The Travelers Companies Inc

TRV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Travelers Earnings: Strong Quarter as Personal Auto Improves

Brett Horn

Oct 17, 2024

Travelers delivered a strong third quarter, with the narrow-moat company generating an annualized return on equity of 19%, well above our long-term expectation. Travelers has been benefiting from a strong commercial insurance market, but this positive had been partially offset by weakness in personal auto. However, the personal auto market has improved markedly, and the company is also seeing a significant benefit from higher interest rates. We will maintain our $214 fair value estimate and see the shares as modestly overvalued. We think the market is a bit too focused on the near-term tailwinds that Travelers and its peers are enjoying.

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The Travelers Companies Inc

Travelers Earnings: Strong Quarter as Personal Auto Improves

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