Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.
Personal Insurance Domestic Active Policies
8.2M
Domestic
Automobile net written premiums of $1.86 billion and $3.61 billion in the second quarter and first six months of 2026, respectively, both decreased by 6% from the same periods of 2025. Retention rates remained strong in the second quarter and first six months of 2026 and increased over the same periods of 2025. Renewal premium changes in the second quarter and first six months of 2026 were lower than in the same periods of 2025. New business premiums in the second quarter and first six months of 2026 decreased slightly from the same periods of 2025.
Homeowners and Other net written premiums of $2.45 billion and $4.18 billion in the second quarter and first six months of 2026, respectively, decreased by 3% and 4%, respectively, from the same periods of 2025. Retention rates remained strong in the second quarter and first six months of 2026 and increased over the same periods of 2025. Renewal premium changes in the second quarter and first six months of 2026 remained positive but were lower than in the same periods of 2025. New business premiums in the second quarter and first six months of 2026 increased over the same periods of 2025.
For its Domestic business, Personal Insurance had approximately 8.2 million and 8.6 million active policies at June 30, 2026 and 2025, respectively.
International
Personal Insurance had approximately 386,000 active policies as of June 30, 2025 for the Canadian operations divested by the Company in the first quarter of 2026.
Bond & Specialty Insurance Gross Written Premiums
$1.33B
Written Premiums
Consolidated gross and net written premiums were as follows:
Gross Written Premiums
Three Months Ended
June 30, | | | Six Months Ended
June 30,
(in millions) | | | 2026 | | | 2025 | | | 2026 | | | 2025
Business Insurance | | | $ | | 6,531 | | | | $ | | 6,385 | | | | $ | | 13,337 | | | | $ | | 13,125
Bond & Specialty Insurance | | | 1,333 | | | | 1,166 | | | | 2,544 | | | | 2,295
Personal Insurance | | | 4,341 | | | | 4,700 | | | | 8,089 | | | | 8,721
Total | | | $ | | 12,205 | | | | $ | | 12,251 | | | | $ | | 23,970 | | | | $ | | 24,141
Bond & Specialty Insurance Net Written Premiums
$1.24B
Earnings Release
485 Lexington Avenue New York, NY 10017-2630 www.travelers.com NYSE: TRV Travelers Reports Excellent Second Quarter and Year-to-Date Results Second Quarter 2026 Net Income per Diluted Share of $10.26 and Core Income per Diluted Share of $10.04 Second Quarter 2026 Return on Equity of 27.1% and Core R
EX-99.1 2 a991pressrelease63026.htm EX-99.1 Document Exhibit 99.1 The Travelers Companies, Inc. 485 Lexington Avenue New York, NY 10017-2630 www.travelers.com NYSE: TRV Travelers Reports Excellent Second Quarter and Year-to-Date Results Second Quarter 2026 Net Income per Diluted Share of $10.26 and Core Income per Diluted Share of $10.04 Second Quarter 2026 Return on Equity of 27.1% and Core Return on Equity of 24.9% • Second quarter net income of $2.208 billion and core income of $2.160 billion. • Underlying underwriting income of $1.678 billion pre-tax. • Improved consolidated combined ratio of 83.6% and underlying combined ratio of 84.1%. • Catastrophe losses of $518 million pre-tax, compared to $927 million pre-tax in the prior year quarter. • Net favorable prior year reserve development in all three segments totaled $578 million pre-tax. • Net written premiums of $11.529 billion. •...
Combined Ratio
The combined ratio of 82.8% in the second quarter of 2026 was 2.5 points higher than the combined ratio of 80.3% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the second quarter of 2026 was 2.5 points higher than the loss and loss adjustment expense ratio of 40.5% in the same period of 2025. The underwriting expense ratio of 39.8% in the second quarter of 2026 was comparable with the same period of 2025.
Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 7.2 points and 8.0 points of benefit, respectively, to the combined ratio. Catastrophe losses in the second quarters of 2026 and 2025 accounted for 0.4 and 0.5 points of the combined ratio. The underlying combined ratio in the second quarter of 2026 was 1.8 points higher than the 2025 ratio on the same basis, primarily reflecting a loss event in the international management liability business.
46
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued
The combined ratio of 83.0% in the first six months of 2026 was 1.6 points higher than the combined ratio of 81.4% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the first six months of 2026 was 1.2 points higher than the loss and loss adjustment expense ratio of 41.8% in the same period of 2025. The underwriting expense ratio of 40.0% in the first six months of 2026 was 0.4 points higher than the underwriting expense ratio of 39.6% in the same period of 2025.
Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 6.8 points and 7.3 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first six months of 2026 and 2025 accounted for 0.6 points and 1.2 points, respectively, of the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio and the impact of earned pricing.
Bond & Specialty Insurance Loss and Loss Adjustment Expense Ratio
43
Combined Ratio
The combined ratio of 82.8% in the second quarter of 2026 was 2.5 points higher than the combined ratio of 80.3% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the second quarter of 2026 was 2.5 points higher than the loss and loss adjustment expense ratio of 40.5% in the same period of 2025. The underwriting expense ratio of 39.8% in the second quarter of 2026 was comparable with the same period of 2025.
Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 7.2 points and 8.0 points of benefit, respectively, to the combined ratio. Catastrophe losses in the second quarters of 2026 and 2025 accounted for 0.4 and 0.5 points of the combined ratio. The underlying combined ratio in the second quarter of 2026 was 1.8 points higher than the 2025 ratio on the same basis, primarily reflecting a loss event in the international management liability business.
46
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued
The combined ratio of 83.0% in the first six months of 2026 was 1.6 points higher than the combined ratio of 81.4% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the first six months of 2026 was 1.2 points higher than the loss and loss adjustment expense ratio of 41.8% in the same period of 2025. The underwriting expense ratio of 40.0% in the first six months of 2026 was 0.4 points higher than the underwriting expense ratio of 39.6% in the same period of 2025.
Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 6.8 points and 7.3 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first six months of 2026 and 2025 accounted for 0.6 points and 1.2 points, respectively, of the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio and the impact of earned pricing.
Bond & Specialty Insurance Underlying Combined Ratio
89.6
Combined Ratio
The combined ratio of 82.8% in the second quarter of 2026 was 2.5 points higher than the combined ratio of 80.3% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the second quarter of 2026 was 2.5 points higher than the loss and loss adjustment expense ratio of 40.5% in the same period of 2025. The underwriting expense ratio of 39.8% in the second quarter of 2026 was comparable with the same period of 2025.
Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 7.2 points and 8.0 points of benefit, respectively, to the combined ratio. Catastrophe losses in the second quarters of 2026 and 2025 accounted for 0.4 and 0.5 points of the combined ratio. The underlying combined ratio in the second quarter of 2026 was 1.8 points higher than the 2025 ratio on the same basis, primarily reflecting a loss event in the international management liability business.
46
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued
The combined ratio of 83.0% in the first six months of 2026 was 1.6 points higher than the combined ratio of 81.4% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the first six months of 2026 was 1.2 points higher than the loss and loss adjustment expense ratio of 41.8% in the same period of 2025. The underwriting expense ratio of 40.0% in the first six months of 2026 was 0.4 points higher than the underwriting expense ratio of 39.6% in the same period of 2025.
Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 6.8 points and 7.3 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first six months of 2026 and 2025 accounted for 0.6 points and 1.2 points, respectively, of the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio and the impact of earned pricing.
Bond & Specialty Insurance Underwriting Expense Ratio
39.8
Combined Ratio
The combined ratio of 82.8% in the second quarter of 2026 was 2.5 points higher than the combined ratio of 80.3% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the second quarter of 2026 was 2.5 points higher than the loss and loss adjustment expense ratio of 40.5% in the same period of 2025. The underwriting expense ratio of 39.8% in the second quarter of 2026 was comparable with the same period of 2025.
Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 7.2 points and 8.0 points of benefit, respectively, to the combined ratio. Catastrophe losses in the second quarters of 2026 and 2025 accounted for 0.4 and 0.5 points of the combined ratio. The underlying combined ratio in the second quarter of 2026 was 1.8 points higher than the 2025 ratio on the same basis, primarily reflecting a loss event in the international management liability business.
46
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS, Continued
The combined ratio of 83.0% in the first six months of 2026 was 1.6 points higher than the combined ratio of 81.4% in the same period of 2025. The loss and loss adjustment expense ratio of 43.0% in the first six months of 2026 was 1.2 points higher than the loss and loss adjustment expense ratio of 41.8% in the same period of 2025. The underwriting expense ratio of 40.0% in the first six months of 2026 was 0.4 points higher than the underwriting expense ratio of 39.6% in the same period of 2025.
Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 6.8 points and 7.3 points of benefit, respectively, to the combined ratio. Catastrophe losses in the first six months of 2026 and 2025 accounted for 0.6 points and 1.2 points, respectively, of the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio and the impact of earned pricing.
Business Insurance Combined Ratio
86.8
Combined Ratio
The combined ratio of 86.8% in the second quarter of 2026 was 6.8 points lower than the combined ratio of 93.6% in the same period of 2025. The loss and loss adjustment expense ratio of 56.5% in the second quarter of 2026 was 7.2 points lower than the loss and loss adjustment expense ratio of 63.7% in the same period of 2025. The underwriting expense ratio of 30.3% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 29.9% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.3 points and 6.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.7 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 0.1 points lower than the 2025 ratio on the same basis.
The combined ratio of 90.2% in the first six months of 2026 was 4.7 points lower than the combined ratio of 94.9% in the same period of 2025. The loss and loss adjustment expense ratio of 59.8% in the first six months of 2026 was 5.5 points lower than the loss and loss adjustment expense ratio of 65.3% in the same period of 2025. The underwriting expense ratio of 30.4% for the first six months of 2026 was 0.8 points higher than the underwriting expense ratio of 29.6% in the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 5.6 points and 8.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.4 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was 0.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio.
Business Insurance Loss and Loss Adjustment Expense Ratio
56.5
Combined Ratio
The combined ratio of 86.8% in the second quarter of 2026 was 6.8 points lower than the combined ratio of 93.6% in the same period of 2025. The loss and loss adjustment expense ratio of 56.5% in the second quarter of 2026 was 7.2 points lower than the loss and loss adjustment expense ratio of 63.7% in the same period of 2025. The underwriting expense ratio of 30.3% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 29.9% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.3 points and 6.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.7 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 0.1 points lower than the 2025 ratio on the same basis.
The combined ratio of 90.2% in the first six months of 2026 was 4.7 points lower than the combined ratio of 94.9% in the same period of 2025. The loss and loss adjustment expense ratio of 59.8% in the first six months of 2026 was 5.5 points lower than the loss and loss adjustment expense ratio of 65.3% in the same period of 2025. The underwriting expense ratio of 30.4% for the first six months of 2026 was 0.8 points higher than the underwriting expense ratio of 29.6% in the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 5.6 points and 8.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.4 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was 0.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio.
Business Insurance Underlying Combined Ratio
88.2
Combined Ratio
The combined ratio of 86.8% in the second quarter of 2026 was 6.8 points lower than the combined ratio of 93.6% in the same period of 2025. The loss and loss adjustment expense ratio of 56.5% in the second quarter of 2026 was 7.2 points lower than the loss and loss adjustment expense ratio of 63.7% in the same period of 2025. The underwriting expense ratio of 30.3% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 29.9% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.3 points and 6.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.7 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 0.1 points lower than the 2025 ratio on the same basis.
The combined ratio of 90.2% in the first six months of 2026 was 4.7 points lower than the combined ratio of 94.9% in the same period of 2025. The loss and loss adjustment expense ratio of 59.8% in the first six months of 2026 was 5.5 points lower than the loss and loss adjustment expense ratio of 65.3% in the same period of 2025. The underwriting expense ratio of 30.4% for the first six months of 2026 was 0.8 points higher than the underwriting expense ratio of 29.6% in the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 5.6 points and 8.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.4 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was 0.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio.
Business Insurance Underwriting Expense Ratio
30.3
Combined Ratio
The combined ratio of 86.8% in the second quarter of 2026 was 6.8 points lower than the combined ratio of 93.6% in the same period of 2025. The loss and loss adjustment expense ratio of 56.5% in the second quarter of 2026 was 7.2 points lower than the loss and loss adjustment expense ratio of 63.7% in the same period of 2025. The underwriting expense ratio of 30.3% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 29.9% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.3 points and 6.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.7 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 0.1 points lower than the 2025 ratio on the same basis.
The combined ratio of 90.2% in the first six months of 2026 was 4.7 points lower than the combined ratio of 94.9% in the same period of 2025. The loss and loss adjustment expense ratio of 59.8% in the first six months of 2026 was 5.5 points lower than the loss and loss adjustment expense ratio of 65.3% in the same period of 2025. The underwriting expense ratio of 30.4% for the first six months of 2026 was 0.8 points higher than the underwriting expense ratio of 29.6% in the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 5.6 points and 8.0 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.4 points and 1.4 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was 0.7 points higher than the 2025 ratio on the same basis, primarily reflecting a higher expense ratio.
Combined Ratio
83.6
Combined Ratio
The combined ratio of 83.6% in the second quarter of 2026 was 6.7 points lower than the combined ratio of 90.3% in the same period of 2025. The loss and loss adjustment expense ratio of 54.6% in the second quarter of 2026 was 7.1 points lower than the loss and loss adjustment expense ratio of 61.7% in the same period of 2025. The underwriting expense ratio of 29.0% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 28.6% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.9 points and 8.5 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.4 points and 2.9 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the second quarter of 2026 was 0.6 points lower than the 2025 ratio on the same basis, primarily reflecting the impact of lower losses in Personal Insurance.
The combined ratio of 86.1% in the first six months of 2026 was 10.2 points lower than the combined ratio of 96.3% in the same period of 2025. The loss and loss adjustment expense ratio of 57.1% for the first six months of 2026 was 10.8 points lower than the loss and loss adjustment expense ratio of 67.9% in the same period of 2025. The underwriting expense ratio of 29.0% for the first six months of 2026 was 0.6 points higher than the underwriting expense ratio of 28.4% in the same period of 2025. The Company expects the full year 2026 expense ratio to be approximately 28.5%.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 6.0 points and 14.8 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.6 points and 3.2 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was comparable with the 2025 ratio on the same basis.
Loss and Loss Adjustment Expense Ratio
54.6
Combined Ratio
The combined ratio of 83.6% in the second quarter of 2026 was 6.7 points lower than the combined ratio of 90.3% in the same period of 2025. The loss and loss adjustment expense ratio of 54.6% in the second quarter of 2026 was 7.1 points lower than the loss and loss adjustment expense ratio of 61.7% in the same period of 2025. The underwriting expense ratio of 29.0% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 28.6% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.9 points and 8.5 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.4 points and 2.9 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the second quarter of 2026 was 0.6 points lower than the 2025 ratio on the same basis, primarily reflecting the impact of lower losses in Personal Insurance.
The combined ratio of 86.1% in the first six months of 2026 was 10.2 points lower than the combined ratio of 96.3% in the same period of 2025. The loss and loss adjustment expense ratio of 57.1% for the first six months of 2026 was 10.8 points lower than the loss and loss adjustment expense ratio of 67.9% in the same period of 2025. The underwriting expense ratio of 29.0% for the first six months of 2026 was 0.6 points higher than the underwriting expense ratio of 28.4% in the same period of 2025. The Company expects the full year 2026 expense ratio to be approximately 28.5%.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 6.0 points and 14.8 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.6 points and 3.2 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was comparable with the 2025 ratio on the same basis.
Personal Insurance Combined Ratio
79.5
Combined Ratio
The combined ratio of 79.5% in the second quarter of 2026 was 8.9 points lower than the combined ratio of 88.4% in the same period of 2025. The loss and loss adjustment expense ratio of 54.9% in the second quarter of 2026 was 9.1 points lower than the loss and loss adjustment expense ratio of 64.0% in the same period of 2025. The underwriting expense ratio of 24.6% in the second quarter of 2026 was 0.2 points higher than the underwriting expense ratio of 24.4% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 6.7 points and 12.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 4.5 points and 3.6 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 2.0 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
The combined ratio of 81.2% in the first six months of 2026 was 20.5 points lower than the combined ratio of 101.7% in the same period of 2025. The loss and loss adjustment expense ratio of 56.9% in the first six months of 2026 was 20.5 points lower than the loss and loss adjustment expense ratio of 77.4% in the same period of 2025. The underwriting expense ratio of 24.3% in the first six months of 2026 was comparable with the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 7.9 points and 26.6 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of both 2026 and 2025 provided 4.5 points of benefit to the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.8 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
Personal Insurance Loss and Loss Adjustment Expense Ratio
54.9
Combined Ratio
The combined ratio of 79.5% in the second quarter of 2026 was 8.9 points lower than the combined ratio of 88.4% in the same period of 2025. The loss and loss adjustment expense ratio of 54.9% in the second quarter of 2026 was 9.1 points lower than the loss and loss adjustment expense ratio of 64.0% in the same period of 2025. The underwriting expense ratio of 24.6% in the second quarter of 2026 was 0.2 points higher than the underwriting expense ratio of 24.4% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 6.7 points and 12.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 4.5 points and 3.6 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 2.0 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
The combined ratio of 81.2% in the first six months of 2026 was 20.5 points lower than the combined ratio of 101.7% in the same period of 2025. The loss and loss adjustment expense ratio of 56.9% in the first six months of 2026 was 20.5 points lower than the loss and loss adjustment expense ratio of 77.4% in the same period of 2025. The underwriting expense ratio of 24.3% in the first six months of 2026 was comparable with the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 7.9 points and 26.6 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of both 2026 and 2025 provided 4.5 points of benefit to the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.8 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
Personal Insurance Underlying Combined Ratio
77.3
Combined Ratio
The combined ratio of 79.5% in the second quarter of 2026 was 8.9 points lower than the combined ratio of 88.4% in the same period of 2025. The loss and loss adjustment expense ratio of 54.9% in the second quarter of 2026 was 9.1 points lower than the loss and loss adjustment expense ratio of 64.0% in the same period of 2025. The underwriting expense ratio of 24.6% in the second quarter of 2026 was 0.2 points higher than the underwriting expense ratio of 24.4% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 6.7 points and 12.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 4.5 points and 3.6 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 2.0 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
The combined ratio of 81.2% in the first six months of 2026 was 20.5 points lower than the combined ratio of 101.7% in the same period of 2025. The loss and loss adjustment expense ratio of 56.9% in the first six months of 2026 was 20.5 points lower than the loss and loss adjustment expense ratio of 77.4% in the same period of 2025. The underwriting expense ratio of 24.3% in the first six months of 2026 was comparable with the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 7.9 points and 26.6 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of both 2026 and 2025 provided 4.5 points of benefit to the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.8 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
Personal Insurance Underwriting Expense Ratio
24.6
Combined Ratio
The combined ratio of 79.5% in the second quarter of 2026 was 8.9 points lower than the combined ratio of 88.4% in the same period of 2025. The loss and loss adjustment expense ratio of 54.9% in the second quarter of 2026 was 9.1 points lower than the loss and loss adjustment expense ratio of 64.0% in the same period of 2025. The underwriting expense ratio of 24.6% in the second quarter of 2026 was 0.2 points higher than the underwriting expense ratio of 24.4% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 6.7 points and 12.7 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 4.5 points and 3.6 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the second quarter of 2026 was 2.0 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
The combined ratio of 81.2% in the first six months of 2026 was 20.5 points lower than the combined ratio of 101.7% in the same period of 2025. The loss and loss adjustment expense ratio of 56.9% in the first six months of 2026 was 20.5 points lower than the loss and loss adjustment expense ratio of 77.4% in the same period of 2025. The underwriting expense ratio of 24.3% in the first six months of 2026 was comparable with the same period of 2025.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 7.9 points and 26.6 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of both 2026 and 2025 provided 4.5 points of benefit to the combined ratio. The underlying combined ratio in the first six months of 2026 was 1.8 points lower than the 2025 ratio on the same basis, primarily reflecting the impacts of (i) lower losses in the automobile product line and (ii) lower non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iii) higher non-weather losses in the homeowners and other product line.
Underlying Combined Ratio
84.1
Combined Ratio
The combined ratio of 83.6% in the second quarter of 2026 was 6.7 points lower than the combined ratio of 90.3% in the same period of 2025. The loss and loss adjustment expense ratio of 54.6% in the second quarter of 2026 was 7.1 points lower than the loss and loss adjustment expense ratio of 61.7% in the same period of 2025. The underwriting expense ratio of 29.0% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 28.6% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.9 points and 8.5 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.4 points and 2.9 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the second quarter of 2026 was 0.6 points lower than the 2025 ratio on the same basis, primarily reflecting the impact of lower losses in Personal Insurance.
The combined ratio of 86.1% in the first six months of 2026 was 10.2 points lower than the combined ratio of 96.3% in the same period of 2025. The loss and loss adjustment expense ratio of 57.1% for the first six months of 2026 was 10.8 points lower than the loss and loss adjustment expense ratio of 67.9% in the same period of 2025. The underwriting expense ratio of 29.0% for the first six months of 2026 was 0.6 points higher than the underwriting expense ratio of 28.4% in the same period of 2025. The Company expects the full year 2026 expense ratio to be approximately 28.5%.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 6.0 points and 14.8 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.6 points and 3.2 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was comparable with the 2025 ratio on the same basis.
Underwriting Expense Ratio
29
Combined Ratio
The combined ratio of 83.6% in the second quarter of 2026 was 6.7 points lower than the combined ratio of 90.3% in the same period of 2025. The loss and loss adjustment expense ratio of 54.6% in the second quarter of 2026 was 7.1 points lower than the loss and loss adjustment expense ratio of 61.7% in the same period of 2025. The underwriting expense ratio of 29.0% in the second quarter of 2026 was 0.4 points higher than the underwriting expense ratio of 28.6% in the same period of 2025.
Catastrophe losses in the second quarters of 2026 and 2025 accounted for 4.9 points and 8.5 points, respectively, of the combined ratio. Net favorable prior year reserve development in the second quarters of 2026 and 2025 provided 5.4 points and 2.9 points of benefit, respectively, to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (“underlying combined ratio”) in the second quarter of 2026 was 0.6 points lower than the 2025 ratio on the same basis, primarily reflecting the impact of lower losses in Personal Insurance.
The combined ratio of 86.1% in the first six months of 2026 was 10.2 points lower than the combined ratio of 96.3% in the same period of 2025. The loss and loss adjustment expense ratio of 57.1% for the first six months of 2026 was 10.8 points lower than the loss and loss adjustment expense ratio of 67.9% in the same period of 2025. The underwriting expense ratio of 29.0% for the first six months of 2026 was 0.6 points higher than the underwriting expense ratio of 28.4% in the same period of 2025. The Company expects the full year 2026 expense ratio to be approximately 28.5%.
Catastrophe losses in the first six months of 2026 and 2025 accounted for 6.0 points and 14.8 points, respectively, of the combined ratio. Net favorable prior year reserve development in the first six months of 2026 and 2025 provided 4.6 points and 3.2 points of benefit, respectively, to the combined ratio. The underlying combined ratio in the first six months of 2026 was comparable with the 2025 ratio on the same basis.