Form 8-K
8-K — HARTFORD INSURANCE GROUP, INC.
Accession: 0000874766-26-000036
Filed: 2026-04-23
Period: 2026-04-23
CIK: 0000874766
SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — hig-20260423.htm (Primary)
EX-99.1 (ex991earningsnewsrelease33.htm)
EX-99.2 (ex992ifs3312026.htm)
GRAPHIC (realq126ifs.jpg)
GRAPHIC (thehartford_logoxhorizonta.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: hig-20260423.htm · Sequence: 1
hig-20260423
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2026
The Hartford Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-13958 13-3317783
(State or Other Jurisdiction
of Incorporation) (Commission
File Number) (IRS Employer
Identification No.)
The Hartford Insurance Group, Inc.
One Hartford Plaza, Hartford, Connecticut 06155
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (860) 547-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share HIG The New York Stock Exchange
6.10% Senior Notes due October 1, 2041 HIG 41 The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share HIG PR G The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On April 23, 2026, The Hartford Insurance Group, Inc. (the "Company") issued (i) a news release announcing its financial results for the quarterly period ended March 31, 2026, and (ii) its Investor Financial Supplement (“IFS”) relating to its financial results for the quarterly period ended March 31, 2026. Copies of the news release and the IFS are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits
Exhibit No.
99.1
News Release of The Hartford Insurance Group, Inc. dated April 23, 2026
99.2
Investor Financial Supplement of The Hartford Insurance Group, Inc. for the quarterly period ended March 31, 2026
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 23, 2026 By: /s/ Allison G. Niderno
Name: Allison G. Niderno
Title: Senior Vice President and Controller
EX-99.1
EX-99.1
Filename: ex991earningsnewsrelease33.htm · Sequence: 2
Document
NEWS RELEASE
The Hartford Reports First Quarter 2026 Financial Results
•First quarter 2026 net income available to common stockholders of $851 million ($3.04 per diluted share) increased 36% from $625 million ($2.15 per diluted share) over the same period in 2025. Core earnings* of $866 million ($3.09 core earnings per diluted share*) increased 36% from $639 million ($2.20 core earnings per diluted share) over the same period in 2025.
•Net income ROE for the trailing 12 months of 23.0% and core earnings ROE* of 20.3%.
•Property & Casualty (P&C) written premiums increased by 4% in the first quarter of 2026, driven by Business Insurance premium growth of 6%.
•Employee Benefits fully insured ongoing premium growth of 3% in the first quarter of 2026.
•Business Insurance first quarter 2026 combined ratio of 94.8 and an underlying combined ratio* of 89.2.
•Personal Insurance first quarter 2026 combined ratio of 87.7 and an underlying combined ratio* of 85.0.
•Employee Benefits first quarter 2026 net income margin of 6.4% and a core earnings margin* of 6.9%.
•Returned $617 million to stockholders in the first quarter, including $450 million of shares repurchased and $167 million in common stockholder dividends paid.
* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures.
** All amounts and percentages set forth in this news release are approximate unless otherwise noted.
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HARTFORD, Conn., April 23, 2026 – The Hartford (NYSE: HIG) today announced financial results for the first quarter ended March 31, 2026.
“The Hartford’s first quarter 2026 results were strong with core earnings of $866 million, building on continued momentum from the past few years,” said The Hartford’s Chairman and CEO Christopher Swift. “Our underwriting discipline, breadth and depth of distribution relationships, and customer-centric focus position us well to navigate a dynamic environment. Our ongoing investments in innovation and technology continue to strengthen our business processes and further differentiate The Hartford in the marketplace.”
The Hartford's Chief Financial Officer Beth Costello said, “Business Insurance delivered another strong quarter, with 6 percent written premium growth and an underlying combined ratio of 89.2. In Personal Insurance, the underlying combined ratio improved 4.7 points, while growth was impacted by a competitive market. Employee Benefits generated a core earnings margin of 6.9 percent, with outstanding life and strong disability performance and excellent new business sales growth. Investment income remained strong, supported by our diversified portfolio and attractive new money yields."
Swift continued, “The Hartford is a proven and consistent performer delivering a trailing 12 month core earnings ROE of 20.3 percent. Quarter after quarter, our results demonstrate how our strategy translates into durable financial performance. Looking forward, our foundation is strong and our strategy is clear, reflecting who we are at the core—an underwriting company that consistently delivers with discipline and innovates with purpose."
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CONSOLIDATED RESULTS:
Three Months Ended
($ in millions except per share data)
Mar 31 2026 Mar 31 2025
Change
Net income available to common stockholders $851 $625 36%
Net income available to common stockholders per diluted share1
$3.04 $2.15 41%
Core earnings $866 $639 36%
Core earnings per diluted share $3.09 $2.20 40%
Book value per diluted share $66.58 $57.07 17%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2
$75.25 $65.99 14%
Net income available to common stockholders' return on equity (ROE)3, last 12-months
23.0% 18.8% 4.2
Core earnings ROE3, last 12-months
20.3% 16.2% 4.1
[1]Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends
[2]Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
[3]Return on equity (ROE) is calculated based on last 12-months net income available to common stockholders and core earnings, respectively; for net income ROE, the denominator is common stockholders’ equity including AOCI; for core earnings ROE, the denominator is common stockholders’ equity excluding AOCI
First quarter 2026 net income available to common stockholders of $851 million, or $3.04 per diluted share, improved from $625 million in first quarter 2025, primarily driven by lower P&C CAY CATs, higher net investment income, earned premium growth, improvement in the group life loss ratio, and a lower Personal Insurance underlying loss and loss adjustment expense ratio*, partially offset by higher expense ratios in both Employee Benefits and P&C, less favorable PYD, and a higher group disability loss ratio.
First quarter 2026 core earnings of $866 million, or $3.09 per diluted share, compared with $639 million of core earnings in first quarter 2025. Contributing to the results were:
•An increase in earnings driven by 6% growth in P&C earned premium.
•Business Insurance loss and loss adjustment expense ratio of 62.8 was flat compared with first quarter 2025, including 3.6 points of lower CATs, partially offset by a 3.3 point change from favorable to unfavorable PYD. Underlying loss and loss adjustment expense ratio of 57.2 compared with 56.9 in first quarter 2025.
•Personal Insurance loss and loss adjustment expense ratio of 60.6 compared with 79.1 in first quarter 2025, including 14.3 points of lower CATs, partially offset by 0.4 points of less favorable PYD. Underlying loss and loss adjustment expense ratio of 58.0 improved 4.6 points from first quarter 2025, due to a lower loss ratio in both automobile and homeowners.
•Net favorable PYD in core earnings of $5 million, before tax, in 2026 compared with net favorable PYD of $90 million in core earnings in 2025. Net favorable PYD included in core earnings in first quarter 2026 was primarily driven by reserve reductions in workers’ compensation, homeowners, and personal automobile, partially offset by an increase of $70 million in general liability reserves to reflect legacy sexual molestation and sexual abuse exposures related to policies written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.
•P&C CAY CAT losses of $230 million, before tax, in first quarter 2026, primarily from winter storms across several regions, but concentrated in the Northeast region, and
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losses from tornado, wind and hail events across several regions, compared with CAY CAT losses of $467 million in first quarter 2025, primarily driven by the January 2025 California Wildfire Event.
•The P&C expense ratio of 30.7 compared with 30.4 in first quarter 2025.
•Employee Benefits loss ratio of 71.7 compared with 71.9 in first quarter 2025, driven by improvement in the group life loss ratio, partially offset by an increase in the group disability loss ratio.
•The Employee Benefits expense ratio of 26.7 compared with 25.4 in first quarter 2025, driven by higher staffing costs and higher technology costs.
•Net investment income of $739 million, before tax, compared with $656 million in first quarter 2025, primarily driven by increased income from limited partnerships and other alternative investments (LPs), a higher level of invested assets, and reinvesting at higher rates.
March 31, 2026 book value per diluted share of $66.58 increased 0.4%, from $66.31 at Dec. 31, 2025, principally due to net income in excess of stockholder dividends through March 31, 2026, partially offset by a decrease in AOCI, primarily driven by an increase in net unrealized losses on available-for-sale (AFS) securities, and the dilutive effect of share repurchases.
Book value per diluted share (excluding AOCI) of $75.25 as of March 31, 2026, increased 2.2%, from $73.62 at Dec. 31, 2025, as the impact from net income in excess of stockholder dividends through March 31, 2026, was partially offset by the dilutive effect of share repurchases.
Net income available to common stockholders' ROE (net income ROE) for the trailing 12-month period ending March 31, 2026, was 23.0%, increasing 4.2 points from March 31, 2025, primarily due to an increase in net income available to common stockholders.
Core earnings ROE for the trailing 12-month period ending March 31, 2026, was 20.3%, increasing 4.1 points from March 31, 2025, primarily due to an increase in core earnings.
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BUSINESS RESULTS:
Business Insurance
Three Months Ended
($ in millions, unless otherwise noted) Mar 31 2026 Mar 31 2025
Change
Net income $536 $477 12%
Core earnings $551 $471 17%
Written premiums $3,904 $3,686 6%
Underwriting gain1
$185 $187 (1%)
Underlying underwriting gain1
$386 $384 1%
Losses and loss adjustment expense ratio 62.8 62.8 —
Expenses 31.6 31.3 0.3
Policyholder dividends 0.3 0.3 —
Combined ratio 94.8 94.4 0.4
Impact of catastrophes and PYD on combined ratio (5.6) (5.9) 0.3
Underlying combined ratio 89.2 88.4 0.8
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio 57.2 56.9 0.3
Current accident year catastrophes 4.8 8.4 (3.6)
Prior accident year development 0.8 (2.5) 3.3
Total Losses and loss adjustment expense ratio 62.8 62.8 —
[1]Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
First quarter 2026 net income of $536 million compared with net income of $477 million in first quarter 2025, primarily due to lower CAY CATs, higher net investment income, and the impact of earned premium growth, partially offset by a change from net favorable PYD to net unfavorable PYD and a higher expense ratio. PYD in the 2025 period includes a $32 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC.
Business Insurance core earnings of $551 million in first quarter 2026 compared with $471 million in first quarter 2025. Contributing to the results were:
•7% growth in earned premium.
•An underlying loss and loss adjustment expense ratio of 57.2 in first quarter 2026 compared with 56.9 in first quarter 2025.
•Net unfavorable PYD within core earnings of $30 million, before tax, in first quarter 2026, compared with $51 million of net favorable PYD within core earnings in first quarter 2025. The net unfavorable PYD in first quarter 2026 primarily includes an increase of $70 million in general liability reserves to reflect legacy sexual molestation and sexual abuse exposures related to policies written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.
•CAY CAT losses of $171 million, before tax, in first quarter 2026, primarily from winter storms across several regions, but concentrated in the Northeast, and losses from tornado, wind and hail events across several regions, compared with CAY CAT losses of $280 million in first quarter 2025.
•Net investment income of $505 million, before tax, compared with $437 million in first quarter 2025.
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Combined ratio of 94.8 compared with 94.4 in first quarter 2025, primarily due to a 3.3 point change from favorable to unfavorable PYD, partially offset by 3.6 points of lower CATs. Underlying combined ratio of 89.2 compared with 88.4 in first quarter 2025, primarily due to a slight increase in the underlying loss and loss adjustment expense ratio and expense ratio.
•Small Business combined ratio of 91.9 compared with 93.3 in first quarter 2025, including 1.5 points of lower CATs, partially offset by 0.1 points of less favorable PYD. Underlying combined ratio of 89.4 was flat compared with first quarter 2025.
•Middle & Large Business combined ratio of 95.6 compared with 99.8 in first quarter 2025, including 5.2 points of lower CAY CATs, partially offset by 0.4 points of more unfavorable PYD. Underlying combined ratio of 91.3 compared with 90.6 in first quarter 2025, primarily due to a higher loss ratio in workers' compensation.
•Global Specialty combined ratio of 90.7 compared with 89.3 in first quarter 2025, including 5.3 points of lower CATs, partially offset by a 4.6 point change from favorable to unfavorable PYD. The 2025 combined ratio included 3.4 points of more favorable PYD due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 86.1 compared with 84.0 in first quarter 2025, primarily due to a higher expense ratio and the impact of higher reinstatement premiums in Global Re in the 2025 period.
•The expense ratio of 31.6 was generally consistent with the first quarter of 2025, as higher staffing costs and investments in the business were partially offset by earned premium growth.
First quarter 2026 written premiums of $3.9 billion were up 6% from first quarter 2025, with growth across the segment. Small Business delivered an 8% increase in written premiums, supported by double‑digit new business growth, while Middle & Large and Global Specialty each reported single‑digit written premium growth.
Personal Insurance
Three Months Ended
($ in millions, unless otherwise noted)
Mar 31 2026 Mar 31 2025 Change
Net income $139 $5 NM
Core earnings $141 $6 NM
Written premiums $862 $913 (6%)
Underwriting gain (loss) $113 $(55) NM
Underlying underwriting gain $137 $93 47%
Losses and loss adjustment expense ratio 60.6 79.1 (18.5)
Expenses 27.0 27.0 —
Combined ratio 87.7 106.1 (18.4)
Impact of catastrophes and PYD on combined ratio (2.6) (16.5) 13.9
Underlying combined ratio 85.0 89.7 (4.7)
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio 58.0 62.6 (4.6)
Current accident year catastrophes 6.5 20.8 (14.3)
Prior accident year development (3.9) (4.3) 0.4
Total Losses and loss adjustment expense ratio 60.6 79.1 (18.5)
Net income of $139 million in first quarter 2026 compared with net income of $5 million in first quarter 2025, primarily due to lower CAY CAT losses and an improvement in the underlying loss and loss adjustment expense ratio.
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Personal Insurance core earnings of $141 million compared with core earnings of $6 million in first quarter 2025. Contributing to the results were:
•1% growth in earned premium largely driven by the impact of double-digit earned pricing increases.
•An underlying loss and loss adjustment expense ratio of 58.0 in first quarter 2026, which improved 4.6 points from 62.6 in first quarter 2025, driven by the impact of earned pricing increases outpacing loss cost trends.
•$35 million, before tax, of favorable PYD in first quarter of 2026, compared with $39 million of favorable PYD in first quarter 2025. The net favorable PYD in first quarter 2026 primarily includes reserve reductions in automobile and homeowners.
•CAY CAT losses of $59 million, before tax, in first quarter 2026, including losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, and losses from winter storms across several regions, compared with $187 million of CAY CAT losses in first quarter 2025.
•Net investment income of $62 million, before tax, in first quarter 2026 compared with $57 million in first quarter 2025.
Combined ratio of 87.7 in first quarter 2026 compared with 106.1 in first quarter 2025, primarily due to an 18.5 point improvement in the loss and loss adjustment expense ratio, including 14.3 points of lower CAY CAT losses and a 4.6 point improvement in the underlying loss and loss adjustment expense ratio, partially offset by 0.4 points of less favorable PYD. Underlying combined ratio of 85.0 improved 4.7 points from 89.7 in first quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio in automobile and homeowners.
•Personal Automobile combined ratio of 89.6 improved 3.9 points from 93.5 in first quarter 2025, including 0.5 points of lower CAY CATs, partially offset by 0.5 points of less favorable PYD. The underlying combined ratio of 92.2 improved 3.9 points from 96.1 in first quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases outpacing loss cost trends.
•Homeowners combined ratio of 83.8 compared with 133.2 in first quarter 2025, including 46.1 points of lower CAY CATs, partially offset by 0.8 points of less favorable PYD. The underlying combined ratio of 71.0 improved 4.1 points from 75.1 in first quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases outpacing loss cost trends.
•The expense ratio of 27.0 was flat compared with first quarter 2026.
Written premiums in first quarter 2026 were $862 million compared with $913 million in first quarter 2025, with:
•Renewal written price increases in automobile and homeowners of 6.8% and 11.8%, respectively.
•Effective policy count retention was relatively stable in automobile and homeowners due to strong but moderating renewal written price increases.
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Employee Benefits
Three Months Ended
($ in millions, unless otherwise noted)
Mar 31 2026 Mar 31 2025
Change
Net income $118 $133 (11%)
Core earnings $127 $136 (7%)
Fully insured ongoing premiums $1,654 $1,612 3%
Loss ratio 71.7% 71.9% (0.2)
Expense ratio 26.7% 25.4% 1.3
Net income margin 6.4% 7.4% (1.0)
Core earnings margin 6.9% 7.6% (0.7)
Net income of $118 million in first quarter 2026 compared with $133 million in first quarter 2025, primarily due to an increase in the group disability loss ratio and expense ratio, partially offset by improvement in the group life loss ratio and increased net investment income. Core earnings of $127 million, compared with $136 million in first quarter 2025, primarily reflecting the same drivers as net income.
Fully insured ongoing premiums were up 3% compared with first quarter 2025, including increased new business sales across all products, an increase in exposure on existing accounts and persistency in excess of 90%. Fully insured ongoing sales were up 53% in first quarter 2026, compared with first quarter 2025, driven by higher group disability sales, including paid family and medical leave product (PFML) sales following initial expansion into two new states, and higher group life sales.
Loss ratio of 71.7 compared with 71.9 in first quarter 2025.
•Group life loss ratio of 73.2 improved 6.7 points due to lower mortality across both term and accidental life products.
•Group disability loss ratio of 72.7 increased 3.7 points driven by less favorable long-term disability loss trends and higher short‑term disability claim incidence, including PFML, partially offset by continued PFML pricing actions.
Expense ratio of 26.7 increased 1.3 points compared with 25.4 in first quarter 2025, driven by higher staffing costs and higher technology costs.
Net investment income of $131 million, before tax, compared with $126 million in first quarter 2025.
Hartford Funds
Three Months Ended
($ in millions, unless otherwise noted)
Mar 31 2026 Mar 31 2025 Change
Net income $49 $43 14%
Core earnings $51 $44 16%
Daily average Hartford Funds Assets Under Management (AUM) $155,958 $141,834 10%
Mutual Funds and exchange-traded funds (ETF) net flows $(533) $(1,432) 63%
Total Hartford Funds AUM $150,821 $138,098 9%
First quarter 2026 net income of $49 million compared with $43 million in first quarter 2025, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average Hartford Funds AUM, partially offset by net realized losses in the 2026 period. Core earnings of $51 million compared with $44 million in first quarter 2025, with the change primarily reflecting the same drivers as net income, excluding the impact of net realized losses.
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Daily average AUM of $156 billion in first quarter 2026 increased 10% from first quarter 2025.
Mutual fund and ETF net outflows totaled $533 million in first quarter 2026, compared with net outflows of $1.4 billion in first quarter 2025.
Corporate
Three Months Ended
($ in millions, unless otherwise noted)
Mar 31 2026 Mar 31 2025 Change
Net loss $(28) $(41) 32%
Net loss available to common stockholders $(33) $(46) 28%
Core loss $(18) $(31) 42%
Net investment income, before tax $16 $14 14%
Interest expense and preferred dividends, before tax $55 $55 —%
Net loss available to common stockholders of $33 million in first quarter 2026 compared with $46 million in first quarter 2025, driven by a higher net tax benefit, including the impact of stock-based compensation awards vesting during the quarter and interest related to income tax refunds, and an increase in other revenues related to valuation appreciation of an investment. First quarter 2026 core loss of $18 million compared with $31 million in first quarter 2025, with the change primarily reflecting the same drivers as net income.
INVESTMENT INCOME AND PORTFOLIO DATA:
Three Months Ended
($ in millions, unless otherwise noted)
Mar 31 2026 Mar 31 2025
Change
Net investment income, before tax $739 $656 13%
Annualized investment yield, before tax 4.5% 4.3% 0.2
Annualized investment yield, before tax, excluding LPs1
4.5% 4.4% 0.1
Annualized LP yield, before tax 5.1% 3.1% 2.0
Annualized investment yield, after tax 3.6% 3.4% 0.2
[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
First quarter 2026 consolidated net investment income of $739 million compared with $656 million in first quarter 2025, primarily driven by increased income from LPs, a higher level of invested assets, and reinvesting at higher rates.
First quarter 2026 net investment income, excluding LPs*, of $664 million, before tax, compared to $617 million in first quarter 2025, a 7.6% increase, primarily driven by a higher level of invested assets and reinvesting at higher rates.
First quarter 2026 included $75 million, before tax, of LP income as compared with $39 million in first quarter 2025, driven by higher returns on other funds, including valuation increases primarily within infrastructure and energy transition funds, partially offset by lower returns on real estate joint ventures. Annualized LP yield, before tax, of 5.1% compared with 3.1% in first quarter 2025.
Net realized losses of $55 million, before tax, in first quarter 2026 compared with $49 million, before tax, in first quarter 2025.
Total invested assets of $63.7 billion decreased $0.2 billion from Dec. 31, 2025, primarily due to a decrease in valuation of fixed maturities, driven by higher interest rates, partially offset by an increase in mortgage loans and LPs.
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CONFERENCE CALL
The Hartford will discuss its first quarter 2026 financial results on a webcast at 9:00 a.m. EDT on Friday, April 24, 2026. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.
More detailed financial information can be found in The Hartford's Investor Financial Supplement for March 31, 2026, and the first quarter 2026 Financial Results Presentation, both of which are available at https://ir.thehartford.com.
About The Hartford
The Hartford is a leader in property and casualty insurance, employee benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.
The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.
HIG-F
From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
Media Contacts: Investor Contact:
Michelle Loxton Kate Jorens
860-547-7413 860-547-4066
michelle.loxton@thehartford.com kate.jorens@thehartford.com
Matthew Sturdevant
860-547-8664
matthew.sturdevant@thehartford.com
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THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended March 31, 2026
($ in millions)
Business Insurance Personal Insurance P&C
Other Ops Employee Benefits Hartford Funds Corporate Consolidated
Earned premiums $ 3,572 $ 907 $ — $ 1,666 $ — $ — $ 6,145
Fee income 12 8 — 57 283 10 370
Net investment income 505 62 20 131 5 16 739
Net realized losses (19) (4) (1) (11) (3) (17) (55)
Other revenue — 22 — — — 5 27
Total revenues 4,070 995 19 1,843 285 14 7,226
Benefits, losses, and loss adjustment expenses 2,245 550 (36) 1,238 — 1 3,998
Amortization of DAC 577 71 — 8 — — 656
Insurance operating costs and other expenses 569 199 2 439 223 15 1,447
Interest expense — — — — — 50 50
Amortization of other intangible assets 7 1 — 10 — — 18
Total benefits, losses and expenses 3,398 821 (34) 1,695 223 66 6,169
Income (loss) before income taxes 672 174 53 148 62 (52) 1,057
Income tax expense (benefit) 136 35 11 30 13 (24) 201
Net income (loss) 536 139 42 118 49 (28) 856
Preferred stock dividends — — — — — 5 5
Net income (loss) available to common stockholders 536 139 42 118 49 (33) 851
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses, excluded from core earnings, before tax 18 4 1 11 3 17 54
Integration and other non-recurring M&A costs, before tax 1 — — — — — 1
Change in deferred gain on retroactive reinsurance, before tax — — (36) — — — (36)
Income tax expense (benefit) (4) (2) 7 (2) (1) (2) (4)
Core earnings (loss) $ 551 $ 141 $ 14 $ 127 $ 51 $ (18) $ 866
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THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended March 31, 2025
($ in millions)
Business Insurance Personal Insurance P&C
Other Ops Employee Benefits Hartford Funds Corporate Consolidated
Earned premiums $ 3,324 $ 899 $ — $ 1,612 $ — $ — $ 5,835
Fee income 11 8 — 56 260 11 346
Net investment income 437 57 18 126 4 14 656
Net realized losses (24) (2) — (4) — (19) (49)
Other revenue 1 20 — — — 1 22
Total revenues 3,749 982 18 1,790 264 7 6,810
Benefits, losses, and loss adjustment expenses 2,088 711 — 1,199 — 2 4,000
Amortization of DAC 531 68 — 8 — — 607
Insurance operating costs and other expenses 524 197 2 406 209 14 1,352
Interest expense — — — — — 50 50
Amortization of other intangible assets 7 1 — 10 — — 18
Total benefits, losses and expenses 3,150 977 2 1,623 209 66 6,027
Income (loss) before income taxes 599 5 16 167 55 (59) 783
Income tax expense (benefit) 122 — 3 34 12 (18) 153
Net income (loss) 477 5 13 133 43 (41) 630
Preferred stock dividends — — — — — 5 5
Net income (loss) available to common stockholders 477 5 13 133 43 (46) 625
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses, excluded from core earnings, before tax 22 2 — 4 — 19 47
Integration and other non-recurring M&A costs, before tax 2 — — — — — 2
Change in deferred gain on retroactive reinsurance, before tax (32) — — — — — (32)
Income tax expense (benefit) 2 (1) — (1) 1 (4) (3)
Core earnings (loss) $ 471 $ 6 $ 13 $ 136 $ 44 $ (31) $ 639
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The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Hartford uses non-GAAP financial measures in this news release to assist investors in analyzing the Company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this news release can be found below and in The Hartford's Investor Financial Supplement for first quarter 2026, which is available on the investor relations section of The Hartford's website, https://ir.thehartford.com.
Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, 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 for the quarterly periods ended March 31, 2026 and 2025 is provided in the table below.
Three Months Ended
Mar 31 2026 Mar 31 2025
Annualized investment yield 4.5 % 4.3 %
Adjustment for income from limited partnerships and other alternative investments — % 0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments 4.5 % 4.4 %
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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 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 for the quarterly periods ended March 31, 2026 and 2025 is provided in the table below.
Three Months Ended
Mar 31 2026 Mar 31 2025
Total net investment income $ 739 $ 656
Adjustment for income from limited partnerships and other alternative investments $ (75) $ (39)
Net investment income excluding limited partnerships and other alternative investments $ 664 $ 617
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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. A reconciliation of book value per diluted share to book value per diluted share (excluding AOCI) is provided in the table below.
As of
Mar 31 2026 Dec 31 2025
Change
Book value per diluted share $66.58 $66.31 0.4%
Per diluted share impact of AOCI $8.67 $7.31 18.6%
Book value per diluted share (excluding AOCI) $75.25 $73.62 2.2%
As of
Mar 31 2026 Mar 31 2025
Change
Book value per diluted share $66.58 $57.07 16.7%
Per diluted share impact of AOCI $8.67 $8.92 (2.8%)
Book value per diluted share (excluding AOCI) $75.25 $65.99 14.0%
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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.
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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) to core earnings (loss) for the quarterly periods ended March 31, 2026 and 2025, for individual reporting segments can be found in this news release under the heading "The Hartford Insurance Group, Inc. Consolidating Income Statements."
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 for the quarterly periods ended March 31, 2026 and 2025, is set forth below.
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Net income margin 6.4% 7.4% (1.0)
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses, before tax 0.6% 0.3% 0.3
Income tax benefit on items excluded from core earnings (0.1)% (0.1)% —
Core earnings margin 6.9% 7.6% (0.7)
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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 for the quarterly periods ended March 31, 2026 and 2025 is provided in the table below.
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Per Share Data
Diluted earnings per common share:
Net income available to common stockholders per share1
$3.04 $2.15 41%
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses, excluded from core earnings, before tax 0.19 0.16 19%
Integration and other non-recurring M&A costs, before tax — 0.01 (100%)
Change in deferred gain on retroactive reinsurance, before tax (0.13) (0.11) (18%)
Income tax benefit on items excluded from core earnings (0.01) (0.01) —%
Core earnings per diluted share $3.09 $2.20 40%
[1] Net income available to common stockholders includes dilutive potential common shares
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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 quantitative reconciliation of net income available to common stockholders ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized gains and losses, which typically vary substantially from period to period.
A reconciliation of consolidated net income available to common stockholders ROE to consolidated core earnings ROE is set forth below.
Three Months Ended
Mar 31 2026 Mar 31 2025
Net income available to common stockholders ROE 23.0% 18.8%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax 0.6% 0.8%
Integration and other non-recurring M&A costs, before tax —% 0.1%
Change in deferred gain on retroactive reinsurance, before tax (0.4)% (0.6)%
Income tax benefit on items not included in core earnings (0.1)% (0.1%)
Impact of AOCI, excluded from denominator of core earnings ROE (2.8)% (2.8%)
Core earnings ROE 20.3% 16.2%
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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 individual reporting segments can be found in this news release under the heading "Business Results" for "Business Insurance" and "Personal Insurance". A reconciliation of the combined ratio to underlying combined ratio for lines of business within the Company's P&C reporting segments is set forth below.
SMALL BUSINESS
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Combined ratio 91.9 93.3 (1.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (6.5) (8.0) 1.5
Prior accident year development 4.0 4.1 (0.1)
Underlying combined ratio 89.4 89.4 —
MIDDLE & LARGE BUSINESS
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Combined ratio 95.6 99.8 (4.2)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (3.7) (8.9) 5.2
Prior accident year development (0.7) (0.3) (0.4)
Underlying combined ratio 91.3 90.6 0.7
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GLOBAL SPECIALTY
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Combined ratio 90.7 89.3 1.4
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (3.4) (8.7) 5.3
Prior accident year development (1.2) 3.4 (4.6)
Underlying combined ratio 86.1 84.0 2.1
PERSONAL AUTOMOBILE
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Combined ratio 89.6 93.5 (3.9)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (0.7) (1.2) 0.5
Prior accident year development 3.3 3.8 (0.5)
Underlying combined ratio 92.2 96.1 (3.9)
HOMEOWNERS
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Combined ratio 83.8 133.2 (49.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (17.6) (63.7) 46.1
Prior accident year development 4.8 5.6 (0.8)
Underlying combined ratio 71.0 75.1 (4.1)
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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 quarterly periods ended March 31, 2026 and 2025, is 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. Reconciliations of net income (loss) to underlying underwriting gain for individual reporting segments for the quarterly periods ended March 31, 2026 and 2025, is set forth below.
BUSINESS INSURANCE
Three Months
Ended
Mar 31 2026 Mar 31 2025
Net income $ 536 $ 477
Adjustments to reconcile net income to underwriting gain:
Net investment income (505) (437)
Net realized losses 19 24
Other (income) expense (1) 1
Income tax expense 136 122
Underwriting gain 185 187
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes 171 280
Prior accident year development 30 (83)
Underlying underwriting gain $ 386 $ 384
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PERSONAL INSURANCE
Three Months
Ended
Mar 31 2026 Mar 31 2025
Net income $ 139 $ 5
Adjustments to reconcile net income to underwriting gain (loss):
Net investment income (62) (57)
Net realized losses 4 2
Net servicing and other (income) expense
(3) (5)
Income tax expense
35 —
Underwriting gain (loss) 113 (55)
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes 59 187
Prior accident year development (35) (39)
Underlying underwriting gain $ 137 $ 93
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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"). Reconciliations of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods ended March 31, 2026 and 2025, is set forth below.
PROPERTY & CASUALTY
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Loss and loss adjustment expense ratio 61.6 66.3 (4.7)
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 development (4.2) (8.2) 4.0
Underlying loss and loss adjustment expense ratio 57.4 58.1 (0.7)
BUSINESS INSURANCE
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Loss and loss adjustment expense ratio 62.8 62.8 —
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 development (5.6) (5.9) 0.3
Underlying loss and loss adjustment expense ratio 57.2 56.9 0.3
PERSONAL INSURANCE
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Loss and loss adjustment expense ratio 60.6 79.1 (18.5)
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 development (2.6) (16.5) 13.9
Underlying loss and loss adjustment expense ratio 58.0 62.6 (4.6)
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PERSONAL INSURANCE - AUTOMOBILE
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Loss and loss adjustment expense ratio 63.5 67.3 (3.8)
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 development 2.8 2.5 0.3
Underlying loss and loss adjustment expense ratio 66.3 69.9 (3.6)
PERSONAL INSURANCE - HOMEOWNERS
Three Months Ended
Mar 31 2026 Mar 31 2025 Change
Loss and loss adjustment expense ratio 55.00 104.3 (49.3)
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 development (12.8) (58.1) 45.3
Underlying loss and loss adjustment expense ratio 42.2 46.3 (4.1)
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SAFE HARBOR STATEMENT
Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.
Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Insurance Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2025 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission.
◦Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;
◦Insurance Industry and Product-Related Risks: the possibility of unfavorable loss development, including with respect to long-tailed exposures; the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims; the possibility of a pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses; weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns; the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws; the Company’s ability to effectively price its products and policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines; actions by competitors that may be larger or have greater financial resources than we do; technological changes, including usage-based methods of determining premiums, advancements in certain emerging technologies, including machine learning, predictive analytics, “big data” analysis or other artificial intelligence functions, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing could provide our competitors with a competitive advantage and could impact the rate and severity of claims, as well as the demand for our products; the
26
Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses;
Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
Risks Relating to Estimates, Assumptions and Valuations: risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill;
Strategic and Operational Risks: the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber breach or other information security incident, technology failure or other unanticipated event; the potential for difficulties arising from outsourcing, including vendors and similar third-party relationships; the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions; risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; the Company’s ability to protect its intellectual property and defend against claims of infringement;
Regulatory and Legal Risks: the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels; unfavorable judicial or legislative developments; the impact of changes in federal, state or foreign tax laws; regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and the impact of potential changes in accounting principles and related financial reporting requirements.
Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The
27
Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
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EX-99.2
EX-99.2
Filename: ex992ifs3312026.htm · Sequence: 3
Document
The Hartford Insurance Group, Inc.
As of April 22, 2026
Address:
One Hartford Plaza A.M. Best Standard & Poor’s Moody’s
Hartford, CT 06155 Insurance Financial Strength Ratings:
Hartford Fire Insurance Company A+ AA- Aa3
Hartford Life and Accident Insurance Company A+ AA- A1
Navigators Insurance Company A+ 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 a A- A3
Kate Jorens Junior subordinated debentures bbb+ BBB Baa1
SVP, Treasurer & Head of Investor Relations Preferred stock bbb+ BBB Baa2
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:
Computershare Computershare
P.O. Box 505000 462 South 4th Street, Suite 1600
Louisville, KY 40233 Louisville, 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
Consolidated
Consolidated Financial Results
1
Consolidated Statements of Operations
2
Operating Results by Segment
3
Consolidating Balance Sheets
4
Capital Structure
5
Statutory Capital to U.S. GAAP Stockholders’ Equity Reconciliation
6
Accumulated Other Comprehensive Income (Loss)
7
Property & Casualty
Property & Casualty Income Statements
8
Property & Casualty Income Statements (Continued)
9
Property & Casualty Underwriting Ratios
10
Business Insurance Income Statements
11
Business Insurance Income Statements (Continued)
12
Business Insurance Underwriting Ratios
13
Business Insurance Supplemental Data
14
Personal Insurance Income Statements
15
Personal Insurance Income Statements (Continued)
16
Personal Insurance Underwriting Ratios
17
Personal Insurance Supplemental Data
18
Personal Insurance Supplemental Data (Continued)
19
P&C Other Operations Income Statements
20
Employee Benefits
Income Statements
21
Supplemental Data
22
Hartford Funds
Income Statements
23
Asset Value Rollforward - Assets Under Management By Asset Class
24
Corporate
Income Statements
25
Investments
Investment Income Before Tax - Consolidated
26
Investment Income Before Tax - Property & Casualty
27
Investment Income Before Tax - Employee Benefits
28
Net Investment Income
29
Components of Net Realized Gains (Losses)
30
Composition of Invested Assets
31
Invested Asset Exposures
32
Appendix
Basis of Presentation and Definitions
33
Discussion of Non-GAAP Financial Measures
34
Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Financial Results
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Highlights
Net income $ 856 $ 1,131 $ 1,080 $ 995 $ 630
Net income available to common stockholders [1] $ 851 $ 1,126 $ 1,074 $ 990 $ 625
Core earnings* $ 866 $ 1,148 $ 1,077 $ 981 $ 639
Total revenues $ 7,226 $ 7,339 $ 7,232 $ 6,987 $ 6,810
Total assets $ 86,322 $ 85,997 $ 84,995 $ 83,639 $ 82,307
Per Share and Shares Data
Basic earnings per common share
Net income available to common stockholders $ 3.08 $ 4.05 $ 3.82 $ 3.49 $ 2.18
Core earnings* $ 3.14 $ 4.13 $ 3.83 $ 3.46 $ 2.23
Diluted earnings per common share
Net income available to common stockholders $ 3.04 $ 3.98 $ 3.77 $ 3.44 $ 2.15
Core earnings* $ 3.09 $ 4.06 $ 3.78 $ 3.41 $ 2.20
Weighted average common shares outstanding (basic) 276.1 278.3 280.9 283.7 286.6
Dilutive effect of stock compensation 3.8 4.3 4.1 4.0 4.2
Weighted average common shares outstanding and dilutive potential common shares (diluted) 279.9 282.6 285.0 287.7 290.8
Common shares outstanding 274.9 276.9 279.6 282.3 285.1
Book value per common share $ 67.50 $ 67.33 $ 64.79 $ 60.87 $ 57.91
Per common share impact of accumulated other comprehensive income [2] 8.79 7.43 7.17 8.45 9.05
Book value per common share (excluding AOCI)* $ 76.29 $ 74.76 $ 71.96 $ 69.32 $ 66.96
Book value per diluted share $ 66.58 $ 66.31 $ 63.86 $ 60.02 $ 57.07
Per diluted share impact of AOCI 8.67 7.31 7.06 8.33 8.92
Book value per diluted share (excluding AOCI)* $ 75.25 $ 73.62 $ 70.92 $ 68.35 $ 65.99
Common shares outstanding and dilutive potential common shares 278.7 281.2 283.7 286.3 289.3
Return on Common Stockholders' Equity ("ROE")
Net income available to common stockholders' ROE ("Net income ROE") 23.0 % 22.0 % 20.3 % 19.8 % 18.8 %
Core earnings ROE* 20.3 % 19.4 % 18.4 % 17.0 % 16.2 %
[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.
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Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Statements of Operations
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Earned premiums $ 6,145 $ 6,141 $ 6,093 $ 5,961 $ 5,835
Fee income 370 368 361 342 346
Net investment income 739 832 759 664 656
Net realized losses (55) (29) (12) (10) (49)
Other revenues 27 27 31 30 22
Total revenues 7,226 7,339 7,232 6,987 6,810
Benefits, losses and loss adjustment expenses 3,998 3,733 3,793 3,712 4,000
Amortization of deferred policy acquisition costs ("DAC") 656 645 639 625 607
Insurance operating costs and other expenses 1,447 1,481 1,414 1,337 1,352
Interest expense 50 49 50 50 50
Amortization of other intangible assets 18 18 18 17 18
Total benefits, losses and expenses 6,169 5,926 5,914 5,741 6,027
Income before income taxes 1,057 1,413 1,318 1,246 783
Income tax expense 201 282 238 251 153
Net income 856 1,131 1,080 995 630
Preferred stock dividends 5 5 6 5 5
Net income available to common stockholders 851 1,126 1,074 990 625
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax 54 29 10 10 47
Integration and other non-recurring M&A costs, before tax [1] 1 1 2 2 2
Change in deferred gain on retroactive reinsurance, before tax [2] (36) — (8) (24) (32)
Income tax expense (benefit) [3] (4) (8) (1) 3 (3)
Core earnings $ 866 $ 1,148 $ 1,077 $ 981 $ 639
[1]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[2]During the three months ended March 31, 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”). As a result, the Company amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses for the period. As of March 31, 2026 and December 31, 2025, the deferred gain under retroactive reinsurance accounting on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Consolidating Balance Sheets. The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $32 for the three months ended March 31, 2025. The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025.
[3]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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income (loss):
Business Insurance $ 536 $ 897 $ 710 $ 696 $ 477
Personal Insurance 139 212 139 91 5
Property & Casualty Other Operations ("P&C Other Operations") 42 (141) 12 13 13
Property & Casualty ("P&C") 717 968 861 800 495
Employee Benefits 118 130 144 150 133
Hartford Funds 49 59 57 54 43
Sub-total 884 1,157 1,062 1,004 671
Corporate (28) (26) 18 (9) (41)
Net income 856 1,131 1,080 995 630
Preferred stock dividends 5 5 6 5 5
Net income available to common stockholders $ 851 $ 1,126 $ 1,074 $ 990 $ 625
Core earnings (loss):
Business Insurance $ 551 $ 915 $ 723 $ 697 $ 471
Personal Insurance 141 214 143 94 6
P&C Other Operations 14 (140) 14 14 13
P&C 706 989 880 805 490
Employee Benefits 127 138 149 163 136
Hartford Funds 51 58 53 46 44
Sub-total 884 1,185 1,082 1,014 670
Corporate (18) (37) (5) (33) (31)
Core earnings $ 866 $ 1,148 $ 1,077 $ 981 $ 639
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Table of Contents
The Hartford Insurance Group, Inc.
Consolidating Balance Sheets
Property & Casualty Employee Benefits Hartford Funds Corporate [1] Consolidated
Mar 31 2026 Dec 31 2025 Mar 31 2026 Dec 31 2025 Mar 31 2026 Dec 31 2025 Mar 31 2026 Dec 31 2025 Mar 31 2026 Dec 31 2025
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value $ 37,593 $ 37,689 $ 7,847 $ 8,157 $ — $ — $ 192 $ 195 $ 45,632 $ 46,041
Fixed maturities, at fair value using the fair value option 99 127 31 41 — — — — 130 168
Equity securities, at fair value 133 121 27 23 62 70 266 278 488 492
Mortgage loans, net 5,446 5,263 1,569 1,574 — — — — 7,015 6,837
Limited partnerships and other alternative investments 4,631 4,503 1,202 1,186 — — 115 115 5,948 5,804
Other investments 223 212 7 6 75 44 — — 305 262
Short-term investments 1,713 2,104 363 365 371 385 1,776 1,499 4,223 4,353
Total investments 49,838 50,019 11,046 11,352 508 499 2,349 2,087 63,741 63,957
Cash 97 117 54 — 11 11 4 5 166 133
Restricted cash 52 42 2 2 — — — — 54 44
Accrued investment income 379 378 99 94 — 1 2 1 480 474
Premiums receivable and agents’ balances, net 6,052 5,727 677 589 — — — — 6,729 6,316
Reinsurance recoverables, net [2] 6,552 6,684 310 294 — — 214 213 7,076 7,191
Deferred policy acquisition costs ("DAC") 1,353 1,309 41 38 — — — — 1,394 1,347
Deferred income taxes 519 485 (32) (32) (1) — 436 448 922 901
Goodwill 778 778 723 723 181 181 229 229 1,911 1,911
Property and equipment, net 814 825 57 59 4 4 48 43 923 931
Other intangible assets 273 280 266 276 10 10 — — 549 566
Other assets 1,615 1,627 169 169 117 106 476 324 2,377 2,226
Total assets $ 68,322 $ 68,271 $ 13,412 $ 13,564 $ 830 $ 812 $ 3,758 $ 3,350 $ 86,322 $ 85,997
Unpaid losses and loss adjustment expenses $ 38,605 $ 38,155 $ 8,118 $ 8,113 $ — $ — $ — $ — $ 46,723 $ 46,268
Reserves for future policy benefits [2] — — 298 291 — — 153 153 451 444
Other policyholder funds and benefits payable [2] — — 411 409 — — 201 203 612 612
Unearned premiums 10,411 10,012 40 41 — — — — 10,451 10,053
Debt — — — — — — 4,372 4,371 4,372 4,371
Other liabilities 2,539 3,064 235 227 193 176 1,857 1,803 4,824 5,270
Total liabilities 51,555 51,231 9,102 9,081 193 176 6,583 6,530 67,433 67,018
Common stockholders' equity, excluding AOCI* 17,476 17,450 4,572 4,678 637 636 (1,714) (2,062) 20,971 20,702
Preferred stock — — — — — — 334 334 334 334
AOCI, net of tax (709) (410) (262) (195) — — (1,445) (1,452) (2,416) (2,057)
Total stockholders' equity 16,767 17,040 4,310 4,483 637 636 (2,825) (3,180) 18,889 18,979
Total liabilities and stockholders' equity $ 68,322 $ 68,271 $ 13,412 $ 13,564 $ 830 $ 812 $ 3,758 $ 3,350 $ 86,322 $ 85,997
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.8 billion and $1.5 billion as of March 31, 2026 and December 31, 2025, respectively, 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
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Debt
Senior notes $ 3,873 $ 3,872 $ 3,871 $ 3,870 $ 3,869
Junior subordinated debentures 499 499 499 499 499
Total debt $ 4,372 $ 4,371 $ 4,370 $ 4,369 $ 4,368
Stockholders' Equity
Total stockholders’ equity $ 18,889 $ 18,979 $ 18,450 $ 17,518 $ 16,844
Less: Preferred stock 334 334 334 334 334
Less: AOCI (2,416) (2,057) (2,003) (2,384) (2,580)
Common stockholders' equity, excluding AOCI $ 20,971 $ 20,702 $ 20,119 $ 19,568 $ 19,090
Capitalization
Total capitalization, including AOCI, net of tax $ 23,261 $ 23,350 $ 22,820 $ 21,887 $ 21,212
Total capitalization, excluding AOCI, net of tax* $ 25,677 $ 25,407 $ 24,823 $ 24,271 $ 23,792
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI 18.8 % 18.7 % 19.1 % 20.0 % 20.6 %
Total debt to capitalization, excluding AOCI* 17.0 % 17.2 % 17.6 % 18.0 % 18.4 %
Total debt and preferred stock to capitalization, including AOCI 20.2 % 20.1 % 20.6 % 21.5 % 22.2 %
Total debt and preferred stock to capitalization, excluding AOCI* 18.3 % 18.5 % 19.0 % 19.4 % 19.8 %
Total rating agency adjusted debt to capitalization [1] [2] 19.6 % 19.5 % 20.0 % 20.8 % 21.5 %
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3] 19.5:1 21.6:1 20.3:1 18.8:1 14.7:1
[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 March 31, 2026 and 2025.
[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 U.S. GAAP Stockholders' Equity Reconciliation
March 31, 2026
P&C Employee Benefits
U.S. statutory net income [1][2] $ 681 $ 148
U.S. statutory capital [2][3][4] $ 14,472 $ 2,591
U.S. GAAP adjustments [2]:
DAC 1,299 41
Non-admitted deferred tax assets [5] 211 143
Deferred taxes [6] (433) (338)
Goodwill 155 723
Other intangible assets 22 266
Non-admitted assets other than deferred taxes 869 104
Asset valuation and interest maintenance reserve — 267
Benefit reserves (59) 419
Unrealized losses on investments (911) (583)
Deferred gain on retroactive reinsurance agreements [7] (826) —
Other, net 799 677
U.S. GAAP stockholders’ equity of U.S. insurance entities [2] 15,598 4,310
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group 1,169 —
Total U.S. GAAP stockholders’ equity $ 16,767 $ 4,310
[1]Statutory net income is for the three months ended March 31, 2026.
[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
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net unrealized loss on fixed maturities, AFS $ (1,011) $ (641) $ (656) $ (1,029) $ (1,237)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(3) (3) (3) (5) (6)
Net gains on cash flow hedging instruments 13 16 15 6 40
Total net unrealized gain (loss) (1,001) (628) (644) (1,028) (1,203)
Foreign currency translation adjustments 43 42 43 45 29
Liability for future policy benefits adjustments 28 24 22 29 30
Pension and other postretirement plan adjustments (1,486) (1,495) (1,424) (1,430) (1,436)
Total AOCI $ (2,416) $ (2,057) $ (2,003) $ (2,384) $ (2,580)
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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Written premiums
$ 4,766 $ 4,231 $ 4,560 $ 4,796 $ 4,599
Change in unearned premium reserve 287 (309) 70 441 376
Earned premiums 4,479 4,540 4,490 4,355 4,223
Fee income 20 20 19 19 19
Losses and loss adjustment expenses
Current accident year before catastrophes 2,570 2,564 2,661 2,537 2,454
Current accident year catastrophes 230 (1) 70 212 467
Prior accident year development [1] (41) (12) (103) (187) (122)
Total losses and loss adjustment expenses 2,759 2,551 2,628 2,562 2,799
Amortization of DAC 648 637 631 616 599
Insurance operating costs 740 767 728 681 696
Amortization of other intangible assets 8 8 8 7 8
Dividends to policyholders 12 11 12 11 10
Underwriting gain* 332 586 502 497 130
Net investment income 587 656 605 526 512
Net realized losses (24) (25) (30) (26) (26)
Net servicing and other income (expense) 4 2 3 4 4
Income before income taxes 899 1,219 1,080 1,001 620
Income tax expense 182 251 219 201 125
Net income 717 968 861 800 495
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax 23 24 28 28 24
Integration and other non-recurring M&A costs, before tax 1 1 2 2 2
Change in deferred gain on retroactive reinsurance, before tax [1] (36) — (8) (24) (32)
Income tax expense (benefit) [2] 1 (4) (3) (1) 1
Core earnings $ 706 $ 989 $ 880 $ 805 $ 490
ROE
Net income available to common stockholders [3] 25.3 % 23.7 % 21.5 % 20.6 % 18.8 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax 0.8 % 0.8 % 0.7 % 0.8 % 1.1 %
Integration and other non-recurring M&A costs, before tax — % 0.1 % 0.1 % 0.1 % 0.1 %
Change in deferred gain on retroactive reinsurance, before tax [1] (0.5 %) (0.5 %) (0.5 %) (0.7 %) (0.8 %)
Income tax expense (benefit) [2] (0.1 %) (0.1 %) (0.1 %) — % (0.1 %)
Impact of AOCI, excluded from core earnings ROE (1.8 %) (1.6 %) (1.0 %) (2.0 %) (1.8 %)
Core earnings [3] 23.7 % 22.4 % 20.7 % 18.8 % 17.3 %
[1]Refer to [2] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[2]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[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 Property & Casualty.
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Table of Contents
The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements (Continued)
Prior accident year development included the following unfavorable (favorable) reserve development:
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Workers’ compensation $ (59) $ (67) $ (62) $ (61) $ (65)
Workers' compensation discount accretion 12 11 11 11 12
General liability [1] 70 — — — —
Marine 4 — — — —
Commercial property (4) (14) (5) (20) (3)
Professional liability (4) (6) — (11) —
Bond — (49) — (22) —
Assumed reinsurance 5 — — — —
Commercial automobile liability — 12 — — —
Personal automobile liability (15) (32) (33) (10) (12)
Homeowners (15) (7) (5) (13) (18)
Net asbestos and environmental reserves — 165 — — —
Catastrophes — (45) — (39) —
Uncollectible reinsurance — — 6 — —
Other reserve re-estimates, net [2] 1 20 (7) 2 (4)
Prior accident year development before change in deferred gain (5) (12) (95) (163) (90)
Change in deferred gain on retroactive reinsurance included in other liabilities [3] (36) — (8) (24) (32)
Total prior accident year development $ (41) $ (12) $ (103) $ (187) $ (122)
[1]The three months ended March 31, 2026, includes an increase in reserves to reflect legacy sexual molestation and sexual abuse exposures related to policies written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.
[2]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves within Personal Insurance of $(5) and $(12), for the three months ended March 31, 2026 and 2025, respectively.
[3]Refer to [2] 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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Underwriting Gain $ 332 $ 586 $ 502 $ 497 $ 130
Underwriting Ratios
Loss and loss adjustment expense ratio 61.6 56.2 58.5 58.8 66.3
Expense ratio [1] 30.7 30.7 30.0 29.5 30.4
Policyholder dividend ratio 0.3 0.2 0.3 0.3 0.2
Combined ratio 92.6 87.1 88.8 88.6 96.9
Current accident year catastrophes and prior accident year development (4.2) 0.3 0.7 (0.6) (8.2)
Underlying combined ratio* 88.4 87.4 89.6 88.0 88.8
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio* 57.4 56.5 59.3 58.3 58.1
Current accident year catastrophes 5.1 — 1.6 4.9 11.1
Prior accident year development [2] (0.9) (0.3) (2.3) (4.3) (2.9)
Total loss and loss adjustment expense ratio 61.6 56.2 58.5 58.8 66.3
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]Refer to [2] 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.
Business Insurance
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Written premiums $ 3,904 $ 3,381 $ 3,573 $ 3,816 $ 3,686
Change in unearned premium reserve 332 (214) 33 392 362
Earned premiums 3,572 3,595 3,540 3,424 3,324
Fee income 12 12 11 11 11
Losses and loss adjustment expenses
Current accident year before catastrophes 2,044 2,015 2,051 1,952 1,891
Current accident year catastrophes 171 (12) 39 114 280
Prior accident year development [1] 30 (152) (60) (146) (83)
Total losses and loss adjustment expenses 2,245 1,851 2,030 1,920 2,088
Amortization of DAC 577 565 559 546 531
Insurance operating costs 558 581 546 507 512
Amortization of other intangible assets 7 8 7 7 7
Dividends to policyholders 12 11 12 11 10
Underwriting gain 185 591 397 444 187
Net investment income 505 562 519 449 437
Net realized losses (19) (21) (26) (20) (24)
Other income (expense) [2] 1 (1) — (1) (1)
Income before income taxes 672 1,131 890 872 599
Income tax expense 136 234 180 176 122
Net income 536 897 710 696 477
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax 18 21 23 23 22
Integration and other non-recurring M&A costs, before tax [2] 1 1 2 2 2
Change in deferred gain on retroactive reinsurance, before tax [1] — — (8) (24) (32)
Income tax expense (benefit) [3] (4) (4) (4) — 2
Core earnings $ 551 $ 915 $ 723 $ 697 $ 471
[1]Refer to [2] on page 2 for information about the change in deferred gain on retroactive reinsurance on the Navigators ADC.
[2]Includes Navigators Group integration costs.
[3]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.
Business Insurance
Income Statements (Continued)
Prior accident year development included the following unfavorable (favorable) reserve development:
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Workers’ compensation $ (59) $ (67) $ (62) $ (61) $ (65)
Workers' compensation discount accretion 12 11 11 11 12
General liability [1] 70 — — — —
Marine 4 — — — —
Commercial property (4) (14) (5) (20) (3)
Professional liability (4) (6) — (11) —
Bond — (49) — (22) —
Assumed reinsurance 5 — — — —
Automobile liability — 12 — — —
Catastrophes — (35) — (28) —
Other reserve re-estimates, net 6 (4) 4 9 5
Prior accident year development before change in deferred gain 30 (152) (52) (122) (51)
Change in deferred gain on retroactive reinsurance included in other liabilities [2] — — (8) (24) (32)
Total prior accident year development $ 30 $ (152) $ (60) $ (146) $ (83)
[1]See [1] on page 9 for discussion related to general liability prior year development.
[2]Includes amortization of the deferred gain on retroactive reinsurance related to the Navigators ADC.
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The Hartford Insurance Group, Inc.
Business Insurance
Underwriting Ratios
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Underwriting Gain $ 185 $ 591 $ 397 $ 444 $ 187
Underwriting Ratios
Loss and loss adjustment expense ratio 62.8 51.5 57.3 56.1 62.8
Expense ratio [1] 31.6 31.8 31.1 30.6 31.3
Policyholder dividend ratio 0.3 0.3 0.3 0.3 0.3
Combined ratio 94.8 83.6 88.8 87.0 94.4
Current accident year catastrophes and prior accident year development (5.6) 4.5 0.6 1.0 (5.9)
Underlying combined ratio 89.2 88.1 89.4 88.0 88.4
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio 57.2 56.1 57.9 57.0 56.9
Current accident year catastrophes 4.8 (0.3) 1.1 3.3 8.4
Prior accident year development 0.8 (4.2) (1.7) (4.3) (2.5)
Total loss and loss adjustment expense ratio 62.8 51.5 57.3 56.1 62.8
Combined Ratios by Line of Business
Small Business
Combined ratio 91.9 80.8 87.9 89.7 93.3
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (6.5) 0.2 (1.3) (5.1) (8.0)
Prior accident year development 4.0 6.4 3.2 4.5 4.1
Underlying combined ratio 89.4 87.3 89.8 89.0 89.4
Middle & Large Business
Combined ratio 95.6 91.1 90.8 86.6 99.8
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (3.7) (0.7) — (1.1) (8.9)
Prior accident year development (0.7) (1.0) 0.6 3.6 (0.3)
Underlying combined ratio 91.3 89.4 91.4 89.1 90.6
Global Specialty
Combined ratio 90.7 78.1 86.9 85.9 89.3
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (3.4) 2.0 (2.2) (3.2) (8.7)
Prior accident year development (1.2) 7.5 1.1 2.1 3.4
Underlying combined ratio 86.1 87.6 85.8 84.8 84.0
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
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The Hartford Insurance Group, Inc.
Business Insurance
Supplemental Data
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Written Premiums
Small Business $ 1,675 $ 1,444 $ 1,490 $ 1,503 $ 1,553
Middle & Large Business 1,170 1,116 1,231 1,197 1,111
Middle Market 961 936 1,054 1,039 931
National Accounts and Other 209 180 177 158 180
Global Specialty [1] 1,041 805 836 1,100 1,006
U.S. 553 541 551 619 559
International 118 134 114 142 113
Global Re 370 130 171 339 334
Other 18 16 16 16 16
Total $ 3,904 $ 3,381 $ 3,573 $ 3,816 $ 3,686
Earned Premiums
Small Business $ 1,485 $ 1,497 $ 1,465 $ 1,418 $ 1,360
Middle & Large Business 1,158 1,164 1,144 1,100 1,075
Middle Market 981 992 976 942 924
National Accounts and Other 177 172 168 158 151
Global Specialty [1] 911 918 915 890 873
U.S. 557 574 568 549 540
International 124 121 122 119 113
Global Re 230 223 225 222 220
Other 18 16 16 16 16
Total $ 3,572 $ 3,595 $ 3,540 $ 3,424 $ 3,324
Business Insurance Statistical Premium Information
Small Business
Net New Business Premium $ 333 $ 295 $ 308 $ 305 $ 298
Renewal Written Price Increases 3.8 % 4.5 % 5.5 % 6.1 % 6.6 %
Policy Count Retention 84 % 84 % 84 % 83 % 84 %
Policies In-Force (in thousands) 1,683 1,657 1,640 1,615 1,591
Middle Market [2]
Net New Business Premium $ 187 $ 176 $ 211 $ 190 $ 188
Renewal Written Price Increases 4.2 % 4.5 % 5.9 % 7.1 % 7.2 %
Premium Retention 83 % 83 % 84 % 82 % 81 %
Global Specialty
Gross New Business Premium [3]
$ 233 $ 249 $ 238 $ 278 $ 225
Renewal Written Price Increases [4] 4.8 % 4.1 % 3.6 % 5.1 % 5.9 %
[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.
14
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Written premiums $ 862 $ 850 $ 987 $ 980 $ 913
Change in unearned premium reserve (45) (95) 37 49 14
Earned premiums 907 945 950 931 899
Fee income 8 8 8 8 8
Losses and loss adjustment expenses
Current accident year before catastrophes 526 549 610 585 563
Current accident year catastrophes 59 11 31 98 187
Prior accident year development (35) (56) (43) (41) (39)
Total losses and loss adjustment expenses 550 504 598 642 711
Amortization of DAC 71 72 72 70 68
Insurance operating costs 180 184 180 172 182
Amortization of other intangible assets 1 — 1 — 1
Underwriting gain (loss) 113 193 107 55 (55)
Net investment income 62 74 67 58 57
Net realized losses (4) (3) (4) (4) (2)
Net servicing and other income (expense) 3 3 4 5 5
Income before income taxes 174 267 174 114 5
Income tax expense 35 55 35 23 —
Net income 139 212 139 91 5
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax 4 2 5 3 2
Income tax benefit [1] (2) — (1) — (1)
Core earnings $ 141 $ 214 $ 143 $ 94 $ 6
[1]Represents federal income tax benefit related to before tax items not included in core earnings.
15
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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Automobile liability $ (15) $ (32) $ (33) $ (10) $ (12)
Homeowners (15) (7) (5) (13) (18)
Catastrophes — (10) — (11) —
Other reserve re-estimates, net [1] (5) (7) (5) (7) (9)
Total prior accident year development $ (35) $ (56) $ (43) $ (41) $ (39)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves of $(5) and $(12) for the three months ended March 31, 2026 and 2025, respectively.
16
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Underwriting Ratios
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Underwriting Gain (Loss) $ 113 $ 193 $ 107 $ 55 $ (55)
Underwriting Ratios
Loss and loss adjustment expense ratio 60.6 53.3 62.9 69.0 79.1
Expense ratio 27.0 26.2 25.8 25.1 27.0
Combined ratio 87.7 79.6 88.7 94.1 106.1
Current accident year catastrophes and prior accident year development (2.6) 4.7 1.2 (6.1) (16.5)
Underlying combined ratio 85.0 84.3 90.0 88.0 89.7
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio 58.0 58.1 64.2 62.8 62.6
Current accident year catastrophes 6.5 1.2 3.3 10.5 20.8
Prior accident year development (3.9) (5.9) (4.5) (4.4) (4.3)
Total loss and loss adjustment expense ratio 60.6 53.3 62.9 69.0 79.1
Combined Ratios by Product
Automobile
Combined ratio 89.6 92.7 92.5 94.0 93.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (0.7) (0.3) (0.6) (1.8) (1.2)
Prior accident year development 3.3 6.5 6.0 3.0 3.8
Underlying combined ratio 92.2 98.9 97.9 95.2 96.1
Homeowners
Combined ratio 83.8 53.7 81.2 94.4 133.2
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes (17.6) (3.0) (8.3) (28.8) (63.7)
Prior accident year development 4.8 4.8 1.6 7.1 5.6
Underlying combined ratio 71.0 55.5 74.4 72.7 75.1
17
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Distribution
Written Premiums
Direct $ 693 $ 672 $ 798 $ 796 $ 758
Agency 169 178 189 184 155
Total $ 862 $ 850 $ 987 $ 980 $ 913
Earned Premiums
Direct $ 734 $ 768 $ 781 $ 776 $ 757
Agency 173 177 169 155 142
Total $ 907 $ 945 $ 950 $ 931 $ 899
Product Line
Written Premiums
Automobile $ 565 $ 551 $ 633 $ 633 $ 627
Homeowners 297 299 354 347 286
Total $ 862 $ 850 $ 987 $ 980 $ 913
Earned Premiums
Automobile $ 593 $ 625 $ 634 $ 628 $ 618
Homeowners 314 320 316 303 281
Total $ 907 $ 945 $ 950 $ 931 $ 899
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Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data (Continued)
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Statistical Premium Information (Year Over Year)
Net New Business Premium
Automobile $ 53 $ 52 $ 71 $ 81 $ 81
Homeowners $ 43 $ 45 $ 59 $ 69 $ 62
Renewal Written Price Increases
Automobile 6.8 % 10.4 % 11.3 % 13.9 % 15.7 %
Homeowners 11.8 % 11.8 % 12.6 % 12.6 % 12.3 %
Effective Policy Count Retention
Automobile 80 % 80 % 80 % 79 % 79 %
Homeowners 82 % 82 % 83 % 83 % 83 %
Policies In-Force (in thousands)
Automobile 1,020 1,054 1,091 1,121 1,146
Homeowners 709 716 723 724 719
19
Table of Contents
The Hartford Insurance Group, Inc.
P&C Other Operations
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Losses and loss adjustment expenses
Prior accident year development [1] $ (36) $ 196 $ — $ — $ —
Total losses and loss adjustment expenses (36) 196 — — —
Insurance operating costs 2 2 2 2 2
Underwriting income (loss) 34 (198) (2) (2) (2)
Net investment income 20 20 19 19 18
Net realized losses (1) (1) — (2) —
Other expense — — (1) — —
Income (loss) before income taxes 53 (179) 16 15 16
Income tax expense (benefit) 11 (38) 4 2 3
Net income (loss) 42 (141) 12 13 13
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax 1 1 — 2 —
Change in deferred gain on retroactive reinsurance, before tax [1] (36) — — — —
Income tax expense (benefit) [2] 7 — 2 (1) —
Core earnings (loss) $ 14 $ (140) $ 14 $ 14 $ 13
[1]Refer to [2] on page 2 for information about the change in deferred gain on retroactive reinsurance on the A&E ADC.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).
20
Table of Contents
The Hartford Insurance Group, Inc.
Employee Benefits
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Earned premiums $ 1,666 $ 1,601 $ 1,603 $ 1,606 $ 1,612
Fee income 57 55 55 57 56
Net investment income 131 153 136 118 126
Net realized losses (11) (10) (8) (16) (4)
Total revenues 1,843 1,799 1,786 1,765 1,790
Benefits, losses and loss adjustment expenses 1,238 1,180 1,163 1,150 1,199
Amortization of DAC 8 8 8 9 8
Insurance operating costs and other expenses 439 437 425 407 406
Amortization of other intangible assets 10 10 10 10 10
Total benefits, losses and expenses 1,695 1,635 1,606 1,576 1,623
Income before income taxes 148 164 180 189 167
Income tax expense 30 34 36 39 34
Net income 118 130 144 150 133
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax 11 9 8 15 4
Income tax benefit [1] (2) (1) (3) (2) (1)
Core earnings $ 127 $ 138 $ 149 $ 163 $ 136
Margin
Net income margin 6.4 % 7.2 % 8.1 % 8.5 % 7.4 %
Core earnings margin* 6.9 % 7.6 % 8.3 % 9.2 % 7.6 %
ROE
Net income available to common stockholders [2] 14.9 % 15.0 % 14.7 % 16.1 % 16.6 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax 1.3 % 1.0 % 1.2 % 1.0 % 0.8 %
Income tax benefit [1] (0.2 %) (0.2 %) (0.2 %) (0.2 %) (0.2 %)
Impact of AOCI, excluded from core earnings ROE (1.4 %) (1.2 %) (0.9 %) (1.6 %) (1.7 %)
Core earnings [2] 14.6 % 14.6 % 14.8 % 15.3 % 15.5 %
[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.
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Table of Contents
The Hartford Insurance Group, Inc.
Employee Benefits
Supplemental Data
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Premiums
Fully insured ongoing premiums
Group disability $ 870 $ 840 $ 835 $ 838 $ 844
Group life 649 640 648 644 650
Other [1] 135 121 120 120 118
Total fully insured ongoing premiums 1,654 1,601 1,603 1,602 1,612
Total buyouts [2] 12 — — 4 —
Total premiums $ 1,666 $ 1,601 $ 1,603 $ 1,606 $ 1,612
Sales (Gross Annualized New Premiums)
Fully insured ongoing sales
Group disability $ 279 $ 31 $ 53 $ 48 $ 162
Group life 229 19 33 44 163
Other [1] 74 9 19 15 56
Total fully insured ongoing sales 582 59 105 107 381
Total buyouts [2] 12 — — 4 —
Total sales $ 594 $ 59 $ 105 $ 111 $ 381
Ratios, Excluding Buyouts
Group disability loss ratio 72.7 % 70.5 % 70.6 % 68.5 % 69.0 %
Group life loss ratio 73.2 % 76.9 % 74.2 % 74.3 % 79.9 %
Total loss ratio 71.7 % 71.3 % 70.1 % 69.1 % 71.9 %
Expense ratio 26.7 % 27.5 % 26.7 % 25.7 % 25.4 %
[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.
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Table of Contents
The Hartford Insurance Group, Inc.
Hartford Funds
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Investment management fees $ 224 $ 225 $ 216 $ 198 $ 202
Shareowner servicing fees 23 23 24 22 23
Other revenue 41 43 41 42 39
Net realized gains (losses) (3) 1 5 9 —
Total revenues 285 292 286 271 264
Sub-advisory expense 83 83 79 72 73
Employee compensation and benefits 38 32 33 31 39
Distribution and service 74 76 75 70 73
General, administrative and other 28 27 27 30 24
Total expenses 223 218 214 203 209
Income before income taxes 62 74 72 68 55
Income tax expense 13 15 15 14 12
Net income 49 59 57 54 43
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax 3 (1) (5) (9) —
Income tax expense (benefit) [1] (1) — 1 1 1
Core earnings $ 51 $ 58 $ 53 $ 46 $ 44
Daily average Hartford Funds AUM $155,958 $ 153,441 $ 148,269 $ 138,195 $ 141,834
Return on assets (bps, net of tax) [2]
Net income 12.6 15.4 15.4 15.6 12.1
Core earnings* 13.1 15.1 14.3 13.3 12.4
ROE
Net income available to common stockholders [3] 44.3 % 43.2 % 41.8 % 42.9 % 42.2 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax (2.5 %) (3.1 %) (2.3 %) (2.9 %) (1.6 %)
Income tax expense (benefit) [1] 0.2 % 0.6 % 0.4 % 0.2 % 0.5 %
Impact of AOCI, excluded from core earnings ROE (1.0 %) (1.0 %) (0.8 %) (1.1 %) (1.3 %)
Core earnings [3] 41.0 % 39.7 % 39.1 % 39.1 % 39.8 %
[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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Equity Funds
Beginning balance $ 95,465 $ 94,454 $ 89,072 $ 82,792 $ 84,000
Sales 5,217 4,560 4,644 3,946 5,295
Redemptions (6,481) (5,738) (4,792) (5,167) (6,434)
Net flows (1,264) (1,178) (148) (1,221) (1,139)
Change in market value and other (1,837) 2,189 5,530 7,501 (69)
Ending balance $ 92,364 $ 95,465 $ 94,454 $ 89,072 $ 82,792
Fixed Income Funds
Beginning balance $ 23,659 $ 22,843 $ 21,827 $ 21,398 $ 21,059
Sales 2,436 2,129 2,129 2,124 1,978
Redemptions (1,943) (1,522) (1,609) (2,066) (1,970)
Net flows 493 607 520 58 8
Change in market value and other (79) 209 496 371 331
Ending balance $ 24,073 $ 23,659 $ 22,843 $ 21,827 $ 21,398
Multi-Strategy Investments Funds [1]
Beginning balance $ 18,424 $ 18,632 $ 18,544 $ 18,321 $ 18,512
Sales 365 397 325 350 458
Redemptions (861) (873) (821) (731) (905)
Net flows (496) (476) (496) (381) (447)
Change in market value and other (148) 268 584 604 256
Ending balance $ 17,780 $ 18,424 $ 18,632 $ 18,544 $ 18,321
Exchange-Traded Funds ("ETF") AUM
Beginning balance $ 5,421 $ 5,068 $ 4,847 $ 4,708 $ 4,483
Net flows 734 305 99 29 146
Change in market value and other 22 48 122 110 79
Ending balance $ 6,177 $ 5,421 $ 5,068 $ 4,847 $ 4,708
Mutual Fund and ETF AUM
Beginning balance $ 142,969 $ 140,997 $ 134,290 $ 127,219 $ 128,054
Sales - mutual fund 8,018 7,086 7,098 6,420 7,731
Redemptions - mutual fund (9,285) (8,133) (7,222) (7,964) (9,309)
Net flows - ETF 734 305 99 29 146
Net flows - mutual fund and ETF (533) (742) (25) (1,515) (1,432)
Change in market value and other (2,042) 2,714 6,732 8,586 597
Ending balance 140,394 142,969 140,997 134,290 127,219
Third-party life and annuity separate account AUM 10,427 11,260 11,341 11,226 10,879
Hartford Funds AUM $ 150,821 $ 154,229 $ 152,338 $ 145,516 $ 138,098
[1]Includes balanced, allocation, and alternative investment products.
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Table of Contents
The Hartford Insurance Group, Inc.
Corporate
Income Statements
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Fee income [1] $ 10 $ 9 $ 10 $ 10 $ 11
Other revenue 5 7 6 5 1
Net investment income 16 16 14 14 14
Net realized gains (losses) (17) 5 21 23 (19)
Total revenues 14 37 51 52 7
Benefits, losses and loss adjustment expenses [2] 1 2 2 — 2
Insurance operating costs and other expenses [1] 15 30 13 14 14
Interest expense 50 49 50 50 50
Total expenses 66 81 65 64 66
Loss before income taxes (52) (44) (14) (12) (59)
Income tax benefit (24) (18) (32) (3) (18)
Net income (loss) (28) (26) 18 (9) (41)
Preferred stock dividends 5 5 6 5 5
Net income (loss) available to common stockholders (33) (31) 12 (14) (46)
Adjustments to reconcile net income (loss) available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax 17 (3) (21) (24) 19
Income tax expense (benefit) [3] (2) (3) 4 5 (4)
Core loss $ (18) $ (37) $ (5) $ (33) $ (31)
[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.
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Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Consolidated
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable $ 586 $ 579 $ 574 $ 553 $ 538
Tax-exempt 25 27 29 31 36
Total fixed maturities 611 606 603 584 574
Equity securities 6 8 4 5 4
Mortgage loans 80 78 76 72 70
Limited partnerships and other alternative investments [2] 75 160 91 13 39
Other [3] (4) 5 8 13 (3)
Subtotal 768 857 782 687 684
Investment expense (29) (25) (23) (23) (28)
Total net investment income $ 739 $ 832 $ 759 $ 664 $ 656
Annualized investment yield, before tax [4] 4.5 % 5.2 % 4.8 % 4.3 % 4.3 %
Annualized limited partnerships and other alternative investment yield, before tax [4] 5.1 % 11.4 % 6.7 % 1.0 % 3.1 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]* 4.5 % 4.6 % 4.6 % 4.6 % 4.4 %
Annualized investment yield, net of tax [4] 3.6 % 4.1 % 3.9 % 3.5 % 3.4 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]* 3.6 % 3.7 % 3.7 % 3.7 % 3.5 %
Average reinvestment rate [5] 5.3 % 5.4 % 5.7 % 5.9 % 5.6 %
Average sales/maturities yield [6] 4.9 % 5.3 % 5.2 % 4.6 % 4.9 %
Portfolio duration (in years) [7] 4.1 3.9 3.8 3.9 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.
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Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Property & Casualty
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable $ 466 $ 462 $ 458 $ 440 $ 426
Tax-exempt 20 21 23 24 27
Total fixed maturities 486 483 481 464 453
Equity securities 2 2 3 1 2
Mortgage loans 63 59 59 54 53
Limited partnerships and other alternative investments [2] 62 125 71 11 28
Other [3] (3) 6 9 13 (2)
Subtotal 610 675 623 543 534
Investment expense (23) (19) (18) (17) (22)
Total net investment income $ 587 $ 656 $ 605 $ 526 $ 512
Annualized investment yield, before tax [4] 4.6 % 5.2 % 4.9 % 4.4 % 4.3 %
Annualized limited partnerships and other alternative investment yield, before tax [4] 5.4 % 11.5 % 6.8 % 1.1 % 2.8 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4] 4.5 % 4.6 % 4.7 % 4.7 % 4.4 %
Annualized investment yield, net of tax [4] 3.6 % 4.2 % 3.9 % 3.5 % 3.4 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4] 3.6 % 3.7 % 3.8 % 3.7 % 3.5 %
Average reinvestment rate [5] 5.3 % 5.4 % 5.6 % 5.8 % 5.6 %
Average sales/maturities yield [6] 4.9 % 5.3 % 5.2 % 4.7 % 4.9 %
Portfolio duration (in years) [7] 4.1 3.7 3.7 3.8 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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable $ 104 $ 102 $ 100 $ 98 $ 97
Tax-exempt 4 4 5 6 7
Total fixed maturities 108 106 105 104 104
Equity securities — — — 1 1
Mortgage loans 17 19 17 18 17
Limited partnerships and other alternative investments [2] 13 35 20 2 11
Other [3] (1) (1) (1) (1) (1)
Subtotal 137 159 141 124 132
Investment expense (6) (6) (5) (6) (6)
Total net investment income $ 131 $ 153 $ 136 $ 118 $ 126
Annualized investment yield, before tax [4] 4.5 % 5.3 % 4.8 % 4.1 % 4.3 %
Annualized limited partnerships and other alternative investment yield, before tax [4] 4.3 % 12.4 % 7.1 % 0.8 % 4.1 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4] 4.6 % 4.5 % 4.5 % 4.4 % 4.4 %
Annualized investment yield, net of tax [4] 3.6 % 4.2 % 3.8 % 3.3 % 3.5 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4] 3.6 % 3.6 % 3.6 % 3.5 % 3.5 %
Average reinvestment rate [5] 5.6 % 5.6 % 5.9 % 6.1 % 5.8 %
Average sales/maturities yield [6] 4.9 % 5.0 % 5.1 % 4.3 % 4.7 %
Portfolio duration (in years) [7] 5.2 5.0 4.9 5.0 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 Ended
Net Investment Income by Segment Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Investment Income
Business Insurance $ 505 $ 562 $ 519 $ 449 $ 437
Personal Insurance 62 74 67 58 57
P&C Other Operations 20 20 19 19 18
Total Property & Casualty 587 656 605 526 512
Employee Benefits 131 153 136 118 126
Hartford Funds 5 7 4 6 4
Corporate 16 16 14 14 14
Total net investment income by segment $ 739 $ 832 $ 759 $ 664 $ 656
Three Months Ended
Net Investment Income from Limited Partnerships and Other Alternative Investments Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Total Property & Casualty $ 62 $ 125 $ 71 $ 11 $ 28
Employee Benefits 13 35 20 2 11
Total net investment income from limited partnerships and other alternative investments [1] $ 75 $ 160 $ 91 $ 13 $ 39
[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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities $ 18 $ 12 $ 17 $ 19 $ 13
Gross losses on sales of fixed maturities (30) (21) (38) (45) (25)
Equity securities [1] (17) 6 27 36 (11)
Net credit losses on fixed maturities, AFS — (2) — — 2
Change in ACL on mortgage loans — — (6) — —
Other net gains (losses) [2] (26) (24) (12) (20) (28)
Total net realized losses (55) (29) (12) (10) (49)
Net realized losses, included in core earnings, before tax [3] 1 — 2 — 2
Total net realized losses excluded from core earnings, before tax (54) (29) (10) (10) (47)
Income tax benefit related to net realized losses excluded from core earnings 12 6 2 1 10
Total net realized losses excluded from core earnings, after tax $ (42) $ (23) $ (8) $ (9) $ (37)
[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
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Amount [1] Percent Amount [1] Percent Amount Percent Amount Percent Amount Percent
Total investments $ 63,741 100.0 % $ 63,957 100.0 % $ 62,568 100.0 % $ 60,903 100.0 % $ 60,094 100.0 %
Asset-backed securities $ 4,668 10.2 % $ 4,663 10.1 % $ 4,506 10.0 % $ 4,376 9.8 % $ 4,333 9.8 %
Collateralized loan obligations 3,330 7.3 % 3,316 7.2 % 3,379 7.5 % 3,393 7.6 % 3,396 7.7 %
Commercial mortgage-backed securities 2,232 4.8 % 2,328 5.1 % 2,498 5.5 % 2,585 5.8 % 2,754 6.2 %
Corporate 23,305 51.1 % 23,076 50.1 % 23,079 51.0 % 22,525 50.6 % 21,646 49.0 %
Foreign government/government agencies 436 1.0 % 447 1.0 % 409 0.9 % 455 1.0 % 481 1.1 %
Municipal 4,255 9.3 % 4,652 10.1 % 4,481 9.9 % 4,650 10.4 % 5,030 11.4 %
Residential mortgage-backed securities 6,092 13.4 % 6,178 13.4 % 5,778 12.8 % 5,513 12.4 % 5,558 12.5 %
U.S. Treasuries 1,314 2.9 % 1,381 3.0 % 1,073 2.4 % 1,061 2.4 % 1,006 2.3 %
Total fixed maturities, AFS [2] $ 45,632 100.0 % $ 46,041 100.0 % $ 45,203 100.0 % $ 44,558 100.0 % $ 44,204 100.0 %
U.S. government/government agencies $ 5,694 12.5 % $ 5,929 12.9 % $ 5,277 11.7 % $ 5,130 11.5 % $ 5,126 11.6 %
AAA 7,406 16.2 % 7,751 16.8 % 7,482 16.6 % 7,333 16.4 % 7,573 17.2 %
AA 7,381 16.2 % 7,340 15.9 % 7,313 16.2 % 7,439 16.7 % 7,423 16.8 %
A 12,517 27.4 % 12,470 27.1 % 12,628 27.9 % 12,239 27.5 % 11,639 26.3 %
BBB 10,375 22.7 % 10,250 22.3 % 10,179 22.5 % 10,070 22.6 % 10,125 22.9 %
BB 1,755 3.9 % 1,818 4.0 % 1,778 3.9 % 1,726 3.9 % 1,775 4.0 %
B 492 1.1 % 470 1.0 % 534 1.2 % 609 1.4 % 529 1.2 %
CCC 12 — % 13 — % 12 — % 12 — % 13 — %
CC & below — — % — — % — — % — — % 1 — %
Total fixed maturities, AFS [2] $ 45,632 100.0 % $ 46,041 100.0 % $ 45,203 100.0 % $ 44,558 100.0 % $ 44,204 100.0 %
[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
March 31, 2026
Cost or
Amortized Cost Fair Value Percent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services $ 6,983 $ 6,849 10.7 %
Technology and communications 3,616 3,489 5.5 %
Consumer non-cyclical 3,128 3,050 4.8 %
Utilities 2,817 2,700 4.2 %
Capital goods 1,830 1,818 2.9 %
Consumer cyclical 1,718 1,687 2.6 %
Energy 1,506 1,481 2.3 %
Basic industry 1,266 1,249 2.0 %
Transportation 854 821 1.3 %
Other 656 649 1.0 %
Total $ 24,374 $ 23,793 37.3 %
Top Ten Exposures by Issuer [1]
TPG Partners X LP $ 284 $ 284 0.4 %
Morgan Stanley 223 219 0.3 %
26N Private Equity Partners I LP 208 208 0.3 %
Entergy Corporation 207 196 0.3 %
TPG AG ABC Structured Note 189 187 0.3 %
SPCC Funding I LLC 181 182 0.3 %
Hyundai Motor Company 186 181 0.3 %
Goldman Sachs Group Inc. 190 179 0.3 %
Government of Canada 178 178 0.3 %
The Toronto-Dominion Bank 180 172 0.3 %
Total $ 2,026 $ 1,986 3.1 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, equity securities excluding mutual funds, and short-term investments.
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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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Income available to common stockholders per share
$ 3.08 $ 4.05 $ 3.82 $ 3.49 $ 2.18
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses, excluded from core earnings, before tax
0.20 0.10 0.04 0.04 0.16
Integration and other non-recurring M&A costs, before tax
— — 0.01 0.01 0.01
Change in deferred gain on retroactive reinsurance, before tax
(0.13) — (0.03) (0.08) (0.11)
Income tax benefit on items excluded from core earnings
(0.01) (0.02) (0.01) — (0.01)
Core earnings per share $ 3.14 $ 4.13 $ 3.83 $ 3.46 $ 2.23
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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net Income available to common stockholders per diluted share $ 3.04 $ 3.98 $ 3.77 $ 3.44 $ 2.15
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses, excluded from core earnings, before tax 0.19 0.10 0.04 0.03 0.16
Integration and other non-recurring M&A costs, before tax
— — 0.01 0.01 0.01
Change in deferred gain on retroactive reinsurance, before tax
(0.13) — (0.03) (0.08) (0.11)
Income tax expense (benefit) on items excluded from core earnings
(0.01) (0.02) (0.01) 0.01 (0.01)
Core earnings per diluted share
$ 3.09 $ 4.06 $ 3.78 $ 3.41 $ 2.20
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
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income ROE 23.0 % 22.0 % 20.3 % 19.8 % 18.8 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses (gains), excluded from core earnings, before tax 0.6 % 0.6 % 0.5 % 0.5 % 0.8 %
Integration and other non-recurring M&A costs, before tax
— % — % — % — % 0.1 %
Change in deferred gain on retroactive reinsurance, before tax (0.4 %) (0.4 %) (0.3 %) (0.5 %) (0.6 %)
Income tax expense (benefit) on items not included in core earnings (0.1 %) (0.1 %) — % — % (0.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE (2.8 %) (2.7 %) (2.1 %) (2.8 %) (2.8 %)
Core earnings ROE 20.3 % 19.4 % 18.4 % 17.0 % 16.2 %
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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income $ 717 $ 968 $ 861 $ 800 $ 495
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income (587) (656) (605) (526) (512)
Net realized losses 24 25 30 26 26
Net servicing and other (income) expense (4) (2) (3) (4) (4)
Income tax expense 182 251 219 201 125
Underwriting gain 332 586 502 497 130
Current accident year catastrophes 230 (1) 70 212 467
Prior accident year development (41) (12) (103) (187) (122)
Underlying underwriting gain $ 521 $ 573 $ 469 $ 522 $ 475
Business Insurance
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income $ 536 $ 897 $ 710 $ 696 $ 477
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income (505) (562) (519) (449) (437)
Net realized losses 19 21 26 20 24
Other expense (income) (1) 1 — 1 1
Income tax expense 136 234 180 176 122
Underwriting gain 185 591 397 444 187
Current accident year catastrophes 171 (12) 39 114 280
Prior accident year development 30 (152) (60) (146) (83)
Underlying underwriting gain $ 386 $ 427 $ 376 $ 412 $ 384
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Personal Insurance
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income $ 139 $ 212 $ 139 $ 91 $ 5
Adjustments to reconcile net income to underlying underwriting gain (loss):
Net investment income (62) (74) (67) (58) (57)
Net realized losses 4 3 4 4 2
Net servicing and other (income) expense (3) (3) (4) (5) (5)
Income tax expense 35 55 35 23 —
Underwriting gain (loss) 113 193 107 55 (55)
Current accident year catastrophes 59 11 31 98 187
Prior accident year development (35) (56) (43) (41) (39)
Underlying underwriting gain $ 137 $ 148 $ 95 $ 112 $ 93
P&C Other Operations
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income (loss) $ 42 $ (141) $ 12 $ 13 $ 13
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income (20) (20) (19) (19) (18)
Net realized losses 1 1 — 2 —
Other expense — — 1 — —
Income tax expense (benefit) 11 (38) 4 2 3
Underwriting gain (loss) 34 (198) (2) (2) (2)
Prior accident year development (36) 196 — — —
Underlying underwriting loss $ (2) $ (2) $ (2) $ (2) $ (2)
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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Loss and loss adjustment expense ratio 61.6 56.2 58.5 58.8 66.3
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 development (4.2) 0.3 0.7 (0.6) (8.2)
Underlying loss and loss adjustment expense ratio 57.4 56.5 59.3 58.3 58.1
Business Insurance
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Loss and loss adjustment expense ratio 62.8 51.5 57.3 56.1 62.8
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 development (5.6) 4.5 0.6 1.0 (5.9)
Underlying loss and loss adjustment expense ratio 57.2 56.1 57.9 57.0 56.9
Personal Insurance
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Loss and loss adjustment expense ratio 60.6 53.3 62.9 69.0 79.1
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 development (2.6) 4.7 1.2 (6.1) (16.5)
Underlying loss and loss adjustment expense ratio 58.0 58.1 64.2 62.8 62.6
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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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Net income margin 6.4 % 7.2 % 8.1 % 8.5 % 7.4 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses, before tax 0.6 % 0.5 % 0.4 % 0.8 % 0.3 %
Income tax benefit (0.1 %) (0.1 %) (0.2 %) (0.1 %) (0.1 %)
Core earnings margin 6.9 % 7.6 % 8.3 % 9.2 % 7.6 %
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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Return on Assets ("ROA") 12.6 15.4 15.4 15.6 12.1
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax 0.8 (0.3) (1.3) (2.6) —
Effect of income tax expense (benefit) (0.3) — 0.2 0.3 0.3
Return on Assets ("ROA"), core earnings 13.1 15.1 14.3 13.3 12.4
40
Table of Contents
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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Total net investment income $ 739 $ 832 $ 759 $ 664 $ 656
Adjustment for income from limited partnerships and other alternative investments (75) (160) (91) (13) (39)
Net investment income excluding limited partnerships and other alternative investments $ 664 $ 672 $ 668 $ 651 $ 617
Property & Casualty
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Total net investment income $ 587 $ 656 $ 605 $ 526 $ 512
Adjustment for income from limited partnerships and other alternative investments (62) (125) (71) (11) (28)
Net investment income excluding limited partnerships and other alternative investments $ 525 $ 531 $ 534 $ 515 $ 484
Employee Benefits
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Total net investment income $ 131 $ 153 $ 136 $ 118 $ 126
Adjustment for income from limited partnerships and other alternative investments (13) (35) (20) (2) (11)
Net investment income excluding limited partnerships and other alternative investments $ 118 $ 118 $ 116 $ 116 $ 115
41
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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 Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Annualized investment yield 4.5 % 5.2 % 4.8 % 4.3 % 4.3 %
Adjustment for income from limited partnerships and other alternative investments — % (0.6 %) (0.2 %) 0.3 % 0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments 4.5 % 4.6 % 4.6 % 4.6 % 4.4 %
Property & Casualty
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Annualized investment yield 4.6 % 5.2 % 4.9 % 4.4 % 4.3 %
Adjustment for income from limited partnerships and other alternative investments (0.1 %) (0.6 %) (0.2 %) 0.3 % 0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments 4.5 % 4.6 % 4.7 % 4.7 % 4.4 %
Employee Benefits
Three Months Ended
Mar 31 2026 Dec 31 2025 Sept 30 2025 Jun 30 2025 Mar 31 2025
Annualized investment yield 4.5 % 5.3 % 4.8 % 4.1 % 4.3 %
Adjustment for income from limited partnerships and other alternative investments 0.1 % (0.8 %) (0.3 %) 0.3 % 0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments 4.6 % 4.5 % 4.5 % 4.4 % 4.4 %
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