Item 16. FORM 10-K SUMMARY

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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 16, 2023	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 16, 2023
	Alan D. Schnitzer
By	/s/ DANIEL S. FREY	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 16, 2023
	Daniel S. Frey
By	/s/ DOUGLAS K. RUSSELL	Senior Vice President and Corporate Controller (Principal Accounting Officer)	February 16, 2023
	Douglas K. Russell
By	*	Director	February 16, 2023
	Alan L. Beller
By	*	Director	February 16, 2023
	Janet M. Dolan
By	*	Director	February 16, 2023
	Patricia L. Higgins
By	*	Director	February 16, 2023
	William J. Kane
By	*	Director	February 16, 2023
	Thomas B. Leonardi
By	*	Director	February 16, 2023
	Clarence Otis Jr.
By	*	Director	February 16, 2023
	Elizabeth E. Robinson
By	*	Director	February 16, 2023
	Philip T. Ruegger III
By	*	Director	February 16, 2023
	Rafael Santana
By	*	Director	February 16, 2023
	Todd C. Schermerhorn
By	*	Director	February 16, 2023
	Laurie J. Thomsen
By	*	Director	February 16, 2023
	Bridget van Kralingen
	/s/ CHRISTINE K. KALLA		February 16, 2023
	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,	2022		2021		2020
Revenues
Net investment income	$	30	$	13	$	19
Net realized investment gains (losses)	(51)		28		27
Total revenues	(21)		41		46
Expenses
Interest	303		292		292
Other	13		13		18
Total expenses	316		305		310
Loss before income taxes and net income of subsidiaries	(337)		(264)		(264)
Income tax benefit	(99)		(59)		(61)
Loss before net income of subsidiaries	(238)		(205)		(203)
Net income of subsidiaries	3,080		3,867		2,900
Net income	$	2,842	$	3,662	$	2,697

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 (LOSS)


For the year ended December 31,	2022		2021		2020
Net income	$	2,842	$	3,662	$	2,697
Other comprehensive income (loss)—parent company:
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the condensed statement of income	(12)		(4)		3
Net changes in benefit plan assets and obligations	(105)		444		25
Other comprehensive income (loss) before income taxes and other comprehensive income (loss) of subsidiaries	(117)		440		28
Income tax expense (benefit)	(38)		87		9
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	(79)		353		19
Other comprehensive income (loss) of subsidiaries	(7,559)		(1,662)		1,843
Other comprehensive income (loss)	(7,638)		(1,309)		1,862
Comprehensive income (loss)	$	(4,796)	$	2,353	$	4,559

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,	2022		2021
Assets
Fixed maturities	$	112	$	95
Equity securities	234		279
Short-term securities	1,406		1,479
Investment in subsidiaries	26,098		33,298
Other assets	748		704
Total assets	$	28,598	$	35,855
Liabilities
Debt	$	6,597	$	6,596
Other liabilities	433		366
Total liabilities	7,030		6,962
Shareholders’ equity
Common stock (1,750.0 shares authorized; 232.1 and 241.2 shares issued and outstanding)	24,565		24,154
Retained earnings	43,524		41,561
Accumulated other comprehensive income (loss)	(6,445)		1,193
Treasury stock, at cost (553.5 and 541.5 shares)	(40,076)		(38,015)
Total shareholders’ equity	21,568		28,893
Total liabilities and shareholders’ equity	$	28,598	$	35,855

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,	2022		2021		2020
Cash flows from operating activities
Net income	$	2,842	$	3,662	$	2,697
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(3,080)		(3,867)		(2,900)
Dividends received from consolidated subsidiaries	2,860		2,149		1,964
Deferred federal income tax expense	14		7		3
Change in income taxes payable	(13)		—		(6)
Other	7		(69)		(79)
Net cash provided by operating activities	2,630		1,882		1,679
Cash flows from investing activities
Net sales (purchases) of short-term securities	73		167		(256)
Other investments, net	(35)		(11)		(7)
Net cash provided by (used in) investing activities	38		156		(263)
Cash flows from financing activities
Treasury stock acquired—share repurchase authorization	(2,000)		(2,156)		(625)
Treasury stock acquired—net employee share-based compensation	(61)		(44)		(47)
Dividends paid to shareholders	(875)		(869)		(861)
Payment of debt	—		—		(500)
Issuance of debt	—		739		490
Issuance of common stock—employee share options	267		293		127

Net cash used in financing activities	(2,669)		(2,037)		(1,416)
Net increase (decrease) in cash	(1)		1		—
Cash at beginning of year	1		—		—
Cash at end of year	$	—	$	1	$	—

Supplemental disclosure of cash flow information
Cash received during the year for taxes	$	100	$	66	$	81
Cash paid during the year for interest	$	301	$	289	$	291

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 and reinsurance obligations of certain subsidiaries and various indemnifications including indemnifications that it utilizes with 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

2020-2022

(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
2022
Business Insurance	$	1,315	$	45,909	$	8,619	$	17,095	$	1,864	$	10,907	$	2,788	$	2,827	$	17,635
Bond & Specialty Insurance	430		4,482		2,679		3,418		258		1,378		625		590		3,732
Personal Insurance	1,091		8,252		6,942		13,250		440		10,569		2,102		1,362		14,047
Total—Reportable Segments	2,836		58,643		18,240		33,763		2,562		22,854		5,515		4,779		35,414
Other	—		6		—		—		—		—		—		382		—
Consolidated	$	2,836	$	58,649	$	18,240	$	33,763	$	2,562	$	22,854	$	5,515	$	5,161	$	35,414
2021
Business Insurance	$	1,206	$	45,358	$	7,953	$	15,734	$	2,265	$	10,398	$	2,581	$	2,746	$	16,092
Bond & Specialty Insurance	375		4,247		2,360		3,138		247		1,473		570		532		3,376
Personal Insurance	961		7,292		6,156		11,983		521		8,427		1,892		1,370		12,491
Total—Reportable Segments	2,542		56,897		16,469		30,855		3,033		20,298		5,043		4,648		31,959
Other	—		10		—		—		—		—		—		369		—
Consolidated	$	2,542	$	56,907	$	16,469	$	30,855	$	3,033	$	20,298	$	5,043	$	5,017	$	31,959
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

(1) See note 2 of the 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
2022
Reinsurance recoverables	$	141	$	(9)	$	—	$	—	$	132
Allowance for uncollectible:
Premiums receivable from underwriting activities	$	107	$	56	$	(2)	$	84	$	77
Deductibles	$	29	$	(3)	$	—	$	1	$	25
2021
Reinsurance recoverables	$	146	$	(5)	$	—	$	—	$	141
Allowance for uncollectible:
Premiums receivable from underwriting activities	$	105	$	65	$	—	$	63	$	107
Deductibles	$	27	$	2	$	—	$	—	$	29
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

(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)

2020-2022

(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
2022	$	2,836	$	58,643	$	1,124	$	18,240	$	33,763	$	2,562	$	23,308	$	(537)	$	5,515	$	20,351	$	35,414
2021	$	2,542	$	56,897	$	1,146	$	16,469	$	30,855	$	3,033	$	20,698	$	(484)	$	5,043	$	17,871	$	31,959
2020	$	2,358	$	54,510	$	1,138	$	15,222	$	29,044	$	2,227	$	19,285	$	(267)	$	4,773	$	16,589	$	29,732

(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 the notes to the consolidated financial statements.

See the Report of Independent Registered Public Accounting Firm.

Previous: Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES