			178			589			623
General and administrative expenses	165			165			165			172			162			172			169			202			667			705
Total claims and expenses	649			616			623			682			607			651			655			819			2,570			2,732
Operating income before income taxes	200			255			254			188			225			196			224			248			897			893
Income tax expense	51			73			74			57			62			42			64			77			255			245
Operating income	$	149		$	182		$	180		$	131		$	163		$	154		$	160		$	171		$	642		$	648
Other statistics
Effective tax rate on net investment income	18.9		%	19.7		%	19.3		%	19.1		%	18.6		%	18.6		%	18.2		%	19.4		%	19.2		%	18.7		%
Net investment income (after-tax)	$	85		$	79		$	78		$	77		$	75		$	74		$	72		$	81		$	319		$	302
Catastrophes, net of reinsurance:
Pre-tax	$	—		$	4		$	1		$	45		$	—		$	46		$	—		$	10		$	50		$	56
After-tax	$	—		$	3		$	—		$	34		$	—		$	30		$	—		$	9		$	37		$	39
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	46		$	96		$	87		$	69		$	58		$	72		$	74		$	102		$	298		$	306
After-tax	$	31		$	66		$	60		$	46		$	40		$	47		$	51		$	66		$	203		$	204

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

12

The Travelers Companies, Inc.
Operating Income by Major Component and Combined Ratio - Financial, Professional & International Insurance
($ in millions, net of tax)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Underwriting gain	$	59		$	99		$	97		$	50		$	85		$	76		$	85		$	85		$	305		$	331
Net investment income	85			79			78			77			75			74			72			81			319			302
Other	5			4			5			4			3			4			3			5			18			15
Operating income	$	149		$	182		$	180		$	131		$	163		$	154		$	160		$	171		$	642		$	648
GAAP combined ratio (1) (2)
Loss and loss adjustment expense ratio	46.0		%	39.1		%	39.7		%	46.6		%	40.8		%	43.9		%	41.8		%	45.7		%	42.8		%	43.2		%
Underwriting expense ratio	41.8		%	40.9		%	40.5		%	41.7		%	41.5		%	42.4		%	41.4		%	39.3		%	41.3		%	41.1		%
Combined ratio	87.8		%	80.0		%	80.2		%	88.3		%	82.3		%	86.3		%	83.2		%	85.0		%	84.1		%	84.3		%
Impact of catastrophes on combined ratio	0.0		%	0.4		%	0.1		%	5.9		%	0.0		%	6.1		%	0.0		%	1.0		%	1.7		%	1.8		%
Impact of prior year reserve development on combined ratio	-6.1		%	-12.5		%	-11.3		%	-9.1		%	-7.8		%	-9.7		%	-9.3		%	-10.7		%	-9.8		%	-9.5		%
(1)  Before policyholder dividends.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses as follows:

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2012		2012		2012		2012		2013		2013		2013		2013		2012		2013
Billing and policy fees and other	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	3
Fee income:
Loss and loss adjustment expenses	$	—	$	1	$	—	$	—	$	—	$	—	$	1	$	1	$	1	$	2
Underwriting expenses	—		—		—		—		—		—		—		—		—		—
Total fee income	$	—	$	1	$	—	$	—	$	—	$	—	$	1	$	1	$	1	$	2

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

13

The Travelers Companies, Inc.
Selected Statistics - Financial, Professional & International Insurance
($ in millions)

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2012		2012		2012		2012		2013		2013		2013		2013		2012		2013
Statutory underwriting
Gross written premiums	$	791	$	882	$	763	$	839	$	799	$	906	$	799	$	1,042	$	3,275	$	3,546
Net written premiums	$	604	$	840	$	729	$	808	$	647	$	849	$	770	$	1,043	$	2,981	$	3,309
Net earned premiums	$	737	$	766	$	772	$	770	$	735	$	751	$	785	$	958	$	3,045	$	3,229
Losses and loss adjustment expenses	341		299		307		359		300		330		329		439		1,306		1,398
Underwriting expenses	316		319		295		314		317		323		313		377		1,244		1,330
Statutory underwriting gain	80		148		170		97		118		98		143		142		495		501
Policyholder dividends	2		3		2		2		2		2		2		1		9		7
Statutory underwriting gain after policyholder dividends	$	78	$	145	$	168	$	95	$	116	$	96	$	141	$	141	$	486	$	494

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

14

The Travelers Companies, Inc.
Net Written Premiums - Financial, Professional & International Insurance
($ in millions)

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2012		2012		2012		2012		2013		2013		2013		2013		2012		2013
Net written premiums by market
Bond & Financial Products	$	357	$	524	$	529	$	514	$	395	$	531	$	553	$	551	$	1,924	$	2,030
International	247		316		200		294		252		318		217		492		1,057		1,279
Total	$	604	$	840	$	729	$	808	$	647	$	849	$	770	$	1,043	$	2,981	$	3,309
Net written premiums by product line
General liability	$	143	$	236	$	233	$	247	$	168	$	237	$	249	$	280	$	859	$	934
Fidelity & surety	172		248		246		229		178		253		255		232		895		918
International	247		316		200		294		252		318		217		492		1,057		1,279
Other	42		40		50		38		49		41		49		39		170		178
Total	$	604	$	840	$	729	$	808	$	647	$	849	$	770	$	1,043	$	2,981	$	3,309

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

15

The Travelers Companies, Inc.
Operating Income (Loss) - Personal Insurance
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Revenues
Premiums	$	1,910		$	1,903		$	1,912		$	1,896		$	1,840		$	1,834		$	1,835		$	1,815		$	7,621		$	7,324
Net investment income	104			103			101			96			91			94			90			94			404			369
Other revenues	19			16			17			14			18			15			34			36			66			103
Total revenues	2,033			2,022			2,030			2,006			1,949			1,943			1,959			1,945			8,091			7,796
Claims and expenses
Claims and claim adjustment expenses	1,314			1,435			1,144			1,612			1,102			1,190			1,001			1,034			5,505			4,327
Amortization of deferred acquisition costs	361			362			360			354			330			322			319			314			1,437			1,285
General and administrative expenses	214			219			230			237			232			241			256			251			900			980
Total claims and expenses	1,889			2,016			1,734			2,203			1,664			1,753			1,576			1,599			7,842			6,592
Operating income (loss) before income taxes	144			6			296			(197		)	285			190			383			346			249			1,204
Income tax expense (benefit)	36			(11		)	90			(83		)	88			48			121			109			32			366
Operating income (loss)	$	108		$	17		$	206		$	(114	)	$	197		$	142		$	262		$	237		$	217		$	838
Other statistics
Effective tax rate on net investment income	20.1		%	20.4		%	20.2		%	19.4		%	19.5		%	20.1		%	19.5		%	20.3		%	20.1		%	19.9		%
Net investment income (after-tax)	$	83		$	82		$	81		$	77		$	73		$	75		$	72		$	75		$	323		$	295
Catastrophes, net of reinsurance:
Pre-tax	$	115		$	293		$	40		$	570		$	64		$	146		$	38		$	2		$	1,018		$	250
After-tax	$	75		$	190		$	26		$	370		$	42		$	95		$	24		$	1		$	661		$	162
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	10		$	67		$	65		$	33		$	60		$	65		$	48		$	36		$	175		$	209
After-tax	$	7		$	43		$	42		$	22		$	39		$	42		$	32		$	22		$	114		$	135

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

16

The Travelers Companies, Inc.
Operating Income (Loss) by Major Component and Combined Ratio - Personal Insurance
($ in millions, net of tax)

																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Underwriting gain (loss)		$	12		$	(75	)	$	113		$	(200	)	$	112		$	57		$	168		$	138		$	(150	)	$	475
Net investment income		83			82			81			77			73			75			72			75			323			295
Other		13			10			12			9			12			10			22			24			44			68
Operating income (loss)		$	108		$	17		$	206		$	(114	)	$	197		$	142		$	262		$	237		$	217		$	838
GAAP combined ratio (1)
Loss and loss adjustment expense ratio		68.8		%	75.4		%	59.8		%	85.0		%	59.9		%	64.9		%	54.5		%	57.0		%	72.3		%	59.1		%
Underwriting expense ratio		29.0		%	29.4		%	29.9		%	30.2		%	29.5		%	29.6		%	30.2		%	29.9		%	29.6		%	29.8		%
Combined ratio		97.8		%	104.8		%	89.7		%	115.2		%	89.4		%	94.5		%	84.7		%	86.9		%	101.9		%	88.9		%
GAAP combined ratio excluding incremental impact of direct to consumer initiative		95.7		%	102.9		%	86.8		%	113.1		%	87.5		%	92.9		%	82.9		%	85.1		%	99.6		%	87.1		%
Impact of catastrophes on combined ratio		6.0		%	15.3		%	2.1		%	30.1		%	3.5		%	8.0		%	2.0		%	0.1		%	13.4		%	3.4		%
Impact of prior year reserve development on combined ratio		-0.5		%	-3.5		%	-3.4		%	-1.8		%	-3.3		%	-3.5		%	-2.6		%	-2.0		%	-2.3		%	-2.8		%
(1)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. Billing and policy fees and other are as follows:
																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
	Billing and policy fees and other	$	22		$	20		$	19		$	18		$	20		$	20		$	21		$	21		$	79		$	82

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

17

The Travelers Companies, Inc.
Selected Statistics - Personal Insurance
($ in millions)

																			YTD			YTD
	1Q		2Q			3Q		4Q			1Q		2Q		3Q		4Q		4Q			4Q
	2012		2012			2012		2012			2013		2013		2013		2013		2012			2013
Statutory underwriting
Gross written premiums	$	1,853	$	2,078		$	2,126	$	1,866		$	1,763	$	1,997	$	2,028	$	1,746	$	7,923		$	7,534
Net written premiums	$	1,793	$	2,002		$	2,006	$	1,793		$	1,690	$	1,907	$	1,911	$	1,717	$	7,594		$	7,225
Net earned premiums	$	1,910	$	1,903		$	1,912	$	1,896		$	1,840	$	1,834	$	1,835	$	1,815	$	7,621		$	7,324
Losses and loss adjustment expenses	1,314		1,435			1,143		1,613			1,102		1,190		1,001		1,038		5,505			4,331
Underwriting expenses	541		591			608		572			513		552		573		529		2,312			2,167
Statutory underwriting gain (loss)	$	55	$	(123	)	$	161	$	(289	)	$	225	$	92	$	261	$	248	$	(196	)	$	826
Policies in force (in thousands)
Automobile	2,554		2,505			2,436		2,361			2,286		2,217		2,151		2,103		2,361			2,103
Homeowners and other (1)	4,971		4,902			4,794		4,672			4,563		4,477		4,386		4,294		4,672			4,294

(1)  In 3Q 2013, the Company sold the renewal rights related to its National Flood Insurance Program business.  Policies in force have been adjusted to exclude National Flood Insurance Program business for all periods presented.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

18

The Travelers Companies, Inc.
Selected Statistics - Personal Insurance (Agency Automobile) (1)
($ in millions)

																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Statutory underwriting
Gross written premiums		$	904		$	903		$	911		$	826		$	835		$	838		$	834		$	770		$	3,544		$	3,277
Net written premiums		$	900		$	899		$	906		$	822		$	831		$	834		$	828		$	765		$	3,527		$	3,258
Net earned premiums		$	902		$	891		$	888		$	875		$	844		$	837		$	827		$	812		$	3,556		$	3,320
Losses and loss adjustment expenses		641			674			659			778			594			599			591			636			2,752			2,420
Underwriting expenses		235			238			233			229			218			224			222			208			935			872
Statutory underwriting gain (loss)		$	26		$	(21	)	$	(4	)	$	(132	)	$	32		$	14		$	14		$	(32	)	$	(131	)	$	28
Other statistics
GAAP combined ratio (2):
Loss and loss adjustment expense ratio		71.1		%	75.6		%	74.1		%	89.0		%	70.4		%	71.6		%	71.5		%	77.8		%	77.4		%	72.8		%
Underwriting expense ratio		25.4		%	25.9		%	25.3		%	26.5		%	25.6		%	26.2		%	26.4		%	26.2		%	25.7		%	26.1		%
Combined ratio		96.5		%	101.5		%	99.4		%	115.5		%	96.0		%	97.8		%	97.9		%	104.0		%	103.1		%	98.9		%
Impact of catastrophes on combined ratio		1.0		%	3.8		%	0.4		%	7.9		%	1.0		%	1.4		%	0.3		%	0.0		%	3.3		%	0.7		%
Impact of prior year reserve development on combined ratio		-0.2		%	0.0		%	0.9		%	1.9		%	0.6		%	0.0		%	0.0		%	1.8		%	0.6		%	0.6		%
Catastrophe losses, net of reinsurance:
Pre-tax		$	9		$	34		$	4		$	69		$	8		$	12		$	2		$	—		$	116		$	22
After-tax		$	6		$	22		$	3		$	44		$	6		$	7		$	1		$	—		$	75		$	14
Prior year reserve development - favorable (unfavorable)
Pre-tax		$	2		$	—		$	(8	)	$	(17	)	$	(6	)	$	—		$	—		$	(14	)	$	(23	)	$	(20	)
After-tax		$	1		$	—		$	(5	)	$	(11	)	$	(4	)	$	—		$	—		$	(10	)	$	(15	)	$	(14	)
Policies in force (in thousands)		2,473			2,423			2,353			2,278			2,204			2,136			2,071			2,022
Change from prior year quarter		-1.0		%	-3.2		%	-5.9		%	-8.7		%	-10.9		%	-11.8		%	-12.0		%	-11.2		%
Change from prior quarter		-0.8		%	-2.0		%	-2.9		%	-3.2		%	-3.2		%	-3.1		%	-3.0		%	-2.4		%
(1)  Represents Automobile policies sold through agents, brokers and other intermediaries, and excludes direct to consumer.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. Billing and policy fees and other are as follows:
																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
	Billing and policy fees and other	$	12		$	10		$	11		$	9		$	10		$	9		$	9		$	9		$	42		$	37

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

19

The Travelers Companies, Inc.
Selected Statistics - Personal Insurance (Agency Homeowners and Other) (1)
($ in millions)

																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Statutory underwriting
Gross written premiums		$	912		$	1,135		$	1,171		$	1,002		$	889		$	1,119		$	1,150		$	936		$	4,220		$	4,094
Net written premiums		$	855		$	1,064		$	1,056		$	934		$	820		$	1,033		$	1,039		$	913		$	3,909		$	3,805
Net earned premiums		$	973		$	976		$	986		$	983		$	957		$	958		$	969		$	963		$	3,918		$	3,847
Losses and loss adjustment expenses		643			730			457			800			480			561			382			371			2,630			1,794
Underwriting expenses		262			309			315			294			255			293			313			286			1,180			1,147
Statutory underwriting gain (loss)		$	68		$	(63	)	$	214		$	(111	)	$	222		$	104		$	274		$	306		$	108		$	906
Other statistics
GAAP combined ratio (2):
Loss and loss adjustment expense ratio		66.0		%	74.8		%	46.4		%	81.4		%	50.2		%	58.6		%	39.4		%	38.5		%	67.2		%	46.6		%
Underwriting expense ratio		29.0		%	29.4		%	29.0		%	29.5		%	29.8		%	30.1		%	30.8		%	30.7		%	29.2		%	30.4		%
Combined ratio		95.0		%	104.2		%	75.4		%	110.9		%	80.0		%	88.7		%	70.2		%	69.2		%	96.4		%	77.0		%
Impact of catastrophes on combined ratio		10.7		%	26.1		%	3.6		%	50.3		%	5.6		%	13.9		%	3.6		%	0.0		%	22.7		%	5.8		%
Impact of prior year reserve development on combined ratio		-1.1		%	-6.9		%	-7.3		%	-4.9		%	-6.7		%	-6.7		%	-5.0		%	-5.1		%	-5.0		%	-5.9		%
Catastrophe losses, net of reinsurance:
Pre-tax		$	104		$	256		$	35		$	495		$	54		$	133		$	35		$	1		$	890		$	223
After-tax		$	68		$	166		$	22		$	322		$	35		$	87		$	22		$	1		$	578		$	145
Prior year reserve development - favorable (unfavorable)
Pre-tax		$	10		$	68		$	71		$	48		$	65		$	65		$	48		$	50		$	197		$	228
After-tax		$	7		$	44		$	46		$	31		$	42		$	42		$	32		$	32		$	128		$	148
Policies in force (in thousands) (3)		4,903			4,830			4,718			4,594			4,484			4,396			4,303			4,209
Change from prior year quarter		-0.2		%	-2.1		%	-4.6		%	-6.9		%	-8.5		%	-9.0		%	-8.8		%	-8.4		%
Change from prior quarter		-0.7		%	-1.5		%	-2.3		%	-2.6		%	-2.4		%	-2.0		%	-2.1		%	-2.2		%
(1)  Represents Homeowners and Other Lines sold through agents, brokers and other intermediaries, and excludes direct to consumer.
(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. Billing and policy fees and other are as follows:
																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
	Billing and policy fees and other	$	10		$	8		$	9		$	8		$	9		$	10		$	12		$	12		$	35		$	43

(3)  In 3Q 2013, the Company sold the renewal rights related to its National Flood Insurance Program business.  Policies in force have been adjusted to exclude National Flood Insurance Program business for all periods presented.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

20

The Travelers Companies, Inc.
Selected Statistics - Direct to Consumer (1)
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Net written premiums
Automobile	$	29		$	28		$	32		$	26		$	29		$	27		$	30		$	26		$	115		$	112
Homeowners and other	9			11			12			11			10			13			14			13			43			50
Total net written premiums	$	38		$	39		$	44		$	37		$	39		$	40		$	44		$	39		$	158		$	162
Revenues
Premiums	$	35		$	36		$	38		$	38		$	39		$	39		$	39		$	40		$	147		$	157
Other revenues	—			—			1			—			—			—			1			—			1			1
Total revenues	35			36			39			38			39			39			40			40			148			158
Claims and expenses
Claims and claim adjustment expenses	31			31			27			34			28			30			28			31			123			117
Amortization of deferred acquisition costs	1			1			1			—			1			1			1			1			3			4
General and administrative expenses	42			42			61			51			40			34			37			36			196			147
Total claims and expenses	74			74			89			85			69			65			66			68			322			268
Operating loss before income taxes	(39		)	(38		)	(50		)	(47		)	(30		)	(26		)	(26		)	(28		)	(174		)	(110		)
Income taxes	(14		)	(13		)	(17		)	(17		)	(11		)	(9		)	(9		)	(10		)	(61		)	(39		)
Operating loss	$	(25	)	$	(25	)	$	(33	)	$	(30	)	$	(19	)	$	(17	)	$	(17	)	$	(18	)	$	(113	)	$	(71	)
Other statistics
Policies in force (in thousands)
Automobile	81			82			83			83			82			81			80			81
Homeowners and other	68			72			76			78			79			81			83			85
Catastrophes, net of reinsurance:
Pre-tax	$	2		$	3		$	1		$	6		$	2		$	1		$	1		$	1		$	12		$	5
After-tax	$	1		$	2		$	1		$	4		$	1		$	1		$	1		$	—		$	8		$	3
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	(2	)	$	(1	)	$	2		$	2		$	1		$	—		$	—		$	—		$	1		$	1
After-tax	$	(1	)	$	(1	)	$	1		$	2		$	1		$	—		$	—		$	—		$	1		$	1

(1)  Represents incremental premiums, other revenues and claims and expenses of Direct to Consumer business activities included in Personal Insurance operating income (loss).

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

21

The Travelers Companies, Inc.
Interest Expense and Other
($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Revenues
Other revenues	$	(4	)	$	—		$	—		$	(8	)	$	(2	)	$	1		$	(3	)	$	(2	)	$	(12	)	$	(6	)
Claims and expenses
Interest expense	96			96			93			93			92			86			91			92			378			361
General and administrative expenses	7			5			5			6			4			7			6			3			23			20
Total claims and expenses	103			101			98			99			96			93			97			95			401			381
Operating loss before income tax benefit	(107		)	(101		)	(98		)	(107		)	(98		)	(92		)	(100		)	(97		)	(413		)	(387		)
Income taxes	(39		)	(35		)	(36		)	(42		)	(35		)	(33		)	(35		)	(36		)	(152		)	(139		)
Operating loss	$	(68	)	$	(66	)	$	(62	)	$	(65	)	$	(63	)	$	(59	)	$	(65	)	$	(61	)	$	(261	)	$	(248	)

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

22

The Travelers Companies, Inc.
Consolidated Balance Sheet
(in millions)

	December 31,			December 31,
	2013 (1)			2012
Assets
Fixed maturities, available for sale, at fair value (amortized cost $62,196 and $60,829)	$	63,956		$	65,393
Equity securities, available for sale, at fair value (cost $686 and $462)	943			645
Real estate investments	938			883
Short-term securities	3,882			3,483
Other investments	3,441			3,434
Total investments	73,160			73,838
Cash	294			330
Investment income accrued	734			752
Premiums receivable	6,125			5,872
Reinsurance recoverables	9,713			10,712
Ceded unearned premiums	801			856
Deferred acquisition costs	1,804			1,792
Deferred taxes	303			—
Contractholder receivables	4,328			4,806
Goodwill	3,634			3,365
Other intangible assets	351			381
Other assets	2,565			2,234
Total assets	$	103,812		$	104,938
Liabilities
Claims and claim adjustment expense reserves	$	50,895		$	50,922
Unearned premium reserves	11,850			11,241
Contractholder payables	4,328			4,806
Payables for reinsurance premiums	298			346
Deferred taxes	—			338
Debt	6,346			6,350
Other liabilities	5,299			5,530
Total liabilities	79,016			79,533
Shareholders’ equity
Common stock (1,750.0 shares authorized; 353.5 and 377.4 shares issued and outstanding)	21,500			21,161
Retained earnings	24,291			21,352
Accumulated other comprehensive income	810			2,236
Treasury stock, at cost (401.5 and 372.3 shares)	(21,805		)	(19,344		)
Total shareholders’ equity	24,796			25,405
Total liabilities and shareholders’ equity	$	103,812		$	104,938

(1)  Preliminary.

23

The Travelers Companies, Inc. Investment Portfolio (at carrying value, $ in millions)

	December 31,		Pre-tax Book		December 31,		Pre-tax Book
	2013		Yield (1)		2012		Yield (1)
Investment portfolio
Taxable fixed maturities (including redeemable preferred stock)	$	28,788	3.55	%	$	27,188	3.92	%
Tax-exempt fixed maturities	35,168		3.84	%	38,205		3.87	%
Total fixed maturities	63,956		3.71	%	65,393		3.89	%
Non-redeemable preferred stocks	333		5.70	%	135		6.27	%
Common stocks	610				510
Total equity securities	943				645
Real estate investments	938				883
Short-term securities	3,882		0.15	%	3,483		0.21	%
Private equities	1,926				1,888
Hedge funds	390				381
Real estate partnerships	618				610
Trading securities	—				30
Other investments	507				525
Total other investments	3,441				3,434
Total investments	$	73,160			$	73,838
Net unrealized investment gains, net of tax, included in shareholders’ equity	$	1,322			$	3,103

(1)  Yields are provided for those investments with an embedded book yield.

24

The Travelers Companies, Inc. Investment Portfolio - Fixed Maturities Data (at carrying value, $ in millions)

	December 31,		December 31,
	2013		2012
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	2,315	$	2,222
Obligations of states and political subdivisions:
Pre-refunded	9,518		9,025
All other	26,044		29,656
Total	35,562		38,681
Debt securities issued by foreign governments	2,577		2,257
Mortgage-backed securities - principally obligations of U.S. Government agencies	2,424		2,997
Corporates (including redeemable preferreds)	21,078		19,236
Total fixed maturities	$	63,956	$	65,393

Fixed Maturities

Quality Characteristics (1)

	December 31, 2013
	Amount		% of Total
Quality Ratings
Aaa	$	27,209	42.5	%
Aa	19,430		30.4
A	9,331		14.6
Baa	6,054		9.5
Total investment grade	62,024		97.0
Ba	1,025		1.6
B	428		0.7
Caa and lower	479		0.7
Total below investment grade	1,932		3.0
Total fixed maturities	$	63,956	100.0	%
Average weighted quality	Aa2, AA
Average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases	3.7

(1)  Rated using external rating agencies or by Travelers when a public rating does not exist.  Below investment grade assets refer to securities rated “Ba” or below.

25

The Travelers Companies, Inc. Investment Income ($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Gross investment income
Fixed maturities	$	620		$	611		$	604		$	604		$	586		$	574		$	571		$	579		$	2,439		$	2,310
Short-term securities	2			3			3			2			2			2			3			4			10			11
Other	128			133			124			91			92			120			91			129			476			432
	750			747			731			697			680			696			665			712			2,925			2,753
Investment expenses	10			9			9			8			10			9			8			10			36			37
Net investment income, pre-tax	740			738			722			689			670			687			657			702			2,889			2,716
Income taxes	147			149			144			133			128			136			126			140			573			530
Net investment income, after-tax	$	593		$	589		$	578		$	556		$	542		$	551		$	531		$	562		$	2,316		$	2,186
Effective tax rate	19.9		%	20.2		%	20.0		%	19.2		%	19.2		%	19.7		%	19.1		%	20.0		%	19.8		%	19.5		%
Average invested assets (1)	$	69,494		$	69,623		$	69,813		$	70,419		$	69,996		$	69,701		$	70,419		$	72,165		$	69,863		$	70,697
Average yield pre-tax (1)	4.3		%	4.2		%	4.1		%	3.9		%	3.8		%	3.9		%	3.7		%	3.9		%	4.1		%	3.8		%
Average yield after-tax	3.4		%	3.4		%	3.3		%	3.2		%	3.1		%	3.2		%	3.0		%	3.1		%	3.3		%	3.1		%

(1)  Excludes net unrealized investment gains, net of tax, and is adjusted for cash, receivables for investment sales, payables on investment purchases and accrued investment income.

26

The Travelers Companies, Inc. Net Realized and Unrealized Investment Gains ($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Net realized investment gains (losses)
Fixed maturities	$	8		$	17		$	14		$	14		$	11		$	14		$	5		$	6		$	53		$	36
Equity securities	3			2			—			(1		)	6			4			(1		)	1			4			10
Other (1)	(1		)	(15		)	(16		)	26			(7		)	149			(26		)	4			(6		)	120
Realized investment gains (losses) before tax	10			4			(2		)	39			10			167			(22		)	11			51			166
Related taxes	5			—			1			13			1			58			(3		)	4			19			60
Net realized investment gains (losses)	$	5		$	4		$	(3	)	$	26		$	9		$	109		$	(19	)	$	7		$	32		$	106
Gross investment gains (1)	$	121		$	78		$	78		$	97		$	108		$	352		$	12		$	57		$	374		$	529
Gross investment losses before impairments (1)	(107		)	(70		)	(77		)	(54		)	(93		)	(183		)	(31		)	(41		)	(308		)	(348		)
Net investment gains before impairments	14			8			1			43			15			169			(19		)	16			66			181
Other-than-temporary impairment losses	(4		)	(4		)	(3		)	(4		)	(5		)	(2		)	(3		)	(5		)	(15		)	(15		)
Net realized investment gains (losses) before tax	10			4			(2		)	39			10			167			(22		)	11			51			166
Related taxes	5			—			1			13			1			58			(3		)	4			19			60
Net realized investment gains (losses)	$	5		$	4		$	(3	)	$	26		$	9		$	109		$	(19	)	$	7		$	32		$	106
	March 31,			June 30,			September 30,			December 31,			March 31,			June 30,			September 30,			December 31,
	2012			2012			2012			2012			2013			2013			2013			2013
Net unrealized investment gains, net of tax, by asset type
Fixed maturities	$	4,166		$	4,392		$	4,870		$	4,564		$	4,121		$	2,349		$	2,142		$	1,760
Equity securities & other	181			176			209			197			274			250			252			270
Unrealized investment gains before tax	4,347			4,568			5,079			4,761			4,395			2,599			2,394			2,030
Related taxes	1,509			1,588			1,764			1,658			1,531			907			835			708
Balance, end of period	$	2,838		$	2,980		$	3,315		$	3,103		$	2,864		$	1,692		$	1,559		$	1,322

(1)  Includes the following gross investment gains and gross investment losses related to U.S. Treasury futures, which are settled daily:
Gross investment Treasury future gains	$	47	$	25	$	27	$	26	$	56	$	287	$	—	$	—	$	125	$	343
Gross investment Treasury future losses	$	41	$	38	$	35	$	25	$	75	$	153	$	—	$	—	$	139	$	228

The Company entered into these arrangements as part of its strategy to manage the duration of its fixed maturity portfolio.  In a changing interest rate environment, the change in the value of the futures contracts can be expected to partially offset changes in the value of the fixed maturity portfolio.

27

The Travelers Companies, Inc. Reinsurance Recoverables ($ in millions)

	December 31,			December 31,
	2013			2012
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses	$	4,707		$	5,256
Allowance for uncollectible reinsurance	(239		)	(258		)
Net reinsurance recoverables (i)	4,468			4,998
Mandatory pools and associations (ii)	1,897			2,549
Structured settlements (iii)	3,348			3,165
Total reinsurance recoverables	$	9,713		$	10,712

(i)  The Company’s top five reinsurer groups, including retroactive reinsurance, included in net reinsurance recoverables is as follows:

	A.M. Best Rating of Group’s	December 31,		December 31,
Reinsurer	Predominant Reinsurer	2013		2012
Munich Re Group	A+ second highest of 16 ratings	$	525	$	550
Swiss Re Group	A+ second highest of 16 ratings	491		517
Alleghany Group	A third highest of 16 ratings	254		302
XL Capital Group	A third highest of 16 ratings	242		266
NKSJ Holdings Inc Group	A+ second highest of 16 ratings	242		220

The gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses represent the current and estimated future amounts due from reinsurers on known and incurred but not reported claims.  The ceded reserves are estimated in a manner consistent with the underlying direct and assumed reserves.  Although this total comprises recoverables due from nearly one thousand different reinsurance entities, about half is attributable to 10 reinsurer groups.

The net reinsurance recoverables reflect an allowance for uncollectible reinsurance that is based upon the Company’s ongoing review of amounts outstanding, reinsurer solvency, the Company’s experience, current economic conditions, and other relevant factors.  Of the total net recoverables due from reinsurers at December 31, 2013, after deducting mandatory pools and associations and structured settlement balances, $3.6 billion, or 80%, were rated by A.M. Best Company.  Of the total rated by A.M. Best Company, 99% were rated A- or better.  The remaining 20% of net recoverables from reinsurers were comprised of the following:  6% related to the Company’s participation in voluntary pools, 11% related to recoverables from captive insurance companies and 3% were balances from other companies not rated by A.M. Best Company.  In addition, $1.4 billion of the net recoverables were collateralized by letters of credit, funds held or trust agreements at December 31, 2013.

(ii)  The mandatory pools and associations represent various involuntary assigned risk pools that the Company is required to participate in.  These pools principally involve workers’ compensation and automobile insurance, which provide various insurance coverages to insureds that otherwise are unable to purchase coverage in the open market.  The costs of these mandatory pools in most states are usually charged back to the participating members in proportion to voluntary writings of related business in that state.  In the event that a member of the pool becomes insolvent, the remaining members assume an additional pro rata share of the pool’s liabilities.  Recoverables due from the National Flood Insurance Program are included with mandatory pools.

(iii)  Included in reinsurance recoverables are certain amounts related to structured settlements, which comprise annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers’ compensation claims comprise a significant portion.  In cases where the Company did not receive a release from the claimant, the amount due from the life insurance company related to the structured settlement is included in the Company’s consolidated balance sheet as a liability and as a reinsurance recoverable, as the Company retains the contingent liability to pay the claimant in the event that the life insurance company fails to make the required annuity payments.  The Company would be required to make such payments, to the extent the purchased annuities are not covered by state guaranty associations.

The Company’s top five groups by structured settlement is as follows:

	A.M. Best Rating of Group’s	December 31,		December 31,
Group	Predominant Insurer	2013		2012
Fidelity and Guaranty Life	B++ fifth highest of 16 ratings	$	972	$	981
Metlife	A+ second highest of 16 ratings	456		474
Genworth Financial Group	A third highest of 16 ratings	429		437
John Hancock Group (1)	A+ second highest of 16 ratings	255		190
Symetra Financial Corporation	A third highest of 16 ratings	248		256

(1) December 31, 2013 includes $71 million from Dominion acquisition.

28

The Travelers Companies, Inc. Net Reserves for Losses and Loss Adjustment Expense ($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Statutory Basis Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period	$	31,131		$	31,006		$	31,126		$	31,051		$	31,120		$	30,929		$	31,006		$	31,029		$	31,131		$	31,120
Incurred	1,663			2,057			1,860			2,147			1,668			1,970			1,920			1,805			7,727			7,363
Paid	(1,792		)	(1,932		)	(1,937		)	(2,080		)	(1,860		)	(1,892		)	(1,901		)	(1,941		)	(7,741		)	(7,594		)
Foreign exchange and other	4			(5		)	2			2			1			(1		)	4			(1		)	3			3
End of period	$	31,006		$	31,126		$	31,051		$	31,120		$	30,929		$	31,006		$	31,029		$	30,892		$	31,120		$	30,892
Financial, Professional & International Insurance
Beginning of period	$	6,019		$	6,045		$	5,992		$	5,894		$	5,849		$	5,757		$	5,673		$	5,714		$	6,019		$	5,849
Incurred	341			299			307			359			300			330			329			439			1,306			1,398
Paid	(361		)	(307		)	(453		)	(411		)	(316		)	(399		)	(361		)	(504		)	(1,532		)	(1,580		)
Acquired reserves, foreign exchange and other (1)	46			(45		)	48			7			(76		)	(15		)	73			1,771			56			1,753
End of period	$	6,045		$	5,992		$	5,894		$	5,849		$	5,757		$	5,673		$	5,714		$	7,420		$	5,849		$	7,420
Personal Insurance
Beginning of period	$	3,749		$	3,740		$	3,807		$	3,583		$	3,687		$	3,529		$	3,466		$	3,294		$	3,749		$	3,687
Incurred	1,314			1,435			1,143			1,613			1,102			1,190			1,001			1,038			5,505			4,331
Paid	(1,323		)	(1,368		)	(1,367		)	(1,509		)	(1,260		)	(1,253		)	(1,173		)	(1,076		)	(5,567		)	(4,762		)
End of period	$	3,740		$	3,807		$	3,583		$	3,687		$	3,529		$	3,466		$	3,294		$	3,256		$	3,687		$	3,256
Total
Beginning of period	$	40,899		$	40,791		$	40,925		$	40,528		$	40,656		$	40,215		$	40,145		$	40,037		$	40,899		$	40,656
Incurred	3,318			3,791			3,310			4,119			3,070			3,490			3,250			3,282			14,538			13,092
Paid	(3,476		)	(3,607		)	(3,757		)	(4,000		)	(3,436		)	(3,544		)	(3,435		)	(3,521		)	(14,840		)	(13,936		)
Acquired reserves, foreign exchange and other (1)	50			(50		)	50			9			(75		)	(16		)	77			1,770			59			1,756
End of period	$	40,791		$	40,925		$	40,528		$	40,656		$	40,215		$	40,145		$	40,037		$	41,568		$	40,656		$	41,568
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos	$	—		$	—		$	167		$	—		$	—		$	—		$	190		$	—		$	167		$	190
Environmental	—			90			—			—			—			65			—			—			90			65
All other	(248		)	(148		)	(208		)	(120		)	(113		)	(120		)	(226		)	(121		)	(724		)	(580		)
Total Business Insurance (2)	(248		)	(58		)	(41		)	(120		)	(113		)	(55		)	(36		)	(121		)	(467		)	(325		)
Financial, Professional & International Insurance
Asbestos	—			—			8			—			—			—			—			—			8			—
All other	(46		)	(96		)	(95		)	(69		)	(58		)	(72		)	(74		)	(102		)	(306		)	(306		)
Total Financial, Professional & International Insurance	(46		)	(96		)	(87		)	(69		)	(58		)	(72		)	(74		)	(102		)	(298		)	(306		)
Personal Insurance	(10		)	(67		)	(65		)	(33		)	(60		)	(65		)	(48		)	(36		)	(175		)	(209		)
Total	$	(304	)	$	(221	)	$	(193	)	$	(222	)	$	(231	)	$	(192	)	$	(158	)	$	(259	)	$	(940	)	$	(840	)

(1)  Includes Dominion acquired reserves in 4Q 2013.

(2)  Excludes accretion of discount.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

29

The Travelers Companies, Inc. Asbestos and Environmental Reserves ($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Asbestos reserves
Beginning reserves:
Gross	$	2,780		$	2,724		$	2,660		$	2,771		$	2,689		$	2,626		$	2,566		$	2,686		$	2,780		$	2,689
Ceded	(341		)	(340		)	(335		)	(324		)	(311		)	(292		)	(288		)	(263		)	(341		)	(311		)
Net	2,439			2,384			2,325			2,447			2,378			2,334			2,278			2,423			2,439			2,378
Incurred losses and loss expenses:
Gross	—			—			171			—			—			—			190			—			171			190
Ceded	—			—			4			—			—			—			—			—			4			—
Losses paid:
Gross	56			64			60			82			62			60			71			80			262			273
Ceded	(1		)	(5		)	(7		)	(13		)	(19		)	(4		)	(25		)	(7		)	(26		)	(55		)
Foreign exchange and other:
Gross	—			—			—			—			(1		)	—			1			—			—			—
Ceded	—			—			—			—			—			—			—			—			—			—
Ending reserves:
Gross	2,724			2,660			2,771			2,689			2,626			2,566			2,686			2,606			2,689			2,606
Ceded	(340		)	(335		)	(324		)	(311		)	(292		)	(288		)	(263		)	(256		)	(311		)	(256		)
Net	$	2,384		$	2,325		$	2,447		$	2,378		$	2,334		$	2,278		$	2,423		$	2,350		$	2,378		$	2,350
Environmental reserves
Beginning reserves:
Gross	$	346		$	321		$	396		$	380		$	352		$	340		$	399		$	371		$	346		$	352
Ceded	(5		)	(4		)	(9		)	(7		)	(5		)	(4		)	(11		)	(12		)	(5		)	(5		)
Net	341			317			387			373			347			336			388			359			341			347
Incurred losses and loss expenses:
Gross	—			96			3			—			—			72			—			—			99			72
Ceded	—			(6		)	(3		)	—			—			(7		)	—			—			(9		)	(7		)
Losses paid:
Gross	25			21			19			28			12			13			28			34			93			87
Ceded	(1		)	(1		)	(5		)	(2		)	(1		)	—			1			(3		)	(9		)	(3		)
Acquired reserves, foreign exchange and other: (1)
Gross	—			—			—			—			—			—			—			18			—			18
Ceded	—			—			—			—			—			—			—			(2		)	—			(2		)
Ending reserves:
Gross	321			396			380			352			340			399			371			355			352			355
Ceded	(4		)	(9		)	(7		)	(5		)	(4		)	(11		)	(12		)	(11		)	(5		)	(11		)
Net	$	317		$	387		$	373		$	347		$	336		$	388		$	359		$	344		$	347		$	344

(1)  Includes Dominion acquired reserves in 4Q 2013.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

30

The Travelers Companies, Inc. Capitalization ($ in millions)

	December 31,			December 31,
	2013			2012
Debt
Short-term debt
Commercial paper	$	100		$	100
5.00% Senior notes due March 15, 2013 (1)	—			500
Total short-term debt	100			600
Long-term debt
5.50% Senior notes due December 1, 2015 (1)	400			400
6.25% Senior notes due June 20, 2016 (1)	400			400
5.75% Senior notes due December 15, 2017 (1)	450			450
5.80% Senior notes due May 15, 2018 (1)	500			500
5.90% Senior notes due June 2, 2019 (1)	500			500
3.90% Senior notes due November 1, 2020 (1)	500			500
7.75% Senior notes due April 15, 2026	200			200
7.625% Junior subordinated debentures due December 15, 2027	125			125
6.375% Senior notes due March 15, 2033 (1)	500			500
6.75% Senior notes due June 20, 2036 (1)	400			400
6.25% Senior notes due June 15, 2037 (1)	800			800
5.35% Senior notes due November 1, 2040 (1)	750			750
4.60% Senior notes due August 1, 2043 (1)	500			—
8.50% Junior subordinated debentures due December 15, 2045	56			56
8.312% Junior subordinated debentures due July 1, 2046	73			73
6.25% Fixed-to-floating rate junior subordinated debentures due March 15, 2067 (1)	107			107
Total long-term debt	6,261			5,761
Unamortized fair value adjustment	51			52
Unamortized debt issuance costs	(66		)	(63		)
	6,246			5,750
Total debt	6,346			6,350
Common equity (excluding net unrealized investment gains, net of tax)	23,474			22,302
Total capital (excluding net unrealized investment gains, net of tax)	$	29,820		$	28,652
Total debt to capital (excluding net unrealized investment gains, net of tax)	21.3		%	22.2		%

(1)  Redeemable anytime with “make-whole” premium.

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

31

The Travelers Companies, Inc. Statutory to GAAP Shareholders’ Equity Reconciliation ($ in millions)

	December 31,			December 31,
	2013 (1)			2012
Statutory basis surplus	$	21,123		$	20,048
GAAP adjustments
Goodwill and intangible assets	3,816			3,573
Investments	2,541			5,351
Noninsurance companies	(4,453		)	(4,302		)
Deferred acquisition costs	1,804			1,792
Deferred federal income tax	(1,259		)	(2,220		)
Current federal income tax	(32		)	(9		)
Reinsurance recoverables	160			201
Furniture, equipment & software	708			664
Employee benefits	2			(13		)
Agents balances	135			151
Other	251			169
Total GAAP adjustments	3,673			5,357
GAAP shareholders’ equity	$	24,796		$	25,405

(1) Estimated and Preliminary

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

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The Travelers Companies, Inc. Statement of Cash Flows - Preliminary ($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Cash flows from operating activities
Net income	$	806		$	499		$	864		$	304		$	896		$	925		$	864		$	988		$	2,473		$	3,673
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	(10		)	(4		)	2			(39		)	(10		)	(167		)	22			(11		)	(51		)	(166		)
Depreciation and amortization	216			196			206			209			219			216			207			225			827			867
Deferred federal income tax expense	119			6			96			2			131			20			(19		)	35			223			167
Amortization of deferred acquisition costs	971			976			986			977			948			950			953			970			3,910			3,821
Equity in income from other investments	(114		)	(114		)	(43		)	(71		)	(74		)	(101		)	(72		)	(110		)	(342		)	(357		)
Premiums receivable	(151		)	(317		)	161			169			(155		)	(248		)	161			296			(138		)	54
Reinsurance recoverables	495			257			174			(473		)	390			357			355			182			453			1,284
Deferred acquisition costs	(984		)	(1,016		)	(1,005		)	(909		)	(954		)	(958		)	(950		)	(897		)	(3,914		)	(3,759		)
Claims and claim adjustment expense reserves	(504		)	(95		)	(597		)	656			(751		)	(377		)	(556		)	(373		)	(540		)	(2,057		)
Unearned premium reserves	117			229			160			(383		)	187			158			138			(456		)	123			27
Other	(147		)	(166		)	497			22			(297		)	(53		)	534			78			206			262
Net cash provided by operating activities	814			451			1,501			464			530			722			1,637			927			3,230			3,816
Cash flows from investing activities
Proceeds from maturities of fixed maturities	1,615			2,552			1,688			2,514			2,123			1,778			2,016			1,987			8,369			7,904
Proceeds from sales of investments:
Fixed maturities	223			319			182			363			234			338			588			475			1,087			1,635
Equity securities	15			7			9			6			36			14			7			29			37			86
Real estate investments	—			3			—			50			—			—			—			18			53			18
Other investments	203			183			130			319			174			207			164			217			835			762
Purchases of investments:
Fixed maturities	(2,604		)	(2,596		)	(2,477		)	(2,770		)	(2,339		)	(2,149		)	(2,004		)	(2,975		)	(10,447		)	(9,467		)
Equity securities	(10		)	(23		)	(6		)	(9		)	(13		)	(27		)	(10		)	(7		)	(48		)	(57		)
Real estate investments	(5		)	(53		)	(4		)	(33		)	(6		)	(53		)	(6		)	(42		)	(95		)	(107		)
Other investments	(114		)	(107		)	(71		)	(242		)	(95		)	(114		)	(103		)	(134		)	(534		)	(446		)
Net sales (purchases) of short-term securities	226			141			(408		)	158			109			(28		)	(1,974		)	2,004			117			111
Securities transactions in course of settlement	248			(171		)	(24		)	(76		)	180			(120		)	220			(259		)	(23		)	21
Acquisition, net of cash acquired	—			—			—			—			—			—			—			(997		)	—			(997		)
Other	(92		)	(41		)	(96		)	(94		)	(100		)	(57		)	(97		)	(119		)	(323		)	(373		)
Net cash provided by (used in) investing activities	(295		)	214			(1,077		)	186			303			(211		)	(1,199		)	197			(972		)	(910		)

33

The Travelers Companies, Inc. Statement of Cash Flows - Preliminary (Continued) ($ in millions)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2012			2012			2012			2012			2013			2013			2013			2013			2012			2013
Cash flows from financing activities
Payment of debt	—			(258		)	—			—			(500		)	—			—			—			(258		)	(500		)
Issuance of debt	—			—			—			—			—			—			494			—			—			494
Dividends paid to shareholders	(161		)	(180		)	(178		)	(175		)	(175		)	(191		)	(183		)	(180		)	(694		)	(729		)
Issuance of common stock - employee share options	77			93			77			48			98			41			19			48			295			206
Treasury stock acquired - share repurchase authorization	(354		)	(353		)	(349		)	(418		)	(300		)	(300		)	(800		)	(1,000		)	(1,474		)	(2,400		)
Treasury stock acquired - net employee share-based compensation	(52		)	—			—			(1		)	(58		)	(1		)	(1		)	(1		)	(53		)	(61		)
Excess tax benefits from share-based payment arrangements	12			7			13			6			21			8			14			8			38			51
Net cash used in financing activities	(478		)	(691		)	(437		)	(540		)	(914		)	(443		)	(457		)	(1,125		)	(2,146		)	(2,939		)
Effect of exchange rate changes on cash	3			(2		)	3			—			(6		)	(3		)	6			—			4			(3		)
Net increase (decrease) in cash	44			(28		)	(10		)	110			(87		)	65			(13		)	(1		)	116			(36		)
Cash at beginning of period	214			258			230			220			330			243			308			295			214			330
Cash at end of period	$	258		$	230		$	220		$	330		$	243		$	308		$	295		$	294		$	330		$	294
Income taxes paid (received)	$	20		$	276		$	14		$	(122	)	$	27		$	468		$	229		$	333		$	188		$	1,057
Interest paid	$	35		$	156		$	35		$	149		$	35		$	149		$	22		$	149		$	375		$	355

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The Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2013 Glossary of Financial Measures and Description of Reportable Business Segments

The following measures are used by the Company’s management to evaluate financial performance against historical results and establish targets on a consolidated basis.  In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure.

In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance.  Internally, the Company’s management uses these measures to evaluate performance against historical results and establish financial targets on a consolidated basis.

Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.

Operating income (loss) is net income (loss) excluding the after-tax impact of net realized investment gains (losses).  Management uses operating income (loss) to analyze each segment’s performance and as a tool in making business decisions.  Financial statement users also consider operating income when analyzing the results and trends of insurance companies.  Operating earnings (loss) per share is operating income (loss) on a per common share basis.

Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.  Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax and net realized investment gains (losses), net of tax, for the period presented.  Adjusted average shareholders’ equity is average shareholders’ equity excluding net unrealized investment gains (losses), net of tax, for all quarters included in the calculation and, for each quarterly period included in the calculation that quarter’s net realized investment gains (losses), net of tax.

Return on equity is the ratio of annualized net income (loss) to average shareholders’ equity for the periods presented.  Operating return on equity is the ratio of annualized operating income (loss) to adjusted average shareholders’ equity for the periods presented.  In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.

Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses.  In the opinion of the Company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business.  This measure is used to assess each segment’s business performance and as a tool in making business decisions.

A catastrophe is a severe loss, resulting from natural and man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorism and other similar events.  Each catastrophe has unique characteristics, and catastrophes are not predictable as to timing or amount.  Their effects are included in net and operating income and claims and claim adjustment expense reserves upon occurrence.  A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools.  In the opinion of the Company’s management, a discussion of the impact of catastrophes is meaningful to users of the financial statements to understand the Company’s periodic earnings and the variability in periodic earnings caused by the unpredictable nature of catastrophes.

Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years.  In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and operating income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

GAAP combined ratio is the sum of the loss and loss adjustment expense ratio (loss and LAE ratio) and the underwriting expense ratio.  For GAAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses reduced by an allocation of fee income to net earned premiums.  The underwriting expense ratio is the ratio of underwriting expenses incurred reduced by an allocation of fee income, and billing and policy fees and other to net earned premiums. The ratio of losses and loss expenses incurred to premiums earned and other underwriting expenses to net premiums written are defined and used in connection with statutory accounting.  The loss and LAE and the underwriting expense ratio are the GAAP equivalents to the statutory ratios, and they are calculated on the same basis as the statutory ratios.  In the opinion of the Company’s management, the loss and LAE ratio, the underwriting expense ratio and the combined ratio are important indicators of the Company’s underwriting discipline, efficiency in acquiring and servicing its business, and overall profitability, respectively.

GAAP combined ratio excluding the incremental impact of the direct to consumer initiative is the GAAP combined ratio adjusted to exclude the direct, variable impact of the Company’s direct-to-consumer initiative in Personal Insurance.  In the opinion of the Company’s management, this is useful in an analysis of the profitability of the Company’s ongoing agency business.

Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract.  Net written premiums reflect gross written premiums less premiums ceded to reinsurers.

Book value per share is total common shareholders’ equity divided by the number of common shares outstanding.  Adjusted book value per share is total common shareholders’ equity excluding the after-tax impact of net unrealized investment gains and losses, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value is useful in an analysis of a property casualty company’s book value as it removes the effect of changing prices on invested assets, (i.e., net unrealized investment gains (losses), net of tax) which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves.

Total capital is the sum of total shareholders’ equity and debt.  Debt-to-capital ratio excluding net unrealized gain (loss) on investments is the ratio of debt to total capital excluding the after-tax impact of net unrealized investment gains and losses.  In the opinion of the Company’s management, the debt to capital ratio is useful in an analysis of the Company’s financial leverage.

Statutory basis surplus represents the excess of an insurance company’s assets over its liabilities in accordance with statutory accounting practices.

Travelers has organized its businesses into the following reportable business segments:

Business Insurance - The Business Insurance segment offers a broad array of property and casualty insurance and insurance-related services to its clients primarily in the United States.  Business Insurance is organized into the following six groups, which collectively comprise Business Insurance Core operations: Select Accounts; Commercial Accounts; National Accounts; Industry-Focused Underwriting including Construction, Technology, Public Sector Services, Oil & Gas, and Agribusiness; Target Risk Underwriting including National Property, Inland Marine, Ocean Marine, Excess Casualty, Boiler & Machinery, and Global Partner Services; and Specialized Distribution including Northland and National Programs.  Business Insurance also includes the Special Liability Group (which manages the Company’s asbestos and environmental liabilities) and the assumed reinsurance, and certain other runoff operations, which collectively are referred to as Business Insurance Other.

Financial, Professional & International Insurance - The Financial, Professional & International Insurance segment includes surety and financial liability coverages, which primarily use credit-based underwriting processes, as well as property and casualty products that are primarily marketed on a domestic basis in Canada, the United Kingdom and the Republic of Ireland, and on an international basis through Lloyd’s.  The segment includes Bond & Financial Products as well as International.

Personal Insurance - The Personal Insurance segment writes a broad range of property and casualty insurance covering individuals’ personal risks.  The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

35