The Travelers Companies Inc

TRV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$963.00	Ygrng	Pgqyncq

Travelers Delivers Solid Third Quarter Despite Catastrophe Losses

Brett Horn

Oct 19, 2022

Travelers reported a solid third quarter, although catastrophe losses and mark-to-market investment losses acted as a drag on reported profitability. We consider the annualized return on equity of 9% in the quarter to be a reasonable result for the narrow-moat company in light of these factors. We will maintain our $190 fair value estimate and see the shares as modestly undervalued.

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