Travelers Companies (TRV) FY2022 results: revenue $36.9 billion, up 5.9% on the year

Travelers Companies, Inc. (TRV) reported revenue of $36.9 billion for fiscal 2022, the year ended 31 December 2022, up 5.9% on the year before. Net income was $2.8 billion, down 22.4%, and diluted earnings per share $11.77. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$36.9 billion

+5.9% on the year

FY2015FY2022

Operating margin

9.1%

12.8% a year earlier

FY2015FY2022

Net income

$2.8 billion

-22.4% on the year

FY2015FY2022

Diluted EPS

$11.77

-18.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	36,884	34,816	31,981	+5.9%
Selling, general and administrative	4,810	4,677	4,509	+2.8%
Operating income	3,354	4,458	3,237	-24.8%
Operating margin	9.1%	12.8%	10.1%
Interest expense	351	340	339	+3.2%
Pre-tax income	3,354	4,458	3,237	-24.8%
Income tax	512	796	540	-35.7%
Effective tax rate	15.3%	17.9%	16.7%
Net income	2,842	3,662	2,697	-22.4%
Net margin	7.7%	10.5%	8.4%
Diluted EPS	$11.77	$14.49	$10.52	-18.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	6,465	7,274	6,519	-11.1%
Cash from investing	-3,728	-5,196	-4,892
Cash from financing	-2,669	-2,037	-1,416
Depreciation and amortisation	826	870	789	-5.1%
Share-based compensation	183	162	148	+13.0%
Buybacks	2,000	2,156	625	-7.2%
Dividends paid	875	869	861	+0.7%
Diluted shares, weighted	240m	251m	255m	-4.4%
Shares outstanding at period end	232m	241m	252m	-3.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	21,560	28,887	29,201	-25.4%
Debt	7,292	7,290	6,550	+0.0%
Other liabilities	86,865	84,289	81,013	+3.1%
Total liabilities and equity	115,717	120,466	116,764	-3.9%
Goodwill	3,952	4,008	3,976	-1.4%
Intangible assets	287	306	317	-6.2%
Securities held for sale or to maturity	71,160	77,810	74,003	-8.5%
Cash and equivalents	799	761	721	+5.0%
Other assets	39,519	37,581	37,747	+5.2%
Total assets	115,717	120,466	116,764	-3.9%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.