HARTFORD INSURANCE GROUP, INC.
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 23, 2026
HIG$133.99-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0000874766-25-000107
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsKey Performance Measures and RatiosThe Hartford's OperationsFinancial HighlightsConsolidated Results of OperationsInvestment ResultsCritical Accounting EstimatesBusiness InsurancePersonal InsuranceProperty & Casualty Other OperationsEmployee BenefitsHartford FundsCorporateEnterprise Risk ManagementCapital Resources and LiquidityImpact of New Accounting StandardsAcronymsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0000874766-26-000037
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsKey Performance Measures and RatiosThe Hartford's OperationsFinancial HighlightsConsolidated Results of OperationsInvestment ResultsCritical Accounting EstimatesBusiness InsurancePersonal InsuranceProperty & Casualty Other OperationsEmployee BenefitsHartford FundsCorporateEnterprise Risk ManagementCapital Resources and LiquidityImpact of New Accounting StandardsAcronymsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 549 previous paragraphs and 500 current paragraphs.
333 unchanged; 112 reworded; 47 added; 85 removed; 19 previous and 8 current paragraphs rearranged.
Tables are not compared: 113 previous and 106 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions. Changes in reinsurance programs can also impact written premium growth.
Current report
Earned premiums increased by $310 or 5%, primarily due to:
Current report
•Employee Benefits earned premium increased due to increases in exposure on existing accounts and fully insured ongoing sales across all products.
Current report
These losses were partially offset by:
Current report
Benefits, losses and loss adjustment expenses decreased $2 due to:
Current report
•Employee Benefits losses and LAE increased $39, as higher short-term and long-term disability loss ratios were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products. The increase in the long-term disability loss ratio was driven by less favorable long-term disability loss trends and an increase in the short-term disability loss ratio due to higher claim incidence, including for paid family and medical leave products, partially offset by continued paid family and medical leave pricing actions.
Current report
•Higher variable expenses in Hartford Funds; and
Current report
Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.
Current report
Mortgage loans increased primarily due to funding of industrial commercial whole loans.
Current report
Three months ended March 31, 2026 compared to the three months ended March 31, 2025
Current report
Other, net includes losses of $34 on FVO securities due to a decline in valuation, partially offset by gains of $8 on interest rate derivatives primarily driven by changes in interest rates.
Current report
Equity securitiesnet losses were primarily driven by a decrease in value due to lower equity market levels.
Current report
Other, netincludes losses of $10 on transactional foreign currency revaluation and $7 related to a mortgage loan modification.
Current report
[1]Other reserve re-estimates, net for the three months ended March 31, 2026 includes a favorable change of $(5) in personal automobile physical damage reserves.
Current report
[2]The $36 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2026 is related to amortization of the A&E ADC deferred gain under retroactive reinsurance accounting.
Current report
[1]Other reserve re-estimates, net for the three months ended March 31, 2025 includes a favorable change of $(12) in personal automobile physical damage reserves.
Current report
[2]The $32 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Current report
Net income increased primarily due to higher net investment income and lower net realized losses. For further discussion of investment results, see MD&A - Investment Results.
Current report
Underwriting gain decreased slightly due to unfavorable prior accident year development in the current year, higher underwriting expenses, and a slightly higher underlying loss and LAE ratio, largely offset by earned premium growth and lower CAY catastrophe losses.
Current report
Expense ratio is generally consistent with the prior year, with staffing costs and investments in our business being partially offset by the impact of earned premium growth.
Current report
•Global specialty written premium increased, driven by growth in the global reinsurance portfolio, primarily within credit risk and specialty casualty. Excluding global reinsurance, written premium declined modestly, reflecting lower construction-related volumes. This was partially offset by growth in non-construction new business and renewal pricing increases.
Current report
Underlying Loss and Loss Adjustment Expense Ratio increased primarily due to a slightly higher loss ratio in a few lines.
Current report
Current accident year catastrophe losses for the three months ended March 31, 2026 included losses from winter storms across several regions, but concentrated in the Northeast, and to a lesser extent, the South, Mid Atlantic and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, and to a lesser extent, the South region.
Current report
Current accident year catastrophe losses for the three months ended March 31, 2025 included a loss of $207 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the South and Midwest regions.
Current report
Net income increased, largely driven by a change from an underwriting loss to an underwriting gain.
Current report
Underwriting gain changed from an underwriting loss, primarily due to lower current accident year catastrophe losses and to an improvement in the underlying loss and LAE ratio.
Current report
Earned premiums increased in 2026 due to higher earned premiums in homeowners, partially offset by lower earned premiums in automobile.
Current report
Written premiums decreased in 2026 due to lower written premiums in automobile, partially offset by higher written premiums in homeowners.
Current report
Underlying loss and LAE ratio decreased in both automobile and homeowners in 2026, primarily due to the impact of earned pricing increases outpacing loss cost trends, which moderated slightly compared to prior year. The automobile loss cost trend continues to recognize higher attorney representation rates.
Current report
CAY catastrophe losses for the three months ended March 31, 2025 included a loss of $118 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the Midwest and South regions.
Current report
Net income increased driven by a change from an underwriting loss to an underwriting gain.
Current report
Underwriting gain (loss) changed from a loss to a gain due to a benefit of $36 related to amortization of the A&E ADC deferred gain. For additional information regarding the ADC reinsurance agreement refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current report
Insurance operating costs and other expenses were higherdue to higher staffing costs as well as higher technology costs.
Current report
Fully insured ongoing premiums increased due to higher new business sales across all products, an increase in exposure on existing accounts and persistency in excess of 90%.
Current report
Fully insured ongoing sales increased, driven by higher group disability, group life and supplemental health sales. Group disability sales include the results of two new states implementing paid family and medical leave coverage in 2026.
Current report
Net loss available to common stockholdersfor the three months ended March 31, 2026, decreased 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. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (85)
Previous report
[1]The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $8 and $64 for the three and nine months ended September 30, 2025 and $26 and $87 for the three and nine months ended September 30, 2024, respectively. The deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Previous report
Earned premiums increased by $359 or 6%, primarily due to:
Previous report
•Employee Benefits earned premium was essentially flat, as an increase in exposure on existing accounts was offset by lower fully insured ongoing sales during the past year.
Previous report
Net realized losses improved slightly, primarily due to:
Previous report
•Fewer net losses on sales of fixed maturities in the 2025 period compared to the 2024 period; and
Previous report
These increases were largely offset by:
Previous report
•Impairment of a real estate joint venture in the 2025 period;
Previous report
•Losses on equity derivatives in the 2025 period compared to gains in the 2024 period due to changes in equity market levels; and
Previous report
Benefits, losses and loss adjustment expenses decreased $30 due to:
Previous report
•A slight increase in Employee Benefits of $2, before tax, primarily driven by a higher long-term disability loss ratiodue to a benefit in the prior year related to an update to the long-term disability claim recovery rate assumptions, largely offset by a lower group life loss ratio driven by lower mortality and a lower loss ratio on the paid family and medical leave product.
Previous report
•Higher staffing costs, including higher incentive compensation and benefits costs;
Previous report
•Higher technology costs, including increased investment; and
Previous report
•An increase in doubtful accounts expense partly due to higher business volume.
Previous report
Income tax expense increased primarily due to an increase in income before tax, partially offset by a higher net tax benefit in the Corporate category. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Previous report
Nine months ended September 30, 2025 compared to 2024
Previous report
•Higher net investment income of $225, before tax, driven by a higher level of invested assets, reinvesting at higher interest rates, and higher income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities;
Previous report
•Higher net realized losses of $27, before tax; and
Previous report
•In Employee Benefits, the impact of a higher expense ratio, including higher staffing costs and technology costs, and a higher long-term disability loss ratio, partially offset by a lower group life loss ratio, a lower loss ratio on the paid family and medical leave product, and the impact of slightly higher fully insured ongoing premiums.
Previous report
Earned premiums increased by $1,131, or 7%, primarily due to:
Previous report
•An increase in P&C reflecting a 9% increase in both Business Insurance and Personal Insurance.
Previous report
•A slight increase in Employee Benefits earned premium of 1%, including an increase in exposure on existing accounts and persistency in excess of 90%.
Previous report
[1]Limited partnerships and other alternative investments of $69 and $143 for the nine months ended September 30, 2024 and 2025, respectively.
Previous report
Net investment income increased due to the impact of a higher level of invested assets, reinvesting at higher interest rates, and higher income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.
Previous report
•Lower appreciation in value of equity securities in the 2025 period compared to the 2024 period;
Previous report
•Impairment of a real estate joint venture in the 2025 period;
Previous report
These increases were partially offset by fewer net losses on sales of fixed maturities.
Previous report
Benefits, losses and loss adjustment expenses increased $410, due to:
Previous report
–An increase in CAY catastrophe losses of $61, before tax. Catastrophe losses in the 2025 period included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions as well as a loss of $305, net of reinsurance, from the January 2025 California Wildfire Event. Catastrophe losses in the 2024 period included losses from tornado, wind and hail events across several regions of the United States, as well as losses from hurricanes and tropical storms mainly in the Southeast and South regions, and, to a lesser extent, from winter storms, mainly in the Pacific, Northeast and South regions.
Previous report
•Employee Benefits losses and LAE were flat as a lower group life loss ratio, reflecting reduced mortality, and improved results on the paid family and medical leave product due to pricing actions were offset by a higher long-term disability loss ratio. The increase in long-term disability was driven by a benefit in the prior year related to an update to the long-term disability claim recovery rate assumptions and slightly higher current-year loss trends.
Previous report
•An increase in doubtful accounts expense partly due to higher business volume;
Previous report
•Higher direct marketing costs in Personal Insurance; and
Previous report
•Higher commissions and taxes, licenses and fees due to increased business volume in P&C and a slightly higher commission ratio in Employee Benefits due to mix of business.
Previous report
Fixed maturities, AFS, at fair value increased primarily due to net additions of corporate bonds and high-quality ABS, partially offset by net reductions to tax-exempt municipal bonds. The increase was also due to higher valuations as a result of lower interest rates and tighter credit spreads.
Previous report
Total net investment income for the nine month period increased primarily due to the impact of higher invested assets, reinvesting at higher interest rates, and higher income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.
Previous report
Other, net losses for the three and nine month periods ended September 30, 2025, primarily included losses of $20 for both periods on a real estate joint venture impairment, and losses of $5 and $14, respectively, on equity derivatives driven by changes in equity market levels. Also included were gains of $7 and losses of $11, respectively, on transactional foreign currency revaluation, and gains of $7 and losses of $10, respectively, on FVO securities due to a decrease in value.
Showing the first 40 of 85 passages. Open the source sections for the rest.
Reworded paragraphs (112)
Previous wording
Book Value per Diluted Share excluding accumulated other comprehensive income ("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.
Current wording
Book Value per Diluted Share excluding accumulated other comprehensive income (loss) ("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.
Previous wording
ceded all of the $300 and $1.5 billion available limits under the Navigators ADC and the A&E ADC; respectively, there is no remaining limit available under either agreement as of December 31, 2024. During the nine months ended September 30, 2025 and 2024, the Company collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., under the Navigators ADC and as a result amortized $64 and $87 of the deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations. As of September 30, 2025, the deferred gain on the Navigators ADC has been fully amortized. As of December 31, 2024, the deferred gain on the Navigators ADC was $64, and is included in other liabilities on the Condensed Consolidated Balance Sheets.
Current wording
[1]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 deferred gain associated with the Navigators ADC was fully amortized as of September 30, 2025. For additional information regarding the adverse development cover ("ADC") reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Previous wording
Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability. These premiums together with net investment income earned are used to pay the contractual obligations under these insurance contracts. Two major factors, sales and persistency, impact premium growth. Sales can increase or decrease in a given year based on a number of factors, including but not limited to, customer demand for the Company’s product offerings, pricing competition, distribution channels and the Company’s reputation and ratings. Persistency refers to the percentage of premium remaining in-force from year-to-year.
Current wording
Two major factors, sales and persistency, impact premium growth. Sales can increase or decrease in a given year based on a number of factors, including but not limited to, customer demand for the Company’s product offerings, pricing competition, distribution channels and the Company’s reputation and ratings. Persistency refers to the percentage of premium remaining in-force from year-to-year.
Previous wording
Net income available to common stockholders increased by $313, primarily driven by:
Current wording
Net income available to common stockholders increased by $226, primarily driven by:
Previous wording
•A higher P&C underwriting gain of $368, before tax, driven by the effect of earned premium growth, a higher level of favorable prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a higher underlying loss and LAE ratio in Business Insurance and higher CAY catastrophe losses; and
Current wording
•A higher P&C underwriting gain of $332, before tax, primarily driven by lower CAY catastrophe losses, the effect of earned premium growth, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a lower level of favorable prior accident year reserve development and a higher expense ratio; and
Previous wording
•Higher net investment income of $100, before tax, driven by higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher interest rates, slightly offset by a lower yield on variable-rate securities.
Current wording
•Higher net investment income of $83, before tax, driven by higher income from limited partnerships and other alternative investments, a higher level of invested assets, and reinvesting at higher rates.
Previous wording
•In Employee Benefits, the impact of a higher expense ratio, including higher staffing and technology costs, and a higher long-term disability loss ratio, partially offset by a lower group life loss ratio and a lower loss ratio on the paid family and medical leave product.
Current wording
•In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio and a higher expense ratio, including higher staffing costs and technology costs, partially offset by a lower group life loss ratio.
Previous wording
•An increase in P&C reflecting a 9% increase in Business Insurance and a 7% increase in Personal Insurance.
Current wording
•An increase in P&C reflecting a 7% increase in Business Insurance and a 1% increase in Personal Insurance.
Previous wording
–Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business and earned pricing increases.
Current wording
–Contributing to the increase in Business Insurance was the effect of an increase in new business across the majority of lines of business and earned pricing increases.
Previous wording
Fee income increased primarily due to a $14 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.
Current wording
Fee income increased primarily driven by a $23 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.
Previous wording
[1]Limited partnerships and other alternative investments of $37 and $91 for the three months ended September 30, 2024 and 2025 respectively.
Current wording
[1]Limited partnerships and other alternative investments of $39 and $75 for the three months ended March 31, 2025 and 2026 respectively.
Previous wording
Net investment income increased due to higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher interest rates, slightly offset by a lower yield on variable-rate securities.
Current wording
Net investment income increased due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.
Previous wording
•Gains on transactional foreign currency revaluation in the 2025 period compared to losses in the 2024 period.
Current wording
•Gains on transactional foreign currency revaluation in the 2026 period compared to losses in the 2025 period; and
Previous wording
•A decrease in Property & Casualty of $33, which was attributable to:
Current wording
•A decrease in Property & Casualty of $40, which was attributable to:
Previous wording
–A decrease in CAY catastrophe losses of $177, before tax. Catastrophe losses in the 2025 period included losses from tornado, wind and hail events across several regions, but concentrated in the Mountain West and South regions. Catastrophe losses in the 2024 period included losses from hurricanes, including a loss of $104 from Hurricane Helene, and tropical storms primarily in the Southeast and South regions, and to a lesser extent, tornado, wind and hail events primarily in the Midwest, Northeast and Mountain West regions; and
Current wording
–A decrease in CAY catastrophe losses of $237. Catastrophe losses in the 2026 period included losses from winter storms across several regions, but concentrated in the Northeast region, and to a lesser extent, the Mid Atlantic, South and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region. Catastrophe losses in the 2025 period included $325, net of reinsurance, related to the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the Midwest and South regions.
Previous wording
–An increase in P&C CAY loss and LAE before catastrophes of $541, before tax, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and
Current wording
–An increase in P&C CAY loss and LAE before catastrophes of $116, primarily due to the effect of higher earned premiums and a slightly higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and
Previous wording
–A favorable change of $53, before tax, in P&C net prior accident year reserve development, with development in the 2025 period of $103, compared to $50 in the prior year period. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile physical damage, partially offset by increases in reserves for general liability and Business Insurance automobile liability. Also included within net prior accident year reserve development for the three months ended September 30, 2025 and 2024 was a benefit of $8 and $26, respectively, related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025. For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current wording
–A decline in P&C net favorable prior accident year reserve development of $81, with favorable development in the 2026 period of $41, compared to $122 in the prior year period. Favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage and homeowners, partially offset by an increase in reserves for general liability related to exposures from the 1970s and 1980s. Also included within net prior accident year reserve development for the three months ended March 31, 2026 was a benefit of $36 related to amortization of the A&E ADC deferred gain. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, homeowners, and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the three months ended March 31, 2025 was a benefit of $32 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
Previous wording
Amortization of deferred policy acquisition costs increased from the prior year period primarily driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.
Current wording
Amortization of deferred policy acquisition costs increased from the prior year period driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.
Previous wording
•Higher staffing costs, including higher incentive compensation and benefits costs, partly in response to increased business volume;
Current wording
•Higher staffing costs, including benefits costs, partly in response to increased business volume;
Previous wording
•Higher technology costs, including increased investment;
Current wording
•Higher technology costs, including increased investment in our businesses and higher run costs.
Previous wording
Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value and limited partnerships and other alternative investments.
Current wording
Total investments decreased primarily due to a decrease in fixed maturities, AFS, at fair value, partially offset by an increase in mortgage loans and limited partnerships and other alternative investments.
Previous wording
Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.
Current wording
Limited partnerships and other alternative investments increased primarily driven by higher valuations and additional investments.
Previous wording
Total net investment income increased for the three month period primarily due to higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.
Current wording
Total net investment income increased primarily due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.
Previous wording
Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased for both the three and nine month periods primarily due to the impact of reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.
Current wording
Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased, primarily due to the impact of reinvesting at higher rates.
Previous wording
Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and nine months ended September 30, 2025, were 5.7% for both periods, which were above the average yield of sales and maturities of 5.2% and 4.9%, respectively. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and nine months ended September 30, 2024, were 5.5% and 6.0%, respectively, which were above the average yield of sales and maturities of 4.4% and 4.7%, respectively.
Current wording
Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three months ended March 31, 2026 was 5.3%, which was above the average yield of sales and maturities of 4.9% for the same period. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three months ended March 31, 2025, was 5.6% which was above the average yield of sales and maturities of 4.9% for the same period.
Previous wording
For the 2025 calendar year, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, to be slightly higher than the portfolio yield earned in 2024. The estimated impact on annualized net investment income yield is subject to variability including the impact of evolving market conditions.
Current wording
For the 2026 calendar year, we estimate the change in net investment income to increase due to a higher level of invested assets, with the yield on limited partnerships and other alternative investments to be relatively consistent with 2025. The estimated change in net investment income is subject to variability including the impact of evolving market conditions.
Previous wording
[1]The change in net unrealized gains on equity securities still held as of September 30, 2025, and included in net realized gains were $28 and $45 for the three and nine months ended September 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of September 30, 2024, and included in net realized gains were $27 and $71 for the three and nine months ended September 30, 2024, respectively.
Current wording
[1]The change in net unrealized gains on equity securities still held as of the end of period, and included in net realized gains (losses) were $(18) and $(11) for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
[4]For the three and nine months ended September 30, 2025, includes gains (losses) from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16), respectively. For the three and nine months ended September 30, 2024, includes losses from transactional foreign currency revaluation of $(11) and $(5), respectively, and gains on non-qualifying derivatives of $23 and $15, respectively.
Current wording
[4]For the three months ended March 31, 2026 and 2025, includes gains (losses) from transactional foreign currency revaluation of $3 and $(10), respectively, and gains on non-qualifying derivatives of $8 and $0, respectively.
Previous wording
Gross gains and losses on sales were primarily due to sales of corporate securities and tax-exempt municipals.
Current wording
Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
Previous wording
Equity securities net gains were primarily driven by an increase in value due to higher equity market levels.
Current wording
Equity securities net losses were primarily driven by a decrease in value due to lower equity market levels.
Previous wording
Gross gains and losses on sales were primarily due to sales of U.S. Treasuries, corporate securities, and tax-exempt municipals to fund purchases of higher-yielding investments.
Current wording
Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
Previous wording
[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.
Current wording
[1]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.
Previous wording
[1]For the three and nine months ended September 30, 2024, included losses from Hurricane Helene of $104, net of reinsurance, with $8 of the losses in the global assumed reinsurance business.
Current wording
[1]Catastrophe losses from the January 2025 California Wildfire Event were $325, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.
Previous wording
[1]Other earned premiums of $14 and $16 for the three months ended September 30, 2024, and 2025, respectively and $43 and $48, for the nine months ended September 30, 2024 and 2025, respectively.
Current wording
[1]Other earned premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.
Previous wording
[1]Other written premiums of $14 and $16 for the three months ended September 30, 2024, and 2025, respectively and $42 and $48, for the nine months ended September 30, 2024 and 2025, respectively.
Current wording
[1]Other written premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.
Previous wording
Earned premiums for the three and nine months ended September 30, 2025 increased due to written premium increases over the prior twelve months.
Current wording
Earned premiums increased due to written premium increases over the prior twelve months.
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Written premiumsfor the three and nine months ended September 30, 2025 increased driven by growth across small business, middle & large business and global specialty.
Current wording
Written premiums increased driven by growth across small business, middle & large business and global specialty.
Previous wording
•Small business written premium increased driven by strong new business as well as renewal written price increases in almost all lines. Written premium grew across all lines of business.
Current wording
•Small business written premium increased driven by renewal written price increases in almost all lines, as well as higher new business premium. Written premium grew across all lines of business.
Previous wording
•Middle & large business written premium increased driven by strong new business as well as renewal written price increases in all lines. Written premium rose across general industries, industry verticals and the large and complex lines.
Current wording
•Middle & large business written premium increased driven by renewal written price increases in almost all lines. Written premium grew across industry verticals and the large and complex lines, partially offset by decreases in general industries and large property.
Previous wording
Renewal written price increases were recognized in most lines for both the three and nine months ended September 30, 2025.
Current wording
Renewal written price increases were recognized in most lines, though have moderated from the prior year.
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Current report — wording carried from elsewhere
Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability. These premiums together with net investment income earned are used to pay the contractual obligations under these insurance contracts.
Current report — wording carried from elsewhere
For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market
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outstanding derivative trades or require additional collateral to be posted. In addition, downgrades may result in counterparties and clearing brokers becoming unwilling to engage in or clear additional derivatives or may require additional collateralization before entering into any new trades.
Current report — wording carried from elsewhere
operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.
Current report — wording carried from elsewhere
The Company recorded no credit losses. For the three months ended March 31, 2026, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI"). For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB. The Company could also choose to
Current report — wording carried from elsewhere
we must hold in order to maintain our current ratings. See Risk Factors disclosed in Item 1A of Part I of the Company's 2025 Form 10-K Annual Report.
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Previous report — wording carried elsewhere
•An increase in P&C underwriting gain of $274, before tax, driven by lower CAY catastrophe losses, the effect of earned premium growth, a higher level of net favorable prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a higher underlying loss and LAE ratio in Business Insurance; and
Previous report — wording carried elsewhere
–An increase in P&C CAY loss and LAE before catastrophes of $197, before tax, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance.
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Net income available to common stockholders increased by $447 primarily driven by:
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These increases were partially offset by:
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For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment And Corporate Operating Summaries.
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–Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business and earned pricing increases.
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–For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force.
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Fee income increased, primarily due to a $27 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.
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•Gains on interest rate derivatives in the 2024 period; and
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For further discussion of investment results, see MD&A - Investment Results, Net Realized Gains and MD&A - Investment Results, Net Investment Income.
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Losses and LAE Incurred for P&C
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•An increase in Property & Casualty of $411, which was attributable to:
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Losses and LAE Incurred for Employee Benefits
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–A favorable change of $191, before tax, in P&C net prior accident year reserve development, with favorable development in the 2025 period of $412, compared to $221 in the prior year period. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, Personal Insurance automobile liability and physical damage, catastrophes, homeowners, commercial property, and bond. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, Personal Insurance automobile physical damage, homeowners, and Personal Insurance automobile liability, partially offset by increases in reserves for general liability, Business Insurance automobile liability, and assumed reinsurance. Also included within net prior accident year reserve development for the nine months ended September 30, 2025 and 2024 was a benefit of $64 and $87, respectively, related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025. For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Previous report — wording carried elsewhere
Amortization of deferred policy acquisition costs increased from the prior year period primarily driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.
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Insurance operating costs and other expenses increased due to:
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Net income (loss) available to common stockholders
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counterparties across its investment, reinsurance and insurance portfolios and limiting exposure to any specific reinsurer or counterparty. Potential credit losses can be mitigated through diversification (e.g., geographic regions, asset types, industry sectors), hedging and the use of collateral to reduce net credit exposure.
Previous report — wording carried elsewhere
Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by