Item 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, The Travelers Companies, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			THE TRAVELERS COMPANIES, INC. (Registrant)
Date:	February 11, 2021	By	/s/ CHRISTINE K. KALLA
			Christine K. Kalla Executive Vice President and General Counsel (Authorized Signatory)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of The Travelers Companies, Inc. and in the capacities and on the dates indicated.


			Date
By	/s/ ALAN D. SCHNITZER	Director, Chairman and Chief Executive Officer (Principal Executive Officer)	February 11, 2021
	Alan D. Schnitzer
By	/s/ DANIEL S. FREY	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 11, 2021
	Daniel S. Frey
By	/s/ DOUGLAS K. RUSSELL	Senior Vice President and Corporate Controller (Principal Accounting Officer)	February 11, 2021
	Douglas K. Russell
By	*	Director	February 11, 2021
	Alan L. Beller
By	*	Director	February 11, 2021
	Janet M. Dolan
By	*	Director	February 11, 2021
	Patricia L. Higgins
By	*	Director	February 11, 2021
	William J. Kane
By	*	Director	February 11, 2021
	Clarence Otis Jr.
By	*	Director	February 11, 2021
	Elizabeth E. Robinson
By	*	Director	February 11, 2021
	Philip T. Ruegger III
By	*	Director	February 11, 2021
	Todd C. Schermerhorn
By	*	Director	February 11, 2021
	Donald J. Shepard
*By	*	Director	February 11, 2021
	Laurie J. Thomsen
	/s/ CHRISTINE K. KALLA		February 11, 2021
	Christine K. Kalla, Attorney-in-fact

FINANCIAL STATEMENT SCHEDULES

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED STATEMENT OF INCOME


For the year ended December 31,	2020		2019		2018
Revenues
Net investment income	$	19	$	41	$	32
Net realized investment gains (losses)	27		33		(13)
Total revenues	46		74		19
Expenses
Interest	292		297		304
Other	18		21		20
Total expenses	310		318		324
Loss before income taxes and net income of subsidiaries	(264)		(244)		(305)
Income tax benefit	(61)		(77)		(114)
Loss before net income of subsidiaries	(203)		(167)		(191)
Net income of subsidiaries	2,900		2,789		2,714
Net income	$	2,697	$	2,622	$	2,523

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

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME


For the year ended December 31,	2020		2019		2018
Net income	$	2,697	$	2,622	$	2,523
Other comprehensive income (loss)—parent company:
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	3		4		—
Net changes in benefit plan assets and obligations	25		35		(53)
Other comprehensive income (loss) before income taxes and other comprehensive income (loss) of subsidiaries	28		39		(53)
Income tax expense (benefit)	9		12		(17)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	19		27		(36)
Other comprehensive income (loss) of subsidiaries	1,843		2,472		(1,434)
Other comprehensive income (loss)	1,862		2,499		(1,470)
Comprehensive income	$	4,559	$	5,121	$	1,053

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED BALANCE SHEET


At December 31,	2020		2019
Assets
Fixed maturities	$	94	$	91
Equity securities	241		209
Short-term securities	1,646		1,390
Investment in subsidiaries	33,015		30,028
Other assets	330		336
Total assets	$	35,326	$	32,054
Liabilities
Debt	$	5,856	$	5,865
Other liabilities	262		239
Total liabilities	6,118		6,104
Shareholders’ equity
Common stock (1,750.0 shares authorized; 252.4 and 255.5 shares issued and outstanding)	23,743		23,469
Retained earnings	38,778		36,984
Accumulated other comprehensive income	2,502		640
Treasury stock, at cost (527.3 and 522.1 shares)	(35,815)		(35,143)
Total shareholders’ equity	29,208		25,950
Total liabilities and shareholders’ equity	$	35,326	$	32,054

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(in millions)

CONDENSED STATEMENT OF CASH FLOWS


For the year ended December 31,	2020		2019		2018
Cash flows from operating activities
Net income	$	2,697	$	2,622	$	2,523
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(2,900)		(2,789)		(2,714)
Dividends received from consolidated subsidiaries	1,964		2,459		2,258
Deferred federal income tax expense (benefit)	3		(2)		28
Change in income taxes payable	(6)		3		100
Other	(79)		(79)		(35)
Net cash provided by operating activities	1,679		2,214		2,160
Cash flows from investing activities
Net purchases of short-term securities	(256)		(19)		(141)
Other investments, net	(7)		(8)		(7)
Net cash used in investing activities	(263)		(27)		(148)
Cash flows from financing activities
Treasury stock acquired—share repurchase authorization	(625)		(1,500)		(1,270)
Treasury stock acquired—net employee share-based compensation	(47)		(48)		(51)
Dividends paid to shareholders	(861)		(844)		(814)
Payment of debt	(500)		(500)		(600)
Issuance of debt	490		492		591
Issuance of common stock—employee share options	127		213		132

Net cash used in financing activities	(1,416)		(2,187)		(2,012)
Net increase in cash	—		—		—
Cash at beginning of year	—		—		—
Cash at end of year	$	—	$	—	$	—

Supplemental disclosure of cash flow information
Cash received during the year for taxes	$	81	$	78	$	283
Cash paid during the year for interest	$	291	$	291	$	300

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE II

THE TRAVELERS COMPANIES, INC.

(Parent Company Only)

NOTES TO THE CONDENSED FINANCIAL INFORMATION OF REGISTRANT

1. GUARANTEES

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

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

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

SCHEDULE III

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

Supplementary Insurance Information

2018-2020

(in millions)


Segment	Deferred Acquisition Costs		Claims and Claim Adjustment Expense Reserves		Unearned Premiums		Earned Premiums		Net Investment Income (1)		Claims and Claim Adjustment Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses (2)		Net Written Premiums
2020
Business Insurance	$	1,152	$	44,162	$	7,556	$	15,294	$	1,633	$	10,804	$	2,518	$	2,664	$	15,431
Bond & Specialty Insurance	328		3,814		2,020		2,823		213		1,464		519		500		2,951
Personal Insurance	878		6,534		5,646		10,927		381		6,855		1,736		1,314		11,350
Total—Reportable Segments	2,358		54,510		15,222		29,044		2,227		19,123		4,773		4,478		29,732
Other	—		11		—		—		—		—		—		370		—
Consolidated	$	2,358	$	54,521	$	15,222	$	29,044	$	2,227	$	19,123	$	4,773	$	4,848	$	29,732
2019
Business Insurance	$	1,161	$	42,252	$	7,540	$	15,300	$	1,816	$	10,963	$	2,503	$	2,627	$	15,629
Bond & Specialty Insurance	309		3,316		1,845		2,565		233		1,094		478		483		2,739
Personal Insurance	803		6,268		5,219		10,407		419		7,076		1,620		1,220		10,783
Total—Reportable Segments	2,273		51,836		14,604		28,272		2,468		19,133		4,601		4,330		29,151
Other	—		13		—		—		—		—		—		379		—
Consolidated	$	2,273	$	51,849	$	14,604	$	28,272	$	2,468	$	19,133	$	4,601	$	4,709	$	29,151
2018
Business Insurance	$	1,102	$	41,132	$	7,112	$	14,722	$	1,833	$	10,171	$	2,388	$	2,623	$	14,956
Bond & Specialty Insurance	277		3,255		1,619		2,420		233		772		454		459		2,528
Personal Insurance	741		6,266		4,824		9,917		408		7,348		1,539		1,185		10,224
Total—Reportable Segments	2,120		50,653		13,555		27,059		2,474		18,291		4,381		4,267		27,708
Other	—		15		—		—		—		—		—		382		—
Consolidated	$	2,120	$	50,668	$	13,555	$	27,059	$	2,474	$	18,291	$	4,381	$	4,649	$	27,708

(1) See note 2 of notes to the consolidated financial statements for discussion of the method used to allocate net investment income and invested assets to the identified segments.

(2) Expense allocations are determined in accordance with prescribed statutory accounting practices. These practices make a reasonable allocation of all expenses to those product lines with which they are associated.

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE V

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts

(in millions)


	Balance at beginning of period		Charged to costs and expenses		Charged to other accounts		Deductions (1)		Balance at end of period
2020
Reinsurance recoverables (2)	$	92	$	1	$	53	$	—	$	146
Allowance for uncollectible:
Premiums receivable from underwriting activities	$	55	$	95	$	2	$	47	$	105
Deductibles	$	22	$	7	$	(2)	$	—	$	27
2019
Reinsurance recoverables	$	110	$	—	$	—	$	18	$	92
Allowance for uncollectible:
Premiums receivable from underwriting activities	$	54	$	59	$	—	$	58	$	55
Deductibles	$	24	$	(2)	$	—	$	—	$	22
2018
Reinsurance recoverables	$	111	$	—	$	—	$	1	$	110
Allowance for uncollectible:
Premiums receivable from underwriting activities	$	58	$	50	$	—	$	54	$	54
Deductibles	$	26	$	(1)	$	—	$	1	$	24

(1) Credited to the related asset account

(2) The $53 million represents the cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2020.

See the Report of Independent Registered Public Accounting Firm.

SCHEDULE VI

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

Supplementary Information Concerning Property-Casualty Insurance Operations (1)

2018-2020

(in millions)


													Claims and Claim Adjustment Expenses Incurred Related to:				Amortization of Deferred Acquisition Costs		Paid Claims and Claim Adjustment Expenses
Affiliation with Registrant(2)	Deferred Acquisition Costs		Claims and Claim Adjustment Expense Reserves		Discount From Reserves for Unpaid Claims(3)		Unearned Premiums		Earned Premiums		Net Investment Income		Current Year		Prior Year				Net Written Premiums
2020	$	2,358	$	54,510	$	1,138	$	15,222	$	29,044	$	2,227	$	19,285	$	(267)	$	4,773	$	16,589	$	29,732
2019	$	2,273	$	51,836	$	1,155	$	14,604	$	28,272	$	2,468	$	18,854	$	164	$	4,601	$	17,794	$	29,151
2018	$	2,120	$	50,653	$	1,158	$	13,555	$	27,059	$	2,474	$	18,614	$	(406)	$	4,381	$	17,060	$	27,708

(1) Excludes accident and health insurance business.

(2) Consolidated property-casualty insurance operations.

(3) For a discussion of types of reserves discounted and discount rates used, see note 8 of notes to the consolidated financial statements.

See the Report of Independent Registered Public Accounting Firm.

Previous: Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES