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
Extracted filing text, with the paragraph anchors used by the comparison.
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Investment Results
| Composition of Invested Assets | ||||
|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | |||
| Amount | Percent | Amount | Percent | |
| Fixed maturities, AFS, at fair value | $45,632 | 71.6% | $46,041 | 72.0% |
| Fixed maturities, at fair value using the fair value option | 130 | 0.2% | 168 | 0.2% |
| Equity securities, at fair value | 488 | 0.8% | 492 | 0.8% |
| Mortgage loans (net of allowance for credit losses ("ACL") of $49 and $49) | 7,015 | 11.0% | 6,837 | 10.7% |
| Limited partnerships and other alternative investments | 5,948 | 9.3% | 5,804 | 9.1% |
| Other investments [1] | 305 | 0.5% | 262 | 0.4% |
| Short-term investments | 4,223 | 6.6% | 4,353 | 6.8% |
| Total investments | $63,741 | 100.0% | $63,957 | 100.0% |
[1]Primarily consists of equity fund investments, overseas deposits, consolidated investment funds, and derivative instruments which are carried at fair value.
March 31, 2026 compared to December 31, 2025
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.
Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.
Mortgage loans increased primarily due to funding of industrial commercial whole loans.
Limited partnerships and other alternative investments increased primarily driven by higher valuations and additional investments.
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| Net Investment Income | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| 2026 | 2025 | |||
| (Before tax) | Amount | Yield [1] | Amount | Yield [1] |
| Fixed maturities [2] | $611 | 4.8% | $574 | 4.7% |
| Equity securities | 6 | 5.6% | 4 | 3.2% |
| Mortgage loans | 80 | 4.6% | 70 | 4.3% |
| Limited partnerships and other alternative investments | 75 | 5.1% | 39 | 3.1% |
| Other [3] | (4) | (3) | ||
| Investment expense | (29) | (28) | ||
| Total net investment income | 739 | 4.5% | 656 | 4.3% |
| Adjustment for net investment income from limited partnerships and other alternative investments | (75) | —% | (39) | 0.1% |
| Total net investment income excluding limited partnerships and other alternative investments | $664 | 4.5% | $617 | 4.4% |
[1]Yields calculated using annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[2]Includes net investment income on short-term investments.
[3]Primarily 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.
Three months ended March 31, 2026 compared to the three months ended March 31, 2025
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.
Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased, primarily due to the impact of reinvesting at higher rates.
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.
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.
| Net Realized Gains (Losses) | ||
|---|---|---|
| Three Months Ended March 31, | ||
| (Before tax) | 2026 | 2025 |
| Gross gains on sales of fixed maturities | $18 | $13 |
| Gross losses on sales of fixed maturities | (30) | (25) |
| Equity securities [1] | (17) | (11) |
| Net credit losses on fixed maturities, AFS [2] | — | 2 |
| Change in ACL on mortgage loans [3] | — | — |
| Other, net [4] | (26) | (28) |
| Net realized losses | $(55) | $(49) |
[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.
[2]See Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.
[3]See ACL on Mortgage Loans within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.
[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.
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Three months ended March 31, 2026
Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
Equity securities net losses were primarily driven by a decrease in value due to lower equity market levels.
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.
Three months ended March 31, 2025
Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
Equity securitiesnet losses were primarily driven by a decrease in value due to lower equity market levels.
Other, netincludes losses of $10 on transactional foreign currency revaluation and $7 related to a mortgage loan modification.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.