Financial Performance: Financial Highlights
As of and for the year ended December 31. Dollar amounts in millions, except per share amounts.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Earned premiums |
$43,914 |
$41,941 |
$37,761 |
$33,763 |
$30,855 |
| Total revenues |
$48,828 |
$46,423 |
$41,364 |
$36,884 |
$34,816 |
| Core income |
$6,325 |
$5,025 |
$3,072 |
$2,998 |
$3,522 |
| Net income |
$6,288 |
$4,999 |
$2,991 |
$2,842 |
$3,662 |
| Net income per diluted share |
$27.43 |
$21.47 |
$12.79 |
$11.77 |
$14.49 |
| Total investments1 |
$101,182 |
$94,223 |
$88,810 |
$80,454 |
$87,375 |
| Total assets |
$143,708 |
$133,189 |
$125,978 |
$115,717 |
$120,466 |
| Shareholders’ equity |
$32,894 |
$27,864 |
$24,921 |
$21,560 |
$28,887 |
| Return on equity |
21.0% |
19.2% |
13.6% |
12.2% |
12.7% |
| Core return on equity |
19.4% |
17.2% |
11.5% |
11.3% |
13.7% |
| Book value per share |
$151.21 |
$122.97 |
$109.19 |
$92.90 |
$119.77 |
| Dividends per share |
$4.35 |
$4.15 |
$3.93 |
$3.67 |
$3.49 |
|
1 Excludes $3,347 million of invested assets classified as held for sale as of December 31, 2025. See the Non-GAAP Reconciliations section for a discussion and calculation of non-GAAP financial measures. |
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More about financial performance
2025 results
Travelers delivered core income of $6.3 billion, or $27.59 of core income per diluted share, generating core return on equity of 19.4% – a meaningful spread over both the 10-year Treasury and our cost of equity.
Delivering value over time
The success of our strategy – with all its component parts – drives our total return to shareholders over time.
Non-GAAP reconciliations
Review tables that provide reconciliations of certain GAAP financial measures to non-GAAP financial measures.