Shareholders' Information
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Financial Highlights
Our Climate Strategy in Action
Taking Care of Our Employees
To My Fellow Shareholders
Our 2021 Results
Investment Expertise
2021 Financial Results in the Context
of Our Innovation Strategy
Underwriting Expertise
Investing in Technology Drives Value — Today and in the Future
Investing in Our Employees
Consistent and Successful Long-Term Financial Strategy Delivers Shareholder Value
A Balanced Approach to Right-Sizing Capital
Citizen Travelers
Leadership
The Travelers Companies, Inc.
2021 Annual Report
Additional Information
Underlying underwriting income is net earned premiums and fee income less claims and claim adjustment expenses (excluding catastrophe losses and prior year reserve development) and insurance-related expenses.
Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.
Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.
Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders’ equity for the period presented. Core return on equity is the ratio of (a) core income for the period presented to (b) adjusted average shareholders’ equity for the period presented.
Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms portion of the Form 10-K.
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To My Fellow Shareholders
Our 2021 Results
Investment Expertise
2021 Financial Results in the Context of Our Innovation Strategy
Underwriting Expertise
Investing in Technology Drives Value – Today and in the Future
Investing in Our Employees
Consistent and Successful
Long-Term Financial Strategy Delivers Shareholder Value
A Balanced Approach to Rightsizing Capital
The Power of Our Diversified Businesses
Total Shareholder Return
The Travelers Promise in Action
Citizen Travelers
Letter to Shareholders