Travelers vs W. R. Berkley: Revenue, Profit and Business Model
Travelers had $48.8B of annual revenue in FY2025 and $6.3B of net income. W. R. Berkley had $14.7B of annual revenue in FY2025 and $1.8B of net income.
Latest financial snapshot
Travelers
- Latest annual revenue
- $48.8B (FY2025)
- Net income
- $6.3B
- Net margin
- 12.9%
- Revenue growth
- +6.5% a year, FY2016–FY2025
W. R. Berkley
- Latest annual revenue
- $14.7B (FY2025)
- Net income
- $1.8B
- Net margin
- 12.1%
- Revenue growth
- +7.5% a year, FY2016–FY2025
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.
W. R. Berkley
FY2025 total revenues rose to $14.71B from $13.64B in FY2024, and net income to common stockholders was $1.78B. In Q2 2026, total revenues were $3.72B, net income to common stockholders was $452.3M (up 12.7%), operating income was $497.1M, and the GAAP combined ratio was 90.0%. Annualized return on beginning equity was 18.6%. Book value per share was $26.50 at June 30, 2026, and total assets were $45.68B. W. R. Berkley Corporation is a massive American commercial lines property and casualty insurance holding company, sustaining a market valuation typically exceeding $20 billion.
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 |
W. R. Berkley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.7B | $1.8B | 12.1% | +7.8% | Source |
| FY2024 | $13.6B | $1.8B | 12.9% | +12.3% | Source |
| FY2023 | $12.1B | $1.4B | 11.4% | +8.7% | Source |
| FY2022 | $11.2B | $1.4B | 12.4% | +18.1% | Source |
| FY2021 | $9.5B | $1B | 10.8% | +16.7% | Source |
| FY2020 | $8.1B | $530.7M | 6.6% | +2.5% | Source |
| FY2019 | $7.9B | $681.9M | 8.6% | +2.7% | Source |
| FY2018 | $7.7B | $640.7M | 8.3% | +0.1% | Source |
| FY2017 | $7.7B | $549.1M | 7.1% | +0.4% | Source |
| FY2016 | $7.7B | $601.9M | 7.9% | — | 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.
W. R. Berkley
- Net Premiums Earned
About 85% of H1 2026 total revenues
$6.30B in the first six months of 2026 across the Insurance and Reinsurance & Monoline Excess segments.
- Net Investment Income
About 11% of H1 2026 total revenues
$823.0M in the first six months of 2026 from the core portfolio, investment funds and the arbitrage trading account.
- Non-Insurance Businesses
About 4% of H1 2026 total revenues
$291.0M of revenues from non-insurance businesses in the first six months of 2026.
- Insurance Service Fees
Under 1% of H1 2026 total revenues
$58.8M in the first six months of 2026.
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.
W. R. Berkley
How it makes money
W. R. Berkley collects premiums for commercial insurance and reinsurance, pays claims over time, and invests the money it holds in the meantime. The Insurance segment writes other liability, short-tail lines (such as commercial multi-peril property, inland marine, accident and health, surety and high net worth homeowners), commercial auto, workers' compensation and professional liability.
Growth strategy
W. R. Berkley grows by expanding specialty units where pricing is adequate, starting new units for niche markets, and returning surplus capital through regular and special dividends and share buybacks. It repurchased 6.16M shares for $413.9M in the first half of 2026.
Competitive advantage
W. R. Berkley's edge comes from its structure. Specialized units underwrite close to their markets and can shrink business that is priced too low while growing lines that offer better risk-adjusted returns. In Q2 2026, Insurance segment gross premiums written grew 5.4% while Reinsurance & Monoline Excess premiums fell, which is an example of that cycle management.
Questions about Travelers vs W. R. Berkley
Which company has higher revenue — The Travelers Companies, Inc. or W. R. Berkley Corporation?
The Travelers Companies, Inc. had $48.8B (FY2025), while W. R. Berkley Corporation had $14.7B (FY2025). By latest annual revenue, The Travelers Companies, Inc. is the larger business, with W. R. Berkley Corporation showing a smaller revenue base.
What is the market cap of The Travelers Companies, Inc. vs W. R. Berkley Corporation?
The Travelers Companies, Inc.'s market capitalisation stands at $77.0B, while W. R. Berkley Corporation's is $22.3B. The Travelers Companies, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to W. R. Berkley Corporation.
How does revenue per employee compare for The Travelers Companies, Inc. and W. R. Berkley Corporation?
The Travelers Companies, Inc. has $1.50M / employee in revenue per employee, while W. R. Berkley Corporation has $1.67M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do The Travelers Companies, Inc. and W. R. Berkley Corporation make money?
The Travelers Companies, Inc. and W. R. Berkley Corporation 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. W. R. Berkley Corporation: W.
Which company is valued higher relative to revenue — The Travelers Companies, Inc. or W. R. Berkley Corporation?
On a price-to-sales (P/S) basis, The Travelers Companies, Inc. trades at 1.6x P/S and W. R. Berkley Corporation at 1.5x P/S. The Travelers Companies, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to W. R. Berkley Corporation. 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 W. R. Berkley Corporation?
By last reported revenue, The Travelers Companies, Inc. ($48.8B (FY2025)) is the larger company compared to W. R. Berkley Corporation ($14.7B (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 W. R. Berkley overview