Exhibit 99.1

The Travelers Companies, Inc. Financial Supplement - First Quarter 2017

	Page Number
Business Realignment	i
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
Core Income	5
Selected Statistics - Property and Casualty Operations	6
Written and Earned Premiums - Property and Casualty Operations	7
Business Insurance
Segment Income	8
Segment Income by Major Component and Combined Ratio	9
Selected Statistics	10
Net Written Premiums	11
Bond & Specialty Insurance
Segment Income	12
Segment Income by Major Component and Combined Ratio	13
Selected Statistics	14
Net Written Premiums	15
Personal Insurance
Segment Income	16
Segment Income by Major Component and Combined Ratio	17
Selected Statistics	18
Net Written Premiums	19
Selected Statistics - Domestic Agency Automobile	20
Selected Statistics - Domestic Agency Homeowners and Other	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 (Losses)	27
Reinsurance Recoverables	28
Net Reserves for Losses and Loss Adjustment Expense	29
Asbestos and Environmental Reserves	30
Capitalization	31
Statutory Capital and Surplus 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
This document should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 that was filed on April 20, 2017 and updated in the Company’s Current Report on Form 8-K filed on June 20, 2017.

Index

The Travelers Companies, Inc. Financial Supplement - First Quarter 2017 Business Realignment

Effective April 1, 2017, the Company’s results are being reported in the following three business segments – Business Insurance, Bond & Specialty Insurance and Personal Insurance, reflecting a change in the manner in which the Company’s businesses are being managed as of that date, as well as the aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten.  While the segmentation of the Company’s domestic businesses is unchanged, the Company’s international businesses, which were previously managed and reported in total within the Business and International Insurance segment, are now being disaggregated by product type among the three newly aligned reportable business segments.  All prior periods presented have been reclassified to conform to this presentation.

In connection with these changes, the Company has revised the names and descriptions of certain businesses comprising the Company’s segments.  The new reportable business segments are as follows:

Business Insurance

Business Insurance offers a broad array of property and casualty insurance and insurance related services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland, Brazil and throughout other parts of the world as a corporate member of Lloyd’s.  Business Insurance is organized as follows:

Domestic

· Select Accounts provides small businesses with property and casualty products, including commercial multi-peril, commercial property, general liability, commercial auto and workers’ compensation insurance.

· Middle Market provides mid-sized businesses with property and casualty products, including commercial multi-peril, commercial property, general liability, commercial auto and workers’ compensation insurance, as well as risk management, claims handling and other services.  Middle Market generally provides these products to mid-sized businesses through Commercial Accounts, as well as to targeted industries through Construction, Technology, Public Sector Services and Oil & Gas, and additionally, provides mono-line umbrella and excess coverage insurance through Excess Casualty.  Middle Market also provides insurance for goods in transit and movable objects, as well as builders’ risk insurance, through Inland Marine; insurance for the marine transportation industry and related services, as well as other businesses involved in international trade, through Ocean Marine; and comprehensive breakdown coverages for equipment, including property and business interruption coverages, through Boiler & Machinery.

· National Accounts provides large companies with casualty products and services, including workers’ compensation, general liability and automobile liability, generally utilizing loss-sensitive products, on both a bundled and unbundled basis.  National Accounts also includes the Company’s commercial residual market business, which primarily offers workers’ compensation products and services to the involuntary market.

· National Property and Other provides traditional and customized property insurance programs to large and mid-sized customers through National Property.  National Property and Other also provides insurance coverage for the commercial transportation industry through Northland Transportation, commercial liability and commercial property policies for small, difficult to place specialty classes of commercial business primarily on an excess and surplus lines basis through Northfield, and tailored property and casualty programs on an admitted basis for customers with common risk characteristics or coverage requirements through National Programs.  National Property and Other also serves small to medium-sized agricultural businesses, including farms, ranches, wineries and related operations, through Agribusiness.

International

· International, through its operations in Canada, the United Kingdom and the Republic of Ireland, provides property and casualty insurance and risk management services to several customer groups, including, among others, those in the technology, manufacturing and public services industry sectors.  International also provides insurance coverages for both the foreign exposures of United States organizations and the United States exposures of foreign organizations through Global Services. Through its Lloyd’s syndicate (Syndicate 5000), for which the Company provides 100% of the capital, International underwrites five principal businesses — marine, global property, accident & special risks, power & utilities and aviation.  Through its 100% ownership of the common stock of Travelers Participações em Seguros Brazil S.A., International also underwrites property and casualty insurance business in Brazil.

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 are collectively referred to as Business Insurance Other.

i

The Travelers Companies, Inc. Financial Supplement - First Quarter 2017 Business Realignment (Continued)

Bond & Specialty Insurance

Bond & Specialty Insurance provides surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers in the United States, and certain specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil, utilizing various degrees of financially-based underwriting approaches.  The range of coverages includes performance, payment and commercial surety and fidelity bonds for construction and general commercial enterprises; management liability coverages including directors’ and officers’ liability, employee dishonesty, employment practices liability, fiduciary liability and cyber risk for public corporations, private companies, not-for-profit organizations and financial institutions; professional liability coverage for a variety of professionals including, among others, lawyers and design professionals; and in the United States only, property, workers’ compensation, auto and general liability for financial institutions.

Bond & Specialty Insurance surety business in Brazil and Colombia is conducted through J. Malucelli Participações em Seguros e Resseguros S.A. (JMalucelli) and J. Malucelli Latam S.A. in Brazil. The Company owns 49.5% of both JMalucelli, a market leader in surety coverages in Brazil, and J. Malucelli Latam S.A., which in September 2015 acquired a majority interest in JMalucelli Travelers Seguros S.A., a Colombian start-up surety provider. These joint venture investments are accounted for using the equity method and are included in “other investments” on the consolidated balance sheet.

Personal Insurance

Personal Insurance writes a broad range of property and casualty insurance covering individuals’ personal risks, primarily in the United States, as well as in Canada. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

ii

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Net income	$	691	$	664	$	716	$	943	$	617	$	3,014
Net income per share:
Basic	$	2.33	$	2.27	$	2.48	$	3.32	$	2.19	$	10.39
Diluted	$	2.30	$	2.24	$	2.45	$	3.28	$	2.17	$	10.28
Core income	$	698	$	649	$	701	$	919	$	614	$	2,967
Core income per share:
Basic	$	2.35	$	2.22	$	2.43	$	3.23	$	2.18	$	10.22
Diluted	$	2.33	$	2.20	$	2.40	$	3.20	$	2.16	$	10.12
Return on equity	11.6%		10.9%		11.6%		15.8%		10.5%		12.5%
Core return on equity	12.5%		11.6%		12.5%		16.4%		10.8%		13.3%
Total assets, at period end	$	101,680	$	102,446	$	102,787	$	100,245	$	101,246	$	100,245
Total equity, at period end	$	24,166	$	24,714	$	24,439	$	23,221	$	23,612	$	23,221
Book value per share, at period end	$	82.65	$	85.73	$	86.04	$	83.05	$	84.51	$	83.05
Less: Net unrealized investment gains, net of tax	6.02		8.12		7.22		2.61		2.95		2.61
Adjusted book value per share, at period end	$	76.63	$	77.61	$	78.82	$	80.44	$	81.56	$	80.44
Weighted average number of common shares outstanding (basic)	294.2		290.1		286.0		282.1		279.7		288.1
Weighted average number of common shares outstanding and common stock equivalents (diluted)	297.9		293.6		289.8		285.1		282.4		291.0
Common shares outstanding at period end	292.4		288.3		284.1		279.6		279.4		279.6
Common stock dividends declared	$	181	$	197	$	193	$	191	$	190	$	762
Common stock repurchased:
Under Board of Directors authorization
Shares	5.1		4.9		4.7		6.6		1.9		21.3
Cost	$	550	$	550	$	550	$	750	$	225	$	2,400
Other
Shares	0.5		-		0.1		-		0.5		0.6
Cost	$	59	$	-	$	12	$	1	$	61	$	72

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 1

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Net income
Net income	$	691	$	664	$	716	$	943	$	617	$	3,014
Less: Net realized investment gains (losses), after-tax	(7)		15		15		24		3		47
Core income	$	698	$	649	$	701	$	919	$	614	$	2,967
Basic earnings per share
Net income	$	2.33	$	2.27	$	2.48	$	3.32	$	2.19	$	10.39
Less: Net realized investment gains (losses), after-tax	(0.02)		0.05		0.05		0.09		0.01		0.17
Core income	$	2.35	$	2.22	$	2.43	$	3.23	$	2.18	$	10.22
Diluted earnings per share
Net income	$	2.30	$	2.24	$	2.45	$	3.28	$	2.17	$	10.28
Less: Net realized investment gains (losses), after-tax	(0.03)		0.04		0.05		0.08		0.01		0.16
Core income	$	2.33	$	2.20	$	2.40	$	3.20	$	2.16	$	10.12
Adjustments to net income and weighted average shares for net income EPS calculations: (1)
											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Basic and Diluted
Net income, as reported	$	691	$	664	$	716	$	943	$	617	$	3,014
Participating share-based awards - allocated income	(5)		(5)		(6)		(7)		(4)		(22)
Net income available to common shareholders - basic and diluted	$	686	$	659	$	710	$	936	$	613	$	2,992
Common Shares
Basic
Weighted average shares outstanding	294.2		290.1		286.0		282.1		279.7		288.1
Diluted
Weighted average shares outstanding	294.2		290.1		286.0		282.1		279.7		288.1
Weighted average effects of dilutive securities - stock options and performance shares	3.7		3.5		3.8		3.0		2.7		2.9
Diluted weighted average shares outstanding	297.9		293.6		289.8		285.1		282.4		291.0

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

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 2

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Revenues
Premiums	$	5,981	$	6,067	$	6,209	$	6,277	$	6,183	$	24,534
Net investment income	544		549		582		627		610		2,302
Fee income	117		119		116		106		113		458
Net realized investment gains (losses)	(9)		19		23		35		5		68
Other revenues	53		31		31		148		31		263
Total revenues	6,686		6,785		6,961		7,193		6,942		27,625
Claims and expenses
Claims and claim adjustment expenses	3,712		3,762		3,856		3,740		4,094		15,070
Amortization of deferred acquisition costs	971		989		1,012		1,013		1,003		3,985
General and administrative expenses	995		1,054		1,057		1,048		996		4,154
Interest expense	91		93		89		90		89		363
Total claims and expenses	5,769		5,898		6,014		5,891		6,182		23,572
Income before income taxes	917		887		947		1,302		760		4,053
Income tax expense	226		223		231		359		143		1,039
Net income	$	691	$	664	$	716	$	943	$	617	$	3,014
Other-than-temporary impairments (OTTI)
Total OTTI losses	$	(28)	$	(4)	$	(4)	$	(4)	$	(1)	$	(40)
OTTI losses recognized in net realized investment gains (losses)	$	(18)	$	(4)	$	(4)	$	(3)	$	(2)	$	(29)
OTTI gains (losses) recognized in other comprehensive income	$	(10)	$	—	$	—	$	(1)	$	1	$	(11)
Other statistics
Effective tax rate on net investment income	19.3%		19.4%		19.0%		21.3%		21.3%		19.8%
Net investment income (after-tax)	$	439	$	442	$	472	$	493	$	480	$	1,846
Catastrophes, net of reinsurance:
Pre-tax	$	318	$	333	$	89	$	137	$	347	$	877
After-tax	$	207	$	222	$	58	$	89	$	226	$	576
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	180	$	288	$	39	$	264	$	81	$	771
After-tax	$	119	$	192	$	27	$	172	$	44	$	510

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 3

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Underwriting gain	$	289	$	248	$	269	$	393	$	175	$	1,199
Net investment income	439		442		472		493		480		1,846
Other income (expense), including interest expense	(30)		(41)		(40)		33		(41)		(78)
Core income	698		649		701		919		614		2,967
Net realized investment gains (losses)	(7)		15		15		24		3		47
Net income	$	691	$	664	$	716	$	943	$	617	$	3,014
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	61.1%		61.1%		61.2%		58.8%		65.3%		60.5%
Underwriting expense ratio	31.2%		32.0%		31.7%		31.2%		30.7%		31.5%
Combined ratio	92.3%		93.1%		92.9%		90.0%		96.0%		92.0%
Impact on combined ratio:
Net favorable prior year reserve development	-3.0%		-4.7%		-0.6%		-4.2%		-1.3%		-3.2%
Catastrophes, net of reinsurance	5.3%		5.5%		1.4%		2.2%		5.6%		3.6%
Underlying combined ratio	90.0%		92.3%		92.1%		92.0%		91.7%		91.6%

(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:

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Billing and policy fees and other	$	22	$	22	$	23	$	22	$	23	$	89
Fee income:
Loss and loss adjustment expenses	$	44	$	45	$	44	$	35	$	42	$	168
Underwriting expenses	73		74		72		71		71		290
Total fee income	$	117	$	119	$	116	$	106	$	113	$	458

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 4

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Revenues
Premiums	$	5,981	$	6,067	$	6,209	$	6,277	$	6,183	$	24,534
Net investment income	544		549		582		627		610		2,302
Fee income	117		119		116		106		113		458
Other revenues	53		31		31		148		31		263
Total revenues	6,695		6,766		6,938		7,158		6,937		27,557
Claims and expenses
Claims and claim adjustment expenses	3,712		3,762		3,856		3,740		4,094		15,070
Amortization of deferred acquisition costs	971		989		1,012		1,013		1,003		3,985
General and administrative expenses	995		1,054		1,057		1,048		996		4,154
Interest expense	91		93		89		90		89		363
Total claims and expenses	5,769		5,898		6,014		5,891		6,182		23,572
Core income before income taxes	926		868		924		1,267		755		3,985
Income tax expense	228		219		223		348		141		1,018
Core income	$	698	$	649	$	701	$	919	$	614	$	2,967
Other statistics
Effective tax rate on net investment income	19.3%		19.4%		19.0%		21.3%		21.3%		19.8%
Net investment income (after-tax)	$	439	$	442	$	472	$	493	$	480	$	1,846
Catastrophes, net of reinsurance:
Pre-tax	$	318	$	333	$	89	$	137	$	347	$	877
After-tax	$	207	$	222	$	58	$	89	$	226	$	576
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	180	$	288	$	39	$	264	$	81	$	771
After-tax	$	119	$	192	$	27	$	172	$	44	$	510

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 5

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory underwriting
Gross written premiums	$	6,712	$	6,688	$	6,798	$	6,297	$	7,018	$	26,495
Net written premiums	$	6,166	$	6,345	$	6,389	$	6,058	$	6,495	$	24,958
Net earned premiums	$	5,981	$	6,067	$	6,209	$	6,277	$	6,183	$	24,534
Losses and loss adjustment expenses	3,663		3,709		3,803		3,685		4,043		14,860
Underwriting expenses	1,932		2,009		2,001		1,926		1,975		7,868
Statutory underwriting gain	386		349		405		666		165		1,806
Policyholder dividends	10		11		11		16		11		48
Statutory underwriting gain after policyholder dividends	$	376	$	338	$	394	$	650	$	154	$	1,758
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	40,224	$	39,797	$	39,956	$	39,904	$	40,313	$	39,904
Increase (decrease) in reserves	$	442	$	(427)	$	159	$	(52)	$	409	$	122
Statutory capital and surplus	$	20,569	$	20,634	$	20,609	$	20,759	$	20,617	$	20,759
Net written premiums/surplus (1)	1.19:1		1.19:1		1.20:1		1.20:1		1.23:1		1.20:1

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

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 6

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Written premiums
Gross	$	6,712	$	6,688	$	6,798	$	6,297	$	7,018	$	26,495
Ceded	(546)		(343)		(409)		(239)		(523)		(1,537)
Net	$	6,166	$	6,345	$	6,389	$	6,058	$	6,495	$	24,958
Earned premiums
Gross	$	6,381	$	6,487	$	6,604	$	6,665	$	6,550	$	26,137
Ceded	(400)		(420)		(395)		(388)		(367)		(1,603)
Net	$	5,981	$	6,067	$	6,209	$	6,277	$	6,183	$	24,534

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 7

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Revenues
Premiums	$	3,414	$	3,439	$	3,497	$	3,505	$	3,429	$	13,855
Net investment income	399		404		431		467		453		1,701
Fee income	114		115		111		102		109		442
Other revenues	30		8		7		123		9		168
Total revenues	3,957		3,966		4,046		4,197		4,000		16,166
Claims and expenses
Claims and claim adjustment expenses	2,213		2,244		2,274		2,022		2,265		8,753
Amortization of deferred acquisition costs	546		553		563		559		554		2,221
General and administrative expenses	615		649		650		640		610		2,554
Total claims and expenses	3,374		3,446		3,487		3,221		3,429		13,528
Segment income before income taxes	583		520		559		976		571		2,638
Income tax expense	136		119		126		275		129		656
Segment income	$	447	$	401	$	433	$	701	$	442	$	1,982
Other statistics
Effective tax rate on net investment income	19.5%		19.5%		19.9%		21.9%		22.0%		20.2%
Net investment income (after-tax)	$	321	$	325	$	346	$	364	$	353	$	1,356
Catastrophes, net of reinsurance:
Pre-tax	$	148	$	167	$	74	$	74	$	132	$	463
After-tax	$	97	$	110	$	49	$	47	$	86	$	303
Prior year reserve development - favorable (unfavorable)
Pre-tax (1)	$	74	$	125	$	4	$	221	$	61	$	424
After-tax (1)	$	49	$	84	$	2	$	144	$	30	$	279

(1)  The first quarter of 2017 includes the unfavorable impact of $62 million pre-tax ($51 million after-tax) in the Company’s international operations in Europe due to the UK  Ministry of Justice’s recent “Ogden” discount rate adjustment applied to lump sum bodily injury payouts.

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 8

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Underwriting gain	$	107	$	69	$	82	$	257	$	83	$	515
Net investment income	321		325		346		364		353		1,356
Other income (expense)	19		7		5		80		6		111
Segment income	$	447	$	401	$	433	$	701	$	442	$	1,982
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	63.3%		63.7%		63.5%		56.4%		64.5%		61.7%
Underwriting expense ratio	31.8%		32.8%		32.6%		32.2%		31.9%		32.4%
Combined ratio	95.1%		96.5%		96.1%		88.6%		96.4%		94.1%
Impact on combined ratio:
Net favorable prior year reserve development	-2.2%		-3.6%		-0.1%		-6.3%		-1.8%		-3.1%
Catastrophes, net of reinsurance	4.3%		4.8%		2.1%		2.1%		3.8%		3.4%
Underlying combined ratio	93.0%		95.3%		94.1%		92.8%		94.4%		93.8%

(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:

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Billing and policy fees and other	$	4	$	4	$	5	$	4	$	4	$	17
Fee income:
Loss and loss adjustment expenses	$	44	$	45	$	44	$	35	$	42	$	168
Underwriting expenses	70		70		67		67		67		274
Total fee income	$	114	$	115	$	111	$	102	$	109	$	442

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 9

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory underwriting
Gross written premiums	$	4,199	$	3,780	$	3,752	$	3,501	$	4,271	$	15,232
Net written premiums	$	3,760	$	3,472	$	3,388	$	3,280	$	3,855	$	13,900
Net earned premiums	$	3,414	$	3,439	$	3,497	$	3,505	$	3,429	$	13,855
Losses and loss adjustment expenses	2,166		2,193		2,223		1,975		2,215		8,557
Underwriting expenses	1,160		1,145		1,118		1,089		1,169		4,512
Statutory underwriting gain	88		101		156		441		45		786
Policyholder dividends	8		9		9		9		9		35
Statutory underwriting gain after policyholder dividends	$	80	$	92	$	147	$	432	$	36	$	751

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 10

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Net written premiums by market
Domestic
Select Accounts	$	724	$	709	$	657	$	639	$	755	$	2,729
Middle Market	2,063		1,741		1,824		1,751		2,177		7,379
National Accounts	320		234		245		259		288		1,058
National Property and Other	410		521		454		394		386		1,779
Total Domestic	3,517		3,205		3,180		3,043		3,606		12,945
International	243		267		208		237		249		955
Total	$	3,760	$	3,472	$	3,388	$	3,280	$	3,855	$	13,900
Net written premiums by product line
Domestic
Workers’ compensation	$	1,198	$	916	$	939	$	892	$	1,207	$	3,945
Commercial automobile	544		517		502		474		581		2,037
Commercial property	406		520		437		424		402		1,787
General liability	537		471		506		473		558		1,987
Commercial multi-peril	829		777		777		774		855		3,157
Other	3		4		19		6		3		32
Total Domestic	3,517		3,205		3,180		3,043		3,606		12,945
International	243		267		208		237		249		955
Total	$	3,760	$	3,472	$	3,388	$	3,280	$	3,855	$	13,900
National Accounts
Additions to claim volume under administration (1)	$	797	$	545	$	553	$	661	$	734	$	2,556
Written fees	$	115	$	91	$	87	$	84	$	104	$	377

(1)  Includes new and renewal business.

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 11

The Travelers Companies, Inc. Segment Income - Bond & Specialty Insurance ($ in millions)

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Revenues
Premiums	$	552	$	559	$	573	$	576	$	555	$	2,260
Net investment income	60		58		59		62		61		239
Other revenues	4		5		5		7		5		21
Total revenues	616		622		637		645		621		2,520
Claims and expenses
Claims and claim adjustment expenses	179		93		186		175		227		633
Amortization of deferred acquisition costs	102		104		109		106		103		421
General and administrative expenses	107		109		112		117		113		445
Total claims and expenses	388		306		407		398		443		1,499
Segment income before income taxes	228		316		230		247		178		1,021
Income tax expense	68		101		65		75		33		309
Segment income	$	160	$	215	$	165	$	172	$	145	$	712
Other statistics
Effective tax rate on net investment income	16.9%		17.3%		9.8%		15.2%		14.6%		14.8%
Net investment income (after-tax)	$	50	$	48	$	53	$	53	$	52	$	204
Catastrophes, net of reinsurance:
Pre-tax	$	1	$	3	$	1	$	1	$	1	$	6
After-tax	$	-	$	2	$	1	$	1	$	-	$	4
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	66	$	159	$	46	$	79	$	14	$	350
After-tax	$	43	$	105	$	31	$	51	$	10	$	230

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 12

The Travelers Companies, Inc. Segment Income by Major Component and Combined Ratio - Bond & Specialty Insurance ($ in millions, net of tax)

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Underwriting gain	$	108	$	163	$	108	$	115	$	89	$	494
Net investment income	50		48		53		53		52		204
Other income (expense)	2		4		4		4		4		14
Segment income	$	160	$	215	$	165	$	172	$	145	$	712
Combined ratio
Loss and loss adjustment expense ratio	32.1%		16.2%		32.0%		29.1%		40.6%		27.4%
Underwriting expense ratio	37.7%		38.3%		38.6%		38.7%		38.8%		38.3%
Combined ratio	69.8%		54.5%		70.6%		67.8%		79.4%		65.7%
Impact on combined ratio:
Net favorable prior year reserve development	-12.0%		-28.4%		-8.1%		-13.7%		-2.6%		-15.5%
Catastrophes, net of reinsurance	0.1%		0.5%		0.2%		0.2%		0.1%		0.3%
Underlying combined ratio	81.7%		82.4%		78.5%		81.3%		81.9%		80.9%

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 13

The Travelers Companies, Inc. Selected Statistics - Bond & Specialty Insurance ($ in millions)

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory underwriting
Gross written premiums	$	577	$	589	$	618	$	588	$	601	$	2,372
Net written premiums	$	522	$	570	$	600	$	579	$	544	$	2,271
Net earned premiums	$	552	$	559	$	573	$	576	$	555	$	2,260
Losses and loss adjustment expenses	177		91		184		167		226		619
Underwriting expenses	212		218		225		217		219		872
Statutory underwriting gain	163		250		164		192		110		769
Policyholder dividends	2		2		2		7		2		13
Statutory underwriting gain after policyholder dividends	$	161	$	248	$	162	$	185	$	108	$	756

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 14

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Net written premiums by market
Domestic
Management Liability	$	325	$	331	$	354	$	332	$	330	$	1,342
Surety	167		205		212		173		174		757
Total Domestic	492		536		566		505		504		2,099
International	30		34		34		74		40		172
Total	$	522	$	570	$	600	$	579	$	544	$	2,271
Net written premiums by product line
Domestic
Fidelity & surety	$	219	$	255	$	266	$	221	$	225	$	961
General liability	227		240		246		241		234		954
Other	46		41		54		43		45		184
Total Domestic	492		536		566		505		504		2,099
International	30		34		34		74		40		172
Total	$	522	$	570	$	600	$	579	$	544	$	2,271

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 15

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Revenues
Premiums	$	2,015	$	2,069	$	2,139	$	2,196	$	2,199	$	8,419
Net investment income	85		87		92		98		96		362
Fee income	3		4		5		4		4		16
Other revenues	16		15		16		16		16		63
Total revenues	2,119		2,175		2,252		2,314		2,315		8,860
Claims and expenses
Claims and claim adjustment expenses	1,320		1,425		1,396		1,543		1,602		5,684
Amortization of deferred acquisition costs	323		332		340		348		346		1,343
General and administrative expenses	265		289		287		283		265		1,124
Total claims and expenses	1,908		2,046		2,023		2,174		2,213		8,151
Segment income before income taxes	211		129		229		140		102		709
Income tax expense	59		34		66		33		13		192
Segment income	$	152	$	95	$	163	$	107	$	89	$	517
Other statistics
Effective tax rate on net investment income	20.2%		20.3%		21.0%		22.2%		22.3%		21.0%
Net investment income (after-tax)	$	68	$	69	$	73	$	76	$	75	$	286
Catastrophes, net of reinsurance:
Pre-tax	$	169	$	163	$	14	$	62	$	214	$	408
After-tax	$	110	$	110	$	8	$	41	$	140	$	269
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	40	$	4	$	(11)	$	(36)	$	6	$	(3)
After-tax	$	27	$	3	$	(6)	$	(23)	$	4	$	1

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 16

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Underwriting gain	$	74	$	16	$	79	$	21	$	3	$	190
Net investment income	68		69		73		76		75		286
Other income (expense)	10		10		11		10		11		41
Segment income	$	152	$	95	$	163	$	107	$	89	$	517
Combined ratio (1)
Loss and loss adjustment expense ratio	65.5%		68.9%		65.2%		70.3%		72.9%		67.5%
Underwriting expense ratio	28.1%		28.9%		28.3%		27.7%		26.7%		28.3%
Combined ratio	93.6%		97.8%		93.5%		98.0%		99.6%		95.8%
Impact on combined ratio:
Net (favorable)/unfavorable prior year reserve development	-2.0%		-0.2%		0.5%		1.6%		-0.3%		0.0%
Catastrophes, net of reinsurance	8.4%		7.8%		0.6%		2.8%		9.8%		4.9%
Underlying combined ratio	87.2%		90.2%		92.4%		93.6%		90.1%		90.9%
Domestic Agency combined ratio	92.8%		94.6%		91.7%		97.1%		99.0%		94.1%

(1)  Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Billing and policy fees and other	$	18	$	18	$	18	$	18	$	19	$	72
Fee income	$	3	$	4	$	5	$	4	$	4	$	16

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 17

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory underwriting
Gross written premiums	$	1,936	$	2,319	$	2,428	$	2,208	$	2,146	$	8,891
Net written premiums	$	1,884	$	2,303	$	2,401	$	2,199	$	2,096	$	8,787
Net earned premiums	$	2,015	$	2,069	$	2,139	$	2,196	$	2,199	$	8,419
Losses and loss adjustment expenses	1,320		1,425		1,396		1,543		1,602		5,684
Underwriting expenses	560		646		658		620		587		2,484
Statutory underwriting gain (loss)	$	135	$	(2)	$	85	$	33	$	10	$	251
Policies in force (in thousands)
Automobile	2,630		2,704		2,788		2,871		2,929		2,871
Homeowners and Other	4,474		4,531		4,564		4,591		4,639		4,591

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 18

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Net written premiums by market
Domestic
Agency
Automobile	$	932	$	1,081	$	1,095	$	1,058	$	1,087	$	4,103
Homeowners and Other	760		1,036		1,058		918		794				3,772
Total Agency	1,692		2,054		2,153		1,976		1,881		7,875
Direct-to-Consumer	68		75		87		79		83		309
Total Domestic	1,760		2,129		2,240		2,055		1,964		8,184
International	124		174		161		144		132		603
Total	$	1,884	$	2,303	$	2,401	$	2,199	$	2,096	$	8,787

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 19

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory underwriting
Gross written premiums	$	939	$	1,022	$	1,099	$	1,063	$	1,094	$	4,123
Net written premiums	$	932	$	1,018	$	1,095	$	1,058	$	1,087	$	4,103
Net earned premiums	$	891	$	925	$	973	$	1,019	$	1,035	$	3,808
Losses and loss adjustment expenses	626		703		751		945		800		3,025
Underwriting expenses	234		252		259		256		260		1,001
Statutory underwriting gain (loss)	$	31	$	(30)	$	(37)	$	(182)	$	(25)	$	(218)
Other statistics
Combined ratio (2):
Loss and loss adjustment expense ratio	70.3%		75.9%		77.1%		92.8%		77.3%		79.4%
Underwriting expense ratio	24.9%		25.4%		24.3%		23.9%		23.8%		24.6%
Combined ratio	95.2%		101.3%		101.4%		116.7%		101.1%		104.0%
Impact on combined ratio:
Net (favorable)/unfavorable prior year reserve development	-0.8%		0.0%		0.0%		3.9%		0.0%		0.8%
Catastrophes, net of reinsurance	2.0%		2.7%		0.3%		0.6%		2.5%		1.4%
Underlying combined ratio	94.0%		98.6%		101.1%		112.2%		98.6%		101.8%
Catastrophe losses, net of reinsurance:
Pre-tax	$	19	$	24	$	4	$	5	$	26	$	52
After-tax	$	12	$	16	$	2	$	4	$	17	$	34
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	7	$	-	$	-	$	(40)	$	-	$	(33)
After-tax	$	4	$	-	$	-	$	(25)	$	-	$	(21)
Policies in force (in thousands)	2,212		2,275		2,350		2,428		2,482
Change from prior year quarter	9.5%		10.6%		11.6%		12.6%		12.2%
Change from prior quarter	2.5%		2.8%		3.3%		3.3%		2.2%

(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, and fee income are allocated as a reduction of underwriting expenses.

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Billing and policy fees and other	$	9	$	9	$	9	$	9	$	10	$	36
Fee income	$	2	$	2	$	2	$	2	$	2	$	8

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 20

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory underwriting
Gross written premiums	$	803	$	1,045	$	1,075	$	920	$	835	$	3,843
Net written premiums	$	760	$	1,036	$	1,058	$	918	$	794	$	3,772
Net earned premiums	$	920	$	926	$	942	$	949	$	934	$	3,737
Losses and loss adjustment expenses	578		541		493		447		646		2,059
Underwriting expenses	236		297		301		272		243		1,106
Statutory underwriting gain	$	106	$	88	$	148	$	230	$	45	$	572
Other statistics
Combined ratio (2):
Loss and loss adjustment expense ratio	62.8%		58.4%		52.3%		47.2%		69.1%		55.1%
Underwriting expense ratio	27.6%		29.5%		29.2%		28.9%		27.6%		28.8%
Combined ratio	90.4%		87.9%		81.5%		76.1%		96.7%		83.9%
Impact on combined ratio:
Net (favorable)/unfavorable prior year reserve development	-1.8%		0.0%		2.0%		0.5%		0.0%		0.2%
Catastrophes, net of reinsurance	16.0%		9.7%		1.2%		5.2%		19.1%		8.0%
Underlying combined ratio	76.2%		78.2%		78.3%		70.4%		77.6%		75.7%
Catastrophe losses, net of reinsurance:
Pre-tax	$	147	$	91	$	11	$	49	$	178	$	298
After-tax	$	96	$	59	$	7	$	31	$	116	$	193
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	17	$	-	$	(19)	$	(5)	$	-	$	(7)
After-tax	$	11	$	-	$	(12)	$	(4)	$	-	$	(5)
Policies in force (in thousands)	4,068		4,117		4,146		4,174		4,222
Change from prior year quarter	1.5%		2.5%		2.8%		3.3%		3.8%
Change from prior quarter	0.6%		1.2%		0.7%		0.7%		1.1%

(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, and fee income are allocated as a reduction of underwriting expenses.

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Billing and policy fees and other	$	7	$	6	$	6	$	7	$	7	$	26
Fee income	$	2	$	2	$	2	$	1	$	2	$	7

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 21

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Revenues
Other revenues	$	3	$	3	$	3	$	2	$	1	$	11
Claims and expenses
Interest expense	91		93		89		90		89		363
General and administrative expenses	8		7		8		8		8		31
Total claims and expenses	99		100		97		98		97		394
Loss before income tax benefit	(96)		(97)		(94)		(96)		(96)		(383)
Income taxes	(35)		(35)		(34)		(35)		(34)		(139)
Loss	$	(61)	$	(62)	$	(60)	$	(61)	$	(62)	$	(244)

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 22

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

	March 31,		December 31,			March 31,		December 31,
	2017		2016			2017		2016
Assets					Liabilities
Fixed maturities, available for sale, at fair value					Claims and claim adjustment expense reserves	$	48,320	$	47,949
(amortized cost $60,269 and $59,650)	$	61,268	$	60,515	Unearned premium reserves	12,814		12,329
Equity securities, available for sale, at fair value					Contractholder payables	4,668		4,609
(cost $512 and $504)	751		732		Payables for reinsurance premiums	429		273
Real estate investments	926		928		Debt	6,438		6,437
Short-term securities	4,817		4,865		Other liabilities	4,965		5,427
Other investments	3,495		3,448		Total liabilities	77,634		77,024
Total investments	71,257		70,488
Cash	249		307
Investment income accrued	575		630
Premiums receivable	7,012		6,722
Reinsurance recoverables	8,199		8,287
Ceded unearned premiums	745		589		Shareholders’ equity
Deferred acquisition costs	1,987		1,923		Common stock (1,750.0 shares authorized;
Deferred taxes	261		465		279.4 and 279.6 shares issued and outstanding)	22,724		22,614
Contractholder receivables	4,668		4,609		Retained earnings	32,623		32,196
Goodwill	3,584		3,580		Accumulated other comprehensive loss	(615)		(755)
Other intangible assets	266		268		Treasury stock, at cost (491.9 and 489.5 shares)	(31,120)		(30,834)
Other assets	2,443		2,377		Total shareholders’ equity	23,612		23,221
Total assets	$	101,246	$	100,245	Total liabilities and shareholders’ equity	$	101,246	$	100,245

Page 23

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

	March 31,		Pre-tax Book	December 31,		Pre-tax Book
	2017		Yield (1)	2016		Yield (1)
Investment portfolio
Taxable fixed maturities (including redeemable preferred stock)	$	29,587	3.16%	$	28,895	3.17%
Tax-exempt fixed maturities	31,681		3.18%	31,620		3.25%
Total fixed maturities	61,268		3.17%	60,515		3.21%
Non-redeemable preferred stocks	132		5.37%	129		5.37%
Public common stocks	619			603
Total equity securities	751			732
Real estate investments	926			928
Short-term securities	4,817		0.87%	4,865		0.74%
Private equities	2,079			2,049
Hedge funds	336			339
Real estate partnerships	645			644
Other investments	435			416
Total other investments	3,495			3,448
Total investments	$	71,257		$	70,488
Net unrealized investment gains, net of tax, included in shareholders’ equity	$	823		$	730

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

Page 24

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

	March 31,		December 31,
	2017		2016
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	2,049	$	2,035
Obligations of states and political subdivisions:
Pre-refunded	4,612		5,157
All other	27,348		26,753
Total	31,960		31,910
Debt securities issued by foreign governments	1,590		1,662
Mortgage-backed securities - principally obligations of U.S. Government agencies	1,780		1,708
Corporates (including redeemable preferreds)	23,889		23,200
Total fixed maturities	$	61,268	$	60,515

Fixed Maturities

Quality Characteristics (1)

	March 31, 2017
	Amount		% of Total
Quality Ratings
Aaa	$	26,252	42.8	%
Aa	17,379		28.4
A	8,576		14.0
Baa	7,309		11.9
Total investment grade	59,516		97.1
Ba	1,062		1.8
B	439		0.7
Caa and lower	251		0.4
Total below investment grade	1,752		2.9
Total fixed maturities	$	61,268	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	4.3

(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.

Page 25

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Gross investment income
Fixed maturities	$	503	$	497	$	490	$	491	$	477	$	1,981
Short-term securities	6		7		7		9		11		29
Other	44		53		95		138		131		330
	553		557		592		638		619		2,340
Investment expenses	9		8		10		11		9		38
Net investment income, pre-tax	544		549		582		627		610		2,302
Income taxes	105		107		110		134		130		456
Net investment income, after-tax	$	439	$	442	$	472	$	493	$	480	$	1,846
Effective tax rate	19.3%		19.4%		19.0%		21.3%		21.3%		19.8%
Average invested assets (1)	$	69,926	$	70,033	$	70,110	$	70,697	$	70,865	$	70,246
Average yield pre-tax (1)	3.1%		3.1%		3.3%		3.5%		3.4%		3.3%
Average yield after-tax	2.5%		2.5%		2.7%		2.8%		2.7%		2.6%

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

Page 26

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Net realized investment gains (losses)
Fixed maturities	$	4	$	21	$	11	$	8	$	4	$	44
Equity securities	(5)		2		2		3		5		2
Other (1)	(8)		(4)		10		24		(4)		22
Realized investment gains (losses) before tax	(9)		19		23		35		5		68
Related taxes	(2)		4		8		11		2		21
Net realized investment gains (losses)	$	(7)	$	15	$	15	$	24	$	3	$	47
Gross investment gains (1)	$	120	$	150	$	68	$	141	$	58	$	479
Gross investment losses before impairments (1)	(111)		(127)		(41)		(103)		(51)		(382)
Net investment gains (losses) before impairments	9		23		27		38		7		97
Other-than-temporary impairment losses	(18)		(4)		(4)		(3)		(2)		(29)
Net realized investment gains (losses) before tax	(9)		19		23		35		5		68
Related taxes	(2)		4		8		11		2		21
Net realized investment gains (losses)	$	(7)	$	15	$	15	$	24	$	3	$	47
	March 31,		June 30,		September 30,		December 31,		March 31,
	2016		2016		2016		2016		2017
Net unrealized investment gains, net of tax, by asset type
Fixed maturities	$	2,495	$	3,336	$	2,887	$	865	$	999
Equity securities & other	198		249		248		247		256
Unrealized investment gains before tax	2,693		3,585		3,135		1,112		1,255
Related taxes	934		1,244		1,086		382		432
Balance, end of period	$	1,759	$	2,341	$	2,049	$	730	$	823
(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	$	30	$	31	$	36	$	45	$	31	$	142
Gross investment Treasury future losses	$	49	$	42	$	33	$	20	$	34	$	144

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.

Page 27

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

		March 31,		December 31,
		2017		2016
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses		$	3,153	$	3,181
Allowance for uncollectible reinsurance		(115)		(116)
Net reinsurance recoverables (i)		3,038		3,065
Mandatory pools and associations (ii)		2,016		2,054
Structured settlements (iii)		3,145		3,168
Total reinsurance recoverables		$	8,199	$	8,287
(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	March 31,
Reinsurer	Predominant Reinsurer	2017
Swiss Re Group	A+ second highest of 16 ratings	$	373
Berkshire Hathaway	A++ highest of 16 ratings	242
Sompo Japan Nipponkoa Group	A+ second highest of 16 ratings	216
Munich Re Group	A+ second highest of 16 ratings	189
XL Capital Group	A third highest of 16 ratings	147

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 March 31, 2017, after deducting mandatory pools and associations and structured settlement balances, $2.4 billion, or 79%, were rated by A.M. Best Company.  Of the total rated by A.M. Best Company, 99% were rated A- or better.  The remaining 21% of net recoverables from reinsurers were comprised of the following:  5% related to the Company’s participation in voluntary pools, 13% related to recoverables from captive insurance companies and 3% were balances from other companies not rated by A.M. Best Company.  In addition, $1.0 billion of the net recoverables were collateralized by letters of credit, funds held or trust agreements at March 31, 2017.

(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	March 31,
Group	Predominant Insurer	2017
Fidelity and Guaranty Life	B++ fifth highest of 16 ratings	$	877
Metlife (1)	A third highest of 16 ratings	389
Genworth Financial Group (2)	B++ fifth highest of 16 ratings	374
John Hancock Group	A+ second highest of 16 ratings	295
Symetra Financial Corporation	A third highest of 16 ratings	262

(1)  MetLife Inc. previously announced a plan to pursue the separation of a substantial portion of its U.S. Retail segment into an entity to be named Brighthouse Financial, Inc. MetLife Insurance Company USA, which holds the majority of the structured settlement annuities that the Company has with MetLife, has been renamed Brighthouse Life Insurance Company. As of March 31, 2017, Brighthouse Life Insurance Company was still part of the MetLife group.

(2)  On October 23, 2016, Genworth Financial (Genworth) announced that they have entered into a definitive agreement under which China Oceanwide Holdings Group Co., Ltd. (China Oceanwide) agreed to acquire all of the outstanding shares of Genworth. The transaction, which has been approved by both companies’ boards of directors, is expected to close by the middle of 2017. On March 7, 2017 Genworth’s stockholders adopted the merger agreement, and the acquistion is pending the receipt of required regulatory approvals.  China Oceanwide is a privately held, family owned international financial holding group headquartered in Beijing, China.  Following the announcement A.M. Best affirmed the financial strength rating of Genworth Life & Annuity Insurance Company at B++ (Good), and downgraded Genworth Life Insurance Company and Genworth Life Insurance Company of New York from B++ (Good) to B (Fair) and placed all ratings under review with negative implications.

Page 28

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period	$	32,363	$	32,677	$	32,331	$	32,540	$	32,407	$	32,363
Incurred	2,166		2,193		2,223		1,975		2,215		8,557
Paid	(1,890)		(2,491)		(2,001)		(2,061)		(2,019)		(8,443)
Foreign exchange and other	38		(48)		(13)		(47)		18		(70)
End of period	$	32,677	$	32,331	$	32,540	$	32,407	$	32,621	$	32,407
Bond & Specialty Insurance
Beginning of period	$	3,406	$	3,383	$	3,278	$	3,224	$	3,150	$	3,406
Incurred	177		91		184		167		226		619
Paid	(203)		(179)		(234)		(225)		(249)		(841)
Foreign exchange and other	3		(17)		(4)		(16)		5		(34)
End of period	$	3,383	$	3,278	$	3,224	$	3,150	$	3,132	$	3,150
Personal Insurance
Beginning of period	$	4,013	$	4,164	$	4,188	$	4,192	$	4,347	$	4,013
Incurred	1,320		1,425		1,396		1,543		1,602		5,684
Paid	(1,229)		(1,401)		(1,385)		(1,366)		(1,400)		(5,381)
Foreign exchange and other	60		-		(7)		(22)		11		31
End of period	$	4,164	$	4,188	$	4,192	$	4,347	$	4,560	$	4,347
Total
Beginning of period	$	39,782	$	40,224	$	39,797	$	39,956	$	39,904	$	39,782
Incurred	3,663		3,709		3,803		3,685		4,043		14,860
Paid	(3,322)		(4,071)		(3,620)		(3,652)		(3,668)		(14,665)
Foreign exchange and other	101		(65)		(24)		(85)		34		(73)
End of period	$	40,224	$	39,797	$	39,956	$	39,904	$	40,313	$	39,904
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos	$	-	$	-	$	225	$	-	$	-	$	225
Environmental	-		82		-		-		-		82
All other	(74)		(207)		(229)		(221)		(61)		(731)
Total Business Insurance (1)	(74)		(125)		(4)		(221)		(61)		(424)
Bond & Specialty Insurance	(66)		(159)		(46)		(79)		(14)		(350)
Personal Insurance	(40)		(4)		11		36		(6)		3
Total	$	(180)	$	(288)	$	(39)	$	(264)	$	(81)	$	(771)

(1)  Excludes accretion of discount.

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 29

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Asbestos reserves
Beginning reserves:
Gross	$	1,989	$	1,937	$	1,317	$	1,597	$	1,512	$	1,989
Ceded	(179)		(164)		(83)		(195)		(186)		(179)
Net	1,810		1,773		1,234		1,402		1,326		1,810
Incurred losses and loss expenses:
Gross	-		-		355		-		-		355
Ceded	-		-		(130)		-		-		(130)
Paid loss and loss expenses:
Gross	52		619		75		85		76		831
Ceded	(15)		(81)		(18)		(9)		(18)		(123)
Foreign exchange and other:
Gross	-		(1)		-		-		-		(1)
Ceded	-		-		-		-		-		-
Ending reserves:
Gross	1,937		1,317		1,597		1,512		1,436		1,512
Ceded	(164)		(83)		(195)		(186)		(168)		(186)
Net	$	1,773	$	1,234	$	1,402	$	1,326	$	1,268	$	1,326
Environmental reserves
Beginning reserves:
Gross	$	375	$	366	$	439	$	411	$	395	$	375
Ceded	(14)		(14)		(18)		(17)		(13)		(14)
Net	361		352		421		394		382		361
Incurred losses and loss expenses:
Gross	-		87		-		-		-		87
Ceded	-		(5)		-		-		-		(5)
Paid loss and loss expenses:
Gross	10		14		28		15		16		67
Ceded	-		(1)		(1)		(4)		-		(6)
Foreign exchange and other:
Gross	1		-		-		(1)		-		-
Ceded	-		-		-		-		-		-
Ending reserves:
Gross	366		439		411		395		379		395
Ceded	(14)		(18)		(17)		(13)		(13)		(13)
Net	$	352	$	421	$	394	$	382	$	366	$	382

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 30

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

	March 31,		December 31,
Debt	2017		2016
Short-term debt
Commercial paper	$	100	$	100
5.75% Senior notes due December 15, 2017 (1)	450		450
Total short-term debt	550		550
Long-term debt
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		500
4.30% Senior notes due August 25, 2045 (1)	400		400
8.50% Junior subordinated debentures due December 15, 2045	56		56
3.75% Senior notes due May 15, 2046 (1)	500		500
8.312% Junior subordinated debentures due July 1, 2046	73		73
6.25% Fixed-to-floating rate junior subordinated debentures due March 15, 2067 (2)	107		107
Total long-term debt	5,911		5,911
Unamortized fair value adjustment	47		47
Unamortized debt issuance costs	(70)		(71)
	5,888		5,887
Total debt	6,438		6,437
Common equity (excluding net unrealized investment gains, net of tax)	22,789		22,491
Total capital (excluding net unrealized investment gains, net of tax)	$	29,227	$	28,928
Total debt to capital (excluding net unrealized investment gains, net of tax)	22.0%		22.3%

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

(2)  Redeemable at anytime at par.  On March 15, 2017 interest was converted from a fixed rate to a floating rate, which was 3.346% on March 31, 2017.

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 31

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

	March 31,		December 31,
	2017(1)		2016
Statutory capital and surplus	$	20,617	$	20,759
GAAP adjustments
Goodwill and intangible assets	3,686		3,684
Investments	1,421		1,273
Noninsurance companies	(4,135)		(4,559)
Deferred acquisition costs	1,987		1,923
Deferred federal income tax	(1,183)		(1,038)
Current federal income tax	(13)		(31)
Reinsurance recoverables	69		69
Furniture, equipment & software	696		690
Agents balances	166		156
Other	301		295
Total GAAP adjustments	2,995		2,462
GAAP shareholders’ equity	$	23,612	$	23,221

(1) Estimated and Preliminary

See Business Realignment on pages i and ii and Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

Page 32

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Cash flows from operating activities
Net income	$	691	$	664	$	716	$	943	$	617	$	3,014
Adjustments to reconcile net income to net cash
provided by operating activities:
Net realized investment (gains) losses	9		(19)		(23)		(35)		(5)		(68)
Depreciation and amortization	213		200		211		202		211		826
Deferred federal income tax expense	105		(30)		(46)		81		151		110
Amortization of deferred acquisition costs	971		989		1,012		1,013		1,003		3,985
Equity in income from other investments	(17)		(27)		(70)		(118)		(109)		(232)
Premiums receivable	(393)		(174)		227		54		(286)		(286)
Reinsurance recoverables	126		190		(68)		362		94		610
Deferred acquisition costs	(1,014)		(1,048)		(1,034)		(965)		(1,065)		(4,061)
Claims and claim adjustment expense reserves	226		(613)		248		(118)		334		(257)
Unearned premium reserves	328		203		194		(353)		475		372
Other	(395)		108		403		73		(645)		189
Net cash provided by operating activities	850		443		1,770		1,139		775		4,202
Cash flows from investing activities
Proceeds from maturities of fixed maturities	1,748		2,025		2,875		2,327		2,218		8,975
Proceeds from sales of investments:
Fixed maturities	421		318		126		552		188		1,417
Equity securities	14		24		33		21		21		92
Real estate investments	69		-		-		-		11		69
Other investments	186		157		226		270		195		839
Purchases of investments:
Fixed maturities	(2,700)		(3,005)		(3,299)		(2,605)		(3,056)		(11,609)
Equity securities	(12)		(14)		(10)		(15)		(22)		(51)
Real estate investments	(7)		(13)		(10)		(18)		(16)		(48)
Other investments	(162)		(128)		(132)		(158)		(124)		(580)
Net sales (purchases) of short-term securities	85		596		(816)		(64)		49		(199)
Securities transactions in course of settlement	291		170		50		(532)		157		(21)
Other	(79)		(75)		(86)		(104)		(63)		(344)
Net cash provided by (used in) investing activities	(146)		55		(1,043)		(326)		(442)		(1,460)

Page 33

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

											Full
	1Q		2Q		3Q		4Q		1Q		Year
	2016		2016		2016		2016		2017		2016
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization	(550)		(550)		(550)		(750)		(225)		(2,400)
Treasury stock acquired - net employee share-based compensation	(59)		-		(12)		(1)		(61)		(72)
Dividends paid to shareholders	(180)		(195)		(194)		(188)		(190)		(757)
Payment of debt	-		(400)		-		-		-		(400)
Issuance of debt	-		491		-		-		-		491
Issuance of common stock - employee share options	64		65		35		168		83		332
Net cash used in financing activities	(725)		(589)		(721)		(771)		(393)		(2,806)
Effect of exchange rate changes on cash	2		(5)		(2)		(4)		2		(9)
Net increase (decrease) in cash	(19)		(96)		4		38		(58)		(73)
Cash at beginning of period	380		361		265		269		307		380
Cash at end of period	$	361	$	265	$	269	$	307	$	249	$	307
Income taxes paid	$	63	$	404	$	181	$	244	$	2	$	892
Interest paid	$	42	$	138	$	43	$	135	$	43	$	358

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The Travelers Companies, Inc. Financial Supplement - First Quarter 2017 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.

Core income (loss) is net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations and cumulative effect of changes in accounting principles when applicable.  Segment income (loss) is comparable to core income (loss) on a segment basis.  Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions.  Financial statement users also consider core income when analyzing the results and trends of insurance companies.  Core income (loss) per share is core 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 (a) the sum of total adjusted 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.

Return on equity is the ratio of annualized net income (loss) to average shareholders’ equity for the periods presented.  Core return on equity is the ratio of annualized core 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 caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical, radiological, cyber-attacks, explosions and infrastructure failures.  Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount.  Their effects are included in net and core 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.

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 core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

Combined ratio For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators.  The combined ratio, as used in this financial supplement, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premium and the underwriting expense ratio as used in this financial supplement is based on net earned premiums.  For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this financial supplement is calculated in the same manner as the SAP ratio.  For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this financial supplement, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income and billing and policy fees, to net earned premiums.   Underlying combined ratio is the combined ratio adjusted to exclude the impact of prior year reserve development and catastrophes, net of reinsurance.

The combined ratio, loss and LAE ratio, and underwriting expense ratio are used as indicators of the Company’s underwriting discipline, efficiency in acquiring and servicing its business and overall underwriting profitability. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Other companies’ method of computing similarly titled measures may not be comparable to the Company’s method of computing these ratios.

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 per share is useful in an analysis of a property casualty company’s book value per share 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 capital and surplus represents the excess of an insurance company’s admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.

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

Business Insurance - Business Insurance offers a broad array of property and casualty insurance and insurance related services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland, Brazil and throughout other parts of the world as a corporate member of Lloyd’s.  Business Insurance is organized as follows:  Select Accounts; Middle Market including Commercial Accounts, Construction, Technology, Public Sector Services, Oil & Gas, Excess Casualty, Inland Marine, Ocean Marine, and Boiler & Machinery; National Accounts; National Property and Other including National Property, Northland Transportation, Northfield, National Programs, and Agribusiness; and International including Global Services.  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 are collectively referred to as Business Insurance Other.

Bond & Specialty Insurance - Bond & Specialty Insurance provides surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers in the United States, and certain specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil, utilizing various degrees of financially-based underwriting approaches.  The range of coverages includes performance, payment and commercial surety and fidelity bonds for construction and general commercial enterprises; management liability coverages including directors’ and officers’ liability, employee dishonesty, employment practices liability, fiduciary liability and cyber risk for public corporations, private companies, not-for-profit organizations and financial institutions; professional liability coverage for a variety of professionals including, among others, lawyers and design professionals; and in the United States only, property, workers’ compensation, auto and general liability for financial institutions.

Bond & Specialty Insurance surety business in Brazil and Colombia is conducted through J. Malucelli Participações em Seguros e Resseguros S.A. (JMalucelli) and J. Malucelli Latam S.A. in Brazil. The Company owns 49.5% of both JMalucelli, a market leader in surety coverages in Brazil, and J. Malucelli Latam S.A., which in September 2015 acquired a majority interest in JMalucelli Travelers Seguros S.A., a Colombian start-up surety provider. These joint venture investments are accounted for using the equity method and are included in “other investments” on the consolidated balance sheet.

Personal Insurance - Personal Insurance writes a broad range of property and casualty insurance covering individuals’ personal risks, primarily in the United States, as well as in Canada. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

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