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The Hartford Insurance Group, Inc.
As of October 24, 2025
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  AA-  Aa3
Hartford Life and Accident Insurance Company  A+  AA-  A1
Navigators Insurance CompanyA+AA-NR
- Hartford Fire Insurance Company and Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Standard and Poor's and Moody's
'- Navigators Insurance Company ratings are on stable outlook at A.M. Best and Standard and Poor's
Internet address:NR - Not Rated
http://www.thehartford.com
Other Ratings:      
Contact:Senior debt  aA-A3
Kate JorensJunior subordinated debenturesbbb+BBBBaa1
SVP, Treasurer & Head of Investor RelationsPreferred stockbbb+BBBBaa2
Phone (860) 547-4066
-The Hartford Insurance Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on stable outlook at A.M. Best, Standard and Poor’s and Moody’s
Transfer Agent
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Insurance Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Insurance Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


The Hartford Insurance Group, Inc.
Investor Financial Supplement
Table of Contents


Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Financial Results
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Highlights
Net income$1,080 $995 $630 $853 $767 $738 $753 $2,705 $2,258 
Net income available to common stockholders [1]$1,074 $990 $625 $848 $761 $733 $748 $2,689 $2,242 
Core earnings*$1,077 $981 $639 $865 $752 $750 $709 $2,697 $2,211 
Total revenues$7,232 $6,987 $6,810 $6,879 $6,751 $6,486 $6,419 $21,029 $19,656 
Total assets$84,995 $83,639 $82,307 $80,917 $81,219 $79,046 $77,710 
Per Share and Shares Data
Basic earnings per common share
Net income available to common stockholders$3.82 $3.49 $2.18 $2.93 $2.60 $2.48 $2.51 $9.48 $7.59 
Core earnings*$3.83 $3.46 $2.23 $2.99 $2.57 $2.54 $2.38 $9.51 $7.48 
Diluted earnings per common share
Net income available to common stockholders$3.77 $3.44 $2.15 $2.88 $2.56 $2.44 $2.47 $9.34 $7.47 
Core earnings*$3.78 $3.41 $2.20 $2.94 $2.53 $2.50 $2.34 $9.37 $7.37 
Weighted average common shares outstanding (basic)280.9 283.7 286.6 289.3 292.6 295.5 298.1 283.7 295.4 
Dilutive effect of stock compensation4.1 4.0 4.2 4.9 4.9 4.4 4.5 4.1 4.6 
Weighted average common shares outstanding and dilutive potential common shares (diluted)285.0 287.7 290.8 294.2 297.5 299.9 302.6 287.8 300.0 
Common shares outstanding279.6 282.3 285.1 287.6 290.8 294.0 296.8 
Book value per common share$64.79 $60.87 $57.91 $56.03 $57.34 $52.20 $50.99 
Per common share impact of accumulated other comprehensive income [2]7.17 8.45 9.05 10.03 6.89 10.43 10.10 
Book value per common share (excluding AOCI)*$71.96 $69.32 $66.96 $66.06 $64.23 $62.63 $61.09 
Book value per diluted share$63.86 $60.02 $57.07 $55.09 $56.39 $51.43 $50.23 
Per diluted share impact of AOCI7.06 8.33 8.92 9.86 6.78 10.28 9.95 
Book value per diluted share (excluding AOCI)*$70.92 $68.35 $65.99 $64.95 $63.17 $61.71 $60.18 
Common shares outstanding and dilutive potential common shares283.7 286.3 289.3 292.5 295.7 298.4 301.3 
Return on Common Stockholders' Equity ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")20.3%19.8%18.8%19.9%20.0%19.8%18.5 %
Core earnings ROE*18.4%17.0%16.2%16.7%17.4%17.4%16.6 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

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Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Statements of Operations
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Earned premiums$6,093 $5,961 $5,835 $5,809 $5,734 $5,578 $5,446 $17,889 $16,758 
Fee income361 342 346 354 347 339 333 1,049 1,019 
Net investment income759 664 656 714 659 602 593 2,079 1,854 
Net realized gains (losses) (12)(10)(49)(17)(13)(59)28 (71)(44)
Other revenues31 30 22 19 24 26 19 83 69 
Total revenues 7,232 6,987 6,810 6,879 6,751 6,486 6,419 21,029 19,656 
Benefits, losses and loss adjustment expenses3,793 3,712 4,000 3,779 3,823 3,661 3,611 11,505 11,095 
Amortization of deferred policy acquisition costs ("DAC")639 625 607 591 585 561 545 1,871 1,691 
Insurance operating costs and other expenses 1,414 1,337 1,352 1,367 1,323 1,285 1,283 4,103 3,891 
Interest expense50 50 50 50 49 50 50 150 149 
Amortization of other intangible assets18 17 18 18 18 17 18 53 53 
Restructuring and other costs [1]— — — — 1 — 1 — 2 
Total benefits, losses and expenses5,914 5,741 6,027 5,805 5,799 5,574 5,508 17,682 16,881 
Income before income taxes1,318 1,246 783 1,074 952 912 911 3,347 2,775 
Income tax expense238 251 153 221 185 174 158 642 517 
Net income1,080 995 630 853 767 738 753 2,705 2,258 
Preferred stock dividends 6 5 5 5 6 5 5 16 16 
Net income available to common stockholders1,074 990 625 848 761 733 748 2,689 2,242 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax10 10 47 16 12 58 (30)67 40 
Restructuring and other costs, before tax [1]— — — — 1 — 1 — 2 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 2 2 6 6 
Change in deferred gain on retroactive reinsurance, before tax [3](8)(24)(32)4 (26)(37)(24)(64)(87)
Income tax expense (benefit) [4](1)3 (3)(5)2 (6)12 (1)8 
Core earnings$1,077 $981 $639 $865 $752 $750 $709 $2,697 $2,211 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[3]The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $8 and $64 for the three and nine months ended September 30, 2025 and $26 and $87 for the three and nine months ended September 30, 2024, respectively. The deferred gain has been fully amortized as of September 30, 2025.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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The Hartford Insurance Group, Inc.
Operating Results By Segment
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net income (loss):
Business Insurance$710 $696 $477 $708 $528 $540 $573 $1,883 $1,641 
Personal Insurance139 91 5 154 31 (11)34 235 54 
Property & Casualty Other Operations ("P&C Other Operations")12 13 13 (156)10 11 8 38 29 
Property & Casualty ("P&C")861 800 495 706 569 540 615 2,156 1,724 
Employee Benefits144 150 133 126 156 171 108 427 435 
Hartford Funds57 54 43 49 54 44 45 154 143 
Sub-total1,062 1,004 671 881 779 755 768 2,737 2,302 
Corporate 18 (9)(41)(28)(12)(17)(15)(32)(44)
Net income 1,080 995 630 853 767 738 753 2,705 2,258 
Preferred stock dividends6 5 5 5 6 5 5 16 16 
Net income available to common stockholders$1,074 $990 $625 $848 $761 $733 $748 $2,689 $2,242 
Core earnings (loss):
Business Insurance$723 $697 $471 $665 $534 $551 $546 $1,891 $1,631 
Personal Insurance143 94 6 155 33 (4)33 243 62 
P&C Other Operations14 14 13 (106)10 14 7 41 31 
P&C880 805 490 714 577 561 586 2,175 1,724 
Employee Benefits149 163 136 139 154 178 107 448 439 
Hartford Funds53 46 44 51 47 43 41 143 131 
Sub-total1,082 1,014 670 904 778 782 734 2,766 2,294 
Corporate (5)(33)(31)(39)(26)(32)(25)(69)(83)
Core earnings$1,077 $981 $639 $865 $752 $750 $709 $2,697 $2,211 



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Table of Contents
The Hartford Insurance Group, Inc.
Consolidating Balance Sheets
 Property & CasualtyEmployee BenefitsHartford FundsCorporate [1]Consolidated
Sept 30 2025Dec 31 2024Sept 30 2025Dec 31 2024Sept 30 2025Dec 31 2024Sept 30 2025Dec 31 2024Sept 30 2025Dec 31 2024
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$36,952 $34,421 $8,059 $7,959 $— $— $192 $187 $45,203 $42,567 
Fixed maturities, at fair value using the fair value option144 254 47 54 — — — — 191 308 
Equity securities, at fair value149 212 34 46 117 109 270 236 570 603 
Mortgage loans, net5,037 4,751 1,582 1,645 — — — — 6,619 6,396 
Limited partnerships and other alternative investments4,297 3,974 1,148 1,068 — — 115 — 5,560 5,042 
Other investments200 168 6 6 — 52 — — 206 226 
Short-term investments2,295 2,075 297 389 361 291 1,266 1,313 4,219 4,068 
Total investments49,074 45,855 11,173 11,167 478 452 1,843 1,736 62,568 59,210 
Cash115 148 11 26 11 9 13 — 150 183 
Restricted cash54 42 2 9 — — — — 56 51 
Accrued investment income371 352 99 92 — 1 2 5 472 450 
Premiums receivable and agents’ balances, net5,983 5,390 572 608 — — — — 6,555 5,998 
Reinsurance recoverables, net [2]6,581 6,626 289 290 — — 221 224 7,091 7,140 
Deferred policy acquisition costs ("DAC")1,347 1,206 32 33 — — — — 1,379 1,239 
Deferred income taxes 475 746 (39)33 1 2 429 448 866 1,229 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net820 778 61 62 5 6 39 42 925 888 
Other intangible assets288 310 286 317 10 10 — — 584 637 
Other assets1,702 1,411 195 142 99 100 442 328 2,438 1,981 
Total assets$67,588 $63,642 $13,404 $13,502 $785 $761 $3,218 $3,012 $84,995 $80,917 
Unpaid losses and loss adjustment expenses$37,739 $36,404 $8,081 $8,206 $— $— $— $— $45,820 $44,610 
Reserves for future policy benefits [2]— — 293 290 — — 163 158 456 448 
Other policyholder funds and benefits payable [2]— — 410 401 — — 204 213 614 614 
Unearned premiums10,326 9,368 47 40 — — — — 10,373 9,408 
Debt— — — — — — 4,370 4,366 4,370 4,366 
Other liabilities2,788 2,796 136 219 160 173 1,828 1,836 4,912 5,024 
Total liabilities50,853 48,568 8,967 9,156 160 173 6,565 6,573 66,545 64,470 
Common stockholders' equity, excluding AOCI*17,171 16,206 4,622 4,706 625 588 (2,299)(2,501)20,119 18,999 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(436)(1,132)(185)(360)— — (1,382)(1,394)(2,003)(2,886)
Total stockholders' equity16,735 15,074 4,437 4,346 625 588 (3,347)(3,561)18,450 16,447 
Total liabilities and stockholders' equity$67,588 $63,642 $13,404 $13,502 $785 $761 $3,218 $3,012 $84,995 $80,917 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.3 billion as of both September 30, 2025 and December 31, 2024, held by the holding company of The Hartford Insurance Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

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The Hartford Insurance Group, Inc.
Capital Structure
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024
Debt
Senior notes$3,871 $3,870 $3,869 $3,867 $3,866 $3,865 $3,864 
Junior subordinated debentures499 499 499 499 499 499 499 
Total debt $4,370 $4,369 $4,368 $4,366 $4,365 $4,364 $4,363 
Stockholders' Equity
Total stockholders’ equity$18,450 $17,518 $16,844 $16,447 $17,008 $15,680 $15,468 
Less: Preferred stock334 334 334 334 334 334 334 
Less: AOCI(2,003)(2,384)(2,580)(2,886)(2,005)(3,068)(2,997)
Common stockholders' equity, excluding AOCI$20,119 $19,568 $19,090 $18,999 $18,679 $18,414 $18,131 
Capitalization
Total capitalization, including AOCI, net of tax$22,820 $21,887 $21,212 $20,813 $21,373 $20,044 $19,831 
Total capitalization, excluding AOCI, net of tax*$24,823 $24,271 $23,792 $23,699 $23,378 $23,112 $22,828 
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI19.1%20.0%20.6%21.0%20.4%21.8%22.0%
Total debt to capitalization, excluding AOCI*17.6%18.0%18.4%18.4%18.7%18.9%19.1%
Total debt and preferred stock to capitalization, including AOCI20.6%21.5%22.2%22.6%22.0%23.4%23.7%
Total debt and preferred stock to capitalization, excluding AOCI*19.0%19.4%19.8%19.8%20.1%20.3%20.6%
Total rating agency adjusted debt to capitalization [1] [2]20.0%20.8%21.5%21.8%21.3%22.7%22.9%
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3]20.3:118.8:114.7:117.9:117.3:117.1:117.1:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of both September 30, 2025 and 2024.
[2]Results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

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The Hartford Insurance Group, Inc.
Statutory Capital To GAAP Stockholders' Equity Reconciliation
September 30, 2025

P&C Employee Benefits
U.S. statutory net income [1][2]$1,943 $450 
U.S. statutory capital [2][3][4]$14,125 $2,639 
U.S. GAAP adjustments [2]:
DAC1,296 32 
Non-admitted deferred tax assets [5]236 152 
Deferred taxes [6](446)(353)
Goodwill115 723 
Other intangible assets14 286 
Non-admitted assets other than deferred taxes839 104 
Asset valuation and interest maintenance reserve— 261 
Benefit reserves(61)412 
Unrealized losses on investments(605)(500)
Deferred gain on retroactive reinsurance agreements [7](850)— 
Other, net920 681 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]15,583 4,437 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,152 — 
Total U.S. GAAP stockholders’ equity$16,735 $4,437 
[1]Statutory net income is for the nine months ended September 30, 2025.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the asbestos and environmental adverse development cover ("A&E ADC") agreement that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



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The Hartford Insurance Group, Inc.
Accumulated Other Comprehensive Income (Loss)
 
 As Of
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024
Net unrealized loss on fixed maturities, AFS$(656)$(1,029)$(1,237)$(1,539)$(671)$(1,732)$(1,642)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(3)(5)(6)(6)(5)(7)(7)
Net gains on cash flow hedging instruments15 6 40 40 33 30 21 
Total net unrealized gain (loss)(644)(1,028)(1,203)(1,505)(643)(1,709)$(1,628)
Foreign currency translation adjustments43 45 29 29 41 35 36 
Liability for future policy benefits adjustments22 29 30 33 19 35 30 
Pension and other postretirement plan adjustments(1,424)(1,430)(1,436)(1,443)(1,422)(1,429)(1,435)
Total AOCI$(2,003)$(2,384)$(2,580)$(2,886)$(2,005)$(3,068)$(2,997)


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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Written premiums
$4,560 $4,796 $4,599 $4,045 $4,245 $4,453 $4,206 $13,955 $12,904 
Change in unearned premium reserve70 441 376 (164)111 483 345 887 939 
Earned premiums 4,490 4,355 4,223 4,209 4,134 3,970 3,861 13,068 11,965 
Fee income 19 19 19 19 19 19 19 57 57 
Losses and loss adjustment expenses
Current accident year before catastrophes2,661 2,537 2,454 2,426 2,464 2,347 2,300 7,652 7,111 
Current accident year catastrophes [1]70 212 467 80 247 280 161 749 688 
Prior accident year development [2](103)(187)(122)101 (50)(115)(56)(412)(221)
Total losses and loss adjustment expenses2,628 2,562 2,799 2,607 2,661 2,512 2,405 7,989 7,578 
Amortization of DAC631 616 599 583 577 552 536 1,846 1,665 
Insurance operating costs728 681 696 689 669 655 642 2,105 1,966 
Amortization of other intangible assets8 7 8 8 8 7 8 23 23 
Dividends to policyholders 12 11 10 10 10 9 10 33 29 
Underwriting gain*502 497 130 331 228 254 279 1,129 761 
Net investment income605 526 512 562 518 471 459 1,643 1,448 
Net realized gains (losses)(30)(26)(26)(9)(34)(61)13 (82)(82)
Net servicing and other income (expense)3 4 4 2 — 5 2 11 7 
Income before income taxes1,080 1,001 620 886 712 669 753 2,701 2,134 
Income tax expense219 201 125 180 143 129 138 545 410 
Net income861 800 495 706 569 540 615 2,156 1,724 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax28 28 24 6 33 62 (15)80 80 
Integration and other non-recurring M&A costs, before tax2 2 2 2 2 2 2 6 6 
Change in deferred gain on retroactive reinsurance, before tax [2](8)(24)(32)4 (26)(37)(24)(64)(87)
Income tax expense (benefit) [3](3)(1)1 (4)(1)(6)8 (3)1 
Core earnings$880 $805 $490 $714 $577 $561 $586 $2,175 $1,724 
ROE
Net income available to common stockholders [4] 21.5%20.6%18.8%20.5%19.9%19.9%18.5%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax0.7%0.8%1.1%0.8%1.1%1.2%1.1%
Integration and other non-recurring M&A costs, before tax0.1%0.1%0.1%0.1%0.1%0.1%0.1%
Change in deferred gain on retroactive reinsurance, before tax [2](0.5%)(0.7%)(0.8%)(0.7%)1.0%1.3%1.6%
Income tax benefit [3](0.1%)—%(0.1%)—%(0.4%)(0.5%)(0.6%)
Impact of AOCI, excluded from core earnings ROE(1.0%)(2.0%)(1.8%)(2.3%)(2.7%)(3.1%)(2.6%)
Core earnings [4]20.7 %18.8 %17.3 %18.4 %19.0 %18.9 %18.1 %
[1]The three months ended September 30, 2024 included $104 of losses, net of reinsurance, from Hurricane Helene, including $55 in Business Insurance and $49 in Personal Insurance.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[4]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Workers’ compensation$(62)$(61)$(65)$(70)$(69)$(52)$(67)$(188)$(188)
Workers' compensation discount accretion11 11 12 10 11 11 12 34 34 
General liability— — — 130 32 32 17 — 81 
Marine— — — — — (8)7 — (1)
Package business— — — — (5)(1)— — (6)
Commercial property(5)(20)(3)— (2)(2)(3)(28)(7)
Professional liability— (11)— (20)— (2)(5)(11)(7)
Bond— (22)— (34)— (22)— (22)(22)
Assumed reinsurance— — — — — 15 9 — 24 
Commercial automobile liability— — — 21 16 10 — — 26 
Personal automobile liability(33)(10)(12)(17)— (13)— (55)(13)
Homeowners(5)(13)(18)(13)(5)(10)— (36)(15)
Net asbestos and environmental reserves— — — 141 — — — — — 
Catastrophes— (39)— (49)— (38)— (39)(38)
Uncollectible reinsurance6 — — (19)— — — 6 — 
Other reserve re-estimates, net [1](7)2 (4)17 (2)2 (2)(9)(2)
Prior accident year development before change in deferred gain(95)(163)(90)97 (24)(78)(32)(348)(134)
Change in deferred gain on retroactive reinsurance included in other liabilities [2] (8)(24)(32)4 (26)(37)(24)(64)(87)
Total prior accident year development$(103)$(187)$(122)$101 $(50)$(115)$(56)$(412)$(221)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves within Personal Insurance of $(6) and $(26) for the three and nine months ended September 30, 2025 and $(10) and $(24) for the three and nine months ended September 30, 2024, respectively.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.


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Table of Contents
The Hartford Insurance Group, Inc.
Property & Casualty
Underwriting Ratios
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Underwriting Gain$502 $497 $130 $331 $228 $254 $279 $1,129 $761 
Underwriting Ratios
Loss and loss adjustment expense ratio58.5 58.8 66.3 61.9 64.4 63.3 62.3 61.1 63.3 
Expense ratio [1]30.0 29.5 30.4 29.9 29.9 30.1 30.2 30.0 30.1 
Policyholder dividend ratio0.3 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.2 
Combined ratio88.8 88.6 96.9 92.1 94.5 93.6 92.8 91.4 93.6 
Current accident year catastrophes and prior accident year development0.7 (0.6)(8.2)(4.3)(4.8)(4.2)(2.7)(2.5)(4.0)
Underlying combined ratio*89.6 88.0 88.8 87.8 89.7 89.5 90.1 88.8 89.7 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*59.3 58.3 58.1 57.6 59.6 59.1 59.6 58.6 59.4 
Current accident year catastrophes1.6 4.9 11.1 1.9 6.0 7.1 4.2 5.7 5.8 
Prior accident year development [2](2.3)(4.3)(2.9)2.4 (1.2)(2.9)(1.5)(3.2)(1.8)
Total loss and loss adjustment expense ratio58.5 58.8 66.3 61.9 64.4 63.3 62.3 61.1 63.3 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.



10
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Written premiums$3,573 $3,816 $3,686 $3,174 $3,275 $3,540 $3,362 $11,075 $10,177 
Change in unearned premium reserve33 392 362 (129)26 419 314 787 759 
Earned premiums 3,540 3,424 3,324 3,303 3,249 3,121 3,048 10,288 9,418 
Fee income11 11 11 10 11 11 11 33 33 
Losses and loss adjustment expenses
Current accident year before catastrophes2,051 1,952 1,891 1,849 1,862 1,750 1,725 5,894 5,337 
Current accident year catastrophes [1]39 114 280 67 155 155 109 433 419 
Prior accident year development [2](60)(146)(83)(58)(36)(81)(56)(289)(173)
Total losses and loss adjustment expenses2,030 1,920 2,088 1,858 1,981 1,824 1,778 6,038 5,583 
Amortization of DAC559 546 531 516 512 489 476 1,636 1,477 
Insurance operating costs 546 507 512 505 497 484 487 1,565 1,468 
Amortization of other intangible assets7 7 7 8 7 7 7 21 21 
Dividends to policyholders12 11 10 10 10 9 10 33 29 
Underwriting gain397 444 187 416 253 319 301 1,028 873 
Net investment income519 449 437 479 442 402 391 1,405 1,235 
Net realized gains (losses)(26)(20)(24)(3)(32)(50)12 (70)(70)
Other income (expense) [3]— (1)(1)(1)(1)(1)(2)(2)(4)
Income before income taxes890 872 599 891 662 670 702 2,361 2,034 
Income tax expense180 176 122 183 134 130 129 478 393 
Net income710 696 477 708 528 540 573 1,883 1,641 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax23 23 22 2 31 50 (13)68 68 
Integration and other non-recurring M&A costs, before tax [3]2 2 2 2 2 2 2 6 6 
Change in deferred gain on retroactive reinsurance, before tax [2](8)(24)(32)(58)(26)(37)(24)(64)(87)
Income tax expense (benefit) [4](4)— 2 11 (1)(4)8 (2)3 
Core earnings$723 $697 $471 $665 $534 $551 $546 $1,891 $1,631 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Helene for the three months ended September 30, 2024.
[2]Refer to [3] on page 2 for information about the change in deferred gain on retroactive reinsurance on the Navigators ADC.
[3]Includes Navigators Group integration costs.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements (Continued)



Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Workers’ compensation$(62)$(61)$(65)$(70)$(69)$(52)$(67)$(188)$(188)
Workers' compensation discount accretion11 11 12 10 11 11 12 34 34 
General liability— — — 130 32 32 17 — 81 
Marine— — — — — (8)7 — (1)
Package business— — — — (5)(1)— — (6)
Commercial property(5)(20)(3)— (2)(2)(3)(28)(7)
Professional liability— (11)— (20)— (2)(5)(11)(7)
Bond— (22)— (34)— (22)— (22)(22)
Assumed reinsurance— — — — — 15 9 — 24 
Automobile liability— — — 21 16 10 — — 26 
Catastrophes— (28)— (34)— (33)— (28)(33)
Uncollectible reinsurance— — — — — — (7)— (7)
Other reserve re-estimates, net4 9 5 (3)7 8 5 18 20 
Prior accident year development before change in deferred gain(52)(122)(51)— (10)(44)(32)(225)(86)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](8)(24)(32)(58)(26)(37)(24)(64)(87)
Total prior accident year development$(60)$(146)$(83)$(58)$(36)$(81)$(56)$(289)$(173)
[1]Includes amortization of the deferred gain on retroactive reinsurance related to the Navigators ADC.


12
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Underwriting Ratios 
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Underwriting Gain$397 $444 $187 $416 $253 $319 $301 $1,028 $873 
Underwriting Ratios
Loss and loss adjustment expense ratio57.3 56.1 62.8 56.3 61.0 58.4 58.3 58.7 59.3 
Expense ratio [1]31.1 30.6 31.3 30.8 30.9 31.1 31.5 31.0 31.2 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 
Combined ratio88.8 87.0 94.4 87.4 92.2 89.8 90.1 90.0 90.7 
Current accident year catastrophes and prior accident year development0.6 1.0 (5.9)(0.2)(3.7)(2.4)(1.8)(1.4)(2.6)
Underlying combined ratio 89.4 88.0 88.4 87.1 88.6 87.4 88.4 88.6 88.1 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio57.9 57.0 56.9 56.0 57.3 56.1 56.6 57.3 56.7 
Current accident year catastrophes1.1 3.3 8.4 2.0 4.8 5.0 3.6 4.2 4.4 
Prior accident year development(1.7)(4.3)(2.5)(1.8)(1.1)(2.6)(1.8)(2.8)(1.8)
Total loss and loss adjustment expense ratio57.3 56.1 62.8 56.3 61.0 58.4 58.3 58.7 59.3 
Combined Ratios by Line of Business
Small Business
Combined ratio87.9 89.7 93.3 83.8 91.6 88.7 89.0 90.2 89.8 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.3)(5.1)(8.0)(1.2)(6.4)(6.1)(3.8)(4.7)(5.4)
Prior accident year development3.2 4.5 4.1 4.1 4.1 4.2 4.3 3.9 4.2 
Underlying combined ratio 89.8 89.0 89.4 86.7 89.3 86.8 89.6 89.4 88.5 
Middle & Large Business
Combined ratio90.8 86.6 99.8 93.9 97.0 95.9 94.0 92.3 95.6 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes— (1.1)(8.9)(0.5)(3.5)(4.8)(3.6)(3.3)(4.0)
Prior accident year development0.6 3.6 (0.3)(3.3)(3.3)(1.4)(1.2)1.3 (2.0)
Underlying combined ratio91.4 89.1 90.6 90.2 90.2 89.6 89.2 90.4 89.7 
Global Specialty
Combined ratio86.9 85.9 89.3 84.7 87.4 83.4 87.8 87.3 86.2 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(2.2)(3.2)(8.7)(5.4)(3.8)(3.5)(3.3)(4.6)(3.5)
Prior accident year development1.1 2.1 3.4 4.3 1.7 5.3 0.7 2.2 2.6 
Underlying combined ratio85.8 84.8 84.0 83.6 85.3 85.2 85.3 84.9 85.3 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Supplemental Data
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Written Premiums
Small Business$1,490 $1,503 $1,553 $1,330 $1,347 $1,373 $1,425 $4,546 $4,145 
Middle & Large Business1,231 1,197 1,111 1,059 1,117 1,140 1,016 3,539 3,273 
Middle Market1,054 1,039 931 900 962 993 872 3,024 2,827 
National Accounts and Other177 158 180 159 155 147 144 515 446 
Global Specialty [1]836 1,100 1,006 769 797 1,013 907 2,942 2,717 
U.S.551 619 559 533 544 595 505 1,729 1,644 
International114 142 113 123 102 125 106 369 333 
Global Re171 339 334 113 151 293 296 844 740 
Other16 16 16 16 14 14 14 48 42 
Total$3,573 $3,816 $3,686 $3,174 $3,275 $3,540 $3,362 $11,075 $10,177 
Earned Premiums
Small Business$1,465 $1,418 $1,360 $1,355 $1,323 $1,284 $1,248 $4,243 $3,855 
Middle & Large Business1,144 1,100 1,075 1,069 1,065 1,021 996 3,319 3,082 
Middle Market976 942 924 918 921 879 864 2,842 2,664 
National Accounts and Other168 158 151 151 144 142 132 477 418 
Global Specialty [1]915 890 873 865 847 802 789 2,678 2,438 
U.S.568 549 540 547 540 514 503 1,657 1,557 
International122 119 113 115 113 108 105 354 326 
Global Re225 222 220 203 194 180 181 667 555 
Other16 16 16 14 14 14 15 48 43 
Total$3,540 $3,424 $3,324 $3,303 $3,249 $3,121 $3,048 $10,288 $9,418 
Business Insurance Statistical Premium Information
Small Business
Net New Business Premium$308 $305 $298 $264 $278 $291 $268 $911 $837 
Renewal Written Price Increases5.2%5.9%6.5%7.5%6.5%6.4%5.6%5.9%6.2%
Policy Count Retention84%83%84%84%84%84%85%84%84%
Policies In-Force (in thousands)1,640 1,615 1,591 1,570 1,558 1,537 1,512 
Middle Market [2]
Net New Business Premium$211 $190 $188 $180 $176 $187 $174 $589 $537 
Renewal Written Price Increases5.6%6.7%7.1%6.5%6.7%6.7%7.1%6.4%6.8%
Premium Retention84%82%81%84%85%83%84%82%84%
Global Specialty
Gross New Business Premium [3]
$238 $278 $225 $224 $233 $264 $223 $741 $720 
Renewal Written Price Increases [4]4.3 %5.0 %6.0 %5.8 %5.5 %6.3 %6.1 %5.1 %6.0 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

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Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements
 Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Written premiums$987 $980 $913 $871 $970 $913 $844 $2,880 $2,727 
Change in unearned premium reserve37 49 14 (35)85 64 31 100 180 
Earned premiums950 931 899 906 885 849 813 2,780 2,547 
Fee income 8 8 8 9 8 8 8 24 24 
Losses and loss adjustment expenses
Current accident year before catastrophes610 585 563 577 602 597 575 1,758 1,774 
Current accident year catastrophes [1]31 98 187 13 92 125 52 316 269 
Prior accident year development (43)(41)(39)(53)(14)(34)(7)(123)(55)
Total losses and loss adjustment expenses598 642 711 537 680 688 620 1,951 1,988 
Amortization of DAC72 70 68 67 65 63 60 210 188 
Insurance operating costs180 172 182 182 169 169 153 534 491 
Amortization of other intangible assets1 — 1 — 1 — 1 2 2 
Underwriting gain (loss)107 55 (55)129 (22)(63)(13)107 (98)
Net investment income67 58 57 64 58 50 50 182 158 
Net realized gains (losses)(4)(4)(2)(5)(2)(8)1 (10)(9)
Net servicing and other income (expense)4 5 5 3 5 6 4 14 15 
Income (loss) before income taxes174 114 5 191 39 (15)42 293 66 
Income tax expense (benefit)35 23 — 37 8 (4)8 58 12 
Net income (loss)139 91 5 154 31 (11)34 235 54 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax5 3 2 3 2 9 (2)10 9 
Income tax expense (benefit) [2](1)— (1)(2)— (2)1 (2)(1)
Core earnings (loss)$143 $94 $6 $155 $33 $(4)$33 $243 $62 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Helene.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Automobile liability$(33)$(10)$(12)$(17)$— $(13)$— $(55)$(13)
Homeowners(5)(13)(18)(13)(5)(10)— (36)(15)
Catastrophes— (11)— (15)— (5)— (11)(5)
Uncollectible reinsurance— — — — — — — — — 
Other reserve re-estimates, net [1](5)(7)(9)(8)(9)(6)(7)(21)(22)
Total prior accident year development$(43)$(41)$(39)$(53)$(14)$(34)$(7)$(123)$(55)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves of $(6) and $(26) for the three and nine months ended September 30, 2025 and $(10) and $(24) for the three and nine months ended September 30, 2024, respectively.

16
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Underwriting Ratios
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Underwriting Gain (Loss)$107 $55 $(55)$129 $(22)$(63)$(13)$107 $(98)
Underwriting Ratios
Loss and loss adjustment expense ratio62.9 69.0 79.1 59.3 76.8 81.0 76.3 70.2 78.1 
Expense ratio25.8 25.1 27.0 26.5 25.6 26.4 25.3 26.0 25.8 
Combined ratio88.7 94.1 106.1 85.8 102.5 107.4 101.6 96.2 103.8 
Current accident year catastrophes and prior accident year development1.2 (6.1)(16.5)4.4 (8.8)(10.7)(5.5)(7.0)(8.4)
Underlying combined ratio90.0 88.0 89.7 90.2 93.7 96.7 96.1 89.2 95.4 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio64.2 62.8 62.6 63.7 68.0 70.3 70.7 63.2 69.7 
Current accident year catastrophes3.3 10.5 20.8 1.4 10.4 14.7 6.4 11.4 10.6 
Prior accident year development(4.5)(4.4)(4.3)(5.8)(1.6)(4.0)(0.9)(4.4)(2.2)
Total loss and loss adjustment expense ratio62.9 69.0 79.1 59.3 76.8 81.0 76.3 70.2 78.1 
Combined Ratios by Product
Automobile
Combined ratio92.5 94.0 93.5 98.3 105.7 105.4 103.9 93.3 105.0 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.6)(1.8)(1.2)— (5.8)(3.6)(1.0)(1.2)(3.5)
Prior accident year development6.0 3.0 3.8 4.7 1.6 3.1 1.6 4.3 2.1 
Underlying combined ratio97.9 95.2 96.1 103.0 101.5 104.9 104.4 96.4 103.6 
Homeowners
Combined ratio81.2 94.4 133.2 57.8 94.7 114.5 96.2 101.9 101.8 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(8.3)(28.8)(63.7)(4.8)(21.0)(40.4)(18.7)(32.5)(26.7)
Prior accident year development1.6 7.1 5.6 8.6 1.7 3.7 (0.5)4.7 1.7 
Underlying combined ratio74.4 72.7 75.1 61.7 75.4 77.8 77.0 74.1 76.7 


17
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data

 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Distribution
Written Premiums
Direct$798 $796 $758 $716 $815 $780 $728 $2,352 $2,323 
Agency189 184 155 155 155 133 116 528 404 
Total$987 $980 $913 $871 $970 $913 $844 $2,880 $2,727 
Earned Premiums
Direct$781 $776 $757 $769 $761 $735 $706 $2,314 $2,202 
Agency169 155 142 137 124 114 107 466 345 
Total$950 $931 $899 $906 $885 $849 $813 $2,780 $2,547 
Product Line
Written Premiums
Automobile$633 $633 $627 $590 $649 $617 $600 $1,893 $1,866 
Homeowners354 347 286 281 321 296 244 987 861 
Total$987 $980 $913 $871 $970 $913 $844 $2,880 $2,727 
Earned Premiums
Automobile$634 $628 $618 $627 $616 $592 $566 $1,880 $1,774 
Homeowners316 303 281 279 269 257 247 900 773 
Total$950 $931 $899 $906 $885 $849 $813 $2,780 $2,547 


18
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data (Continued)
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Statistical Premium Information (Year Over Year)
Net New Business Premium
Automobile$71 $81 $81 $77 $83 $82 $72 $233 $237 
Homeowners$59 $69 $62 $59 $60 $47 $34 $190 $141 
Renewal Written Price Increases
Automobile11.3%13.9%15.7%19.0%20.7%23.4%25.5%13.6%23.1%
Homeowners12.6%12.6%12.3%13.8%15.1%14.9%15.2%12.5%15.0%
Effective Policy Count Retention
Automobile80%79%79%79%79%79%79%79%79%
Homeowners82%82%83%83%83%84%83%82%83%
Policies In-Force (in thousands)
Automobile1,091 1,121 1,146 1,171 1,193 1,214 1,233 
Homeowners723 724 719 712 707 702 701 



19
Table of Contents
The Hartford Insurance Group, Inc.
P&C Other Operations
Income Statements
 
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Losses and loss adjustment expenses
Prior accident year development$— $— $— $212 $— $— $7 $— $7 
Total losses and loss adjustment expenses— — — 212 — — 7 — 7 
Insurance operating costs2 2 2 2 3 2 2 6 7 
Underwriting loss(2)(2)(2)(214)(3)(2)(9)(6)(14)
Net investment income19 19 18 19 18 19 18 56 55 
Net realized losses— (2)— (1)— (3)— (2)(3)
Other expense(1)— — — (4)— — (1)(4)
Income (loss) before income taxes16 15 16 (196)11 14 9 47 34 
Income tax expense (benefit)4 2 3 (40)1 3 1 9 5 
Net income (loss)12 13 13 (156)10 11 8 38 29 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax— 2 — 1 — 3 — 2 3 
Change in deferred gain on retroactive reinsurance, before tax— — — 62 — — — — — 
Income tax expense (benefit) [1]2 (1)— (13)— — (1)1 (1)
Core earnings (loss)$14 $14 $13 $(106)$10 $14 $7 $41 $31 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

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Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Income Statements
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Earned premiums$1,603 $1,606 $1,612 $1,600 $1,600 $1,608 $1,585 $4,821 $4,793 
Fee income55 57 56 56 55 57 54 168 166 
Net investment income136 118 126 130 119 112 114 380 345 
Net realized gains (losses)(8)(16)(4)(16)— (9)1 (28)(8)
Total revenues1,786 1,765 1,790 1,770 1,774 1,768 1,754 5,341 5,296 
Benefits, losses and loss adjustment expenses1,163 1,150 1,199 1,169 1,161 1,147 1,204 3,512 3,512 
Amortization of DAC8 9 8 8 8 9 9 25 26 
Insurance operating costs and other expenses425 407 406 424 401 387 397 1,238 1,185 
Amortization of other intangible assets10 10 10 10 10 10 10 30 30 
Total benefits, losses and expenses1,606 1,576 1,623 1,611 1,580 1,553 1,620 4,805 4,753 
Income before income taxes180 189 167 159 194 215 134 536 543 
Income tax expense36 39 34 33 38 44 26 109 108 
Net income144 150 133 126 156 171 108 427 435 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax8 15 4 15 (1)9 (1)27 7 
Income tax benefit [1](3)(2)(1)(2)(1)(2)— (6)(3)
Core earnings$149 $163 $136 $139 $154 $178 $107 $448 $439 
Margin
Net income margin8.1%8.5%7.4%7.1%8.8%9.7%6.2%8.0%8.2%
Core earnings margin*8.3%9.2%7.6%7.8%8.7%10.0%6.1%8.4%8.3%
ROE
Net income available to common stockholders [2]14.7%16.1%16.6%15.5%17.7%18.0%16.1%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax1.2%1.0%0.8%0.7%0.2%1.1%1.3%
Integration and other non-recurring M&A costs, before tax [3]—%—%—%—%—%0.1%0.1%
Income tax benefit [1](0.2%)(0.2%)(0.2%)(0.1%)(0.1%)(0.3%)(0.3%)
Impact of AOCI, excluded from core earnings ROE(0.9%)(1.6%)(1.7%)(1.7%)(2.2%)(2.5%)(2.1%)
Core earnings [2]14.8%15.3%15.5%14.4%15.6%16.4%15.1%
[1]Represents federal income tax benefit related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Employee Benefits.
[3]Includes integration costs in connection with the 2017 acquisition of Aetna's group life and disability business.

21
Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Supplemental Data
 
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Premiums
Fully insured ongoing premiums
Group disability$835 $838 $844 $845 $835 $837 $836 $2,517 $2,508 
Group life 648 644 650 651 658 663 645 1,942 1,966 
Other [1]120 120 118 104 107 107 104 358 318 
Total fully insured ongoing premiums1,603 1,602 1,612 1,600 1,600 1,607 1,585 4,817 4,792 
Total buyouts [2]— 4 — — — 1 — 4 1 
Total premiums$1,603 $1,606 $1,612 $1,600 $1,600 $1,608 $1,585 $4,821 $4,793 
Sales (Gross Annualized New Premiums)
Fully insured ongoing sales
Group disability$53 $48 $162 $37 $53 $37 $247 $263 $337 
Group life33 44 163 23 32 51 154 240 237 
Other [1]19 15 56 8 20 13 43 90 76 
Total fully insured ongoing sales105 107 381 68 105 101 444 593 650 
Total buyouts [2]— 4 — — — 1 — 4 1 
Total sales$105 $111 $381 $68 $105 $102 $444 $597 $651 
Ratios, Excluding Buyouts
Group disability loss ratio70.6%68.5%69.0%66.9%67.9%67.1%70.1%69.3%68.4%
Group life loss ratio74.2%74.3%79.9%79.9%77.5%74.9%82.6%76.1%78.3%
Total loss ratio70.1%69.1%71.9%70.6%70.2%68.9%73.5%70.4%70.8%
Expense ratio26.7%25.7%25.4%26.7%25.3%24.4%25.4%25.9%25.0%
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.


22
Table of Contents

The Hartford Insurance Group, Inc.
Hartford Funds
Income Statements
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Investment management fees $216 $198 $202 $208 $202 $195 $191 $616 $588 
Shareowner servicing fees 24 22 23 23 23 21 21 69 65 
Other revenue41 42 39 44 43 42 42 122 127 
Net realized gains (losses)5 9 — (3)7 3 5 14 15 
Total revenues 286 271 264 272 275 261 259 821 795 
Sub-advisory expense79 72 73 76 73 71 69 224 213 
Employee compensation and benefits33 31 39 33 31 32 35 103 98 
Distribution and service75 70 73 77 75 74 73 218 222 
General, administrative and other27 30 24 24 29 26 26 81 81 
Total expenses 214 203 209 210 208 203 203 626 614 
Income before income taxes72 68 55 62 67 58 56 195 181 
Income tax expense15 14 12 13 13 14 11 41 38 
Net income57 54 43 49 54 44 45 154 143 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(5)(9)— 3 (7)(3)(5)(14)(15)
Income tax expense (benefit) [1]1 1 1 (1)— 2 1 3 3 
Core earnings$53 $46 $44 $51 $47 $43 $41 $143 $131 
Daily average Hartford Funds AUM$148,269 $138,195 $141,834 $142,230 $137,888 $134,064 $131,648 $142,789 $134,546 
Return on assets (bps, net of tax) [2]
Net income15.4 15.6 12.1 13.8 15.7 13.1 13.7 14.4 14.2 
Core earnings*14.3 13.3 12.4 14.3 13.6 12.8 12.5 13.4 13.0 
ROE
Net income available to common stockholders [3]41.8%42.9%42.2%43.4%44.1%42.2%43.6 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.3%)(2.9%)(1.6%)(2.8%)(5.5%)(2.9%)(2.5%)
Income tax expense (benefit) [1]0.4%0.2%0.5%0.5%0.7%0.7%0.3%
Impact of AOCI, excluded from core earnings ROE(0.8%)(1.1%)(1.3%)(1.4%)(1.5%)(1.6%)(1.7%)
Core earnings [3]39.1%39.1%39.8%39.7%37.8%38.4%39.7 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
Table of Contents
The Hartford Insurance Group, Inc.
Hartford Funds
Asset Value Rollforward
Assets Under Management By Asset Class
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Equity Funds
Beginning balance $89,072 $82,792 $84,000 $87,271 $83,212 $83,337 $79,352 $84,000 $79,352 
Sales4,644 3,946 5,295 3,682 3,364 3,612 3,428 13,885 10,404 
Redemptions(4,792)(5,167)(6,434)(4,787)(4,298)(4,831)(5,488)(16,393)(14,617)
Net flows(148)(1,221)(1,139)(1,105)(934)(1,219)(2,060)(2,508)(4,213)
Change in market value and other 5,530 7,501 (69)(2,166)4,993 1,094 6,045 12,962 12,132 
Ending balance$94,454 $89,072 $82,792 $84,000 $87,271 $83,212 $83,337 $94,454 $87,271 
Fixed Income Funds
Beginning balance $21,827 $21,398 $21,059 $19,347 $17,825 $17,201 $16,773 $21,059 $16,773 
Sales2,129 2,124 1,978 3,229 1,905 1,569 1,822 6,231 5,296 
Redemptions(1,609)(2,066)(1,970)(1,290)(1,150)(1,080)(1,497)(5,645)(3,727)
Net flows520 58 8 1,939 755 489 325 586 1,569 
Change in market value and other 496 371 331 (227)767 135 103 1,198 1,005 
Ending balance$22,843 $21,827 $21,398 $21,059 $19,347 $17,825 $17,201 $22,843 $19,347 
Multi-Strategy Investments Funds [1]
Beginning balance$18,544 $18,321 $18,512 $19,425 $18,807 $19,268 $19,292 $18,512 $19,292 
Sales325 350 458 455 400 472 387 1,133 1,259 
Redemptions(821)(731)(905)(834)(902)(930)(954)(2,457)(2,786)
Net flows(496)(381)(447)(379)(502)(458)(567)(1,324)(1,527)
Change in market value and other 584 604 256 (534)1,120 (3)543 1,444 1,660 
Ending balance$18,632 $18,544 $18,321 $18,512 $19,425 $18,807 $19,268 $18,632 $19,425 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$4,847 $4,708 $4,483 $4,323 $3,842 $3,753 $3,899 $4,483 $3,899 
Net flows99 29 146 341 256 103 (209)274 150 
Change in market value and other122 110 79 (181)225 (14)63 311 274 
Ending balance$5,068 $4,847 $4,708 $4,483 $4,323 $3,842 $3,753 $5,068 $4,323 
Mutual Fund and ETF AUM
Beginning balance$134,290 $127,219 $128,054 $130,366 $123,686 $123,559 $119,316 $128,054 $119,316 
Sales - mutual fund7,098 6,420 7,731 7,366 5,669 5,653 5,637 21,249 16,959 
Redemptions - mutual fund(7,222)(7,964)(9,309)(6,911)(6,350)(6,841)(7,939)(24,495)(21,130)
Net flows - ETF99 29 146 341 256 103 (209)274 150 
Net flows - mutual fund and ETF(25)(1,515)(1,432)796 (425)(1,085)(2,511)(2,972)(4,021)
Change in market value and other 6,732 8,586 597 (3,108)7,105 1,212 6,754 15,915 15,071 
Ending balance140,997 134,290 127,219 128,054 130,366 123,686 123,559 140,997 130,366 
Third-party life and annuity separate account AUM11,341 11,226 10,879 11,544 12,073 11,832 12,083 11,341 12,073 
Hartford Funds AUM$152,338 $145,516 $138,098 $139,598 $142,439 $135,518 $135,642 $152,338 $142,439 
[1]Includes balanced, allocation, and alternative investment products.

24
Table of Contents

The Hartford Insurance Group, Inc.
Corporate
Income Statements
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Fee income [1]$10 $10 $11 $10 $10 $10 $10 $31 $30 
Other revenue6 5 1 — 1 1 — 12 2 
Net investment income14 14 14 16 17 14 16 42 47 
Net realized gains (losses)21 23 (19)11 14 8 9 25 31 
Total revenues51 52 7 37 42 33 35 110 110 
Benefits, losses and loss adjustment expenses [2]2 — 2 3 1 2 2 4 5 
Insurance operating costs and other expenses [1]13 14 14 17 12 11 14 41 37 
Interest expense50 50 50 50 49 50 50 150 149 
Restructuring and other costs— — — — 1 — 1 — 2 
Total expenses65 64 66 70 63 63 67 195 193 
Loss before income taxes(14)(12)(59)(33)(21)(30)(32)(85)(83)
Income tax benefit(32)(3)(18)(5)(9)(13)(17)(53)(39)
Net income (loss)18 (9)(41)(28)(12)(17)(15)(32)(44)
Preferred stock dividends6 5 5 5 6 5 5 16 16 
Net income (loss) available to common stockholders12 (14)(46)(33)(18)(22)(20)(48)(60)
Adjustments to reconcile net income (loss) available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(21)(24)19 (8)(13)(10)(9)(26)(32)
Restructuring and other costs, before tax— — — — 1 — 1 — 2 
Income tax expense (benefit) [3]4 5 (4)2 4 — 3 5 7 
Core loss$(5)$(33)$(31)$(39)$(26)$(32)$(25)$(69)$(83)
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.
[3]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


25
Table of Contents

The Hartford Insurance Group, Inc.
Investment Income Before Tax
Consolidated
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$574 $553 $538 $533 $533 $496 $483 $1,665 $1,512 
Tax-exempt29 31 36 38 37 41 43 96 121 
Total fixed maturities603 584 574 571 570 537 526 1,761 1,633 
Equity securities4 5 4 15 5 6 9 13 20 
Mortgage loans76 72 70 70 68 65 63 218 196 
Limited partnerships and other alternative investments [2]91 13 39 79 37 16 16 143 69 
Other [3]8 13 (3)6 1 1 6 18 8 
Subtotal782 687 684 741 681 625 620 2,153 1,926 
Investment expense(23)(23)(28)(27)(22)(23)(27)(74)(72)
Total net investment income$759 $664 $656 $714 $659 $602 $593 $2,079 $1,854 
Annualized investment yield, before tax [4]4.8%4.3%4.3%4.7%4.4%4.1%4.1%4.5%4.2%
Annualized limited partnerships and other alternative investment yield, before tax [4]6.7%1.0%3.1%6.4%3.0%1.3%1.3%3.7%1.9%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.6%4.6%4.4%4.6%4.5%4.4%4.3%4.5%4.4%
Annualized investment yield, net of tax [4]3.9%3.5%3.4%3.8%3.5%3.3%3.3%3.6%3.4%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.7%3.7%3.5%3.7%3.6%3.5%3.5%3.6%3.5%
Average reinvestment rate [5]5.7%5.9%5.6%5.7%5.5%6.4%6.1%5.7%6.0%
Average sales/maturities yield [6]5.2%4.6%4.9%5.4%4.4%4.9%5.0%4.9%4.7%
Portfolio duration (in years) [7]3.8 3.9 3.9 3.8 3.9 3.9 4.0 3.8 3.9 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

26
Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Property & Casualty
Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$458 $440 $426 $421 $420 $389 $373 $1,324 $1,182 
Tax-exempt23 24 27 29 28 29 32 74 89 
Total fixed maturities481 464 453 450 448 418 405 1,398 1,271 
Equity securities3 1 2 8 3 3 6 6 12 
Mortgage loans59 54 53 52 51 49 46 166 146 
Limited partnerships and other alternative investments [2]71 11 28 65 31 16 15 110 62 
Other [3]9 13 (2)8 2 2 8 20 12 
Subtotal623 543 534 583 535 488 480 1,700 1,503 
Investment expense(18)(17)(22)(21)(17)(17)(21)(57)(55)
Total net investment income$605 $526 $512 $562 $518 $471 $459 $1,643 $1,448 
Annualized investment yield, before tax [4]4.9%4.4%4.3%4.8%4.5%4.2%4.1%4.5%4.2%
Annualized limited partnerships and other alternative investment yield, before tax [4]6.8%1.1%2.8%6.7%3.2%1.6%1.6%3.6%2.2%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.7%4.7%4.4%4.6%4.6%4.4%4.3%4.6%4.4%
Annualized investment yield, net of tax [4]3.9%3.5%3.4%3.8%3.6%3.4%3.3%3.6%3.4%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.8%3.7%3.5%3.7%3.7%3.5%3.5%3.7%3.6%
Average reinvestment rate [5]5.6%5.8%5.6%5.7%5.5%6.4%6.1%5.7%6.0%
Average sales/maturities yield [6]5.2%4.7%4.9%5.6%4.5%4.9%4.9%4.9%4.8%
Portfolio duration (in years) [7]3.7 3.8 3.7 3.7 3.7 3.8 3.8 3.7 3.7 
Footnotes [1] through [7] are explained on page 26.

27
Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Employee Benefits
 Three Months EndedNine Months Ended
 Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$100 $98 $97 $96 $94 $92 $93 $295 $279 
Tax-exempt5 6 7 8 7 10 10 18 27 
Total fixed maturities105 104 104 104 101 102 103 313 306 
Equity securities— 1 1 2 1 1 1 2 3 
Mortgage loans17 18 17 18 17 16 17 52 50 
Limited partnerships and other alternative investments [2]20 2 11 14 6 — 1 33 7 
Other [3](1)(1)(1)(2)(1)(1)(2)(3)(4)
Subtotal141 124 132 136 124 118 120 397 362 
Investment expense(5)(6)(6)(6)(5)(6)(6)(17)(17)
Total net investment income$136 $118 $126 $130 $119 $112 $114 $380 $345 
Annualized investment yield, before tax [4]4.8%4.1%4.3%4.5%4.1%3.9%3.9%4.4%3.9%
Annualized limited partnerships and other alternative investment yield, before tax [4]7.1%0.8%4.1%5.2%2.3%—%0.4%4.0%0.9%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.5%4.4%4.4%4.4%4.3%4.3%4.2%4.4%4.2%
Annualized investment yield, net of tax [4]3.8%3.3%3.5%3.6%3.3%3.1%3.1%3.5%3.2%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.6%3.5%3.5%3.5%3.4%3.4%3.4%3.5%3.4%
Average reinvestment rate [5]5.9%6.1%5.8%5.8%5.9%6.6%6.4%6.0%6.3%
Average sales/maturities yield [6]5.1%4.3%4.7%4.8%4.3%4.8%5.2%4.7%4.7%
Portfolio duration (in years) [7]4.9 5.0 5.0 4.9 5.0 4.9 5.1 4.9 5.0 
Footnotes [1] through [7] are explained on page 26.

28
Table of Contents
The Hartford Insurance Group, Inc.
Net Investment Income
Consolidated
Three Months EndedNine Months Ended
Net Investment Income by SegmentSept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Investment Income
Business Insurance$519 $449 $437 $479 $442 $402 $391 $1,405 $1,235 
Personal Insurance67 58 57 64 58 50 50 182 158 
P&C Other Operations19 19 18 19 18 19 18 56 55 
Total Property & Casualty605 526 512 562 518 471 459 1,643 1,448 
Employee Benefits136 118 126 130 119 112 114 380 345 
Hartford Funds4 6 4 6 5 5 4 14 14 
Corporate14 14 14 16 17 14 16 42 47 
Total net investment income by segment$759 $664 $656 $714 $659 $602 $593 $2,079 $1,854 
Three Months EndedNine Months Ended
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsSept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Total Property & Casualty$71 $11 $28 $65 $31 $16 $15 $110 $62 
Employee Benefits20 2 11 14 6 — 1 33 7 
Total net investment income from limited partnerships and other alternative investments [1]$91 $13 $39 $79 $37 $16 $16 $143 $69 
[1]Amounts are included above in total net investment income by segment.


29
Table of Contents
The Hartford Insurance Group, Inc.
Components of Net Realized Gains (Losses)
Consolidated
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities$17 $19 $13 $8 $12 $6 $5 $49 $23 
Gross losses on sales of fixed maturities(38)(45)(25)(50)(62)(75)(11)(108)(148)
Equity securities [1]27 36 (11)(3)27 14 35 52 76 
Net credit losses on fixed maturities, AFS— — 2 — — (1)(1)2 (2)
Change in ACL on mortgage loans(6)— — — — — 3 (6)3 
Other net gains (losses) [2](12)(20)(28)28 10 (3)(3)(60)4 
 Total net realized gains (losses)(12)(10)(49)(17)(13)(59)28 (71)(44)
Net realized losses (gains), included in core earnings, before tax [3]2 — 2 1 1 1 2 4 4 
 Total net gains (losses) excluded from core earnings, before tax(10)(10)(47)(16)(12)(58)30 (67)(40)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings2 1 10 3 4 12 (7)13 9 
 Total net realized gains (losses) excluded from core earnings, after tax$(8)$(9)$(37)$(13)$(8)$(46)$23 $(54)$(31)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and equity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

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The Hartford Insurance Group, Inc.
Composition of Invested Assets
Consolidated
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024
 Amount [1]PercentAmountPercentAmountPercentAmount [1]PercentAmountPercent
Total investments$62,568 100.0 %$60,903 100.0 %$60,094 100.0 %$59,210 100.0 %$59,350 100.0 %
Asset-backed securities$4,506 10.0 %$4,376 9.8 %$4,333 9.8 %$3,937 9.3 %$3,512 8.2 %
Collateralized loan obligations3,379 7.5 %3,393 7.6 %3,396 7.7 %3,250 7.6 %3,563 8.3 %
Commercial mortgage-backed securities2,498 5.5 %2,585 5.8 %2,754 6.2 %2,736 6.4 %2,857 6.7 %
Corporate23,079 51.0 %22,525 50.6 %21,646 49.0 %20,636 48.5 %20,558 48.0 %
Foreign government/government agencies409 0.9 %455 1.0 %481 1.1 %480 1.1 %541 1.3 %
Municipal4,481 9.9 %4,650 10.4 %5,030 11.4 %5,304 12.5 %5,654 13.2 %
Residential mortgage-backed securities5,778 12.8 %5,513 12.4 %5,558 12.5 %5,230 12.3 %5,123 12.0 %
U.S. Treasuries1,073 2.4 %1,061 2.4 %1,006 2.3 %994 2.3 %985 2.3 %
Total fixed maturities, AFS [2]$45,203 100.0 %$44,558 100.0 %$44,204 100.0 %$42,567 100.0 %$42,793 100.0 %
U.S. government/government agencies$5,277 11.7 %$5,130 11.5 %$5,126 11.6 %$4,937 11.6 %$4,815 11.2 %
AAA7,482 16.6 %7,333 16.4 %7,573 17.2 %7,166 16.8 %7,127 16.7 %
AA7,313 16.2 %7,439 16.7 %7,423 16.8 %7,484 17.6 %7,713 18.0 %
A12,628 27.9 %12,239 27.5 %11,639 26.3 %10,933 25.7 %10,994 25.7 %
BBB10,179 22.5 %10,070 22.6 %10,125 22.9 %9,722 22.8 %9,677 22.6 %
BB1,778 3.9 %1,726 3.9 %1,775 4.0 %1,777 4.2 %1,768 4.2 %
B534 1.2 %609 1.4 %529 1.2 %542 1.3 %693 1.6 %
CCC12 — %12 — %13 — %5 — %5 — %
CC & below— — %— — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$45,203 100.0 %$44,558 100.0 %$44,204 100.0 %$42,567 100.0 %$42,793 100.0 %
[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).
[2]Fixed maturities, at fair value using the fair value option are not included.

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The Hartford Insurance Group, Inc.
Invested Asset Exposures
September 30, 2025
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$7,268 $7,220 11.5 %
Technology and communications3,222 3,195 5.1 %
Consumer non-cyclical2,826 2,801 4.5 %
Utilities2,768 2,695 4.3 %
Capital goods1,757 1,770 2.8 %
Consumer cyclical1,687 1,685 2.7 %
Energy1,524 1,517 2.4 %
Basic industry1,166 1,165 1.9 %
Transportation871 848 1.4 %
Other757 753 1.2 %
Total$23,846 $23,649 37.8 %
Top Ten Exposures by Issuer [1]
Morgan Stanley$239 $237 0.4 %
Hyundai Motor Company202 197 0.3 %
Entergy Corporation198 190 0.3 %
SPCC Funding I LLC183 185 0.3 %
Government of Canada181 183 0.3 %
Goldman Sachs Group Inc.187 179 0.3 %
Bank of America Corporation180 179 0.3 %
NextEra Energy Inc.181 176 0.3 %
The Toronto-Dominion Bank180 173 0.3 %
Duke Energy Corporation166 170 0.2 %
Total$1,897 $1,869 3.0 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

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The Hartford Insurance Group, Inc.
Appendix
Basis of Presentation and Definitions
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Insurance Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations ("P&C Other Operations"), Employee Benefits and Hartford Funds, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reportable segments: Business Insurance, Personal Insurance and P&C Other Operations. Business Insurance provides workers’ compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, assumed reinsurance, and other product lines to businesses in the United States ("U.S.") and internationally. Business Insurance generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Insurance provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and includes substantially all of the Company's asbestos and environmental exposures.
Employee Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.
Hartford Funds offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services such as product design, implementation and oversight. This business also manages a portion of the mutual funds which support third-party life and annuity separate accounts.
The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
Certain operating and statistical measures for P&C Business Insurance and Personal Insurance have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Business Insurance represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Insurance, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Insurance, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•For small business, policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•For Personal Insurance, effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in-force is a growth measure used for Personal Insurance as well as small business within Business Insurance and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss and loss adjustment expense ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss and loss adjustment expense ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.

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A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses.
The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Employee Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
The Hartford Funds segment provides supplemental data on sales, redemptions, net flows and account value that indicate current trends in that segment.
Discussion of Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.
Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance. A reconciliation of net income (loss) available to common stockholders to core earnings is set forth on page 2.

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Core earnings per share- This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the U.S GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.
Basic Earnings Per Share
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Income available to common stockholders per share
$3.82 $3.49 $2.18 $2.93 $2.60 $2.48 $2.51 $9.48 $7.59 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses (gains), excluded from core earnings, before tax
0.04 0.04 0.16 0.06 0.04 0.20 (0.10)0.24 0.14 
Restructuring and other costs, before tax— — — — — — — — 0.01 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 
Change in deferred gain on retroactive reinsurance, before tax
(0.03)(0.08)(0.11)0.01 (0.09)(0.13)(0.08)(0.23)(0.29)
Income tax expense (benefit) on items excluded from core earnings
(0.01)— (0.01)(0.02)0.01 (0.02)0.04 — 0.01 
Core earnings per share$3.83 $3.46 $2.23 $2.99 $2.57 $2.54 $2.38 $9.51 $7.48 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable U.S. GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
Diluted Earnings Per Share
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net Income available to common stockholders per diluted share$3.77 $3.44 $2.15 $2.88 $2.56 $2.44 $2.47 $9.34 $7.47 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax0.04 0.03 0.16 0.05 0.04 0.19 (0.10)0.23 0.13 
Restructuring and other costs, before tax— — — — — — — — 0.01 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 
Change in deferred gain on retroactive reinsurance, before tax
(0.03)(0.08)(0.11)0.01 (0.09)(0.12)(0.08)(0.22)(0.29)
Income tax expense (benefit) on items excluded from core earnings
(0.01)0.01 (0.01)(0.01)0.01 (0.02)0.04 — 0.03 
Core earnings per diluted share
$3.78 $3.41 $2.20 $2.94 $2.53 $2.50 $2.34 $9.37 $7.37 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

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Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
Last Twelve Months Ended
 
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024
Net income ROE20.3%19.8%18.8%19.9%20.0%19.8%18.5%
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses (gains), excluded from core earnings, before tax0.5%0.5%0.8%0.4%0.4%0.8%0.8%
Integration and other non-recurring M&A costs, before tax
—%—%0.1%0.1%0.1%0.1%0.1%
Change in deferred gain on retroactive reinsurance, before tax(0.3%)(0.5%)(0.6%)(0.5%)0.7%0.9%1.2%
Income tax benefit on items not included in core earnings—%—%(0.1%)—%(0.2%)(0.4%)(0.4%)
Impact of AOCI, excluded from denominator of core earnings ROE(2.1%)(2.8%)(2.8%)(3.2%)(3.6%)(3.8%)(3.6%)
Core earnings ROE18.4%17.0%16.2%16.7%17.4%17.4%16.6%
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable U.S. GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable U.S. GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable U.S. GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

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Underwriting gain (loss)-This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable U.S GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net income$861 $800 $495 $706 $569 $540 $615 $2,156 $1,724 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(605)(526)(512)(562)(518)(471)(459)(1,643)(1,448)
Net realized losses (gains)30 26 26 9 34 61 (13)82 82 
Net servicing and other (income) expense(3)(4)(4)(2)— (5)(2)(11)(7)
Income tax expense 219 201 125 180 143 129 138 545 410 
Underwriting gain502 497 130 331 228 254 279 1,129 761 
Current accident year catastrophes70 212 467 80 247 280 161 749 688 
Prior accident year development(103)(187)(122)101 (50)(115)(56)(412)(221)
Underlying underwriting gain$469 $522 $475 $512 $425 $419 $384 $1,466 $1,228 
Business Insurance
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net income$710 $696 $477 $708 $528 $540 $573 $1,883 $1,641 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(519)(449)(437)(479)(442)(402)(391)(1,405)(1,235)
Net realized losses (gains)26 20 24 3 32 50 (12)70 70 
Other expense (income)— 1 1 1 1 1 2 2 4 
Income tax expense180 176 122 183 134 130 129 478 393 
Underwriting gain397 444 187 416 253 319 301 1,028 873 
Current accident year catastrophes39 114 280 67 155 155 109 433 419 
Prior accident year development(60)(146)(83)(58)(36)(81)(56)(289)(173)
Underlying underwriting gain$376 $412 $384 $425 $372 $393 $354 $1,172 $1,119 


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Personal Insurance
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net income (loss)$139 $91 $5 $154 $31 $(11)$34 $235 $54 
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(67)(58)(57)(64)(58)(50)(50)(182)(158)
Net realized losses (gains)4 4 2 5 2 8 (1)10 9 
Net servicing and other (income) expense(4)(5)(5)(3)(5)(6)(4)(14)(15)
Income tax expense (benefit)35 23 — 37 8 (4)8 58 12 
Underwriting gain (loss)107 55 (55)129 (22)(63)(13)107 (98)
Current accident year catastrophes31 98 187 13 92 125 52 316 269 
Prior accident year development(43)(41)(39)(53)(14)(34)(7)(123)(55)
Underlying underwriting gain$95 $112 $93 $89 $56 $28 $32 $300 $116 
P&C Other Operations
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net income (loss)$12 $13 $13 $(156)$10 $11 $8 $38 $29 
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(19)(19)(18)(19)(18)(19)(18)(56)(55)
Net realized losses— 2 — 1 — 3 — 2 3 
Other expense1 — — — 4 — — 1 4 
Income tax expense (benefit)4 2 3 (40)1 3 1 9 5 
Underwriting loss(2)(2)(2)(214)(3)(2)(9)(6)(14)
Prior accident year development— — — 212 — — 7 — 7 
Underlying underwriting loss$(2)$(2)$(2)$(2)$(3)$(2)$(2)$(6)$(7)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth on pages 10, 13 and 17, respectively.

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Underlying loss and loss adjustment expense ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth below.
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Loss and loss adjustment expense ratio58.5 58.8 66.3 61.9 64.4 63.3 62.3 61.1 63.3 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development0.7 (0.6)(8.2)(4.3)(4.8)(4.2)(2.7)(2.5)(4.0)
Underlying loss and loss adjustment expense ratio59.3 58.3 58.1 57.6 59.6 59.1 59.6 58.6 59.4 
Business Insurance
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Loss and loss adjustment expense ratio57.3 56.1 62.8 56.3 61.0 58.4 58.3 58.7 59.3 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development0.6 1.0 (5.9)(0.2)(3.7)(2.4)(1.8)(1.4)(2.6)
Underlying loss and loss adjustment expense ratio57.9 57.0 56.9 56.0 57.3 56.1 56.6 57.3 56.7 
Personal Insurance
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Loss and loss adjustment expense ratio62.9 69.0 79.1 59.3 76.8 81.0 76.3 70.2 78.1 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development1.2 (6.1)(16.5)4.4 (8.8)(10.7)(5.5)(7.0)(8.4)
Underlying loss and loss adjustment expense ratio64.2 62.8 62.6 63.7 68.0 70.3 70.7 63.2 69.7 

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Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Net income margin8.1 %8.5 %7.4 %7.1 %8.8 %9.7 %6.2 %8.0%8.2%
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax0.4%0.8%0.3%0.8%(0.1%)0.4%(0.1%)0.5%0.2%
Income tax benefit(0.2%)(0.1%)(0.1%)(0.1%)—%(0.1%)—%(0.1%)(0.1%)
Core earnings margin8.3 %9.2 %7.6 %7.8 %8.7 %10.0 %6.1 %8.4 %8.3 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Return on Assets ("ROA") 15.4 15.6 12.1 13.8 15.7 13.1 13.7 14.4 14.2 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax(1.3)(2.6)— 0.8 (2.1)(0.9)(1.5)(1.3)(1.5)
Effect of income tax expense (benefit)0.2 0.3 0.3 (0.3)— 0.6 0.3 0.3 0.3 
Return on Assets ("ROA"), core earnings 14.3 13.3 12.4 14.3 13.6 12.8 12.5 13.4 13.0 


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Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Employee Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Total net investment income$759 $664 $656 $714 $659 $602 $593 $2,079 $1,854 
Adjustment for income from limited partnerships and other alternative investments(91)(13)(39)(79)(37)(16)(16)(143)(69)
Net investment income excluding limited partnerships and other alternative investments$668 $651 $617 $635 $622 $586 $577 $1,936 $1,785 
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Total net investment income$605 $526 $512 $562 $518 $471 $459 $1,643 $1,448 
Adjustment for income from limited partnerships and other alternative investments(71)(11)(28)(65)(31)(16)(15)(110)(62)
Net investment income excluding limited partnerships and other alternative investments$534 $515 $484 $497 $487 $455 $444 $1,533 $1,386 
Employee Benefits
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Total net investment income$136 $118 $126 $130 $119 $112 $114 $380 $345 
Adjustment for income from limited partnerships and other alternative investments(20)(2)(11)(14)(6)— (1)(33)(7)
Net investment income excluding limited partnerships and other alternative investments$116 $116 $115 $116 $113 $112 $113 $347 $338 

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Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Employee Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable U.S GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Annualized investment yield4.8%4.3%4.3%4.7%4.4%4.1%4.1%4.5%4.2%
Adjustment for income from limited partnerships and other alternative investments(0.2%)0.3%0.1%(0.1%)0.1%0.3%0.2%—%0.2%
Annualized investment yield excluding limited partnerships and other alternative investments4.6%4.6%4.4%4.6%4.5%4.4%4.3%4.5%4.4%
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Annualized investment yield4.9%4.4%4.3%4.8%4.5%4.2%4.1%4.5%4.2%
Adjustment for income from limited partnerships and other alternative investments(0.2%)0.3%0.1%(0.2%)0.1%0.2%0.2%0.1%0.2%
Annualized investment yield excluding limited partnerships and other alternative investments4.7%4.7%4.4%4.6%4.6%4.4%4.3%4.6%4.4%
Employee Benefits
Three Months EndedNine Months Ended
Sept 30 2025Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Sept 30 2025Sept 30 2024
Annualized investment yield4.8%4.1%4.3%4.5%4.1%3.9%3.9%4.4%3.9%
Adjustment for income from limited partnerships and other alternative investments(0.3%)0.3%0.1%(0.1%)0.2%0.4%0.3%—%0.3%
Annualized investment yield excluding limited partnerships and other alternative investments4.5%4.4%4.4%4.4%4.3%4.3%4.2%4.4%4.2%

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