The Travelers Companies Inc. reported second-quarter 2025 net income of $1.51 billion, more than double the $677 million earned in the same period last year, driven by a significant drop in catastrophe losses and strong top-line growth.

The New York-based insurer posted core income of $1.46 billion for the quarter, up from $695 million in the prior-year quarter. The company’s combined ratio improved to 94.6% from 98.3% a year ago, with the underlying combined ratio improving to 91.5%.

Net written premiums grew 11% to a record $11.5 billion, with growth in all three of its business segments.

“We are very pleased to report excellent second-quarter and year-to-date results, with both strong top-line growth and underwriting results,” Alan Schnitzer, chairman and CEO, said in a statement. “The underlying combined ratio of 91.5% was excellent, and net investment income was also strong. This performance, coupled with a more than $1 billion swing in catastrophe losses, resulted in a more than doubling of net income.”

Catastrophe losses for the quarter were $464 million pre-tax, a steep decline from the $1.48 billion pre-tax recorded in the second quarter of 2024. Net investment income increased to $850 million pre-tax from $790 million.

Performance by segment:

  • Business insurance: Net written premiums increased 10% to $5.2 billion, driven by strong renewal premium change and retention. The combined ratio was 96.6%.
  • Bond & specialty insurance: Net written premiums grew 8% to $1.0 billion, with strong production in both management liability and surety. The combined ratio was an impressive 79.5%.
  • Personal insurance: Net written premiums rose 13% to $5.3 billion, reflecting higher pricing in both Auto and Homeowners insurance. The combined ratio was 100.2%, a significant improvement over the prior-year quarter.

“The results this quarter once again demonstrate the success of our strategy and the strength of our execution,” Schnitzer added. “We are confidently moving our business forward with a clear and ambitious strategic agenda.”

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