Companies: 10,813     total market cap: NZ$244.774 T
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The Hartford
HIG
#666
Rank
NZ$63.32 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$231.00
Share price
-0.33%
Change (1 day)
12.25%
Change (1 year)
๐Ÿฆ Insurance๐Ÿ’ณ Financial services
Categories
The Hartford Financial Services Group,, is one of the largest investment and insurance companies in the United States. The company offers a range of financial products, including life insurance, company pension, automobile and home insurance, and commercial property and casualty insurance.
  1. The Hartford
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-04-23

The Hartford - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
FORM 10-Q
 ____________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ______________
Commission file number 001-13958
____________________________________ 
TheHartford_Logo_ Horizontal_RGB.jpg

The Hartford Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 13-3317783
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Hartford Plaza, Hartford, Connecticut 06155
(Address of principal executive offices) (Zip Code)
(860) 547-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHIGThe New York Stock Exchange
6.10% Senior Notes due October 1, 2041HIG 41The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per shareHIG PR GThe New York Stock Exchange
1


Indicate by check mark:
•     whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☑No☐
•     whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐
•     whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

•If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
•whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☑
As of April 22, 2026, there were outstanding 274,130,820 shares of Common Stock, $0.01 par value per share, of the registrant.
2


The Hartford Insurance Group, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended March 31, 2026
Table of Contents
ItemDescriptionPage
Part I. Financial Information
1. 
6
7
8
9
10
11
12
12
13
          Note 3 - Segment Information
13
17
          Note 5 - Investments
25
          Note 6 - Derivatives
31
36
          Note 8 - Reinsurance
37
38
41
42
          Note 12 - Income Taxes
42
43
          Note 14 - Equity
44
45
47
2. 
48
3. Quantitative and Qualitative Disclosures About Market Risk[a]
4. 
101
Part II. Other Information
1.
102
1A.
102
2. 
102
5. 
102
6. 
103
104
[a]The information required by this item is set forth in the Enterprise Risk Management section of Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.
3


Forward-looking Statements
Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.
Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Insurance Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements, the Risk Factors of The Hartford's 2025 Form 10-K Annual Report, and our other filings with the Securities and Exchange Commission.
•Risks Relating to Economic, Political and Global Market Conditions:
◦challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios;
◦market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility;
◦the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy;
◦the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;
•Insurance Industry and Product-Related Risks:
◦the possibility of unfavorable loss development, including with respect to long-tailed exposures;
◦the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims;
◦the possibility of a pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses;
◦weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns;
◦the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws;
◦the Company’s ability to effectively price its products and policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines;
◦actions by competitors that may be larger or have greater financial resources than we do;
◦technological changes, including usage-based methods of determining premiums, advancements in certain emerging technologies, including machine learning, predictive analytics, “big data” analysis or other artificial intelligence functions, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing could provide our competitors with a competitive advantage and could impact the rate and severity of claims, as well as the demand for our products;
◦the Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms;
◦the uncertain effects of emerging claim and coverage issues;
◦political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses;
•Financial Strength, Credit and Counterparty Risks:
◦risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments;
4


◦capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results;
◦losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions;
◦the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses;
◦state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
•Risks Relating to Estimates, Assumptions and Valuations:
◦risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management;
◦the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans;
◦the potential for impairments of our goodwill;
•Strategic and Operational Risks:
◦the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber breach or other information security incident, technology failure or other unanticipated event;
◦the potential for difficulties arising from outsourcing, including vendors and similar third-party relationships;
◦the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions;
◦risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences;
◦difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills;
◦the Company’s ability to protect its intellectual property and defend against claims of infringement;
•Regulatory and Legal Risks:
◦the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels;
◦unfavorable judicial or legislative developments;
◦the impact of changes in federal, state or foreign tax laws;
◦regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and
◦the impact of potential changes in accounting principles and related financial reporting requirements.
Any forward-looking statement made by the Company in this document speaks only as of the date of the filing of this Form 10-Q. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
5
Part I - Item 1. Financial Statements

Item 1.
Financial Statements
Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of
The Hartford Insurance Group, Inc.
Hartford, Connecticut

Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of The Hartford Insurance Group, Inc. and subsidiaries (the "Company") as of March 31, 2026, the related condensed consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 20, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Deloitte & Touche LLP
Hartford, Connecticut
April 23, 2026
6
The Hartford Insurance Group, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended March 31,
20262025
(in millions, except for per share data)(Unaudited)
Revenues
Earned premiums$6,145 $5,835 
Fee income370 346 
Net investment income739 656 
Net realized losses(55)(49)
Other revenues27 22 
Total revenues7,226 6,810 
Benefits, losses and expenses
Benefits, losses and loss adjustment expenses3,998 4,000 
Amortization of deferred policy acquisition costs ("DAC")
656 607 
Insurance operating costs and other expenses1,447 1,352 
Interest expense50 50 
Amortization of other intangible assets18 18 
Total benefits, losses and expenses6,169 6,027 
Income before income taxes1,057 783 
Income tax expense201 153 
Net income856 630 
Preferred stock dividends5 5 
Net income available to common stockholders$851 $625 
Net income available to common stockholders per common share
Basic$3.08 $2.18 
Diluted$3.04 $2.15 

See Notes to Condensed Consolidated Financial Statements.
7
The Hartford Insurance Group, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
 Three Months Ended March 31,
20262025
(in millions)(Unaudited)
Net income$856 $630 
Other comprehensive income (loss) ("OCI"):
Change in net unrealized gain (loss) on fixed maturities, available-for-sale ("AFS")(370)302 
Change in net gain (loss) on cash flow hedging instruments(3)— 
Change in foreign currency translation adjustments1 — 
Change in liability for future policy benefits adjustments4 (3)
Change in pension and other postretirement plan adjustments9 7 
OCI, net of tax(359)306 
Comprehensive income$497 $936 
See Notes to Condensed Consolidated Financial Statements.
8
The Hartford Insurance Group, Inc.
Condensed Consolidated Balance Sheets
March 31,
2026		December 31, 2025
(in millions, except for share and per share data)(Unaudited)
Assets
Investments:
Fixed maturities, AFS, at fair value (amortized cost of $46,929 and $46,871, and allowance for credit losses ("ACL") of $16 and $16)
$45,632 $46,041 
Fixed maturities, at fair value using the fair value option ("FVO Securities")
130 168 
Equity securities, at fair value488 492 
Mortgage loans (net of ACL of $49 and $49)
7,015 6,837 
Limited partnerships and other alternative investments5,948 5,804 
Other investments305 262 
Short-term investments 4,223 4,353 
Total investments63,741 63,957 
Cash 166 133 
Restricted cash54 44 
Accrued investment income
480 474 
Premiums receivable and agents' balances (net of ACL of $153 and $142)
6,729 6,316 
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $71 and $69)
7,076 7,191 
Deferred policy acquisition costs1,394 1,347 
Deferred income taxes, net922 901 
Goodwill1,911 1,911 
Property and equipment, net923 931 
Other intangible assets, net549 566 
Other assets2,377 2,226 
Total assets$86,322 $85,997 
Liabilities
Unpaid losses and loss adjustment expenses$46,723 $46,268 
Reserve for future policy benefits451 444 
Other policyholder funds and benefits payable612 612 
Unearned premiums10,451 10,053 
Long-term debt4,372 4,371 
Other liabilities4,824 5,270 
Total liabilities67,433 67,018 
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at March 31, 2026 and December 31, 2025, aggregate liquidation preference of $345
334 334 
Common stock, $0.01 par value —1,500,000,000 shares authorized, 326,960,228 shares issued at March 31, 2026 and December 31, 2025
3 3 
Additional paid-in capital487 549 
Retained earnings25,424 24,739 
Treasury stock, at cost 52,058,667 and 50,036,826 shares
(4,943)(4,589)
Accumulated other comprehensive income (loss) ("AOCI"), net of tax
(2,416)(2,057)
Total stockholders’ equity18,889 18,979 
Total liabilities and stockholders’ equity$86,322 $85,997 
See Notes to Condensed Consolidated Financial Statements.
9
The Hartford Insurance Group, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity
 Three Months Ended March 31,
20262025
(in millions, except for share and per share data)(Unaudited)
Preferred Stock$334 $334 
Common Stock3 3 
Additional Paid-in Capital
Additional Paid-in Capital, beginning of period549 578 
Issuance of shares under incentive and stock compensation plans and other(144)(130)
Stock-based compensation plans expense82 76 
Additional Paid-in Capital, end of period487 524 
Retained Earnings
Retained Earnings, beginning of period24,739 21,531 
Net income856 630 
Dividends declared on preferred stock(5)(5)
Dividends declared on common stock(166)(149)
Retained Earnings, end of period25,424 22,007 
Treasury Stock, at cost
Treasury Stock, at cost, beginning of period(4,589)(3,113)
Treasury stock acquired(455)(404)
Issuance of shares under incentive and stock compensation plans from treasury stock and other173 140 
Net shares acquired related to employee incentive and stock compensation plans(72)(67)
Treasury Stock, at cost, end of period(4,943)(3,444)
Accumulated Other Comprehensive Income (Loss), net of tax
Accumulated Other Comprehensive Income (Loss), net of tax, beginning of period(2,057)(2,886)
Total other comprehensive income (loss)(359)306 
Accumulated Other Comprehensive Income (Loss), net of tax, end of period(2,416)(2,580)
Total Stockholders’ Equity$18,889 $16,844 
Preferred Shares Outstanding13,800 13,800 
Common Shares Outstanding (in thousands)
Common Shares Outstanding, beginning of period276,923 287,556 
Treasury stock acquired(3,297)(3,515)
Issuance of shares under incentive and stock compensation plans and other1,777 1,655 
Return of shares under incentive and stock compensation plans to treasury stock(501)(592)
Common Shares Outstanding, at end of period274,902 285,104 
Cash dividends declared per common share$0.600 $0.520 
Cash dividends declared per preferred share$375.00 $375.00 
See Notes to Condensed Consolidated Financial Statements.
10
The Hartford Insurance Group, Inc.
Condensed Consolidated Statements of Cash Flows
 Three Months Ended March 31,
(in millions)20262025
Operating Activities(Unaudited)
Net income$856 $630 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses55 49 
Amortization of deferred policy acquisition costs656 607 
Additions to deferred policy acquisition costs(703)(655)
Depreciation and amortization108 92 
Other operating activities, net108 115 
Change in assets and liabilities:
Decrease (increase) in reinsurance recoverables118 (50)
Net change in accrued and deferred income taxes127 104 
Increase in insurance liabilities862 1,115 
Net change in premiums receivable and agents' balances(445)(414)
Net change in other assets and other liabilities(697)(608)
Net cash provided by operating activities1,045 985 
Investing Activities
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, AFS2,611 2,126 
FVO securities— 25 
Equity securities, at fair value3 35 
Mortgage loans338 237 
Limited partnership and other alternative investments67 56 
Payments for the purchase of:
Fixed maturities, AFS(2,674)(3,171)
FVO securities(1)(4)
Equity securities, at fair value(42)(12)
Mortgage loans(508)(197)
Limited partnership and other alternative investments(214)(177)
Net proceeds from (payments for) derivatives(18)12 
Net additions of property and equipment(31)(38)
Net proceeds from short-term investments162 731 
Other investing activities, net(25)(24)
Net cash used for investing activities(332)(401)
Financing Activities
Deposits and other additions to investment and universal life-type contracts33 27 
Withdrawals and other deductions from investment and universal life-type contracts(35)(26)
Net return of shares under incentive and stock compensation plans, including related excise tax benefit(39)(54)
Treasury stock acquired, including related excise tax paid(450)(400)
Dividends paid on preferred stock(5)(5)
Dividends paid on common stock(167)(150)
Net cash used for financing activities(663)(608)
Foreign exchange rate effect on cash(7)6 
Net increase (decrease) in cash and restricted cash43 (18)
Cash and restricted cash – beginning of period177 234 
Cash and restricted cash– end of period$220 $216 
Supplemental Disclosure of Cash Flow Information
Interest paid$60 $61 
See Notes to Condensed Consolidated Financial Statements.
11
Note 1 - Basis of Presentation and Significant Accounting Policies
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements
(Dollar amounts in millions, except for per share data, unless otherwise stated)
(Unaudited)






1. Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The Hartford Insurance Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”).
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2025 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.
The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods.
Consolidation
The Condensed Consolidated Financial Statements include the accounts of The Hartford Insurance Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters.

12
Note 2 - Earnings Per Common Share
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)


2. Earnings Per Common Share
Computation of Basic and Diluted Earnings per Common Share
Three Months Ended March 31,
(In millions, except for per share data)20262025
Earnings
Net income$856 $630 
Less: Preferred stock dividends5 5 
Net income available to common stockholders$851 $625 
Shares
Weighted average common shares outstanding, basic276.1 286.6 
Dilutive effect of stock-based awards under compensation plans3.8 4.2 
Weighted average common shares outstanding and dilutive potential common shares 279.9 290.8 
Net income available to common stockholders per common share
Basic$3.08 $2.18 
Diluted$3.04 $2.15 
3. Segment Information
The Company currently conducts business principally in five reportable segments including Business Insurance, Personal Insurance, Property & Casualty ("P&C") Other Operations, Employee Benefits and Hartford Funds, as well as a Corporate category.
13
Note 3 - Segment Information
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Segment Revenues
Three Months Ended March 31,
20262025
Business Insurance
Workers’ compensation$921 $918 
General liability641 584 
Marine72 69 
Package business706 619 
Commercial property372 339 
Professional liability215 206 
Bond83 85 
Assumed reinsurance230 220 
Commercial automobile344 295 
Business Insurance earned premium and fee income3,584 3,335 
Net investment income505 437 
Net realized losses(19)(24)
Other revenue [1]— 1 
Total Business Insurance4,070 3,749 
Personal Insurance
Personal automobile598 624 
Homeowners317 283 
Personal Insurance earned premium and fee income [2]915 907 
Net investment income62 57 
Net realized losses(4)(2)
Other revenue22 20 
Total Personal Insurance995 982 
P&C Other Operations
Net investment income20 18 
Net realized losses(1)— 
Total P&C Other Operations19 18 
Employee Benefits
Group disability927 900 
Group life661 650 
Other135 118 
Employee Benefits premium and other considerations1,723 1,668 
Net investment income131 126 
Net realized losses(11)(4)
Total Employee Benefits1,843 1,790 
Hartford Funds
Mutual fund and ETF266 242 
Third-party life and annuity separate accounts [3]17 18 
Hartford Funds fee income283 260 
Net investment income5 4 
Net realized losses(3)— 
Total Hartford Funds285 264 
Total segment revenues$7,212 $6,803 
[1]Other revenues for Business Insurance includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.
[2]For the three months ended March 31, 2026 and 2025, AARP members accounted for earned premiums of $806 and $822, respectively.
[3]Represents revenues earned for investment advisory services on third party life and annuity separate account assets under management ("AUM") by the Company's Hartford Funds segment.
14
Note 3 - Segment Information
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Significant Segment Expenses
Three Months Ended March 31,
20262025
Business Insurance
Current accident year losses and loss adjustment expenses ("LAE") before catastrophes$2,044 $1,891 
Current accident year catastrophe losses and LAE171 280 
Prior accident year development of losses and LAE30 (83)
Amortization of DAC577 531 
Insurance operating costs558 512 
Amortization of other intangible assets7 7 
Dividends to policyholders12 10 
Total Business Insurance3,399 3,148 
Personal Insurance
Current accident year losses and LAE before catastrophes526 563 
Current accident year catastrophe losses and LAE59 187 
Prior accident year development of losses and LAE(35)(39)
Amortization of DAC71 68 
Insurance operating costs180 182 
Amortization of other intangible assets1 1 
Total Personal Insurance802 962 
P&C Other Operations
Prior accident year development of losses and LAE(36)— 
Insurance operating costs2 2 
Total P&C Other Operations(34)2 
Employee Benefits
Group disability losses674 621 
Group life losses488 519 
Group losses - other76 59 
Amortization of DAC8 8 
Insurance operating costs and other expenses439 406 
Amortization of other intangible assets10 10 
Total Employee Benefits1,695 1,623 
Hartford Funds
Sub-advisory expense83 73 
Employee compensation and benefits38 39 
Distribution and service74 73 
General, administrative and other28 24 
Total Hartford Funds223 209 
Total significant segment expenses$6,085 $5,944 





15
Note 3 - Segment Information
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Segment/Category Summary For the Three Months Ended March 31, 2026
Reportable Segments
Business InsurancePersonal InsuranceP&C Other OperationsEmployee BenefitsHartford FundsTotal Reportable SegmentsCorporateConsolidated
Earned premium and fee income from external customers$3,584 $915 $— $1,723 $283 $6,505 $10 $6,515 
Net investment income505 62 20 131 5 723 16 739 
Net realized losses(19)(4)(1)(11)(3)(38)(17)(55)
Other revenue [1]— 22 — — — 22 5 27 
Total Revenues4,070 995 19 1,843 285 7,212 14 7,226 
Significant segment expenses3,399 802 (34)1,695 223 6,085 6,085 
Other segment expenses (income) [2](1)19 — — — 18 18 
Corporate expenses66 66 
Income tax expense (benefit)136 35 11 30 13 225 (24)201 
Net income (loss)$536 $139 $42 $118 $49 $884 $(28)$856 
Other segment disclosures:
Amortization of DAC $577 $71 $— $8 $— $656 $— $656 
Amortization of other intangibles $7 $1 $— $10 $— $18 $— $18 
Segment/Category Summary For the Three Months Ended March 31, 2025
Reportable Segments
Business InsurancePersonal InsuranceP&C Other OperationsEmployee BenefitsHartford FundsTotal Reportable SegmentsCorporateConsolidated
Earned premium and fee income from external customers$3,335 $907 $— $1,668 $260 $6,170 $11 $6,181 
Net investment income437 57 18 126 4 642 14 656 
Net realized losses(24)(2)— (4)— (30)(19)(49)
Other revenue [1]1 20 — — — 21 1 22 
Total Revenues3,749 982 18 1,790 264 6,803 7 6,810 
Significant segment expenses3,148 962 2 1,623 209 5,944 5,944 
Other segment expenses [2]2 15 — — — 17 17 
Corporate expenses66 66 
Income tax expense (benefit)122 — 3 34 12 171 (18)153 
Net income (loss)$477 $5 $13 $133 $43 $671 $(41)$630 
Other segment disclosures:
Amortization of DAC$531 $68 $— $8 $— $607 $— $607 
Amortization of other intangibles$7 $1 $— $10 $— $18 $— $18 
[1]Other revenues for Business Insurance and Corporate includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.
[2]Other segment expenses (income) primarily consists of integration costs associated with the 2019 acquisition of Navigators Group and other miscellaneous revenue for Business Insurance and servicing expenses for Personal Insurance
16
Note 3 - Segment Information
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Assets
March 31, 2026December 31, 2025
Business Insurance$57,895 $57,471 
Personal Insurance6,053 6,446 
Property & Casualty Other Operations4,374 4,354 
Employee Benefits13,412 13,564 
Hartford Funds830 812 
Total Reportable Segments82,564 82,647 
Corporate 3,758 3,350 
Total assets$86,322 $85,997 
Non-Insurance Revenue from Contracts with Customers
Three Months Ended March 31,
Revenue Line Item20262025
Business Insurance
Installment billing feesFee income$12 $11 
Personal Insurance
Installment billing feesFee income8 8 
Insurance servicing revenuesOther revenues22 20 
Employee Benefits
Administrative servicesFee income57 56 
Hartford Funds
Advisory, servicing and distribution feesFee income283 260 
Corporate
Investment management and other feesFee income10 11 
Total non-insurance revenues with customers$392 $366 
4. Fair Value Measurements
The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs.
The fair value hierarchy levels are as follows:
Level 1    Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.
Level 2    Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.
Level 3    Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.
The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.
17
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2026
TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")
$4,668 $— $4,505 $163 
Collateralized loan obligations ("CLOs")
3,330 — 3,097 233 
Commercial mortgage-backed securities ("CMBS")
2,232 — 2,116 116 
Corporate23,305 — 20,611 2,694 
Foreign government/government agencies436 — 436 — 
Municipal4,255 — 4,255 — 
Residential mortgage-backed securities ("RMBS")
6,092 — 6,087 5 
U.S. Treasuries1,314 — 1,314 — 
Total fixed maturities, AFS45,632 — 42,421 3,211 
FVO securities130 — — 130 
Equity securities, at fair value [1]488 358 7 123 
Derivative assets
Credit derivatives18 — 18 — 
Foreign exchange derivatives26 — 26 — 
Interest rate derivatives5 — 5 — 
Total derivative assets [2]49 — 49 — 
Short-term investments4,223 553 2,982 688 
Total assets accounted for at fair value on a recurring basis$50,522 $911 $45,459 $4,152 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives$(18)$— $(18)$— 
Foreign exchange derivatives(8)— (8)— 
Interest rate derivatives(1)— (1)— 
Total derivative liabilities [3](27)— (27)— 
Total liabilities accounted for at fair value on a recurring basis$(27)$— $(27)$— 
18
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2025
TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS$4,663 $— $4,496 $167 
CLOs3,316 — 3,099 217 
CMBS2,328 — 2,213 115 
Corporate23,076 — 20,210 2,866 
Foreign government/government agencies447 — 447 — 
Municipal4,652 — 4,652 — 
RMBS6,178 — 6,171 7 
U.S. Treasuries1,381 164 1,217 — 
Total fixed maturities, AFS46,041 164 42,505 3,372 
FVO securities168 — — 168 
Equity securities, at fair value [1]492 379 7 106 
Derivative assets
Foreign exchange derivatives20 — 20 — 
Total derivative assets [2]20 — 20 — 
Short-term investments4,353 602 3,369 382 
Total assets accounted for at fair value on a recurring basis$51,074 $1,145 $45,901 $4,028 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Foreign exchange derivatives$(17)$— $(17)$— 
Interest rate derivatives(3)— (3)— 
Total derivative liabilities [3](20)— (20)— 
Total liabilities accounted for at fair value on a recurring basis$(20)$— $(20)$— 
[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.
[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote [3] to this table for derivative liabilities.
[3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
The Company has overseas deposits included in other investments of $89 and $87 as of March 31, 2026 and December 31, 2025, respectively, which are measured at fair value using the net asset value as a practical expedient.
Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives
Valuation Techniques
The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market
expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:
•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.
•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by
19
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.
•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.
•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. As of March 31, 2026 and December 31, 2025, no significant adjustments were made by the Company to broker prices received.
•Internal valuation models are used when third-party pricing or independent broker quotes are not available. These internally developed models incorporate market-based credit spreads from independent public security indexes reflective of comparable quality, maturity, and sector, adjusted for the non-public nature of the security. These securities are classified as Level 3 since they are not observable in the marketplace.
The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted
market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.
Valuation Controls
The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.
Valuation Inputs
Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.
20
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2
Primary Observable Inputs		Level 3
Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
• Benchmark yields and spreads
• Monthly payment information
• Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions
• Credit default swap indices

Other inputs for ABS, CLOs, and RMBS:
• Estimate of future principal prepayments, derived from the characteristics of the underlying structure
• Prepayment speeds previously experienced at the interest rate levels projected for the collateral		• Independent broker quotes
• Credit spreads beyond observable curve
• Interest rates beyond observable curve
• For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature

Other inputs for less liquid securities or those that trade less actively:
• Estimated cash flows
• Credit spreads, which include illiquidity premium
• Constant prepayment and default rates, and loss severity
Corporates
• Benchmark yields and spreads
• Reported trades, bids, offers of the same or similar securities
• Issuer spreads and credit default swap curves

Other inputs for investment grade privately placed securities that utilize internal matrix pricing:
• Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature		• Independent broker quotes
• Credit spreads beyond observable curve
• Interest rates beyond observable curve

Other inputs for privately traded investments and below investment grade privately placed securities:
• Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S. Treasuries, Municipals, and Foreign government/government agencies
• Benchmark yields and spreads
• Issuer credit default swap curves
• Political events in emerging market economies
• Municipal Securities Rulemaking Board reported trades and material event notices
• Issuer financial statements 		• Credit spreads beyond observable curve
• Interest rates beyond observable curve
Equity Securities
• Quoted prices in markets that are not active• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable
• Private company financials
Short-term Investments
• Benchmark yields and spreads
• Reported trades, bids, offers
• Issuer spreads and credit default swap curves
• Material event notices and new issue money market rates 		• Independent broker quotes
• For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
• Swap yield curve
• Credit default swap curves 		• Not applicable
Foreign exchange derivatives
• Swap yield curve
• Currency spot and forward rates
• Cross currency basis curves		• Not applicable
Interest rate derivatives
• Swap yield curve• Not applicable
Equity derivatives
• Equity index levels• Not applicable
21
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basisFair
Value		Predominant
Valuation
Technique		Significant Unobservable InputMinimumMaximumWeighted Average [1]Impact of
Increase in
Input on Fair Value [2]
As of March 31, 2026
ABS$163 Discounted cash flowsSpread469 bps941 bps568 bpsDecrease
CLOs$233 Discounted cash flowsSpread279 bps1,041 bps556 bpsDecrease
CMBS [3]$116 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)200 bps925 bps404 bpsDecrease
Corporate [4]$2,593 Discounted cash flowsSpread105 bps1,445 bps308 bpsDecrease
RMBS$5 Discounted cash flowsSpread [6]84 bps201 bps114 bpsDecrease
Constant prepayment rate [6]2%5%4%Decrease [5]
Constant default rate [6]1%5%2%Decrease
Loss severity [6]37%80%51%Decrease
Equity Securities$73 Adjusted CostPrivate company financialsN/AN/AN/AIncrease
14 Discounted cash flowsSpread1,422  bps1,422  bps1,422  bpsDecrease
Short-term investments$688 Discounted cash flowsSpread154 bps488 bps185 bpsDecrease
As of December 31, 2025
ABS$167 Discounted cash flowsSpread434 bps843 bps530 bpsDecrease
CLOs$217 Discounted cash flowsSpread270 bps1,021 bps544 bpsDecrease
CMBS [3]$115 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)245 bps1,000 bps397 bpsDecrease
Corporate [4]$2,765 Discounted cash flowsSpread88 bps811 bps289 bpsDecrease
RMBS$7 Discounted cash flowsSpread [6]88 bps551 bps172 bpsDecrease
Constant prepayment rate [6]2%5%4%Decrease [5]
Constant default rate [6]1%5%2%Decrease
Loss severity [6]37%80%50%Decrease
Equity Securities$56 Adjusted CostPrivate company financialsN/AN/AN/AIncrease
$14 Discounted cash flowsSpread1,370  bps1,370  bps1,370  bpsDecrease
Short-term investments$382 Discounted cash flowsSpread164 bps186 bps177 bpsDecrease
[1]The weighted average is determined based on the fair value of the securities.
[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[3]Excludes securities for which the Company bases fair value on broker quotations.
[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.
[5]Decrease for above market rate coupons and increase for below market rate coupons.
[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.
The table above excludes certain securities for which fair values are predominately based on independent broker quotes. As of March 31, 2026 and December 31, 2025, the fair values of the Company's level 3 derivatives were less than $1 for both periods.
22
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the
derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability.
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Three Months Ended March 31, 2026
Total realized/unrealized gains (losses)
Fair value as of January 1, 2026Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of March 31, 2026
Assets
Fixed maturities, AFS
ABS$167 $— $(2)$12 $(3)$— $— $(11)$163 
CLOs217 — (1)107 — — — (90)233 
CMBS115 — (1)— — — 2 — 116 
Corporate2,866 — (35)97 (231)(3)— — 2,694 
RMBS7 — — — (2)— — — 5 
Total fixed maturities, AFS3,372 — (39)216 (236)(3)2 (101)3,211 
FVO securities168 (34)— 1 (5)— — — 130 
Equity securities, at fair value106 (1)— 18 — — — — 123 
Short-term investments382 — (1)435 (41)(87)— — 688 
Total Assets$4,028 $(35)$(40)$670 $(282)$(90)$2 $(101)$4,152 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Three Months Ended March 31, 2025
Total realized/unrealized gains (losses)
Fair value as of January 1, 2025Included in net income [1]Included in OCI [2]PurchasesSettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of March 31, 2025
Assets
Fixed maturities, AFS
ABS$22 $— $1 $34 $(1)$— $— $— $56 
CLOs116 — — 208 (1)— — (90)233 
CMBS167 — 3 — — (2)35 (53)150 
Corporate2,281 1 15 164 (89)(9)38 — 2,401 
RMBS24 — — 24 (4)— — (5)39 
Total fixed maturities, AFS2,610 1 19 430 (95)(11)73 (148)2,879 
FVO securities197 (4)— 6 (4)— — — 195 
Equity securities, at fair value87 (1)— 8 (3)— — — 91 
Short-term investments98 — — 10 (49)— — — 59 
Total Assets$2,992 $(4)$19 $454 $(151)$(11)$73 $(148)$3,224 
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.
[2]All amounts are before income taxes.
[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
23
Note 4 - Fair Value Measurements
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as
Level 3 Still Held at End of Period
Three Months Ended March 31,
2026202520262025
Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]                
Assets
Fixed maturities, AFS
ABS$— $— $(2)$1 
CLOs— — (1)— 
CMBS— — (1)3 
Corporate— 3 (35)13 
Total fixed maturities, AFS— 3 (39)17 
FVO securities(34)(4)— — 
Equity securities, at fair value(1)— — — 
Total Assets$(35)$(1)$(39)$17 
[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.
[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.
[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).
Fair Value Option
The Company has elected the fair value option for certain investments in residual interests of securitizations in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Condensed Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses.
As of March 31, 2026 and December 31, 2025, the fair value of assets using the fair value option was $130 and $168, respectively. For the three months ended March 31, 2026 and 2025, net realized gains (losses) related to the change in fair value of assets using the fair value option were $(34) and $(4), respectively.
Financial Instruments Not Carried at Fair Value
Financial Assets and Liabilities Not Carried at Fair Value
March 31, 2026December 31, 2025
Fair Value Hierarchy LevelCarrying Amount [1]Fair ValueFair Value Hierarchy LevelCarrying Amount [1]Fair Value
Assets
Mortgage loansLevel 3$7,015 $6,747 Level 3$6,837 $6,607 
Liabilities
Other policyholder funds and benefits payableLevel 3$612 $612 Level 3$612 $613 
Senior notes [2]Level 2$3,873 $3,440 Level 2$3,872 $3,528 
Junior subordinated debentures [2]Level 2$499 $479 Level 2$499 $473 
[1]As of both March 31, 2026 and December 31, 2025, the carrying amount of mortgage loans is net of ACL of $49.
[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.
24
Note 5 - Investments
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
5. Investments
Net Realized Gains (Losses)
 Three Months Ended March 31,
(Before tax)20262025
Gross gains on sales of fixed maturities
$18 $13 
Gross losses on sales of fixed maturities
(30)(25)
Equity securities [1]
Change in net unrealized gains (losses) of equity securities(17)(11)
Net realized and unrealized gains (losses) on equity securities(17)(11)
Net credit losses on fixed maturities, AFS— 2 
Change in ACL on mortgage loans— — 
Other, net [2](26)(28)
Net realized gains (losses)$(55)$(49)
[1]The change in net unrealized gains on equity securities still held as of the end of the period, and included in net realized gains (losses) were $(18) and $(11) for the three months ended March 31, 2026 and 2025, respectively.
[2]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.
Proceeds from the sales of fixed maturities, AFS totaled $1.4 billion and $1.0 billion for the three months ended March 31, 2026 and 2025, respectively. There were no non-cash investing activities for both the three months ended March 31, 2026 and 2025.
Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans
As of March 31, 2026 and December 31, 2025, the Company reported accrued investment income related to fixed maturities, AFS of $444 and $439, respectively, and accrued investment income related to mortgage loans of $26 and $25, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.
Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS
The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.
For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.
Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.
For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.
25
Note 5 - Investments
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage
year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value.
ACL on Fixed Maturities, AFS by Type
Three Months Ended March 31,
20262025
(Before tax)CLOsCMBSTotalCorporateCMBSTotal
Balance as of beginning of period$2 $14 $16 $3 $13 $16 
Net increases (decreases) on fixed maturities where an allowance was previously recorded— — — (3)1 (2)
Balance as of end of period$2 $14 $16 $— $14 $14 
Fixed Maturities, AFS
Fixed Maturities, AFS, by Type
March 31, 2026December 31, 2025

Amortized
Cost		ACLGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Amortized
Cost		ACLGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
ABS$4,664 $— $30 $(26)$4,668 $4,628 $— $51 $(16)$4,663 
CLOs3,335 (2)3 (6)3,330 3,310 (2)9 (1)3,316 
CMBS2,373 (14)25 (152)2,232 2,468 (14)24 (150)2,328 
Corporate23,886 — 204 (785)23,305 23,305 — 375 (604)23,076 
Foreign govt./govt. agencies435 — 6 (5)436 440 — 9 (2)447 
Municipal4,462 — 64 (271)4,255 4,831 — 89 (268)4,652 
RMBS6,317 — 31 (256)6,092 6,372 — 50 (244)6,178 
U.S. Treasuries1,457 — 1 (144)1,314 1,517 — 3 (139)1,381 
Total fixed maturities, AFS$46,929 $(16)$364 $(1,645)$45,632 $46,871 $(16)$610 $(1,424)$46,041 
Fixed Maturities, AFS, by Contractual Maturity Year
March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
One year or less$1,042 $1,040 $1,174 $1,179 
Over one year through five years9,915 9,876 9,725 9,791 
Over five years through ten years8,884 8,756 9,046 9,055 
Over ten years10,399 9,638 10,148 9,531 
Subtotal30,240 29,310 30,093 29,556 
Mortgage-backed and asset-backed securities16,689 16,322 16,778 16,485 
Total fixed maturities, AFS$46,929 $45,632 $46,871 $46,041 
Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.
Concentration of Credit Risk
The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of March 31, 2026 or
26
Note 5 - Investments
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
December 31, 2025 other than U.S. government securities and certain U.S. government agencies.
Unrealized Losses on Fixed Maturities, AFS
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of March 31, 2026
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$1,166 $(13)$212 $(13)$1,378 $(26)
CLOs1,996 (6)— — 1,996 (6)
CMBS73 (1)1,787 (151)1,860 (152)
Corporate6,908 (131)6,631 (654)13,539 (785)
Foreign govt./govt. agencies187 (2)36 (3)223 (5)
Municipal937 (16)1,943 (255)2,880 (271)
RMBS1,648 (13)2,189 (243)3,837 (256)
U.S. Treasuries502 (14)518 (130)1,020 (144)
Total fixed maturities, AFS in an unrealized loss position$13,417 $(196)$13,316 $(1,449)$26,733 $(1,645)

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2025
 Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$405 $(2)$339 $(14)$744 $(16)
CLOs496 (1)— — 496 (1)
CMBS119 (3)1,852 (147)1,971 (150)
Corporate2,372 (34)7,089 (570)9,461 (604)
Foreign govt./govt. agencies39 — 38 (2)77 (2)
Municipal407 (7)2,286 (261)2,693 (268)
RMBS256 (1)2,626 (243)2,882 (244)
U.S. Treasuries592 (11)563 (128)1,155 (139)
Total fixed maturities, AFS in an unrealized loss position$4,686 $(59)$14,793 $(1,365)$19,479 $(1,424)
As of March 31, 2026, fixed maturities, AFS in an unrealized loss position consisted of 3,294 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of March 31, 2026, 95% of these fixed maturities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses during the three months ended March 31, 2026, was primarily attributable to higher interest rates.
Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, municipal bonds, and RMBS, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.
Mortgage Loans
ACL on Mortgage Loans
The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to
27
Note 5 - Investments
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.
When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.
There were no mortgage loans held-for-sale as of March 31, 2026 or December 31, 2025. For the three months ended March 31, 2026 and 2025, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties.
ACL on Mortgage Loans
Three Months Ended March 31,
20262025
ACL as of beginning of period$49 $44 
Current period provision (release)— — 
Current period gross write-offs— (1)
ACL as of March 31,
$49 $43 
The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 56% as of March 31, 2026, while the weighted-average LTV ratio at origination of these loans was 58%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.
Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2026
202620252024202320222021 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
Greater than 80%$— —x$31 1.83x$— —x$— —x$— —x$160 1.60x$191 1.63x
65% - 80%— —x56 1.53x76 1.35x23 0.85x95 1.64x775 2.32x1,025 2.10x
Less than 65%282 1.91x1,132 1.73x578 1.56x330 1.42x645 2.92x2,881 2.84x5,848 2.38x
Total mortgage loans$282 1.91x$1,219 1.72x$654 1.53x$353 1.39x$740 2.75x$3,816 2.68x$7,064 2.32x
[1]Amortized cost of mortgage loans excludes ACL of $49.
Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2025
202520242023202220212020 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
Greater than 80%$30 1.83x$— —x$— —x$— —x$36 0.98x$164 1.39x$230 1.38x
65% - 80%56 1.53x76 1.03x23 0.83x95 1.65x444 2.72x315 1.96x1,009 2.14x
Less than 65%1,123 1.80x535 1.57x401 1.40x645 2.93x993 3.10x1,950 2.75x5,647 2.44x
Total mortgage loans$1,209 1.79x$611 1.50x$424 1.37x$740 2.77x$1,473 2.93x$2,429 2.56x$6,886 2.36x
[1]Amortized cost of mortgage loans excludes ACL of $49.
28
Note 5 - Investments
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Mortgage Loans by Region
March 31, 2026December 31, 2025
Amortized CostPercent of TotalAmortized CostPercent of Total
East North Central$415 5.9 %$401 5.8 %
Middle Atlantic276 3.9 %275 4.0 %
Mountain928 13.1 %903 13.1 %
New England328 4.6 %351 5.1 %
Pacific1,432 20.3 %1,417 20.6 %
South Atlantic2,052 29.1 %2,005 29.1 %
West North Central128 1.8 %128 1.9 %
West South Central743 10.5 %720 10.4 %
Other [1]762 10.8 %686 10.0 %
Total mortgage loans7,064 100.0 %6,886 100.0 %
ACL(49)(49)
Total mortgage loans, net of ACL$7,015 $6,837 
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
March 31, 2026December 31, 2025
Amortized CostPercent of TotalAmortized CostPercent of Total
Commercial
Industrial$3,400 48.1 %$3,208 46.6 %
Multifamily2,205 31.2 %2,209 32.1 %
Office375 5.3 %399 5.8 %
Retail [1]1,004 14.2 %992 14.4 %
Single Family80 1.2 %78 1.1 %
Total mortgage loans7,064 100.0 %6,886 100.0 %
ACL(49)(49)
Total mortgage loans, net of ACL$7,015 $6,837 
[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
Past-Due Mortgage Loans
Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of March 31, 2026 and December 31, 2025, the Company held no mortgage loans considered past due.
Mortgage Servicing
The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of March 31, 2026, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.4 billion, of which $4.8 billion was serviced on
behalf of third parties and $5.6 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company serviced mortgage loans with a total outstanding principal balance of $10.4 billion, of which $4.8 billion was serviced on behalf of third parties and $5.6 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of March 31, 2026 and December 31, 2025, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.
Variable Interest Entities
The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIEs") primarily as an investor through normal investment activities or, at times, as an investment manager.
A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements.
Consolidated VIEs
As of March 31, 2026 and December 31, 2025, the Company did not hold any securities for which it is the primary beneficiary.
Non-Consolidated VIEs
The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of March 31, 2026 and December 31, 2025 was limited to the total carrying value of $4.1 billion and $4.0 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of March 31, 2026 and December 31, 2025, the Company has outstanding commitments totaling $2.7 billion and $2.4 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method
29
Note 5 - Investments
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.
Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026 and 2025, the Company recognized amortization of $6 and $4, respectively, and related tax benefits of $9 and $6, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $145 and $121 as of March 31, 2026, and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company has outstanding commitments related to affordable housing projects of $228 and $259, respectively, that are contingent on various conditions precedent to funding.
In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.
Reverse Repurchase Agreements, Collateral Transactions and Restricted Investments
Reverse Repurchase Agreements
The Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of both March 31, 2026 and December 31, 2025, the Company reported $87, within short-term investments on the Condensed Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase securities.
Collateral Transactions
For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.
Other Restricted Investments
The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate").
The following table presents the components of the Company’s exposure to other restricted investments.
March 31, 2026December 31, 2025
Fair ValueFair Value
Securities on deposit with government agencies$2,515 $2,558 
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders1,194 1,178 
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders5 23 
Other investments89 87 
Total Other Restricted Investments$3,803 $3,846 
30
Note 6 - Derivatives
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)



6. Derivatives
The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.
Strategies that Qualify for Hedge Accounting
Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2025 Form 10-K Annual Report. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap.
Cash Flow Hedges
Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 13 - Debt of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.
Foreign currency swaps are used to convert foreign currency denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates.
Non-qualifying Strategies
Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include:
Credit Contracts
Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.
Interest Rate Swaps and Futures
The Company uses interest rate swaps and, to a lesser extent, futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of March 31, 2026 and December 31, 2025, the notional amount of interest rate swaps in offsetting relationships was $333 for both periods.
Foreign Currency Swaps
The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars.
Equity Index Options
The Company may enter into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio.
Derivative Balance Sheet Classification
For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which payments or receipts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.
31
Note 6 - Derivatives
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Derivative Balance Sheet Presentation
Net DerivativesAsset
Derivatives 		Liability Derivatives
Notional AmountFair ValueFair ValueFair Value
Hedge Designation/ Derivative TypeMar 31, 2026Dec. 31, 2025Mar 31, 2026Dec. 31, 2025Mar 31, 2026Dec. 31, 2025Mar 31, 2026Dec. 31, 2025
Cash flow hedges
Interest rate swaps$4,500 $3,775 $2 $(1)$2 $— $— $(1)
Foreign currency swaps588 588 18 3 41 33 (23)(30)
Total cash flow hedges5,088 4,363 20 2 43 33 (23)(31)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures1,794 333 2 (2)3 — (1)(2)
Foreign exchange contracts
Foreign currency swaps588 588 — — — — — — 
Credit contracts
Credit derivatives in offsetting positions985 985 — — 19 27 (19)(27)
Total non-qualifying strategies3,367 1,906 2 (2)22 27 (20)(29)
Total cash flow hedges and non-qualifying strategies$8,455 $6,269 $22 $— $65 $60 $(43)$(60)
Balance Sheet Location
Fixed maturities, AFS$588 $588 $— $— $— $— $— $— 
Other investments6,447 1,695 49 20 55 55 (6)(35)
Other liabilities1,420 3,986 (27)(20)10 5 (37)(25)
Total derivatives$8,455 $6,269 $22 $— $65 $60 $(43)$(60)
Offsetting of Derivative Assets/Liabilities
The following tables present the gross fair value amounts, the offsetting amounts, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP.
32
Note 6 - Derivatives
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Offsetting Derivative Assets and Liabilities
(i)(ii)(iii) = (i) - (ii)(iv)(v) = (iii) - (iv)
Net Amounts Presented in the Statement of Financial PositionCollateral Disallowed for Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial PositionDerivative Assets [1] (Liabilities) [2]Accrued Interest and Cash Collateral (Received) [3] Pledged [2]Financial Collateral (Received) Pledged [4]Net Amount
As of March 31, 2026
Other investments$65 $46 $49 $(30)$11 $8 
Other liabilities$(43)$(26)$(27)$10 $(16)$(1)
As of December 31, 2025
Other investments$60 $58 $20 $(18)$1 $1 
Other liabilities$(60)$(38)$(20)$(2)$(21)$(1)
[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.
[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.
[3]Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[4] Excludes collateral associated with exchange-traded derivative instruments.
Cash Flow Hedges
For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
Gains (Losses) Recognized in OCI
Three Months Ended March 31,
20262025
Interest rate swaps$(18)$10 
Foreign currency swaps18 (6)
Total$— $4 
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended March 31,
20262025
Net Investment IncomeInterest ExpenseNet Investment IncomeInterest Expense
Interest rate swaps$(1)$2 $(2)$3 
Foreign currency swaps3 — 3 — 
Total$2 $2 $1 $3 
Total amounts presented on the Condensed Consolidated Statement of Operations$739 $50 $656 $50 
33
Note 6 - Derivatives
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
As of March 31, 2026, the before tax deferred net losses on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $16. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows.
During the three months ended March 31, 2026 and 2025, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.
Non-qualifying Strategies
For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses).
Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
Three Months Ended March 31,
20262025
Interest rate contracts
Interest rate swaps and futures$8 $(1)
Equity contracts
Equity index options— 1 
Total [1]$8 $— 
[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.
Credit Risk Assumed through Credit Derivatives
The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers.

34
Note 6 - Derivatives
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Credit Risk Assumed Derivatives by Type
Underlying Referenced Credit
Obligation(s) [1]
Notional
Amount
[2]		Fair
Value		Weighted
Average
Years to
Maturity		TypeAverage
Credit
Rating		Offsetting
Notional
Amount [3]		Offsetting
Fair
Value [3]
As of March 31, 2026
Basket credit default swaps [4]
Investment grade risk exposure$100 $— 2 yearsCMBS CreditAAA$100 $— 
Below investment grade risk exposure392 18 2 yearsCorporate CreditBB-392 (18)
Below investment grade risk exposure1 — Less than 1 yearCMBS CreditB-1 — 
Total [5]$493 $18 $493 $(18)
As of December 31, 2025
Basket credit default swaps [4]
Investment grade risk exposure$100 $1 3 yearsCMBS CreditAAA$100 $(1)
Below investment grade risk exposure392 27 2 yearsCorporate CreditB+392 (27)
Below investment grade risk exposure1 (1)Less than 1 yearCMBS CreditB-1 1 
Total [5]$493 $27 $493 $(27)
[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.
[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.
[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.
[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.
[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.
Derivative Collateral Arrangements
The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of March 31, 2026 and December 31, 2025, the Company has pledged cash collateral associated with derivative instruments of $17 and $27, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of March 31, 2026 and December 31, 2025, the Company pledged securities collateral associated with derivative instruments with a fair value of $15 and $22, respectively, which have been included in fixed maturities on the Company's Condensed Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities.
In addition, as of March 31, 2026 and December 31, 2025, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $9 and $7, respectively, which is recorded in other investments or other assets on the Company's Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $227 and $98, respectively, which are included within fixed maturities on the Company's Condensed Consolidated Balance Sheets.
As of March 31, 2026 and December 31, 2025, the Company accepted cash collateral associated with derivative instruments of $40 and $50, respectively, which was invested and recorded in the Company's Condensed Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral, as of March 31, 2026 and December 31, 2025, with a fair value of $12 and $2, respectively, which the Company has the right to repledge or sell. As of March 31, 2026 and December 31, 2025, the Company had no repledged securities. In addition, as of March 31, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company's Condensed Consolidated Balance Sheets.
35
Note 7 - Premiums Receivable and Agents' Balances
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
7. Premiums Receivable and Agents' Balances
Premiums Receivable and Agents' Balances
As of March 31, 2026As of December 31, 2025
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")$6,384 $5,948 
Receivables for loss sensitive business, by credit quality:
AA97 98 
A75 76 
BBB188 206 
BB95 89 
Below BB43 41 
Total receivables for loss sensitive business498 510 
Total Premiums Receivable and Agents' Balances, Gross6,882 6,458 
ACL(153)(142)
Total Premiums Receivable and Agents' Balances, Net of ACL$6,729 $6,316 
ACL on Premiums Receivable and Agents' Balances
There have been no material changes to the ACL on premiums receivable and agents' balances in the three months ended March 31, 2026 and 2025. For further information regarding the Company's determination of premium receivable ACL, see Note 7 - Premiums Receivable and Agents' Balances of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.
Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended
March 31, 2026March 31, 2025
Receivables Excluding Loss Sensitive BusinessReceivables for Loss Sensitive BusinessTotalReceivables Excluding Loss Sensitive BusinessReceivables for Loss Sensitive BusinessTotal
Beginning ACL$120 $22 $142 $97 $20 $117 
Current period provision30 1 31 23 1 24 
Current period write-offs(20)(1)(21)(17)— (17)
Current period recoveries1 — 1 2 — 2 
Ending ACL$131 $22 $153 $105 $21 $126 
36
Note 8 - Reinsurance
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
8. Reinsurance
Reinsurance Recoverables
Reinsurance Recoverables by Credit Quality Indicator
As of March 31, 2026As of December 31, 2025
P&C
Employee Benefits
CorporateTotal
P&C
Employee Benefits
CorporateTotal
A.M. Best Financial Strength Rating
A++$2,112 $— $— $2,112 $2,161 $— $— $2,161 
A+2,258 301 214 2,773 2,292 286 213 2,791 
A730 — — 730 764 1 — 765 
A-599 3 — 602 603 3 2 608 
B++3 — 2 5 2 — — 2 
Below B++21 — — 21 21 — — 21 
Total Rated by A.M. Best
5,723 304 216 6,243 5,843 290 215 6,348 
Mandatory (Assigned) and Voluntary Risk Pools199 — — 199 204 — — 204 
Captives473 — — 473 465 — — 465 
Other not rated companies225 7 232 238 5 — 243 
Gross Reinsurance Recoverables
6,620 311 216 7,147 6,750 295 215 7,260 
Allowance for uncollectible reinsurance
(68)(1)(2)(71)(66)(1)(2)(69)
Net Reinsurance Recoverables
$6,552 $310 $214 $7,076 $6,684 $294 $213 $7,191 
Allowance for Uncollectible Reinsurance
Three Months Ended March 31,
20262025
P&C beginning allowance for uncollectible reinsurance$66 $72 
Beginning allowance for disputed amounts42 48 
P&C beginning ACL24 24 
Current period provision (release)(2)(4)
Current period gross write-offs— — 
P&C ending ACL22 20 
Ending allowance for disputed amounts46 52 
P&C ending allowance for uncollectible reinsurance68 72 
Employee Benefits allowance for uncollectible reinsurance1 1 
Corporate allowance for uncollectible reinsurance2 2 
Total allowance for uncollectible reinsurance$71 $75 
There have been no material changes to the allowance for uncollectible reinsurance in the three months ended March 31, 2026 and 2025. For further information regarding the Company's determination of reinsurance recoverables and reinsurance allowance for uncollectible reinsurance, see Note 8 - Reinsurance of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.
37
Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
9. Reserve for Unpaid Losses and Loss Adjustment Expenses
Property & Casualty Insurance Product Reserves, Net of Reinsurance
Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses
 For the three months ended March 31,
 20262025
Beginning liabilities for unpaid losses and loss adjustment expenses, gross$38,155 $36,404 
Reinsurance and other recoverables6,723 6,753 
Beginning liabilities for unpaid losses and loss adjustment expenses, net31,432 29,651 
Provision for unpaid losses and loss adjustment expenses  
Current accident year2,800 2,921 
Prior accident year development [1](41)(122)
Total provision for unpaid losses and loss adjustment expenses2,759 2,799 
Change in deferred gain on retroactive reinsurance included in other liabilities [1]36 32 
Payments  
Current accident year(354)(458)
Prior accident years(1,889)(1,696)
Total payments(2,243)(2,154)
Foreign currency adjustment(7)13 
Ending liabilities for unpaid losses and loss adjustment expenses, net31,977 30,341 
Reinsurance and other recoverables6,628 6,764 
Ending liabilities for unpaid losses and loss adjustment expenses, gross$38,605 $37,105 
[1] Prior accident year development for the three months ended March 31, 2026 included a $36 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the asbestos and environmental adverse development cover ("A&E ADC"). Prior accident year development for the three months ended March 31, 2025 included a $32 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators Adverse Development Cover (the "Navigator's ADC"). The Navigators's ADC deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the adverse development cover ("ADC") reinsurance agreements, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.
38
Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Unfavorable (Favorable) Prior Accident Year Development
For the three months ended March 31,
20262025
Workers’ compensation$(59)$(65)
Workers’ compensation discount accretion12 12 
General liability70 — 
Marine4 — 
Commercial property(4)(3)
Professional liability(4)— 
Assumed reinsurance5 — 
Personal automobile liability(15)(12)
Homeowners(15)(18)
Other reserve re-estimates, net 1 (4)
Prior accident year development before change in deferred gain(5)(90)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](36)(32)
Total prior accident year development$(41)$(122)
[1]The change in deferred gain on retroactive reinsurance for the three months ended March 31, 2026 included a $36 benefit for amortization of the A&E ADC deferred gain. The change in deferred gain on retroactive reinsurance for the three months ended March 31, 2025 included a $32 benefit for amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreements, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.
Re-estimates of prior accident year reserves for the three months ended March 31, 2026
Workers’ compensation reserves were decreased within accident years 2017 to 2021 in small business, driven by lower than previously estimated claim severity.
General liability reserves were increased to reflect legacy sexual molestation and sexual abuse exposures related to polices written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.
Personal automobile liability reserves were decreased primarily within accident years 2021 to 2023 as a result of lower than expected severity.
Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2025.
Re-estimates of prior accident year reserves for the three months ended March 31, 2025
Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity.
Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.
Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.
Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.
Change in Deferred Gain on Retroactive Reinsurance
The Company has two ADC reinsurance agreements in place with National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., both accounted for as retroactive reinsurance. One agreement covered substantially all asbestos and environmental ("A&E") reserve development for accident years prior to 2016 up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years up to an aggregate limit of $300. As the Company had previously ceded all of the available limits under the agreements, there is no remaining limit available under either agreement as of March 31, 2026.
During the three months ended March 31, 2026, the Company began collecting recoveries from NICO under the A&E ADC and, as a result, amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses. The deferred gain on the A&E ADC was $814 and $850, as of March 31, 2026 and December 31, 2025, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets. During the first quarter of 2026, NICO suspended payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding. The timing of any resolution or outcome of the arbitration is not yet known and there may be impacts to the Company's cash flows or operating results as a result of the dispute.
During the three months ended March 31, 2025, the Company collected recoveries from NICO under the Navigators ADC and, as a result, amortized $32 of the deferred gain within benefits, losses and loss adjustment expenses. As of September 30, 2025, the deferred gain on the Navigators ADC had been fully amortized and the limit fully collected.
39
Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Group Life, Disability and Accident Products
Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses
For the three months ended March 31,
20262025
Beginning liabilities for unpaid losses and loss adjustment expenses, gross$8,113 $8,206 
Reinsurance recoverables282 282 
Beginning liabilities for unpaid losses and loss adjustment expenses, net7,831 7,924 
Provision for unpaid losses and loss adjustment expenses
Current incurral year1,379 1,376 
Prior year's discount accretion58 55 
Prior incurral year development [1](176)(197)
Total provision for unpaid losses and loss adjustment expenses [2]1,261 1,234 
Payments
Current incurral year(371)(382)
Prior incurral years(893)(903)
Total payments(1,264)(1,285)
Ending liabilities for unpaid losses and loss adjustment expenses, net7,828 7,873 
Reinsurance recoverables290 288 
Ending liabilities for unpaid losses and loss adjustment expenses, gross$8,118 $8,161 
[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.
[2]Includes unallocated loss adjustment expenses ("ULAE") of $46 and $44 for the three months ended March 31, 2026 and 2025, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations.
Re-estimates of prior incurral years reserves for the three months ended March 31, 2026
Group disability - Prior period reserve estimates decreased by approximately $134 driven by favorable long-term disability claim recoveries.
Group life and accident (including group life premium waiver) - Prior period reserve estimates decreased by approximately $46 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.
Re-estimates of prior incurral years reserves for the three months ended March 31, 2025
Group disability- Prior period reserve estimates decreased by approximately $156 largely driven by strong long-term disability claim recoveries.
Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $39 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver.
40
Note 10 - Reserve for Future Policy Benefits
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
10. Reserve for Future Policy Benefits
Rollforward of Reserve for Future Policy Benefits
For the three months ended March 31,
20262025
Payout AnnuitiesLife ConversionsPaid-up LifePayout AnnuitiesLife ConversionsPaid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period$43 $45 
Balance, ending of the period $42 $43 
Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate$123 $104 $165 $128 $106 $168 
Beginning adjustment for changes in single-A rate3 (15)(24)— (15)(33)
Beginning balance at original discount rate120 119 189 128 121 201 
Effect of changes in cash flow assumptions— — — — — — 
Effect of actual variances from expected experience1 2 — 1 2 (1)
Adjusted beginning balance121 121 189 129 123 200 
Issuances— 1 12 — — — 
Interest accrual and other1 3 1 1 5 1 
Benefit Payments(3)(9)(4)(3)(10)(4)
Ending balance at original discount rate119 116 198 127 118 197 
Ending adjustment for changes in single-A rate— (14)(25)2 (14)(30)
Ending balance at single-A rate$119 $102 $173 $129 $104 $167 
Net reserve for future policy benefits$119 $60 $173 $129 $61 $167 
Weighted-average duration of the reserve for future policy benefits (years)9.211.05.89.511.06.4
 Net Reserve for Future Policy Benefits
As of March 31,
20262025
Payout Annuities$119 $129 
Life Conversions60 61 
Paid-up Life173 167 
Deferred Profit Liability17 16 
Other82 76 
Total$451 $449 
Undiscounted Expected Future Gross Premiums and Benefit Payments
As of March 31,
20262025
Payout Annuities [1]
Expected future benefit payments$234 $254 
Life Conversions
Expected future gross premiums$98 $103 
Expected future benefit payments$186 $194 
Paid-up Life [1]
Expected future benefit payments$251 $256 
[1]Payout Annuities and Paid-up Life have no expected future gross premiums.
41
Note 10 - Reserve for Future Policy Benefits
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Weighted-Average Interest Rates
As of March 31,
20262025
Payout Annuities
Interest accretion rate5.6 %5.6 %
Current discount rate5.5 %5.4 %
Life Conversions
Interest accretion rate4.3 %4.3 %
Current discount rate5.7 %5.5 %
Paid-up Life
Interest accretion rate3.0 %2.9 %
Current discount rate5.0 %5.1 %
Gross premiums and interest accretion recognized on long-duration insurance policies for the three months ended March 31, 2026 and 2025 were immaterial.
11. Other Policyholder Funds and Benefits Payable
Other policyholder funds and benefits payable of $612 and $611 as of March 31, 2026 and 2025 respectively, included universal life long-duration contracts of $194 and $202 as well as policyholder balances related to short-duration contracts of $418
and $409. The universal life long-duration contracts presented in the table below were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013.
Universal Life Long Duration Contracts Rollforward
For the three months ended March 31,
20262025
Balance, beginning of the period$196 $206 
Premiums Received3 3 
Policy Charges(5)(5)
Surrenders and Withdrawals(1)(2)
Benefit Payments(1)(2)
Interest Credited2 2 
Balance, end of the period$194 $202 
Weighted-average crediting rate4.3 %4.3 %
Net Amount at Risk [1]$733 $809 
Cash Surrender Value$192 $201 
[1]Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date.
As of March 31, 2026 and 2025, universal life contracts of $193 and $201, respectively, had crediting rates at their guaranteed minimums ranging from 4%-5%.
12. Income Taxes
The effective tax rate was 19.0% and 19.5% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate differs from the U.S. federal statutory tax rate of 21% primarily due to net excess tax benefits on stock-based compensation, tax credits and non-taxable net investment income.
42
Note 13 - Commitments and Contingencies
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
13. Commitments and Contingencies
Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.
Litigation
The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage and benefits claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, including those discussed in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses, of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the following discussion under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford.
The Hartford is also involved in other kinds of individual and class actions, some of which assert claims for substantial amounts. Individual actions may include claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices and may seek punitive damages. In putative class actions, plaintiffs may be seeking certification of a state or national class and have alleged for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.
Run-off Asbestos and Environmental Claims
The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products allegedly containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs.
The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E"). In addition, since 1986, the Company has written A&E exposures under general
liability policies and pollution liability under homeowners policies, which are reported in the Business Insurance and Personal Insurance segments, respectively.
Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages.
Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures.
In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, new targets, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Management believes these issues are not likely to be resolved in the near future.
In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators.
The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves.
43
Note 13 - Commitments and Contingencies
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims.
Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity.
For its Run-off A&E claims, as of March 31, 2026, the Company reported $275 of net A&E reserves, net of the benefit of losses ceded to the A&E ADC with NICO. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity. For more information on the A&E ADC, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements and Note 10 - Reserve for Unpaid Losses and Loss
Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.
Derivative Commitments
Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement.
The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of March 31, 2026 was $33 for which the legal entities have posted collateral of $31 in the normal course of business. Based on derivative contractual terms as of March 31, 2026, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities.
14. Equity
Equity Repurchase Program
During the three months ended March 31, 2026 and 2025, the Company repurchased $450 (3.3 million shares) and $400 (3.5 million shares), respectively, of common stock under Board authorized share repurchase programs covering the applicable periods. As of March 31, 2026, the Company has $1.1 billion remaining for equity repurchases under the current $3.3 billion share repurchase program, which is effective until December 31, 2026. During the period April 1, 2026 through April 22, 2026, the Company repurchased $111 (0.8 million common shares) under this repurchase program.
The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.
44
Note 15 - Accumulated Other Comprehensive Income (Loss)
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
15. Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)
Changes in AOCI, Net of Tax for the Three Months Ended March 31, 2026
Changes in
Net Unrealized Gain (Loss) on Fixed Maturities, AFSUnrealized Losses on Fixed Maturities, AFS with ACLNet Gain (Loss) on Cash Flow Hedging InstrumentsForeign Currency Translation AdjustmentsLiability for Future Policy Benefits AdjustmentsPension and Other Postretirement Plan AdjustmentsAOCI,
net of tax
Beginning balance$(641)$(3)$16 $42 $24 $(1,495)$(2,057)
OCI before reclassifications(479)— — 1 5 — (473)
Amounts reclassified from AOCI12 — (4)— — 11 19 
OCI, before tax(467)— (4)1 5 11 (454)
Income tax benefit (expense)97 — 1 — (1)(2)95 
OCI, net of tax(370)— (3)1 4 9 (359)
Ending balance$(1,011)$(3)$13 $43 $28 $(1,486)$(2,416)
Reclassifications from AOCI
Three Months Ended March 31, 2026Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS$(12)Net realized losses
(12)Total before tax
(3)Income tax expense
$(9)Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps$(1)Net investment income
Interest rate swaps2 Interest expense
Foreign currency swaps3 Net investment income
4 Total before tax
1 Income tax expense
$3 Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit$1 Insurance operating costs and other expenses
Amortization of actuarial loss(12)Insurance operating costs and other expenses
(11)Total before tax
(2)Income tax expense
$(9)Net income
Total amounts reclassified from AOCI$(15)Net income
45
Note 15 - Accumulated Other Comprehensive Income (Loss)
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
Changes in AOCI, Net of Tax for the Three Months Ended March 31, 2025
Changes in
Net Unrealized Gain (Loss) on Fixed Maturities, AFSUnrealized Losses on Fixed Maturities, AFS with ACLNet Gain (Loss) on Cash Flow Hedging InstrumentsForeign Currency Translation AdjustmentsLiability for Future Policy Benefits AdjustmentsPension and Other Postretirement Plan AdjustmentsAOCI,
net of tax
Beginning balance$(1,539)$(6)$40 $29 $33 $(1,443)$(2,886)
OCI before reclassifications372 — 4 — (4)2 374 
Amounts reclassified from AOCI10 — (4)— — 7 13 
OCI, before tax382 — — — (4)9 387 
Income tax benefit (expense)(80)— — — 1 (2)(81)
OCI, net of tax302 — — — (3)7 306 
Ending balance$(1,237)$(6)$40 $29 $30 $(1,436)$(2,580)
Reclassifications from AOCI
Three Months Ended March 31, 2025Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS$(10)Net realized losses
(10)Total before tax
(2)Income tax expense
$(8)Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps$(2)Net investment income
Interest rate swaps3 Interest expense
Foreign currency swaps3 Net investment income
4 Total before tax
1  Income tax expense
$3 Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit$2 Insurance operating costs and other expenses
Amortization of actuarial loss(9)Insurance operating costs and other expenses
(7)Total before tax
(1)Income tax expense
$(6)Net income
Total amounts reclassified from AOCI$(11)Net income
46
Note 16 - Employee Benefit Plans
The Hartford Insurance Group, Inc.
Notes To Condensed Consolidated Financial Statements (continued)
16. Employee Benefit Plans
The Company’s employee benefit plans are described in Note 18 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations.
The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2026. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2026 to make this determination.
Net Periodic Cost (Benefit)
Pension BenefitsOther Postretirement Benefits
Three Months Ended March 31,Three Months Ended March 31,
2026202520262025
Service cost$1 $— $— $— 
Interest cost40 44 1 2 
Expected return on plan assets(58)(60)— — 
Amortization of prior service credit— — (1)(2)
Amortization of actuarial loss11 8 1 1 
Net periodic cost (benefit)$(6)$(8)$1 $1 
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
(Dollar amounts in millions except for per share data, unless otherwise stated)
The Hartford provides projections and other forward-looking information in the following discussions, which contain many forward-looking statements, particularly relating to the Company’s future financial performance. These forward-looking statements are estimates based on information currently available to the Company, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the cautionary statements set forth on pages 4 and 5 of this Form 10-Q. Actual results are likely to differ, and in the past have differed, materially from those forecast by the Company, depending on the outcome of various factors, including, but not limited to, those set forth in the following discussion; Part I, Item 1A, Risk Factors in The Hartford’s 2025 Form 10-K Annual Report; and our other filings with the Securities and Exchange Commission ("SEC"). The Hartford undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as “NM” or not meaningful.
Index
Throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we use certain terms and abbreviations, the more commonly used are summarized in the Acronyms section.
Key Performance Measures and Ratios
The Company considers the measures and ratios in the following discussion to be key performance indicators for its businesses. Management believes that these ratios and measures are useful in understanding the underlying trends in The Hartford’s businesses. However, these key performance indicators should only be used in conjunction with, and not in lieu of, the results presented in the reportable segment and corporate operating summaries that follow in this MD&A. These ratios and measures may not be comparable to other performance measures used by the Company’s competitors.
Definitions of Non-GAAP and Other Measures and Ratios
Assets Under Management ("AUM")- Include mutual fund and exchange-traded fund ("ETF") assets. AUM is a measure used by the Company's Hartford Funds segment because a significant portion of the segment’s revenues and expenses are based upon asset values. These revenues and expenses increase or decrease with a rise or fall in AUM whether caused by changes in the market or through net flows.
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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.
Combined Ratio- The sum of the loss and loss adjustment expense ("LAE") ratio, the expense ratio and the policyholder dividend ratio. This ratio is a relative measurement that describes the related cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses.
Core Earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Reconciliation of Net Income to Core Earnings
 Three Months Ended March 31,
 20262025
Net income$856 $630 
Preferred stock dividends5 5 
Net income available to common stockholders851 625 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses excluded from core earnings, before tax54 47 
Integration and other non-recurring M&A costs, before tax1 2 
Change in deferred gain on retroactive reinsurance, before tax [1](36)(32)
Income tax benefit [2](4)(3)
Core earnings$866 $639 
[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.
[2]Primarily represents the federal income tax expense (benefit) related to before tax items not included in core earnings.
Core Earnings Margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth in the Results of Operations section within MD&A - Employee Benefits.
Current Accident Year Catastrophe Ratio- A component of the loss and loss adjustment expense ratio, represents the ratio of catastrophe losses incurred in the current accident year ("CAY") (net of reinsurance) to earned premiums. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Services office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses. Lloyd's of London is an insurance market-place operating worldwide ("Lloyd's"). Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"). The current accident year catastrophe ratio includes the effect of catastrophe losses, but does not include the effect of reinstatement premiums.
Expense Ratio- For Business Insurance and Personal Insurance is the ratio of underwriting expenses less fee income, to earned premiums. Underwriting expenses include the amortization of deferred policy acquisition costs ("DAC"), amortization of other intangible assets and insurance operating costs and other expenses, including certain centralized services costs and bad debt expense. DAC includes commissions, taxes, licenses and fees and other incremental direct underwriting expenses and are amortized over the policy term.
The expense ratio for Employee Benefits is expressed as the ratio of insurance operating costs and other expenses including amortization of intangibles and amortization of DAC, to premiums and other considerations, excluding buyout premiums.
The expense ratio for Business Insurance, Personal Insurance and Employee Benefits does not include integration and other transaction costs associated with an acquired business.
Fee Income- Is largely driven from amounts earned as a result of contractually defined percentages of AUM in our Hartford Funds business. These fees are generally earned on a daily basis. Therefore, this fee income increases or decreases with the rise or fall in AUM whether caused by changes in the market or through net flows.
Gross New Business Premium- Represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium.
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years. Among other factors, the loss and loss adjustment expense ratio needed for the Company to achieve its targeted return on equity ("ROE") fluctuates from year to year based on changes in the expected investment yield over the claim settlement period, the timing of expected claim settlements and the targeted returns set by management based on the competitive environment.
The loss and loss adjustment expense ratio is affected by claim frequency and claim severity, particularly for shorter-tail property lines of business, where the emergence of claim frequency and severity is credible and likely indicative of ultimate losses. Claim frequency represents the percentage change in the average number of reported claims per unit of exposure in the current accident year compared to that of the previous accident year. Claim severity represents the percentage change in the estimated average cost per claim in the current accident year compared to that of the previous accident year. As one of the factors used to determine pricing, the Company’s practice is to first make an overall assumption about claim frequency and severity for a given line of business and then, as part of the rate-making process, adjust the assumption as appropriate for the particular state, product or coverage.
Underlying Loss and Loss Adjustment Expense Ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio is set forth in the Reportable Segment and Corporate Operating Summaries section within MD&A.
Loss Ratio, excluding Buyouts- Utilized for the Employee Benefits segment and is expressed as a ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. Since Employee Benefits occasionally buys a block of claims for a stated premium amount, the Company excludes this buyout from the loss ratio used for evaluating the profitability of the business as buyouts may distort the loss ratio. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income on a consolidated level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment
earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments - is set forth in the Investment Results section within MD&A.
Mutual Fund and Exchange-Traded Fund Assets- Are owned by the shareowners of those products and not by the Company and, therefore, are not reflected in the Company’s Condensed Consolidated Financial Statements, except in instances where the Company seeds new investment products.
Mutual fund and ETF assets are a measure used by the Company primarily because a significant portion of the Company’s Hartford Funds segment revenues and expenses are based upon asset values. These revenues and expenses increase or decrease with a rise or fall in AUM whether caused by changes in the market or through net flows.
Net New Business Premium- Represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
Policy Count Retention- For small business, represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period. Policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Policy count retention is also affected by advertising and rate actions taken by us and competitors.
Effective Policy Count Retention- For Personal Insurance, represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period. Effective policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Effective policy count retention is also affected by advertising and rate actions taken by us and competitors, as well as the effect of subsequent cancellations and non-renewals by customers. Effective policy count retention statistics are subject to change from period to period based on the effect of differences between actual and expected policy cancellations throughout the policy period.
Policies in-force- Represents the number of policies with coverage in effect as of the end of the period. The number of policies in-force is a growth measure used for Personal Insurance, small business, and middle market lines within middle & large business and is affected by both new business growth and retention.
Policyholder Dividend Ratio- The ratio of policyholder dividends to earned premium.
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Premium Retention- For middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
Prior Accident Year Loss and Loss Adjustment Expense Ratio- Represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.
Reinstatement Premiums- Represents additional ceded premium paid for the reinstatement of the amount of reinsurance coverage that was reduced as a result of the Company ceding losses to reinsurers.
Renewal Earned Price Increase (Decrease)- Written premiums are earned over the policy term, which is six months for certain personal automobile business and twelve months for substantially all of the remainder of the Company’s Property and Casualty ("P&C") business. Since the Company earns premiums over the six to twelve month term of the policies, renewal earned price increases (decreases) lag renewal written price increases (decreases) by six to twelve months.
Renewal Written Price Increase (Decrease)- For Business Insurance, represents the combined effect of rate changes, and individual risk pricing decisions per unit of exposure on policies that renewed and includes amount of insurance. For Personal Insurance, renewal written price increases represent the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Insurance, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits. The rate component represents the change in rate impacting renewal policies as previously filed with and approved by state regulators during the period. Amount of insurance represents the change in the value of the rating base, such as model year/vehicle symbol for automobiles, building replacement costs for property and wage inflation for workers’ compensation. A number of factors affect renewal written price increases (decreases) including expected loss costs as projected by the Company’s pricing actuaries, rate filings approved by state regulators, risk selection decisions made by the Company’s underwriters and marketplace competition. Renewal written price changes reflect the property and casualty insurance market cycle. Prices tend to increase for a particular line of business when insurance carriers have incurred significant losses in that line of business in the recent past or the industry as a whole commits less of its capital to writing exposures in that line of business. Prices tend to decrease when recent loss experience has been favorable or when competition among insurance carriers increases. Renewal written price
statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.
Return on Assets (“ROA”), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth in the Results of Operations section within MD&A - Hartford Funds.
Underlying Combined Ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance.
A reconciliation of combined ratio to underlying combined ratio is set forth in the Results of Operations section within MD&A - Business Insurance and Personal Insurance.
Underwriting Gain (Loss)- This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities.
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Reconciliation of Net Income to Underwriting Gain (Loss)
 Three Months Ended March 31,
20262025
Business Insurance
Net income$536 $477 
Adjustments to reconcile net income to underwriting gain:
Net investment income(505)(437)
Net realized losses19 24 
Other (income) expense(1)1 
Income tax expense136 122 
Underwriting gain$185 $187 
Personal Insurance
Net income$139 $5 
Adjustments to reconcile net income to underwriting gain (loss):
Net investment income(62)(57)
Net realized losses4 2 
Net servicing and other (income) expense(3)(5)
Income tax expense35 — 
Underwriting gain (loss) $113 $(55)
P&C Other Operations
Net income$42 $13 
Adjustments to reconcile net income to underwriting gain (loss):
Net investment income(20)(18)
Net realized losses1 — 
Income tax expense11 3 
Underwriting gain (loss) $34 $(2)
Written and Earned Premiums- Written premium represents the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period. Premiums are considered earned and are included in the financial results on a pro rata basis over the policy period. Management believes that written premium is a performance measure that is useful to investors as it reflects current trends in the Company’s sale of property and casualty insurance products. Written and earned premium are recorded net of ceded reinsurance premium.
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.
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.
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The Hartford's Operations
The Hartford conducts business principally in five reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits and Hartford Funds, as well as a Corporate category. The Company includes in the Corporate category capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
The Company derives its revenues principally from: (a) premiums earned for insurance coverage provided to insureds; (b) management fees on mutual fund and ETF assets; (c) net investment income; (d) fees earned for services provided to third parties; and (e) net realized gains and losses. Premiums charged for insurance coverage are earned principally on a pro rata basis over the terms of the related policies in-force.
The profitability of the Company's property and casualty insurance businesses over time is greatly influenced by the Company’s underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance, the size of its in force block, making reliable estimates of actual mortality and morbidity, and its ability to manage its expense ratio which it accomplishes through economies of scale and its management of acquisition costs and other insurance operating costs. Pricing adequacy depends on a number of factors, including the ability to obtain regulatory approval for rate changes, proper evaluation of underwriting risks, the ability to project future loss cost frequency and severity based on historical loss experience adjusted for known trends, the Company’s response to rate actions taken by competitors, its expense levels and expectations about regulatory and legal developments. The Company seeks to price its insurance policies such that insurance premiums and future net investment income earned on premiums received will cover insurance operating costs and the ultimate cost of paying claims reported on the policies and provide for a profit margin. For many of its insurance products, the Company is required to obtain approval for its premium rates from state insurance departments and the Lloyd's Syndicate's ability to write business is subject to Lloyd's approval for its premium capacity each year. Most of Personal Insurance written premium is associated with our exclusive licensing agreement with AARP, which is effective through December 31, 2032. This agreement provides an important competitive advantage given the size of the 50 plus population and the strength of the AARP brand.
Similar to property and casualty, profitability of the Employee Benefits business depends, in large part, on the ability to evaluate and price risks appropriately and make reliable estimates of mortality, morbidity, disability and longevity. To manage the pricing risk, Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms in order to minimize the adverse effect of market trends, loss costs, declining interest rates and other factors. However, as policies are typically sold with rate guarantees an
average of three years, pricing for the Company’s products could prove to be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected at the time the products were sold. For some of its products, the Company is required to obtain approval for its premium rates from state insurance departments. New and renewal business for employee benefits business, particularly for long-term disability ("LTD"), are priced using an assumption about expected investment yields over time. While the Company employs asset-liability duration matching strategies to mitigate risk and may use interest-rate sensitive derivatives to hedge its exposure in the Employee Benefits investment portfolio, cash flow patterns related to the payment of benefits and claims are uncertain and actual investment yields could differ significantly from expected investment yields, affecting profitability of the business. In addition to appropriately evaluating and pricing risks, the profitability of the Employee Benefits business depends on other factors, including the Company’s response to pricing decisions and other actions taken by competitors, its ability to offer voluntary products and self-service capabilities, the persistency of its sold business and its ability to manage its expenses which it seeks to achieve through economies of scale and operating efficiencies.
The financial results of the Company’s mutual fund and ETF businesses depend largely on the amount of AUM and the level of fees charged based, in part, on asset share class and fund type. Changes in AUM are driven by the two main factors of net flows and the market return of the funds, which are heavily influenced by the return realized in the equity and bond markets. Net flows are comprised of new sales less redemptions by mutual fund and ETF shareowners. Financial results are highly correlated to the growth in AUM since these funds generally earn fee income on a daily basis.
The investment return, or yield, on invested assets is an important element of the Company’s earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits, losses and loss adjustment expenses are paid. Due to the need to maintain sufficient liquidity to satisfy claim obligations, the majority of the Company’s invested assets have been held in available-for-sale ("AFS") securities, including, among other asset classes, corporate bonds, municipal bonds, government debt, short-term debt, mortgage-backed securities, asset-backed securities ("ABS") and collateralized loan obligations ("CLOs"). The Company also invests in commercial mortgage loans as well as limited partnerships and other alternative investments, which are private investments that are less liquid, but have the potential to generate higher returns. The primary investment objective for the Company is to maximize economic value, consistent with acceptable risk parameters, including the management of credit risk and interest rate sensitivity of invested assets, while generating sufficient net of tax income to meet policyholder and corporate obligations. Investment strategies are developed based on a variety of factors including business needs, regulatory requirements and tax considerations.

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First Quarter Financial Highlights
Net Income Available to Common Stockholders Net Income Available to Common Stockholders per Diluted ShareBook Value per Diluted Share
32 36 39
ÝIncreased $226 or 36%ÝIncreased $0.89 or 41%ÝIncreased $0.27 or 0%
+Lower CAY catastrophe losses+Increase in net income available to common stockholders+Net income in excess of common stockholder dividends
+Higher net investment income
+The effect of higher earned premiums+
Reduction in outstanding shares due to share repurchases
-A decrease in AOCI, primarily driven by an increase in net unrealized losses on AFS securities
+Lower group life loss ratio
+Lower underlying loss and LAE ratio in Personal Insurance-Dilutive effective of share repurchases
-Higher expense ratio in P&C and Employee Benefits
-Less favorable P&C prior accident year reserve development
-Higher group disability loss ratio
Investment Yield, After TaxProperty & Casualty Combined RatioEmployee Benefits Net Income Margin
46 50 53
ÝIncreased 20 bpsÞImproved 4.3 pointsÞDecreased 1.0 points
+Higher yield on limited partnerships and other alternative investments+
Lower CAY catastrophe losses
-Higher group disability loss ratio
+Lower underlying loss and LAE ratio in Personal Insurance-Higher expense ratio, including higher staffing and technology costs
+Reinvesting at higher interest rates
-Less favorable P&C prior accident year reserve development+Lower group life loss ratio
-Higher P&C expense ratio, driven by Business Insurance
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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Consolidated Results of Operations
The Consolidated Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and the related Notes as well as with the Reportable Segment and Corporate Operating Summaries within the MD&A.
Consolidated Results of Operations
Three Months Ended March 31,
20262025Change
Earned premiums$6,145 $5,835 5%
Fee income370 346 7%
Net investment income739 656 13%
Net realized losses(55)(49)(12%)
Other revenues27 22 23 %
Total revenues7,226 6,810 6%
Benefits, losses and loss adjustment expenses3,998 4,000 —%
Amortization of deferred policy acquisition costs656 607 8%
Insurance operating costs and other expenses1,447 1,352 7%
Interest expense50 50 —%
Amortization of other intangible assets18 18 —%
Total benefits, losses and expenses6,169 6,027 2%
Income before income taxes
1,057 783 35%
Income tax expense201 153 31 %
Net income856 630 36%
Preferred stock dividends5 5 — %
Net income available to common stockholders$851 $625 36 %

Three months ended March 31, 2026 compared to 2025
Net income available to common stockholders increased by $226, primarily driven by:
•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
•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.

These increases were partially offset by:
•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.
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.

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Revenue
Earned Premiums
1475
Earned premiums increased by $310 or 5%, primarily due to:
•An increase in P&C reflecting a 7% increase in Business Insurance and a 1% increase in Personal Insurance.
–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.
–For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force.
•Employee Benefits earned premium increased due to increases in exposure on existing accounts and fully insured ongoing sales across all products.
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.
Net Investment Income
2369
[1]Limited partnerships and other alternative investments of $39 and $75 for the three months ended March 31, 2025 and 2026 respectively.
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.
Net realized losses increased primarily due to:
•Greater depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2026 period due to changes in credit spreads.
These losses were partially offset by:
•Gains on transactional foreign currency revaluation in the 2026 period compared to losses in the 2025 period; and
•Gains on interest rate derivatives in the 2026 period.
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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Benefits, Losses and Expenses
Losses and LAE Incurred for P&C
3471
Benefits, losses and loss adjustment expenses decreased $2 due to:
•A decrease in Property & Casualty of $40, which was attributable to:
–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.
Partially offset by:
–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
Losses and LAE Incurred for Employee Benefits
5490
–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.
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For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
•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.
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.

Insurance operating costs and other expenses increased due to:
•Higher staffing costs, including benefits costs, partly in response to increased business volume;
•Higher variable expenses in Hartford Funds; and
•Higher technology costs, including increased investment in our businesses and higher run costs.
Income tax expense increased primarily due to an increase in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Investment Results
Composition of Invested Assets
March 31, 2026December 31, 2025
AmountPercentAmountPercent
Fixed maturities, AFS, at fair value$45,632 71.6 %$46,041 72.0 %
Fixed maturities, at fair value using the fair value option130 0.2 %168 0.2 %
Equity securities, at fair value488 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 investments5,948 9.3 %5,804 9.1 %
Other investments [1]305 0.5 %262 0.4 %
Short-term investments4,223 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,
 20262025
(Before tax)AmountYield [1]AmountYield [1]
Fixed maturities [2]$611 4.8 %$574 4.7 %
Equity securities6 5.6 %4 3.2 %
Mortgage loans80 4.6 %70 4.3 %
Limited partnerships and other alternative investments75 5.1 %39 3.1 %
Other [3](4)(3)
Investment expense(29)(28)
Total net investment income739 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)20262025
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 securities net losses were primarily driven by a decrease in value due to lower equity market levels.
Other, net includes losses of $10 on transactional foreign currency revaluation and $7 related to a mortgage loan modification.
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Critical Accounting Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ, and in the past have differed, from those estimates.
The Company has identified the following estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:
•property and casualty insurance product reserves, net of reinsurance;
•group LTD reserves, net of reinsurance;
•evaluation of goodwill for impairment;
•valuation of investments and derivative instruments including evaluation of credit losses on fixed maturities, AFS and ACL on mortgage loans; and
•contingencies relating to corporate litigation and regulatory matters.
In developing these estimates, management makes subjective and complex judgments that are inherently uncertain and subject to material change as facts and circumstances develop. Although variability is inherent in these estimates, management believes the amounts provided are appropriate based upon the facts available upon compilation of the financial statements. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements.
The Company’s critical accounting estimates are discussed in Part II, Item 7 MD&A in the Company’s 2025 Form 10-K Annual Report. In addition, - Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates. The following discussion updates certain of the Company’s critical accounting estimates as of March 31, 2026.
Property & Casualty Insurance Product Reserves, Net of Reinsurance
P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of
March 31, 2026
159
Based on the results of the quarterly reserve review process, the Company determines the appropriate reserve adjustments, if any, to record. Recorded reserve estimates represent the Company's best estimate of the ultimate settlement amount of unpaid losses and loss adjustment expenses. The Company does not use statistical loss distributions or confidence levels in the process of determining its reserve estimate and, as a result, does not disclose reserve ranges. Assumptions used in arriving at the selected actuarial indications consider a number of factors, including the immaturity of emerged claims in recent accident years, emerging trends in the recent past, and the level of volatility within each line of business. In general, adjustments are made more quickly to more mature accident years and less volatile lines of business. Such adjustments of reserves are referred to as “prior accident year development”. Increases in previous estimates of ultimate loss costs are referred to as either an increase in prior accident year reserves or as unfavorable reserve development. Decreases in previous estimates of ultimate loss costs are referred to as either a decrease in prior accident year reserves or as favorable reserve development. Reserve development can influence the comparability of year over year underwriting results and is set forth in the paragraphs and tables that follow.
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Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Three Months Ended March 31, 2026
Business Insurance
Personal
Insurance		Property & Casualty Other OperationsTotal Property & Casualty
Beginning liabilities for unpaid losses and loss adjustment expenses, gross$33,175 $2,275 $2,705 $38,155 
Reinsurance and other recoverables4,689 28 2,006 6,723 
Beginning liabilities for unpaid losses and loss adjustment expenses, net28,486 2,247 699 31,432 
Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes2,044 526 — 2,570 
Current accident year catastrophes171 59 — 230 
Prior accident year development 30 (35)(36)(41)
Total provision for unpaid losses and loss adjustment expenses2,245 550 (36)2,759 
Change in deferred gain on retroactive reinsurance included in other liabilities — — 36 36 
Payments(1,652)(577)(14)(2,243)
Foreign currency adjustment(7)— — (7)
Ending liabilities for unpaid losses and loss adjustment expenses, net29,072 2,220 685 31,977 
Reinsurance and other recoverables4,643 26 1,959 6,628 
Ending liabilities for unpaid losses and loss adjustment expenses, gross$33,715 $2,246 $2,644 $38,605 
Earned premiums and fee income$3,584 $915 
Loss and loss adjustment expense paid ratio [1]46.1 63.1 
Loss and loss adjustment expense ratio62.8 60.6 
Prior accident year development (pts) [2]0.8 (3.9)
[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.
[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.
Current Accident Year Catastrophe Losses, Net of Reinsurance
Three Months Ended March 31, 2026
Business InsurancePersonal
Insurance		Total
Winter storms112 21 133 
Wind and hail$33 $38 $71 
Catastrophes before assumed reinsurance145 59 204 
Global assumed reinsurance business [1]26 — 26 
Total catastrophe losses$171 $59 $230 
[1]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.
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Unfavorable (Favorable) Prior Accident Year Development for the
Three Months Ended March 31, 2026
Business InsurancePersonal
Insurance		Property & Casualty Other OperationsTotal Property & Casualty Insurance
Workers’ compensation$(59)$— $— $(59)
Workers’ compensation discount accretion12 — — 12 
General liability70 — — 70 
Marine4 — — 4 
Commercial property(4)— — (4)
Professional liability(4)— — (4)
Assumed reinsurance5 — — 5 
Automobile liability— (15)— (15)
Homeowners— (15)— (15)
Other reserve re-estimates, net [1]6 (5)— 1 
Prior accident year development before change in deferred gain30 (35)— (5)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]— — (36)(36)
Total prior accident year development$30 $(35)$(36)$(41)
[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.
[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.

For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2026, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Three Months Ended March 31, 2025
 Business InsurancePersonal
Insurance		Property & Casualty Other OperationsTotal Property & Casualty Insurance
Beginning liabilities for unpaid losses and loss adjustment expenses, gross$31,380 $2,240 $2,784 $36,404 
Reinsurance and other recoverables4,637 20 2,096 6,753 
Beginning liabilities for unpaid losses and loss adjustment expenses, net26,743 2,220 688 29,651 
Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes1,891 563 — 2,454 
Current accident year catastrophes 280 187 — 467 
Prior accident year development(83)(39)— (122)
Total provision for unpaid losses and loss adjustment expenses2,088 711 — 2,799 
Change in deferred gain on retroactive reinsurance included in other liabilities32 — — 32 
Payments(1,466)(634)(54)(2,154)
Foreign currency adjustment13 — — 13 
Ending liabilities for unpaid losses and loss adjustment expenses, net27,410 2,297 634 30,341 
Reinsurance and other recoverables4,647 50 2,067 6,764 
Ending liabilities for unpaid losses and loss adjustment expenses, gross$32,057 $2,347 $2,701 $37,105 
Earned premiums and fee income$3,335 $907 
Loss and loss adjustment expense paid ratio [1]44.0 69.9 
Loss and loss adjustment expense ratio62.8 79.1 
Prior accident year development (pts) [2](2.5)(4.3)
[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.
[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.
Current Accident Year Catastrophe Losses, Net of Reinsurance
Three Months Ended March 31, 2025
Business InsurancePersonal
Insurance		Total
Wildfires [1]153 118 $271 
Wind and hail44 61 105 
Winter storms17 8 25 
Catastrophes before assumed reinsurance214 187 401 
Global assumed reinsurance business [1] [2]66 — 66 
Total catastrophe losses$280 $187 $467 
[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.
[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.

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Unfavorable (Favorable) Prior Accident Year Development for the
Three Months Ended March 31, 2025
 Business InsurancePersonal
Insurance		Property & Casualty Other OperationsTotal Property & Casualty Insurance
Workers’ compensation$(65)$— $— $(65)
Workers’ compensation discount accretion12 — — 12 
Commercial property(3)— — (3)
Automobile liability— (12)— (12)
Homeowners— (18)— (18)
Other reserve re-estimates, net [1]5 (9)— (4)
Prior accident year development before change in deferred gain(51)(39)— (90)
Change in deferred gain on retroactive reinsurance included in other liabilities [2](32)— — (32)
Total prior accident year development$(83)$(39)$— $(122)
[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.
[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.
For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2025, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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Reportable Segment and Corporate Operating Summaries
Business Insurance - Results of Operations
Underwriting Summary
Three Months Ended March 31,
20262025Change
Written premiums$3,904 $3,686 6 %
Change in unearned premium reserve332 362 (8)%
Earned premiums3,572 3,324 7 %
Fee income12 11 9 %
Losses and loss adjustment expenses
Current accident year before catastrophes2,044 1,891 8 %
Current accident year catastrophes [1]171 280 (39)%
Prior accident year development [1]30 (83)NM
Total losses and loss adjustment expenses2,245 2,088 8 %
Amortization of DAC577 531 9 %
Insurance operating costs558 512 9 %
Amortization of other intangible assets7 7 — %
Dividends to policyholders12 10 20 %
Underwriting gain185 187 (1)%
Net investment income [2]505 437 16 %
Net realized losses [2](19)(24)21 %
Other income (expense) [3]1 (1)NM
 Income before income taxes672 599 12 %
 Income tax expense [4]136 122 11 %
Net income$536 $477 12 %
[1]For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[2]For discussion of consolidated investment results, see MD&A - Investment Results.
[3]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
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Premium Measures
Three Months Ended March 31,
20262025
Small Business:
Net new business premium$333 $298 
Policy count retention84 %84 %
Renewal written price increases3.8 %6.6 %
Renewal earned price increases5.9 %7.4 %
Policies in-force as of end of period (in thousands)1,683 1,591 
Middle Market [1]:
Net new business premium$187 $188 
Premium retention83 %81 %
Renewal written price increases 4.2 %7.2 %
Renewal earned price increases6.1 %7.2 %
Global Specialty:
Global specialty gross new business premium [2]$233 $225 
Renewal written price increases [3]4.8 %5.9 %
Renewal earned price increases [3]4.8 %6.5 %
[1]Except for net new business premium, metrics for middle market exclude loss sensitive and programs businesses.
[2]Excludes Global Re and is before ceded reinsurance.
[3]Excludes Global Re, offshore energy policies, credit and political risk insurance ("CPRI") policies, political violence and terrorism ("PV&T") policies, and any business under which the managing agent of our Lloyd's Syndicate delegates underwriting authority to coverholders and other third parties.
Underwriting Ratios
Three Months Ended March 31,
20262025Change
Loss and loss adjustment expense ratio62.8 62.8 — 
Expense ratio31.6 31.3 0.3 
Policyholder dividend ratio0.3 0.3 — 
Combined ratio94.8 94.4 0.4 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(5.6)(5.9)0.3 
Underlying combined ratio89.2 88.4 0.8 
Underlying loss and loss adjustment expense ratio57.2 56.9 0.3 
Current accident year catastrophes4.8 8.4 (3.6)
Prior accident year development0.8 (2.5)3.3 
Total loss and loss adjustment expense ratio62.8 62.8 — 
Loss and loss adjustment expense ratio62.8 62.8 — 
Adjustments to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(5.6)(5.9)0.3 
Underlying loss and loss adjustment expense ratio57.2 56.9 0.3 
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Net Income
1056
Three months ended March 31, 2026 compared to 2025
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.
Underwriting Gain
1254
Three months ended March 31, 2026 compared to 2025
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.
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.
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Earned Premiums
2112
[1]Other earned premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.
Written Premiums
2256
[1]Other written premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.

Three months ended March 31, 2026 compared to 2025
Earned premiums increased due to written premium increases over the prior twelve months.
Written premiums increased driven by growth across small business, middle & large business and global specialty.
•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.
•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.
•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.
Renewal written price increases were recognized in most lines, though have moderated from the prior year.
•In small business, renewal written price increases were lower than prior year levels overall, with single-digit price increases across package business and automobile. Workers' compensation pricing was slightly negative.
•In middle market, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases in most lines. Workers' compensation pricing was positive.
•In global specialty, renewal written price increases were lower than prior year levels with mid single-digit price increases overall.
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Underlying Loss and Loss Adjustment Expense Ratio
4019
Three months ended March 31, 2026 compared to 2025
Underlying Loss and Loss Adjustment Expense Ratio increased primarily due to a slightly higher loss ratio in a few lines.
Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
4248
Three months ended March 31, 2026 compared to 2025
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 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.
Prior accident year development was net unfavorable for the three months ended March 31, 2026 and included reserve increases for general liability related to exposures from the 1970s and 1980s, partially offset by decreases in workers' compensation.
Prior accident year development was net favorable for the three months ended March 31, 2025 and primarily included reserve decreases for workers' compensation. Also included is a benefit of $32 related to amortization of the Navigators ADC deferred gain.The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the Navigators ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
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Personal Insurance - Results of Operations
Underwriting Summary
Three Months Ended March 31,
20262025Change
Written premiums$862 $913 (6)%
Change in unearned premium reserve(45)14 NM
Earned premiums907 899 1 %
Fee income8 8 — %
Losses and loss adjustment expenses
Current accident year before catastrophes526 563 (7)%
Current accident year catastrophes [1]59 187 (68)%
Prior accident year development [1](35)(39)10 %
Total losses and loss adjustment expenses550 711 (23)%
Amortization of DAC71 68 4 %
Insurance operating costs180 182 (1)%
Amortization of other intangible assets1 1 — %
Underwriting gain (loss)113 (55)NM
Net investment income [2]62 57 9 %
Net realized losses [2](4)(2)(100)%
Net servicing and other income (expense) [3]3 5 (40)%
Income before income taxes174 5 NM
 Income tax expense [4]35 — NM
Net income$139 $5 NM
[1]For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[2]For discussion of consolidated investment results, see MD&A - Investment Results.
[3]Includes servicing revenues of $22 and $20 for the three months ended March 31, 2026 and 2025, respectively. Includes servicing expenses of $18 and $16 for the three months ended March 31, 2026 and 2025, respectively.
[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Written and Earned Premiums
Three Months Ended March 31,
Written Premiums20262025Change
Product Line
Automobile$565 $627 (10%)
Homeowners297 286 4%
Total$862 $913 (6%)
Earned Premiums
Product Line
Automobile$593 $618 (4%)
Homeowners314 281 12%
Total$907 $899 1%
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Premium Measures
Three Months Ended March 31,
Premium Measures20262025
Policies in-force end of period (in thousands)
Automobile1,020 1,146 
Homeowners709 719 
Net new business premium
Automobile$53 $81 
Homeowners$43 $62 
Effective Policy Count Retention
Automobile 80 %79 %
Homeowners82 %83 %
Renewal written price increase
Automobile6.8 %15.7 %
Homeowners11.8 %12.3 %
Renewal earned price increase
Automobile 11.3 %20.0 %
Homeowners12.2 %14.4 %
Underwriting Ratios
Three Months Ended March 31,
Underwriting Ratios20262025Change
Loss and loss adjustment expense ratio60.6 79.1 (18.5)
Expense Ratio27.0 27.0 — 
Combined Ratio87.7 106.1 (18.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior year development(2.6)(16.5)13.9 
Underlying combined ratio85.0 89.7 (4.7)
Underlying loss and loss adjustment expense ratio58.0 62.6 (4.6)
Current accident year catastrophes6.5 20.8 (14.3)
Prior accident year development(3.9)(4.3)0.4 
Total loss and loss adjustment expense ratio60.6 79.1 (18.5)
Loss and loss adjustment expense ratio60.6 79.1 (18.5)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior year development(2.6)(16.5)13.9 
Underlying loss and loss adjustment expense ratio58.0 62.6 (4.6)
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Product Combined Ratios
Three Months Ended March 31,
20262025Change
Automobile
Combined ratio89.6 93.5 (3.9)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.7)(1.2)0.5 
Prior accident year development3.3 3.8 (0.5)
Underlying combined ratio92.2 96.1 (3.9)
Homeowners
Combined ratio83.8 133.2 (49.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(17.6)(63.7)46.1 
Prior accident year development4.8 5.6 (0.8)
Underlying combined ratio71.0 75.1 (4.1)
Net Income
787
Three months ended March 31, 2026 compared to 2025
Net income increased, largely driven by a change from an underwriting loss to an underwriting gain.

Underwriting gain (loss)
928
Three months ended March 31, 2026 compared to 2025
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.
Expense ratio was flat for the three month period.
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Earned Premiums
1663
Written Premiums
1682

Three months ended March 31, 2026 compared to 2025
Earned premiums increased in 2026 due to higher earned premiums in homeowners, partially offset by lower earned premiums in automobile.
Written premiums decreased in 2026 due to lower written premiums in automobile, partially offset by higher written premiums in homeowners.
Renewal written pricing moderated for both automobile and homeowners, primarily in response to moderating loss cost trends.
Effective Policy count retention was relatively stable both for automobile and homeowners in 2026, in response to moderating renewal written pricing increases.
Policies in-force as of March 31, 2026 compared to March 31, 2025 declined for automobile and for homeowners, reflecting the level of new business in relation to non-renewed policies.
Underlying Loss and Loss Adjustment Expense Ratio
2651
Three months ended March 31, 2026 compared to 2025
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.
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Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
3664
Three months ended March 31, 2026 compared to 2025
Current accident year catastrophe losses decreased in the three month period. CAY catastrophe losses for the three months ended March 31, 2026 included losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, as well as losses from winter storms across several regions.
CAY catastrophe losses for the three months ended March 31, 2025 included a loss of $118 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the Midwest and South regions.
Prior accident year development was favorable for the three month period, primarily driven by lower estimated severity on automobile liability, homeowners, and automobile physical damage. Prior accident year development was favorable for the three months ended March 31, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, and automobile liability.
Property & Casualty Other Operations - Results of Operations
Underwriting Summary
 Three Months Ended March 31,
20262025Change
Losses and loss adjustment expenses
Prior accident year development [1]$(36)$— NM
Total losses and loss adjustment expenses(36)— NM
Insurance operating costs2 2 —%
Underwriting gain (loss)34 (2)NM
Net investment income [2]20 18 11%
Net realized losses [2](1)— NM
 Income before income taxes53 16 NM
Income tax expense [3]11 3 NM
Net income$42 $13 NM
[1]For additional information on prior accident year development, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[2]For discussion of consolidated investment results, see MD&A - Investment Results.
[3]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
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Net Income
325

Three months ended March 31, 2026 compared to 2025
Net income increased driven by a change from an underwriting loss to an underwriting gain.
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.
Employee Benefits - Results of Operations
Operating Summary
Three Months Ended March 31,
20262025Change
Premiums and other considerations$1,723 $1,668 3 %
Net investment income [1]131 126 4 %
Net realized losses [1](11)(4)(175)%
Total revenues1,843 1,790 3 %
Benefits, losses and loss adjustment expenses1,238 1,199 3 %
Amortization of DAC8 8 — %
Insurance operating costs and other expenses439 406 8 %
Amortization of other intangible assets10 10 — %
Total benefits, losses and expenses1,695 1,623 4 %
 Income before income taxes148 167 (11)%
 Income tax expense [2]30 34 (12)%
Net income$118 $133 (11)%
[1]For discussion of consolidated investment results, see MD&A - Investment Results.
[2]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Premiums and Other Considerations
Three Months Ended March 31,
20262025Change
Fully insured – ongoing premiums$1,654 $1,612 3 %
Buyout premiums12 — NM
Fee income57 56 2 %
Total premiums and other considerations$1,723 $1,668 3 %
Fully insured ongoing sales$582 $381 53 %
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Ratios, Excluding Buyouts
Three Months Ended March 31,
20262025Change
Group disability loss ratio72.7%69.0%3.7
Group life loss ratio73.2%79.9%(6.7)
Total loss ratio71.7%71.9%(0.2)
Expense ratio26.7%25.4%1.3
Margin
Three Months Ended March 31,
20262025Change
Net income margin6.4%7.4%(1.0)
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses, before tax0.6%0.3%0.3 
Income tax benefit(0.1%)(0.1%)— 
Core earnings margin6.9%7.6%(0.7)
Net Income
183
Three months ended March 31, 2026 compared to 2025
Net income decreased primarily due to a higher group disability loss ratio as well as an increase in the expense ratio, partially offset by a lower group life loss ratio and increased net investment income.
Insurance operating costs and other expenses were higher due to higher staffing costs as well as higher technology costs.
Fully Insured Ongoing Premiums
970
[1]Other of $118 and $135 for the three months ended March 31, 2025 and 2026 respectively, which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
Three months ended March 31, 2026 compared to 2025
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%.
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.

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Ratios
1699
Three months ended March 31, 2026 compared to 2025
Loss ratio improved 0.2 points for the three months ended March 31, 2026, compared to the prior year period driven by a decrease in the group life loss ratio partially offset by a higher group disability loss ratio. The group life loss ratio decreased 6.7 points driven by lower mortality across both term and accidental life products. The group disability loss ratio increased 3.7 points due to less favorable long-term disability loss trends and higher claim incidence in short-term disability, including paid family and medical leave, partially offset by continued paid family and medical leave pricing actions.
Expense ratio increased primarily due to higher staffing costs as well as higher technology costs.
Hartford Funds - Results of Operations
Operating Summary
Three Months Ended March 31,
20262025Change
Fee income and other revenue$283 $260 9%
Net investment income5 4 25%
Net realized losses(3)— NM
Total revenues285 264 8%
Operating costs and other expenses223 209 7%
 Income before income taxes62 55 13%
Income tax expense [1]13 12 8%
Net income$49 $43 14%
Daily average Hartford Funds AUM$155,958 $141,834 10%
ROA [2]12.6 12.1 4%
Adjustment to reconcile ROA to ROA, core earnings:
Effect of net realized losses excluded from core earnings, before tax0.8 — NM
Effect of income tax expense (benefit)(0.3)0.3 NM
ROA, core earnings [2]13.1 12.4 6%
[1]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
[2]Represents annualized earnings divided by a daily average of AUM, as measured in basis points.
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Hartford Funds Segment AUM
Three Months Ended March 31,
20262025Change
Mutual Fund and ETF AUM - beginning of period$142,969 $128,054 12%
Sales - Mutual Fund8,018 7,731 4%
Redemptions - Mutual Fund(9,285)(9,309)—%
Net flows - ETF734 146 NM
Net flows - Mutual Fund and ETF(533)(1,432)63%
Change in market value and other(2,042)597 NM
Mutual Fund and ETF AUM - end of period140,394 127,219 10%
Third-party life and annuity separate account AUM10,427 10,879 (4%)
Hartford Funds AUM - end of period$150,821 $138,098 9%
Mutual Fund and ETF AUM by Asset Class
As of March 31,
20262025Change
Equity - Mutual Funds$92,364 $82,792 12 %
Fixed Income - Mutual Funds24,073 21,398 13 %
Multi-Strategy Investments - Mutual Funds [1]17,780 18,321 (3)%
Equity - ETF2,366 1,884 26 %
Fixed Income - ETF3,811 2,824 35 %
Mutual Fund and ETF AUM$140,394 $127,219 10 %
[1]Includes balanced, allocation and alternative investment products.
Net Income
365
Three months ended March 31, 2026 compared to 2025
Net income increased for the three months ended March 31, 2026, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM, partially offset by net realized losses in the 2026 period.


Hartford Funds AUM
645
March 31, 2026 compared to 2025
Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve month period. Net outflows were $0.5 billion for the three months ended March 31, 2026 compared to net outflows of $1.4 billion, for the three months ended March 31, 2025.
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Corporate - Results of Operations
Operating Summary
Three Months Ended March 31,
20262025Change
Fee income [1]$10 $11 (9%)
Other revenue5 1 NM
Net investment income [2]16 14 14%
Net realized losses [2](17)(19)11%
Total revenues14 7 100%
Benefits, losses and loss adjustment expenses [3]1 2 (50%)
Insurance operating costs and other expenses [1]15 14 7%
Interest expense [4]50 50 —%
Total benefits, losses and expenses66 66 —%
Loss before income taxes(52)(59)12%
Income tax benefit [5](24)(18)(33%)
Net loss(28)(41)32%
Preferred stock dividends5 5 —%
Net loss available to common stockholders$(33)$(46)28 %
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]For discussion of consolidated investment results, see MD&A - Investment Results.
[3]Includes benefits expense on life and annuity business previously underwritten by the Company.
[4]For discussion of debt, see Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.
[5]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Net loss available to common stockholders
512
Three months ended March 31, 2026 compared to 2025
Net loss available to common stockholders for 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.

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Enterprise Risk Management
The Company’s Board of Directors has ultimate responsibility for risk oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s risks.
The Company manages and monitors risk through risk policies, controls and limits. At the senior management level, an Enterprise Risk and Capital Committee (“ERCC”) oversees the risk profile and risk management practices of the Company.
The Company's enterprise risk management ("ERM") function supports the ERCC and functional committees, and is tasked with, among other things:
•risk identification and assessment;
•the development of risk appetites, tolerances, and limits;
•risk monitoring; and
•internal and external risk reporting.
The Company categorizes its main risks as insurance risk, operational risk and financial risk. Insurance risk and financial risk are described in more detail below. Operational risk, including cybersecurity, and specific risk tolerances for natural catastrophes, terrorism and pandemic risk are described in the ERM section of the MD&A in The Hartford’s 2025 Form 10-K Annual Report.
Insurance Risk
Insurance risk is the risk of losses of both a catastrophic and non-catastrophic nature on the P&C and Employee Benefits products the Company has sold. Catastrophe insurance risk is the exposure arising from both natural catastrophes (e.g., weather, earthquakes, wildfires, pandemics) and man-made catastrophes (e.g., terrorism, cyber-attacks) that create a concentration or aggregation of loss across the Company's insurance or asset portfolios.
Sources of Insurance Risk Non-catastrophe insurance risks exist within each of the Company's segments except Hartford Funds and include:
•Property- Risk of loss to personal or commercial property from automobile related accidents, weather, explosions, smoke, shaking, fire, theft, vandalism, inadequate installation, faulty equipment, collisions and falling objects, and/or machinery mechanical breakdown resulting in physical damage, losses from PV&T and other covered perils.
•Liability- Risk of loss from automobile related accidents, uninsured and under-insured drivers, lawsuits from accidents, defective products, breach of warranty, negligent acts by professional practitioners, environmental claims, latent exposures, fraud, coercion, forgery, failure to fulfill obligations per contract surety, liability from errors and omissions, losses from CPRI coverages, losses from derivative lawsuits, and other securities actions and covered perils.
•Mortality- Risk of loss from unexpected trends in insured deaths impacting timing of payouts from group life insurance, personal or commercial automobile related accidents, and death of employees or executives during the course of employment, while on disability, or while collecting workers compensation benefits.
•Morbidity- Risk of loss to an insured from illness incurred during the course of employment or illness from other covered perils.
•Disability- Risk of loss incurred from personal or commercial automobile related losses, accidents arising outside of the workplace, injuries or accidents incurred during the course of employment, or from equipment, with each loss resulting in short-term or long-term disability payments.
•Longevity- Risk of loss from increased life expectancy trends among policyholders receiving long-term benefit payments.
•Cyber Insurance- Risk of loss to property, breach of data and business interruption from various types of cyber-attacks.
Catastrophe risk primarily arises in the property, automobile, workers' compensation, casualty, group life, and group disability lines of business but could also arise from other coverages such as losses under PV&T and CPRI policies. See the term Current Accident Year Catastrophe Ratio within the Key Performance Measures and Ratios section of MD&A for an explanation of how the Company defines catastrophe losses in its financial reporting.
Impact Non-catastrophe insurance risk can arise from unexpected loss experience, underpriced business and/or underestimation of loss reserves and can have significant effects on the Company’s earnings. Catastrophe insurance risk can arise from various unpredictable events and can have significant effects on the Company's earnings and may result in losses that could constrain its liquidity.
Management The Company's policies and procedures for managing these risks include disciplined underwriting protocols, exposure controls, sophisticated risk-based pricing, risk modeling, risk transfer, and capital management strategies. The Company has established underwriting guidelines for both individual risks, including individual policy limits, and risks in the aggregate, including aggregate exposure limits by geographic zone and peril. The Company uses both internal and third-party models to estimate the potential loss resulting from various catastrophe events and the potential financial impact those events would have on the Company's financial position and results of operations across its businesses.
The Hartford closely monitors scientific literature on climate change to help identify climate change risks impacting our business. We use data from the scientific community and other outside experts including partnerships with third-party catastrophe modeling firms to inform our risk management activities and stay abreast of potential implications of climate-related impacts that we incorporate into our risk assessment. We regularly study these climate change implications and incorporate these risks into our catastrophe risk assessment
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and management strategy through product pricing, underwriting and management of aggregate risk to manage implications of severe weather and climate change in our insurance portfolio.
In addition, certain insurance products offered by The Hartford provide coverage for losses incurred due to cyber events and the Company has assessed and modeled how those products would respond to different events in order to manage its aggregate exposure to losses incurred under the insurance policies we sell. The Company models numerous deterministic scenarios including losses caused by malware, data breach, distributed denial of service attacks, intrusions of cloud environments and attacks of power grids.
Among specific risk tolerances set by the Company, risk limits are set for natural catastrophes, terrorism risk and pandemic risk.
Reinsurance as a Risk Management Strategy
The Company uses reinsurance to transfer certain risks to reinsurance companies based on specific geographic or risk concentrations. A variety of traditional reinsurance products are used as part of the Company's risk management strategy, including excess of loss occurrence-based products that reinsure property and workers' compensation exposures, and individual risk (including facultative reinsurance) or quota share arrangements that reinsure losses from specific classes or lines of business. The Company has no significant finite risk contracts in place and the statutory surplus benefit from all such prior year contracts is immaterial. The Hartford also participates in governmentally administered reinsurance facilities such as the Florida Hurricane Catastrophe Fund (“FHCF”), the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA") and other reinsurance programs relating to particular risks or specific lines of business.
Reinsurance for Catastrophes- The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, catastrophe bonds, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business. The occurrence property catastrophe treaty and workers’ compensation catastrophe treaties beginning with the January 1, 2021 renewal do not cover pandemic losses, as most industry reinsurance programs exclude communicable disease. The Company has reinsurance in place to cover individual group life losses in excess of $1.25 per person.

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Primary Catastrophe Treaty Reinsurance Coverages as of March 31, 2026 [1]
Portion of losses reinsuredPortion of losses retained by The Hartford
Per Occurrence Property Catastrophe Treaty from 1/1/2026 to 12/31/2026 [1] [2]
Losses of $0 to $200None100% retained
Losses of $200 to $350 for earthquakes and named hurricanes and tropical storms [3]None100% retained
Losses of $200 to $350 from one event other than earthquakes and named hurricanes and tropical storms [3]40% of $150 in excess of $20060% co-participation
Losses of $350 to $500 from one event (all perils)75% of $150 in excess of $35025% co-participation
Losses of $500 to $1.30 billion from one event [4] (all perils)90% of $800 in excess of $50010% co-participation
Per Occurrence Property Catastrophe Bonds from 1/1/2026 to 12/31/2026 [5]
Losses of $1.29 billion to $1.62 billion for tropical cyclone and earthquake events [6]60.79% of $329 in excess of $1.29 billion39.21% of $329 in excess of $1.29 billion
Losses of $1.60 billion to $1.90 billion for tropical cyclone and earthquake events [6]90% of $300 in excess of $1.60 billion10% of $300 in excess of $1.60 billion
Aggregate Property Catastrophe Treaty for 1/1/2026 to 12/31/2026 [7]
$0 to $750 of aggregate lossesNone100% Retained
$750 to $950 of aggregate losses100%None
Workers' Compensation Catastrophe Treaty for 1/1/2026 to 12/31/2026
Losses of $0 to $100 from one eventNone100% Retained
Losses of $100 to $450 from one event [8]80% of $350 in excess of $10020% co-participation
[1]These agreements do not cover the assumed reinsurance business which purchases its own retrocessional coverage.
[2]In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2025, and will renew for the annual period starting June 1, 2026. Retention and coverage varies by writing company. For the 2025 - 2026 period, the writing company with the largest coverage under FHCF is Hartford Insurance Company of the Midwest, with coverage of $37 in per event losses in excess of a $23 retention (estimates are based on best available information at this time and are periodically updated as information is made available by Florida).
[3]Named hurricanes and tropical storms are defined as any storm or storm system declared to be a hurricane or tropical storm by the US National Hurricane Center, US Weather Prediction Center, or their successor organizations (being divisions of the US National Weather Service).
[4]Portions of this layer of coverage extend beyond a traditional one year term.
[5] For further information on the Company's catastrophe bond, see MD&A - Enterprise Risk Management, Insurance Risk included in the Company's 2025 Form 10-K Annual report.
[6] Tropical cyclones are defined as a storm or storm system that has been declared by National Weather Service or any division or agency thereof (including the National Hurricane Center or the Weather Prediction Center) or any of their successors to be a hurricane, tropical storm, or tropical depression.
[7] The aggregate treaty is not limited to a single event; rather, it is designed to provide reinsurance protection for the aggregate of all catastrophe events (up to $350 per event), either designated by the Property Claim Services office of Verisk or, for international business, net losses arising from two or more risks involved in the same loss occurrence totaling at least $500 thousand. All catastrophe losses, except assumed reinsurance business losses, apply toward satisfying the $750 attachment point under the aggregate treaty.
[8] In addition to the limits shown, the workers' compensation reinsurance includes a non-catastrophe, industrial accident layer, providing coverage for 80% of $25 in per event losses in excess of a $25 retention.
In addition to the property catastrophe reinsurance coverage described in the above table, the Company has other reinsurance agreements that cover property catastrophe losses, some of which provide for reinstatement of limits in the event of a loss with reinstatement provisions varying depending on the layer of coverage. The Per Occurrence Property Catastrophe Treaty, and Workers' Compensation Catastrophe Treaty include a provision to reinstate one limit in the event that a catastrophe loss exhausts limits on one or more layers under the treaties.
Reinsurance for Terrorism- For the risk of terrorism, private sector catastrophe reinsurance capacity is generally limited and largely unavailable for terrorism losses caused by nuclear, biological, chemical or radiological attacks. As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027.
TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the
Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200. Under the program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion. The federal government pays 80% of the losses. The Company's estimated deductible under the program is $2.4 billion for 2026. If an act of terrorism or acts of terrorism result in covered losses exceeding the $100 billion annual industry aggregate limit, Congress would be responsible for determining how additional losses in excess of $100 billion will be paid.
Reinsurance for Asbestos and Environmental ("A&E") Reserve Development - The Company has an ADC reinsurance agreement in place with NICO, a subsidiary of Berkshire Hathaway Inc., accounted for as retroactive reinsurance. The
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agreement covered substantially all A&E reserve development for accident years prior to 2016 (the “A&E ADC”) up to an aggregate limit of $1.5 billion. As the Company had previously ceded all of the available limits under the agreement, there is no remaining limit available as of March 31, 2026.
As of December 31, 2025, the Company had paid A&E ADC claims in excess of the $1.7 billion attachment point. During the three months ended March 31, 2026, the Company began collecting recoveries from NICO under the A&E ADC and as a result, amortized $36 of the $850 deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the deferred gain on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets. During the first quarter of 2026, NICO suspended payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding. The timing of any resolution or outcome of the arbitration is not yet known and there may be impacts to the Company's cash flows or operating results as a result of the dispute.
For more information on the A&E ADC, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.
Financial Risk
Financial risks include direct and indirect risks to the Company's financial objectives from events that impact financial market conditions and the value of financial assets. Some events may cause correlated movement in multiple risk factors. The primary sources of financial risks are the Company's invested assets.
Consistent with its risk appetite, the Company establishes financial risk limits to control potential loss on a U.S. GAAP, statutory, and economic basis. Exposures are actively monitored and managed, with risks mitigated where appropriate. The Company uses various risk management strategies, including limiting aggregation of risk, portfolio re-balancing and hedging with over-the-counter ("OTC") and exchange-traded derivatives with counterparties meeting the appropriate regulatory and due diligence requirements. Derivatives may be used to achieve the following Company-approved objectives: (1) hedging risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; (2) managing liquidity; (3) controlling transaction costs; and (4) engaging in income generation covered call transactions and synthetic replication transactions. Derivative activities are monitored and evaluated by the Company’s compliance and risk management teams and reviewed by senior management. The Company identifies different categories of financial risk, including liquidity, credit, interest rate, equity, and foreign currency exchange.
Liquidity Risk
Liquidity risk is the risk to current or prospective earnings or capital arising from the Company's inability or perceived inability to meet its contractual funding obligations as they come due.
Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market
liquidity risk resulting from differences in the amount and timing of sources and uses of cash as well as company-specific and general market conditions. Stressed market conditions may impact the ability to sell assets or otherwise transact business and may result in a significant loss in value of the investment portfolio.
Impact Inadequate capital resources and liquidity could negatively affect the Company’s overall financial strength and its ability to generate cash flows from its businesses, borrow funds at competitive rates, and raise new capital to meet operating and growth needs.
Management The Company has defined ongoing monitoring and reporting requirements to assess liquidity across the enterprise under both current and stressed market conditions. The Company measures and manages liquidity risk exposures and funding needs within prescribed limits across legal entities, taking into account legal, regulatory and operational limitations to the transferability of liquid assets among legal entities. The Company also monitors internal and external conditions, and identifies material risk changes and emerging risks that may impact operating cash flows or liquid assets. The liquidity requirements of The Hartford Insurance Group, Inc. ("HIG Holding Company") have been and will continue to be met by the HIG Holding Company's fixed maturities, short-term investments and cash, and dividends from its subsidiaries, principally from its insurance operations, as well as the issuance of common stock, debt or other capital securities and borrowings from its credit facilities, as needed. The Company maintains multiple sources of contingent liquidity including a revolving credit facility, an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates, and access to collateralized advances from the Federal Home Loan Bank of Boston ("FHLBB") for certain affiliates. The Company's CFO has primary responsibility for liquidity risk.
Credit Risk and Counterparty Risk
Credit risk is the risk to earnings or capital due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with contractually agreed upon terms. Credit risk is comprised of three major factors: the risk of change in credit quality, or credit migration risk; the risk of default; and the risk of a change in value due to changes in credit spreads.
Sources of Credit Risk The majority of the Company’s credit risk is concentrated in its investment holdings and use of derivatives, but it is also present in the Company’s ceded reinsurance activities, bond insurance, and certain aspects of Business Insurance products.
Impact A decline in creditworthiness is typically reflected as an increase in an investment’s credit spread and an associated decline in the investment's fair value, potentially resulting in recording an ACL and an increased probability of a realized loss upon sale. In certain instances, counterparties may default on their obligations and the Company may realize a loss on default. Premiums receivable, including premiums for retrospectively rated plans, reinsurance recoverable and deductible losses recoverable are also subject to credit risk based on the counterparty’s inability to pay.
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Management The objective of the Company’s enterprise credit risk management strategy is to identify, quantify and manage credit risk in aggregate and to limit potential losses in accordance with the Company's credit risk management policy. The Company manages its credit risk by managing aggregations of risk, holding a diversified mix of issuers and 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.
The Company manages credit risk through the use of various surveillance, analyses and governance processes. The investment and reinsurance areas have formal policies and procedures for counterparty approvals and authorizations, which establish criteria defining minimum levels of creditworthiness and financial stability for eligible counterparties. Potential investments are subject to underwriting reviews and management approval. Mitigation strategies vary across the three sources of credit risk, but may include:
•Investing in a portfolio of high-quality and diverse securities;
•Selling investments subject to heightened credit risk;
•Hedging through use of credit default swaps;
•Clearing derivative transactions through central clearing houses that require daily variation margin;
•Entering into derivative and reinsurance contracts only with strong creditworthy institutions;
•Requiring collateral; and
•Non-renewing policies/contracts or reinsurance treaties.
The Company has developed credit exposure thresholds which are based upon counterparty ratings. Aggregate counterparty credit quality and exposure are monitored on a daily basis utilizing an enterprise-wide credit exposure information system that contains data on issuers, ratings, exposures, and credit limits. Exposures are tracked on a current and potential basis and aggregated by ultimate parent of the counterparty across investments, reinsurance receivables, insurance products with credit risk, and derivatives.
As of March 31, 2026, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S. government and certain U.S. government agencies. For further discussion of concentration of credit risk in the investment portfolio, see the Concentration of Credit Risk section in Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
Credit Risk of Derivatives
The Company uses various derivative counterparties in executing its derivative transactions. The use of counterparties creates credit risk that the counterparty may not perform in accordance with the terms of the derivative transaction.
Downgrades to the credit ratings of the Company’s insurance operating companies may have adverse implications for its use of derivatives. In some cases, downgrades may give derivative counterparties for OTC derivatives and clearing brokers for OTC-cleared derivatives the right to cancel and settle
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.
The Company also has derivative counterparty exposure policies which limit the Company’s exposure to credit risk. Credit exposures are generally quantified based on the prior business day’s net fair value, including income accruals, of all derivative positions transacted with a single counterparty for each separate legal entity. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not necessarily reflective of credit risk. The Company enters into collateral arrangements in connection with its derivatives positions and collateral is pledged to or held by, or on behalf of, the Company to the extent the exposure is greater than zero, subject to minimum transfer thresholds, if applicable. In accordance with industry standards and the contractual requirements, collateral is typically settled on the same business day. For further discussion, see the Derivative Commitments section of Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.
Use of Credit Derivatives
The Company may also use credit default swaps to manage credit exposure or to assume credit risk to enhance yield.
Credit Risk Reduced Through Credit Derivatives
The Company may use credit derivatives to purchase credit protection with respect to a single entity or referenced index. The Company may purchase credit protection through credit default swaps to economically hedge and manage credit risk of certain fixed maturity investments across multiple sectors of the investment portfolio.
Credit Risk Assumed Through Credit Derivatives
The Company may also enter into credit default swaps that assume credit risk as part of replication transactions. Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. These swaps primarily reference investment grade single corporate issuers and indexes.
For further information on credit derivatives, see Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.
Credit Risk of Business Operations
A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of
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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.
Interest Rate Risk
Interest rate risk is the risk of financial loss due to adverse changes in the value of assets and liabilities arising from movements in interest rates. Interest rate risk encompasses exposures with respect to changes in the level of interest rates, the shape of the term structure of rates and the volatility of interest rates. Interest rate risk does not include exposure to changes in credit spreads.
Sources of Interest Rate Risk The Company has exposure to interest rate risk arising from investments in fixed maturities and commercial mortgage loans, issuances by the Company of debt securities, preferred stock and similar securities, discount rate assumptions associated with the Company’s claim reserves and pension and other postretirement benefit obligations, and assets that support the Company's pension plans.
Impact Changes in interest rates from current levels can have both favorable and unfavorable effects for the Company.
Management The Company primarily manages its exposure to interest rate risk by constructing investment portfolios that seek to protect the Company from the economic impact associated with changes in interest rates by setting portfolio duration targets that are aligned with the duration of the liabilities that they support. The Company analyzes interest rate risk using various models including parametric models and cash flow simulation under various market scenarios of the liabilities and their supporting investment portfolios. Key metrics that the Company uses to quantify its exposure to interest rate risk inherent in its invested assets and the associated liabilities include duration, convexity and key rate duration.
The Company may also use interest rate swaps and, to a lesser extent, futures to mitigate interest rate risk associated with its investment portfolio or liabilities and to manage portfolio duration.
Equity Risk
Equity risk is the risk of financial loss due to changes in the value of global equities or equity indices.
Sources of Equity Risk The Company has exposure to equity risk from invested assets, assets that support the Company’s pension plans, and fee income derived from Hartford Funds AUM.
Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives, which could negatively impact the Company's reported earnings. In addition, investments in limited partnerships and other alternative investments generally have a level of
correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline; however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay. For assets supporting pension plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value. Hartford Funds earnings are also significantly influenced by the U.S. and other equity markets. Generally, declines in equity markets will reduce the value of average daily AUM and the amount of fee income generated from those assets. Increases in equity markets will generally have the inverse impact.
Management The Company uses various approaches in managing its equity exposure, including limits on the proportion of assets invested in equities, diversification of the equity portfolio, and, at times, hedging of changes in equity indices. For assets supporting pension plans, the asset allocation mix is reviewed on a periodic basis. In order to minimize risk, the pension plans maintain a listing of permissible and prohibited investments and impose concentration limits and investment quality requirements on permissible investment options.
Foreign Currency Exchange Risk
Foreign currency exchange risk is the risk of financial loss due to changes in the relative value between currencies.
Sources of Currency Risk The Company has foreign currency exchange risk in non-U.S. dollar denominated cash, fixed maturities, and derivative instruments. In addition, the Company has non-U.S. subsidiaries, some with functional currencies other than U.S. dollar, and which transact business in multiple currencies resulting in assets and liabilities denominated in foreign currencies.
Impact Changes in relative values between currencies can create variability in cash flows and realized or unrealized gains and losses on changes in the fair value of assets and liabilities.
Management The Company manages its foreign currency exchange risk primarily through asset-liability matching and through the use of derivative instruments. However, legal entity capital is invested in local currencies in order to satisfy regulatory requirements and to support local insurance operations. The foreign currency exposure of non-U.S. dollar denominated investments will most commonly be reduced through the sale of the assets or through hedges using foreign currency swaps and forwards.
Investment Portfolio Risk
The credit ratings referenced throughout this section are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. Accrued investment income related to fixed maturities is not included in the amortized cost or fair value of the fixed maturities. For further information refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
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Fixed Maturities, AFS by Type
 March 31, 2026December 31, 2025
 Amortized CostACLGross Unrealized GainsGross Unrealized LossesFair ValuePercent of Total Fair ValueAmortized CostACLGross Unrealized GainsGross Unrealized LossesFair ValuePercent of Total Fair Value
ABS
Consumer loans$3,400 $— $25 $(6)$3,419 7.5 %$3,375 $— $41 $(2)$3,414 7.4 %
Other1,264 — 5 (20)1,249 2.7 %1,253 — 10 (14)1,249 2.7 %
CLOs3,335 (2)3 (6)3,330 7.3 %3,310 (2)9 (1)3,316 7.2 %
Commercial Mortgage-Backed Securities ("CMBS")
Agency [1]1,146 (14)21 (88)1,065 2.3 %1,192 (14)19 (87)1,110 2.4 %
Bonds1,162 — 1 (62)1,101 2.4 %1,206 — 1 (61)1,146 2.5 %
Interest only65 — 3 (2)66 0.1 %70 — 4 (2)72 0.2 %
Corporate
Basic industry1,240 — 9 (26)1,223 2.7 %1,232 — 18 (19)1,231 2.7 %
Capital goods1,830 — 26 (38)1,818 4.0 %1,757 — 44 (30)1,771 3.8 %
Consumer cyclical1,718 — 18 (49)1,687 3.7 %1,667 — 36 (37)1,666 3.6 %
Consumer non-cyclical3,128 — 32 (110)3,050 6.7 %2,860 — 54 (84)2,830 6.2 %
Energy1,500 — 21 (46)1,475 3.2 %1,452 — 27 (38)1,441 3.1 %
Financial services6,899 — 39 (173)6,765 14.8 %6,952 — 87 (125)6,914 15.0 %
Tech./comm.3,616 — 29 (156)3,489 7.7 %3,400 — 55 (114)3,341 7.3 %
Transportation854 — 7 (40)821 1.8 %862 — 12 (34)840 1.8 %
Utilities2,817 — 21 (138)2,700 5.9 %2,793 — 39 (116)2,716 5.9 %
Real estate investment trusts ("REITs")284 — 2 (9)277 0.6 %330 — 3 (7)326 0.7 %
Foreign govt./govt. agencies435 — 6 (5)436 1.0 %440 — 9 (2)447 1.0 %
Municipal bonds
Taxable1,670 — 14 (92)1,592 3.5 %1,685 — 19 (92)1,612 3.5 %
Tax-exempt2,792 — 50 (179)2,663 5.8 %3,146 — 70 (176)3,040 6.6 %
Residential Mortgage-Backed Securities ("RMBS")
Agency3,441 — 22 (148)3,315 7.3 %3,544 — 33 (139)3,438 7.5 %
Non-agency2,876 — 9 (108)2,777 6.1 %2,828 — 17 (105)2,740 5.9 %
U.S. Treasuries1,457 — 1 (144)1,314 2.9 %1,517 — 3 (139)1,381 3.0 %
Total fixed maturities, AFS$46,929 $(16)$364 $(1,645)$45,632 100.0 %$46,871 $(16)$610 $(1,424)$46,041 100.0 %
FVO securities$130 $168 
[1]Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.
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Fixed Maturities, AFS by Credit Quality
 March 31, 2026December 31, 2025
 Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
United States Government/Government agencies$6,044 $5,694 12.5 %$6,253 $5,929 12.9 %
AAA7,511 7,406 16.2 %7,819 7,751 16.8 %
AA7,578 7,381 16.2 %7,484 7,340 15.9 %
A12,847 12,517 27.4 %12,653 12,470 27.1 %
BBB10,659 10,375 22.7 %10,377 10,250 22.3 %
BB & below2,290 2,259 5.0 %2,285 2,301 5.0 %
Total fixed maturities, AFS [1]$46,929 $45,632 100.0 %$46,871 $46,041 100.0 %
[1]Excludes FVO securities. For further discussion on FVO securities, see Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.
The fair value of fixed maturities, AFS decreased as compared to December 31, 2025, primarily due to lower valuations as a result of higher interest rates.
Commercial & Residential Real Estate
The following tables present the Company's exposure to CMBS and RMBS by credit quality included in the preceding Fixed Maturities, AFS by Type table.
Exposure to CMBS & RMBS Bonds by Credit Quality as of March 31, 2026
 AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
CMBS
   Agency [1]$10 $10 $1,136 $1,055 $— $— $— $— $— $— $1,146 $1,065 
   Bonds414 402 355 339 160 148 116 110 117 102 1,162 1,101 
   Interest Only34 35 21 21 6 6 4 4 — — 65 66 
Total CMBS458 447 1,512 1,415 166 154 120 114 117 102 2,373 2,232 
RMBS
   Agency— — 3,441 3,315 — — — — — — 3,441 3,315 
   Non-Agency1,786 1,721 785 758 252 246 51 50 2 2 2,876 2,777 
Total RMBS1,786 1,721 4,226 4,073 252 246 51 50 2 2 6,317 6,092 
Total CMBS & RMBS$2,244 $2,168 $5,738 $5,488 $418 $400 $171 $164 $119 $104 $8,690 $8,324 
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Exposure to CMBS & RMBS Bonds by Credit Quality as of December 31, 2025
 AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
CMBS
   Agency [1]$11 $10 $1,181 $1,100 $— $— $— $— $— $— $1,192 $1,110 
   Bonds418 408 365 349 171 157 137 132 115 100 1,206 1,146 
   Interest Only37 38 22 23 6 6 5 4 — 1 70 72 
Total CMBS466 456 1,568 1,472 177 163 142 136 115 101 2,468 2,328 
RMBS
   Agency— — 3,544 3,438 — — — — — — 3,544 3,438 
   Non-Agency1,741 1,682 770 746 257 253 53 52 7 7 2,828 2,740 
Total RMBS1,741 1,682 4,314 4,184 257 253 53 52 7 7 6,372 6,178 
Total CMBS & RMBS$2,207 $2,138 $5,882 $5,656 $434 $416 $195 $188 $122 $108 $8,840 $8,506 
[1]Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.
The Company also has exposure to commercial mortgage loans. These loans are collateralized by real estate properties that are diversified both geographically throughout the United States and by property type. These commercial mortgage loans are originated by the Company as high quality whole loans, and the Company may sell participation interests in one or more loans to third parties. A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.
As of March 31, 2026, mortgage loans had an amortized cost of $7.1 billion and carrying value of $7.0 billion, with an ACL of $49. As of December 31, 2025, mortgage loans had an amortized cost of $6.9 billion and carrying value of $6.8 billion, with an ACL of $49.
The Company funded $332 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“LTV”) ratio of 60% and a weighted average yield of 5.7% during the three months ended March 31, 2026. The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios. There were no mortgage loans held for sale as of March 31, 2026, or December 31, 2025.
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Municipal Bonds
Available-For-Sale Investments in Municipal Bonds
 March 31, 2026December 31, 2025
 Amortized CostFair ValueWeighted Average Credit QualityAmortized CostFair ValueWeighted Average Credit Quality
General Obligation$794 $783 AA$798 $800 AA
Pre-Refunded [1]43 43 AA+46 46 AA+
Revenue
Transportation917 876  A+ 985 951 A+
Health Care902 839  A+ 939 880 A+
Leasing [2]494 468  AA 543 517 AA
Education330 316  AA 370 358 AA
Water & Sewer236 216  AA 249 231 AA
Sales Tax166 163  AA 165 165 AA
Power130 122  A+ 137 130 A+
Housing99 96  AA+ 163 159 AA
Other351 333  A+ 436 415 A+
Total Revenue3,625 3,429 AA-3,987 3,806 AA-
Total Municipal$4,462 $4,255 AA-$4,831 $4,652 AA-
[1]Pre-refunded bonds are bonds for which an irrevocable trust containing sufficient U.S. treasury, agency, or other securities has been established to fund the remaining payments of principal and interest.
[2]Leasing revenue bonds are generally the obligations of a financing authority established by the municipality that leases facilities back to a municipality. The notes are typically secured by lease payments made by the municipality that is leasing the facilities financed by the issue. Lease payments may be subject to annual appropriation by the municipality, or the municipality may be obligated to appropriate general tax revenues to make lease payments.
As of March 31, 2026, the largest issuer concentrations were the State of California, the Metropolitan Transportation Authority, and CommonSpirit Health, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. As of December 31, 2025, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. In total, municipal bonds make up 7% of the fair value of the Company's investment portfolio.
Limited Partnerships and Other Alternative Investments
The following table presents the Company’s investments in limited partnerships and other alternative investments which include real estate joint ventures, real estate funds, private equity funds, other funds, and other alternative investments. Private equity funds primarily consist of investments in funds whose assets typically consist of a diversified pool of investments in small to mid-sized non-public businesses with high growth potential and strong owner sponsorship, as well as limited exposure to public markets. Other funds consist of investments in infrastructure and energy transition funds and, to a lesser extent, funds across a diverse mix of strategies.
Income or losses on investments in limited partnerships and other alternative investments are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.
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Limited Partnerships and Other Alternative Investments - Net Investment Income
Three Months Ended March 31,
 20262025
 AmountYield [1]AmountYield [1]
Real estate joint ventures and funds$(22)(4.3%)$(8)(1.7%)
Private equity funds35 5.9%40 8.1%
Other funds59 25.8%7 4.1%
Other alternative investments [2]3 1.8%— —%
Total$75 5.1 %$39 3.1 %
[1]Yields calculated using annualized net investment income divided by the monthly average invested assets.
[2]Consists of an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
Investments in Limited Partnerships and Other Alternative Investments
 March 31, 2026December 31, 2025
 AmountPercentAmountPercent
Real estate joint ventures and funds$2,019 34.0%$1,986 34.2%
Private equity funds2,357 39.6%2,327 40.1%
Other funds989 16.6%910 15.7%
Other alternative investments [1]583 9.8%581 10.0%
Total$5,948 100.0%$5,804 100.0%
[1]Consists of an insurer-owned life insurance policy which is primarily invested in private equity funds and fixed income.
Fixed Maturities, AFS — Unrealized Loss Aging
The total gross unrealized losses were $1.6 billion as of March 31, 2026, and have increased $221 since December 31, 2025, primarily due to higher interest rates. As of March 31, 2026, $1.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost. The remaining $0.4 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%. The fixed maturities, AFS depressed more than 20% primarily related to corporate fixed maturities, municipal bonds, and U.S. Treasuries, that are mainly depressed because current interest rates are higher than at the respective purchase dates.
As part of the Company’s ongoing investment monitoring process, the Company has reviewed its fixed maturities, AFS in an unrealized loss position and concluded that these fixed maturities are temporarily depressed and are expected to recover in value as the investments approach maturity or as market spreads tighten. For these fixed maturities in an unrealized loss position where an ACL has not been recorded, the Company’s best estimate of expected future cash flows are sufficient to recover the amortized cost basis of the investment. Furthermore, the Company neither has an intention to sell nor does it expect to be required to sell these investments. For further information regarding the Company’s ACL analysis, see the Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments section below.
Unrealized Loss Aging for Fixed Maturities, AFS Securities
 March 31, 2026December 31, 2025
Consecutive MonthsItemsAmortized CostACLUnrealized LossFair ValueItemsAmortized CostACLUnrealized LossFair Value
Three months or less1,094 $12,515 $(2)$(147)$12,366 253 $3,629 $— $(31)$3,598 
Greater than three to six months70 802 — (34)768 56 441 — (4)437 
Greater than six to nine months23 158 — (4)154 16 311 — (12)299 
Greater than nine to eleven months8 140 — (11)129 55 364 — (12)352 
Twelve months or more2,099 14,779 (14)(1,449)13,316 2,279 16,172 (14)(1,365)14,793 
Total3,294 $28,394 $(16)$(1,645)$26,733 2,659 $20,917 $(14)$(1,424)$19,479 
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Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%
 March 31, 2026December 31, 2025
Consecutive MonthsItemsAmortized CostACLUnrealized LossFair ValueItemsAmortized CostACL Unrealized LossFair Value
Three months or less61 $434 $— $(94)$340 29 $159 $— $(34)$125 
Greater than three to six months3 12 — (4)8 — — — — — 
Greater than six to nine months— — — — — 2 9 — (2)7 
Greater than nine to eleven months— — — — — 10 70 — (16)54 
Twelve months or more99 943 (1)(290)652 110 997 (1)(290)706 
Total163 $1,389 $(1)$(388)$1,000 151 $1,235 $(1)$(342)$892 
Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments
Three months ended March 31, 2026
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.
There were no intent-to-sell impairments.
The Company incorporates its best estimate of future performance using internal assumptions and judgments that are informed by economic and industry specific trends, as well as our expectations with respect to security specific developments.
Future intent-to-sell impairments or credit losses may develop as the result of changes in our intent to sell specific securities that are in an unrealized loss position or if modeling assumptions, such as macroeconomic factors or security specific developments, change unfavorably from our current modeling assumptions, resulting in lower cash flow expectations.
Three months ended March 31, 2025
The Company recorded a reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS.For the three months ended March 31, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.
There were no intent-to-sell impairments.
ACL on Mortgage Loans
Three months ended March 31, 2026 and March 31, 2025
The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
There were no credit loss adjustments on mortgage loans.
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Capital Resources and Liquidity
The following section discusses the overall financial strength of The Hartford and its insurance operations including their ability to generate cash flows from each of their business segments, borrow funds at competitive rates and raise new capital to meet operating and growth needs.
Summary of Capital Resources and Liquidity
Capital available to the HIG Holding Company as of March 31, 2026:
•Approximately $1.8 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;
•A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030. As of March 31, 2026, there were no borrowings outstanding; and
•An intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. As of March 31, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.
Dividends and other sources of capital for the three months ended March 31, 2026:
The future payment of dividends from our subsidiaries is dependent on several factors including the business results, capital position and liquidity of our subsidiaries.
•P&C - HIG Holding Company received $662 of net dividends from the Company's property and casualty insurance subsidiaries through March 31, 2026;
•Employee Benefits - HIG Holding Company received $226 in dividends from Hartford Life and Accident Insurance Company ("HLA") through March 31, 2026;
•Hartford Funds - HIG Holding Company received $45 in dividends from Hartford Funds through March 31, 2026.
Expected liquidity requirements for the next twelve months as of March 31, 2026:
•$194 of interest on debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.
•$21 dividends on preferred stock, subject to the discretion of the Board of Directors; and
•$660 of common stockholders' dividends, subject to the discretion of the Board of Directors and before share repurchases.
Expected liquidity requirements for beyond the next twelve months as of March 31, 2026:
•Interest on and repayments of debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report; and
•Preferred stock and common stock dividends, subject to the discretion of the Board of Directors.
Equity repurchase program:
During the three months ended March 31, 2026, the Company repurchased 3.3 million common shares for $450 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026. As of March 31, 2026, the Company has $1.1 billion remaining for equity repurchases under the current share repurchase program. During the period April 1, 2026 through April 22, 2026, the Company repurchased 0.8 million common shares for $111.
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.
Liquidity Requirements and Sources of Capital
The HIG Holding Company
The liquidity requirements of the HIG Holding Company will primarily be met by HIG Holding Company's fixed maturities; short-term investments and cash; and dividends from its subsidiaries, principally its insurance operations. The Company maintains sufficient liquidity and has a variety of contingent liquidity resources to manage liquidity across a range of economic scenarios.
The HIG Holding Company expects to continue to receive dividends from its operating subsidiaries in the future and manages capital in its operating subsidiaries to be sufficient under significant economic stress scenarios. Dividends from subsidiaries and other sources of funds at the holding company may be used to repurchase shares under the authorized share repurchase program at the discretion of management.
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
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have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.
Dividends
The Hartford's Board of Directors declared the following quarterly dividends since January 1, 2026:
Common Stock Dividends
DeclaredRecordPayableAmount per share
February 18, 2026March 2, 2026April 2, 2026$0.600 
Preferred Stock Dividends
DeclaredRecordPayableAmount per share
February 18, 2026May 1, 2026May 15, 2026$375.00 
There are no current restrictions on the HIG Holding Company's ability to pay dividends to its stockholders.
For a discussion of restrictions on dividends to the HIG Holding Company from its insurance subsidiaries, see the following "Dividends From Subsidiaries" discussion. For a discussion of potential restrictions on the HIG Holding Company's ability to pay dividends, see the risk factor "Our ability to declare and pay dividends is subject to limitations" in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Dividends From Subsidiaries
Dividends to HIG Holding Company from its insurance subsidiaries are restricted by insurance regulation. For a discussion of restrictions on dividends to HIG Holding Company from its insurance subsidiaries see Part II, Item 7, MD&A – Capital Resources and Liquidity - Dividends from Subsidiaries in The Hartford’s 2025 Form 10-K Annual Report.
Through the first three months of 2026, HIG Holding Company received $933 of net dividends from its subsidiaries, including $226 from HLA, $45 from Hartford Funds and $662 from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $41 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
Other Sources of Capital for the HIG Holding Company
The Hartford endeavors to maintain a capital structure that provides financial and operational flexibility to its insurance subsidiaries, ratings that support its competitive position in the financial services marketplace (see the "Ratings" section below for further discussion), and stockholder returns. As a result, the Company may from time to time raise capital from the issuance of debt, common equity, preferred stock, equity-related debt or other capital securities and is continuously evaluating strategic opportunities. The issuance of debt, common equity, equity-related debt or other capital securities could result in the dilution of stockholder interests or reduced net income to common stockholders due to additional interest expense or preferred stock dividends.
Shelf Registrations
The Hartford filed an automatic shelf registration statement with the Securities and Exchange Commission on September 23, 2024 that permits it to offer and sell debt and equity securities during the three-year life of the registration statement.
For further information regarding shelf registrations, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.
Revolving Credit Facility
The Hartford has a $750 senior unsecured revolving credit facility, including $100 available to support letters of credit (the "Credit Facility"). On September 24, 2025, The Hartford amended and restated the Credit Facility, which, among other changes, extends the term of the facility through September 24, 2030. As of March 31, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants. For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.
Intercompany Liquidity Agreements
The Company has $2.0 billion available under an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. The Connecticut Insurance Department ("CID") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.
As of March 31, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.
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Collateralized Advances with Federal Home Loan Bank of Boston
The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the FHLBB. Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates. Advances may be used to support general corporate purposes, which would be presented as short- or long-term debt, or to earn incremental investment income, which would be presented in other liabilities consistent with other collateralized financing transactions. The Company’s pledge capacity is subject to FHLBB’s collateral eligibility requirements, which may be amended at their discretion. Based on these requirements, the Company estimates that Hartford Fire can pledge up to $2.5 billion and HLA can pledge up to $2.1 billion to secure FHLBB advances. As of March 31, 2026, there were no advances outstanding.
For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.
Lloyd's Letter of Credit Facility
The Hartford has a committed credit facility agreement with a syndicate of lenders (the "Lloyd's Facility"). On October 21, 2024, The Hartford amended and restated its Lloyd’s Facility agreement. The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($98 as of March 31, 2026) commitment. As of March 31, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.

Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage. As of March 31, 2026, The Hartford was in compliance with all financial covenants of the facility.
For further information regarding the Lloyd's Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.
Pension Plans and Other Postretirement Benefits
The Company does not have a 2026 required minimum funding contribution for the U.S. qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial. The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2026. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2026 to make this determination. For further discussion of pension and other postretirement benefit obligations, see Note 16 - Employee Benefit Plans of Notes to Condensed Consolidated Financial Statements.
Derivative Commitments
Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could terminate agreements and demand immediate settlement of the outstanding net derivative positions transacted under each agreement. For further information, refer to Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.
As of March 31, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings. This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.
Insurance Operations
While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands.
The principal sources of operating funds are premiums, fees earned from insurance and administrative service agreements and investment income, while investing cash flows primarily originate from maturities and sales of invested assets.
The Company’s insurance operations consist of property and casualty insurance products (collectively referred to as “Property & Casualty Operations”) and Employee Benefits products.
The Company's insurance operations hold fixed maturity securities, including a significant short-term investment position (securities with maturities of one year or less at the time of purchase), to meet liquidity needs. Liquidity requirements that are unable to be funded by the Company's insurance operations' short-term investments would be satisfied with current operating funds, including premiums or investing cash flows, which includes proceeds received through the sale of invested assets. A sale of invested assets could result in significant realized losses.
The following tables represent the fixed maturity holdings, including the aforementioned cash and short-term investments available to meet liquidity needs, for each of the Company’s insurance operations.
Property & Casualty Operations
As of March 31, 2026
Fixed maturities$37,692 
Short-term investments1,713 
Cash97 
Less: Derivative collateral43 
Total$39,459 
Property & Casualty operations invested assets also include $133 in equity securities, $5.4 billion in mortgage loans and $4.6 billion in limited partnerships and other alternative investments.
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Employee Benefits Operations
As of March 31, 2026
Fixed maturities$7,878 
Short-term investments363 
Cash54 
Less: Derivative collateral12 
Total$8,283 
Employee Benefits operations invested assets also include $27 in equity securities, $1.6 billion in mortgage loans and $1.2 billion in limited partnerships and other alternative investments.
The primary uses of funds are to pay claims, claim adjustment expenses, commissions and other underwriting and insurance operating costs, to pay taxes, to purchase new investments and to make dividend payments to the HIG Holding Company.
Property & Casualty reserves for unpaid losses and loss adjustment expenses as of March 31, 2026 were $38.6 billion and net of reinsurance and other recoverables were $32.0 billion. Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported ("IBNR") reserves. The ultimate amount to be paid to settle both case and IBNR reserves is an estimate, subject to significant uncertainty. The actual amount to be paid is not finally determined until the Company reaches a settlement with the claimant. Final claim settlements may vary significantly from the present estimates, particularly since many claims will not be settled until well into the future. For a discussion of The Hartford’s judgment in estimating reserves for Property & Casualty see Part II, Item 7, MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance, in the Company's 2025 Form 10-K Annual Report, and for historical payments by reserve line net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. The timing of future payments for the next twelve months and for beyond twelve months could vary materially from historical payment patterns due to, among other things, changes in claim reporting and payment patterns and large unanticipated settlements. In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.
Employee Benefits reserves as of March 31, 2026 were $8.8 billion and net of reinsurance were $8.5 billion. Group life and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends. For a discussion of The Hartford’s judgment in estimating LTD reserves for Employee Benefits see Part II, Item 7, MD&A - Critical Accounting Estimates, Employee Benefit LTD Reserves, Net of Reinsurance, in the Company’s 2025 Form 10-K Annual Report. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements. For historical payments by reserve line, net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. Due to the significance of the assumptions used, payments for the next
twelve months and beyond twelve months could materially differ from historical patterns.
Corporate reserves as of March 31, 2026 were $354 and net of reinsurance were $140. These reserves related to retained run-off liabilities of its former life and annuity business. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements.
Hartford Funds
Hartford Funds' principal sources of operating funds are fees earned from basis points on AUM with uses primarily for payments to subadvisors and other general operating expenses. As of March 31, 2026, Hartford Funds cash and short-term investments were $382.
Purchase and Other Obligations
The Hartford’s unfunded commitments to purchase investments in limited partnerships and other alternative investments, mortgage loans, private debt and equity securities, as well as tax credits are disclosed in Note 14 - Commitments and Contingencies of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these unfunded commitments will be funded through the Company’s normal operating and investing activities.
In the normal course of business, the Company enters into contractual commitments to purchase various goods and services such as maintenance, human resources, and information technology. The Company’s operating lease commitments are disclosed in Note 20 - Leases of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these purchase commitments and operating lease obligations will be funded through the Company’s normal operating and investing activities.
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Capitalization
Capital Structure
March 31, 2026December 31, 2025Change
Long-term debt$4,372 $4,371 — %
Total debt4,372 4,371 — %
Common stockholders' equity excluding AOCI, net of tax20,971 20,702 1 %
Preferred stock334 334 — %
AOCI, net of tax(2,416)(2,057)(17)%
Total stockholders’ equity$18,889 $18,979 — %
Total capitalization$23,261 $23,350 — %
Debt to stockholders’ equity23%23%
Debt to capitalization19%19%
Total capitalization decreased $89 as of March 31, 2026 compared to December 31, 2025 primarily due to share repurchases and an increase in net unrealized losses on fixed maturities, AFS partially offset by net income in excess of common stockholder dividends in the period.
For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 15 - Changes
In and Reclassifications From Accumulated Other Comprehensive Income (Loss) and Note 5 - Investments of Notes to Condensed Consolidated Financial Statements. For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2025 Form 10-K Annual Report.
Cash Flow
Three Months Ended March 31,
20262025
Net cash provided by operating activities$1,045 $985 
Net cash used for investing activities$(332)$(401)
Net cash used for financing activities$(663)$(608)
Cash and restricted cash– end of period$220 $216 
Cash provided by operating activities increased in 2026 as compared to the prior year period primarily driven by an increase in P&C and Employee Benefits premiums received partially offset by higher operating expenses primarily related to increased staffing costs.
Cash used for investing activities decreased in 2026 due to more cash generated from operating activities partially offset by more cash used in financing activities.
Cash used for financing activities increased in 2026 as compared to the prior year period primarily driven by an increase in treasury stock acquired through share repurchases and an increase in dividends paid on common stock partially offset by a decrease in net return of shares under incentive and stock compensation plans.
Operating cash flows for the three months ended March 31, 2026 has been adequate to meet liquidity requirements.
Equity Markets
For a discussion of the potential impact of the equity markets on capital and liquidity, see the Financial Risk section in this MD&A and the Financial Risk on Statutory Capital section of the MD&A in the Company's 2025 Form 10-K Annual Report.


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Ratings
Ratings are an important factor in establishing a competitive position in the insurance marketplace and impact the Company's ability to access financing and its cost of borrowing. There can be no assurance that the Company’s ratings will continue for any given period of time, or that they will not be changed. In the event the Company’s ratings are downgraded, the Company’s competitive position, ability to access financing, and its cost of borrowing, may be adversely impacted.
These ratings are not a recommendation to buy, sell or hold any of The Hartford's securities and they may be revised or withdrawn at any time at the discretion of the rating organization. Each agency's rating should be evaluated independently of any other agency's rating. The system and the number of rating categories can vary across rating agencies.
Among other factors, rating agencies consider the level of statutory capital and surplus of our U.S. insurance subsidiaries as well as the level of U.S. GAAP capital held by the Company in determining the Company's financial strength and credit ratings. Rating agencies may implement changes to their capital formulas that have the effect of increasing the amount of capital
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.
Insurance Financial Strength Ratings as of
April 22, 2026
A.M. BestStandard & Poor’sMoody’s
Hartford Fire Insurance CompanyA+AA-Aa3
Hartford Life and Accident Insurance CompanyA+AA-A1
Navigators Insurance CompanyA+AA-Not Rated
Other Ratings:
The Hartford Insurance Group, Inc.:
Senior debtaA-A3
Statutory Capital
U.S. Statutory Capital Rollforward for the Company's Insurance Subsidiaries
Property and Casualty Insurance Subsidiaries [1] [2]Employee Benefits Insurance SubsidiaryTotal
U.S statutory capital at January 1, 2026
$14,437 $2,674 $17,111 
Statutory income681 148 829 
Dividends to parent(662)(226)(888)
Other items16 (5)11 
Net change to U.S. statutory capital35 (83)(48)
U.S statutory capital at March 31, 2026
$14,472 $2,591 $17,063 
[1]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by HHI to Hartford Fire Insurance Company.
[2]Excludes insurance operations in the U.K.
Contingencies
Legal Proceedings
For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.
Legislative and Regulatory Developments
For a discussion regarding legislative and regulatory developments, see Part II, Item 7, MD&A - Capital Resources and Liquidity, Contingencies in the Company’s 2025 Form 10-K Annual Report.

Impact of New Accounting Standards
For a discussion of accounting standards, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report.
99
Index to MD&A
Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Acronyms
A&E
Asbestos and Environmental
HIG
The Hartford Insurance Group, Inc.
ABS
Asset-Backed Securities
HIMCO
Hartford Investment Management Company
ACL
Allowance for Credit Losses
HLA
Hartford Life and Accident Insurance Company
ADC
Adverse Development Cover
IBNR
Incurred But Not Reported
AFS
Available-For-Sale
IT
Information Technology
ALAE
Allocated Loss Adjustment Expenses
LAE
Loss Adjustment Expense
AOCI
Accumulated Other Comprehensive Income (Loss)
LCL
Liability for Credit Losses
AUM
Assets Under Management
LTD
Long-Term Disability
CAY
Current Accident Year
LTV
Loan-to-Value
CLOs
Collateralized Loan Obligations
MD&A
Management's Discussion and Analysis of Financial Conditions and Results of Operations
CMBS
Commercial Mortgage-Backed Securities
NAIC
National Association of Insurance Commissioners
CODM
Chief Operating Decision Maker
NICO
National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. (“Berkshire”)
CPRI
Credit and Political Risk Insurance
NMNot Meaningful
DAC
Deferred Policy Acquisition Costs
OCI
Other Comprehensive Income
DLR
Disabled Life Reserve
OTC
Over-the-Counter
D&O
Directors and Officers
P&C
Property and Casualty
DSCR
Debt Service Coverage Ratio
PV&T
Political Violence and Terrorism
ERCC
Enterprise Risk and Capital Committee
PYD
Prior Accident Year Development
ESPP
The Hartford Employee Stock Purchase Plan
RBC
Risk-Based Capital
ETF
Exchange-Traded Funds
RMBS
Residential Mortgage-Backed Securities
FASB
Financial Accounting Standards Board
ROA
Return on Assets
FHCFFlorida Hurricane Catastrophe Fund
ROE
Return on Equity
FHLBB
Federal Home Loan Bank of Boston
SECSecurities and Exchange Commission
FVO
Fair Value Option
SOFRSecured Overnight Financing Rate
GAAP
Generally Accepted Accounting Principles
TRIPRATerrorism Risk Insurance Program Reauthorization Act
HHI
Hartford Holdings, Inc.
ULAE
Unallocated Loss Adjustment Expenses
100
Part I - Item 4. Controls and Procedures

Item 4.
Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s principal executive officer and its principal financial officer, based on their evaluation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) have concluded that the Company’s disclosure controls and procedures are effective for the purposes set forth in the definition thereof in Exchange Act Rule 13a-15(e) as of March 31, 2026.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company's internal control over financial reporting that occurred during the Company's current fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

101
Part II - Item 1. Legal Proceedings


Item 1.
Legal Proceedings
For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.
Item 1A.
Risk Factors
Investing in The Hartford involves risk. In deciding whether to invest in The Hartford, you should carefully consider the risk factors disclosed in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, (collectively the "Company's Risk Factors" or individually, the "Company's Risk Factor"), which is incorporated herein by
reference, any of which could have a significant or material adverse effect on the business, financial condition, operating results or liquidity of The Hartford. This information should be considered carefully together with the other information contained in this report and the other reports and materials filed by The Hartford with the SEC.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer

Repurchases of common stock by the Company during the quarter ended March 31, 2026 are set forth below. During the period from April 1, 2026 to April 22, 2026, the Company repurchased 0.8 million common shares for $111.
Repurchases of Common Stock by the Issuer for the Three Months Ended March 31, 2026
PeriodTotal Number
of Shares
Purchased [1]		Average Price
Paid Per
Share [2]		Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value
of Shares that May Yet Be
Purchased Under
the Plans or Programs [3]
   (in millions)
January 1, 2026 - January 31, 20261,111,473 $134.00 1,107,406 $1,401 
February 1, 2026 - February 28, 20261,252,190 $142.67 1,038,889 $1,255 
March 1, 2026 - March 31, 20261,434,293 $138.57 1,150,553 $1,098 
Total3,797,956 $138.58 3,296,848 
[1]Includes 501,108 shares in net settlement of employee tax withholding obligations related to equity awards under the Company's incentive stock plans, which were not part of publicly announced share repurchase authorizations. The Company paid an average price per share of $143.30 in employee tax withholding obligations related to net share settlements in the three months ended March 31, 2026.
[2]Average price paid per share includes the purchase price of shares acquired and direct costs to acquire shares, including commissions and accrued 1% excise taxes.
[3]On July 25, 2024, the Board of Directors approved a share repurchase authorization for up to $3.3 billion effective from August 1, 2024 to December 31, 2026. The timing of any repurchases 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. Share repurchase authorization does not include commissions or 1% excise tax costs.
Item 5.
Other Information
The Rule 10b5-1 trading arrangement adopted by Beth A. Costello, Chief Financial Officer, on August 4, 2025 became fully exercised and therefore terminated on January 2, 2026.
The Rule 10b5-1 trading arrangement adopted by Christopher J. Swift, Chairman and Chief Executive Officer, on November 3,
2025 became fully exercised and therefore terminated on February 6, 2026.

102
Part II - Item 6. Exhibits
Item 6.
Exhibits
The Hartford Insurance Group, Inc.
For the Quarter Ended March 31, 2026
Form 10-Q
Exhibits Index
Exhibit No.DescriptionFormFile No.Exhibit No.Filing Date
3.1
Amended and Restated Certificate of Incorporation of The Hartford Insurance Group, Inc. ("The Hartford"), as filed with the Delaware Secretary of State on February 6, 2025.
8-K001-139583.102/06/2025
3.28-K001-139583.102/06/2025
15.01
31.01
31.02
32.01
32.02
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema.**
101.CALInline XBRL Taxonomy Extension Calculation Linkbase.**
101.DEFInline XBRL Taxonomy Extension Definition Linkbase.**
101.LABInline XBRL Taxonomy Extension Label Linkbase.**
101.PREInline XBRL Taxonomy Extension Presentation Linkbase.**
104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL.
**Filed with the Securities and Exchange Commission as an exhibit to this report.

103
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 The Hartford Insurance Group, Inc.
 (Registrant)
Date:April 23, 2026
/s/ Allison G. Niderno
Allison G. Niderno
 Senior Vice President and Controller
 (Chief accounting officer and duly
authorized signatory)
104

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