Introduction to Travelers 3Q 2017

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1 Introduction to Travelers 3Q 207

2 Long-Term Financial Strategy Meaningful and sustainable competitive advantages Generation of top tier earnings and capital substantially in excess of growth needs Balanced approach to rightsizing capital and growing book value per share over time CREATE SHAREHOLDER VALUE Objective: Mid-Teens Core ROE Over Time 2

3 Enterprise Key Competitive Advantages Return focused company Product breadth and specialization Top 2 player in Commercial Insurance, strong presence in small and middle market Top 3 player in Personal Insurance through independent agents 2 Leadership position with distribution Consistently named top 5 carrier for both commercial and personal lines 3 Industry leading data and analytics Industry leading claim and risk control capabilities 700+ risk control consultants and specialists ~3,000 claim professionals and specialists Claim recognized with 204 Business Insurance Buyer s Choice Award 4 Source: SNL Financial. Based on 206 direct written premium. Total excludes other accident and health 2 Source: A.M. Best 3 Bi-annual Goldman Sachs Property & Casualty Pricing Survey 4 Travelers Claim received top rating for service, excellence and expertise in both Workers Compensation and Auto 3

4 Travelers Business Segments 206 Net Written Premiums: $25.0 Billion Personal Insurance $8.8B Business Insurance $3.9B Bond & Specialty Insurance $2.3B 4

5 $,40 $2,048 $8,900 $22,767 $9,795 $23,904 $24,2 $24,958 $2,967 $3,567 $3,64 $3,437 Travelers Consolidated Overview ($ in millions) Net Written Premiums Net Income Core Income $3,673 $3,692 $3,439 $3,04 $2,07 $, Q YTD 3Q YTD Q YTD 206 3Q YTD Q YTD 206 3Q YTD 207 Underlying Combined Ratio 90.9 % 89.9 % 90. % 9.6 % 9.5 % 92.7 % Impact of: Catastrophe losses 2.6 pts 3.0 pts 2. pts 3.6 pts 4. pts 7.6 pts Net favorable prior year reserve development (3.7) pts (3.9) pts (3.9) pts (3.2) pts (2.8) pts (.6) pts Combined Ratio 89.8 % 89.0 % 88.3 % 92.0 % 92.8 % 98.7 % Excludes catastrophe losses and net favorable prior year reserve development 5

6 Components of Core Return on Equity 3.0%.0% 5.5% 5.5% 5.2 % 3.3% 2.2% 8.3% 9.4% 9.4% 0.8% 0.3% 8.3%.3% 8.% 8.5% 8.4%.3%.2% 7.3% 7.0%.5% 6.9% 7.% 7.4% 7.8% 7.2%.5% 0.9% 0.9% 6.5% 0.% 6.2% 6.% 7.0% 0.7% 6.2% 0.% 5.2% 7.2%.3% 5.7% 0.2% 3.6%.6%.% 2005 through Full Year Year-to-Date Long-term fixed net investment portfolio investment income less holding company interest expense Short-term fixed net investment portfolio investment income Non-fixed net investment portfolio investment income Underwriting gain and other From Jan., 2005 through September 30, 207, TRV s average annual core ROE was approximately 3.2% 6

7 5.7% 7.5%.4% 9.8% 8.5% 3.5% 2.% 2.5% 4.6% 4.6% 4.2% 7.9% 8.0% Generation of Top Tier Earnings RETURN ON EQUITY vs. ESTIMATED COST OF CAPITAL.9% 0.8% 9.8% 7.9% 8.3% 7.4% 6.4% 6.6% 8.4% 7.8% 7.6% 7.8% 7.6% Q YTD 207 TRV RETURN ON EQUITY TRV ESTIMATED COST OF CAPITAL From Jan., 2005 through September 30, 207, TRV s average annual ROE was approximately 2.4% Cost of capital: weighted average cost of capital represents the cost of equity, debt and hybrid securities proportional to the total capital of the enterprise. The cost of equity: weekly two year adjusted beta against S&P 500, Ibbotson equity market risk premium and ten-year Treasury. 7

8 Balanced Approach to Rightsizing Capital Operating company capital maintained at levels needed to support current business profile and growth opportunities consistent with AA rating objective Excess capital in operating companies transferred to holding company Holding company leverage maintained at level consistent with AA rating objective Holding company liquidity maintained in excess of amount equal to one year s dividends and interest Unneeded capital returned to shareholders 8

9 $,87 $,426 $2,50 $,505 $,69 $2,924 $2,834 $2,473 $3,685 $3,26 $3,04 $3,622 $3,673 $3,692 $3,439 $4,208 $3,990 $3,569 $3,34 $3,62 $4,00 $3,894 $4,60 $5,670 Excess Capital Returned to Shareholders ($ in millions) TRV NET INCOME TRV SHARE REPURCHASES & DIVIDENDS Q YTD % 80% 97% 0% 76% 250% 87% 85% 09% 3% 05% 08% SHARE REPURCHASES AND DIVIDENDS AS PERCENTAGE OF NET INCOME Since the initial share repurchase authorization granted by the Board on May 2, 2006, TRV has returned $39.4 billion in share repurchases and dividends or 30% of the market capitalization on that day Through September 30, 207 9

10 $36.2 $4.25 $43.37 $48.98 $54.9 $55.0 $59.09 $66.4 $70.98 $75.39 $80.44 $83.06 $36.86 $42.22 $43.2 $52.54 $58.47 $62.32 $67.3 $70.5 $77.08 $79.75 $83.05 $86.73 Consistently Growing Book Value Per Share BOOK VALUE PER SHARE Sep. 30, 207 ADJUSTED BOOK VALUE PER SHARE Sep. 30, 207 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 0

11 $.0 $.3 $.9 $.23 $.4 $.59 $.79 $.96 $2.5 $2.38 $2.62 $2.83 Consistent Dividend Growth DIVIDEND PER SHARE Travelers has paid cash dividends without interruption for 46 years; current dividend yield 2 : 2.3% Based on Q dividend of $0.67 and 2Q and 3Q dividend of $0.72. Dividend of $0.72 assumed for 4Q As of market close on September 29, 207

12 Return Focused Company AVERAGE RETURN ON EQUITY: 2006 September 30, % 0.% 9.2% 8.4% 7.2% 7.% ` -3.6% Travelers S&P Property & Casualty S&P Life & Health S&P Diversified Financials S&P Financials S&P Banks S&P Multi-line Insurance Return on capital focus has resulted in top tier returns in P&C industry and financial services industry broadly Source: Bloomberg 2

13 Total Return 5 LARGEST S&P FINANCIAL COMPANIES 2 & OTHER SELECTED FINANCIAL COMPANIES + YEAR TOTAL RETURN January, 206 Sept. 30, YEAR TOTAL RETURN January, 204 Sept. 30, YEAR TOTAL RETURN January, 202 Sept. 30, 207-2% 68% 60% 57% 55% 53% 5% 50% 47% 46% 45% 43% 40% 39% 38% 38% 37% 36% 35% 35% 34% 32% 3% 28% 28% 28% 27% 3% 7% 5% 5% 3% CNA Financial Progressive Morgan Stanley Bank of America Allstate JP Morgan Chase Aetna PNC Financial American Tower Manulife Financial Citigroup Anthem Berkshire Hathaway Prudential S&P Financials BlackRock Cincinnati Financial Charles Schwab Goldman Sachs American Express The Hartford U.S. Bancorp MetLife S&P 500 Cigna Chubb Travelers Wells Fargo Bank of New York Mellon XL Catlin AIG Simon Property Group 4% 9% 4% 03% 89% 84% 8% 80% 74% 70% 66% 64% 64% 57% 56% 55% 54% 5% 48% 47% 47% 45% 43% 4% 35% 34% 29% 28% 28% 2% 6% 5% Aetna Anthem Cigna Progressive PNC Financial American Tower Allstate JP Morgan Chase Charles Schwab Bank of America Cincinnati Financial Morgan Stanley The Hartford S&P Financials CNA Financial BlackRock Berkshire Hathaway Chubb Bank of New York Mellon Travelers S&P 500 U.S. Bancorp Citigroup Goldman Sachs Wells Fargo XL Catlin Prudential Simon Property Group AIG MetLife Manulife Financial American Express 38% Bank of America 346% Cigna 34% Charles Schwab 304% Aetna 279% The Hartford 276% Allstate 247% Morgan Stanley 236% JP Morgan Chase 27% Anthem 208% Cincinnati Financial 207% Progressive 92% BlackRock 84% Goldman Sachs 84% Citigroup 82% AIG 73% S&P Financials 68% PNC Financial 6% CNA Financial 5% Prudential 5% American Tower 39% Berkshire Hathaway 38% Travelers 35% Wells Fargo 34% Chubb 32% Manulife Financial 27% U.S. Bancorp 26% S&P % XL Catlin 9% MetLife 08% American Express 60% Simon Property Group 35% Bank of New York Mellon Source: Bloomberg Total return is a concept used to compare the performance of a company's stock over time and is the ratio of the net stock price change plus the cumulative amount of dividends over the specified time period, assuming dividend reinvestment, to the stock price at the beginning of the time period. Total return to shareholders is not included as an indication of future performance 2 By market capitalization as of Sept. 30,

14 Commitment to Corporate Citizenship We are a company committed to doing the right thing for our customers, agents, employees and the community. We have a responsibility to be a good corporate citizen and actively contribute to the vitality and resilience of the communities we serve. From our commitment to the environment and sustainable practices to our wideranging civic and charitable endeavors, we re dedicated to fostering strong, thriving communities, and we re guided by robust governance principles to ensure we operate responsibly. And this way of working extends beyond our offices. Our employees are devoted to their communities and logged nearly 8,000 hours of volunteer time in 206. Learn more about our ESG practices, policy engagement, and community relations at: TRAVELERS HAS EARNED BROAD EXTERNAL RECOGNITION FOR ITS COMMITMENT TO CORPORATE CITIZENSHIP consecutive years Named to Dow Jones Sustainability Index Top Military-Friendly Employer ranking by G.I. Jobs magazine since 2007 and a member of Military Times Best for Vets since 204 Earned Perfect Score on the Human Rights Campaign Foundation s 207 Corporate Equality Index One of Diversity Inc. s Noteworthy Companies for Diversity Top Quartile for management of climate change risk within P&C industry per the 206 ESG Ratings Report 4

15 APPENDIX Additional Information Additional Information

16 Consistent High Quality Investment Portfolio ($ in millions) INVESTMENT STRATEGY Sept. 30, December 3, December 3, Total Investments $ 73,092 $ 70,488 $ 70,470 Taxable fixed maturities 43% 4% 42% Tax-exempt fixed maturities 42% 45% 44% Total fixed maturities 85% 86% 86% Equity securities % % % Real estate investments % % % Short-term securities 8% 7% 7% Total fixed income 95% 95% 95% Private equity funds 3% 3% 3% Hedge funds - % - % % Real estate partnerships % % % Other investments % % - % Total non-fixed income 5% 5% 5% 00% 00% 00% Fixed maturities data: Average quality rating Aa2, AA Aa2, AA Aa2, AA Below investment grade 2.8% 2.9% 2.8% Average duration On-going - Investment portfolio managed to support insurance operations - Portfolio structured to defease obligations to policyholders and other creditors and to achieve appropriate risk adjusted returns on capital - Disciplined, long-term risk/return analysis drives asset allocation decisions Current view - High quality - Shorter duration 6 Average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases

17 Combined Net Investment Income - After-tax ($ in millions) TOTAL $476 $462 $439 $442 $472 $493 $480 $468 $ Q'6 2Q'6 3Q'6 4Q'6 Q'7 2Q'7 3Q'7 After-tax yield 2.7% 2.6% 2.5% 2.5% 2.7% 2.8% 2.7% 2.6% 2.5% FIXED INCOME 3 NON-FIXED INCOME 3 $428 $409 $42 $40 $409 $405 $395 $390 $389 Long-term Short-term $55 $59 $33 $38 $69 $96 $92 $84 $ After-tax yield Q'6 2Q'6 3Q'6 4Q'6 Q'7 2Q'7 3Q'7 Total 2.6% 2.5% 2.5% 2.5% 2.5% 2.5% 2.4% 2.4% 2.3% Short-term 0.2% 0.4% 0.3% 0.4% 0.5% 0.5% 0.6% 0.7% 0.8% Long-term 2.8% 2.7% 2.7% 2.7% 2.7% 2.6% 2.6% 2.5% 2.5% Q'6 2Q'6 3Q'6 4Q'6 Q'7 2Q'7 3Q'7 After-tax yield 4.% 4.5% 2.5% 2.9% 5.3% 7.4% 7.% 6.4% 5.7% Corresponding pre-tax amounts are: 205, $595; 206, $576; Q 6, $544; 2Q 6, $549; 3Q 6, $582; 4Q 6, $627; Q 7, $60; 2Q 7, $598; 3Q 7, $ and 206 data represent quarterly average 3 Excludes investment expenses 9

18 Business Insurance 206 Net Written Premiums: $3.9 Billion BY MARKET BY PRODUCT LINE National Property and Other 3% International 7% National Accounts 7% Select Accounts 20% Middle Market 53% Domestic Predominantly small and middle market insurer # writer in workers compensation with industry leading profitability Top 5 writer in property; consistently outperform industry profitability International Top 0 Canadian writer; strong presence with agents and brokers Joint venture with J. Malucelli, the market leader in Brazil Surety Commercial Property 3% General Liability 4% International and Other 7% Commercial Automobile 5% Workers Compensation 28% Commercial Multi-Peril 23% Market share ranking source: SNL Financial. Based on 206 direct written premium 8

19 $,28 $976 $0,620 $0,833 $3,677 $3,774 $3,900 $2,297 $2,077 $,982 Business Insurance ($ in millions) Net Written Premiums Segment Income Q YTD 3Q YTD Q YTD 206 3Q YTD Q YTD 3Q YTD Underlying Combined Ratio 92.2 % 92.6 % 93.8 % 94. % 95.2 % Impact of: Catastrophe losses 2.7 pts.8 pts 3.4 pts 3.8 pts 7.7 pts Net favorable prior year reserve development (2.5) pts (2.4) pts (3.) pts (2.0) pts (.9) pts Combined Ratio 92.4 % 92.0 % 94. % 95.9 % 0.0 % Excludes catastrophe losses and net favorable prior year reserve development 9

20 Bond & Specialty Insurance 206 Net Written Premiums: $2.3 Billion Surety #2 writer of Surety in US Industry leading profitability Management Liability Diversified risk profile Strong presence in small and middle market Surety 33% Management Liability 59% International 8% Market share ranking source: SNL Financial. Based on 206 direct written premium 20

21 $444 $,692 $,753 $540 $2,294 $2,273 $2,27 $683 $72 $760 Bond & Specialty Insurance ($ in millions) Net Written Premiums Segment Income Q YTD 3Q YTD Q YTD Q YTD 3Q YTD Underlying Combined Ratio 83.2 % 8.4 % 80.9 % 80.8 % 80.5 % 3Q YTD 207 Impact of: Catastrophe losses 0.2 pts 0. pts 0.3 pts 0.3 pts 0.5 pts Net favorable prior year reserve development (8.8) pts (2.4) pts (5.5) pts (6.) pts (5.7) pts Combined Ratio 64.6 % 69. % 65.7 % 65.0 % 75.3 % Excludes catastrophe losses and net favorable prior year reserve development 2

22 Personal Insurance 206 Net Written Premiums: $8.8 Billion Agency Automobile 47% Agency Homeowners & Other 43% Personal Insurance Premier company within independent agent channel Full account solution provider with industry leading property results and strong position in the preferred market Competing successfully in a changing environment (Quantum 2.0) Direct-to- Consumer International 3% 7% 22

23 $78 $40 $57 $6,588 $7,933 $7,209 $8,074 $84 $8,787 $932 Personal Insurance ($ in millions) Net Written Premiums Segment Income Q YTD 3Q YTD Q YTD Q YTD 206 3Q YTD 207 Underlying Combined Ratio 88.0 % 88.2 % 90.9 % 90.0 % 9.9 % 3Q YTD 207 Impact of: Catastrophe losses 4.2 pts 3.4 pts 4.9 pts 5.5 pts 9.3 pts Net (favorable)/unfavorable prior year reserve development (2.) pts (4.2) pts 0.0 pts (0.5) pts (0.) pts Combined Ratio 90. % 87.4 % 95.8 % 95.0 % 0. % Excludes catastrophe losses and net favorable prior year reserve development 23

24 Explanatory Note This presentation contains, and management may make, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as may, will, should, likely, anticipates, expects, intends, plans, projects, believes, estimates and similar expressions are used to identify these forward-looking statements. These statements are likely to relate to, among other things, our outlook, our future financial condition and operating results (including anticipated premium volume, premium rates, margins, net and core income, investment income and performance, loss costs, return on equity, core return on equity and expected current returns and combined ratios), our share repurchase plans, future pension plan contributions, the sufficiency of our reserves, the impact of emerging claim issues and litigation, the cost and availability of reinsurance coverage, catastrophe losses (including recent California wildfires), the impact of investment, economic and underwriting conditions, our strategic initiatives and the impact of our acquisition of Simply Business. We caution investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Some of the factors that could cause actual results to differ include, but are not limited to, the following: Catastrophe losses (including those discussed above); Changes to our claims and claim adjustment expense reserves, including as a result of, among other things, changes in the legal, regulatory and economic environments in which the Company operates; Financial market disruption or an economic downturn; The performance of our investment portfolio is subject to credit and interest rate risk, and may suffer reduced returns or material realized or unrealized losses; Asbestos and environmental claims and related litigation; Competition and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate; Disruptions to our relationships with our independent agents and brokers or the Company s inability to manage effectively a changing distribution landscape; Mass tort claims; Emerging claim and coverage issues; The collectability and availability of reinsurance coverage and exposure to credit risk related to our structured settlements; Credit risk we face in insurance operations and with respect to certain guarantees or indemnification arrangements we have with third parties; A downgrade in our claims-paying or financial strength ratings; The inability of our insurance subsidiaries to pay dividends to our holding company in sufficient amounts; Risks associated with developing new products or expanding in targeted markets; Risks associated with our use of pricing and capital models; Limits to the effectiveness of our information technology systems; Difficulties with our technology, data and network security, including as a result of cyber attacks, outsourcing relationships, or cloud-based technology; Changes in tax laws that adversely impact our investment portfolio or operating results; Risks associated with our business outside of the United States, including foreign currency exchange fluctuations and restrictive regulations, as well as the withdrawal by the United Kingdom from the European Union; Loss of or restrictions placed on the use of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of insurance products; Risks associated with acquisitions and integration of acquired businesses; Limits to the effectiveness of our compliance controls; Our ability to hire and retain qualified employees; We may be unable to protect and enforce our own intellectual property or may be subject to claims for infringing the intellectual property of others; The federal, state and international regulatory environment; Changes to existing US accounting standards; and Factors impacting the operation of our share repurchase plans For a more detailed discussion of these factors, see the information under "Risk Factors" and Management s Discussion and Analysis of Financial Condition and Results of Operations in our most recent Form 0-K, as updated by our periodic filings with the Securities and Exchange Commission ( SEC ), which are accessible on the SEC s website ( Our forward-looking statements speak only as of the date of this presentation or as of the date they are made, and we undertake no obligation to update those statements. 24

25 Disclosure In this presentation, we may refer to some non-gaap financial measures. For a reconciliation of these measures to the most comparable GAAP measures and a glossary of financial measures, we refer you to the press release and financial supplement that we have made available in connection with this presentation and our most recent annual report on Form 0-K filed with the Securities and Exchange Commission (SEC) as updated by our subsequent periodic filings with the SEC. See the For Investors section at Travelers.com. For further information, please see Travelers reports filed with the SEC pursuant to the Securities Exchange Act of 934 which are available at the SEC s website ( Copies of this presentation and the accompanying webcast are publicly available on the Travelers website ( This presentation should be read with the accompanying webcast and related press release and financial supplement. Travelers may use its website and/or social media outlets, such as Facebook and Twitter, as distribution channels of material company information. Financial and other important information regarding the company is routinely accessible through and posted on our website at our Facebook page at and our Twitter account at In addition, you may automatically receive alerts and other information about Travelers when you enroll your address by visiting the Notification section at 25

26 Glossary of Financial Measures and Reconciliations of GAAP Measures to Non- GAAP Measures 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. Reconciliations of these measures to the most comparable GAAP measures also follow. 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, to establish financial targets on a consolidated basis and for other reasons, which are discussed below. 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. RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER NON-GAAP MEASURES 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. Reconciliation of Net Income to Core Income less Preferred Dividends Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, after-tax) Net income $ 293 $ 76 $,505 $ 2,07 Less: Net realized investment gains Core income $ 253 $ 70 $,40 $ 2,048 26

27 Glossary of Financial Measures and Reconciliations of GAAP Measures to Non- GAAP Measures Reconciliation of Segment Income to Total Core Income Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, after-tax) Business Insurance $ 05 $ 433 $ 976 $,28 Bond & Specialty Insurance Personal Insurance Total segment income 38 76,598 2,23 Interest Expense and Other (65) (60) (88) (83) Total core income $ 253 $ 70 $,40 $ 2,048 Twelve months ended December 3, ($ in millions, after-tax) Business Insurance $,982 $ 2,077 $ 2,297 Bond & Specialty Insurance Personal Insurance Total segment income 3,2 3,692 3,898 Interest Expense and Other (244) (255) (257) Total core income $ 2,967 $ 3,437 $ 3,64 27

28 Glossary of Financial Measures and Reconciliations of GAAP Measures to Non- GAAP Measures RECONCILIATION OF SHAREHOLDERS EQUITY TO ADJUSTED SHAREHOLDERS EQUITY AND CALCULATION OF RETURN ON EQUITY AND CORE RETURN ON EQUITY Adjusted shareholders equity is shareholders equity excluding net unrealized investment gains (losses), net of tax, net realized investment gains (losses), net of tax, for the period presented, preferred stock and discontinued operations. Reconciliation of Shareholders Equity to Adjusted Shareholders Equity As of September 30, ($ in millions) Shareholders' equity $ 23,738 $ 24,439 Less: Net unrealized investment gains, net of tax,006 2,049 Net realized investment gains, net of tax Adjusted shareholders' equity $ 22,637 $ 22,367 As of December 3, ($ in millions) Shareholders' equity $ 23,22 $ 23,598 $ 24,836 $ 24,796 $ 25,405 $ 24,477 $ 25,475 $ 27,45 $ 25,39 $ 26,66 $ 25,35 $ 22,303 Less: Net unrealized investment gains (losses), net of tax 730,289,966,322 3,03 2,87,859,856 (46) Net realized investment gains (losses), net of tax (27) Preferred stock Loss from discontinued operations (439) Adjusted shareholders' equity $ 22,444 $ 22,307 $ 22,89 $ 23,368 $ 22,270 $ 2,570 $ 23,375 $ 25,458 $ 25,647 $ 25,783 $ 24,545 $ 22,227 Return on equity is the ratio of annualized net income less preferred dividends to average shareholders equity for the periods presented. Core return on equity is the ratio of annualized core income less preferred dividends 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. Average shareholders equity is (a) the sum of total shareholders equity excluding preferred stock 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 average shareholders equity is (a) the sum of 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. Calculation of Return on Equity and Core Return on Equity Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, after-tax) Annualized net income $,72 $ 2,863 $ 2,007 $ 2,76 Average shareholders' equity 23,798 24,576 23,650 24,300 Return on equity 4.9%.6% 8.5%.4% Annualized core income $,05 $ 2,802 $,880 $ 2,730 Adjusted average shareholders' equity 22,758 22,373 22,725 22,373 Core return on equity 4.5% 2.5% 8.3% 2.2% 28

29 Glossary of Financial Measures and Reconciliations of GAAP Measures to Non- GAAP Measures Average annual core return on equity over a period is the ratio of: a) the sum of core income less preferred dividends for the periods presented to b) the sum of: ) the sum of the adjusted average shareholders equity for all full years in the period presented, and 2) for partial years in the period presented, the number of quarters in that partial year divided by four, multiplied by the adjusted average shareholders equity of the partial year. Calculation of Average Annual Core Return on Equity from January, 2005 through September 30, 207 Nine Months Ended September 30, Twelve Months Ended December 3, ($ in millions) Core income, less preferred dividends $,40 $ 2,048 $ 2,967 $ 3,437 $ 3,64 $ 3,567 $ 2,44 $,389 $ 3,040 $ 3,597 $ 3,9 $ 4,496 $ 4,95 $ 2,020 Annualized core income,880 2,730 Adjusted average shareholders' equity 22,725 22,373 22,386 22,68 23,447 23,004 22,58 22,806 24,285 25,777 25,668 25,350 23,38 2,8 Core return on equity 8.3% 2.2% 3.3% 5.2% 5.5% 5.5%.0% 6.% 2.5% 4.0% 2.4% 7.7% 7.9% 9.6% Average annual core return on equity for the period Jan., 2005 through Sept. 30, % COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED RATIO 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 presentation 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 premiums and the underwriting expense ratio as used in this presentation 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 presentation 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 and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this presentation, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income, billing and policy fees and other, to net earned premiums. 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 00% generally indicates an underwriting profit. A combined ratio over 00% generally indicates an underwriting loss. Underlying combined ratio represents the combined ratio excluding the impact of net prior year reserve development and catastrophes. The underlying combined ratio is an indicator of the Company s underwriting discipline and underwriting profitability for the current accident year. Other companies method of computing similarly titled measures may not be comparable to the Company s method of computing these ratios. 29

30 Glossary of Financial Measures and Reconciliations of GAAP Measures to Non- GAAP Measures RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS EQUITY TO CERTAIN NON-GAAP MEASURES 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. Reconciliation of Shareholders Equity to Shareholders Equity, excluding Net Unrealized Investment Gains/(losses), Net of Tax ($ in millions, except per share amounts) 3Q S hareholders' equity $23,738 $23,22 $23,598 $24,836 $24,796 $25,405 $24,477 $25,475 $27,45 $25,39 $26,66 $25,35 $22,303 Less: Net unrealized investment gains/(losses), net of tax, ,289,966,322 3,03 2,87,859,856 (46) Preferred stock Common shareholders' equity, excluding net unrealized investment gains/(losses), net of tax As of December 3, $22,732 $22,49 $22,309 $22,870 $23,474 $22,302 $2,606 $23,548 $25,480 $25,376 $25,884 $24,553 $2,823 Reconciliation of Pre-tax Net Investment Income to After-tax Net Investment Income ($ in millions) Q 207 2Q 207 Q 207 4Q 206 3Q 206 2Q 206 Q 206 Pre-tax net investment income $ 576 $ 595 $ 588 $ 598 $ 60 $ 627 $ 582 $ 549 $ 544 Net investment income tax expense After-tax net investment income $ 462 $ 476 $ 457 $ 468 $ 480 $ 493 $ 472 $ 442 $ 439 OTHER DEFINITIONS 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. For a glossary of other financial terms used in this presentation, we refer you to the Company s most recent annual report on Form 0-K filed with the SEC. 205 and 206 data represent quarterly average 30

31 investor.travelers.com

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