On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Implementation of the revised criteria has not affected our view of the financial strength of the Travelers Insurance Group. We affirmed our 'AA' long-term financial strength ratings on Travelers' core subsidiaries. The stable outlooks indicate the strength of the company's prominent market leadership, robust capital, and strong operating earnings. On June 18, 2024, S&P Global Ratings affirmed its 'AA' long-term financial strength ratings on Travelers' core operating entities. The outlooks remain stable. Applying the revised capital model criteria did not affect our view of Travelers' creditworthiness. The company's total adjusted capital improved modestly because of an increased reserve discount
