HARTFORD INSURANCE GROUP, INC.
For the period ended Sep 30, 2026. Filed Oct 26, 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.
Sep 30, 2026 · Filed Oct 26, 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 2026-06-30; filed 2026-07-23.
0000874766-26-000060
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 BenefitsCorporateEnterprise Risk ManagementCapital Resources and LiquidityImpact of New Accounting StandardsAcronymsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0000874766-26-000078
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 BenefitsCorporateEnterprise 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 534 previous paragraphs and 536 current paragraphs.
360 unchanged; 133 reworded; 37 added; 28 removed; 13 previous and 6 current paragraphs rearranged.
Tables are not compared: 106 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 (37)
Current report
On October 13, 2026, Hartford Life and Accident Insurance Company ("HLA"), a wholly owned subsidiary of the Company, completed the acquisition of Equitable Holdings, Inc.'s employee benefits business. The acquired business is not reflected in the accompanying September 30, 2026 Condensed Consolidated Financial Statements and will be reflected in the Company’s Consolidated Financial Statements beginning on the acquisition date in the fourth quarter of 2026. The transaction is not expected to have a material impact on the Company's financial position, results of operations or cash flows.
Current report
Net income available to common stockholders increased by $243, primarily driven by:
Current report
•Higher net investment income of $95, before tax.
Current report
•Greater net realized losses of $99, before tax.
Current report
Net realized losses increased primarily due to losses on interest rate derivatives in the 2026 period.
Current report
Benefits, losses and loss adjustment expenses decreased $80 due to:
Current report
Insurance operating costs and other expenses decreased due to:
Current report
Net income available to common stockholders increased by $772 primarily driven by:
Current report
•Greater net realized losses of $19, before tax.
Current report
Net realized losses increased primarily due to losses on interest rate derivatives, largely offset by greater appreciation in value of equity securities in the 2026 period and a realized gain on the sale of an other investment.
Current report
Benefits, losses and loss adjustment expenses increased $287, due to:
Current report
For further discussion, see Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current report
Equity securities net losses for the three month period were driven by an issuer-specific decline in value. For the nine month period, gains were primarily driven by an increase in value due to higher equity market levels.
Current report
Other, net losses for the three and nine month periods ended September 30, 2026, primarily included losses of $119 and $124, respectively, on interest rate derivatives, partially offset by gains of $52 on the sale of an other investment.
Current report
[1]On September 23, 2026, the Company entered into a Commutation Agreement with NICO, resulting in the commutation and termination of the A&E ADC agreement. As a result of the Commutation Agreement, the Company reassumed net unpaid losses and loss adjustment expenses reserves of $1.298 billion. For additional information regarding the Commutation Agreement, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current report
[2]The change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2026, includes $36 related to amortization of the A&E ADC deferred gain and $497 reflecting a net gain from the Commutation Agreement. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current report
[2]The change in deferred gain for the three months ended September 30, 2026 is comprised of a net gain of $497 from the Commutation Agreement. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements
Current report
[1]Other reserve re-estimates, net for the nine months ended September 30, 2026 includes a favorable change of $(23) in personal automobile physical damage reserves.
Current report
[2]The change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2026, includes $36 related to amortization of the A&E ADC deferred gain and $497 reflecting a net gain from the Commutation Agreement. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements
Current report
[1]Other reserve re-estimates, net for the three months ended September 30, 2025 includes a favorable change of $(6) in personal automobile physical damage reserves.
Current report
[2]The $8 change in deferred gain on retroactive reinsurance for the three months ended September 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Current report
[1]Other reserve re-estimates, net for the nine months ended September 30, 2025 includes a favorable change of $(26) in personal automobile physical damage reserves.
Current report
[2]The $64 change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Current report
Expense ratio for the three month period decreased, primarily due to the impact of earned premium growth and lower staffing costs, partially offset by higher technology investments in our business. For the nine month period, the expense ratio decreased primarily due to the impact of earned premium growth, partially offset by higher staffing costs and technology investments in our business.
Current report
Current accident year catastrophe losses increased for the three month period and decreased for the nine month period ended. CAY catastrophe losses for both the three and nine months ended September 30, 2026, primarily included losses from tornado, wind and hail events.
Current report
CAY catastrophe losses for the three and nine months ended September 30, 2025 included losses from tornado, wind and hail events, and for the nine month period, also included a loss of $109 from the January 2025 California Wildfire Event.
Current report
Underwriting gain in the 2026 three and nine month periods compared to underwriting loss in the 2025 periods,
Current report
Loss ratio increased 4.8 points for the three month period due to higher group disability and group life loss ratios. The group disability loss ratio increased 5.7 points for the three month period, driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries compared with the prior year. The group life loss ratio increased 3.6 points for the three month period, reflecting that the 2025 period included a benefit related to favorable development on prior quarters, partially offset by lower mortality in the 2026 period in term life products.
Current report
Net income available to common stockholders decreased for the three month period, primarily driven by a higher net tax benefit in the 2025 period, which included a release of a provision for an uncertain tax position and tax related interest accruals, and lower net realized gains, partially offset by an increase in other revenues related to valuation appreciation of an investment.
Current report
Three and nine months ended September 30, 2026
Current report
Three and nine months ended September 30, 2025
Current report
Three and nine months ended September 30, 2026 and September 30, 2025
Current report
Cash used for investing activities increased in 2026, primarily due to the reinvestment of the $1.120 billion related to the A&E ADC commutation into fixed maturities and short-term investments, partially offset by more cash used in financing activities.
Removed paragraphs (28)
Previous report
Net income available to common stockholders increased by $303, primarily driven by:
Previous report
Net realized gains compared to net realized losses in the prior year, primarily due to greater appreciation in value of equity securities in the 2026 period, largely driven by a private common stock issuer that completed an initial public offering.
Previous report
Benefits, losses and loss adjustment expenses increased $369 due to:
Previous report
Net income available to common stockholders increased by $529 primarily driven by:
Previous report
•Higher net investment income of $224, before tax, and an increase of $80, before tax, due to a change to net realized gains in the current period from net realized losses in the prior period; and
Previous report
Net realized gains compared to net realized losses in the prior year period, primarily due to greater appreciation in value of equity securities in the 2026 period, predominantly driven by a private common stock issuer that completed an initial public offering.
Previous report
Benefits, losses and loss adjustment expenses increased $367, due to:
Previous report
Mortgage loans increased primarily due to funding of industrial commercial whole loans.
Previous report
Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.
Previous report
Equity securities net gains were primarily driven by a private common stock issuer that completed an initial public offering, as well an increase in value due to higher equity market levels.
Previous report
Other, net losses for the three and six month periods ended June 30, 2026, primarily included losses $3 and $37, respectively, on fixed maturities, at fair value using the fair value option due to a decline in valuation, losses of $13 and $5, respectively, on interest rate derivatives primarily driven by changes in interest rates, and losses of $6 and $3, respectively, on transactional foreign currency revaluation.
Previous report
[1]Other reserve re-estimates, net for the three months ended June 30, 2026 includes a favorable change of $(10) in personal automobile physical damage reserves.
Previous report
[1]Other reserve re-estimates, net for the six months ended June 30, 2026 includes a favorable change of $(15) in personal automobile physical damage reserves.
Previous report
[2]The $36 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2026 is related to amortization of the A&E ADC deferred gain under retroactive reinsurance accounting.
Previous report
[2]The $24 change in deferred gain on retroactive reinsurance for the three months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Previous report
[1]Other reserve re-estimates, net for the six months ended June 30, 2025 includes a favorable change of $(20) in personal automobile physical damage reserves.
Previous report
[2]The $56 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Previous report
Expense ratio for the three and six months ended June 30, 2026 is generally consistent with the prior year, with higher commissions expenses, staffing costs, and technology investments in our business being partially offset by the impact of earned premium growth.
Previous report
CAY catastrophe losses for the three months ended June 30, 2025 primarily included losses from tornado, wind and hail events. CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $199, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.
Previous report
Current accident year catastrophe losses decreased in both the three and six months ended June 30, 2026. CAY catastrophe losses for both the three and six months ended June 30, 2026, primarily included losses from tornado, wind and hail events, as well as winter storms for the six month period.
Previous report
Three and six months ended June 30, 2026 and June 30, 2025
Previous report
Cash used for investing activities decreased in 2026 due to more cash used in financing activities and lower cash generated from operating activities.
Reworded paragraphs (133)
Previous wording
[2]During first quarter 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”) and as a result amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses in the three months ended March 31, 2026. Subsequently NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding. The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $24 and $56 for the three and six months ended June 30, 2025, respectively. 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.
Current wording
[2]During first quarter 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”) and as a result amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses. Subsequently, NICO suspended further payment under the A&E ADC due to a dispute that was the subject of an arbitration proceeding. In the third quarter 2026, the Company entered into a Reinsurance Commutation and Release Agreement (the "Commutation Agreement") with NICO, resulting in the commutation and termination of the A&E ADC agreement and resolution of the arbitration dispute. As such, the Company recognized a net gain of $497 for both the three and nine months ended September 30, 2026, reflecting the release of the deferred gain on retroactive reinsurance after giving effect to the Commutation Agreement. 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, respectively. For additional information regarding the adverse development cover ("ADC") reinsurance agreements, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Previous 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.
Current wording
Two major factors, sales and book 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. Book persistency refers to the percentage of premium remaining in-force from year-to-year.
Previous wording
•A lower P&C underwriting gain of $93, before tax, primarily driven by a lower level of favorable prior accident year reserve development, a higher underlying loss and LAE ratio in Business Insurance, and a higher expense ratio, partially offset by the effect of earned premium growth in Business Insurance and a lower underlying loss and LAE ratio in Personal Insurance; and
Current wording
•A higher P&C underwriting gain of $382, before tax, primarily driven by a higher level of favorable prior accident year reserve development, including a $497, before tax, benefit related to the commutation and termination of the A&E ADC in the third quarter of 2026, the effect of earned premium growth in Business Insurance, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by higher CAY catastrophe losses and a higher underlying loss and LAE ratio in Business Insurance; and
Previous wording
•In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio, partially offset by a lower expense ratio.
Current wording
•In Employee Benefits, the impact of higher short-term and long-term disability loss ratios and a higher group life loss ratio, partially offset by a lower expense ratio; and
Previous wording
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.
Current wording
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Previous wording
Earned premiums increased by $628, or 5%, primarily due to:
Current wording
Earned premiums increased by $258 or 4%, primarily due to:
Previous wording
•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 3% decrease in Personal Insurance.
Current wording
•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 4% decrease in Personal Insurance.
Previous wording
–Contributing to the increase in Business Insurance was the effect of earned pricing increases across the majority of lines of business and an increase in new business.
Current wording
–Contributing to the increase in Business Insurance was the effect of earned pricing increases across the majority of lines of business and the impact of new business.
Previous wording
•Employee Benefits earned premium increased primarily due to higher new business sales across all products, an increase in exposure on existing accounts, and persistency in excess of 90%.
Current wording
•Employee Benefits earned premium increased primarily due to the impact of new business sales, an increase in exposure on existing accounts, and book persistency in excess of 90%.
Previous wording
[1]Limited partnerships and other alternative investments of $13 and $114 for the three months ended June 30, 2025 and 2026 respectively.
Current wording
[1]Limited partnerships and other alternative investments of $91 and $156 for the three months ended September 30, 2025 and 2026 respectively.
Previous wording
•An increase in Property & Casualty of $226, which was attributable to:
Current wording
•A decrease in Property & Casualty of $204, which was attributable to:
Previous wording
–A decline in P&C favorable net prior accident year reserve development of $157, with favorable development in the 2026 period of $152, compared to $309 in the prior year period. Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability, bond and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability. Also included within net prior accident year reserve development for the six months ended June 30, 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, catastrophes, homeowners, commercial property, bond, and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the six months ended June 30, 2025 was a benefit of $56 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
Current wording
–An increase in P&C favorable prior accident year reserve development of $491, with favorable development in the 2026 period of $594, compared to $103 in the prior year period. Net favorable prior accident year reserve development in the 2026 period was primarily driven by a $497 benefit related to the commutation and termination of the A&E ADC. Also included within prior accident year reserve development in the 2026 period were decreases in reserves for workers' compensation, Personal Insurance automobile liability and physical damage, and commercial property. 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. Also included within net prior accident year reserve development for the 2025 period was a benefit of $8 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
Previous wording
–An increase in P&C CAY loss and LAE before catastrophes of $140, 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 $159, 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
Previous wording
–An increase in CAY catastrophe losses of $10. Catastrophe losses in both the 2026 and 2025 periods primarily included losses from tornado, wind and hail events.
Current wording
–An increase in CAY catastrophe losses of $128. Catastrophe losses in both the 2026 and 2025 periods primarily included losses from tornado, wind and hail events.
Previous wording
For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current wording
For further discussion, see Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Previous wording
•Employee Benefits losses and LAE increased $141, primarily due to higher short-term and long-term disability loss ratios driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year although in line with long-term expectations.
Current wording
•Employee Benefits losses and LAE increased $124, primarily due to higher short-term and long-term disability loss ratios, as well as higher earned premium. Higher loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year, as well as a higher group life loss ratio compared to the prior year, reflecting that the 2025 period included a benefit related to favorable development on prior quarters, partially offset by lower mortality in the 2026 period in term life products.
Previous wording
•Higher P&C commissions, driven by the impact of increased business volume.
Current wording
•Higher P&C commissions, driven by the impact of increased business volume; and
Previous wording
•Higher technology costs, including increased investment in our businesses; and
Current wording
•Higher technology costs, including increased investment in our businesses.
Previous wording
•A higher P&C underwriting gain of $109, before tax, primarily driven by lower CAY catastrophe losses, the effect of earned premium growth in Business Insurance, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a lower level of favorable prior accident year reserve development, a higher expense ratio, and a higher underlying loss and LAE ratio in Business Insurance.
Current wording
•A higher P&C underwriting gain of $491, before tax, primarily driven by a higher level of net favorable prior accident year reserve development, including a $497, before tax, benefit related to the commutation and termination of the A&E ADC in the third quarter of 2026, the effect of earned premium growth in Business Insurance, lower CAY catastrophe losses, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a higher underlying loss and LAE ratio in Business Insurance;
Previous wording
•Higher net investment income of $142, before tax, and an increase of $83, before tax, due to a change to net realized gains in the current period from net realized losses in the prior period.
Current wording
•Higher net investment income of $319, before tax; and
Previous wording
•A $261 increase in income from discontinued operations, net of tax, primarily due to a $251 income tax benefit associated with establishing a deferred tax asset related to the sale of Hartford Funds. For further information related to the sale of Hartford Funds, refer to Note 17- Discontinued Operations of Notes to Condensed Consolidated Financial Statements; and
Current wording
•A $269 increase in income from discontinued operations, net of tax, primarily related to a $251 income tax benefit associated with establishing a deferred tax asset related to
Previous wording
•A $267 increase in income from discontinued operations, net of tax, primarily related to a $251 income tax benefit associated with establishing a deferred tax asset related to the sale of Hartford Funds. For further information related to the sale of Hartford Funds, refer to Note 17- Discontinued Operations of Notes to Condensed Consolidated Financial Statements;
Current wording
the sale of Hartford Funds. For further information related to the sale of Hartford Funds, refer to Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.
Previous 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.
Current wording
•In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio, partially offset by a lower group life loss ratio and a lower expense ratio; and
Previous wording
Earned premiums increased by $318 or 5%, primarily due to:
Current wording
Earned premiums increased by $886, or 5%, primarily due to:
Previous wording
•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 1% decrease in Personal Insurance.
Current wording
•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 2% decrease in Personal Insurance.
Previous wording
•Employee Benefits earned premium increased primarily due to higher new business sales across all products, an increase in exposure on existing accounts, and persistency in excess of 90%.
Current wording
•Employee Benefits earned premium increased primarily due to higher new business sales, an increase in exposure on existing accounts, and book persistency in excess of 90%.
Previous wording
[1]Limited partnerships and other alternative investments of $52 and $189 for the six months ended June 30, 2025 and 2026, respectively.
Current wording
[1]Limited partnerships and other alternative investments of $143 and $345 for the nine months ended September 30, 2025 and 2026, respectively.
Previous 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.
Current wording
Net investment income increased due to higher income from limited partnerships and other alternative investments and the impact of a higher level of invested assets.
Previous wording
•Employee Benefits losses and LAE increased $180, 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 disability loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.
Current wording
•An increase in Employee Benefits losses and LAE of $304, as higher short-term and long-term disability loss ratios, as well as higher earned premium, were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products. The increases in the disability loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.
Previous wording
•An increase in Property & Casualty of $186, which was attributable to:
Current wording
•A decrease in Property & Casualty of $18, which was attributable to:
Previous wording
–Less P&C favorable net prior accident year reserve development of $76, with favorable development in the 2026 period of $111, compared to $187 in the prior year period. Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability and physical damage, bond, and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability. Favorable net prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, commercial property, homeowners, and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the three months ended June 30, 2025 was a benefit of $24 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
Current wording
–An increase in P&C favorable net prior accident year reserve development of $334, with favorable development in the 2026 period of $746, compared to $412 in the prior year period. Net favorable prior accident year reserve development in the 2026 period was primarily driven by a $497 benefit related to the commutation and termination of the A&E ADC. Also included within prior accident year reserve development in the 2026 period were decreases in reserves for workers' compensation, Personal Insurance automobile liability and physical damage, catastrophes, homeowners, bond, and commercial property, partially offset by an increase in reserves for general liability and commercial automobile liability. 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. Also included within net prior accident year reserve development for the nine months ended September 30,
Previous wording
–A decrease in CAY catastrophe losses of $227. Catastrophe losses in the 2026 period primarily included losses from tornado, wind and hail events and winter storms. Catastrophe losses in the 2025 period included $313, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.
Current wording
–Lower CAY catastrophe losses of $99. Catastrophe losses in the 2026 period primarily included losses from tornado, wind and hail events and winter storms. Catastrophe losses in the 2025 period included losses from tornado, wind and hail events as well as a loss of $305, net of reinsurance, from the January 2025 California Wildfire Event.
Previous wording
–An increase in P&C CAY loss and LAE before catastrophes of $256, 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 $415, 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.
Previous wording
•Higher technology costs, including increased investment in our businesses; and
Current wording
•Higher technology costs, including increased investment in our businesses;
Previous wording
•A loss on disposal of real estate, which was sold during the second quarter of 2026;
Current wording
•A loss on disposal of real estate, which was sold during the second quarter of 2026; and
Previous wording
•Higher staffing costs, including benefits costs, partly in response to increased business volume;
Current wording
•Higher staffing costs, partly in response to increased business volume.
Previous wording
Total investments increased primarily due to an increase in mortgage loans and limited partnerships and other alternative investments, partially offset by a decrease in fixed maturities, AFS, at fair value.
Current wording
Total investments increased primarily due to growth in the business, the receipt of the A&E ADC commutation settlement amount, and higher valuations within limited partnerships and other alternative investments, partially offset by lower valuations on fixed maturities, AFS, at fair value due to higher interest rates.
Previous 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.
Current wording
Total net investment income increased primarily due to higher income from limited partnerships and other alternative investments and the impact of a higher level of invested assets.
Previous wording
Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased, primarily due to the impact of reinvesting at higher rates.
Current wording
Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased for the nine month period 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 both the three and six months ended June 30, 2026 was 5.4%, which was above the average yield of sales and maturities of 4.8%. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and six months ended June 30, 2025, were 5.9% and 5.7%, respectively, which were above the average yield of sales and maturities of 4.6% and 4.7%, respectively.
Current wording
Average reinvestment rates of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for both the three and nine months ended September 30, 2026 was 5.7% and 5.5% respectively, which was above the average yield of sales and maturities of 5.0% 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, 2025, were 5.7% for both periods, which were above the average yield of sales and maturities of 5.2% and 4.9%, respectively.
Showing the first 40 of 133 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Nine months ended September 30, 2026 compared to 2025
Current report — wording carried from elsewhere
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
2025 was a benefit of $64 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025; and
Current report — wording carried from elsewhere
recoverable are also subject to credit risk based on the counterparty’s inability to pay.
Current report — wording carried from elsewhere
The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.
Current report — wording carried from elsewhere
repurchase program at the discretion of management.
Rearranged previous paragraphs (13)
Previous report — wording carried elsewhere
Income from discontinued operations, net of taxincreased primarily related to a $251 income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and the U.S. GAAP carrying value of Hartford Funds. For further discussion of discontinued operations, see Note 17 – Discontinued Operations of Notes to Condensed Consolidated Financial Statements.
Previous report — wording carried elsewhere
Six months ended June 30, 2026 compared to 2025
Previous report — wording carried elsewhere
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.
Previous report — wording carried elsewhere
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
Insurance operating costs and other expenses increased due to:
Previous report — wording carried elsewhere
•Higher staffing costs, including benefits costs, partly in response to increased business volume;
Previous report — wording carried elsewhere
•A loss on disposal of real estate, which was sold during the second quarter of 2026;
Previous report — wording carried elsewhere
Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.
Previous report — wording carried elsewhere
Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market
Previous report — wording carried elsewhere
During the six months ended June 30, 2026, the Company repurchased 6.7 million common shares for $900 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026. As of June 30, 2026, the Company has $648 remaining for equity repurchases under the current share repurchase program. During the period July 1, 2026 through July 22, 2026, the Company repurchased 0.8 million common shares for $109.
Previous report — wording carried elsewhere
available to meet liquidity needs, for each of the Company’s insurance operations.
Previous report — wording carried elsewhere
Employee Benefits reserves as of June 30, 2026 were $8.9 billion and net of reinsurance were $8.6 billion. Group life
Previous report — wording carried elsewhere
For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 15 - Changes