• Travelers average gross margin for 2023 was 35.78%, a 11.28% increase from 2022.
• Travelers average gross margin for 2022 was 40.33%, a 3.4% decline from 2021.
• Travelers average gross margin for 2021 was 41.75%, a 7.99% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.