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The Hartford Insurance Group, Inc.
As of October 23, 2026
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  AA-  Aa3
Hartford Life and Accident Insurance Company  A+  AA-  A1
Navigators Insurance CompanyA+AA-NR
- Hartford Fire Insurance Company and Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Standard and Poor's and Moody's
- Navigators Insurance Company ratings are on stable outlook at A.M. Best and Standard and Poor's
Internet address:NR - Not Rated
http://www.thehartford.com
Other Ratings:      
Contact:Senior debt  aA-A3
Kate JorensJunior subordinated debenturesbbb+BBBBaa1
SVP, Treasurer & Head of Investor RelationsPreferred stockbbb+BBBBaa2
Phone (860) 547-4066
-The Hartford Insurance Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on stable outlook at A.M. Best, Standard and Poor’s and Moody’s
Transfer Agent
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Insurance Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Insurance Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


The Hartford Insurance Group, Inc.
Investor Financial Supplement
Table of Contents


Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Financial Results
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Highlights
Net income$1,323 $1,298 $856 $1,131 $1,080 $995 $630 $3,477 $2,705 
Net income available to common stockholders [1]$1,317 $1,293 $851 $1,126 $1,074 $990 $625 $3,461 $2,689 
Core earnings*$956 $945 $812 $1,087 $1,022 $932 $592 $2,713 $2,546 
Total revenues$7,220 $7,263 $6,941 $7,047 $6,946 $6,716 $6,546 $21,424 $20,208 
Total assets$87,141 $87,983 $86,356 $86,029$85,027 $83,671 $82,339 
Per Share and Shares Data
Basic earnings per common share
Income from continuing operations, net of tax, available to common stockholders$4.65 $3.57 $2.89 $3.83 $3.61 $3.29 $2.02 $11.09 $8.91 
Net income available to common stockholders$4.88 $4.73 $3.08 $4.05 $3.82 $3.49 $2.18 $12.67 $9.48 
Core earnings*$3.54 $3.46 $2.94 $3.91 $3.64 $3.29 $2.07 $9.93 $8.97 
Diluted earnings per common share
Income from continuing operations, net of tax, available to common stockholders$4.60 $3.53 $2.85 $3.76 $3.56 $3.24 $1.99 $10.96 $8.78 
Net income available to common stockholders $4.82 $4.68 $3.04 $3.98 $3.77 $3.44 $2.15 $12.52 $9.34 
Core earnings* $3.50 $3.42 $2.90 $3.85 $3.59 $3.24 $2.04 $9.81 $8.85 
Weighted average common shares outstanding (basic)270.0 273.3 276.1 278.3 280.9 283.7 286.6 273.1 283.7 
Dilutive effect of stock compensation3.1 3.0 3.8 4.3 4.1 4.0 4.2 3.4 4.1 
Weighted average common shares outstanding and dilutive potential common shares (diluted)273.1 276.3 279.9 282.6 285.0 287.7 290.8 276.5 287.8 
Common shares outstanding268.3 271.6 274.9 276.9 279.6 282.3 285.1 
Book value per common share$69.10 $71.06 $67.50 $67.33 $64.79 $60.87 $57.91 
Per common share impact of accumulated other comprehensive income [2]14.32 8.73 8.79 7.43 7.17 8.45 9.05 
Book value per common share (excluding AOCI)*$83.42 $79.79 $76.29 $74.76 $71.96 $69.32 $66.96 
Book value per diluted share$68.31 $70.28 $66.58 $66.31 $63.86 $60.02 $57.07 
Per diluted share impact of AOCI14.16 8.63 8.67 7.31 7.06 8.33 8.92 
Book value per diluted share (excluding AOCI)*$82.47 $78.91 $75.25 $73.62 $70.92 $68.35 $65.99 
Common shares outstanding and dilutive potential common shares271.4 274.6 278.7 281.2 283.7 286.3 289.3 
Return on Common Stockholders' Equity ("ROE")
Net income available to common stockholders' ROE ("Net income ROE")25.0%23.8%23.0%22.0%20.3%19.8%18.8 %
Core earnings ROE*17.9%18.7%19.2%18.3%17.3%16.0%15.1 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.

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Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Statements of Operations
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Earned premiums$6,351 $6,279 $6,145 $6,141 $6,093 $5,961 $5,835 $18,775 $17,889 
Fee income87 86 87 84 84 86 86 260 256 
Net investment income850 800 734 825 755 658 652 2,384 2,065 
Net realized gains (losses) (116)64 (52)(30)(17)(19)(49)(104)(85)
Other revenues48 34 27 27 31 30 22 109 83 
Total revenues 7,220 7,263 6,941 7,047 6,946 6,716 6,546 21,424 20,208 
Benefits, losses and loss adjustment expenses [1]3,713 4,081 3,998 3,733 3,793 3,712 4,000 11,792 11,505 
Amortization of deferred policy acquisition costs ("DAC")679 669 656 645 639 625 607 2,004 1,871 
Insurance operating costs and other expenses1,177 1,215 1,228 1,267 1,203 1,138 1,147 3,620 3,488 
Interest expense50 50 50 49 50 50 50 150 150 
Amortization of other intangible assets18 17 18 18 18 17 18 53 53 
Total benefits, losses and expenses5,637 6,032 5,950 5,712 5,703 5,542 5,822 17,619 17,067 
Income from continuing operations before income taxes1,583 1,231 991 1,335 1,243 1,174 724 3,805 3,141 
Income tax expense321 251 187 266 222 236 140 759 598 
Income from continuing operations, net of tax1,262 980 804 1,069 1,021 938 584 3,046 2,543 
Income from discontinued operations, net of tax61 318 52 62 59 57 46 431 162 
Net income1,323 1,298 856 1,131 1,080 995 630 3,477 2,705 
Preferred stock dividends 6 5 5 5 6 5 5 16 16 
Net income available to common stockholders1,317 1,293 851 1,126 1,074 990 625 3,461 2,689 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax113 (40)51 30 15 19 47 124 81 
Integration and other non-recurring M&A costs, before tax [2]2 3 1 1 2 2 2 6 6 
Change in deferred gain on retroactive reinsurance, before tax [1](497)— (36)— (8)(24)(32)(533)(64)
Income tax expense (benefit) [3]82 7 (3)(8)(2)2 (4)86 (4)
Income from discontinued operations, net of tax(61)(318)(52)(62)(59)(57)(46)(431)(162)
Core earnings$956 $945 $812 $1,087 $1,022 $932 $592 $2,713 $2,546 
[1]Includes a $497 benefit in both the three and nine months ended September 30, 2026, resulting from the Company entering into a Reinsurance Commutation and Release Agreement with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. in the third quarter of 2026, resulting in the commutation and termination of the asbestos and environmental adverse development cover (“A&E ADC”) agreement and resolution of the arbitration dispute associated with the A&E ADC agreement.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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The Hartford Insurance Group, Inc.
Operating Results By Segment
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net income (loss):
Business Insurance$637 $704 $536 $897 $710 $696 $477 $1,877 $1,883 
Personal Insurance93 130 139 212 139 91 5 362 235 
Property & Casualty Other Operations ("P&C Other Operations")406 17 42 (141)12 13 13 465 38 
Property & Casualty ("P&C")1,136 851 717 968 861 800 495 2,704 2,156 
Employee Benefits132 147 118 130 144 150 133 397 427 
Sub-total1,268 998 835 1,098 1,005 950 628 3,101 2,583 
Corporate [1]55 300 21 33 75 45 2 376 122 
Net income 1,323 1,298 856 1,131 1,080 995 630 3,477 2,705 
Preferred stock dividends6 5 5 5 6 5 5 16 16 
Net income available to common stockholders$1,317 $1,293 $851 $1,126 $1,074 $990 $625 $3,461 $2,689 
Core earnings (loss):
Business Insurance$731 $695 $551 $915 $723 $697 $471 $1,977 $1,891 
Personal Insurance105 128 141 214 143 94 6 374 243 
P&C Other Operations16 17 14 (140)14 14 13 47 41 
P&C852 840 706 989 880 805 490 2,398 2,175 
Employee Benefits120 139 127 138 149 163 136 386 448 
Sub-total972 979 833 1,127 1,029 968 626 2,784 2,623 
Corporate(16)(34)(21)(40)(7)(36)(34)(71)(77)
Core earnings$956 $945 $812 $1,087 $1,022 $932 $592 $2,713 $2,546 
[1] For all periods presented, includes income from discontinued operations from the Company's Hartford Funds business accounted for as held for sale.

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Table of Contents
The Hartford Insurance Group, Inc.
Consolidating Balance Sheets
Property & CasualtyEmployee BenefitsCorporate [1] [2]Consolidated
Sept 30 2026Dec 31 2025Sept 30 2026Dec 31 2025Sept 30 2026Dec 31 2025Sept 30 2026Dec 31 2025
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$38,219 $37,689 $7,505 $8,157 $178 $195 $45,902 $46,041 
Fixed maturities, at fair value using the fair value option95 127 28 41 — — 123 168 
Equity securities, at fair value182 121 40 23 313 278 535 422 
Mortgage loans, net5,673 5,263 1,508 1,574 — — 7,181 6,837 
Limited partnerships and other alternative investments4,989 4,503 1,258 1,186 116 115 6,363 5,804 
Other investments219 212 7 6 — — 226 218 
Short-term investments2,158 2,104 692 365 1,540 1,535 4,390 4,004 
Total investments51,535 50,019 11,038 11,352 2,147 2,123 64,720 63,494 
Cash106 117 12 — 5 5 123 122 
Restricted cash54 42 1 2 — — 55 44 
Accrued investment income410 378 101 94 1 1 512 473 
Premiums receivable and agents’ balances, net6,159 5,727 610 589 — — 6,769 6,316 
Reinsurance recoverables, net [3]5,075 6,684 321 294 205 213 5,601 7,191 
Deferred policy acquisition costs ("DAC")1,455 1,309 38 38 — — 1,493 1,347 
Deferred income taxes670 485 38 (32)719 484 1,427 937 
Goodwill778 778 723 723 138 138 1,639 1,639 
Property and equipment, net795 822 56 59 13 43 864 924 
Other intangible assets258 280 246 276 — — 504 556 
Other assets1,888 1,626 143 169 442 327 2,473 2,122 
Assets held for sale— — — — 961 864 961 864 
Total assets$69,183 $68,267 $13,327 $13,564 $4,631 $4,198 $87,141 $86,029 
Unpaid losses and loss adjustment expenses$39,449 $38,155 $8,265 $8,113 $— $— $47,714 $46,268 
Reserves for future policy benefits [3]— — 281 291 140 153 421 444 
Other policyholder funds and benefits payable [3]— — 408 409 194 203 602 612 
Unearned premiums10,765 10,012 41 41 — — 10,806 10,053 
Debt— — — — 4,375 4,371 4,375 4,371 
Other liabilities2,286 3,060 242 227 1,599 1,839 4,127 5,126 
Liabilities held for sale— — — — 223 176 223 176 
Total liabilities52,500 51,227 9,237 9,081 6,531 6,742 68,268 67,050 
Common stockholders' equity, excluding AOCI*18,541 17,450 4,639 4,678 (798)(1,426)22,382 20,702 
Preferred stock— — — — 334 334 334 334 
AOCI, net of tax(1,858)(410)(549)(195)(1,436)(1,452)(3,843)(2,057)
Total stockholders' equity16,683 17,040 4,090 4,483 (1,900)(2,544)18,873 18,979 
Total liabilities and stockholders' equity$69,183 $68,267 $13,327 $13,564 $4,631 $4,198 $87,141 $86,029 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.5 billion and $1.5 billion as of September 30, 2026 and December 31, 2025, respectively, held by the holding company of The Hartford Insurance Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes discontinued operations from the Company's Hartford Funds business accounted for as held for sale.
[3]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.



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The Hartford Insurance Group, Inc.
Capital Structure
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Debt
Senior notes$3,876 $3,875 $3,873 $3,872 $3,871 $3,870 $3,869 
Junior subordinated debentures499 499 499 499 499 499 499 
Total debt $4,375 $4,374 $4,372 $4,371 $4,370 $4,369 $4,368 
Stockholders' Equity
Total stockholders’ equity$18,873 $19,633 $18,889 $18,979 $18,450 $17,518 $16,844 
Less: Preferred stock334 334 334 334 334 334 334 
Less: AOCI(3,843)(2,371)(2,416)(2,057)(2,003)(2,384)(2,580)
Common stockholders' equity, excluding AOCI$22,382 $21,670 $20,971 $20,702 $20,119 $19,568 $19,090 
Capitalization
Total capitalization, including AOCI, net of tax$23,248 $24,007 $23,261 $23,350 $22,820 $21,887 $21,212 
Total capitalization, excluding AOCI, net of tax*$27,091 $26,378 $25,677 $25,407 $24,823 $24,271 $23,792 
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI18.8%18.2%18.8%18.7%19.1%20.0%20.6%
Total debt to capitalization, excluding AOCI*16.1%16.6%17.0%17.2%17.6%18.0%18.4%
Total debt and preferred stock to capitalization, including AOCI20.3%19.6%20.2%20.1%20.6%21.5%22.2%
Total debt and preferred stock to capitalization, excluding AOCI*17.4%17.8%18.3%18.5%19.0%19.4%19.8%
Total rating agency adjusted debt to capitalization [1] [2]19.6%19.0%19.6%19.5%20.0%20.8%21.5%
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3]23.0:120.5:119.5:121.6:120.3:118.8:114.7:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of both September 30, 2026 and 2025.
[2]Results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

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The Hartford Insurance Group, Inc.
Statutory Capital To U.S. GAAP Stockholders' Equity Reconciliation
September 30, 2026
P&C Employee Benefits
U.S. statutory net income [1][2]$1,866 $403 
U.S. statutory capital [2][3][4]$14,781 $2,630 
U.S. GAAP adjustments [2]:
DAC1,402 38 
Non-admitted deferred tax assets [5]224 123 
Deferred taxes [6](291)(255)
Goodwill157 723 
Other intangible assets18 246 
Non-admitted assets other than deferred taxes853 112 
Asset valuation and interest maintenance reserve— 276 
Benefit reserves(51)478 
Unrealized losses on investments(2,217)(1,288)
Other, net657 1,007 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]15,533 4,090 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,150 — 
Total U.S. GAAP stockholders’ equity$16,683 $4,090 
[1]Statutory net income is for the nine months ended September 30, 2026.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.




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The Hartford Insurance Group, Inc.
Accumulated Other Comprehensive Income (Loss) 
As Of
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net unrealized loss on fixed maturities, AFS$(2,362)$(942)$(1,011)$(641)$(656)$(1,029)$(1,237)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(3)(3)(3)(3)(3)(5)(6)
Net (losses) gains on cash flow hedging instruments(92)(16)13 16 15 6 40 
Total net unrealized gain (loss)(2,457)(961)(1,001)(628)(644)(1,028)$(1,203)
Foreign currency translation adjustments42 42 43 42 43 45 29 
Liability for future policy benefits adjustments41 26 28 24 22 29 30 
Pension and other postretirement plan adjustments(1,469)(1,478)(1,486)(1,495)(1,424)(1,430)(1,436)
Total AOCI$(3,843)$(2,371)$(2,416)$(2,057)$(2,003)$(2,384)$(2,580)

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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Written premiums
$4,722 $4,937 $4,766 $4,231 $4,560 $4,796 $4,599 $14,425 $13,955 
Change in unearned premium reserve33 369 287 (309)70 441 376 689 887 
Earned premiums 4,689 4,568 4,479 4,540 4,490 4,355 4,223 13,736 13,068 
Fee income 19 19 20 20 19 19 19 58 57 
Losses and loss adjustment expenses
Current accident year before catastrophes2,820 2,677 2,570 2,564 2,661 2,537 2,454 8,067 7,652 
Current accident year catastrophes198 222 230 (1)70 212 467 650 749 
Prior accident year development [1](594)(111)(41)(12)(103)(187)(122)(746)(412)
Total losses and loss adjustment expenses2,424 2,788 2,759 2,551 2,628 2,562 2,799 7,971 7,989 
Amortization of DAC670 660 648 637 631 616 599 1,978 1,846 
Insurance operating costs712 716 740 767 728 681 696 2,168 2,105 
Amortization of other intangible assets8 7 8 8 8 7 8 23 23 
Dividends to policyholders 10 12 12 11 12 11 10 34 33 
Underwriting gain*884 404 332 586 502 497 130 1,620 1,129 
Net investment income678 645 587 656 605 526 512 1,910 1,643 
Net realized gains (losses)(136)17 (24)(25)(30)(26)(26)(143)(82)
Net servicing and other income (expense)2 1 4 2 3 4 4 7 11 
Income before income taxes1,428 1,067 899 1,219 1,080 1,001 620 3,394 2,701 
Income tax expense292 216 182 251 219 201 125 690 545 
Net income1,136 851 717 968 861 800 495 2,704 2,156 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax135 (19)23 24 28 28 24 139 80 
Integration and other non-recurring M&A costs, before tax2 3 1 1 2 2 2 6 6 
Change in deferred gain on retroactive reinsurance, before tax [1](497)— (36)— (8)(24)(32)(533)(64)
Income tax expense (benefit) [2]76 5 1 (4)(3)(1)1 82 (3)
Core earnings$852 $840 $706 $989 $880 $805 $490 $2,398 $2,175 
ROE
Net income available to common stockholders [3] 26.6%24.8%25.3%23.7%21.5%20.6%18.8%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax1.2%0.4%0.8%0.8%0.7%0.8%1.1%
Integration and other non-recurring M&A costs, before tax0.1%0.1%—%0.1%0.1%0.1%0.1%
Change in deferred gain on retroactive reinsurance, before tax [1](4.0%)(0.3%)(0.5%)(0.5%)(0.5%)(0.7%)(0.8%)
Income tax expense (benefit) [2]0.6%—%(0.1%)(0.1%)(0.1%)—%(0.1%)
Impact of AOCI, excluded from core earnings ROE(2.2%)(1.6%)(1.8%)(1.6%)(1.0%)(2.0%)(1.8%)
Core earnings [3]22.3 %23.4 %23.7 %22.4 %20.7 %18.8 %17.3 %
[1]Refer to [1] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[2]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[3]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Workers’ compensation$(57)$(51)$(59)$(67)$(62)$(61)$(65)$(167)$(188)
Workers' compensation discount accretion11 11 12 11 11 11 12 34 34 
General liability— 46 70 — — — — 116 — 
Marine(3)— 4 — — — — 1 — 
Commercial property(10)(11)(4)(14)(5)(20)(3)(25)(28)
Professional liability(5)— (4)(6)— (11)— (9)(11)
Bond— (32)— (49)— (22)— (32)(22)
Assumed reinsurance— — 5 — — — — 5 — 
Commercial automobile liability— 26 — 12 — — — 26 — 
Personal automobile liability(20)(24)(15)(32)(33)(10)(12)(59)(55)
Homeowners(7)(14)(15)(7)(5)(13)(18)(36)(36)
Net asbestos and environmental reserves— — — 165 — — — — — 
Catastrophes— (50)— (45)— (39)— (50)(39)
Uncollectible reinsurance— — — — 6 — — — 6 
Other reserve re-estimates, net [1](6)(12)1 20 (7)2 (4)(17)(9)
Prior accident year development before change in deferred gain(97)(111)(5)(12)(95)(163)(90)(213)(348)
Change in deferred gain on retroactive reinsurance included in other liabilities [2](497)— (36)— (8)(24)(32)(533)(64)
Total prior accident year development$(594)$(111)$(41)$(12)$(103)$(187)$(122)$(746)$(412)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves within Personal Insurance of $(8) and $(23), for the three and nine months ended September 30, 2026 and $(6) and $(26) for the three and nine months ended September 30, 2025, respectively.
[2]Refer to [1] on page 2 for more information about the change in deferred gain on retroactive reinsurance.


9
Table of Contents
The Hartford Insurance Group, Inc.
Property & Casualty
Underwriting Ratios
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Underwriting Gain$884 $404 $332 $586 $502 $497 $130 $1,620 $1,129 
Underwriting Ratios
Loss and loss adjustment expense ratio51.7 61.0 61.6 56.2 58.5 58.8 66.3 58.0 61.1 
Expense ratio [1]29.2 29.9 30.7 30.7 30.0 29.5 30.4 29.9 30.0 
Policyholder dividend ratio0.2 0.3 0.3 0.2 0.3 0.3 0.2 0.2 0.3 
Combined ratio81.1 91.2 92.6 87.1 88.8 88.6 96.9 88.2 91.4 
Current accident year catastrophes and prior accident year development8.5 (2.5)(4.2)0.3 0.7 (0.6)(8.2)0.7 (2.5)
Underlying combined ratio*89.6 88.7 88.4 87.4 89.6 88.0 88.8 88.9 88.8 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*60.1 58.6 57.4 56.5 59.3 58.3 58.1 58.7 58.6 
Current accident year catastrophes4.2 4.9 5.1 — 1.6 4.9 11.1 4.7 5.7 
Prior accident year development(12.7)(2.4)(0.9)(0.3)(2.3)(4.3)(2.9)(5.4)(3.2)
Total loss and loss adjustment expense ratio51.7 61.0 61.6 56.2 58.5 58.8 66.3 58.0 61.1 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.



10
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Written premiums$3,772 $4,022 $3,904 $3,381 $3,573 $3,816 $3,686 $11,698 $11,075 
Change in unearned premium reserve(3)359 332 (214)33 392 362 688 787 
Earned premiums 3,775 3,663 3,572 3,595 3,540 3,424 3,324 11,010 10,288 
Fee income12 12 12 12 11 11 11 36 33 
Losses and loss adjustment expenses
Current accident year before catastrophes2,262 2,134 2,044 2,015 2,051 1,952 1,891 6,440 5,894 
Current accident year catastrophes106 129 171 (12)39 114 280 406 433 
Prior accident year development(61)(52)30 (152)(60)(146)(83)(83)(289)
Total losses and loss adjustment expenses2,307 2,211 2,245 1,851 2,030 1,920 2,088 6,763 6,038 
Amortization of DAC600 590 577 565 559 546 531 1,767 1,636 
Insurance operating costs 536 539 558 581 546 507 512 1,633 1,565 
Amortization of other intangible assets7 7 7 8 7 7 7 21 21 
Dividends to policyholders10 12 12 11 12 11 10 34 33 
Underwriting gain327 316 185 591 397 444 187 828 1,028 
Net investment income589 556 505 562 519 449 437 1,650 1,405 
Net realized gains (losses)(117)12 (19)(21)(26)(20)(24)(124)(70)
Other income (expense) [1](3)(1)1 (1)— (1)(1)(3)(2)
Income before income taxes796 883 672 1,131 890 872 599 2,351 2,361 
Income tax expense159 179 136 234 180 176 122 474 478 
Net income637 704 536 897 710 696 477 1,877 1,883 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax116 (14)18 21 23 23 22 120 68 
Integration and other non-recurring M&A costs, before tax [1]2 3 1 1 2 2 2 6 6 
Change in deferred gain on retroactive reinsurance, before tax— — — — (8)(24)(32)— (64)
Income tax expense (benefit) [2](24)2 (4)(4)(4)— 2 (26)(2)
Core earnings$731 $695 $551 $915 $723 $697 $471 $1,977 $1,891 
[1]Includes Navigators Group integration costs.
[2]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Workers’ compensation$(57)$(51)$(59)$(67)$(62)$(61)$(65)$(167)$(188)
Workers' compensation discount accretion11 11 12 11 11 11 12 34 34 
General liability— 46 70 — — — — 116 — 
Marine(3)— 4 — — — — 1 — 
Commercial property(10)(11)(4)(14)(5)(20)(3)(25)(28)
Professional liability(5)— (4)(6)— (11)— (9)(11)
Bond— (32)— (49)— (22)— (32)(22)
Assumed reinsurance— — 5 — — — — 5 — 
Automobile liability— 26 — 12 — — — 26 — 
Catastrophes— (37)— (35)— (28)— (37)(28)
Other reserve re-estimates, net3 (4)6 (4)4 9 5 5 18 
Prior accident year development before change in deferred gain(61)(52)30 (152)(52)(122)(51)(83)(225)
Change in deferred gain on retroactive reinsurance included in other liabilities— — — — (8)(24)(32)— (64)
Total prior accident year development$(61)$(52)$30 $(152)$(60)$(146)$(83)$(83)$(289)



12
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Underwriting Ratios 
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Underwriting Gain$327 $316 $185 $591 $397 $444 $187 $828 $1,028 
Underwriting Ratios
Loss and loss adjustment expense ratio61.1 60.4 62.8 51.5 57.3 56.1 62.8 61.4 58.7 
Expense ratio [1]30.0 30.7 31.6 31.8 31.1 30.6 31.3 30.7 31.0 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 
Combined ratio91.3 91.4 94.8 83.6 88.8 87.0 94.4 92.5 90.0 
Current accident year catastrophes and prior accident year development(1.2)(2.1)(5.6)4.5 0.6 1.0 (5.9)(2.9)(1.4)
Underlying combined ratio 90.1 89.3 89.2 88.1 89.4 88.0 88.4 89.5 88.6 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio59.9 58.3 57.2 56.1 57.9 57.0 56.9 58.5 57.3 
Current accident year catastrophes2.8 3.5 4.8 (0.3)1.1 3.3 8.4 3.7 4.2 
Prior accident year development(1.6)(1.4)0.8 (4.2)(1.7)(4.3)(2.5)(0.8)(2.8)
Total loss and loss adjustment expense ratio61.1 60.4 62.8 51.5 57.3 56.1 62.8 61.4 58.7 
Combined Ratios by Line of Business
Small Business
Combined ratio84.5 85.9 91.9 80.8 87.9 89.7 93.3 87.4 90.2 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(2.5)(3.8)(6.5)0.2 (1.3)(5.1)(8.0)(4.2)(4.7)
Prior accident year development3.2 4.4 4.0 6.4 3.2 4.5 4.1 3.9 3.9 
Underlying combined ratio 85.2 86.5 89.4 87.3 89.8 89.0 89.4 87.0 89.4 
Middle & Large Business
Combined ratio101.7 101.9 95.6 91.1 90.8 86.6 99.8 99.8 92.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(2.5)(3.1)(3.7)(0.7)— (1.1)(8.9)(3.1)(3.3)
Prior accident year development0.3 (3.5)(0.7)(1.0)0.6 3.6 (0.3)(1.3)1.3 
Underlying combined ratio99.5 95.3 91.3 89.4 91.4 89.1 90.6 95.4 90.4 
Global Specialty
Combined ratio89.1 89.5 90.7 78.1 86.9 85.9 89.3 89.8 87.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.9)(3.6)(3.4)2.0 (2.2)(3.2)(8.7)(3.7)(4.6)
Prior accident year development0.8 — (1.2)7.5 1.1 2.1 3.4 (0.1)2.2 
Underlying combined ratio86.1 85.8 86.1 87.6 85.8 84.8 84.0 86.0 84.9 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

13
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Supplemental Data
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Written Premiums
Small Business$1,588 $1,612 $1,675 $1,444 $1,490 $1,503 $1,553 $4,875 $4,546 
Middle & Large Business1,268 1,250 1,170 1,116 1,231 1,197 1,111 3,688 3,539 
Middle Market1,102 1,076 961 936 1,054 1,039 931 3,139 3,024 
National Accounts and Other166 174 209 180 177 158 180 549 515 
Global Specialty [1]898 1,142 1,041 805 836 1,100 1,006 3,081 2,942 
U.S.555 651 553 541 551 619 559 1,759 1,729 
International117 146 118 134 114 142 113 381 369 
Global Re226 345 370 130 171 339 334 941 844 
Other18 18 18 16 16 16 16 54 48 
Total$3,772 $4,022 $3,904 $3,381 $3,573 $3,816 $3,686 $11,698 $11,075 
Earned Premiums
Small Business$1,573 $1,537 $1,485 $1,497 $1,465 $1,418 $1,360 $4,595 $4,243 
Middle & Large Business1,224 1,174 1,158 1,164 1,144 1,100 1,075 3,556 3,319 
Middle Market1,042 995 981 992 976 942 924 3,018 2,842 
National Accounts and Other182 179 177 172 168 158 151 538 477 
Global Specialty [1]960 934 911 918 915 890 873 2,805 2,678 
U.S.590 574 557 574 568 549 540 1,721 1,657 
International127 124 124 121 122 119 113 375 354 
Global Re243 236 230 223 225 222 220 709 667 
Other18 18 18 16 16 16 16 54 48 
Total$3,775 $3,663 $3,572 $3,595 $3,540 $3,424 $3,324 $11,010 $10,288 
Business Insurance Statistical Premium Information
Small Business
Net New Business Premium$306 $334 $333 $295 $308 $305 $298 $973 $911 
Renewal Written Price Increases4.4%4.2%3.9%4.5%5.4%6.0%6.5%4.2%6.0%
Policy Count Retention84%83%84%84%84%83%84%84%84%
Policies In-Force (in thousands)1,729 1,708 1,683 1,657 1,640 1,615 1,591 
Middle Market [2]
Net New Business Premium$199 $203 $187 $176 $211 $190 $188 $589 $589 
Renewal Written Price Increases3.2%3.7%4.3%4.5%5.5%6.0%6.9%3.7%6.1%
Premium Retention83%81%84%83%84%82%81%83%83%
Global Specialty
Gross New Business Premium [3]
$230 $274 $233 $249 $238 $278 $225 $737 $741 
Renewal Written Price Increases [4]3.9%5.3%4.9%4.1%2.9%5.1%6.0 %4.7%4.6%
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

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Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Written premiums$950 $915 $862 $850 $987 $980 $913 $2,727 $2,880 
Change in unearned premium reserve36 10 (45)(95)37 49 14 1 100 
Earned premiums914 905 907 945 950 931 899 2,726 2,780 
Fee income 7 7 8 8 8 8 8 22 24 
Losses and loss adjustment expenses
Current accident year before catastrophes558 543 526 549 610 585 563 1,627 1,758 
Current accident year catastrophes92 93 59 11 31 98 187 244 316 
Prior accident year development (36)(59)(35)(56)(43)(41)(39)(130)(123)
Total losses and loss adjustment expenses614 577 550 504 598 642 711 1,741 1,951 
Amortization of DAC70 70 71 72 72 70 68 211 210 
Insurance operating costs174 175 180 184 180 172 182 529 534 
Amortization of other intangible assets1 — 1 — 1 — 1 2 2 
Underwriting gain (loss)62 90 113 193 107 55 (55)265 107 
Net investment income67 67 62 74 67 58 57 196 182 
Net realized gains (losses)(15)4 (4)(3)(4)(4)(2)(15)(10)
Net servicing and other income (expense)5 2 3 3 4 5 5 10 14 
Income before income taxes119 163 174 267 174 114 5 456 293 
Income tax expense26 33 35 55 35 23 — 94 58 
Net income93 130 139 212 139 91 5 362 235 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax15 (4)4 2 5 3 2 15 10 
Income tax expense (benefit) [1](3)2 (2)— (1)— (1)(3)(2)
Core earnings$105 $128 $141 $214 $143 $94 $6 $374 $243 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

15
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Automobile liability$(20)$(24)$(15)$(32)$(33)$(10)$(12)$(59)$(55)
Homeowners(7)(14)(15)(7)(5)(13)(18)(36)(36)
Catastrophes— (13)— (10)— (11)— (13)(11)
Other reserve re-estimates, net [1](9)(8)(5)(7)(5)(7)(9)(22)(21)
Total prior accident year development$(36)$(59)$(35)$(56)$(43)$(41)$(39)$(130)$(123)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves of $(8) and $(23) for the three and nine months ended September 30, 2026 and $(6) and $(26) for the three and nine months ended September 30, 2025, respectively.

16
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Underwriting Ratios
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Underwriting Gain (Loss)$62 $90 $113 $193 $107 $55 $(55)$265 $107 
Underwriting Ratios
Loss and loss adjustment expense ratio67.2 63.8 60.6 53.3 62.9 69.0 79.1 63.9 70.2 
Expense ratio26.0 26.3 27.0 26.2 25.8 25.1 27.0 26.4 26.0 
Combined ratio93.2 90.1 87.7 79.6 88.7 94.1 106.1 90.3 96.2 
Current accident year catastrophes and prior accident year development(6.2)(3.8)(2.6)4.7 1.2 (6.1)(16.5)(4.2)(7.0)
Underlying combined ratio87.1 86.3 85.0 84.3 90.0 88.0 89.7 86.1 89.2 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio61.1 60.0 58.0 58.1 64.2 62.8 62.6 59.7 63.2 
Current accident year catastrophes10.1 10.3 6.5 1.2 3.3 10.5 20.8 9.0 11.4 
Prior accident year development(3.9)(6.5)(3.9)(5.9)(4.5)(4.4)(4.3)(4.8)(4.4)
Total loss and loss adjustment expense ratio67.2 63.8 60.6 53.3 62.9 69.0 79.1 63.9 70.2 
Combined Ratios by Product
Automobile
Combined ratio92.3 88.5 89.6 92.7 92.5 94.0 93.5 90.1 93.3 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.4)(1.4)(0.7)(0.3)(0.6)(1.8)(1.2)(1.2)(1.2)
Prior accident year development5.1 6.2 3.3 6.5 6.0 3.0 3.8 4.9 4.3 
Underlying combined ratio96.0 93.3 92.2 98.9 97.9 95.2 96.1 93.8 96.4 
Homeowners
Combined ratio94.7 92.6 83.8 53.7 81.2 94.4 133.2 90.5 101.9 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(25.3)(26.6)(17.6)(3.0)(8.3)(28.8)(63.7)(23.2)(32.5)
Prior accident year development2.1 7.2 4.8 4.8 1.6 7.1 5.6 4.7 4.7 
Underlying combined ratio71.5 73.3 71.0 55.5 74.4 72.7 75.1 71.9 74.1 


17
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Distribution
Written Premiums
Direct$723 $718 $693 $672 $798 $796 $758 $2,134 $2,352 
Agency227 197 169 178 189 184 155 593 528 
Total$950 $915 $862 $850 $987 $980 $913 $2,727 $2,880 
Earned Premiums
Direct$723 $724 $734 $768 $781 $776 $757 $2,181 $2,314 
Agency191 181 173 177 169 155 142 545 466 
Total$914 $905 $907 $945 $950 $931 $899 $2,726 $2,780 
Product Line
Written Premiums
Automobile$575 $567 $565 $551 $633 $633 $627 $1,707 $1,893 
Homeowners375 348 297 299 354 347 286 1,020 987 
Total$950 $915 $862 $850 $987 $980 $913 $2,727 $2,880 
Earned Premiums
Automobile$582 $587 $593 $625 $634 $628 $618 $1,762 $1,880 
Homeowners332 318 314 320 316 303 281 964 900 
Total$914 $905 $907 $945 $950 $931 $899 $2,726 $2,780 


18
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data (Continued)
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Statistical Premium Information (Year Over Year)
Net New Business Premium
Automobile$56 $51 $53 $52 $71 $81 $81 $160 $233 
Homeowners$71 $52 $43 $45 $59 $69 $62 $166 $190 
Renewal Written Price Increases
Automobile5.1%5.4%6.8%10.4%11.3%13.9%15.7%5.8%13.6%
Homeowners7.9%10.3%11.8%11.8%12.6%12.6%12.3%9.9%12.5%
Effective Policy Count Retention
Automobile82%81%80%80%80%79%79%81%79%
Homeowners81%81%81%82%83%83%83%81%83%
Policies In-Force (in thousands)
Automobile967 990 1,020 1,054 1,091 1,121 1,146 
Homeowners702 703 709 716 723 724 719 



19
Table of Contents
The Hartford Insurance Group, Inc.
P&C Other Operations
Income Statements
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Losses and loss adjustment expenses
Prior accident year development [1]$(497)$— $(36)$196 $— $— $— $(533)$— 
Total losses and loss adjustment expenses(497)— (36)196 — — — (533)— 
Insurance operating costs2 2 2 2 2 2 2 6 6 
Underwriting gain (loss)495 (2)34 (198)(2)(2)(2)527 (6)
Net investment income22 22 20 20 19 19 18 64 56 
Net realized gains (losses)(4)1 (1)(1)— (2)— (4)(2)
Other expense— — — — (1)— — — (1)
Income (loss) before income taxes513 21 53 (179)16 15 16 587 47 
Income tax expense (benefit)107 4 11 (38)4 2 3 122 9 
Net income (loss)406 17 42 (141)12 13 13 465 38 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized (gains) losses excluded from core earnings, before tax4 (1)1 1 — 2 — 4 2 
Change in deferred gain on retroactive reinsurance, before tax [1](497)— (36)— — — — (533)— 
Income tax expense (benefit) [2]103 1 7 — 2 (1)— 111 1 
Core earnings (loss)$16 $17 $14 $(140)$14 $14 $13 $47 $41 
[1]Refer to [1] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

20
Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Income Statements
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Earned premiums$1,662 $1,711 $1,666 $1,601 $1,603 $1,606 $1,612 $5,039 $4,821 
Fee income57 56 57 55 55 57 56 170 168 
Net investment income154 137 131 153 136 118 126 422 380 
Net realized gains (losses)15 9 (11)(10)(8)(16)(4)13 (28)
Total revenues1,888 1,913 1,843 1,799 1,786 1,765 1,790 5,644 5,341 
Benefits, losses and loss adjustment expenses1,287 1,291 1,238 1,180 1,163 1,150 1,199 3,816 3,512 
Amortization of DAC9 9 8 8 8 9 8 26 25 
Insurance operating costs and other expenses417 417 439 437 425 407 406 1,273 1,238 
Amortization of other intangible assets10 10 10 10 10 10 10 30 30 
Total benefits, losses and expenses1,723 1,727 1,695 1,635 1,606 1,576 1,623 5,145 4,805 
Income before income taxes165 186 148 164 180 189 167 499 536 
Income tax expense33 39 30 34 36 39 34 102 109 
Net income132 147 118 130 144 150 133 397 427 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax(15)(10)11 9 8 15 4 (14)27 
Income tax expense (benefit) [1]3 2 (2)(1)(3)(2)(1)3 (6)
Core earnings$120 $139 $127 $138 $149 $163 $136 $386 $448 
Margin
Net income margin7.0%7.7%6.4%7.2%8.1%8.5%7.4%7.0%8.0%
Core earnings margin*6.4%7.4%6.9%7.6%8.3%9.2%7.6%6.9%8.4%
ROE
Net income available to common stockholders [2]14.6%14.9%14.9%15.0%14.7%16.1%16.6%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax(0.1%)0.5%1.3%1.0%1.2%1.0%0.8%
Income tax expense (benefit) [1]0.1%(0.1%)(0.2%)(0.2%)(0.2%)(0.2%)(0.2%)
Impact of AOCI, excluded from core earnings ROE(1.6%)(1.2%)(1.4%)(1.2%)(0.9%)(1.6%)(1.7%)
Core earnings [2]13.0%14.1%14.6%14.6%14.8%15.3%15.5%
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Employee Benefits.


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The Hartford Insurance Group, Inc.
Employee Benefits
Supplemental Data 
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Premiums
Fully insured ongoing premiums
Group disability$888 $889 $870 $840 $835 $838 $844 $2,647 $2,517 
Group life 640 652 649 640 648 644 650 1,941 1,942 
Other [1]134 135 135 121 120 120 118 404 358 
Total fully insured ongoing premiums1,662 1,676 1,654 1,601 1,603 1,602 1,612 4,992 4,817 
Total buyouts [2]— 35 12 — — 4 — 47 4 
Total premiums$1,662 $1,711 $1,666 $1,601 $1,603 $1,606 $1,612 $5,039 $4,821 
Sales (Gross Annualized New Premiums)
Fully insured ongoing sales
Group disability$51 $77 $279 $31 $53 $48 $162 $407 $263 
Group life33 47 229 19 33 44 163 309 240 
Other [1]19 16 74 9 19 15 56 109 90 
Total fully insured ongoing sales103 140 582 59 105 107 381 825 593 
Total buyouts [2]— 35 12 — — 4 — 47 4 
Total sales$103 $175 $594 $59 $105 $111 $381 $872 $597 
Ratios, Excluding Buyouts
Group disability loss ratio76.3%74.8%72.7%70.5%70.6%68.5%69.0%74.6%69.3%
Group life loss ratio77.8%74.2%73.2%76.9%74.2%74.3%79.9%75.1%76.1%
Total loss ratio74.9%72.5%71.7%71.3%70.1%69.1%71.9%73.0%70.4%
Expense ratio25.4%25.2%26.7%27.5%26.7%25.7%25.4%25.7%25.9%
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.


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The Hartford Insurance Group, Inc.
Corporate
Income Statements
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Fee income [1]$11 $11 $10 $9 $10 $10 $11 $32 $31 
Other revenue24 8 5 7 6 5 1 37 12 
Net investment income18 18 16 16 14 14 14 52 42 
Net realized gains (losses)5 38 (17)5 21 23 (19)26 25 
Total revenues58 75 14 37 51 52 7 147 110 
Benefits, losses and loss adjustment expenses [2]2 2 1 2 2 — 2 5 4 
Insurance operating costs and other expenses [1]16 45 19 34 16 18 18 80 52 
Interest expense50 50 50 49 50 50 50 150 150 
Total expenses68 97 70 85 68 68 70 235 206 
Loss from continuing operations before income taxes(10)(22)(56)(48)(17)(16)(63)(88)(96)
Income tax benefit(4)(4)(25)(19)(33)(4)(19)(33)(56)
Income (loss) from continuing operations, net of tax(6)(18)(31)(29)16 (12)(44)(55)(40)
Income from discontinued operations, net of tax [3]61 318 52 62 59 57 46 431 162 
Net income55 300 21 33 75 45 2 376 122 
Preferred stock dividends6 5 5 5 6 5 5 16 16 
Net income (loss) available to common stockholders49 295 16 28 69 40 (3)360 106 
Adjustments to reconcile net income (loss) available to common stockholders to core loss:
Net realized (gains) losses, excluded from core earnings, before tax (7)(11)17 (3)(21)(24)19 (1)(26)
Income tax expense (benefit) [4]3 — (2)(3)4 5 (4)1 5 
Income from discontinued operations, net of tax(61)(318)(52)(62)(59)(57)(46)(431)(162)
Core loss$(16)$(34)$(21)$(40)$(7)$(36)$(34)$(71)$(77)
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.
[3]The three months ended June 30, 2026 and the nine months ended September 30, 2026 include $251 of income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds.
[4]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


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The Hartford Insurance Group, Inc.
Investment Income Before Tax
Consolidated
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$604 $583 $582 $575 $570 $550 $534 $1,769 $1,654 
Tax-exempt23 24 25 27 29 31 36 72 96 
Total fixed maturities627 607 607 602 599 581 570 1,841 1,750 
Equity securities3 5 5 5 4 3 4 13 11 
Mortgage loans84 83 80 78 76 72 70 247 218 
Limited partnerships and other alternative investments [2]156 114 75 160 91 13 39 345 143 
Other [3]4 16 (4)5 8 12 (3)16 17 
Subtotal874 825 763 850 778 681 680 2,462 2,139 
Investment expense(24)(25)(29)(25)(23)(23)(28)(78)(74)
Total net investment income$850 $800 $734 $825 $755 $658 $652 $2,384 $2,065 
Annualized investment yield, before tax [4]5.1%4.9%4.5%5.2%4.8%4.3%4.3%4.9%4.5%
Annualized limited partnerships and other alternative investment yield, before tax [4]10.2%7.6%5.1%11.4%6.7%1.0%3.1%7.8%3.7%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.6%4.7%4.5%4.6%4.6%4.6%4.4%4.6%4.5%
Annualized investment yield, net of tax [4]4.1%3.9%3.6%4.1%3.9%3.5%3.4%3.9%3.6%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.7%3.7%3.6%3.7%3.7%3.7%3.5%3.7%3.6%
Average reinvestment rate [5]5.7%5.4%5.3%5.4%5.7%5.9%5.6%5.5%5.7%
Average sales/maturities yield [6]5.0%4.8%4.9%5.3%5.2%4.6%4.9%4.9%4.9%
Portfolio duration (in years) [7]4.1 4.1 4.1 3.9 3.8 3.9 3.9 4.1 3.8 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

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Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$486 $467 $466 $462 $458 $440 $426 $1,419 $1,324 
Tax-exempt19 18 20 21 23 24 27 57 74 
Total fixed maturities505 485 486 483 481 464 453 1,476 1,398 
Equity securities2 3 2 2 3 1 2 7 6 
Mortgage loans67 66 63 59 59 54 53 196 166 
Limited partnerships and other alternative investments [2]119 94 62 125 71 11 28 275 110 
Other [3]4 16 (3)6 9 13 (2)17 20 
Subtotal697 664 610 675 623 543 534 1,971 1,700 
Investment expense(19)(19)(23)(19)(18)(17)(22)(61)(57)
Total net investment income$678 $645 $587 $656 $605 $526 $512 $1,910 $1,643 
Annualized investment yield, before tax [4]5.2%5.0%4.6%5.2%4.9%4.4%4.3%4.9%4.5%
Annualized limited partnerships and other alternative investment yield, before tax [4]9.9%8.1%5.4%11.5%6.8%1.1%2.8%8.0%3.6%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.7%4.7%4.5%4.6%4.7%4.7%4.4%4.6%4.6%
Annualized investment yield, net of tax [4]4.2%4.0%3.6%4.2%3.9%3.5%3.4%3.9%3.6%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.8%3.7%3.6%3.7%3.8%3.7%3.5%3.7%3.7%
Average reinvestment rate [5]5.7%5.4%5.3%5.4%5.6%5.8%5.6%5.5%5.7%
Average sales/maturities yield [6]5.0%4.8%4.9%5.3%5.2%4.7%4.9%4.9%4.9%
Portfolio duration (in years) [7]4.0 4.0 4.1 3.7 3.7 3.8 3.7 4.0 3.7 
Footnotes [1] through [7] are explained on page 24.

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The Hartford Insurance Group, Inc.
Investment Income Before Tax
Employee Benefits
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$102 $101 $104 $102 $100 $98 $97 $307 $295 
Tax-exempt3 4 4 4 5 6 7 11 18 
Total fixed maturities105 105 108 106 105 104 104 318 313 
Equity securities1 1 — — — 1 1 2 2 
Mortgage loans17 17 17 19 17 18 17 51 52 
Limited partnerships and other alternative investments [2]36 20 13 35 20 2 11 69 33 
Other [3]— — (1)(1)(1)(1)(1)(1)(3)
Subtotal159 143 137 159 141 124 132 439 397 
Investment expense(5)(6)(6)(6)(5)(6)(6)(17)(17)
Total net investment income$154 $137 $131 $153 $136 $118 $126 $422 $380 
Annualized investment yield, before tax [4]5.4%4.8%4.5%5.3%4.8%4.1%4.3%4.9%4.4%
Annualized limited partnerships and other alternative investment yield, before tax [4]11.7%6.6%4.3%12.4%7.1%0.8%4.1%7.7%4.0%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.6%4.6%4.6%4.5%4.5%4.4%4.4%4.6%4.4%
Annualized investment yield, net of tax [4]4.3%3.8%3.6%4.2%3.8%3.3%3.5%3.9%3.5%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.7%3.6%3.6%3.6%3.6%3.5%3.5%3.6%3.5%
Average reinvestment rate [5]6.0%5.8%5.6%5.6%5.9%6.1%5.8%5.8%6.0%
Average sales/maturities yield [6]5.1%4.7%4.9%5.0%5.1%4.3%4.7%4.9%4.7%
Portfolio duration (in years) [7]5.0 5.2 5.2 5.0 4.9 5.0 5.0 5.0 4.9 
Footnotes [1] through [7] are explained on page 24.

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The Hartford Insurance Group, Inc.
Net Investment Income
Consolidated
Three Months EndedNine Months Ended
Net Investment Income by SegmentSept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Investment Income
Business Insurance$589 $556 $505 $562 $519 $449 $437 $1,650 $1,405 
Personal Insurance67 67 62 74 67 58 57 196 182 
P&C Other Operations22 22 20 20 19 19 18 64 56 
Total Property & Casualty678 645 587 656 605 526 512 1,910 1,643 
Employee Benefits154 137 131 153 136 118 126 422 380 
Corporate18 18 16 16 14 14 14 52 42 
Total net investment income by segment$850 $800 $734 $825 $755 $658 $652 $2,384 $2,065 
Three Months EndedNine Months Ended
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsSept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Total Property & Casualty$119 $94 $62 $125 $71 $11 $28 $275 $110 
Employee Benefits36 20 13 35 20 2 11 69 33 
Corporate1 — — — — — — 1 — 
Total net investment income from limited partnerships and other alternative investments [1]$156 $114 $75 $160 $91 $13 $39 $345 $143 
[1]Amounts are included above in total net investment income by segment.


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The Hartford Insurance Group, Inc.
Components of Net Realized Gains (Losses)
Consolidated
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities$7 $10 $18 $12 $17 $19 $13 $35 $49 
Gross losses on sales of fixed maturities(25)(36)(30)(21)(38)(45)(25)(91)(108)
Equity securities [1](27)121 (17)4 22 27 (12)77 37 
Net credit losses on fixed maturities, AFS(4)— — (2)— — 2 (4)2 
Change in ACL on mortgage loans— — — — (6)— — — (6)
 Other net losses [2](67)(31)(23)(23)(12)(20)(27)(121)(59)
Total net realized gains (losses)(116)64 (52)(30)(17)(19)(49)(104)(85)
Net realized gains (losses), included in core earnings, before tax [3]3 (24)1 — 2 — 2 (20)4 
Total net gains (losses) excluded from core earnings, before tax(113)40 (51)(30)(15)(19)(47)(124)(81)
Income tax expense (benefit) related to net realized losses excluded from core earnings22 (8)11 6 2 2 11 25 15 
Total net realized gains (losses) excluded from core earnings, after tax$(91)$32 $(40)$(24)$(13)$(17)$(36)$(99)$(66)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and equity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

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The Hartford Insurance Group, Inc.
Composition of Invested Assets
Consolidated
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025
Amount [1]PercentAmountPercentAmountPercentAmount [1]PercentAmountPercent
Total investments$64,720 100.0 %$63,999 100.0 %$63,300 100.0 %$63,494 100.0 %$62,113 100.0 %
Asset-backed securities$4,833 10.5 %$4,783 10.4 %$4,668 10.2 %$4,663 10.1 %$4,506 10.0 %
Collateralized loan obligations3,652 8.0 %3,360 7.3 %3,330 7.3 %3,316 7.2 %3,379 7.5 %
Commercial mortgage-backed securities1,605 3.5 %1,822 3.9 %2,232 4.8 %2,328 5.1 %2,498 5.5 %
Corporate23,517 51.2 %23,868 52.2 %23,305 51.1 %23,076 50.1 %23,079 51.0 %
Foreign government/government agencies438 1.0 %454 1.0 %436 1.0 %447 1.0 %409 0.9 %
Municipal3,902 8.5 %4,105 9.0 %4,255 9.3 %4,652 10.1 %4,481 9.9 %
Residential mortgage-backed securities5,685 12.4 %5,787 12.6 %6,092 13.4 %6,178 13.4 %5,778 12.8 %
U.S. Treasuries2,270 4.9 %1,645 3.6 %1,314 2.9 %1,381 3.0 %1,073 2.4 %
Total fixed maturities, AFS [2]$45,902 100.0 %$45,824 100.0 %$45,632 100.0 %$46,041 100.0 %$45,203 100.0 %
U.S. government/government agencies$6,030 13.1 %$5,713 12.5 %$5,694 12.5 %$5,929 12.9 %$5,277 11.7 %
AAA7,353 16.0 %7,264 15.8 %7,406 16.2 %7,751 16.8 %7,482 16.6 %
AA8,057 17.6 %7,772 17.0 %7,381 16.2 %7,340 15.9 %7,313 16.2 %
A12,046 26.2 %12,305 26.9 %12,517 27.4 %12,470 27.1 %12,628 27.9 %
BBB10,175 22.2 %10,501 22.9 %10,375 22.7 %10,250 22.3 %10,179 22.5 %
BB1,737 3.8 %1,798 3.9 %1,755 3.9 %1,818 4.0 %1,778 3.9 %
B485 1.1 %452 1.0 %492 1.1 %470 1.0 %534 1.2 %
CCC19 — %19 — %12 — %13 — %12 — %
Total fixed maturities, AFS [2]$45,902 100.0 %$45,824 100.0 %$45,632 100.0 %$46,041 100.0 %$45,203 100.0 %
[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).
[2]Fixed maturities, at fair value using the fair value option are not included.

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The Hartford Insurance Group, Inc.
Invested Asset Exposures
September 30, 2026
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$7,349 $7,028 10.9 %
Technology and communications3,845 3,494 5.4 %
Consumer non-cyclical3,500 3,242 5.0 %
Utilities2,797 2,553 4.0 %
Capital goods2,175 2,072 3.2 %
Consumer cyclical1,656 1,573 2.4 %
Energy1,574 1,485 2.3 %
Basic industry1,198 1,151 1.8 %
Transportation907 844 1.3 %
Other617 610 0.9 %
Total$25,618 $24,052 37.2 %
Top Ten Exposures by Issuer [1]
TPG Partners X$309 $308 0.5 %
TPG AG ABC Structured Note196 189 0.3 %
Goldman Sachs Group Inc.196 178 0.3 %
Hyundai Motor Company182 178 0.3 %
Duke Energy Corporation183 175 0.3 %
AbbVie Inc.179 170 0.3 %
Morgan Stanley171 160 0.2 %
SPCC Funding I159 159 0.2 %
Bank of America Corporation168 159 0.2 %
Enterprise Holdings162 158 0.2 %
Total$1,905 $1,834 2.8 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, equity securities excluding mutual funds, and short-term investments excluding reverse repurchase agreements.

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The Hartford Insurance Group, Inc.
Appendix
Basis of Presentation and Definitions
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Insurance Group, Inc. (the "Company", "we", or "our") currently conducts business principally in four reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations ("P&C Other Operations"), and Employee Benefits, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reportable segments: Business Insurance, Personal Insurance and P&C Other Operations. Business Insurance provides workers’ compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, assumed reinsurance, and other product lines to businesses in the United States ("U.S.") and internationally. Business Insurance generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Insurance provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and includes substantially all of the Company's asbestos and environmental exposures.
Employee Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.
The Company includes in the Corporate category discontinued operations of the Company's Hartford Funds business accounted for as held for sale, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
Certain operating and statistical measures for P&C Business Insurance and Personal Insurance have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Business Insurance represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Insurance, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Insurance, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•For small business, policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•For Personal Insurance, effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle & large business represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in-force is a growth measure used for Personal Insurance as well as small business within Business Insurance and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss and loss adjustment expense ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss and loss adjustment expense ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.

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A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses.
The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Employee Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
Discussion of Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.
Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance 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 realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance. A reconciliation of net income (loss) available to common stockholders to core earnings is set forth on page 2.

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Core earnings per share- This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.
Basic Earnings Per Share
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Income available to common stockholders per share
$4.88 $4.73 $3.08 $4.05 $3.82 $3.49 $2.18 $12.67 $9.48 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized (gains) losses, excluded from core earnings, before tax
0.42 (0.15)0.18 0.11 0.05 0.07 0.16 0.45 0.29 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 — — 0.01 0.01 0.01 0.02 0.02 
Change in deferred gain on retroactive reinsurance, before tax
(1.84)— (0.13)— (0.03)(0.08)(0.11)(1.95)(0.23)
Income tax expense (benefit) on items excluded from core earnings
0.30 0.03 — (0.03)— — (0.01)0.32 (0.02)
Income from discontinued operations, net of tax(0.23)(1.16)(0.19)(0.22)(0.21)(0.20)(0.16)(1.58)(0.57)
Core earnings per share$3.54 $3.46 $2.94 $3.91 $3.64 $3.29 $2.07 $9.93 $8.97 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable U.S. GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
Diluted Earnings Per Share
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net Income available to common stockholders per diluted share$4.82 $4.68 $3.04 $3.98 $3.77 $3.44 $2.15 $12.52 $9.34 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized (gains) losses, excluded from core earnings, before tax0.41 (0.14)0.18 0.11 0.05 0.07 0.16 0.45 0.28 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 — — 0.01 0.01 0.01 0.02 0.02 
Change in deferred gain on retroactive reinsurance, before tax
(1.82)— (0.13)— (0.03)(0.08)(0.11)(1.93)(0.22)
Income tax expense (benefit) on items excluded from core earnings
0.30 0.02 — (0.02)— — (0.01)0.31 (0.01)
Income from discontinued operations, net of tax(0.22)(1.15)(0.19)(0.22)(0.21)(0.20)(0.16)(1.56)(0.56)
Core earnings per diluted share
$3.50 $3.42 $2.90 $3.85 $3.59 $3.24 $2.04 $9.81 $8.85 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

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Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
Last Twelve Months Ended
 
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income ROE25.0%23.8%23.0%22.0%20.3%19.8%18.8%
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized (gains) losses, excluded from core earnings, before tax0.8%0.3%0.7%0.6%0.5%0.6%0.9%
Integration and other non-recurring M&A costs, before tax
—%—%—%—%—%—%0.1%
Change in deferred gain on retroactive reinsurance, before tax(2.9%)(0.2%)(0.4%)(0.4%)(0.3%)(0.5%)(0.6%)
Income tax expense (benefit) on items not included in core earnings0.4%—%(0.1%)(0.1%)—%—%(0.1%)
Impact of AOCI, excluded from denominator of core earnings ROE(2.7%)(2.7%)(2.9%)(2.7%)(2.1%)(2.8%)(2.8%)
Income from discontinued operations, net of tax(2.7%)(2.5%)(1.1%)(1.1%)(1.1%)(1.1%)(1.2%)
Core earnings ROE17.9%18.7%19.2%18.3%17.3%16.0%15.1%
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable U.S. GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable U.S. GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable U.S. GAAP measure. Total debt to capitalization ratio, excluding AOCI, is calculated by dividing total debt to total capitalization, excluding AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

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Underwriting gain (loss)-This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable U.S. GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net income$1,136 $851 $717 $968 $861 $800 $495 $2,704 $2,156 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(678)(645)(587)(656)(605)(526)(512)(1,910)(1,643)
Net realized (gains) losses136 (17)24 25 30 26 26 143 82 
Net servicing and other (income) expense(2)(1)(4)(2)(3)(4)(4)(7)(11)
Income tax expense 292 216 182 251 219 201 125 690 545 
Underwriting gain884 404 332 586 502 497 130 1,620 1,129 
Current accident year catastrophes198 222 230 (1)70 212 467 650 749 
Prior accident year development(594)(111)(41)(12)(103)(187)(122)(746)(412)
Underlying underwriting gain$488 $515 $521 $573 $469 $522 $475 $1,524 $1,466 
Business Insurance
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net income$637 $704 $536 $897 $710 $696 $477 $1,877 $1,883 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(589)(556)(505)(562)(519)(449)(437)(1,650)(1,405)
Net realized (gains) losses117 (12)19 21 26 20 24 124 70 
Other expense (income)3 1 (1)1 — 1 1 3 2 
Income tax expense159 179 136 234 180 176 122 474 478 
Underwriting gain327 316 185 591 397 444 187 828 1,028 
Current accident year catastrophes106 129 171 (12)39 114 280 406 433 
Prior accident year development(61)(52)30 (152)(60)(146)(83)(83)(289)
Underlying underwriting gain$372 $393 $386 $427 $376 $412 $384 $1,151 $1,172 


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Personal Insurance
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net income$93 $130 $139 $212 $139 $91 $5 $362 $235 
Adjustments to reconcile net income to underlying underwriting gain (loss):
Net investment income(67)(67)(62)(74)(67)(58)(57)(196)(182)
Net realized (gains) losses15 (4)4 3 4 4 2 15 10 
Net servicing and other (income) expense(5)(2)(3)(3)(4)(5)(5)(10)(14)
Income tax expense26 33 35 55 35 23 — 94 58 
Underwriting gain (loss)62 90 113 193 107 55 (55)265 107 
Current accident year catastrophes92 93 59 11 31 98 187 244 316 
Prior accident year development(36)(59)(35)(56)(43)(41)(39)(130)(123)
Underlying underwriting gain$118 $124 $137 $148 $95 $112 $93 $379 $300 
P&C Other Operations
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net income (loss)$406 $17 $42 $(141)$12 $13 $13 $465 $38 
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(22)(22)(20)(20)(19)(19)(18)(64)(56)
Net realized (gains) losses4 (1)1 1 — 2 — 4 2 
Other expense— — — — 1 — — — 1 
Income tax expense (benefit)107 4 11 (38)4 2 3 122 9 
Underwriting gain (loss)495 (2)34 (198)(2)(2)(2)527 (6)
Prior accident year development(497)— (36)196 — — — (533)— 
Underlying underwriting loss$(2)$(2)$(2)$(2)$(2)$(2)$(2)$(6)$(6)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth on pages 10, 13 and 17, respectively.

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Underlying loss and loss adjustment expense ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth below.
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Loss and loss adjustment expense ratio51.7 61.0 61.6 56.2 58.5 58.8 66.3 58.0 61.1 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development8.5 (2.5)(4.2)0.3 0.7 (0.6)(8.2)0.7 (2.5)
Underlying loss and loss adjustment expense ratio60.1 58.6 57.4 56.5 59.3 58.3 58.1 58.7 58.6 
Business Insurance
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Loss and loss adjustment expense ratio61.1 60.4 62.8 51.5 57.3 56.1 62.8 61.4 58.7 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(1.2)(2.1)(5.6)4.5 0.6 1.0 (5.9)(2.9)(1.4)
Underlying loss and loss adjustment expense ratio59.9 58.3 57.2 56.1 57.9 57.0 56.9 58.5 57.3 
Personal Insurance
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Loss and loss adjustment expense ratio67.2 63.8 60.6 53.3 62.9 69.0 79.1 63.9 70.2 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(6.2)(3.8)(2.6)4.7 1.2 (6.1)(16.5)(4.2)(7.0)
Underlying loss and loss adjustment expense ratio61.1 60.0 58.0 58.1 64.2 62.8 62.6 59.7 63.2 

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Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized (gains) losses. Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized (gains) losses as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Net income margin7.0 %7.7 %6.4 %7.2 %8.1 %8.5 %7.4 %7.0%8.0%
Adjustments to reconcile net income margin to core earnings margin:
Net realized (gains) losses, before tax(0.8%)(0.5%)0.6%0.5%0.4%0.8%0.3%(0.3%)0.5%
Income tax expense (benefit)0.2%0.1%(0.1%)(0.1%)(0.2%)(0.1%)(0.1%)0.1%(0.1%)
Impact of excluding buyouts from denominator of core earnings margin— %0.1 %— %— %— %— %— %0.1 %— %
Core earnings margin6.4 %7.4 %6.9 %7.6 %8.3 %9.2 %7.6 %6.9 %8.4 %
Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Employee Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Total net investment income$850 $800 $734 $825 $755 $658 $652 $2,384 $2,065 
Adjustment for income from limited partnerships and other alternative investments(156)(114)(75)(160)(91)(13)(39)(345)(143)
Net investment income excluding limited partnerships and other alternative investments$694 $686 $659 $665 $664 $645 $613 $2,039 $1,922 
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Total net investment income$678 $645 $587 $656 $605 $526 $512 $1,910 $1,643 
Adjustment for income from limited partnerships and other alternative investments(119)(94)(62)(125)(71)(11)(28)(275)(110)
Net investment income excluding limited partnerships and other alternative investments$559 $551 $525 $531 $534 $515 $484 $1,635 $1,533 
Employee Benefits
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Total net investment income$154 $137 $131 $153 $136 $118 $126 $422 $380 
Adjustment for income from limited partnerships and other alternative investments(36)(20)(13)(35)(20)(2)(11)(69)(33)
Net investment income excluding limited partnerships and other alternative investments$118 $117 $118 $118 $116 $116 $115 $353 $347 

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Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Employee Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable U.S. GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Annualized investment yield5.1%4.9%4.5%5.2%4.8%4.3%4.3%4.9%4.5%
Adjustment for income from limited partnerships and other alternative investments(0.5%)(0.2%)—%(0.6%)(0.2%)0.3%0.1%(0.3%)—%
Annualized investment yield excluding limited partnerships and other alternative investments4.6%4.7%4.5%4.6%4.6%4.6%4.4%4.6%4.5%
Property & Casualty
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Annualized investment yield5.2%5.0%4.6%5.2%4.9%4.4%4.3%4.9%4.5%
Adjustment for income from limited partnerships and other alternative investments(0.5%)(0.3%)(0.1%)(0.6%)(0.2%)0.3%0.1%(0.3%)0.1%
Annualized investment yield excluding limited partnerships and other alternative investments4.7%4.7%4.5%4.6%4.7%4.7%4.4%4.6%4.6%
Employee Benefits
Three Months EndedNine Months Ended
Sept 30 2026Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Sept 30 2026Sept 30 2025
Annualized investment yield5.4%4.8%4.5%5.3%4.8%4.1%4.3%4.9%4.4%
Adjustment for income from limited partnerships and other alternative investments(0.8%)(0.2%)0.1%(0.8%)(0.3%)0.3%0.1%(0.3%)—%
Annualized investment yield excluding limited partnerships and other alternative investments4.6%4.6%4.6%4.5%4.5%4.4%4.4%4.6%4.4%

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