# The Travelers Companies, Inc. (TRV)

> Source: Nexqual · https://nexqual.com/TRV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Travelers Companies, Inc. (TRV), nexqual.com/TRV" · informational, not investment advice.

**Price:** USD 405.44 (+1.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 398.95 · day 400.05–407.87 · 52w 264.25–407.87 · market cap $84.6B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $48.9B, net income $8.33B (17.0% margin) (SEC filings).
- Valuation: P/E 10.1x (avg 12.1x at the last 3 fiscal year-ends), net debt $9.05B.
- 3 of 80 tracked superinvestors hold TRV (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $45.3M; 18 not under a Rule 10b5-1 plan ($45.3M); 10 by opportunistic insiders (10 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.03 on a 1–5 scale) (29 analysts), mean target USD 374.29 (range 262–450).
- Total return with dividends: 1Y +53.0% vs S&P 500 +14.9%; 5Y +174.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-16, EPS estimate USD 9.95, revenue estimate $11.0B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $34.8B | $36.9B | $41.4B | $46.4B | $48.8B | $48.9B |
| Net income | $3.66B | $2.84B | $2.99B | $5.00B | $6.29B | $8.33B |
| EPS (diluted) | $14.49 | $11.77 | $12.79 | $21.47 | $27.43 | — |
| Net margin | 10.5% | 7.7% | 7.2% | 10.8% | 12.9% | 17.0% |
| Revenue growth | +8.9% | +5.9% | +12.1% | +12.2% | +5.2% | — |
| Cash + short-term investments | $761M | $799M | $650M | $699M | $842M | — |
| Total debt | $7.29B | $7.29B | $8.03B | $8.03B | $9.27B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 10.1x · P/S 1.7x · EV/Sales 1.9x · P/B 2.9x · Earnings yield 9.85% · Dividend yield (paid, TTM) 1.18% · Buyback yield (TTM) 7.36% · Net debt $9.05B · EV $93.6B
P/E at fiscal year-ends: Dec 2025 10.5x, Dec 2024 11.1x, Dec 2023 14.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold TRV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Bloomstran | Semper Augustus | 0.71% | $6.3M | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.47% | $51.7M | Added +9.9% |
| Dodge & Cox Funds | Dodge & Cox | 0.02% | $29.8M | Reduced -2.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-21 | Olivo Maria | EVP, ERM & Chief Risk Officer | 15,100 | $6.0M | 12.7% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-10-20 | Klein Michael Frederick | EVP & President, Personal Ins. | 7,500 | $2.9M | 13.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-28 | Olivo Maria | EVP, ERM & Chief Risk Officer | 6,000 | $2.2M | 4.8% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-07-24 | Yin Daniel Tei-Hwa | EVP & Co-Chief Invest. Officer | 7,153 | $2.8M | 9.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-24 | Kurtzman Diane | EVP & Chief HR Officer | 4,164 | $1.6M | 44% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-22 | Rowland David Donnay | EVP & Co-Chief Invest. Officer | 5,000 | $1.9M | 11.5% | No | Too little history (no open-market trades in 2023) |
| 2026-07-22 | Munson Paul E. | SVP & Corp. Controller | 1,525 | $564K | 67.5% | No | Too little history (no open-market trades in 2023) |
| 2026-07-22 | Bessette Andy F | EVP and Chief Admin Officer | 3,000 | $1.1M | 11.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-21 | Klein Michael Frederick | EVP & President, Personal Ins. | 6,000 | $2.2M | 11.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-21 | Frey Daniel S. | EVP & Chief Financial Officer | 14,037 | $5.2M | 33.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-21 | Lefebvre Mojgan M | EVP & Chief Tech & Ops Officer | 16,313 | $6.0M | 100% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Klein Michael Frederick | EVP & President, Personal Ins. | 10,000 | $3.1M | 17.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Bessette Andy F | EVP and Chief Admin Officer | 4,255 | $1.3M | 14.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-28 | Kess Avrohom J. | Vice Chmn. & Chief Legal Off. | 6,735 | $2.1M | 12.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-28 | Heyman William H | Vice Chairman | 1,557 | $484K | 0.6% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-04-20 | Kurtzman Diane | EVP & Chief HR Officer | 2,867 | $870K | 35.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-20 | Klein Michael Frederick | EVP & President, Personal Ins. | 10,000 | $3.0M | 17.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-20 | Klenk Jeffrey P. | EVP & Pres., Bond & Spec. Ins. | 6,414 | $2.0M | 51.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.03 on a 1–5 scale), 29 analysts; mean target USD 374.29 (low 262, high 450).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | BMO Capital | Target raised | Market Perform | $379 → $388 |
| 2026-10-20 | JP Morgan | Target raised | Neutral | $352 → $379 |
| 2026-10-20 | Mizuho | Target raised | Neutral | $345 → $371 |
| 2026-10-20 | Keefe, Bruyette & Woods | Target raised | Market Perform | $372 → $382 |
| 2026-10-19 | Wells Fargo | Target raised | Equal-Weight | $341 → $377 |
| 2026-10-19 | Evercore ISI Group | Target raised | In-Line | $349 → $372 |
| 2026-10-19 | Truist Securities | Target raised | Buy | $425 → $435 |
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $356 → $341 |
| 2026-10-09 | JP Morgan | Target raised | Neutral | $348 → $352 |
| 2026-10-07 | Mizuho | Target lowered | Neutral | $348 → $345 |
| 2026-10-07 | Cantor Fitzgerald | Target raised | Overweight | $377 → $378 |
| 2026-09-21 | Evercore ISI Group | Target raised | In-Line | $338 → $342 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.0% | +174.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +53.2% | +22.3% |
| Volatility (annualized) | 20.4% | 20.7% |
| Max drawdown | -9.9% (Jul 2026→Sep 2026) | -17.5% (Mar 2022→Sep 2022) |

## Peers (Insurance - Property & Casualty)
ALL (Allstate Corporation (The)) USD 259.1 +3.21% · PGR (Progressive Corporation (The)) USD 229.62 +3.74% · CB (Chubb Limited) USD 363.95 +2.54% · WRB (W.R. Berkley Corporation) USD 75.55 +1.63% · CINF (Cincinnati Financial Corporatio) USD 178.28 +2.68% · MKL (Markel Group Inc.) USD 1,905.39 +1.79%

## More
Full page: https://nexqual.com/TRV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TRV's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Fidelis Insurance Holdings | "In addition, we conduct business in Brazil through a joint venture, and throughout other parts of the world, including as a corporate member of Lloyd's and through our quota share agreement with Fidelis." |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic | $46.36B | 94.9% | +5.5% |
| International | $2.47B | 5.1% | -1.2% |
| — Canada (part of International) | $1.34B | 2.8% | -1.0% |
| — Other Non United States (part of International) | $1.12B | 2.3% | -1.5% |
| Total revenue | $48.83B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $9.95 | $9.61 | +3.6% | $11.01B | 24 |
| Next quarter (ends 2027-03-31) | $7.83 | $7.71 | +1.5% | $10.97B | 22 |
| Current fiscal year (ends 2026-12-31) | $36.82 | $34.13 | +7.9% | $43.50B | 25 |
| Next fiscal year (ends 2027-12-31) | $31.01 | $30.13 | +2.9% | $44.44B | 26 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.0% | ±5.3% |
| 2026-12-18 | 56 | 22.4% | ±7.2% |
| 2027-01-15 | 84 | 22.6% | ±8.8% |
| 2027-04-16 | 175 | 23.8% | ±13.3% |
| 2027-06-17 | 237 | 24.3% | ±15.7% |
| 2027-09-17 | 329 | 24.5% | ±18.6% |