The Travelers Companies, Inc. (TRV) 8-K Fourth Quarter Return on Equity and Core Return on Equity of 9.3% and 11.1%, Respectively

Exhibit 99.2

The Travelers Companies, Inc.
Financial Supplement - Fourth 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 (Loss)	16
Segment Income (Loss) 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) included in Shareholders’ Equity	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

The information included in the Financial Supplement is unaudited.  This document should be read in conjunction with the Company’s Form 10-K which will be filed with the Securities and Exchange Commission.

Index

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

Effective April��1, 2017, and as reported in the Company’s Form 10-Q for the quarter ended June 30, 2017, the Company’s results are 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 were 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 was unchanged, the Company’s international businesses, which were previously managed and reported in total within the Business and International Insurance segment, were 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 and services, 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 and services, 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 Simply Business, as well as Business Insurance Other, which comprises the Special Liability Group (which manages the Company’s asbestos and environmental liabilities) and the assumed reinsurance and certain other runoff operations.

i

The Travelers Companies, Inc. Financial Supplement - Fourth 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)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Net income	$	691		$	664		$	716		$	943		$	617		$	595		$	293		$	551		$	3,014		$	2,056
Net income per share:
Basic	$	2.33		$	2.27		$	2.48		$	3.32		$	2.19		$	2.13		$	1.06		$	2.00		$	10.39		$	7.39
Diluted	$	2.30		$	2.24		$	2.45		$	3.28		$	2.17		$	2.11		$	1.05		$	1.98		$	10.28		$	7.33
Core income	$	698		$	649		$	701		$	919		$	614		$	543		$	253		$	633		$	2,967		$	2,043
Core income per share:
Basic	$	2.35		$	2.22		$	2.43		$	3.23		$	2.18		$	1.94		$	0.92		$	2.30		$	10.22		$	7.35
Diluted	$	2.33		$	2.20		$	2.40		$	3.20		$	2.16		$	1.92		$	0.91		$	2.28		$	10.12		$	7.28
Return on equity	11.6		%	10.9		%	11.6		%	15.8		%	10.5		%	10.0		%	4.9		%	9.3		%	12.5		%	8.7		%
Core return on equity	12.5		%	11.6		%	12.5		%	16.4		%	10.8		%	9.5		%	4.5		%	11.1		%	13.3		%	9.0		%
Total assets, at period end	$	101,680		$	102,446		$	102,787		$	100,245		$	101,246		$	102,669		$	104,311		$	103,483		$	100,245		$	103,483
Total equity, at period end	$	24,166		$	24,714		$	24,439		$	23,221		$	23,612		$	23,858		$	23,738		$	23,731		$	23,221		$	23,731
Book value per share, at period end	$	82.65		$	85.73		$	86.04		$	83.05		$	84.51		$	86.46		$	86.73		$	87.46		$	83.05		$	87.46
Less: Net unrealized investment gains, net of tax	6.02			8.12			7.22			2.61			2.95			3.75			3.67			4.10			2.61			4.10
Adjusted book value per share, at period end	$	76.63		$	77.61		$	78.82		$	80.44		$	81.56		$	82.71		$	83.06		$	83.36		$	80.44		$	83.36
Weighted average number of common shares outstanding (basic)	294.2			290.1			286.0			282.1			279.7			277.5			274.1			272.8			288.1			276.0
Weighted average number of common shares outstanding and common stock equivalents (diluted)	297.9			293.6			289.8			285.1			282.4			280.0			276.6			275.7			291.0			278.6
Common shares outstanding at period end	292.4			288.3			284.1			279.6			279.4			275.9			273.7			271.4			279.6			271.4
Common stock dividends declared	$	181		$	197		$	193		$	191		$	190		$	201		$	200		$	198		$	762		$	789
Common stock repurchased:
Under Board of Directors authorization
Shares	5.1			4.9			4.7			6.6			1.9			3.8			2.6			2.6			21.3			10.9
Cost	$	550		$	550		$	550		$	750		$	225		$	475		$	328		$	350		$	2,400		$	1,378
Other
Shares	0.5			—			0.1			—			0.5			—			—			—			0.6			0.5
Cost	$	59		$	—		$	12		$	1		$	61		$	—		$	—		$	1		$	72		$	62

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

1

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

																								YTD			YTD
	1Q		2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016		2016			2016			2016			2017			2017			2017			2017			2016			2017
Net income
Net income	$	691	$	664		$	716		$	943		$	617		$	595		$	293		$	551		$	3,014		$	2,056
Adjustments:
Net realized investment (gains) losses, after-tax	7		(15		)	(15		)	(24		)	(3		)	(52		)	(40		)	(47		)	(47		)	(142		)
Impact of TCJA at enactment (1)	—		—			—			—			—			—			—			129			—			129
Core income	$	698	$	649		$	701		$	919		$	614		$	543		$	253		$	633		$	2,967		$	2,043
Basic earnings per share
Net income	$	2.33	$	2.27		$	2.48		$	3.32		$	2.19		$	2.13		$	1.06		$	2.00		$	10.39		$	7.39
Adjustments:
Net realized investment (gains) losses, after-tax	0.02		(0.05		)	(0.05		)	(0.09		)	(0.01		)	(0.19		)	(0.14		)	(0.17		)	(0.17		)	(0.51		)
Impact of TCJA at enactment (1)	—		—			—			—			—			—			—			0.47			—			0.47
Core income	$	2.35	$	2.22		$	2.43		$	3.23		$	2.18		$	1.94		$	0.92		$	2.30		$	10.22		$	7.35
Diluted earnings per share
Net income	$	2.30	$	2.24		$	2.45		$	3.28		$	2.17		$	2.11		$	1.05		$	1.98		$	10.28		$	7.33
Adjustments:
Net realized investment (gains) losses, after-tax	0.03		(0.04		)	(0.05		)	(0.08		)	(0.01		)	(0.19		)	(0.14		)	(0.17		)	(0.16		)	(0.51		)
Impact of TCJA at enactment (1)	—		—			—			—			—			—			—			0.47			—			0.46
Core income	$	2.33	$	2.20		$	2.40		$	3.20		$	2.16		$	1.92		$	0.91		$	2.28		$	10.12		$	7.28

Adjustments to net income and weighted average shares for net income EPS calculations: (2)

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Basic and Diluted
Net income, as reported	$	691		$	664		$	716		$	943		$	617		$	595		$	293		$	551		$	3,014		$	2,056
Participating share-based awards - allocated income	(5		)	(5		)	(6		)	(7		)	(4		)	(5		)	(2		)	(4		)	(22		)	(15		)
Net income available to common shareholders - basic and diluted	$	686		$	659		$	710		$	936		$	613		$	590		$	291		$	547		$	2,992		$	2,041
Common Shares
Basic
Weighted average shares outstanding	294.2			290.1			286.0			282.1			279.7			277.5			274.1			272.8			288.1			276.0
Diluted
Weighted average shares outstanding	294.2			290.1			286.0			282.1			279.7			277.5			274.1			272.8			288.1			276.0
Weighted average effects of dilutive securities - stock options and performance shares	3.7			3.5			3.8			3.0			2.7			2.5			2.5			2.9			2.9			2.6
Diluted weighted average shares outstanding	297.9			293.6			289.8			285.1			282.4			280.0			276.6			275.7			291.0			278.6

(1)  Reflects the impact of changes in tax laws and tax rates enacted in the U.S. on December 22, 2017 as part of the Tax Cuts and Jobs Act of 2017 (TCJA), resulting primarily from revaluing the Company’s deferred tax assets and liabilities and the tax associated with accumulated foreign earnings.

(2)  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.

2

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Revenues
Premiums	$	5,981		$	6,067		$	6,209		$	6,277		$	6,183		$	6,351		$	6,523		$	6,626		$	24,534		$	25,683
Net investment income	544			549			582			627			610			598			588			601			2,302			2,397
Fee income	117			119			116			106			113			116			113			105			458			447
Net realized investment gains (losses)	(9		)	19			23			35			5			80			61			70			68			216
Other revenues	53			31			31			148			31			39			40			49			263			159
Total revenues	6,686			6,785			6,961			7,193			6,942			7,184			7,325			7,451			27,625			28,902
Claims and expenses
Claims and claim adjustment expenses	3,712			3,762			3,856			3,740			4,094			4,225			4,806			4,342			15,070			17,467
Amortization of deferred acquisition costs	971			989			1,012			1,013			1,003			1,032			1,059			1,072			3,985			4,166
General and administrative expenses	995			1,054			1,057			1,048			996			1,045			1,045			1,084			4,154			4,170
Interest expense	91			93			89			90			89			92			95			93			363			369
Total claims and expenses	5,769			5,898			6,014			5,891			6,182			6,394			7,005			6,591			23,572			26,172
Income before income taxes	917			887			947			1,302			760			790			320			860			4,053			2,730
Income tax expense	226			223			231			359			143			195			27			309			1,039			674
Net income	$	691		$	664		$	716		$	943		$	617		$	595		$	293		$	551		$	3,014		$	2,056
Other-than-temporary impairments (OTTI)
Total OTTI losses	$	(28	)	$	(4	)	$	(4	)	$	(4	)	$	(1	)	$	(5	)	$	(5	)	$	(2	)	$	(40	)	$	(13	)
OTTI losses recognized in net realized investment gains (losses)	$	(18	)	$	(4	)	$	(4	)	$	(3	)	$	(2	)	$	(5	)	$	(5	)	$	(2	)	$	(29	)	$	(14	)
OTTI gains (losses) recognized in other comprehensive income	$	(10	)	$	—		$	—		$	(1	)	$	1		$	—		$	—		$	—		$	(11	)	$	1
Other statistics
Effective tax rate on net investment income	19.3		%	19.4		%	19.0		%	21.3		%	21.3		%	21.9		%	22.1		%	22.4		%	19.8		%	21.9		%
Net investment income (after-tax)	$	439		$	442		$	472		$	493		$	480		$	468		$	457		$	467		$	1,846		$	1,872
Catastrophes, net of reinsurance:
Pre-tax	$	318		$	333		$	89		$	137		$	347		$	403		$	700		$	499		$	877		$	1,949
After-tax	$	207		$	222		$	58		$	89		$	226		$	262		$	455		$	324		$	576		$	1,267
Prior year reserve development - favorable
Pre-tax	$	180		$	288		$	39		$	264		$	81		$	203		$	15		$	293		$	771		$	592
After-tax	$	119		$	192		$	27		$	172		$	44		$	132		$	10		$	192		$	510		$	378

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

3

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Underwriting gain (loss)	$	289		$	248		$	269		$	393		$	175		$	112		$	(153	)	$	216		$	1,199		$	350
Net investment income	439			442			472			493			480			468			457			467			1,846			1,872
Other income (expense), including interest expense	(30		)	(41		)	(40		)	33			(41		)	(37		)	(51		)	(50		)	(78		)	(179		)
Core income	698			649			701			919			614			543			253			633			2,967			2,043
Net realized investment gains (losses)	(7		)	15			15			24			3			52			40			47			47			142
Impact of TCJA at enactment (1)	—			—			—			—			—			—			—			(129		)	—			(129		)
Net income	$	691		$	664		$	716		$	943		$	617		$	595		$	293		$	551		$	3,014		$	2,056
Combined ratio (2) (3)
Loss and loss adjustment expense ratio	61.1		%	61.1		%	61.2		%	58.8		%	65.3		%	65.6		%	72.8		%	64.8		%	60.5		%	67.2		%
Underwriting expense ratio	31.2		%	32.0		%	31.7		%	31.2		%	30.7		%	31.1		%	30.4		%	30.7		%	31.5		%	30.7		%
Combined ratio	92.3		%	93.1		%	92.9		%	90.0		%	96.0		%	96.7		%	103.2		%	95.5		%	92.0		%	97.9		%
Impact on combined ratio:
Net favorable prior year reserve development	-3.0		%	-4.7		%	-0.6		%	-4.2		%	-1.3		%	-3.2		%	-0.3		%	-4.4		%	-3.2		%	-2.3		%
Catastrophes, net of reinsurance	5.3		%	5.5		%	1.4		%	2.2		%	5.6		%	6.4		%	10.7		%	7.5		%	3.6		%	7.6		%
Underlying combined ratio	90.0		%	92.3		%	92.1		%	92.0		%	91.7		%	93.5		%	92.8		%	92.4		%	91.6		%	92.6		%

(1)  Reflects the impact of changes in tax laws and tax rates enacted in the U.S. on December 22, 2017 as part of the TCJA, resulting primarily from revaluing the Company’s deferred tax assets and liabilities and the tax associated with accumulated foreign earnings.

(2)  Before policyholder dividends.

(3)  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.  In addition, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly are excluded in calculating the combined ratio.  See following:

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Billing and policy fees and other	$	22	$	22	$	23	$	22	$	23	$	22	$	22	$	21	$	89	$	88
Fee income:
Loss and loss adjustment expenses	$	44	$	45	$	44	$	35	$	42	$	42	$	42	$	36	$	168	$	162
Underwriting expenses	73		74		72		71		71		74		71		69		290		285
Total fee income	$	117	$	119	$	116	$	106	$	113	$	116	$	113	$	105	$	458	$	447
Non-insurance general and administrative expenses	$	8	$	7	$	8	$	8	$	8	$	8	$	28	$	33	$	31	$	77

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

4

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Revenues
Premiums	$	5,981		$	6,067		$	6,209		$	6,277		$	6,183		$	6,351		$	6,523		$	6,626		$	24,534		$	25,683
Net investment income	544			549			582			627			610			598			588			601			2,302			2,397
Fee income	117			119			116			106			113			116			113			105			458			447
Other revenues	53			31			31			148			31			39			40			49			263			159
Total revenues	6,695			6,766			6,938			7,158			6,937			7,104			7,264			7,381			27,557			28,686
Claims and expenses
Claims and claim adjustment expenses	3,712			3,762			3,856			3,740			4,094			4,225			4,806			4,342			15,070			17,467
Amortization of deferred acquisition costs	971			989			1,012			1,013			1,003			1,032			1,059			1,072			3,985			4,166
General and administrative expenses	995			1,054			1,057			1,048			996			1,045			1,045			1,084			4,154			4,170
Interest expense	91			93			89			90			89			92			95			93			363			369
Total claims and expenses	5,769			5,898			6,014			5,891			6,182			6,394			7,005			6,591			23,572			26,172
Core income before income taxes	926			868			924			1,267			755			710			259			790			3,985			2,514
Income tax expense	228			219			223			348			141			167			6			157			1,018			471
Core income	$	698		$	649		$	701		$	919		$	614		$	543		$	253		$	633		$	2,967		$	2,043
Other statistics
Effective tax rate on net investment income	19.3		%	19.4		%	19.0		%	21.3		%	21.3		%	21.9		%	22.1		%	22.4		%	19.8		%	21.9		%
Net investment income (after-tax)	$	439		$	442		$	472		$	493		$	480		$	468		$	457		$	467		$	1,846		$	1,872
Catastrophes, net of reinsurance:
Pre-tax	$	318		$	333		$	89		$	137		$	347		$	403		$	700		$	499		$	877		$	1,949
After-tax	$	207		$	222		$	58		$	89		$	226		$	262		$	455		$	324		$	576		$	1,267
Prior year reserve development - favorable
Pre-tax	$	180		$	288		$	39		$	264		$	81		$	203		$	15		$	293		$	771		$	592
After-tax	$	119		$	192		$	27		$	172		$	44		$	132		$	10		$	192		$	510		$	378

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

5

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

																					YTD		YTD
	1Q		2Q			3Q		4Q			1Q		2Q		3Q			4Q			4Q		4Q
	2016		2016			2016		2016			2017		2017		2017			2017			2016		2017
Statutory underwriting
Gross written premiums	$	6,712	$	6,688		$	6,798	$	6,297		$	7,018	$	6,927	$	7,063		$	6,640		$	26,495	$	27,648
Net written premiums	$	6,166	$	6,345		$	6,389	$	6,058		$	6,495	$	6,640	$	6,660		$	6,424		$	24,958	$	26,219
Net earned premiums	$	5,981	$	6,067		$	6,209	$	6,277		$	6,183	$	6,351	$	6,523		$	6,626		$	24,534	$	25,683
Losses and loss adjustment expenses	3,663		3,709			3,803		3,685			4,043		4,169		4,751			4,291			14,860		17,254
Underwriting expenses	1,932		2,009			2,001		1,926			1,975		2,049		2,018			1,992			7,868		8,034
Statutory underwriting gain (loss)	386		349			405		666			165		133		(246		)	343			1,806		395
Policyholder dividends	10		11			11		16			11		15		12			13			48		51
Statutory underwriting gain (loss) after policyholder dividends	$	376	$	338		$	394	$	650		$	154	$	118	$	(258	)	$	330		$	1,758	$	344
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	40,224	$	39,797		$	39,956	$	39,904		$	40,313	$	40,630	$	41,545		$	41,454		$	39,904	$	41,454
Increase (decrease) in reserves	$	442	$	(427	)	$	159	$	(52	)	$	409	$	317	$	915		$	(91	)	$	122	$	1,550
Statutory capital and surplus	$	20,569	$	20,634		$	20,609	$	20,759		$	20,617	$	20,607	$	20,740		$	20,448		$	20,759	$	20,448
Net written premiums/surplus (1)	1.19:1		1.19:1			1.20:1		1.20:1			1.23:1		1.24:1		1.25:1			1.28:1			1.20:1		1.28:1

(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.

6

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Written premiums
Gross	$	6,712		$	6,688		$	6,798		$	6,297		$	7,018		$	6,927		$	7,063		$	6,640		$	26,495		$	27,648
Ceded	(546		)	(343		)	(409		)	(239		)	(523		)	(287		)	(403		)	(216		)	(1,537		)	(1,429		)
Net	$	6,166		$	6,345		$	6,389		$	6,058		$	6,495		$	6,640		$	6,660		$	6,424		$	24,958		$	26,219
Earned premiums
Gross	$	6,381		$	6,487		$	6,604		$	6,665		$	6,550		$	6,720		$	6,906		$	6,978		$	26,137		$	27,154
Ceded	(400		)	(420		)	(395		)	(388		)	(367		)	(369		)	(383		)	(352		)	(1,603		)	(1,471		)
Net	$	5,981		$	6,067		$	6,209		$	6,277		$	6,183		$	6,351		$	6,523		$	6,626		$	24,534		$	25,683

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

7

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Revenues
Premiums	$	3,414		$	3,439		$	3,497		$	3,505		$	3,429		$	3,504		$	3,576		$	3,637		$	13,855		$	14,146
Net investment income	399			404			431			467			453			447			437			449			1,701			1,786
Fee income	114			115			111			102			109			112			108			101			442			430
Other revenues	30			8			7			123			9			15			19			26			168			69
Total revenues	3,957			3,966			4,046			4,197			4,000			4,078			4,140			4,213			16,166			16,431
Claims and expenses
Claims and claim adjustment expenses	2,213			2,244			2,274			2,022			2,265			2,306			2,847			2,103			8,753			9,521
Amortization of deferred acquisition costs	546			553			563			559			554			567			579			586			2,221			2,286
General and administrative expenses	615			649			650			640			610			636			643			674			2,554			2,563
Total claims and expenses	3,374			3,446			3,487			3,221			3,429			3,509			4,069			3,363			13,528			14,370
Segment income before income taxes	583			520			559			976			571			569			71			850			2,638			2,061
Income tax expense (benefit)	136			119			126			275			129			140			(34		)	213			656			448
Segment income	$	447		$	401		$	433		$	701		$	442		$	429		$	105		$	637		$	1,982		$	1,613
Other statistics
Effective tax rate on net investment income	19.5		%	19.5		%	19.9		%	21.9		%	22.0		%	22.2		%	22.4		%	22.7		%	20.2		%	22.3		%
Net investment income (after-tax)	$	321		$	325		$	346		$	364		$	353		$	348		$	338		$	348		$	1,356		$	1,387
Catastrophes, net of reinsurance:
Pre-tax	$	148		$	167		$	74		$	74		$	132		$	184		$	489		$	53		$	463		$	858
After-tax	$	97		$	110		$	49		$	47		$	86		$	120		$	318		$	34		$	303		$	558
Prior year reserve development - favorable
Pre-tax (1)	$	74		$	125		$	4		$	221		$	61		$	125		$	9		$	244		$	424		$	439
After-tax (1)	$	49		$	84		$	2		$	144		$	30		$	81		$	6		$	159		$	279		$	276

(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.

8

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Underwriting gain (loss)	$	107		$	69		$	82		$	257		$	83		$	69		$	(233	)	$	288		$	515		$	207
Net investment income	321			325			346			364			353			348			338			348			1,356			1,387
Other income	19			7			5			80			6			12			—			1			111			19
Segment income	$	447		$	401		$	433		$	701		$	442		$	429		$	105		$	637		$	1,982		$	1,613
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	63.3		%	63.7		%	63.5		%	56.4		%	64.5		%	64.3		%	78.1		%	56.5		%	61.7		%	65.9		%
Underwriting expense ratio	31.8		%	32.8		%	32.6		%	32.2		%	31.9		%	32.2		%	31.7		%	32.1		%	32.4		%	31.9		%
Combined ratio	95.1		%	96.5		%	96.1		%	88.6		%	96.4		%	96.5		%	109.8		%	88.6		%	94.1		%	97.8		%
Impact on combined ratio:
Net favorable prior year reserve development	-2.2		%	-3.6		%	-0.1		%	-6.3		%	-1.8		%	-3.6		%	-0.3		%	-6.7		%	-3.1		%	-3.1		%
Catastrophes, net of reinsurance	4.3		%	4.8		%	2.1		%	2.1		%	3.8		%	5.3		%	13.7		%	1.4		%	3.4		%	6.0		%
Underlying combined ratio	93.0		%	95.3		%	94.1		%	92.8		%	94.4		%	94.8		%	96.4		%	93.9		%	93.8		%	94.9		%

(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.  In addition, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly are excluded in calculating the combined ratio.  See following:

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Billing and policy fees and other	$	4	$	4	$	5	$	4	$	4	$	4	$	4	$	4	$	17	$	16
Fee income:
Loss and loss adjustment expenses	$	44	$	45	$	44	$	35	$	42	$	42	$	42	$	36	$	168	$	162
Underwriting expenses	70		70		67		67		67		70		66		65		274		268
Total fee income	$	114	$	115	$	111	$	102	$	109	$	112	$	108	$	101	$	442	$	430
Non-insurance general and administrative expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	21	$	24	$	—	$	45

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

9

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

																		YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q			4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017			2017		2016		2017
Statutory underwriting
Gross written premiums	$	4,199	$	3,780	$	3,752	$	3,501	$	4,271	$	3,794	$	3,787		$	3,621	$	15,232	$	15,473
Net written premiums	$	3,760	$	3,472	$	3,388	$	3,280	$	3,855	$	3,544	$	3,434		$	3,437	$	13,900	$	14,270
Net earned premiums	$	3,414	$	3,439	$	3,497	$	3,505	$	3,429	$	3,504	$	3,576		$	3,637	$	13,855	$	14,146
Losses and loss adjustment expenses	2,166		2,193		2,223		1,975		2,215		2,254		2,795			2,053		8,557		9,317
Underwriting expenses	1,160		1,145		1,118		1,089		1,169		1,153		1,106			1,126		4,512		4,554
Statutory underwriting gain (loss)	88		101		156		441		45		97		(325		)	458		786		275
Policyholder dividends	8		9		9		9		9		12		10			11		35		42
Statutory underwriting gain (loss) after policyholder dividends	$	80	$	92	$	147	$	432	$	36	$	85	$	(335	)	$	447	$	751	$	233

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

10

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

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Net written premiums by market
Domestic
Select Accounts	$	724	$	709	$	657	$	639	$	755	$	720	$	664	$	661	$	2,729	$	2,800
Middle Market	2,063		1,741		1,824		1,751		2,177		1,820		1,896		1,863		7,379		7,756
National Accounts	320		234		245		259		288		219		244		259		1,058		1,010
National Property and Other	410		521		454		394		386		496		428		381		1,779		1,691
Total Domestic	3,517		3,205		3,180		3,043		3,606		3,255		3,232		3,164		12,945		13,257
International	243		267		208		237		249		289		202		273		955		1,013
Total	$	3,760	$	3,472	$	3,388	$	3,280	$	3,855	$	3,544	$	3,434	$	3,437	$	13,900	$	14,270
Net written premiums by product line
Domestic
Workers’ compensation	$	1,198	$	916	$	939	$	892	$	1,207	$	925	$	918	$	876	$	3,945	$	3,926
Commercial automobile	544		517		502		474		581		543		549		546		2,037		2,219
Commercial property	406		520		437		424		402		506		441		423		1,787		1,772
General liability	537		471		506		473		558		491		519		518		1,987		2,086
Commercial multi-peril	829		777		777		774		855		788		787		798		3,157		3,228
Other	3		4		19		6		3		2		18		3		32		26
Total Domestic	3,517		3,205		3,180		3,043		3,606		3,255		3,232		3,164		12,945		13,257
International	243		267		208		237		249		289		202		273		955		1,013
Total	$	3,760	$	3,472	$	3,388	$	3,280	$	3,855	$	3,544	$	3,434	$	3,437	$	13,900	$	14,270
National Accounts
Additions to claim volume under administration (1)	$	797	$	545	$	553	$	661	$	734	$	529	$	521	$	581	$	2,556	$	2,365
Written fees	$	115	$	91	$	87	$	84	$	104	$	85	$	83	$	75	$	377	$	347

(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.

11

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Revenues
Premiums	$	552		$	559		$	573		$	576		$	555		$	575		$	591		$	586		$	2,260		$	2,307
Net investment income	60			58			59			62			61			56			57			54			239			228
Other revenues	4			5			5			7			5			6			5			8			21			24
Total revenues	616			622			637			645			621			637			653			648			2,520			2,559
Claims and expenses
Claims and claim adjustment expenses	179			93			186			175			227			174			236			262			633			899
Amortization of deferred acquisition costs	102			104			109			106			103			108			111			110			421			432
General and administrative expenses	107			109			112			117			113			116			115			120			445			464
Total claims and expenses	388			306			407			398			443			398			462			492			1,499			1,795
Segment income before income taxes	228			316			230			247			178			239			191			156			1,021			764
Income tax expense	68			101			65			75			33			76			55			44			309			208
Segment income	$	160		$	215		$	165		$	172		$	145		$	163		$	136		$	112		$	712		$	556
Other statistics
Effective tax rate on net investment income	16.9		%	17.3		%	9.8		%	15.2		%	14.6		%	17.6		%	18.9		%	19.6		%	14.8		%	17.6		%
Net investment income (after-tax)	$	50		$	48		$	53		$	53		$	52		$	46		$	47		$	43		$	204		$	188
Catastrophes, net of reinsurance:
Pre-tax	$	1		$	3		$	1		$	1		$	1		$	1		$	6		$	(2	)	$	6		$	6
After-tax	$	—		$	2		$	1		$	1		$	—		$	1		$	4		$	(1	)	$	4		$	4
Prior year reserve development - favorable
Pre-tax	$	66		$	159		$	46		$	79		$	14		$	78		$	6		$	42		$	350		$	140
After-tax	$	43		$	105		$	31		$	51		$	10		$	51		$	4		$	27		$	230		$	92

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

12

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Underwriting gain	$	108		$	163		$	108		$	115		$	89		$	114		$	85		$	64		$	494		$	352
Net investment income	50			48			53			53			52			46			47			43			204			188
Other income	2			4			4			4			4			3			4			5			14			16
Segment income	$	160		$	215		$	165		$	172		$	145		$	163		$	136		$	112		$	712		$	556
Combined ratio
Loss and loss adjustment expense ratio	32.1		%	16.2		%	32.0		%	29.1		%	40.6		%	29.7		%	39.5		%	44.6		%	27.4		%	38.6		%
Underwriting expense ratio	37.7		%	38.3		%	38.6		%	38.7		%	38.8		%	39.0		%	38.2		%	39.1		%	38.3		%	38.8		%
Combined ratio	69.8		%	54.5		%	70.6		%	67.8		%	79.4		%	68.7		%	77.7		%	83.7		%	65.7		%	77.4		%
Impact on combined ratio:
Net favorable prior year reserve development	-12.0		%	-28.4		%	-8.1		%	-13.7		%	-2.6		%	-13.5		%	-0.9		%	-7.2		%	-15.5		%	-6.1		%
Catastrophes, net of reinsurance	0.1		%	0.5		%	0.2		%	0.2		%	0.1		%	0.2		%	0.9		%	-0.2		%	0.3		%	0.3		%
Underlying combined ratio	81.7		%	82.4		%	78.5		%	81.3		%	81.9		%	82.0		%	77.7		%	91.1		%	80.9		%	83.2		%

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

13

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

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Statutory underwriting
Gross written premiums	$	577	$	589	$	618	$	588	$	601	$	620	$	632	$	627	$	2,372	$	2,480
Net written premiums	$	522	$	570	$	600	$	579	$	544	$	598	$	611	$	606	$	2,271	$	2,359
Net earned premiums	$	552	$	559	$	573	$	576	$	555	$	575	$	591	$	586	$	2,260	$	2,307
Losses and loss adjustment expenses	177		91		184		167		226		170		233		261		619		890
Underwriting expenses	212		218		225		217		219		228		231		226		872		904
Statutory underwriting gain	163		250		164		192		110		177		127		99		769		513
Policyholder dividends	2		2		2		7		2		3		2		2		13		9
Statutory underwriting gain after policyholder dividends	$	161	$	248	$	162	$	185	$	108	$	174	$	125	$	97	$	756	$	504

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

14

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

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Net written premiums by market
Domestic
Management Liability	$	325	$	331	$	354	$	332	$	330	$	341	$	359	$	337	$	1,342	$	1,367
Surety	167		205		212		173		174		211		212		196		757		793
Total Domestic	492		536		566		505		504		552		571		533		2,099		2,160
International	30		34		34		74		40		46		40		73		172		199
Total	$	522	$	570	$	600	$	579	$	544	$	598	$	611	$	606	$	2,271	$	2,359
Net written premiums by product line
Domestic
Fidelity & surety	$	219	$	255	$	266	$	221	$	225	$	260	$	264	$	244	$	961	$	993
General liability	227		240		246		241		234		249		247		247		954		977
Other	46		41		54		43		45		43		60		42		184		190
Total Domestic	492		536		566		505		504		552		571		533		2,099		2,160
International	30		34		34		74		40		46		40		73		172		199
Total	$	522	$	570	$	600	$	579	$	544	$	598	$	611	$	606	$	2,271	$	2,359

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

15

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Revenues
Premiums	$	2,015		$	2,069		$	2,139		$	2,196		$	2,199		$	2,272		$	2,356		$	2,403		$	8,419		$	9,230
Net investment income	85			87			92			98			96			95			94			98			362			383
Fee income	3			4			5			4			4			4			5			4			16			17
Other revenues	16			15			16			16			16			15			14			15			63			60
Total revenues	2,119			2,175			2,252			2,314			2,315			2,386			2,469			2,520			8,860			9,690
Claims and expenses
Claims and claim adjustment expenses	1,320			1,425			1,396			1,543			1,602			1,745			1,723			1,977			5,684			7,047
Amortization of deferred acquisition costs	323			332			340			348			346			357			369			376			1,343			1,448
General and administrative expenses	265			289			287			283			265			285			280			281			1,124			1,111
Total claims and expenses	1,908			2,046			2,023			2,174			2,213			2,387			2,372			2,634			8,151			9,606
Segment income (loss) before income taxes	211			129			229			140			102			(1		)	97			(114		)	709			84
Income tax expense (benefit)	59			34			66			33			13			(13		)	20			(64		)	192			(44		)
Segment income (loss)	$	152		$	95		$	163		$	107		$	89		$	12		$	77		$	(50	)	$	517		$	128
Other statistics
Effective tax rate on net investment income	20.2		%	20.3		%	21.0		%	22.2		%	22.3		%	22.5		%	22.7		%	22.9		%	21.0		%	22.6		%
Net investment income (after-tax)	$	68		$	69		$	73		$	76		$	75		$	74		$	72		$	76		$	286		$	297
Catastrophes, net of reinsurance:
Pre-tax	$	169		$	163		$	14		$	62		$	214		$	218		$	205		$	448		$	408		$	1,085
After-tax	$	110		$	110		$	8		$	41		$	140		$	141		$	133		$	291		$	269		$	705
Prior year reserve development - favorable (unfavorable)
Pre-tax	$	40		$	4		$	(11	)	$	(36	)	$	6		$	—		$	—		$	7		$	(3	)	$	13
After-tax	$	27		$	3		$	(6	)	$	(23	)	$	4		$	—		$	—		$	6		$	1		$	10

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

16

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Underwriting gain (loss)	$	74		$	16		$	79		$	21		$	3		$	(71	)	$	(5	)	$	(136	)	$	190		$	(209	)
Net investment income	68			69			73			76			75			74			72			76			286			297
Other income	10			10			11			10			11			9			10			10			41			40
Segment income (loss)	$	152		$	95		$	163		$	107		$	89		$	12		$	77		$	(50	)	$	517		$	128
Combined ratio (1)
Loss and loss adjustment expense ratio	65.5		%	68.9		%	65.2		%	70.3		%	72.9		%	76.8		%	73.1		%	82.2		%	67.5		%	76.3		%
Underwriting expense ratio	28.1		%	28.9		%	28.3		%	27.7		%	26.7		%	27.3		%	26.6		%	26.5		%	28.3		%	26.8		%
Combined ratio	93.6		%	97.8		%	93.5		%	98.0		%	99.6		%	104.1		%	99.7		%	108.7		%	95.8		%	103.1		%
Domestic Agency combined ratio	92.8		%	94.6		%	91.7		%	97.1		%	99.0		%	103.5		%	98.7		%	108.7		%	94.1		%	102.6		%
Impact on combined ratio:
Net (favorable)/unfavorable prior year reserve development	-2.0		%	-0.2		%	0.5		%	1.6		%	-0.3		%	0.0		%	0.0		%	-0.3		%	0.0		%	-0.1		%
Catastrophes, net of reinsurance	8.4		%	7.8		%	0.6		%	2.8		%	9.8		%	9.6		%	8.7		%	18.6		%	4.9		%	11.7		%
Underlying combined ratio	87.2		%	90.2		%	92.4		%	93.6		%	90.1		%	94.5		%	91.0		%	90.4		%	90.9		%	91.5		%

(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.

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Billing and policy fees and other	$	18	$	18	$	18	$	18	$	19	$	18	$	18	$	17	$	72	$	72
Fee income	$	3	$	4	$	5	$	4	$	4	$	4	$	5	$	4	$	16	$	17

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

17

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

																					YTD		YTD
	1Q		2Q			3Q		4Q		1Q		2Q			3Q			4Q			4Q		4Q
	2016		2016			2016		2016		2017		2017			2017			2017			2016		2017
Statutory underwriting
Gross written premiums	$	1,936	$	2,319		$	2,428	$	2,208	$	2,146	$	2,513		$	2,644		$	2,392		$	8,891	$	9,695
Net written premiums	$	1,884	$	2,303		$	2,401	$	2,199	$	2,096	$	2,498		$	2,615		$	2,381		$	8,787	$	9,590
Net earned premiums	$	2,015	$	2,069		$	2,139	$	2,196	$	2,199	$	2,272		$	2,356		$	2,403		$	8,419	$	9,230
Losses and loss adjustment expenses	1,320		1,425			1,396		1,543		1,602		1,745			1,723			1,977			5,684		7,047
Underwriting expenses	560		646			658		620		587		668			681			640			2,484		2,576
Statutory underwriting gain (loss)	$	135	$	(2	)	$	85	$	33	$	10	$	(141	)	$	(48	)	$	(214	)	$	251	$	(393	)
Policies in force (in thousands)
Automobile	2,630		2,704			2,788		2,871		2,929		2,962			2,979			2,983			2,871		2,983
Homeowners and Other	4,474		4,531			4,564		4,591		4,639		4,702			4,773			4,826			4,591		4,826

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

18

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

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Net written premiums by market
Domestic
Agency
Automobile	$	932	$	1,018	$	1,095	$	1,058	$	1,087	$	1,159	$	1,228	$	1,172	$	4,103	$	4,646
Homeowners and Other	760		1,036		1,058		918		794		1,077		1,107		955		3,772			3,933
Total Agency	1,692		2,054		2,153		1,976		1,881		2,236		2,335		2,127		7,875		8,579
Direct-to-Consumer	68		75		87		79		83		88		100		90		309			361
Total Domestic	1,760		2,129		2,240		2,055		1,964		2,324		2,435		2,217		8,184		8,940
International	124		174		161		144		132		174		180		164		603		650
Total	$	1,884	$	2,303	$	2,401	$	2,199	$	2,096	$	2,498	$	2,615	$	2,381	$	8,787	$	9,590

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

19

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Statutory underwriting
Gross written premiums	$	939		$	1,022		$	1,099		$	1,063		$	1,094		$	1,164		$	1,234		$	1,179		$	4,123		$	4,671
Net written premiums	$	932		$	1,018		$	1,095		$	1,058		$	1,087		$	1,159		$	1,228		$	1,172		$	4,103		$	4,646
Net earned premiums	$	891		$	925		$	973		$	1,019		$	1,035		$	1,083		$	1,128		$	1,158		$	3,808		$	4,404
Losses and loss adjustment expenses	626			703			751			945			800			890			936			920			3,025			3,546
Underwriting expenses	234			252			259			256			260			278			279			281			1,001			1,098
Statutory underwriting gain (loss)	$	31		$	(30	)	$	(37	)	$	(182	)	$	(25	)	$	(85	)	$	(87	)	$	(43	)	$	(218	)	$	(240	)
Other statistics
Combined ratio (2):
Loss and loss adjustment expense ratio	70.3		%	75.9		%	77.1		%	92.8		%	77.3		%	82.2		%	83.0		%	79.4		%	79.4		%	80.6		%
Underwriting expense ratio	24.9		%	25.4		%	24.3		%	23.9		%	23.8		%	24.2		%	23.0		%	23.6		%	24.6		%	23.6		%
Combined ratio	95.2		%	101.3		%	101.4		%	116.7		%	101.1		%	106.4		%	106.0		%	103.0		%	104.0		%	104.2		%
Impact on combined ratio:
Net (favorable)/unfavorable prior year reserve development	-0.8		%	0.0		%	0.0		%	3.9		%	0.0		%	0.0		%	0.0		%	0.0		%	0.8		%	0.0		%
Catastrophes, net of reinsurance	2.0		%	2.7		%	0.3		%	0.6		%	2.5		%	4.0		%	7.2		%	-1.1		%	1.4		%	3.2		%
Underlying combined ratio	94.0		%	98.6		%	101.1		%	112.2		%	98.6		%	102.4		%	98.8		%	104.1		%	101.8		%	101.0		%
Catastrophe losses, net of reinsurance:
Pre-tax	$	19		$	24		$	4		$	5		$	26		$	43		$	80		$	(12	)	$	52		$	137
After-tax	$	12		$	16		$	2		$	4		$	17		$	28		$	52		$	(8	)	$	34		$	89
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			2,514			2,528			2,529
Change from prior year quarter	9.5		%	10.6		%	11.6		%	12.6		%	12.2		%	10.5		%	7.6		%	4.2		%
Change from prior quarter	2.5		%	2.8		%	3.3		%	3.3		%	2.2		%	1.3		%	0.6		%	0.0		%

(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.

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Billing and policy fees and other	$	9	$	9	$	9	$	9	$	10	$	10	$	10	$	9	$	36	$	39
Fee income	$	2	$	2	$	2	$	2	$	2	$	3	$	2	$	3	$	8	$	10

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

20

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016		��	2016			2017			2017			2017			2017			2016			2017
Statutory underwriting
Gross written premiums	$	803		$	1,045		$	1,075		$	920		$	835		$	1,085		$	1,123		$	957		$	3,843		$	4,000
Net written premiums	$	760		$	1,036		$	1,058		$	918		$	794		$	1,077		$	1,107		$	955		$	3,772		$	3,933
Net earned premiums	$	920		$	926		$	942		$	949		$	934		$	955		$	976		$	987		$	3,737		$	3,852
Losses and loss adjustment expenses	578			541			493			447			646			686			605			865			2,059			2,802
Underwriting expenses	236			297			301			272			243			299			305			270			1,106			1,117
Statutory underwriting gain (loss)	$	106		$	88		$	148		$	230		$	45		$	(30	)	$	66		$	(148	)	$	572		$	(67	)
Other statistics
Combined ratio (2):
Loss and loss adjustment expense ratio	62.8		%	58.4		%	52.3		%	47.2		%	69.1		%	71.9		%	62.1		%	87.6		%	55.1		%	72.7		%
Underwriting expense ratio	27.6		%	29.5		%	29.2		%	28.9		%	27.6		%	28.4		%	28.2		%	27.7		%	28.8		%	28.0		%
Combined ratio	90.4		%	87.9		%	81.5		%	76.1		%	96.7		%	100.3		%	90.3		%	115.3		%	83.9		%	100.7		%
Impact on combined ratio:
Net (favorable)/unfavorable prior year reserve development	-1.8		%	0.0		%	2.0		%	0.5		%	0.0		%	0.0		%	0.0		%	0.0		%	0.2		%	0.0		%
Catastrophes, net of reinsurance	16.0		%	9.7		%	1.2		%	5.2		%	19.1		%	17.5		%	12.2		%	45.1		%	8.0		%	23.6		%
Underlying combined ratio	76.2		%	78.2		%	78.3		%	70.4		%	77.6		%	82.8		%	78.1		%	70.2		%	75.7		%	77.1		%
Catastrophe losses, net of reinsurance:
Pre-tax	$	147		$	91		$	11		$	49		$	178		$	168		$	119		$	444		$	298		$	909
After-tax	$	96		$	59		$	7		$	31		$	116		$	109		$	77		$	289		$	193		$	591
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			4,283			4,352			4,402
Change from prior year quarter	1.5		%	2.5		%	2.8		%	3.3		%	3.8		%	4.0		%	5.0		%	5.5		%
Change from prior quarter	0.6		%	1.2		%	0.7		%	0.7		%	1.1		%	1.4		%	1.6		%	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.

																	YTD		YTD
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		4Q		4Q
	2016		2016		2016		2016		2017		2017		2017		2017		2016		2017
Billing and policy fees and other	$	7	$	6	$	6	$	7	$	7	$	6	$	6	$	6	$	26	$	25
Fee income	$	2	$	2	$	2	$	1	$	2	$	2	$	2	$	1	$	7	$	7

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

21

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Revenues
Other revenues	$	3		$	3		$	3		$	2		$	1		$	3		$	2		$	—		$	11		$	6
Claims and expenses
Interest expense	91			93			89			90			89			92			95			93			363			369
General and administrative expenses	8			7			8			8			8			8			7			9			31			32
Total claims and expenses	99			100			97			98			97			100			102			102			394			401
Loss before income tax benefit	(96		)	(97		)	(94		)	(96		)	(96		)	(97		)	(100		)	(102		)	(383		)	(395		)
Income taxes	(35		)	(35		)	(34		)	(35		)	(34		)	(36		)	(35		)	(36		)	(139		)	(141		)
Loss	$	(61	)	$	(62	)	$	(60	)	$	(61	)	$	(62	)	$	(61	)	$	(65	)	$	(66	)	$	(244	)	$	(254	)

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

22

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

	December 31,			December 31,
	2017 (1)			2016
Assets
Fixed maturities, available for sale, at fair value (amortized cost $61,316 and $59,650)	$	62,694		$	60,515
Equity securities, available for sale, at fair value (cost $440 and $504)	453			732
Real estate investments	932			928
Short-term securities	4,895			4,865
Other investments	3,528			3,448
Total investments	72,502			70,488
Cash	344			307
Investment income accrued	606			630
Premiums receivable	7,144			6,722
Reinsurance recoverables	8,309			8,287
Ceded unearned premiums	551			589
Deferred acquisition costs	2,025			1,923
Deferred taxes	70			465
Contractholder receivables	4,775			4,609
Goodwill	3,951			3,580
Other intangible assets	342			268
Other assets	2,864			2,377
Total assets	$	103,483		$	100,245
	December 31,			December 31,
	2017 (1)			2016
Liabilities
Claims and claim adjustment expense reserves	$	49,650		$	47,949
Unearned premium reserves	12,915			12,329
Contractholder payables	4,775			4,609
Payables for reinsurance premiums	274			273
Debt	6,571			6,437
Other liabilities	5,567			5,427
Total liabilities	79,752			77,024
Shareholders’ equity
Common stock (1,750.0 shares authorized; 271.5 and 279.6 shares issued, 271.4 and 279.6 shares outstanding)	22,886			22,614
Retained earnings	33,462			32,196
Accumulated other comprehensive loss	(343		)	(755		)
Treasury stock, at cost (500.9 and 489.5 shares)	(32,274		)	(30,834		)
Total shareholders’ equity	23,731			23,221
Total liabilities and shareholders’ equity	$	103,483		$	100,245

(1)  Preliminary.

23

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

	December 31,		Pre-tax Book		December 31,		Pre-tax Book
	2017		Yield (1)		2016		Yield (1)
Investment portfolio
Taxable fixed maturities (including redeemable preferred stock)	$	32,089	3.09	%	$	28,895	3.17	%
Tax-exempt fixed maturities	30,605		3.12	%	31,620		3.25	%
Total fixed maturities	62,694		3.10	%	60,515		3.21	%
Non-redeemable preferred stocks	114		5.34	%	129		5.37	%
Public common stocks	339				603
Total equity securities	453				732
Real estate investments	932				928
Short-term securities	4,895		1.39	%	4,865		0.74	%
Private equities	2,145				2,049
Hedge funds	303				339
Real estate partnerships	661				644
Other investments	419				416
Total other investments	3,528				3,448
Total investments	$	72,502			$	70,488
Net unrealized investment gains, net of tax, included in accumulated other comprehensive income	$	954			$	730
Tax effect of TCJA (2)	158					—
Net unrealized investment gains, net of tax, included in shareholders’ equity	$	1,112			$	730

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

(2)  At December 31, 2017 shareholders’ equity included a $158 million tax benefit related to net unrealized investment gains (losses) that was recorded in net income as part of the $129 million charge related to enactment of TCJA.

24

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

	December 31,		December 31,
	2017		2016
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	2,076	$	2,035
Obligations of states and political subdivisions:
Pre-refunded	3,899		5,157
All other	27,016		26,753
Total	30,915		31,910
Debt securities issued by foreign governments	1,509		1,662
Mortgage-backed securities - principally obligations of U.S. Government agencies	2,410		1,708
Corporates (including redeemable preferreds)	25,784		23,200
Total fixed maturities	$	62,694	$	60,515

Fixed Maturities

Quality Characteristics (1)

	December 31, 2017
	Amount		% of Total
Quality Ratings
Aaa	$	26,682	42.6	%
Aa	16,828		26.8
A	9,786		15.6
Baa	7,731		12.3
Total investment grade	61,027		97.3
Ba	990		1.6
B	477		0.8
Caa and lower	200		0.3
Total below investment grade	1,667		2.7
Total fixed maturities	$	62,694	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	4.0

(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.

25

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Gross investment income
Fixed maturities	$	503		$	497		$	490		$	491		$	477		$	471		$	469		$	478		$	1,981		$	1,895
Short-term securities	6			7			7			9			11			13			19			19			29			62
Other	44			53			95			138			131			124			108			115			330			478
	553			557			592			638			619			608			596			612			2,340			2,435
Investment expenses	9			8			10			11			9			10			8			11			38			38
Net investment income, pre-tax	544			549			582			627			610			598			588			601			2,302			2,397
Income taxes	105			107			110			134			130			130			131			134			456			525
Net investment income, after-tax	$	439		$	442		$	472		$	493		$	480		$	468		$	457		$	467		$	1,846		$	1,872
Effective tax rate	19.3		%	19.4		%	19.0		%	21.3		%	21.3		%	21.9		%	22.1		%	22.4		%	19.8		%	21.9		%
Average invested assets (1)	$	69,926		$	70,033		$	70,110		$	70,697		$	70,865		$	71,385		$	72,363		$	72,781		$	70,246		$	71,867
Average yield pre-tax (1)	3.1		%	3.1		%	3.3		%	3.5		%	3.4		%	3.4		%	3.2		%	3.3		%	3.3		%	3.3		%
Average yield after-tax	2.5		%	2.5		%	2.7		%	2.8		%	2.7		%	2.6		%	2.5		%	2.6		%	2.6		%	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.

26

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

																										YTD			YTD
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
		2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Net realized investment gains (losses)
Fixed maturities		$	4		$	21		$	11		$	8		$	4		$	5		$	9		$	(18	)	$	44		$	—
Equity securities		(5		)	2			2			3			5			79			54			89			2			227
Other (1)		(8		)	(4		)	10			24			(4		)	(4		)	(2		)	(1		)	22			(11		)
Realized investment gains (losses) before tax		(9		)	19			23			35			5			80			61			70			68			216
Related taxes		(2		)	4			8			11			2			28			21			23			21			74
Net realized investment gains (losses)		$	(7	)	$	15		$	15		$	24		$	3		$	52		$	40		$	47		$	47		$	142
Gross investment gains (1)		$	120		$	150		$	68		$	141		$	58		$	128		$	106		$	147		$	479		$	439
Gross investment losses before impairments (1)		(111		)	(127		)	(41		)	(103		)	(51		)	(43		)	(40		)	(75		)	(382		)	(209		)
Net investment gains (losses) before impairments		9			23			27			38			7			85			66			72			97			230
Other-than-temporary impairment losses		(18		)	(4		)	(4		)	(3		)	(2		)	(5		)	(5		)	(2		)	(29		)	(14		)
Net realized investment gains (losses) before tax		(9		)	19			23			35			5			80			61			70			68			216
Related taxes		(2		)	4			8			11			2			28			21			23			21			74
Net realized investment gains (losses)		$	(7	)	$	15		$	15		$	24		$	3		$	52		$	40		$	47		$	47		$	142
		March 31,			June 30,			September 30,			December 31,			March 31,			June 30,			September 30,			December 31,
		2016			2016			2016			2016			2017			2017			2017			2017
Net unrealized investment gains, net of tax, included in shareholders’ equity by asset type
Fixed maturities		$	2,495		$	3,336		$	2,887		$	865		$	999		$	1,425		$	1,430		$	1,378
Equity securities & other		198			249			248			247			256			160			115			36
Unrealized investment gains before tax		2,693			3,585			3,135			1,112			1,255			1,585			1,545			1,414
Related taxes (2)		934			1,244			1,086			382			432			550			539			302
Balance, end of period		$	1,759		$	2,341		$	2,049		$	730		$	823		$	1,035		$	1,006		$	1,112
(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		$	26		$	30		$	25		$	142		$	112
	Gross investment Treasury future losses	$	49		$	42		$	33		$	20		$	34		$	31		$	30		$	21		$	144		$	116

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.

(2)  At December 31, 2017, shareholders’ equity included $460 million of taxes on unrealized investment gains (losses) recorded in accumulated other comprehensive income, partially offset by a $158 million tax benefit related to net unrealized investment gains (losses) recorded in retained earnings as part of the effect of enactment of TCJA.

27

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

	December 31,			December 31,
	2017			2016
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses	$	3,303		$	3,181
Allowance for uncollectible reinsurance	(111		)	(116		)
Net reinsurance recoverables (i)	3,192			3,065
Mandatory pools and associations (ii)	2,011			2,054
Structured settlements (iii)	3,106			3,168
Total reinsurance recoverables	$	8,309		$	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	December 31,
Reinsurer	Predominant Reinsurer	2017
Swiss Re Group	A+ second highest of 16 ratings	$	429
Berkshire Hathaway	A++ highest of 16 ratings	271
Munich Re Group	A+ second highest of 16 ratings	256
Sompo Japan Nipponkoa Group	A+ second highest of 16 ratings	199
XL Capital Group	A third highest of 16 ratings	164

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 December 31, 2017, after deducting mandatory pools and associations and structured settlement balances, $2.6 billion, or 80%, were rated by A.M. Best Company.  Of the total rated by A.M. Best Company, 99% were rated A- or better.  The remaining 20% of net recoverables from reinsurers were comprised of the following:  3% related to the Company’s participation in voluntary pools, 12% related to recoverables from captive insurance companies and 5% 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 December 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	December 31,
Group	Predominant Insurer	2017
Fidelity & Guaranty Life Group (1)	B++ fifth highest of 16 ratings	$	855
Genworth Financial Group (2)	B++ fifth highest of 16 ratings	367
John Hancock Group	A+ second highest of 16 ratings	286
Brighthouse Financial, Inc.	A third highest of 16 ratings	280
Symetra Financial Corporation	A third highest of 16 ratings	258

(1)  On November 30, 2017, CF Corporation (CF Corp) acquired Fidelity & Guaranty Life (FGL) and changed its name to FGL Holdings.

(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.  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.  The parties to the transaction agreed to extend the closing deadline for the transaction until April 1, 2018.

28

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period	$	32,363		$	32,677		$	32,331		$	32,540		$	32,407		$	32,621		$	32,789		$	33,501		$	32,363		$	32,407
Incurred	2,166			2,193			2,223			1,975			2,215			2,254			2,795			2,053			8,557			9,317
Paid	(1,890		)	(2,491		)	(2,001		)	(2,061		)	(2,019		)	(2,132		)	(2,132		)	(2,451		)	(8,443		)	(8,734		)
Foreign exchange and other	38			(48		)	(13		)	(47		)	18			46			49			4			(70		)	117
End of period	$	32,677		$	32,331		$	32,540		$	32,407		$	32,621		$	32,789		$	33,501		$	33,107		$	32,407		$	33,107
Bond & Specialty Insurance
Beginning of period	$	3,406		$	3,383		$	3,278		$	3,224		$	3,150		$	3,132		$	3,122		$	3,144		$	3,406		$	3,150
Incurred	177			91			184			167			226			170			233			261			619			890
Paid	(203		)	(179		)	(234		)	(225		)	(249		)	(193		)	(224		)	(221		)	(841		)	(887		)
Foreign exchange and other	3			(17		)	(4		)	(16		)	5			13			13			3			(34		)	34
End of period	$	3,383		$	3,278		$	3,224		$	3,150		$	3,132		$	3,122		$	3,144		$	3,187		$	3,150		$	3,187
Personal Insurance
Beginning of period	$	4,013		$	4,164		$	4,188		$	4,192		$	4,347		$	4,560		$	4,719		$	4,900		$	4,013		$	4,347
Incurred	1,320			1,425			1,396			1,543			1,602			1,745			1,723			1,977			5,684			7,047
Paid	(1,229		)	(1,401		)	(1,385		)	(1,366		)	(1,400		)	(1,609		)	(1,578		)	(1,711		)	(5,381		)	(6,298		)
Foreign exchange and other	60			—			(7		)	(22		)	11			23			36			(6		)	31			64
End of period	$	4,164		$	4,188		$	4,192		$	4,347		$	4,560		$	4,719		$	4,900		$	5,160		$	4,347		$	5,160
Total
Beginning of period	$	39,782		$	40,224		$	39,797		$	39,956		$	39,904		$	40,313		$	40,630		$	41,545		$	39,782		$	39,904
Incurred	3,663			3,709			3,803			3,685			4,043			4,169			4,751			4,291			14,860			17,254
Paid	(3,322		)	(4,071		)	(3,620		)	(3,652		)	(3,668		)	(3,934		)	(3,934		)	(4,383		)	(14,665		)	(15,919		)
Foreign exchange and other	101			(65		)	(24		)	(85		)	34			82			98			1			(73		)	215
End of period	$	40,224		$	39,797		$	39,956		$	39,904		$	40,313		$	40,630		$	41,545		$	41,454		$	39,904		$	41,454
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos	$	—		$	—		$	225		$	—		$	—		$	—		$	225		$	—		$	225		$	225
Environmental	—			82			—			—			—			65			—			—			82			65
All other	(74		)	(207		)	(229		)	(221		)	(61		)	(190		)	(234		)	(244		)	(731		)	(729		)
Total Business Insurance (1)	(74		)	(125		)	(4		)	(221		)	(61		)	(125		)	(9		)	(244		)	(424		)	(439		)
Bond & Specialty Insurance	(66		)	(159		)	(46		)	(79		)	(14		)	(78		)	(6		)	(42		)	(350		)	(140		)
Personal Insurance	(40		)	(4		)	11			36			(6		)	—			—			(7		)	3			(13		)
Total	$	(180	)	$	(288	)	$	(39	)	$	(264	)	$	(81	)	$	(203	)	$	(15	)	$	(293	)	$	(771	)	$	(592	)

(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.

29

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Asbestos reserves
Beginning reserves:
Gross	$	1,989		$	1,937		$	1,317		$	1,597		$	1,512		$	1,436		$	1,347		$	1,621		$	1,989		$	1,512
Ceded	(179		)	(164		)	(83		)	(195		)	(186		)	(168		)	(159		)	(262		)	(179		)	(186		)
Net	1,810			1,773			1,234			1,402			1,326			1,268			1,188			1,359			1,810			1,326
Incurred losses and loss expenses:
Gross	—			—			355			—			—			—			340			—			355			340
Ceded	—			—			(130		)	—			—			—			(115		)	—			(130		)	(115		)
Paid loss and loss expenses:
Gross	52			619			75			85			76			90			66			83			831			315
Ceded	(15		)	(81		)	(18		)	(9		)	(18		)	(9		)	(12		)	(5		)	(123		)	(44		)
Foreign exchange and other:
Gross	—			(1		)	—			—			—			1			—			—			(1		)	1
Ceded	—			—			—			—			—			—			—			—			—			—
Ending reserves:
Gross	1,937			1,317			1,597			1,512			1,436			1,347			1,621			1,538			1,512			1,538
Ceded	(164		)	(83		)	(195		)	(186		)	(168		)	(159		)	(262		)	(257		)	(186		)	(257		)
Net	$	1,773		$	1,234		$	1,402		$	1,326		$	1,268		$	1,188		$	1,359		$	1,281		$	1,326		$	1,281
Environmental reserves
Beginning reserves:
Gross	$	375		$	366		$	439		$	411		$	395		$	379		$	431		$	408		$	375		$	395
Ceded	(14		)	(14		)	(18		)	(17		)	(13		)	(13		)	(20		)	(20		)	(14		)	(13		)
Net	361			352			421			394			382			366			411			388			361			382
Incurred losses and loss expenses:
Gross	—			87			—			—			—			74			—			—			87			74
Ceded	—			(5		)	—			—			—			(9		)	—			—			(5		)	(9		)
Paid loss and loss expenses:
Gross	10			14			28			15			16			23			23			35			67			97
Ceded	—			(1		)	(1		)	(4		)	—			(2		)	—			(7		)	(6		)	(9		)
Foreign exchange and other:
Gross	1			—			—			(1		)	—			1			—			—			—			1
Ceded	—			—			—			—			—			—			—			—			—			—
Ending reserves:
Gross	366			439			411			395			379			431			408			373			395			373
Ceded	(14		)	(18		)	(17		)	(13		)	(13		)	(20		)	(20		)	(13		)	(13		)	(13		)
Net	$	352		$	421		$	394		$	382		$	366		$	411		$	388		$	360		$	382		$	360

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

30

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

	December 31,			December 31,
Debt	2017			2016
Short-term debt
Commercial paper	$	100		$	100
5.80% Senior notes due May 15, 2018 (1)	500			—
5.75% Senior notes due December 15, 2017	—			450
Total short-term debt	600			550
Long-term debt
5.80% Senior notes due May 15, 2018 (1)	—			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
4.00% Senior notes due May 30, 2047 (1)	700			—
6.25% Fixed-to-floating rate junior subordinated debentures due March 15, 2067 (2)	—			107
Total long-term debt	6,004			5,911
Unamortized fair value adjustment	46			47
Unamortized debt issuance costs	(79		)	(71		)
	5,971			5,887
Total debt	6,571			6,437
Common equity (excluding net unrealized investment gains, net of tax, included in shareholders’ equity)	22,619			22,491
Total capital (excluding net unrealized investment gains, net of tax, included in shareholders’ equity)	$	29,190		$	28,928
Total debt to capital (excluding net unrealized investment gains, net of tax, included in shareholders’ equity)	22.5		%	22.3		%

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

(2)  Redeemed in full at par on June 2, 2017.

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

31

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

	December 31,			December 31,
	2017 (1)			2016
Statutory capital and surplus	$	20,448		$	20,759
GAAP adjustments
Goodwill and intangible assets	3,692			3,684
Investments	1,783			1,273
Noninsurance companies	(4,283		)	(4,559		)
Deferred acquisition costs	2,025			1,923
Deferred federal income tax	(934		)	(1,038		)
Current federal income tax	(12		)	(31		)
Reinsurance recoverables	55			69
Furniture, equipment & software	682			690
Agents balances	186			156
Other	89			295
Total GAAP adjustments	3,283			2,462
GAAP shareholders’ equity	$	23,731		$	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.

32

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Cash flows from operating activities
Net income	$	691		$	664		$	716		$	943		$	617		$	595		$	293		$	551		$	3,014		$	2,056
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	9			(19		)	(23		)	(35		)	(5		)	(80		)	(61		)	(70		)	(68		)	(216		)
Depreciation and amortization	213		��	200			211			202			211			198			202			202			826			813
Deferred federal income tax expense	105			(30		)	(46		)	81			151			(45		)	(18		)	249			110			337
Amortization of deferred acquisition costs	971			989			1,012			1,013			1,003			1,032			1,059			1,072			3,985			4,166
Equity in income from other investments	(17		)	(27		)	(70		)	(118		)	(109		)	(101		)	(90		)	(97		)	(232		)	(397		)
Premiums receivable	(393		)	(174		)	227			54			(286		)	(323		)	92			123			(286		)	(394		)
Reinsurance recoverables	126			190			(68		)	362			94			63			(176		)	35			610			16
Deferred acquisition costs	(1,014		)	(1,048		)	(1,034		)	(965		)	(1,065		)	(1,092		)	(1,080		)	(1,020		)	(4,061		)	(4,257		)
Claims and claim adjustment expense reserves	226			(613		)	248			(118		)	334			164			1,063			(101		)	(257		)	1,460
Unearned premium reserves	328			203			194			(353		)	475			214			163			(331		)	372			521
Other	(395		)	108			403			73			(645		)	185			192			(75		)	189			(343		)
Net cash provided by operating activities	850			443			1,770			1,139			775			810			1,639			538			4,202			3,762
Cash flows from investing activities
Proceeds from maturities of fixed maturities	1,748			2,025			2,875			2,327			2,218			2,082			2,281			2,169			8,975			8,750
Proceeds from sales of investments:
Fixed maturities	421			318			126			552			188			375			297			994			1,417			1,854
Equity securities	14			24			33			21			21			179			140			425			92			765
Real estate investments	69			—			—			—			11			9			3			—			69			23
Other investments	186			157			226			270			195			208			200			254			839			857
Purchases of investments:
Fixed maturities	(2,700		)	(3,005		)	(3,299		)	(2,605		)	(3,056		)	(2,617		)	(2,730		)	(3,847		)	(11,609		)	(12,250		)
Equity securities	(12		)	(14		)	(10		)	(15		)	(22		)	(144		)	(27		)	(266		)	(51		)	(459		)
Real estate investments	(7		)	(13		)	(10		)	(18		)	(16		)	(10		)	(14		)	(19		)	(48		)	(59		)
Other investments	(162		)	(128		)	(132		)	(158		)	(124		)	(135		)	(133		)	(149		)	(580		)	(541		)
Net sales (purchases) of short-term securities	85			596			(816		)	(64		)	49			(473		)	(566		)	964			(199		)	(26		)
Securities transactions in course of settlement	291			170			50			(532		)	157			13			(48		)	(169		)	(21		)	(47		)
Acquisitions, net of cash acquired	—			—			—			—			—			—			(439		)	—			—			(439		)
Other	(79		)	(75		)	(86		)	(104		)	(63		)	(66		)	(58		)	(57		)	(344		)	(244		)
Net cash provided by (used in) investing activities	(146		)	55			(1,043		)	(326		)	(442		)	(579		)	(1,094		)	299			(1,460		)	(1,816		)

33

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

																									YTD			YTD
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q			4Q			4Q
	2016			2016			2016			2016			2017			2017			2017			2017			2016			2017
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization	(550		)	(550		)	(550		)	(750		)	(225		)	(475		)	(328		)	(350		)	(2,400		)	(1,378		)
Treasury stock acquired - net employee share-based compensation	(59		)	—			(12		)	(1		)	(61		)	—			—			(1		)	(72		)	(62		)
Dividends paid to shareholders	(180		)	(195		)	(194		)	(188		)	(190		)	(199		)	(200		)	(196		)	(757		)	(785		)
Payment of debt	—			(400		)	—			—			—			(207		)	—			(450		)	(400		)	(657		)
Issuance of debt	—			491			—			—			—			689			—			100			491			789
Issuance of common stock - employee share options	64			65			35			168			83			35			30			25			332			173
Net cash used in financing activities	(725		)	(589		)	(721		)	(771		)	(393		)	(157		)	(498		)	(872		)	(2,806		)	(1,920		)
Effect of exchange rate changes on cash	2			(5		)	(2		)	(4		)	2			5			4			—			(9		)	11
Net increase (decrease) in cash	(19		)	(96		)	4			38			(58		)	79			51			(35		)	(73		)	37
Cash at beginning of period	380			361			265			269			307			249			328			379			380			307
Cash at end of period	$	361		$	265		$	269		$	307		$	249		$	328		$	379		$	344		$	307		$	344
Income taxes paid	$	63		$	404		$	181		$	244		$	2		$	321		$	144		$	47		$	892		$	514
Interest paid	$	42		$	138		$	43		$	135		$	43		$	135		$	39		$	150		$	358		$	367

34

The Travelers Companies, Inc.
Financial Supplement - Fourth 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, included in shareholders’ equity, 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 consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws or tax rates at enactment, and cumulative effect of changes in accounting principles when applicable.  Segment income (loss) is determined in the same manner as 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 realized investment gains (losses), net of tax, net unrealized investment gains (losses), net of tax, included in shareholders’equity for the periods presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)).  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 designated a catastrophe by internationally recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada.  Catastrophes can be 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 or radiological events, 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.  The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is exceeded and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company.  Additionally, an aggregate threshold is applied for International business across all reportable segments. The threshold for 2017 ranged from approximately $17 million to $30 million of losses before reinsurance and taxes.

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 net unrealized investment gains and losses, net of tax, included in shareholders’ equity, 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, net of tax, included in shareholders’ equity is the ratio of debt to total capital excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity.  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 Simply Business, as well as Business Insurance Other, which comprises the Special Liability Group (which manages the Company’s asbestos and environmental liabilities) and the assumed reinsurance and certain other runoff operations.

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.

35