Starting in 10 Minutes: BMO Conference Call on Bull-Bear Debates

Research evidence excerpt

Starting in 10 Minutes: BMO Conference Call on Bull-Bear Debates

June 18, 2026 | 09:50 ET~

The Travelers Companies

TRV-NYSE Rating Price: Jun-17 Target Total Rtn Insurance Property & Casualty

Outperform $306.07 $314.00 4%

Michael Zaremski Analyst

michael.zaremski@bmo.com (646) 873-5043

Jack Matten, CFA VP Associate

Starting in 10 Minutes: BMO Conference Call on Bull- jack.matten@bmo.com (212) 671-8000

Charlie Lederer, CPA VP AssociateBear Debates

charlie.lederer@bmo.com (347) 839-0835

Bottom Line: Daniel Cohen Senior Associate

We continue to rate TRV shares outperform while short interest is at a 10-year high daniel.cohen@bmo.com (646) 873-5139

and nearly two standard deviations above the long-term average. In this report, we Legal Entity: BMO Capital Markets Corp.

address the bull and bear debates currently ongoing with respect to TRV. Join our

2YR Price Volume Chart

conference call on this debate in 10 minutes. Please reply to this email or contact your 340

BMO salesperson for the zoom link. 320300

5Key Points 260 4 240

We see continued reserve release beats in TRV's commercial insurance portfolio driven 200 21

by increased conservatism, validated through higher IBNR levels and lower paid- 180 0 Dec Jun Dec Jun

incurred levels. LHS: Price ($) / RHS: Volume (mm) Source: FactSet

We see EPS upside to net investment income (given spread between new money rates Company Data in $

and existing bond yields) and buybacks as growth slows. Dividend $5.00 Shares O/S (mm) 212.6

That being said, we provide a Fair and Balanced bull/bear debate in the slide deck to Yield 1.6% Market Cap (mm) $65,083

follow.

P/BV 2.0x Book Value $150.45

Exhibit 1 - TRV Bull/Bear Matrix Summary BMO Estimates in $

Key Debate Outlook BMO Commentary

(FY-Dec.) 2025A 2026E 2027E