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Table of Contents


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, 2019
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
o
Non-accelerated filer
o
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 18, 2019 was 258,112,771.


Table of Contents

The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2019
_________________________________________________________
 
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
Consolidated Statement of Income (Unaudited) — Three Months and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three Months and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Consolidated Balance Sheet — September 30, 2019 (Unaudited) and December 31, 2018
 
 
 
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 
 
 
 


2

Table of Contents

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,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Premiums
 
$
7,179

 
$
6,882

 
$
21,022

 
$
20,114

Net investment income
 
622

 
646

 
1,852

 
1,844

Fee income
 
121

 
109

 
346

 
324

Net realized investment gains (1)
 
23

 
29

 
101

 
54

Other revenues
 
68

 
57

 
197

 
150

 
 
 
 
 
 
 
 
 
Total revenues
 
8,013

 
7,723

 
23,518

 
22,486

 
 
 
 
 
 
 
 
 
Claims and expenses
 
 
 
 
 
 
 
 
Claims and claim adjustment expenses
 
5,230

 
4,655

 
14,493

 
13,513

Amortization of deferred acquisition costs
 
1,169

 
1,117

 
3,420

 
3,259

General and administrative expenses
 
1,098

 
1,059

 
3,280

 
3,234

Interest expense
 
84

 
86

 
261

 
265

Total claims and expenses
 
7,581

 
6,917

 
21,454

 
20,271

 
 
 
 
 
 
 
 
 
Income before income taxes
 
432

 
806

 
2,064

 
2,215

Income tax expense
 
36

 
97

 
315

 
313

Net income
 
$
396

 
$
709

 
$
1,749

 
$
1,902

 
 
 
 
 
 
 
 
 
Net income per share
 
 
 
 
 
 
 
 
Basic
 
$
1.52

 
$
2.65

 
$
6.65

 
$
7.03

Diluted
 
$
1.50

 
$
2.62

 
$
6.59

 
$
6.97

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding
 
 
 
 
 
 
 
 
Basic
 
259.2

 
266.1

 
261.1

 
268.6

Diluted
 
261.8

 
268.4

 
263.4

 
271.1

 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
 
$
0.82

 
$
0.77

 
$
2.41

 
$
2.26


________________________________________________________
(1)
Total other-than-temporary impairment (OTTI) losses were $0 million for each of the three months ended September 30, 2019 and 2018, and $(2) million and $(1) million for the nine months ended September 30, 2019 and September 30, 2018, respectively.  Of total OTTI, credit losses of $0 million for each of the three months ended September 30, 2019 and 2018, and $(2) million and $(1) million for the nine months ended September 30, 2019 and September 30, 2018, respectively, were recognized in net realized investment gains.  In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and nine months ended September 30, 2019 and 2018 were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.
 
The accompanying notes are an integral part of the consolidated financial statements.

3

Table of Contents

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
(in millions)
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net income
 
$
396

 
$
709

 
$
1,749

 
$
1,902

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Changes in net unrealized gains (losses) on investment securities:
 
 
 
 
 
 
 
 
Having no credit losses recognized in the consolidated statement of income
 
605

 
(414
)
 
3,129

 
(1,915
)
Having credit losses recognized in the consolidated statement of income
 
(3
)
 
(11
)
 
(2
)
 
(25
)
Net changes in benefit plan assets and obligations
 
14

 
22

 
40

 
65

Net changes in unrealized foreign currency translation
 
(75
)
 

 
(20
)
 
(152
)
Other comprehensive income (loss) before income taxes
 
541

 
(403
)
 
3,147

 
(2,027
)
Income tax expense (benefit)
 
122

 
(88
)
 
663

 
(413
)
Other comprehensive income (loss), net of taxes
 
419

 
(315
)
 
2,484

 
(1,614
)
Comprehensive income
 
$
815

 
$
394

 
$
4,233

 
$
288

 






























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


4

Table of Contents

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
 
 
Assets
 
 
 
 
Fixed maturities, available for sale, at fair value (amortized cost $65,021 and $63,601)
 
$
68,011

 
$
63,464

Equity securities, at fair value  (cost $375 and $382)
 
412

 
368

Real estate investments
 
963

 
904

Short-term securities
 
4,597

 
3,985

Other investments
 
3,437

 
3,557

Total investments
 
77,420

 
72,278

Cash
 
508

 
373

Investment income accrued
 
575

 
624

Premiums receivable
 
8,122

 
7,506

Reinsurance recoverables
 
8,162

 
8,370

Ceded unearned premiums
 
857

 
578

Deferred acquisition costs
 
2,321

 
2,120

Deferred taxes
 

 
445

Contractholder receivables
 
4,802

 
4,785

Goodwill
 
3,929

 
3,937

Other intangible assets
 
329

 
345

Other assets
 
3,216

 
2,872

Total assets
 
$
110,241

 
$
104,233

 
 
 
 
 
Liabilities
 
 

 
 

Claims and claim adjustment expense reserves
 
$
51,612

 
$
50,668

Unearned premium reserves
 
14,912

 
13,555

Contractholder payables
 
4,802

 
4,785

Payables for reinsurance premiums
 
573

 
289

Deferred taxes
 
188

 

Debt
 
6,558

 
6,564

Other liabilities
 
5,989

 
5,478

Total liabilities
 
84,634

 
81,339

 
 
 
 
 
Shareholders’ equity
 
 

 
 

Common stock (1,750.0 shares authorized; 258.1 and 263.7 shares issued, 258.1 and 263.6 shares outstanding)
 
23,432

 
23,144

Retained earnings
 
36,317

 
35,204

Accumulated other comprehensive income (loss)
 
625

 
(1,859
)
Treasury stock, at cost (519.3 and 510.9 shares)
 
(34,767
)
 
(33,595
)
Total shareholders’ equity
 
25,607

 
22,894

Total liabilities and shareholders’ equity
 
$
110,241

 
$
104,233





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


5

Table of Contents

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,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Common stock
 
 

 
 

 
 

 
 

Balance, beginning of period
 
$
23,372

 
$
23,040

 
$
23,144

 
$
22,886

Employee share-based compensation
 
28

 
16

 
173

 
93

Compensation amortization under share-based plans and other changes
 
32

 
33

 
115

 
110

Balance, end of period
 
23,432

 
23,089

 
23,432

 
23,089

 
 
 
 
 
 
 
 
 
Retained earnings
 
 

 
 

 
 

 
 

Balance, beginning of period
 
36,135

 
34,296

 
35,204

 
33,462

Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018
 

 

 

 
22

Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018
 

 

 

 
24

Net income
 
396

 
709

 
1,749

 
1,902

Dividends
 
(215
)
 
(207
)
 
(636
)
 
(613
)
Other
 
1

 
1

 

 
2

Balance, end of period
 
36,317

 
34,799

 
36,317

 
34,799

 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss), net of tax
 
 

 
 

 
 

 
 

Balance, beginning of period
 
206

 
(1,688
)
 
(1,859
)
 
(343
)
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018
 

 

 

 
(22
)
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018
 

 

 

 
(24
)
Other comprehensive income (loss)
 
419

 
(315
)
 
2,484

 
(1,614
)
Balance, end of period
 
625

 
(2,003
)
 
625

 
(2,003
)
 
 
 
 
 
 
 
 
 
Treasury stock, at cost
 
 

 
 

 
 

 
 

Balance, beginning of period
 
(34,392
)
 
(33,025
)
 
(33,595
)
 
(32,274
)
Treasury stock acquired — share repurchase authorization
 
(375
)
 
(400
)
 
(1,125
)
 
(1,100
)
Net shares acquired related to employee share-based compensation plans
 

 

 
(47
)
 
(51
)
Balance, end of period
 
(34,767
)
 
(33,425
)
 
(34,767
)
 
(33,425
)
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
 
$
25,607

 
$
22,460

 
$
25,607

 
$
22,460

 
 
 
 
 
 
 
 
 
Common shares outstanding
 
 

 
 

 
 

 
 

Balance, beginning of period
 
260.3

 
267.7

 
263.6

 
271.4

Treasury stock acquired — share repurchase authorization
 
(2.5
)
 
(3.0
)
 
(8.0
)
 
(8.2
)
Net shares issued under employee share-based compensation plans
 
0.3

 
0.1

 
2.5

 
1.6

Balance, end of period
 
258.1

 
264.8

 
258.1

 
264.8

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

6

Table of Contents

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(in millions)
 
 
Nine Months Ended
 
 
September 30,
 
 
2019
 
2018
Cash flows from operating activities
 
 

 
 

Net income
 
$
1,749

 
$
1,902

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Net realized investment gains
 
(101
)
 
(54
)
Depreciation and amortization
 
581

 
609

Deferred federal income tax benefit
 
(10
)
 
(43
)
Amortization of deferred acquisition costs
 
3,420

 
3,259

Equity in income from other investments
 
(196
)
 
(284
)
Premiums receivable
 
(611
)
 
(508
)
Reinsurance recoverables
 
212

 
(21
)
Deferred acquisition costs
 
(3,619
)
 
(3,425
)
Claims and claim adjustment expense reserves
 
927

 
880

Unearned premium reserves
 
1,350

 
1,095

Other
 
91

 
22

Net cash provided by operating activities
 
3,793

 
3,432

 
 
 
 
 
Cash flows from investing activities
 
 

 
 

Proceeds from maturities of fixed maturities
 
4,895

 
5,655

Proceeds from sales of investments:
 
 

 
 

Fixed maturities
 
1,801

 
3,185

Equity securities
 
99

 
127

Real estate investments
 

 
8

Other investments
 
346

 
270

Purchases of investments:
 
 

 
 

Fixed maturities
 
(8,234
)
 
(10,862
)
Equity securities
 
(62
)
 
(86
)
Real estate investments
 
(95
)
 
(57
)
Other investments
 
(369
)
 
(392
)
Net sales (purchases) of short-term securities
 
(617
)
 
456

Securities transactions in course of settlement
 
432

 
173

Acquisition, net of cash acquired
 

 
(4
)
Other
 
(243
)
 
(232
)
Net cash used in investing activities
 
(2,047
)
 
(1,759
)
 
 
 
 
 
Cash flows from financing activities
 
 

 
 

Treasury stock acquired — share repurchase authorization
 
(1,125
)
 
(1,100
)
Treasury stock acquired — net employee share-based compensation
 
(47
)
 
(51
)
Dividends paid to shareholders
 
(633
)
 
(611
)
Payment of debt
 
(500
)
 
(600
)
Issuance of debt
 
492

 
591

Issuance of common stock — employee share options
 
206

 
117

Net cash used in financing activities
 
(1,607
)
 
(1,654
)
Effect of exchange rate changes on cash
 
(4
)
 
(4
)
Net increase in cash
 
135

 
15

Cash at beginning of year
 
373

 
344

Cash at end of period
 
$
508

 
$
359

 
 
 
 
 
Supplemental disclosure of cash flow information
 
 

 
 

Income taxes paid
 
$
367

 
$
244

Interest paid
 
$
231

 
$
225

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

7

Table of Contents

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, 2018 (the Company’s 2018 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.
 
Adoption of Accounting Standards

Leases

Effective for the quarter ended March 31, 2019, the Company adopted the updated guidance for leases and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption.  Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance.  The Company also elected to apply all practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption, including using hindsight to determine the lease term of existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $320 million as part of other assets and a lease liability of $384 million as part of other liabilities in the consolidated balance sheet, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its corporate real estate agreements at March 31, 2019.  The cumulative effect adjustment to the opening balance of retained earnings was zero. The adoption of the updated guidance did not have a material effect on the Company’s results of operations or liquidity.

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Effective for the quarter ended March 31, 2019, the Company adopted the updated guidance regarding Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, and applied the guidance prospectively.  The updated guidance requires an entity to determine the stage of a project that the implementation activity relates to and the nature of the associated costs in order to determine whether those costs should be expensed as incurred or capitalized.  The updated guidance also requires the entity to amortize the capitalized implementation costs as an expense over the term of the hosting arrangement. The adoption of the updated guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

For additional information regarding accounting standards that the Company adopted during the periods presented, see note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report.

Accounting Standards Not Yet Adopted
 
For information regarding accounting standards that the Company has not yet adopted, see the “Other Accounting Standards Not Yet Adopted” section of note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report.


8

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
1.    BASIS OF PRESENTATION AND ACCOUNTING POLICIES, Continued

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 notes to the consolidated financial statements in the Company’s 2018 Annual Report.
 
2.    SEGMENT INFORMATION
 
The following tables summarize the components of the Company’s revenues, income 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
 
 
 
 
 
 
 
 
 
2019
 
 

 
 

 
 

 
 

Premiums
 
$
3,882

 
$
653

 
$
2,644

 
$
7,179

Net investment income
 
457

 
59

 
106

 
622

Fee income
 
114

 

 
7

 
121

Other revenues
 
39

 
7

 
22

 
68

Total segment revenues (1)
 
$
4,492

 
$
719

 
$
2,779

 
$
7,990

Segment income (1)
 
$
179

 
$
139

 
$
131

 
$
449

 
 
 
 
 
 
 
 
 
2018
 
 

 
 

 
 

 
 

Premiums
 
$
3,743

 
$
617

 
$
2,522

 
$
6,882

Net investment income
 
482

 
57

 
107

 
646

Fee income
 
103

 

 
6

 
109

Other revenues
 
33

 
5

 
17

 
55

Total segment revenues (1)
 
$
4,361

 
$
679

 
$
2,652

 
$
7,692

Segment income (1)
 
$
410

 
$
196

 
$
153

 
$
759


_________________________________________________________
(1)
Segment revenues for reportable business segments exclude net realized investment gains (losses). Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses).


9

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued

(For the nine months ended September 30, in millions)
 
Business
Insurance
 
Bond & Specialty
Insurance
 
Personal
Insurance
 
Total
Reportable
Segments
2019
 
 

 
 

 
 

 
 

Premiums
 
$
11,407

 
$
1,891

 
$
7,724

 
$
21,022

Net investment income
 
1,365

 
173

 
314

 
1,852

Fee income
 
329

 

 
17

 
346

Other revenues
 
112

 
19

 
65

 
196

Total segment revenues (1)
 
$
13,213

 
$
2,083

 
$
8,120

 
$
23,416

Segment income (1)
 
$
944

 
$
451

 
$
497

 
$
1,892

 
 
 
 
 
 
 
 
 
2018
 
 

 
 

 
 

 
 

Premiums
 
$
10,952

 
$
1,800

 
$
7,362

 
$
20,114

Net investment income
 
1,368

 
172

 
304

 
1,844

Fee income
 
309

 

 
15

 
324

Other revenues
 
84

 
16

 
48

 
148

Total segment revenues (1)
 
$
12,713

 
$
1,988

 
$
7,729