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Section 1: 10-Q (10-Q)

trv-20200630
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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, 2020
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 filerSmaller 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 20, 2020 was 253,191,174.




The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended June 30, 2020
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
   
Item 1. 
   
 
Consolidated Statement of Income (Loss) (Unaudited) — Three Months and Six Months ended June 30, 2020 and 2019
   
 
Consolidated Statement of Comprehensive Income (Unaudited) — Three Months and Six Months Ended June 30, 2020 and 2019
   
 
Consolidated Balance Sheet — June 30, 2020 (Unaudited) and December 31, 2019
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Six Months Ended June 30, 2020 and 2019
   
 
Consolidated Statement of Cash Flows (Unaudited) — Six Months Ended June 30, 2020 and 2019
   
 
   
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,
2020201920202019
Revenues
Premiums$6,955  $6,988  $14,184  $13,843  
Net investment income268  648  879  1,230  
Fee income114  116  222  225  
Net realized investment gains (losses)13  25  (85) 78  
Other revenues51  57  109  129  
Total revenues7,401  7,834  15,309  15,505  
Claims and expenses
Claims and claim adjustment expenses5,107  4,821  9,896  9,263  
Amortization of deferred acquisition costs1,173  1,134  2,351  2,251  
General and administrative expenses1,121  1,125  2,258  2,182  
Interest expense85  89  169  177  
Total claims and expenses7,486  7,169  14,674  13,873  
Income (loss) before income taxes(85) 665  635  1,632  
Income tax expense (benefit)(45) 108  75  279  
Net income (loss)$(40) $557  $560  $1,353  
Net income (loss) per share
Basic$(0.16) $2.11  $2.19  $5.12  
Diluted$(0.16) $2.10  $2.19  $5.08  
Weighted average number of common shares outstanding
Basic251.6  261.3  253.6  262.1  
Diluted251.6  263.7  254.7  264.2  
Cash dividends declared per common share$0.85  $0.82  $1.67  $1.59  

 









The accompanying notes are an integral part of the consolidated financial statements.
3


THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
(in millions)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income (loss)$(40) $557  $560  $1,353  
Other comprehensive income
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income (loss)
2,359  1,108  1,784  2,524  
Having credit losses recognized in the consolidated statement of income (loss)
3  (4) (3) 1  
Net changes in benefit plan assets and obligations21  14  44  26  
Net changes in unrealized foreign currency translation52  5  (216) 55  
Other comprehensive income before income taxes
2,435  1,123  1,609  2,606  
Income tax expense504  235  367  541  
Other comprehensive income, net of taxes1,931  888  1,242  2,065  
Comprehensive income$1,891  $1,445  $1,802  $3,418  
 


































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,
2020
December 31,
2019
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $65,430 and $65,281; allowance for expected credit losses of $8 at June 30, 2020)
$70,054  $68,134  
Equity securities, at fair value (cost $378 and $376)
390  425  
Real estate investments962  963  
Short-term securities6,087  4,943  
Other investments3,108  3,419  
Total investments80,601  77,884  
Cash623  494  
Investment income accrued596  618  
Premiums receivable (net of allowance for expected credit losses of $94 at June 30, 2020)
8,459  7,909  
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $156 at June 30, 2020)
8,093  8,235  
Ceded unearned premiums945  689  
Deferred acquisition costs2,367  2,273  
Contractholder receivables (net of allowance for expected credit losses of $22 at June 30, 2020)
4,314  4,599  
Goodwill3,925  3,961  
Other intangible assets319  330  
Other assets3,095  3,130  
Total assets$113,337  $110,122  
Liabilities  
Claims and claim adjustment expense reserves$53,109  $51,849  
Unearned premium reserves15,198  14,604  
Contractholder payables4,336  4,619  
Payables for reinsurance premiums567  363  
Deferred taxes409  137  
Debt7,049  6,558  
Other liabilities5,726  6,049  
Total liabilities86,394  84,179  
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 253.2 and 255.5 shares issued and outstanding)
23,606  23,469  
Retained earnings37,069  36,977  
Accumulated other comprehensive income1,882  640  
Treasury stock, at cost (525.9 and 522.1 shares)
(35,614) (35,143) 
Total shareholders’ equity26,943  25,943  
Total liabilities and shareholders’ equity$113,337  $110,122  





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,
2020201920202019
Common stock    
Balance, beginning of period$23,542  $23,243  $23,469  $23,144  
Employee share-based compensation29  91  56  145  
Compensation amortization under share-based plans and other changes
35  38  81  83  
Balance, end of period23,606  23,372  23,606  23,372  
Retained earnings    
Balance, beginning of period37,325  35,795  36,977  35,204  
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2020
—  —  (43) —  
Net income (loss)(40) 557  560  1,353  
Dividends(218) (217) (428) (421) 
Other2    3  (1) 
Balance, end of period37,069  36,135  37,069  36,135  
Accumulated other comprehensive income (loss), net of tax
    
Balance, beginning of period(49) (682) 640  (1,859) 
Other comprehensive income1,931  888  1,242  2,065  
Balance, end of period1,882  206  1,882  206  
Treasury stock, at cost    
Balance, beginning of period(35,614) (34,016) (35,143) (33,595) 
Treasury stock acquired — share repurchase authorization  (375) (425) (750) 
Net shares acquired related to employee share-based compensation plans
  (1) (46) (47) 
Balance, end of period(35,614) (34,392) (35,614) (34,392) 
Total shareholders’ equity$26,943  $25,321  $26,943  $25,321  
Common shares outstanding    
Balance, beginning of period252.8  261.9  255.5  263.6  
Treasury stock acquired — share repurchase authorization  (2.6) (3.5) (5.5) 
Net shares issued under employee share-based compensation plans
0.4  1.0  1.2  2.2  
Balance, end of period253.2  260.3  253.2  260.3  
 











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,
20202019
Cash flows from operating activities  
Net income$560  $1,353  
Adjustments to reconcile net income to net cash provided by operating activities:  
Net realized investment (gains) losses85  (78) 
Depreciation and amortization391  401  
Deferred federal income tax expense (benefit)(71) 10  
Amortization of deferred acquisition costs2,351  2,251  
Equity in (income) loss from other investments186  (132) 
Premiums receivable(571) (779) 
Reinsurance recoverables60  151  
Deferred acquisition costs(2,453) (2,408) 
Claims and claim adjustment expense reserves1,455  329  
Unearned premium reserves643  958  
Other(344) (264) 
Net cash provided by operating activities2,292  1,792  
Cash flows from investing activities  
Proceeds from maturities of fixed maturities3,071  3,038  
Proceeds from sales of investments:  
Fixed maturities1,220  1,495  
Equity securities54  71  
Other investments139  240  
Purchases of investments:  
Fixed maturities(4,790) (5,708) 
Equity securities(59) (41) 
Real estate investments(24) (85) 
Other investments(228) (262) 
Net sales (purchases) of short-term securities(1,147) 497  
Securities transactions in course of settlement94  223  
Other(144) (169) 
Net cash used in investing activities(1,814) (701) 
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorization(425) (750) 
Treasury stock acquired — net employee share-based compensation(46) (47) 
Dividends paid to shareholders(426) (419) 
Payment of debt  (500) 
Issuance of debt490  492  
Issuance of common stock — employee share options65  174  
Net cash used in financing activities(342) (1,050) 
Effect of exchange rate changes on cash(7) 2  
Net increase in cash129  43  
Cash at beginning of year494  373  
Cash at end of period$623  $416  
Supplemental disclosure of cash flow information  
Income taxes paid$17  $325  
Interest paid$166  $171  




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, 2019 (the Company’s 2019 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. Certain reclassifications have been made to the 2019 financial statements to conform to the 2020 presentation.

 Adoption of Accounting Standards

Registered Debt Offerings that Include Credit Enhancements from an Affiliate

In March 2020, the Securities and Exchange Commission (SEC) adopted amendments to the financial disclosure requirements related to certain debt securities, including registered debt securities issued by a wholly-owned, operating subsidiary that are fully and unconditionally guaranteed by the parent company. Prior to the amendments, a parent guarantor was required to provide condensed consolidating financial information for so long as the guaranteed securities were outstanding, regardless of whether the subsidiary issuer could have suspended its public reporting obligations under the applicable SEC requirements with respect to the securities. In accordance with the amended requirements, a parent guarantor may cease providing the condensed consolidating financial information if the corresponding subsidiary issuer’s public reporting obligation is suspended. The amendments to the financial disclosure requirements are effective on January 4, 2021; however, the SEC permits voluntary compliance in advance of the effective date.  The Company elected to apply the amended requirements beginning with the quarter ended March 31, 2020, and is no longer providing condensed consolidating financial information that resulted from the registered debt obligations of its subsidiaries, Travelers Property Casualty Corp. and Travelers Insurance Group Holdings Inc., that were disclosed in note 8 of the financial statements in the Company’s 2019 Annual Report.

Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments

In June 2016, the Financial Accounting Standards Board issued updated guidance for the accounting for credit losses for financial instruments. The updated guidance applies a new credit loss model (current expected credit losses or CECL) for determining credit-related impairments for financial instruments measured at amortized cost (including reinsurance recoverables and structured settlements that are recorded as part of reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected.

The updated guidance also amends the previous other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists.

8

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES, Continued

The Company adopted the updated guidance for the quarter ended March 31, 2020. For available-for-sale debt securities, the updated guidance was applied prospectively. For financial instruments measured at amortized cost, the updated guidance was applied by a cumulative effect adjustment to the opening balance of retained earnings as of January 1, 2020, the beginning of the period of adoption. The adoption of this guidance resulted in the recognition of an after-tax cumulative effect adjustment of $43 million to reflect the impact of recognizing expected credit losses, as compared to incurred credit losses recognized under the previous guidance. This adjustment is primarily associated with structured settlements that are recorded as part of reinsurance recoverables. The cumulative effect adjustment decreased retained earnings as of January 1, 2020 and increased the allowance for estimated uncollectible reinsurance.

For additional information regarding accounting standards that the Company adopted during the periods presented, see note 1 of notes to the consolidated financial statements in the Company’s 2019 Annual Report.

Accounting Standards Not Yet Adopted
 
For information regarding accounting standards that the Company has not yet adopted, see the “Other Accounting Standards Not Yet Adopted” section of note 1 of notes to the consolidated financial statements in the Company’s 2019 Annual Report.

Accounting Policies

The following accounting policies have been updated to reflect the Company's adoption of Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments as described above.

Investment Impairments

The Company conducts a periodic review to identify and evaluate invested assets that may have credit impairments.

Credit Impairments of Fixed Maturity Investments

Some of the factors considered in assessing impairment of fixed maturity investments due to credit-related factors include: (1) the extent to which the fair value has been less than amortized cost; (2) the financial condition, near-term and long-term prospects for the issuer, including the relevant industry conditions and trends, and implications of rating agency actions and offering prices; (3) the likelihood of the recoverability of principal and interest; and (4) whether it is more likely than not that the Company will be required to sell the investment prior to an anticipated recovery in value.

Beginning on January 1, 2020, credit losses are recognized through an allowance account. See note 1 - Adoption of Accounting Standards - Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments for additional information.

For fixed maturity investments that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before an anticipated recovery in value, the Company separates the credit loss component of the impairment from the amount related to all other factors and reports the credit loss component in net realized investment gains (losses).  The impairment related to all other factors (non-credit factors) is reported in other comprehensive income. The allowance is adjusted for any additional credit losses and subsequent recoveries. Upon recognizing a credit loss, the cost basis is not adjusted.

For fixed maturity investments where the Company records a credit loss, a determination is made as to the cause of the impairment and whether the Company expects a recovery in the value.  For fixed maturity investments where the Company expects a recovery in value, the constant effective yield method is utilized, and the investment is amortized to par.

For fixed maturity investments the Company intends to sell or for which it is more likely than not that the Company will be required to sell before an anticipated recovery in value, the full amount of the impairment is included in net realized investment gains (losses). The new cost basis of the investment is the previous amortized cost basis less the impairment recognized in net realized investment gains (losses).  The new cost basis is not adjusted for any subsequent recoveries in fair value.

9

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES, Continued

The Company reports investment income accrued separately from fixed maturity investments, available for sale, and has elected not to measure an allowance for credit losses for investment income accrued. Investment income accrued is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payments.

Uncollectible available-for-sale debt securities are written-off when the Company determines that no additional payments of principle or interest will be received.

Reinsurance Recoverables

Amounts recoverable from reinsurers are estimated in a manner consistent with the associated claim liability. Included in reinsurance recoverables are amounts related to certain structured settlements. The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors.  For structured settlements, the allowance is also based upon the Company’s ongoing review of life insurers’ creditworthiness and estimated amounts of coverage that would be available from state guaranty funds if a life insurer defaults. A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the amount of uncollectible reinsurance due to credit-related factors and the estimate is reported in an allowance for estimated uncollectible reinsurance. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers.  Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of claims and claim adjustment expenses.  The Company evaluates and monitors the financial condition of its reinsurers under voluntary reinsurance arrangements to minimize its exposure to significant losses from reinsurer insolvencies.

Contractholder Receivables and Payables

Under certain workers’ compensation insurance contracts with deductible features, the Company is obligated to pay the claimant for the full amount of the claim. The Company is subsequently reimbursed by the policyholder for the deductible amount. These amounts are included on a gross basis in the consolidated balance sheet in both contractholder payables and contractholder receivables. Contractholder receivables are reported net of an allowance for expected credit losses. The allowance is based upon the Company’s ongoing review of amounts outstanding, changes in policyholder credit standing, and other relevant factors.  A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the allowance for expected credit losses.

Premiums and Unearned Premium Reserves

Premiums are recognized as revenues pro rata over the policy period. Unearned premium reserves represent the unexpired portion of policy premiums. Accrued retrospective premiums are included in premium balances receivable. Premium balances receivable are reported net of an allowance for expected credit losses. The allowance is based upon the Company’s ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. Credit risk is partially mitigated by the Company’s ability to cancel the policy if the policyholder does not pay the premium.

10

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
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 notes to the consolidated financial statements in the Company’s 2019 Annual Report.

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
2020    
Premiums$3,735  $693  $2,527  $6,955  
Net investment income180  42  46  268  
Fee income108    6  114  
Other revenues36  5  10  51  
Total segment revenues (1)
$4,059  $740  $2,589  $7,388  
Segment income (loss) (1)
$(58) $72  $10  $24  
2019    
Premiums$3,783  $632  $2,573  $6,988  
Net investment income481  58  109  648  
Fee income111    5  116  
Other revenues30  6  21  57  
Total segment revenues (1)
$4,405  $696  $2,708  $7,809  
Segment income (1)
$351  $174  $88  $