Morgan Stanley Keeps Equal Weight Rating for The Travelers Companies, Inc. (TRV)

The Travelers Companies, Inc. (NYSE: TRV) has emerged as one of the top 12 performing Dow stocks in 2025.

Morgan Stanley has maintained its Equal Weight rating for Travelers while raising its price target from $285 to $295, following updates to its insurance-sector models by analyst Bob Huang. The firm expects a softening trend in the property-and-casualty insurance market to continue through 2026.

In its third-quarter earnings report, Travelers revealed that net written premiums increased to $11.5 billion. Business Insurance grew 3% year-over-year to $5.7 billion, Bond & Specialty Insurance reached $1.1 billion, and Personal Insurance totaled $4.7 billion.

Chief Financial Officer Daniel Frey noted that the company anticipates an expense ratio of 28.5% for 2025 and expects to maintain it at the same level in 2026. Fixed-income net investment income is projected at approximately $810 million after taxes for Q4 2025, with total fixed-income NII expected to surpass $3.3 billion in 2026.

Frey also highlighted plans to increase share repurchases to around $1.3 billion in the fourth quarter, citing an improved capital position and higher investment-income projections.

Analysts at Morningstar emphasize that Travelers benefits from a strong economic moat, largely due to its robust commercial insurance operations. The company provides both commercial and personal insurance solutions across a wide spectrum of offerings.

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• Morgan Stanley Maintains An Equal Weight Rating On The Travelers Companies, Inc. (TRV)