旅行者保险 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 The Travelers Companies,Inc. (Exact name of registrant as specified in its charter)_________________________________________________________________ 41-0518860 Minnesota (I.R.S. Employer Identification No.) 485 Lexington AvenueNew York, NY 10017(Address of principal executive offices) (Zip code)(917) 778-6000(Registrant’s telephone number, including area code)______________________________________________________________________________ Name of each exchange on which registered Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule405 of the Securities Act).YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. Yes☐No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was requiredto submit such files). YesNo 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 “emerginggrowth company” in Rule 12b-2 of the Act: Large accelerated filerAccelerated filerNon-accelerated filerSmaller 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 withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No As of June30, 2025, the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates was$59,986,121,526. As of February5, 2026, 216,237,902 shares of the registrant’s common stock (without par value) were outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement relating to the 2026 Annual Meeting of Shareholders are incorporated by reference into PartIII ofthis report. The Travelers Companies,Inc.Annual Report on Form10-KFor Fiscal Year Ended December31, 2025 TABLE OF CONTENTS Item Number PagePartI1.Business31A.Risk Factors411B.Unresolved Staff Comments551C.Cybersecurity552.Properties573.Legal Proceedings574.Mine Safety Disclosures57PartII5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities576.Reserved597.Management’s Discussion and Analysis of Financial Condition and Results of Operations607A.Quantitative and Qualitative Disclosures About Market Risk1148.Financial Statements and Supplementary Data1169.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure2039A.Controls and Procedures2039B.Other Information2069C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections206PartIII10.Directors, Executive Officers and Corporate Governance20611.Executive Compensation20812.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters20813.Certain Relationships and Related Transactions, and Director Independence20914.Principal Accountant Fees and Services209PartIV15.Exhibits and Financial Statement Schedules20916.Form10-K Summary212Signatures213 PART I Item 1.BUSINESS The Travelers Companies, Inc. (together with its consolidated subsidiaries, the Company) is a holding company principally e