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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 June 30, 2024
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 filerýAccelerated 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 July 15, 2024 was 227,931,434.


The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended June 30, 2024
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
Item 1. 
   
 
Consolidated Statement of Income (Loss) (Unaudited) — Three and Six Months Ended June 30, 2024 and 2023
   
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Six Months Ended June 30, 2024 and 2023
 
Consolidated Balance Sheet — June 30, 2024 (Unaudited) and December 31, 2023
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Six Months Ended June 30, 2024 and 2023
   
 
Consolidated Statement of Cash Flows (Unaudited) — Six Months Ended June 30, 2024 and 2023
   
 
   
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 (LOSS) (Unaudited)
(in millions, except per share amounts)
 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues
Premiums$10,243 $9,216 $20,369 $18,070 
Net investment income885 712 1,731 1,375 
Fee income115 106 224 212 
Net realized investment losses(65)(35)(30)(29)
Other revenues105 99 217 174 
Total revenues11,283 10,098 22,511 19,802 
Claims and expenses
Claims and claim adjustment expenses7,373 7,227 14,029 13,186 
Amortization of deferred acquisition costs1,678 1,519 3,376 2,981 
General and administrative expenses1,478 1,308 2,884 2,575 
Interest expense98 92 196 180 
Total claims and expenses10,627 10,146 20,485 18,922 
Income (loss) before income taxes656 (48)2,026 880 
Income tax expense (benefit)122 (34)369 (81)
Net income (loss)$534 $(14)$1,657 $961 
Net income (loss) per share
Basic$2.32 $(0.07)$7.19 $4.14 
Diluted$2.29 $(0.07)$7.09 $4.09 
Weighted average number of common shares outstanding
Basic228.6 229.7 228.8 230.6 
Diluted231.5 229.7 231.8 233.3 
Cash dividends declared per common share$1.05 $1.00 $2.05 $1.93 

 









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
June 30,		Six Months Ended
June 30,
2024202320242023
Net income (loss)$534 $(14)$1,657 $961 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (loss)(324)(903)(1,076)405 
Having credit losses recognized in the consolidated statement of income (loss)1 — 3 — 
Net changes in benefit plan assets and obligations(2)(4)(3)(7)
Net changes in unrealized foreign currency translation(25)94 (96)131 
Other comprehensive income (loss) before income taxes(350)(813)(1,172)529 
Income tax expense (benefit)(71)(190)(233)93 
Other comprehensive income (loss), net of taxes(279)(623)(939)436 
Comprehensive income (loss)$255 $(637)$718 $1,397 
 


































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

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
June 30,
2024		December 31,
2023
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $84,231 and $81,781; allowance for expected credit losses of $1 and $5)
$79,188 $77,807 
Equity securities, at fair value (cost $539 and $553)
644 608 
Real estate investments956 959 
Short-term securities4,353 5,137 
Other investments4,370 4,299 
Total investments89,511 88,810 
Cash729 650 
Investment income accrued690 688 
Premiums receivable (net of allowance for expected credit
    losses of $69 and $69)
11,491 10,282 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $117 and $118)
8,132 8,143 
Ceded unearned premiums1,445 1,150 
Deferred acquisition costs3,508 3,306 
Deferred taxes1,788 1,504 
Contractholder receivables (net of allowance for expected credit
   losses of $18 and $20)
3,274 3,249 
Goodwill4,250 3,976 
Other intangible assets371 277 
Other assets4,126 3,943 
Total assets$129,315 $125,978 
Liabilities  
Claims and claim adjustment expense reserves$63,857 $61,627 
Unearned premium reserves22,090 20,872 
Contractholder payables3,292 3,269 
Payables for reinsurance premiums869 518 
Debt8,032 8,031 
Other liabilities6,313 6,740 
Total liabilities104,453 101,057 
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 227.9 and 228.2 shares issued and outstanding)
25,245 24,906 
Retained earnings46,773 45,591 
Accumulated other comprehensive loss(5,410)(4,471)
Treasury stock, at cost (562.2 and 559.2 shares)
(41,746)(41,105)
Total shareholders’ equity24,862 24,921 
Total liabilities and shareholders’ equity$129,315 $125,978 





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
June 30,		Six Months Ended
June 30,
2024202320242023
Common stock    
Balance, beginning of period$25,163 $24,703 $24,906 $24,565 
Employee share-based compensation21 26 200 94 
Compensation amortization under share-based plans and other changes
61 47 139 117 
Balance, end of period25,245 24,776 25,245 24,776 
Retained earnings    
Balance, beginning of period46,483 44,273 45,591 43,516 
Net income (loss)534 (14)1,657 961 
Dividends(245)(233)(477)(451)
Other1 — 2 — 
Balance, end of period46,773 44,026 46,773 44,026 
Accumulated other comprehensive income (loss), net of tax    
Balance, beginning of period(5,131)(5,386)(4,471)(6,445)
Other comprehensive income (loss)(279)(623)(939)436 
Balance, end of period(5,410)(6,009)(5,410)(6,009)
Treasury stock, at cost    
Balance, beginning of period(41,493)(40,538)(41,105)(40,076)
Treasury stock acquired — share repurchase authorizations(250)(400)(500)(800)
Net shares acquired related to employee share-based compensation plans
(3)— (141)(62)
Balance, end of period(41,746)(40,938)(41,746)(40,938)
Total shareholders’ equity$24,862 $21,855 $24,862 $21,855 
Common shares outstanding    
Balance, beginning of period229.0 231.0 228.2 232.1 
Treasury stock acquired — share repurchase authorizations(1.1)(2.2)(2.3)(4.4)
Net shares issued under employee share-based compensation plans
— 0.1 2.0 1.2 
Balance, end of period227.9 228.9 227.9 228.9 
 











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)
Six Months Ended June 30,
20242023
Cash flows from operating activities  
Net income$1,657 $961 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses30 29 
Depreciation and amortization378 383 
Deferred federal income tax benefit(43)(64)
Amortization of deferred acquisition costs3,376 2,981 
Equity in income from other investments(157)(85)
Premiums receivable(1,221)(1,389)
Reinsurance recoverables(1)(41)
Deferred acquisition costs(3,583)(3,351)
Claims and claim adjustment expense reserves2,312 1,794 
Unearned premium reserves1,245 1,935 
Other(858)(592)
Net cash provided by operating activities3,135 2,561 
Cash flows from investing activities
Proceeds from maturities of fixed maturities4,173 3,031 
Proceeds from sales of investments:
Fixed maturities1,250 3,115 
Equity securities62 90 
Other investments110 100 
Purchases of investments:
Fixed maturities(8,087)(7,663)
Equity securities(47)(50)
Real estate investments(24)(26)
Other investments(185)(255)
Net sales (purchases) of short-term securities784 (418)
Securities transactions in the course of settlement358 15 
Acquisition, net of cash acquired(382)— 
Other(192)(251)
Net cash used in investing activities(2,180)(2,312)
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorizations(499)(794)
Treasury stock acquired — net employee share-based compensation(111)(62)
Dividends paid to shareholders(473)(447)
Issuance of debt— 738 
Issuance of common stock — employee share options212 110 
Net cash used in financing activities(871)(455)
Effect of exchange rate changes on cash(5)12 
Net increase (decrease) in cash79 (194)
Cash at beginning of year650 799 
Cash at end of period$729 $605 
Supplemental disclosure of cash flow information
Income taxes paid$855 $139 
Interest paid$195 $175 
Supplemental disclosure of noncash financing activities
Issuance of common stock — net share settlement of employee options$30 $— 

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, 2023 (the Company’s 2023 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. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.
On January 2, 2024, the Company completed its previously announced acquisition of all issued and outstanding shares of Corvus Insurance Holdings, Inc. (Corvus), a cyber insurance managing general underwriter, for consideration transferred of approximately $427 million. The acquisition provides the Company the opportunity to renew Corvus’s book of business and to leverage Corvus’s capabilities to enhance the return profile of Travelers’ existing cyber portfolio. At the acquisition date, the Company recorded at fair value $478 million of assets acquired and $51 million of liabilities assumed as part of purchase accounting, including $390 million of identifiable intangible assets and goodwill. The assets acquired from Corvus were included in the Company’s Bond & Specialty Insurance segment, effective at the acquisition date. The Company funded this transaction from internal resources. A provisional amount of $19 million was recorded as a deferred tax asset and included on the consolidated balance sheet on January 2, 2024, the date of the acquisition. As the tax return for Corvus for the 2023 fiscal year will not be finalized until the third quarter of 2024, a measurement period adjustment is expected to be recorded in the third quarter of 2024.
Income Taxes
The Company recognized a one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item impacted by the repeal of Internal Revenue Code Section 847, which related to the discounting of property-casualty loss reserves.


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 2023 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 June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2024    
Premiums$5,168 $977 $4,098 $10,243 
Net investment income632 94 159 885 
Fee income105 — 10 115 
Other revenues77 6 22 105 
Total segment revenues (1)
$5,982 $1,077 $4,289 $11,348 
Segment income (loss) (1)
$656 $170 $(153)$673 
2023    
Premiums$4,644 $911 $3,661 $9,216 
Net investment income509 78 125 712 
Fee income98 — 8 106 
Other revenues67 7 25 99 
Total segment revenues (1)
$5,318 $996 $3,819 $10,133 
Segment income (loss) (1)
$402 $230 $(538)$94 
________________________________________________________
(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 six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2024
Premiums$10,328 $1,933 $8,108 $20,369 
Net investment income1,241 184 306 1,731 
Fee income206 — 18 224 
Other revenues154 15 48 217 
Total segment revenues (1)
$11,929 $2,132 $8,480 $22,541 
Segment income (1)
$1,420 $365 $67 $1,852 
2023
Premiums$9,121 $1,786 $7,163 $18,070 
Net investment income982 151 242 1,375 
Fee income197 — 15 212 
Other revenues114 12 48 174 
Total segment revenues (1)
$10,414 $1,949 $7,468 $19,831 
Segment income (loss) (1)
$1,158 $437 $(455)$1,140 
________________________________________________________
(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
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$864 $858 $1,744 $1,708 
Commercial automobile874 798 1,734 1,559 
Commercial property894 760 1,767 1,469 
General liability845 748 1,692 1,508 
Commercial multi-peril1,246 1,145 2,516 2,245 
Other13 16 30 34 
Total Domestic4,736 4,325 9,483 8,523 
International432 319 845 598 
Total Business Insurance5,168 4,644 10,328 9,121 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety350 325 690 631 
General liability437 406 863 804 
Other58 57 114 111 
Total Domestic845 788 1,667 1,546 
International132 123 266 240 
Total Bond & Specialty Insurance977 911 1,933 1,786 
Personal Insurance:    
Domestic:    
Automobile1,919 1,688 3,793 3,312 
Homeowners and Other2,014 1,814 3,986 3,538 
Total Domestic3,933 3,502 7,779 6,850 
International165 159 329 313 
Total Personal Insurance4,098 3,661 8,108 7,163 
Total earned premiums10,243 9,216 20,369 18,070 
Net investment income885 712 1,731 1,375 
Fee income115 106 224 212 
Other revenues105 99 217 174 
Total segment revenues11,348 10,133 22,541 19,831 
Net realized investment losses(65)(35)(30)(29)
Total revenues$11,283 $10,098 $22,511 $19,802 
Income reconciliation, net of tax    
Total segment income$673 $94 $1,852 $1,140 
Interest Expense and Other (1)
(88)(79)(171)(155)
Core income585 15 1,681 985 
Net realized investment losses(51)(29)(24)(24)
Net income (loss)$534 $(14)$1,657 $961 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $78 million and $72 million for the three months ended June 30, 2024 and 2023, respectively, and $155 million and $142 million for the six months ended June 30, 2024 and 2023, respectively.
10
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
(in millions)June 30,
2024		December 31,
2023
Asset reconciliation  
Business Insurance$95,686 $93,565 
Bond & Specialty Insurance12,243 11,478 
Personal Insurance20,404 20,072 
Total assets by reportable segment128,333 125,115 
Other assets (1)
982 863 
Total consolidated assets$129,315 $125,978 
 _________________________________________________________
(1)The primary components of other assets at both June 30, 2024 and December 31, 2023 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 CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(at June 30, 2024, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,183 $— $— $243 $5,940 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation18,280 — 29 1,619 16,690 
Revenue9,216 — 21 736 8,501 
State general obligation1,166 — 2 78 1,090 
Pre-refunded977 — 2 4 975 
Total obligations of U.S. states, municipalities and political subdivisions29,639 — 54 2,437 27,256 
Debt securities issued by foreign governments907 — — 27 880 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
10,412 — 51 262 10,201 
Corporate and all other bonds37,090 1 76 2,254 34,911 
Total$84,231 $1 $181 $5,223 $79,188 
11
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(at December 31, 2023, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,591 $— $8 $231 $6,368 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation18,374 — 90 1,265 17,199 
Revenue9,748 — 52 616 9,184 
State general obligation1,209 — 7 59 1,157 
Pre-refunded963 — 5 2 966 
Total obligations of U.S. states, municipalities and political subdivisions30,294 — 154 1,942 28,506 
Debt securities issued by foreign governments1,035 — 2 31 1,006 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
7,874 — 120 176 7,818 
Corporate and all other bonds35,987 5 187 2,060 34,109 
Total$81,781 $5 $471 $4,440 $77,807 
Pre-refunded bonds of $975 million and $966 million at June 30, 2024 and December 31, 2023, 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 $1.25 billion and $3.12 billion during the six months ended June 30, 2024 and 2023, respectively. Gross gains of $2 million and $19 million and gross losses of $41 million and $51 million were realized on those sales during the six months ended June 30, 2024 and 2023, respectively. Included in realized losses for the six months ended June 30, 2024 and 2023, are $33 million and $0 million, respectively, of losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds’ maturity date.
Equity Securities
The cost and fair value of investments in equity securities were as follows:
  
(at June 30, 2024, in millions)CostGross GainsGross LossesFair Value
Common stock$493 $115 $14 $594 
Non-redeemable preferred stock46 4 — 50 
Total$539 $119 $14 $644 
(at December 31, 2023, in millions)CostGross GainsGross LossesFair Value
Common stock$508 $93 $41 $560 
Non-redeemable preferred stock45 3 — 48 
Total$553 $96 $41 $608 
For the six months ended June 30, 2024 and 2023, the Company recognized $51 million and $3 million of net gains on equity securities still held as of June 30, 2024 and 2023, 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 June 30, 2024 and December 31, 2023, 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 2023 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 2023 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(at June 30, 2024, 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
$1,695 $8 $4,048 $235 $5,743 $243 
Obligations of U.S. states, municipalities and political subdivisions7,190 92 16,298 2,345 23,488 2,437 
Debt securities issued by foreign governments
193 1 590 26 783 27 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
4,009 43 2,332 219 6,341 262 
Corporate and all other bonds4,390 45 25,047 2,209 29,437 2,254 
Total $17,477 $189 $48,315 $5,034 $65,792 $5,223 
Less than 12 months12 months or longerTotal
(at December 31, 2023, 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
$1,864 $7 $2,985  $224 $4,849 $231 
Obligations of U.S. states, municipalities and political subdivisions3,868 31 14,351  1,911 18,219 1,942 
Debt securities issued by foreign governments
30 — 763  31 793 31 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,215 9 1,433  167 2,648 176 
Corporate and all other bonds1,016 9 26,444  2,051 27,460 2,060 
Total $7,993 $56 $45,976 $4,384 $53,969 $4,440 
13
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost at June 30, 2024 and December 31, 2023, 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 June 30, 2024, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
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 subdivisions139 234 — 744 1,117 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
18 44 — — 62 
Corporate and all other bonds13 29 3 18 63 
Total$170