Shareholders’ Information

Your dividends

The Travelers Companies, Inc. has paid cash dividends without interruption for 145 years. Our most recent quarterly dividend of $0.67 per share was declared on January 24, 2017, payable March 31, 2017, to shareholders of record as of March 10, 2017.

Automatic dividend reinvestment program

This program provides a convenient opportunity for our shareholders to increase their holding of Travelers common stock. An explanatory brochure and enrollment card may be obtained by calling our stock transfer agent, Wells Fargo Bank, N.A., at 888.326.5102, or by mailing a request to the address below.

Stock transfer agent and registrar

For address changes, dividend checks, direct deposits of dividends, account consolidations, registration changes, lost stock certificates and general stock holding questions, please contact:

Wells Fargo Bank, N.A.
Shareowner Services
P.O. Box 64854
Saint Paul, MN 55164-0854

Toll Free: 888.326.5102
Outside U.S. and Canada: 651.450.4064
shareowneronline.com

Financial information available

Travelers makes available, free of charge on its website, all of its filings that are made electronically to the SEC, including Forms 10-K, 10-Q and 8-K. To access these filings, go to travelers.com > For Investors > Financial Information > SEC Filings.

Requests for additional information may be directed to:
The Travelers Companies, Inc.
485 Lexington Avenue
New York, NY 10017-2630
Investor Relations, NY08EX
Attn: Gabriella Nawi

917.778.6844
ShareholderRelations@travelers.com

Annual Meeting of Shareholders

The Annual Meeting of Shareholders will be held on May 18, 2017, at The Hartford Marriott Downtown, 200 Columbus Boulevard, Hartford, CT 06103-2807. Commencing March 31, we plan to send proxy materials, or a notice of internet availability of proxy materials, to shareholders of record as of the close of business on March 21, 2017. The notice will provide instructions on where to access our Proxy Statement and Annual Report as well as how to vote your shares electronically. The notice also includes instructions on how to request a printed copy of our proxy materials.

Stock price and dividend rate

The Travelers Companies, Inc. common stock is listed on the New York Stock Exchange (NYSE) and is publicly traded under the ticker symbol “TRV”.

The following tables set forth the quarterly high and low closing sales prices of The Travelers Companies, Inc. common stock, as well as the amount of quarterly cash dividends declared per share for years 2016 and 2015.

2016 High Low Cash Dividend
Declared
First Quarter $117.43 $102.08 $0.61
Second Quarter 119.04 108.79 0.67
Third Quarter 119.29 113.71 0.67
Fourth Quarter 122.57 104.67 0.67
2015 High Low Cash Dividend
Declared
First Quarter $109.73 $102.82 $0.55
Second Quarter 108.67 96.14 0.61
Third Quarter 107.82 97.49 0.61
Fourth Quarter 115.83 98.34 0.61

Additional information

We have included the tables below to provide a reconciliation of the following items used in this Annual Report: (i) net income to operating income, (ii) shareholders’ equity to adjusted shareholders’ equity, which are components of the return on equity and operating return on equity ratios and (iii) a calculation of return on equity and operating return on equity.

For the year ended December 31,
(Dollars in millions, after-tax) 2016 2015 2014 2013 2012
Reconcilation of net income to operating income
Net income $3,014 $3,439 $3,692 $3,673 $2,473
Less: Net realized investment gains 47 2 51 106 32
Operating income $2,967 $3,437 $3,641 $3,567 $2,441
As of December 31,
(Dollars in millions) 2016 2015 2014 2013 2012 2011
Reconcilation of shareholders’ equity to adjusted shareholders’ equity
Shareholders’ equity $23,221 $23,598 $24,836 $24,796 $25,405 $24,477
Less: Net unrealized investment gains, net of tax 730 1,289 1,966 1,322 3,103 2,871
Less: Net realized investment gains, net of tax 47 2 51 106 32 36
Adjusted shareholders’ equity $22,444 $22,307 $22,819 $23,368 $22,270 $21,570
For the year ended December 31,
(Dollars in millions) 2016 2015 2014 2013 2012
Calculation of return on equity and operating return on equity
Net income $3,014 $3,439 $3,692 $3,673 $2,473
Average shareholders’ equity 24,182 24,304 25,264 25,099 25,192
Return on equity 12.5% 14.2% 14.6% 14.6% 9.8%
Operating income $2,967 $3,437 $3,641 $3,567 $2,441
Adjusted average shareholders’ equity 22,386 22,681 23,447 23,004 22,158
Operating return on equity 13.3% 15.2% 15.5% 15.5% 11.0%

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, and net realized investment gains (losses), net of tax, for the period presented. 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. Operating return on equity is the ratio of (a) operating 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.