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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
_________________________________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
___________________________________________________________________
 
Commission file number: 001-10898
___________________________________________________________________
The Travelers Companies, Inc.
(Exact name of registrant as specified in its charter)
 ____________________________________________________________________
Minnesota   41-0518860
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)
485 Lexington Avenue
New York, NY 10017
(Address of principal executive offices) (Zip Code)
 (917) 778-6000
(Registrant’s telephone number, including area code)
_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, without par value   TRV   New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes ý    No o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         
Yes ý    No o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐    No ý 
The number of shares of the Registrant’s Common Stock, without par value, outstanding at October 14, 2022 was 234,347,525.



The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2022
_________________________________________________________
 
TABLE OF CONTENTS
 
    Page
   
     
Item 1.  
     
 
Consolidated Statement of Income (Unaudited) — Three Months and Nine Months Ended September 30, 2022 and 2021
3
     
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three Months and Nine Months Ended September 30, 2022 and 2021
4
     
 
Consolidated Balance Sheet — September 30, 2022 (Unaudited) and December 31, 2021
5
     
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Nine Months Ended September 30, 2022 and 2021
6
     
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2022 and 2021
7
     
 
8
     
Item 2.
     
Item 3.
     
Item 4.
     
   
     
Item 1.
     
Item 1A.
     
Item 2.
     
Item 5.
     
Item 6.
     
 
     

2

PART 1 — FINANCIAL INFORMATION
 
Item 1.  FINANCIAL STATEMENTS
 
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in millions, except per share amounts)
 
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2022 2021 2022 2021
Revenues
Premiums $ 8,615  $ 7,829  $ 24,946  $ 22,831 
Net investment income 593  771  1,937  2,290 
Fee income 104  97  307  302 
Net realized investment gains (losses) (93) 8  (211) 113 
Other revenues 84  100  269  269 
Total revenues 9,303  8,805  27,248  25,805 
Claims and expenses
Claims and claim adjustment expenses 6,088  5,464  16,930  15,479 
Amortization of deferred acquisition costs 1,406  1,281  4,081  3,742 
General and administrative expenses 1,193  1,187  3,607  3,524 
Interest expense 88  87  263  252 
Total claims and expenses 8,775  8,019  24,881  22,997 
Income before income taxes 528  786  2,367  2,808 
Income tax expense 74  124  344  479 
Net income $ 454  $ 662  $ 2,023  $ 2,329 
Net income per share
Basic $ 1.91  $ 2.65  $ 8.43  $ 9.24 
Diluted $ 1.89  $ 2.62  $ 8.34  $ 9.16 
Weighted average number of common shares outstanding
Basic 235.4  247.7  238.3  250.1 
Diluted 237.9  250.1  240.9  252.4 
Cash dividends declared per common share $ 0.93  $ 0.88  $ 2.74  $ 2.61 

 









The accompanying notes are an integral part of the consolidated financial statements.
3

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in millions)
 
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2022 2021 2022 2021
Net income $ 454  $ 662  $ 2,023  $ 2,329 
Other comprehensive income (loss)
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (3,204) (686) (11,078) (1,749)
Having credit losses recognized in the consolidated statement of income —  —  (3) — 
Net changes in benefit plan assets and obligations 12  26  34  77 
Net changes in unrealized foreign currency translation (251) (91) (423) (25)
Other comprehensive loss before income taxes (3,443) (751) (11,470) (1,697)
Income tax benefit (690) (148) (2,369) (361)
Other comprehensive loss, net of taxes (2,753) (603) (9,101) (1,336)
Comprehensive income (loss) $ (2,299) $ 59  $ (7,078) $ 993 
 


































The accompanying notes are an integral part of the consolidated financial statements.
4

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
September 30,
2022		 December 31,
2021
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $76,471 and $74,751; allowance for expected credit losses of $3 and $3)
 $ 68,450  $ 77,810 
Equity securities, at fair value (cost $757 and $749)
 774  893 
Real estate investments 954  979 
Short-term securities 3,927  3,836 
Other investments 4,008  3,857 
Total investments 78,113  87,375 
Cash 773  761 
Investment income accrued 583  615 
Premiums receivable (net of allowance for expected credit
    losses of $86 and $107)
 8,886  8,085 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $133 and $141)
 8,202  8,452 
Ceded unearned premiums 1,199  902 
Deferred acquisition costs 2,858  2,542 
Deferred taxes 2,175  — 
Contractholder receivables (net of allowance for expected credit
   losses of $18 and $21)
 3,749  3,890 
Goodwill 3,922  4,008 
Other intangible assets 287  306 
Other assets 3,570  3,530 
Total assets $ 114,317  $ 120,466 
Liabilities    
Claims and claim adjustment expense reserves $ 58,138  $ 56,907 
Unearned premium reserves 18,364  16,469 
Contractholder payables 3,767  3,911 
Payables for reinsurance premiums 629  384 
Deferred taxes —  289 
Debt 7,291  7,290 
Other liabilities 6,222  6,329 
Total liabilities 94,411  91,579 
Shareholders’ equity    
Common stock (1,750.0 shares authorized; 234.3 and 241.2 shares issued and outstanding)
 24,472  24,154 
Retained earnings 42,917  41,555 
Accumulated other comprehensive income (loss) (7,908) 1,193 
Treasury stock, at cost (550.8 and 541.5 shares)
 (39,575) (38,015)
Total shareholders’ equity 19,906  28,887 
Total liabilities and shareholders’ equity $ 114,317  $ 120,466 





The accompanying notes are an integral part of the consolidated financial statements.
5

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2022 2021 2022 2021
Common stock        
Balance, beginning of period $ 24,419  $ 24,002  $ 24,154  $ 23,743 
Employee share-based compensation 11  45  176  214 
Compensation amortization under share-based plans and other changes
 42  37  142  127 
Balance, end of period 24,472  24,084  24,472  24,084 
Retained earnings        
Balance, beginning of period 42,684  39,998  41,555  38,771 
Net income 454  662  2,023  2,329 
Dividends (221) (220) (660) (660)
Other —  (2) (1) (2)
Balance, end of period 42,917  40,438  42,917  40,438 
Accumulated other comprehensive income (loss), net of tax        
Balance, beginning of period (5,155) 1,769  1,193  2,502 
Other comprehensive loss (2,753) (603) (9,101) (1,336)
Balance, end of period (7,908) 1,166  (7,908) 1,166 
Treasury stock, at cost        
Balance, beginning of period (39,074) (36,613) (38,015) (35,815)
Treasury stock acquired — share repurchase authorizations (500) (600) (1,500) (1,356)
Net shares acquired related to employee share-based compensation plans
 (1) (1) (60) (43)
Balance, end of period (39,575) (37,214) (39,575) (37,214)
Total shareholders’ equity $ 19,906  $ 28,474  $ 19,906  $ 28,474 
Common shares outstanding        
Balance, beginning of period 237.3  249.5  241.2  252.4 
Treasury stock acquired — share repurchase authorizations (3.1) (3.8) (8.9) (8.8)
Net shares issued under employee share-based compensation plans
 0.1  0.3  2.0  2.4 
Balance, end of period 234.3  246.0  234.3  246.0 
 











The accompanying notes are an integral part of the consolidated financial statements.
6

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(in millions)
Nine Months Ended September 30,
2022 2021
Cash flows from operating activities    
Net income $ 2,023  $ 2,329 
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses 211  (113)
Depreciation and amortization 639  662 
Deferred federal income tax expense (benefit) (130) 61 
Amortization of deferred acquisition costs 4,081  3,742 
Equity in income from other investments (319) (774)
Premiums receivable (861) (462)
Reinsurance recoverables 185  20 
Deferred acquisition costs (4,419) (3,955)
Claims and claim adjustment expense reserves 1,694  2,299 
Unearned premium reserves 2,033  1,460 
Other (12) 313 
Net cash provided by operating activities 5,125  5,582 
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 5,481  6,523 
Proceeds from sales of investments:    
Fixed maturities 3,951  2,864 
Equity securities 104  74 
Real estate investments 10  7 
Other investments 242  275 
Purchases of investments:    
Fixed maturities (12,100) (14,356)
Equity securities (112) (375)
Real estate investments (28) (22)
Other investments (414) (336)
Net sales (purchases) of short-term securities (107) 754 
Securities transactions in the course of settlement 214  407 
Acquisitions, net of cash acquired (4) (38)
Other (291) (199)
Net cash used in investing activities (3,054) (4,422)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,500) (1,356)
Treasury stock acquired — net employee share-based compensation (60) (43)
Dividends paid to shareholders (656) (655)
Issuance of debt —  739 
Issuance of common stock — employee share options 205  256 
Net cash used in financing activities (2,011) (1,059)
Effect of exchange rate changes on cash (48) (4)
Net increase in cash 12  97 
Cash at beginning of year 761  721 
Cash at end of period $ 773  $ 818 
Supplemental disclosure of cash flow information    
Income taxes paid $ 663  $ 543 
Interest paid $ 234  $ 222 

The accompanying notes are an integral part of the consolidated financial statements.
7
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.     BASIS OF PRESENTATION AND ACCOUNTING POLICIES
 
Basis of Presentation
 
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited.  In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected.  Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted.  All material intercompany transactions and balances have been eliminated.  The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the Company’s 2021 Annual Report).
 
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period.  Actual results could differ from those estimates. Certain reclassifications have been made to the prior period to conform to the 2022 presentation.

Adoption of Accounting Standards

For information regarding accounting standards that the Company adopted during the periods presented, see note 1 of the notes to the consolidated financial statements in the Company’s 2021 Annual Report.

Enactment of the Inflation Reduction Act of 2022

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (IRA) which, among other changes, created a new corporate alternative minimum tax (AMT) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. The effective date of these provisions is January 1, 2023. The Company does not expect the enactment of the IRA will have an impact on the Company’s financial statements in 2022. While the Company expects to be an applicable corporation subject to the AMT tax beginning in 2023 based on its reported GAAP earnings for the past three years, the Company expects any AMT tax incurred to be treated as a taxable temporary difference and have no direct impact on total income tax expense, subject to any additional guidance or regulations that may be issued. Any excise tax incurred on corporate stock repurchases will generally be recognized as part of the cost basis of the treasury stock acquired and not reported as part of income tax expense.

2.    SEGMENT INFORMATION

Nature of Operations
 
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2021 Annual Report.
8
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
The following tables summarize the components of the Company’s revenues, income (loss) and total assets by reportable business segments:
(For the three months ended September 30, in millions) Business
Insurance		 Bond & Specialty
Insurance		 Personal
Insurance		 Total
Reportable
Segments
2022        
Premiums $ 4,353  $ 877  $ 3,385  $ 8,615 
Net investment income 426  65  102  593 
Fee income 96  —  8  104 
Other revenues 56  6  22  84 
Total segment revenues (1)
 $ 4,931  $ 948  $ 3,517  $ 9,396 
Segment income (loss) (1)
 $ 471  $ 242  $ (111) $ 602 
2021        
Premiums $ 3,970  $ 806  $ 3,053  $ 7,829 
Net investment income 575  63  133  771 
Fee income 90  —  7  97 
Other revenues 69  5  26  100 
Total segment revenues (1)
 $ 4,704  $ 874  $ 3,219  $ 8,797 
Segment income (loss) (1)
 $ 558  $ 174  $ (2) $ 730 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in "interest expense and other." Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from "interest expense and other."
(For the nine months ended September 30, in millions) Business
Insurance		 Bond & Specialty
Insurance		 Personal
Insurance		 Total
Reportable
Segments
2022        
Premiums $ 12,642  $ 2,548  $ 9,756  $ 24,946 
Net investment income 1,415  188  334  1,937 
Fee income 285  —  22  307 
Other revenues 194  14  61  269 
Total segment revenues (1)
 $ 14,536  $ 2,750  $ 10,173  $ 27,459 
Segment income (loss) (1)
 $ 1,806  $ 687  $ (79) $ 2,414 
2021        
Premiums $ 11,649  $ 2,325  $ 8,857  $ 22,831 
Net investment income 1,713  186  391  2,290 
Fee income 282  —  20  302 
Other revenues 179  17  73  269 
Total segment revenues (1)
 $ 13,823  $ 2,528  $ 9,341  $ 25,692 
Segment income (1)
 $ 1,518  $ 498  $ 433  $ 2,449 
_________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in "interest expense and other." Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from "interest expense and other."
9
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
Business Segment Reconciliations
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in millions) 2022 2021 2022 2021
Revenue reconciliation        
Earned premiums        
Business Insurance:        
Domestic:        
Workers’ compensation $ 872  $ 789  $ 2,566  $ 2,410 
Commercial automobile 754  718  2,202  2,122 
Commercial property 668  582  1,914  1,669 
General liability 728  662  2,116  1,887 
Commercial multi-peril 1,057  939  3,034  2,708 
Other 19  17  52  45 
Total Domestic 4,098  3,707  11,884  10,841 
International 255  263  758  808 
Total Business Insurance 4,353  3,970  12,642  11,649 
Bond & Specialty Insurance:        
Domestic:        
Fidelity and surety 307  277  876  819 
General liability 396  365  1,154  1,043 
Other 57  54  166  165 
Total Domestic 760  696  2,196  2,027 
International 117  110  352  298 
Total Bond & Specialty Insurance 877  806  2,548  2,325 
Personal Insurance:        
Domestic:        
Automobile 1,575  1,445  4,544  4,220 
Homeowners and Other 1,648  1,437  4,714  4,122 
Total Domestic 3,223  2,882  9,258  8,342 
International 162  171  498  515 
Total Personal Insurance 3,385  3,053  9,756  8,857 
Total earned premiums 8,615  7,829  24,946  22,831 
Net investment income 593  771  1,937  2,290 
Fee income 104  97  307  302 
Other revenues 84  100  269  269 
Total segment revenues 9,396  8,797  27,459  25,692 
Net realized investment gains (losses) (93) 8  (211) 113 
Total revenues $ 9,303  $ 8,805  $ 27,248  $ 25,805 
Income reconciliation, net of tax        
Total segment income $ 602  $ 730  $ 2,414  $ 2,449 
Interest Expense and Other (1)
 (76) (75) (226) (216)
Core income 526  655  2,188  2,233 
Net realized investment gains (losses) (72) 7  (165) 88 
Impact of changes in tax laws and/or tax rates (2)
 —  —  —  8 
Net income $ 454  $ 662  $ 2,023  $ 2,329 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $70 million and $69 million for the three months ended September 30, 2022 and 2021, respectively, and $208 million and $199 million for the nine months ended September 30, 2022 and 2021, respectively.
(2)Impact is recognized in the accounting period in which the change is enacted.

10
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
(in millions) September 30,
2022		 December 31,
2021
Asset reconciliation    
Business Insurance $ 85,149  $ 90,353 
Bond & Specialty Insurance 10,128  10,146 
Personal Insurance 18,069  18,983 
Total assets by reportable segment 113,346  119,482 
Other assets (1)
 971  984 
Total consolidated assets $ 114,317  $ 120,466 
 _________________________________________________________
(1)The primary components of other assets at both September 30, 2022 and December 31, 2021 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.

3.      INVESTMENTS
 
Fixed Maturities
 
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
  Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Fair Value
(at September 30, 2022, in millions) Gains Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 4,453  $ —  $ —  $ 419  $ 4,034 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation 19,851  —  5  2,644  17,212 
Revenue 11,066  —  7  1,265  9,808 
State general obligation 1,131  —  1  128  1,004 
Pre-refunded 3,100  —  10  6  3,104 
Total obligations of U.S. states, municipalities and political subdivisions 35,148  —  23  4,043  31,128 
Debt securities issued by foreign governments 995  —  1  55  941 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 2,020  —  10  210  1,820 
Corporate and all other bonds 33,855  3  22  3,347  30,527 
Total $ 76,471  $ 3  $ 56  $ 8,074  $ 68,450 

11
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
  Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Fair Value
(at December 31, 2021, in millions) Gains Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 3,574  $ —  $ 20  $ 32  $ 3,562 
Obligations of U.S. states, municipalities and political subdivisions:  
Local general obligation 18,668  —  1,045  46  19,667 
Revenue 11,274  —  693  27  11,940 
State general obligation 1,158  —  67  2  1,223 
Pre-refunded 3,825  —  207  —  4,032 
Total obligations of U.S. states, municipalities and political subdivisions 34,925  —  2,012  75  36,862 
Debt securities issued by foreign governments 1,041  —  7  7  1,041 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 1,754  —  68  5  1,817 
Corporate and all other bonds 33,457  3  1,249  175  34,528 
Total $ 74,751  $ 3  $ 3,356  $ 294  $ 77,810 
 
Pre-refunded bonds of $3.10 billion and $4.03 billion at September 30, 2022 and December 31, 2021, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities.  These trusts were created to fund the payment of principal and interest due under the bonds.
 
Proceeds from the sales of fixed maturities classified as available for sale were $3.95 billion and $2.86 billion during the nine months ended September 30, 2022 and 2021, respectively. Gross gains of $17 million and $56 million and gross losses of $52 million and $5 million were realized on those sales during the nine months ended September 30, 2022 and 2021, respectively.
 
Equity Securities
 
The cost and fair value of investments in equity securities were as follows:
    Fair
(at September 30, 2022, in millions) Cost Gross Gains Gross Losses Value
Common stock $ 704  $ 55  $ 43  $ 716 
Non-redeemable preferred stock 53  6  1  58 
Total $ 757  $ 61  $ 44  $ 774 
 
    Fair
(at December 31, 2021, in millions) Cost Gross Gains Gross Losses Value
Common stock $ 694  $ 137  $ 4  $ 827 
Non-redeemable preferred stock 55  11  —  66 
Total $ 749  $ 148  $ 4  $ 893 
 
For the nine months ended September 30, 2022 and 2021, the Company recognized $(110) million and $45 million of net gains (losses) on equity securities still held as of September 30, 2022 and 2021, respectively.

12
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
Unrealized Investment Losses
 
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position at September 30, 2022 and December 31, 2021, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.  The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2021 Annual Report.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2021 Annual Report to determine whether a credit loss impairment exists.

  Less than 12 months 12 months or longer Total
(at September 30, 2022, in millions) Fair
Value		 Gross
Unrealized
Losses		 Fair
Value		 Gross
Unrealized
Losses		 Fair
Value		 Gross
Unrealized
Losses
Fixed maturities            
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 2,641  $ 179  $ 1,389  $ 240  $ 4,030  $ 419 
Obligations of U.S. states, municipalities and political subdivisions 25,138  3,245  2,526  798  27,664  4,043 
Debt securities issued by foreign governments
 614  24  305  31  919  55 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 1,532  171  168  39  1,700  210 
Corporate and all other bonds 25,737  2,240  4,437  1,107  30,174  3,347 
Total $ 55,662  $ 5,859  $ 8,825  $ 2,215  $ 64,487  $ 8,074 
 
  Less than 12 months 12 months or longer Total
(at December 31, 2021, in millions) Fair
Value		 Gross
Unrealized
Losses		 Fair
Value		 Gross
Unrealized
Losses		 Fair
Value		 Gross
Unrealized
Losses
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 2,438  $ 32  $ 5    $ —  $ 2,443  $ 32 
Obligations of U.S. states, municipalities and political subdivisions 3,873  69  153    6  4,026  75 
Debt securities issued by foreign governments
 452  7  7    —  459  7 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 426  5  1    —  427  5 
Corporate and all other bonds 7,306  153  436    22  7,742  175 
Total $ 14,495  $ 266  $ 602    $ 28  $ 15,097  $ 294 
 
13
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
The following table summarizes, for all fixed maturities reported at fair value for which fair value is less than 80% of amortized cost at September 30, 2022, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:

  Period For Which Fair Value is Less Than 80% of Amortized Cost
(at September 30, 2022, in millions) 3 months or less Greater than 3 months, 6 months or less Greater than 6 months, 12 months or less Greater than 12 months Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ —  $ —  $ —  $ —  $ — 
Obligations of U.S. states, municipalities and political subdivisions 1,523  514  239  —  2,276 
Debt securities issued by foreign governments
 —  —  —  —  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 69  —  —  —  69 
Corporate and all other bonds 1,273  10  —  —  1,283 
Total $ 2,865  $ 524  $ 239  $ —  $ 3,628 

At December 31, 2021, the Company had no fixed maturity investments reported at fair value for which fair value was less than 80% of amortized cost. Recent increases in interest rates resulted in the gross unrealized investment losses above; however, since the Company generally holds its high-quality fixed maturity investments to maturity, the net unrealized loss is generally considered temporary in nature and is not expected to result in significant realized losses.
 
Credit Impairment Charges
 
The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):
Fixed Maturities
Corporate and All Other Bonds
At and For the Three Months Ended
(in millions) September 30, 2022 September 30, 2021
Balance, beginning of period $ 4  $ 2 
Additions for expected credit losses on securities where no credit losses were previously recognized
 —  — 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
 —  1 
Reductions due to sales/defaults of credit-impaired securities
 (1) (1)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell —  — 
Balance, end of period $ 3  $ 2 

14
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
Fixed Maturities
Corporate and All Other Bonds
At and For the Nine Months Ended
(in millions) September 30, 2022 September 30, 2021
Balance, beginning of period $ 3  $ 2 
Additions for expected credit losses on securities where no credit losses were previously recognized
 —  1 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
 1  — 
Reductions due to sales/defaults of credit-impaired securities
 (1) (1)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell
 —  — 
Balance, end of period $ 3  $ 2 

Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income, were $14 million and $1 million for the three months ended September 30, 2022 and 2021, respectively, and $35 million and $1 million for the nine months ended September 30, 2022 and 2021, respectively. Credit losses related to the fixed maturity portfolio for both the three months and nine months ended September 30, 2022 and 2021 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.

Other Investments

Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company's financial statements on a quarter lag basis.
 
4.    FAIR VALUE MEASUREMENTS
 
The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance.  The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available.  The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable.  In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions.  The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety.  The three levels of the hierarchy are as follows:
 
•Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.
•Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.
•Level 3 - Valuations based on models where significant inputs are not observable.  The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
 
15
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
Valuation of Investments Reported at Fair Value in Financial Statements
 
The Company utilized a pricing service to estimate fair value measurements for approximately 99% of its fixed maturities at both September 30, 2022 and December 31, 2021.
 
While the vast majority of the Company’s fixed maturities are included in Level 2, the Company holds a number of municipal bonds and corporate bonds which are not valued by the pricing service and estimates the fair value of these bonds using either another internal pricing matrix, a present value income approach, or a broker quote (collectively, the other methodologies). The other methodologies include some unobservable inputs that are significant to the valuation.  Due to the limited amount of observable market information available in the estimation of fair value, the Company includes the fair value estimates for bonds that are valued using the other methodologies in Level 3. 

For certain investments in non-public common and preferred equity securities, the fair value estimate is determined either internally or by an external fund manager based on the impact of recent observable transactions on the investment, recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company included the fair value estimate of $346 million and $343 million for these investments at September 30, 2022 and December 31, 2021, respectively, in the amounts disclosed in Level 3.

For more information regarding the valuation of the Company’s fixed maturities, equity securities and other investments, see note 4 of the notes to the consolidated financial statements in the Company’s 2021 Annual Report.
 
Fair Value Hierarchy
 
The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.
 
(at September 30, 2022, in millions) Total Level 1 Level 2 Level 3
Invested assets:        
Fixed maturities        
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 4,034  $ 4,034  $ —  $ — 
Obligations of U.S. states, municipalities and political subdivisions 31,128  —  31,128  — 
Debt securities issued by foreign governments 941  —  941  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 1,820  —  1,820  — 
Corporate and all other bonds 30,527  3  30,278  246 
Total fixed maturities 68,450  4,037  64,167  246 
Equity securities        
Common stock 716  394  —  322 
Non-redeemable preferred stock 58  15  19  24 
Total equity securities 774  409  19  346 
Other investments 15  14  —  1 
Total $ 69,239  $ 4,460  $ 64,186  $ 593 
Other liabilities $ 3  $ —  $ —  $ 3 

16
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
(at December 31, 2021, in millions) Total Level 1 Level 2 Level 3
Invested assets:        
Fixed maturities        
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 3,562  $ 3,562  $ —  $ — 
Obligations of U.S. states, municipalities and political subdivisions 36,862  —  36,858  4 
Debt securities issued by foreign governments 1,041  —  1,041  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 1,817  —  1,762  55 
Corporate and all other bonds 34,528  —  34,339  189 
Total fixed maturities 77,810  3,562  74,000  248 
Equity securities        
Common stock 827  509  —  318 
Non-redeemable preferred stock 66  21  20  25 
Total equity securities 893  530  20  343 
Other investments 23  18  —  5 
Total $ 78,726  $ 4,110  $ 74,020  $ 596 
Other liabilities $ 3  $ —  $ —  $ 3 
 
There was no significant activity in Level 3 of the hierarchy during the nine months ended September 30, 2022.

Financial Instruments Disclosed, But Not Carried, At Fair Value
 
The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.
(at September 30, 2022, in millions) Carrying
Value		 Fair
Value		 Level 1 Level 2 Level 3
Financial assets          
Short-term securities $ 3,927  $ 3,927  $ 617  $ 3,268  $ 42 
Financial liabilities          
Debt $ 7,191  $ 6,457  $ —  $ 6,457  $ — 
Commercial paper 100  100  —  100  — 
 
(at December 31, 2021, in millions) Carrying
Value		 Fair
Value		 Level 1 Level 2 Level 3
Financial assets          
Short-term securities $ 3,836  $ 3,836  $ 1,163  $ 2,615  $ 58 
Financial liabilities          
Debt $ 7,190  $ 9,085  $ —  $ 9,085  $ — 
Commercial paper 100  100  —  100  — 

The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2022 or the year ended December 31, 2021.


17
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES

Premiums Receivable

The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, at September 30, 2022 and 2021, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2022 and 2021.
At and For the Three Months Ended September 30, 2022 At and For the Three Months Ended September 30, 2021
(in millions) Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 9,132  $ 89  $ 8,555  $ 105 
Current period change for expected credit losses 14  15 
Write-offs of uncollectible premiums receivable 17  18 
Balance, end of period $ 8,886  $ 86  $ 8,289  $ 102 

At and For the Nine Months Ended September 30, 2022 At and For the Nine Months Ended September 30, 2021
(in millions) Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 8,085  $ 107  $ 7,829  $ 105 
Current period change for expected credit losses 49  45 
Write-offs of uncollectible premiums receivable 70  48 
Balance, end of period $ 8,886  $ 86  $ 8,289  $ 102 

Reinsurance Recoverables

The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at September 30, 2022 and 2021, and the changes in the allowance for estimated uncollectible reinsurance for the three and nine months ended September 30, 2022 and 2021.

18
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued
At and For the Three Months Ended September 30, 2022 At and For the Three Months Ended September 30, 2021
(in millions) Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period $ 8,509  $ 132  $ 8,209  $ 135 
Current period change for estimated uncollectible reinsurance 1  7 
Write-offs of uncollectible reinsurance recoverables —  — 
Balance, end of period $ 8,202  $ 133  $ 8,329  $ 142 

At and For the Nine Months Ended September 30, 2022 At and For the Nine Months Ended September 30, 2021
(in millions) Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period $ 8,452  $ 141  $ 8,350  $ 146 
Current period change for estimated uncollectible reinsurance (8) (4)
Write-offs of uncollectible reinsurance recoverables —  — 
Balance, end of period $ 8,202  $ 133  $ 8,329  $ 142 

Of the total reinsurance recoverables at September 30, 2022, $5.84 billion, or 87%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance.  The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 13% of reinsurance recoverables were comprised of the following: 6% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 6% were balances from other companies not rated by A.M. Best Company.  Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

19
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued
Contractholder Receivables

The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, at September 30, 2022 and 2021, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2022 and 2021.
At and For the Three Months Ended September 30, 2022 At and For the Three Months Ended September 30, 2021
(in millions) Contractholder Receivables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Contractholder Receivables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 3,735  $ 18  $ 4,016  $ 19 
Current period change for expected credit losses —  — 
Write-offs of uncollectible contractholder receivables —  — 
Balance, end of period $ 3,749  $ 18