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Travelers reported a 23% jump in net income in the fourth quarter of 2025, thanks to strong underwriting performance and increased investment income.
The insurer's net income for the quarter was $2.496 billion, up 20% from $2.082 billion during the same quarter in 2024. For the full year, Travelers saw net income of $6.288 billion, up 26% from 2024.
“We are pleased to report excellent fourth-quarter and full-year results driven by strong performance across both underwriting and investments,” said Alan Schnitzer, Travelers chairman and chief executive officer, in a statement.
The company reported a combined ratio of 80.2% in the fourth quarter, and its underlying combined ratio, which excludes catastrophe losses and prior-year reserve adjustments, was 82.2%. A combined ratio below 100% indicates an underwriting profit.
In the fourth quarter, Travelers saw after-tax net investment income of $897 million, up 10% for the same quarter last year.
In 2025 as a whole, Travelers saw a return on equity of 21%, and operating cash flows reached a record $10.606 billion.
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