Travelers vs Unilever: Revenue, Profit and Business Model
Travelers reported $48.8B of revenue in FY2025 and $6.3B of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income.
Latest financial snapshot
Financial summary
Travelers
Travelers reported $48.828 billion in total revenues and $6.288 billion in net income for 2025, up from $46.423 billion and $4.999 billion in 2024. Core income was about $6.3 billion, or $27.59 per diluted share, for a core return on equity of 19.4%, and net written premiums reached a record $44.4 billion. Results kept improving in 2026: second-quarter net income was $2.208 billion ($10.26 per diluted share) versus $1.509 billion a year earlier, with an 83.6% combined ratio, $518 million of catastrophe losses and $883 million of after-tax net investment income. The company returned $1.577 billion to shareholders in that quarter alone.
Unilever
Unilever's 2025 turnover from continuing operations was ~$57.1 billion (EUR 50.5 billion), down 3.8% in reported terms because of adverse currency moves and disposals, even as underlying sales grew 3.5% with 1.5% from volume. Free cash flow was ~$6.67 billion (EUR 5.9 billion), about $757 million (EUR 670 million) of productivity savings had been delivered by the end of 2025, and the company announced a new ~$1.69 billion (EUR 1.5 billion) share buyback. Momentum improved in 2026: first-half turnover was ~$28.9 billion (EUR 25.6 billion) (up 0.5%), underlying sales grew 4.8% with 4.2% volume, Q2 underlying growth reached 5.8%, and the underlying operating margin was 20.3%. Unilever raised its full-year outlook after the H1 2026 results.
Revenue and profit by year
Travelers
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.8B | $6.3B | 12.9% | +5.2% | Source |
| FY2024 | $46.4B | $5B | 10.8% | +12.2% | Source |
| FY2023 | $41.4B | $3B | 7.2% | +12.1% | Source |
| FY2022 | $36.9B | $2.8B | 7.7% | +5.9% | Source |
| FY2021 | $34.8B | $3.7B | 10.5% | +8.9% | Source |
| FY2020 | $32B | $2.7B | 8.4% | +1.3% | Source |
| FY2019 | $31.6B | $2.6B | 8.3% | +4.3% | Source |
| FY2018 | $30.3B | $2.5B | 8.3% | +4.8% | Source |
| FY2017 | $28.9B | $2.1B | 7.1% | +4.6% | Source |
| FY2016 | $27.6B | $3B | 10.9% | — | Source |
Unilever
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1B | ~$10.7B | 18.7% | -3.8% | Source |
| FY2024 | ~$59.3B | ~$6.5B | 10.9% | +1.5% | Source |
| FY2023 | ~$58.4B | ~$7.3B | 12.6% | -14.0% | Source |
| FY2022 | ~$67.9B | ~$8.6B | 12.7% | +14.5% | Source |
| FY2021 | ~$59.3B | ~$6.8B | 11.5% | +3.4% | Source |
| FY2020 | ~$57.3B | ~$6.3B | 11.0% | -2.4% | Source |
| FY2019 | ~$58.7B | ~$6.4B | 10.8% | +2.0% | Source |
| FY2018 | ~$57.6B | ~$10.6B | 18.4% | -5.1% | Source |
| FY2017 | ~$60.7B | ~$6.8B | 11.2% | +1.9% | Source |
| FY2016 | ~$59.6B | ~$5.9B | 9.8% | — | Source |
Where the revenue comes from
Travelers
- Net earned premiums~88%
Premiums from Business Insurance, Bond & Specialty Insurance and Personal Insurance policies. Travelers wrote a record $44.4 billion of net premiums in 2025.
- Net investment income~9%
Income from the high-grade, mostly fixed-income portfolio funded by policyholder float and shareholder capital.
- Fee income and other revenues~3%
Fees from servicing workers' compensation residual-market pools and national accounts, plus other revenues such as Simply Business brokerage commissions.
Unilever
- Power Brands
78% of 2025 turnover
Dove, Vaseline, Rexona, Sunsilk, OMO, Knorr and the other Power Brands made up 78% of turnover in 2025.
- Beauty & Wellbeing
Not formally reported
One of four business groups reported after the 2025 Ice Cream demerger; it includes prestige beauty and wellbeing supplements.
- Personal Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Home Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Foods
Not formally reported
Largely to be combined with McCormick in a pending transaction; it includes Unilever Food Solutions for foodservice.
Business model and strategy
Travelers
How it makes money
The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model. The company generates revenue through two complementary engines: insurance premium collection across Business Insurance, Bond & Specialty Insurance, and Personal Insurance, and net investment income generated by its large, high-grade fixed-income float portfolio exceeding $100 billion.
Growth strategy
Travelers' growth strategy is built around its dual 'Perform and Transform' framework. Under 'Perform', the company emphasizes underwriting discipline, granular risk pricing, aggressive claims management, and investment yield optimization across its three core divisions: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
Competitive advantage
Travelers has brand trust, deep agent and broker relationships, underwriting data, claim infrastructure, financial strength, and specialty capabilities such as surety. Its independent-agent reach gives it broad commercial distribution without building a purely direct-to-consumer marketing machine.
Unilever
How it makes money
Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce. After the 2025 Ice Cream demerger it reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its Power Brands, such as Dove, Vaseline, Rexona, Sunsilk, OMO and Knorr, made up 78% of turnover in 2025.
Growth strategy
Under Fernando Fernandez, Unilever is concentrating investment behind about 30 Power Brands, increasing marketing spend through social and influencer channels, rotating the portfolio toward premium beauty and wellbeing (2025 deals included Dr. Squatch, Wild and Minimalist), and separating lower-growth food and ice cream assets.
Competitive advantage
Unilever's advantage is a mix of trusted brands, emerging-market distribution, local manufacturing, repeat-purchase categories, Power Brand marketing scale, and deep category knowledge in personal care, home care, beauty, and foods.
Questions about Travelers vs Unilever
Which company has higher revenue — The Travelers Companies, Inc. or Unilever PLC?
The Travelers Companies, Inc. reported $48.8B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, Unilever PLC is the larger business, with The Travelers Companies, Inc. reporting a smaller revenue base.
What is the market cap of The Travelers Companies, Inc. vs Unilever PLC?
The Travelers Companies, Inc.'s market capitalisation stands at $77.0B, while Unilever PLC's is $132.5B. Unilever PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Travelers Companies, Inc..
Which is more financially efficient — The Travelers Companies, Inc. or Unilever PLC?
The Travelers Companies, Inc. generates $1.50M / employee in revenue per employee, while Unilever PLC generates $594k / employee. The Travelers Companies, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Travelers Companies, Inc. and Unilever PLC make money?
The Travelers Companies, Inc. and Unilever PLC generate revenue in fundamentally different ways. The Travelers Companies, Inc.: The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model. Unilever PLC: Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce.
Which company is valued higher relative to revenue — The Travelers Companies, Inc. or Unilever PLC?
On a price-to-sales (P/S) basis, The Travelers Companies, Inc. trades at 1.6x P/S and Unilever PLC at 2.3x P/S. Unilever PLC commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Travelers Companies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Travelers Companies, Inc. bigger than Unilever PLC?
By last reported revenue, Unilever PLC (~$57.1B (FY2025)) is the larger company compared to The Travelers Companies, Inc. ($48.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Travelers vs Unilever overview