Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

2 Reasons to Like TRV (and 1 Not So Much)

TRV Cover Image

While the S&P 500 is up 15.6% since March 2025, Travelers (currently trading at $277 per share) has lagged behind, posting a return of 6.8%. This may have investors wondering how to approach the situation.

Find out in our full research report, it’s free.

Why Does Travelers Spark Debate?

Tracing its roots back to 1853 when it insured travelers against accidents on steamboats and railroads, Travelers (NYSE: TRV) provides a wide range of commercial and personal property and casualty insurance products to businesses, government units, associations, and individuals.

Two Things to Like:

1. Net Premiums Earned Drive Additional Growth Opportunities

When insurers sell policies, they protect themselves from extremely large losses or an outsized accumulation of losses with reinsurance (insurance for insurance companies). Net premiums earned are therefore net of what’s ceded to reinsurers as a risk mitigation and transfer strategy.

Travelers’s net premiums earned has grown at a 10.3% annualized rate over the last two years, a step above the broader insurance industry and in line with its total revenue.

Travelers Trailing 12-Month Net Premiums Earned

2. Projected BVPS Growth Is Remarkable

An insurer’s book value per share (BVPS) increases when it maintains a profitable combined ratio and effectively manages its investment portfolio.

Over the next 12 months, Consensus estimates call for Travelers’s BVPS to grow by 24.2% to $144.55, elite growth rate.

Travelers Quarterly Book Value per Share

One Reason to be Careful:

Steady Increase in BVPS Highlights Solid Asset Growth

We consider book value per share (BVPS) a critical metric for insurance companies. BVPS represents the total net worth per share, providing insight into a company’s financial strength and ability to meet policyholder obligations.

Although Travelers’s BVPS increased by a meager 4.3% annually over the last five years, the good news is that its growth has recently accelerated as BVPS grew at a solid 17.2% annual clip over the past two years (from $95.48 to $131.13 per share).

Travelers Quarterly Book Value per Share

Final Judgment

Travelers’s merits more than compensate for its flaws. With its shares trailing the market in recent months, the stock trades at 2× forward P/B (or $277 per share). Is now the time to initiate a position? See for yourself in our comprehensive research report, it’s free.

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