Company Information [Corporate Details and Ratings](index=2&type=section&id=Corporate%20Details%20and%20Ratings) The company presents its corporate details and strong insurance financial strength ratings from major agencies as of July 25, 2025 Insurance Financial Strength Ratings (as of July 25, 2025) | Entity | A.M. Best | S&P | Moody's | Outlook (S&P, Moody's) | | :--- | :--- | :-- | :--- | :--- | | Hartford Fire Insurance Company | A+ | A+ | A1 | Positive | | Hartford Life and Accident Insurance Co.| A+ | A+ | A1 | Positive (S&P) | | Navigators Insurance Company | A+ | A+ | NR | Positive (S&P) | Other Ratings (as of July 25, 2025) | Rating Type | Rating | Outlook (S&P, Moody's) | | :--- | :--- | :--- | | Senior debt | BBB+ | Positive | | Junior subordinated debentures | bbb+ | Positive | | Preferred stock | bbb+ | Positive | - 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[5](index=5&type=chunk) Consolidated Financials [Consolidated Financial Results](index=4&type=section&id=Consolidated%20Financial%20Results) The company reports significant year-over-year growth in net income, core earnings, and total revenues for the second quarter of 2025 Consolidated Financial Highlights (in millions, except per share data) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | $995 | $738 | +34.8% | $1,625 | $1,491 | +8.9% | | Net income available to common stockholders | $990 | $733 | +35.1% | $1,615 | $1,481 | +9.0% | | Core earnings* | $981 | $750 | +30.8% | $1,620 | $1,459 | +11.0% | | Total revenues | $6,987 | $6,486 | +7.7% | $13,797 | $12,905 | +6.9% | | Total assets (period end) | $83,639 | $79,046 | +5.8% | | | | Per Share and Shares Data | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Basic EPS (Net income) | $3.49 | $2.48 | +40.7% | $5.66 | $4.99 | +13.4% | | Basic EPS (Core earnings*) | $3.46 | $2.54 | +36.2% | $5.68 | $4.92 | +15.4% | | Diluted EPS (Net income) | $3.44 | $2.44 | +41.0% | $5.58 | $4.92 | +13.4% | | Diluted EPS (Core earnings*) | $3.41 | $2.50 | +36.4% | $5.60 | $4.84 | +15.7% | | Book value per common share (period end)| $60.87 | $52.20 | +16.6% | | | | | Book value per common share (excl. AOCI)*| $69.32 | $62.63 | +10.7% | | | | Return on Common Stockholders' Equity (ROE) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | | :--- | :--- | :--- | :--- | | Net income ROE | 19.8% | 19.8% | 0.0 pp | | Core earnings ROE* | 17.0% | 17.4% | -0.4 pp | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Increased earned premiums and net investment income drove higher total revenues and net income for the second quarter and first half of 2025 Consolidated Revenues (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Earned premiums | $5,961 | $5,578 | +6.9% | $11,796 | $11,024 | +7.0% | | Fee income | $342 | $339 | +0.9% | $688 | $672 | +2.4% | | Net investment income | $664 | $602 | +10.3% | $1,320 | $1,195 | +10.5% | | Total revenues | $6,987 | $6,486 | +7.7% | $13,797 | $12,905 | +6.9% | Consolidated Expenses and Income (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Benefits, losses and loss adjustment expenses | $3,712 | $3,661 | +1.4% | $7,712 | $7,272 | +6.0% | | Total benefits, losses and expenses | $5,741 | $5,574 | +3.0% | $11,768 | $11,082 | +6.2% | | Income before income taxes | $1,246 | $912 | +36.6% | $2,029 | $1,823 | +11.3% | | Net income | $995 | $738 | +34.8% | $1,625 | $1,491 | +8.9% | | Core earnings* | $981 | $750 | +30.8% | $1,620 | $1,459 | +11.0% | [Operating Results by Segment](index=6&type=section&id=Operating%20Results%20By%20Segment) Business Insurance remains the largest earnings contributor, while Personal Insurance shows a significant turnaround from a net loss to a net income Net Income (Loss) by Segment (in millions) | Segment | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Business Insurance | $696 | $540 | +28.9% | $1,173 | $1,113 | +5.4% | | Personal Insurance | $91 | $(11) | N/A | $96 | $23 | +317.4% | | P&C Other Operations | $13 | $11 | +18.2% | $26 | $19 | +36.8% | | **Property & Casualty** | **$800** | **$540** | **+48.1%** | **$1,295** | **$1,155** | **+12.1%** | | Employee Benefits | $150 | $171 | -12.3% | $283 | $279 | +1.4% | | Hartford Funds | $54 | $44 | +22.7% | $97 | $89 | +9.0% | | Corporate | $(9) | $(17) | N/A | $(50) | $(32) | -56.3% | | **Net income** | **$995** | **$738** | **+34.8%** | **$1,625** | **$1,491** | **+8.9%** | Core Earnings (Loss) by Segment (in millions) | Segment | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Business Insurance | $697 | $551 | +26.5% | $1,168 | $1,097 | +6.5% | | Personal Insurance | $94 | $(4) | N/A | $100 | $29 | +244.8% | | P&C Other Operations | $14 | $14 | 0.0% | $27 | $21 | +28.6% | | **Property & Casualty** | **$805** | **$561** | **+43.5%** | **$1,295** | **$1,147** | **+12.9%** | | Employee Benefits | $163 | $178 | -8.4% | $299 | $285 | +4.9% | | Hartford Funds | $46 | $43 | +7.0% | $90 | $84 | +7.1% | | Corporate | $(33) | $(32) | -3.1% | $(64) | $(57) | -12.3% | | **Core earnings** | **$981** | **$750** | **+30.8%** | **$1,620** | **$1,459** | **+11.0%** | [Consolidating Balance Sheets](index=7&type=section&id=Consolidating%20Balance%20Sheets) Total assets grew, driven by increased investments and premiums receivable, strengthening the overall financial position as of June 30, 2025 Consolidated Assets (in millions) | Metric | Jun 30 2025 | Dec 31 2024 | Change | | :--- | :--- | :--- | :--- | | Total investments | $60,903 | $59,210 | +2.9% | | Premiums receivable and agents' balances, net | $6,698 | $5,998 | +11.7% | | Total assets | $83,639 | $80,917 | +3.4% | Consolidated Liabilities and Equity (in millions) | Metric | Jun 30 2025 | Dec 31 2024 | Change | | :--- | :--- | :--- | :--- | | Unpaid losses and loss adjustment expenses | $45,482 | $44,610 | +2.0% | | Unearned premiums | $10,337 | $9,408 | +9.9% | | Total liabilities | $66,121 | $64,470 | +2.6% | | Common stockholders' equity, excluding AOCI* | $19,568 | $18,999 | +3.0% | | Total stockholders' equity | $17,518 | $16,447 | +6.5% | [Capital Structure](index=8&type=section&id=Capital%20Structure) The company's capital structure shows stable debt and improved leverage ratios, reflecting prudent financial management as of June 30, 2025 Capitalization (in millions) | Metric | Jun 30 2025 | Jun 30 2024 | Change | | :--- | :--- | :--- | :--- | | Total debt | $4,369 | $4,364 | +0.1% | | Total stockholders' equity | $17,518 | $15,680 | +11.7% | | Common stockholders' equity, excluding AOCI* | $19,568 | $18,414 | +6.3% | | Total capitalization, including AOCI, net of tax | $21,887 | $20,044 | +9.2% | | Total capitalization, excluding AOCI, net of tax* | $24,271 | $23,112 | +5.0% | Debt to Capitalization Ratios | Metric | Jun 30 2025 | Jun 30 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Total debt to capitalization, including AOCI | 20.0% | 21.8% | -1.8 | | Total debt to capitalization, excluding AOCI* | 18.0% | 18.9% | -0.9 | | Total debt and preferred stock to capitalization, including AOCI | 21.5% | 23.4% | -1.9 | | Total debt and preferred stock to capitalization, excluding AOCI* | 19.4% | 20.3% | -0.9 | Fixed Charge Coverage Ratios | Metric | Jun 30 2025 | Jun 30 2024 | Change | | :--- | :--- | :--- | :--- | | Total earnings to total fixed charges | 18.8:1 | 17.1:1 | +1.7 | [Statutory Capital to GAAP Stockholders' Equity Reconciliation](index=9&type=section&id=Statutory%20Capital%20To%20GAAP%20Stockholders%27%20Equity%20Reconciliation) The reconciliation details key adjustments from U.S. statutory capital to U.S. GAAP stockholders' equity as of June 30, 2025 Statutory Capital to GAAP Stockholders' Equity Reconciliation (in millions) - June 30, 2025 | Metric | P&C | Employee Benefits | | :--- | :--- | :--- | | U.S. statutory net income (6M) | $1,101 | $296 | | U.S. statutory capital | $13,686 | $2,560 | | U.S. GAAP adjustments: | | | | DAC | $1,276 | $34 | | Non-admitted deferred tax assets | $249 | $158 | | Deferred taxes | $(340) | $(325) | | Goodwill | $113 | $723 | | Other intangible assets | $16 | $296 | | Non-admitted assets other than deferred taxes | $808 | $108 | | Unrealized losses on investments | $(963) | $(617) | | Deferred gain on retroactive reinsurance agreements | $(856) | — | | U.S. GAAP stockholders' equity of U.S. insurance entities | $14,838 | $4,280 | | Total U.S. GAAP stockholders' equity | $16,010 | $4,280 | [Accumulated Other Comprehensive Income (Loss)](index=10&type=section&id=Accumulated%20Other%20Comprehensive%20Income%20%28Loss%29) Total Accumulated Other Comprehensive Income (AOCI) loss improved as of June 30, 2025, driven by reduced unrealized losses on investments Accumulated Other Comprehensive Income (Loss) (in millions) | Metric | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | Sept 30 2024 | Jun 30 2024 | Mar 31 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net unrealized loss on fixed maturities, AFS | $(1,029) | $(1,237) | $(1,539) | $(671) | $(1,732) | $(1,642) | | Total net unrealized gain (loss) | $(1,028) | $(1,203) | $(1,505) | $(643) | $(1,709) | $(1,628) | | Pension and other postretirement plan adjustments | $(1,430) | $(1,436) | $(1,443) | $(1,422) | $(1,429) | $(1,435) | | Total AOCI | $(2,384) | $(2,580) | $(2,886) | $(2,005) | $(3,068) | $(2,997) | Property & Casualty (P&C) [P&C Income Statements](index=11&type=section&id=Property%20%26%20Casualty%20Income%20Statements) The P&C segment reported strong growth in premiums and underwriting gain, driven by favorable prior accident year development P&C Premiums and Underwriting (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Written premiums | $4,796 | $4,453 | +7.7% | $9,395 | $8,659 | +8.5% | | Earned premiums | $4,355 | $3,970 | +9.7% | $8,578 | $7,831 | +9.5% | | Current accident year catastrophes | $212 | $280 | -24.3% | $679 | $441 | +54.0% | | Prior accident year development | $(187) | $(115) | -62.6% | $(309) | $(171) | -80.7% | | Total losses and loss adjustment expenses | $2,562 | $2,512 | +2.0% | $5,361 | $4,917 | +9.0% | | Underwriting gain* | $497 | $254 | +95.7% | $627 | $533 | +17.6% | | Net income | $800 | $540 | +48.1% | $1,295 | $1,155 | +12.1% | | Core earnings* | $805 | $561 | +43.5% | $1,295 | $1,147 | +12.9% | P&C Prior Accident Year Development (in millions) | Line of Business | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Workers' compensation | $(61) | $(52) | -17.3% | $(126) | $(119) | -5.9% | | General liability | — | $32 | N/A | — | $49 | N/A | | Commercial property | $(20) | $(2) | -900.0% | $(23) | $(5) | -360.0% | | Bond | $(22) | $(22) | 0.0% | $(22) | $(22) | 0.0% | | Personal automobile liability | $(10) | $(13) | +23.1% | $(22) | $(13) | -69.2% | | Homeowners | $(13) | $(10) | -30.0% | $(31) | $(10) | -210.0% | | Catastrophes | $(39) | $(38) | -2.6% | $(39) | $(38) | -2.6% | | Total prior accident year development | $(187) | $(115) | -62.6% | $(309) | $(171) | -80.7% | [P&C Underwriting Ratios](index=13&type=section&id=Property%20%26%20Casualty%20Underwriting%20Ratios) P&C underwriting ratios demonstrate improved profitability, with a lower combined ratio and underlying combined ratio for Q2 2025 P&C Underwriting Ratios | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Loss and loss adjustment expense ratio | 58.8% | 63.3% | -4.5 pp | 62.5% | 62.8% | -0.3 pp | | Expense ratio | 29.5% | 30.1% | -0.6 pp | 29.9% | 30.2% | -0.3 pp | | Combined ratio | 88.6% | 93.6% | -5.0 pp | 92.7% | 93.2% | -0.5 pp | | Underlying combined ratio* | 88.0% | 89.5% | -1.5 pp | 88.4% | 89.8% | -1.4 pp | | Underlying loss and loss adjustment expense ratio* | 58.3% | 59.1% | -0.8 pp | 58.2% | 59.3% | -1.1 pp | | Current accident year catastrophes | 4.9% | 7.1% | -2.2 pp | 7.9% | 5.6% | +2.3 pp | | Prior accident year development | (4.3%) | (2.9%) | -1.4 pp | (3.6%) | (2.2%) | -1.4 pp | [Business Insurance Income Statements](index=14&type=section&id=Business%20Insurance%20Income%20Statements) Business Insurance delivered strong growth in premiums and underwriting gain, supported by favorable prior accident year development Business Insurance Premiums and Underwriting (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Written premiums | $3,816 | $3,540 | +7.8% | $7,502 | $6,902 | +8.7% | | Earned premiums | $3,424 | $3,121 | +9.7% | $6,748 | $6,169 | +9.4% | | Current accident year catastrophes | $114 | $155 | -26.4% | $394 | $264 | +49.2% | | Prior accident year development | $(146) | $(81) | -80.2% | $(229) | $(137) | -67.2% | | Underwriting gain | $444 | $319 | +39.2% | $631 | $620 | +1.8% | | Net income | $696 | $540 | +28.9% | $1,173 | $1,113 | +5.4% | | Core earnings | $697 | $551 | +26.5% | $1,168 | $1,097 | +6.5% | Business Insurance Prior Accident Year Development (in millions) | Line of Business | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Workers' compensation | $(61) | $(52) | -17.3% | $(126) | $(119) | -5.9% | | General liability | — | $32 | N/A | — | $49 | N/A | | Commercial property | $(20) | $(2) | -900.0% | $(23) | $(5) | -360.0% | | Bond | $(22) | $(22) | 0.0% | $(22) | $(22) | 0.0% | | Catastrophes | $(28) | $(33) | +15.2% | $(28) | $(33) | +15.2% | | Total prior accident year development | $(146) | $(81) | -80.2% | $(229) | $(137) | -67.2% | [Business Insurance Underwriting Ratios](index=16&type=section&id=Business%20Insurance%20Underwriting%20Ratios) Business Insurance underwriting ratios show an improved combined ratio, reflecting strong overall underwriting performance in Q2 2025 Business Insurance Underwriting Ratios | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Loss and loss adjustment expense ratio | 56.1% | 58.4% | -2.3 pp | 59.4% | 58.4% | +1.0 pp | | Expense ratio | 30.6% | 31.1% | -0.5 pp | 30.9% | 31.3% | -0.4 pp | | Combined ratio | 87.0% | 89.8% | -2.8 pp | 90.6% | 90.0% | +0.6 pp | | Underlying combined ratio | 88.0% | 87.4% | +0.6 pp | 88.2% | 87.9% | +0.3 pp | | Underlying loss and loss adjustment expense ratio | 57.0% | 56.1% | +0.9 pp | 57.0% | 56.3% | +0.7 pp | Business Insurance Combined Ratios by Line of Business | Line of Business | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Small Business Combined ratio | 89.7% | 88.7% | +1.0 pp | 91.5% | 88.8% | +2.7 pp | | Small Business Underlying combined ratio| 89.0% | 86.8% | +2.2 pp | 89.2% | 88.1% | +1.1 pp | | Middle & Large Business Combined ratio | 86.6% | 95.9% | -9.3 pp | 93.1% | 95.0% | -1.9 pp | | Middle & Large Business Underlying combined ratio | 89.1% | 89.6% | -0.5 pp | 89.8% | 89.4% | +0.4 pp | | Global Specialty Combined ratio | 85.9% | 83.4% | +2.5 pp | 87.5% | 85.6% | +1.9 pp | | Global Specialty Underlying combined ratio| 84.8% | 85.2% | -0.4 pp | 84.4% | 85.2% | -0.8 pp | [Business Insurance Supplemental Data](index=17&type=section&id=Business%20Insurance%20Supplemental%20Data) Supplemental data highlights written premium growth across all major business segments, with strong pricing power in renewals Business Insurance Written Premiums by Segment (in millions) | Segment | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Small Business | $1,503 | $1,373 | +9.5% | $3,056 | $2,798 | +9.2% | | Middle & Large Business | $1,197 | $1,140 | +5.0% | $2,308 | $2,156 | +7.1% | | Global Specialty | $1,100 | $1,013 | +8.6% | $2,106 | $1,920 | +9.7% | | Total | $3,816 | $3,540 | +7.8% | $7,502 | $6,902 | +8.7% | Business Insurance Statistical Premium Information | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Small Business Net New Business Premium | $305 | $291 | +4.8% | $603 | $559 | +7.9% | | Small Business Renewal Written Price Increases | 5.7% | 6.4% | -0.7 pp | 6.1% | 6.0% | +0.1 pp | | Small Business Policy Count Retention | 83% | 84% | -1.0 pp | 84% | 84% | 0.0 pp | | Middle Market Renewal Written Price Increases | 5.8% | 6.7% | -0.9 pp | 6.3% | 6.9% | -0.6 pp | | Global Specialty Renewal Written Price Increases | 5.1% | 6.2% | -1.1 pp | 5.6% | 6.2% | -0.6 pp | [Personal Insurance Income Statements](index=18&type=section&id=Personal%20Insurance%20Income%20Statements) Personal Insurance achieved a significant turnaround from a net loss to a net income, driven by premium growth and improved underwriting results Personal Insurance Premiums and Underwriting (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Written premiums | $980 | $913 | +7.3% | $1,893 | $1,757 | +7.7% | | Earned premiums | $931 | $849 | +9.7% | $1,830 | $1,662 | +10.1% | | Current accident year catastrophes | $98 | $125 | -21.5% | $285 | $177 | +61.0% | | Prior accident year development | $(41) | $(34) | -20.6% | $(80) | $(41) | -95.1% | | Underwriting gain (loss) | $55 | $(63) | N/A | $0 | $(76) | N/A | | Net income (loss) | $91 | $(11) | N/A | $96 | $23 | +317.4% | | Core earnings (loss) | $94 | $(4) | N/A | $100 | $29 | +244.8% | Personal Insurance Prior Accident Year Development (in millions) | Line of Business | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automobile liability | $(10) | $(13) | +23.1% | $(22) | $(13) | -69.2% | | Homeowners | $(13) | $(10) | -30.0% | $(31) | $(10) | -210.0% | | Catastrophes | $(11) | $(5) | -120.0% | $(11) | $(5) | -120.0% | | Total prior accident year development | $(41) | $(34) | -20.6% | $(80) | $(41) | -95.1% | [Personal Insurance Underwriting Ratios](index=20&type=section&id=Personal%20Insurance%20Underwriting%20Ratios) Personal Insurance underwriting ratios reflect a notable improvement in profitability, with a significantly lower combined ratio Personal Insurance Underwriting Ratios | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Loss and loss adjustment expense ratio | 69.0% | 81.0% | -12.0 pp | 73.9% | 78.7% | -4.8 pp | | Expense ratio | 25.1% | 26.4% | -1.3 pp | 26.1% | 25.9% | +0.2 pp | | Combined ratio | 94.1% | 107.4% | -13.3 pp | 100.0% | 104.6% | -4.6 pp | | Underlying combined ratio | 88.0% | 96.7% | -8.7 pp | 88.8% | 96.4% | -7.6 pp | | Underlying loss and loss adjustment expense ratio | 62.8% | 70.3% | -7.5 pp | 62.7% | 70.5% | -7.8 pp | Personal Insurance Combined Ratios by Product | Product | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automobile Combined ratio | 94.0% | 105.4% | -11.4 pp | 93.8% | 104.7% | -10.9 pp | | Automobile Underlying combined ratio | 95.2% | 104.9% | -9.7 pp | 95.7% | 104.7% | -9.0 pp | | Homeowners Combined ratio | 94.4% | 114.5% | -20.1 pp | 113.1% | 105.6% | +7.5 pp | | Homeowners Underlying combined ratio | 72.7% | 77.8% | -5.1 pp | 73.9% | 77.4% | -3.5 pp | [Personal Insurance Supplemental Data](index=21&type=section&id=Personal%20Insurance%20Supplemental%20Data) Supplemental data shows premium growth across distribution channels and product lines, with strong renewal written price increases Personal Insurance Written Premiums by Distribution (in millions) | Distribution | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Direct | $796 | $780 | +2.1% | $1,554 | $1,508 | +3.0% | | Agency | $184 | $133 | +38.3% | $339 | $249 | +36.1% | | Total | $980 | $913 | +7.3% | $1,893 | $1,757 | +7.7% | Personal Insurance Written Premiums by Product Line (in millions) | Product Line | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automobile | $633 | $617 | +2.6% | $1,260 | $1,217 | +3.5% | | Homeowners | $347 | $296 | +17.2% | $633 | $540 | +17.2% | | Total | $980 | $913 | +7.3% | $1,893 | $1,757 | +7.7% | Personal Insurance Statistical Premium Information (Year Over Year) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automobile Net New Business Premium | $81 | $82 | -1.2% | $162 | $154 | +5.2% | | Homeowners Net New Business Premium | $69 | $47 | +46.8% | $131 | $81 | +61.7% | | Automobile Renewal Written Price Increases | 14.0% | 23.4% | -9.4 pp | 14.8% | 24.4% | -9.6 pp | | Homeowners Renewal Written Price Increases | 12.7% | 14.9% | -2.2 pp | 12.5% | 15.0% | -2.5 pp | | Automobile Effective Policy Count Retention | 79% | 79% | 0.0 pp | 79% | 79% | 0.0 pp | | Homeowners Effective Policy Count Retention | 83% | 84% | -1.0 pp | 83% | 83% | 0.0 pp | [P&C Other Operations Income Statements](index=23&type=section&id=P%26C%20Other%20Operations%20Income%20Statements) P&C Other Operations reported a net income for Q2 2025, influenced by stable net investment income and favorable prior year development P&C Other Operations Income (Loss) (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Prior accident year development | $0 | $0 | 0.0% | $0 | $7 | N/A | | Underwriting loss | $(2) | $(2) | 0.0% | $(4) | $(11) | +63.6% | | Net investment income | $19 | $19 | 0.0% | $37 | $37 | 0.0% | | Net income (loss) | $13 | $11 | +18.2% | $26 | $19 | +36.8% | | Core earnings (loss) | $14 | $14 | 0.0% | $27 | $21 | +28.6% | Employee Benefits [Income Statements](index=24&type=section&id=Employee%20Benefits%20Income%20Statements) The Employee Benefits segment reported stable premiums and healthy margins, reflecting consistent performance for the second quarter of 2025 Employee Benefits Revenues and Income (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Earned premiums | $1,606 | $1,608 | -0.1% | $3,218 | $3,193 | +0.8% | | Fee income | $57 | $57 | 0.0% | $113 | $111 | +1.8% | | Net investment income | $118 | $112 | +5.4% | $244 | $226 | +8.0% | | Total revenues | $1,765 | $1,768 | -0.2% | $3,555 | $3,522 | +0.9% | | Net income | $150 | $171 | -12.3% | $283 | $279 | +1.4% | | Core earnings* | $163 | $178 | -8.4% | $299 | $285 | +4.9% | Employee Benefits Margins and ROE | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net income margin | 8.5% | 9.7% | -1.2 pp | 8.0% | 7.9% | +0.1 pp | | Core earnings margin* | 9.2% | 10.0% | -0.8 pp | 8.4% | 8.1% | +0.3 pp | | Net income available to common stockholders ROE | 16.1% | 18.0% | -1.9 pp | | | | | Core earnings ROE* | 15.3% | 16.4% | -1.1 pp | | | | [Supplemental Data](index=25&type=section&id=Employee%20Benefits%20Supplemental%20Data) Supplemental data shows stable fully insured ongoing premiums, though total sales decreased compared to the prior year Employee Benefits Premiums (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Group disability | $838 | $837 | +0.1% | $1,682 | $1,673 | +0.5% | | Group life | $644 | $663 | -2.9% | $1,294 | $1,308 | -1.1% | | Other | $120 | $107 | +12.1% | $238 | $211 | +12.8% | | Total fully insured ongoing premiums | $1,602 | $1,607 | -0.3% | $3,214 | $3,192 | +0.7% | | Total premiums | $1,606 | $1,608 | -0.1% | $3,218 | $3,193 | +0.8% | Employee Benefits Sales (Gross Annualized New Premiums) (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Group disability | $48 | $37 | +29.7% | $210 | $284 | -26.1% | | Group life | $44 | $51 | -13.7% | $207 | $205 | +1.0% | | Other | $15 | $13 | +15.4% | $71 | $56 | +26.8% | | Total fully insured ongoing sales | $107 | $101 | +5.9% | $488 | $545 | -10.5% | | Total sales | $111 | $102 | +8.8% | $492 | $546 | -9.9% | Employee Benefits Ratios, Excluding Buyouts | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Group disability loss ratio | 68.5% | 67.1% | +1.4 pp | 68.8% | 68.6% | +0.2 pp | | Group life loss ratio | 74.3% | 74.9% | -0.6 pp | 77.1% | 78.7% | -1.6 pp | | Total loss ratio | 69.1% | 68.9% | +0.2 pp | 70.5% | 71.1% | -0.6 pp | | Expense ratio | 25.7% | 24.4% | +1.3 pp | 25.5% | 24.9% | +0.6 pp | Hartford Funds [Income Statements](index=26&type=section&id=Hartford%20Funds%20Income%20Statements) Hartford Funds reported stable revenues and an increase in daily average Assets Under Management (AUM), reflecting consistent performance Hartford Funds Revenues and Income (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Investment management fees | $198 | $195 | +1.5% | $400 | $386 | +3.6% | | Total revenues | $271 | $261 | +3.8% | $535 | $520 | +2.9% | | Net income | $54 | $44 | +22.7% | $97 | $89 | +9.0% | | Core earnings* | $46 | $43 | +7.0% | $90 | $84 | +7.1% | Hartford Funds AUM and Return on Assets | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Daily average Hartford Funds AUM (in millions) | $138,195 | $134,064 | +3.1% | $140,004 | $132,856 | +5.4% | | Net income Return on assets (bps) | 15.6 | 13.1 | +2.5 | 13.9 | 13.4 | +0.5 | | Core earnings Return on assets (bps)* | 13.3 | 12.8 | +0.5 | 12.9 | 12.6 | +0.3 | [Asset Value Rollforward - Assets Under Management By Asset Class](index=27&type=section&id=Asset%20Value%20Rollforward%20-%20Assets%20Under%20Management%20By%20Asset%20Class) Total Assets Under Management (AUM) increased, driven by positive market value changes despite net outflows in Equity Funds Hartford Funds AUM by Asset Class (in millions) | Asset Class | Jun 30 2025 | Jun 30 2024 | Change | | :--- | :--- | :--- | :--- | | Equity Funds | $89,072 | $83,212 | +7.0% | | Fixed Income Funds | $21,827 | $17,825 | +22.4% | | Multi-Strategy Investments Funds | $18,544 | $18,807 | -1.4% | | Exchange-Traded Funds ("ETF") AUM | $4,847 | $3,842 | +26.1% | | Mutual Fund and ETF AUM | $134,290 | $123,686 | +8.6% | | Third-party life and annuity separate account AUM | $11,226 | $11,832 | -5.1% | | Hartford Funds AUM | $145,516 | $135,518 | +7.4% | Hartford Funds Net Flows by Asset Class (in millions) | Asset Class | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Funds | $(1,221) | $(1,219) | -0.2% | $(2,360) | $(3,279) | +28.0% | | Fixed Income Funds | $58 | $489 | -88.1% | $66 | $814 | -91.9% | | Multi-Strategy Investments Funds | $(381) | $(458) | +16.8% | $(828) | $(1,025) | +19.2% | | Exchange-Traded Funds ("ETF") AUM | $29 | $103 | -71.8% | $175 | $(106) | N/A | | Net flows - mutual fund and ETF | $(1,515) | $(1,085) | -39.6% | $(2,947) | $(3,596) | +18.0% | Hartford Funds Change in Market Value and Other by Asset Class (in millions) | Asset Class | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Funds | $7,501 | $1,094 | +585.6% | $7,432 | $7,139 | +4.1% | | Fixed Income Funds | $371 | $135 | +174.8% | $702 | $238 | +194.9% | | Multi-Strategy Investments Funds | $604 | $(3) | N/A | $860 | $540 | +59.3% | | Exchange-Traded Funds ("ETF") AUM | $110 | $(14) | N/A | $189 | $49 | +285.7% | | Change in market value and other (Mutual Fund and ETF AUM) | $8,586 | $1,212 | +608.4% | $9,183 | $7,966 | +15.3% | Corporate [Income Statements](index=28&type=section&id=Corporate%20Income%20Statements) The Corporate segment reported a net loss, primarily due to interest expense and other unallocated operating costs Corporate Revenues and Expenses (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total revenues | $52 | $33 | +57.6% | $59 | $68 | -13.2% | | Interest expense | $50 | $50 | 0.0% | $100 | $100 | 0.0% | | Total expenses | $64 | $63 | +1.6% | $130 | $130 | 0.0% | | Net loss | $(9) | $(17) | +47.1% | $(50) | $(32) | -56.3% | | Core loss* | $(33) | $(32) | -3.1% | $(64) | $(57) | -12.3% | Investments [Investment Income Before Tax - Consolidated](index=29&type=section&id=Investment%20Income%20Before%20Tax%20-%20Consolidated) Consolidated net investment income increased, driven by higher income from fixed maturities and mortgage loans Consolidated Net Investment Income (Loss) (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total fixed maturities | $584 | $537 | +8.8% | $1,158 | $1,063 | +8.9% | | Mortgage loans | $72 | $65 | +10.8% | $142 | $128 | +10.9% | | Limited partnerships and other alternative investments | $13 | $16 | -18.8% | $52 | $32 | +62.5% | | Total net investment income | $664 | $602 | +10.3% | $1,320 | $1,195 | +10.5% | Consolidated Annualized Investment Yields and Rates | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annualized investment yield, before tax | 4.3% | 4.1% | +0.2 pp | 4.3% | 4.1% | +0.2 pp | | Annualized investment yield, before tax, excluding limited partnership and other alternative investments* | 4.6% | 4.4% | +0.2 pp | 4.5% | 4.3% | +0.2 pp | | Annualized investment yield, net of tax | 3.5% | 3.3% | +0.2 pp | 3.4% | 3.3% | +0.1 pp | | Average reinvestment rate | 5.9% | 6.4% | -0.5 pp | 5.7% | 6.2% | -0.5 pp | | Portfolio duration (in years) | 3.9 | 3.9 | 0.0 | 3.9 | 3.9 | 0.0 | [Investment Income Before Tax - Property & Casualty](index=30&type=section&id=Investment%20Income%20Before%20Tax%20-%20Property%20%26%20Casualty) P&C investment income increased, supported by strong contributions from fixed maturities and an improved annualized investment yield P&C Net Investment Income (Loss) (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total fixed maturities | $464 | $418 | +11.0% | $917 | $823 | +11.4% | | Mortgage loans | $54 | $49 | +10.2% | $107 | $95 | +12.6% | | Total net investment income | $526 | $471 | +11.7% | $1,038 | $930 | +11.6% | P&C Annualized Investment Yields and Rates | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annualized investment yield, before tax | 4.4% | 4.2% | +0.2 pp | 4.3% | 4.1% | +0.2 pp | | Annualized investment yield, before tax, excluding limited partnership and other alternative investments | 4.7% | 4.4% | +0.3 pp | 4.5% | 4.4% | +0.1 pp | | Average reinvestment rate | 5.8% | 6.4% | -0.6 pp | 5.7% | 6.2% | -0.5 pp | | Portfolio duration (in years) | 3.8 | 3.8 | 0.0 | 3.8 | 3.8 | 0.0 | [Investment Income Before Tax - Employee Benefits](index=31&type=section&id=Investment%20Income%20Before%20Tax%20-%20Employee%20Benefits) Employee Benefits' investment income grew, driven by fixed maturities and an improved annualized investment yield Employee Benefits Net Investment Income (Loss) (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total fixed maturities | $104 | $102 | +2.0% | $208 | $205 | +1.5% | | Mortgage loans | $18 | $16 | +12.5% | $35 | $33 | +6.1% | | Total net investment income | $118 | $112 | +5.4% | $244 | $226 | +8.0% | Employee Benefits Annualized Investment Yields and Rates | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annualized investment yield, before tax | 4.1% | 3.9% | +0.2 pp | 4.2% | 3.9% | +0.3 pp | | Annualized investment yield, before tax, excluding limited partnership and other alternative investments | 4.4% | 4.3% | +0.1 pp | 4.4% | 4.2% | +0.2 pp | | Average reinvestment rate | 6.1% | 6.6% | -0.5 pp | 6.0% | 6.5% | -0.5 pp | | Portfolio duration (in years) | 5.0 | 4.9 | +0.1 | 5.0 | 4.9 | +0.1 | [Net Investment Income by Segment](index=32&type=section&id=Net%20Investment%20Income) Consolidated net investment income increased, with Property & Casualty and Employee Benefits as the primary contributors Net Investment Income by Segment (in millions) | Segment | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Business Insurance | $449 | $402 | +11.7% | $886 | $793 | +11.7% | | Personal Insurance | $58 | $50 | +16.0% | $115 | $100 | +15.0% | | P&C Other Operations | $19 | $19 | 0.0% | $37 | $37 | 0.0% | | Total Property & Casualty | $526 | $471 | +11.7% | $1,038 | $930 | +11.6% | | Employee Benefits | $118 | $112 | +5.4% | $244 | $226 | +8.0% | | Hartford Funds | $6 | $5 | +20.0% | $10 | $9 | +11.1% | | Corporate | $14 | $14 | 0.0% | $28 | $30 | -6.7% | | Total net investment income by segment | $664 | $602 | +10.3% | $1,320 | $1,195 | +10.5% | Net Investment Income from Limited Partnerships and Other Alternative Investments (in millions) | Segment | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Property & Casualty | $11 | $16 | -31.3% | $39 | $31 | +25.8% | | Employee Benefits | $2 | $0 | N/A | $13 | $1 | +1200.0% | | Total net investment income from limited partnerships and other alternative investments | $13 | $16 | -18.8% | $52 | $32 | +62.5% | [Components of Net Realized Gains (Losses)](index=33&type=section&id=Components%20of%20Net%20Realized%20Gains%20%28Losses%29) The company reported overall net realized losses, as gains on sales were offset by losses on fixed maturities and other items Consolidated Net Realized Gains (Losses) (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gross gains on sales of fixed maturities | $19 | $6 | +216.7% | $32 | $11 | +190.9% | | Gross losses on sales of fixed maturities | $(45) | $(75) | +40.0% | $(70) | $(86) | +18.6% | | Equity securities | $36 | $14 | +157.1% | $25 | $49 | -48.9% | | Other net gains (losses) | $(20) | $(3) | -566.7% | $(48) | $(6) | -700.0% | | Total net realized gains (losses) | $(10) | $(59) | +83.1% | $(59) | $(31) | -90.3% | | Total net gains (losses) excluded from core earnings, before tax | $(10) | $(58) | +82.8% | $(57) | $(28) | -103.6% | [Composition of Invested Assets](index=34&type=section&id=Composition%20of%20Invested%20Assets) The invested asset portfolio is diversified, with a high-quality fixed maturities portfolio dominated by corporate bonds Total Investments (in millions) | Metric | Jun 30 2025 | Jun 30 2024 | Change | | :--- | :--- | :--- | :--- | | Total investments | $60,903 | $56,890 | +7.0% | Composition of Fixed Maturities, AFS by Type (in millions) | Type | Jun 30 2025 | Percent | Jun 30 2024 | Percent | Change (Amount) | | :--- | :--- | :--- | :--- | :--- | :--- | | Corporate | $22,525 | 50.6% | $19,493 | 47.8% | +15.6% | | Residential mortgage-backed securities | $5,513 | 12.4% | $4,787 | 11.7% | +15.2% | | Municipal | $4,650 | 10.4% | $5,294 | 13.0% | -12.2% | | Asset-backed securities | $4,376 | 9.8% | $3,014 | 7.4% | +45.2% | | Collateralized loan obligations | $3,393 | 7.6% | $3,514 | 8.6% | -3.5% | | Commercial mortgage-backed securities | $2,585 | 5.8% | $2,942 | 7.2% | -12.2% | | U.S. Treasuries | $1,061 | 2.4% | $1,224 | 3.0% | -13.3% | | Total fixed maturities, AFS | $44,558 | 100.0% | $40,814 | 100.0% | +9.2% | Composition of Fixed Maturities, AFS by Credit Rating (in millions) | Rating | Jun 30 2025 | Percent | Jun 30 2024 | Percent | Change (Amount) | | :--- | :--- | :--- | :--- | :--- | :--- | | A | $12,239 | 27.5% | $10,785 | 26.4% | +13.5% | | BBB | $10,070 | 22.6% | $9,204 | 22.6% | +9.4% | | AA | $7,439 | 16.7% | $7,283 | 17.8% | +2.1% | | AAA | $7,333 | 16.4% | $6,413 | 15.7% | +14.3% | | U.S. government/government agencies | $5,130 | 11.5% | $4,770 | 11.7% | +7.5% | | Total fixed maturities, AFS | $44,558 | 100.0% | $40,814 | 100.0% | +9.2% | [Invested Asset Exposures](index=35&type=section&id=Invested%20Asset%20Exposures) Invested asset exposures are well-diversified across various sectors, with no significant concentration in any single issuer Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector (in millions) | Sector | Fair Value | Percent of Total Invested Assets | | :--- | :--- | :--- | | Financial services | $7,075 | 11.6% | | Technology and communications | $3,078 | 5.1% | | Consumer non-cyclical | $2,701 | 4.4% | | Utilities | $2,522 | 4.2% | | Capital goods | $1,783 | 2.9% | | Consumer cyclical | $1,660 | 2.7% | | Energy | $1,465 | 2.4% | | Basic industry | $1,140 | 1.9% | | Transportation | $890 | 1.5% | | Other | $740 | 1.2% | | Total | $23,054 | 37.9% | Top Ten Exposures by Issuer (in millions) | Issuer | Fair Value | Percent of Total Invested Assets | | :--- | :--- | :--- | | Morgan Stanley | $235 | 0.4% | | NextEra Energy Inc. | $222 | 0.3% | | Hyundai Motor Company | $195 | 0.3% | | Entergy Corporation | $187 | 0.3% | | Government of Canada | $179 | 0.3% | | Bank of America Corporation | $177 | 0.3% | | Goldman Sachs Group Inc. | $176 | 0.3% | | Enterprise Holdings Inc. | $163 | 0.3% | | SPCC Funding I LLC | $162 | 0.3% | | Duke Energy Corporation | $162 | 0.3% | | Total | $1,858 | 3.1% | Appendix [Basis of Presentation and Definitions](index=36&type=section&id=Basis%20of%20Presentation%20and%20Definitions) This section outlines the basis of presentation for the financial supplement and defines the company's reportable segments and key metrics - The Hartford Insurance Group, Inc. conducts business principally in five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations ("P&C Other Operations"), Employee Benefits and Hartford Funds, as well as a Corporate category[114](index=114&type=chunk) - Key operating and statistical measures for P&C Business Insurance and Personal Insurance 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[119](index=119&type=chunk)[121](index=121&type=chunk) - Key performance measures for the Employee Benefits segment include the loss ratio and expense ratio, both excluding buyout premiums[123](index=123&type=chunk) [Discussion of Non-GAAP Financial Measures](index=37&type=section&id=Discussion%20of%20Non-GAAP%20Financial%20Measures) This section provides a comprehensive discussion and reconciliation of various non-GAAP financial measures used to assess operating performance - **Core earnings** is a non-GAAP measure that excludes certain realized gains and losses, restructuring costs, and other non-recurring items to provide insight into ongoing business trends[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk) Basic Earnings Per Share Reconciliation | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income available to common stockholders per share | $3.49 | $2.48 | +40.7% | $5.66 | $4.99 | +13.4% | | Adjustments to reconcile to core earnings per share: | | | | | | | | Net realized losses (gains), excluded from core earnings, before tax | 0.04 | 0.20 | -0.16 | 0.20 | 0.09 | +0.11 | | Change in deferred gain on retroactive reinsurance, before tax | (0.08) | (0.13) | +0.05 | (0.20) | (0.21) | +0.01 | | Core earnings per share | $3.46 | $2.54 | +36.2% | $5.68 | $4.92 | +15.4% | Core Earnings ROE Reconciliation (Last Twelve Months Ended) | Metric | Jun 30 2025 | Jun 30 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Net income ROE | 19.8% | 19.8% | 0.0 | | Adjustments to reconcile to core earnings ROE: | | | | | Net realized losses (gains), excluded from core earnings, before tax | 0.5% | 0.8% | -0.3 | | Change in deferred gain on retroactive reinsurance, before tax | (0.5%) | 0.9% | -1.4 | | Impact of AOCI, excluded from denominator of core earnings ROE | (2.8%) | (3.8%) | +1.0 | | Core earnings ROE | 17.0% | 17.4% | -0.4 | P&C Underlying Underwriting Gain Reconciliation (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | $800 | $540 | +48.1% | $1,295 | $1,155 | +12.1% | | Underwriting gain | $497 | $254 | +95.7% | $627 | $533 | +17.6% | | Current accident year catastrophes | $212 | $280 | -24.3% | $679 | $441 | +54.0% | | Prior accident year development | $(187) | $(115) | -62.6% | $(309) | $(171) | -80.7% | | Underlying underwriting gain | $522 | $419 | +24.6% | $997 | $803 | +24.2% | P&C Underlying Loss and Loss Adjustment Expense Ratio Reconciliation | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Loss and loss adjustment expense ratio | 58.8% | 63.3% | -4.5 pp | 62.5% | 62.8% | -0.3 pp | | Current accident year catastrophes and prior accident year development | (0.6%) | (4.2%) | +3.6 pp | (4.3%) | (3.4%) | -0.9 pp | | Underlying loss and loss adjustment expense ratio | 58.3% | 59.1% | -0.8 pp | 58.2% | 59.3% | -1.1 pp | Consolidated Net Investment Income Excluding Limited Partnerships and Other Alternative Investments Reconciliation (in millions) | Metric | Jun 30 2025 (3M) | Jun 30 2024 (3M) | YoY Change (3M) | Jun 30 2025 (6M) | Jun 30 2024 (6M) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total net investment income | $664 | $602 | +10.3% | $1,320 | $1,195 | +10.5% | | Adjustment for income from limited partnerships and other alternative investments | $(13) | $(16) | +18.8% | $(52) | $(32) | -62.5% | | Net investment income excluding limited partnerships and other alternative investments | $651 | $586 | +11.1% | $1,268 | $1,163 | +9.0% |

Core Viewpoint - The Hartford Insurance Group, Inc. (HIG) is expected to report second-quarter 2025 results on July 28, with earnings estimated at $2.77 per share and revenues at $4.89 billion, indicating year-over-year growth in both metrics [1][2][6]. Financial Performance - The second-quarter earnings estimate has decreased by 1 cent over the past 60 days, but still reflects a year-over-year increase of 10.8% [2]. - The Zacks Consensus Estimate for full-year 2025 revenues is $19.8 billion, representing an 8.4% year-over-year rise, while the EPS estimate is $10.93, indicating a 6.1% increase year-over-year [3]. - HIG has consistently beaten consensus estimates in the last four quarters, with an average surprise of 6.4% [3]. Earnings Predictions - The company is predicted to achieve an earnings beat this quarter, supported by a positive Earnings ESP of +0.32% and a Zacks Rank of 3 (Hold) [4]. - The consensus estimate for net premiums earned in Q2 indicates a 7.9% year-over-year growth, alongside an 11.7% increase in net investment income [5][6]. Segment Performance - Personal Insurance pre-tax income is projected to recover to $79.9 million from a loss of $15 million in the previous year [6][9]. - The homeowners' policies in force are expected to grow by 2% year-over-year, while small commercial policies are projected to increase by 5%. However, automobile policies are anticipated to decline by 6% [7]. Ratios and Metrics - The Personal Insurance combined ratio is estimated at 99.44%, showing improvement from the previous year's 107.40%, while the expense ratio is expected to rise slightly to 26.73% from 26.40% [8].

Market Performance - The US stock market saw significant gains on July 23, with the Dow Jones Industrial Average rising by 507.85 points, or 1.14%, closing at 45010.29 points. The Nasdaq Composite increased by 127.33 points, or 0.61%, closing at 21020.02 points, marking its first close above the 21000-point threshold. The S&P 500 index rose by 49.29 points, or 0.78%, closing at 6358.91 points [1][3][4]. Trade Agreements - President Trump announced a trade agreement between the US and Japan, which has heightened market expectations for further trade agreements before the August 1 tariff deadline. The agreement includes a reduction of the reciprocal tariff rate from 25% to 15% and Japan's commitment to invest $550 billion in the US [2][6][7]. Sector Performance - In the S&P 500, nine out of eleven sectors experienced gains, with the healthcare and industrial sectors leading with increases of 2.03% and 1.75%, respectively. The utilities and consumer staples sectors saw declines of 0.79% and 0.07% [8]. - Major technology stocks mostly rose, with AMD increasing over 3%, and other companies like NVIDIA, Boeing, and TSMC rising over 2%. Financial stocks also saw gains, with Mizuho Financial up over 6% and UBS Group up over 3% [8]. Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.75%, with notable increases in stocks such as iQIYI, which rose over 4%, and Tiger Brokers, which increased over 3%. However, some stocks like NIO and Li Auto saw declines of over 1% [9].

Core Viewpoint - The Hartford Insurance Group (HIG) is expected to report quarterly earnings of $2.77 per share, a 10.8% increase year-over-year, with revenues projected at $4.89 billion, reflecting a 9.6% increase compared to the same period last year [1]. Earnings Estimates - The consensus EPS estimate has been revised 0.3% lower over the last 30 days, indicating a reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts forecast 'Revenue- Net premiums earned' at $6.02 billion, a 7.9% increase from the prior-year quarter [5]. - The estimate for 'Revenue- Property and Casualty- Net investment income' is $519.16 million, indicating a 10.2% increase year-over-year [5]. - 'Revenue- Fee income- Personal Lines' is expected to reach $8.03 million, a 0.4% increase from the prior-year quarter [6]. - 'Revenue- Property & Casualty- Earned Premium' is projected at $4.38 billion, reflecting a 10.2% increase from the year-ago quarter [6]. - 'Revenue- Earned Premium- Personal Lines' is estimated at $928.03 million, suggesting a 9.3% year-over-year increase [7]. - 'Revenue- Property & Casualty Other Operations- Net investment income' is expected to be $19.38 million, indicating a 2% increase year-over-year [7]. - 'Revenue- Fee income- Corporate' is projected at $10.72 million, reflecting a 7.2% increase from the year-ago quarter [7]. - 'Revenue- Corporate - Total' is expected to reach $25.05 million, indicating a significant decrease of 24.1% from the prior-year quarter [8]. Key Ratios - The 'Personal line - Loss and loss adjustment expense ratio' is expected to be 72.7%, down from 81.0% a year ago [8]. - The 'Personal line - Expense ratio' is projected at 26.7%, slightly up from 26.4% reported in the same quarter last year [9]. - The 'Personal line - Combined ratio' is forecasted to be 99.4%, down from 107.4% in the same quarter of the previous year [9]. - The 'Personal line - Underlying combined ratio' is expected to be 90.5%, compared to 96.7% a year ago [10]. Market Performance - Shares of The Hartford Insurance Group have shown a return of -2.7% over the past month, contrasting with the Zacks S&P 500 composite's +5.9% change [10].

Core Insights - Albert Anthony is a Croatian-American business author and media contributor with a focus on financial markets, having over 1,000 followers on Seeking Alpha [1] - He has a non-traditional financial background, previously working as an analyst in the IT sector for Fortune 500 companies [1] - In 2021, he launched his own equities research firm, Albert Anthony & Company, which operates remotely [1] - Anthony is set to release a book titled "Financial Markets: The Next Generation" on Amazon in 2025 [1] - He has participated in numerous business and innovation conferences in Croatia, contributing to the growth of the southern European economy [1] - Anthony has completed degrees and certifications from institutions like Drew University and the Corporate Finance Institute [1] - He is also involved in media, launching a YouTube show called "Financial Markets with Albert Anthony" in 2025 [1] Company Insights - Albert Anthony & Company is a sole proprietorship registered in Austin, Texas, focusing on general market commentary and research based on publicly available data [1] - The firm does not provide personalized financial advisory services or manage client funds [1] - The company does not sell or market financial products and services, nor does it receive compensation for ratings [1]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - Asset-light companies, particularly in the financial services sector, serve as effective portfolio diversifiers and stabilizers, with The Hartford Insurance Group (NYSE: HIG) being a notable example [2] Group 2 - The Hartford Insurance Group does not produce any physical goods, making it relatively immune to tariffs [2]

Financial Data and Key Metrics Changes - The Hartford reported core earnings of $639 million or $2.2 per diluted share, with a trailing twelve-month core earnings ROE of 16.2% [30] - The company experienced elevated catastrophe activity, impacting results, particularly from the January California wildfires, which accounted for $325 million of the $467 million in catastrophe losses [10][30] - The underlying combined ratio for business insurance improved to 88.4%, while personal insurance saw a 6.4% improvement to 89.7% [9][32] Business Line Data and Key Metrics Changes - Business insurance achieved a 10% growth in written premiums, with small business showing a 9% growth and an underlying combined ratio of 89.4% [31] - Global Specialty reported a record first-quarter written premium of $1 billion and an underlying combined ratio of 84 [31] - Personal insurance written premiums increased by 8%, with auto pricing increases of 15.8% and homeowners pricing increases of 12.3% [33] Market Data and Key Metrics Changes - The company noted strong growth in the small business segment, with a 29% increase in E and S binding premium, indicating significant market opportunities [14] - The overall market environment remains competitive, particularly in the workers' compensation sector, which has seen pressure on retention [50][104] - The company is well-positioned to navigate the dynamic market conditions, leveraging its diversified portfolio and strong underwriting capabilities [7][12] Company Strategy and Development Direction - The Hartford is focused on enhancing digital capabilities and leveraging AI to improve customer experience and operational efficiency [28][59] - The company aims to grow its market share while maintaining disciplined underwriting practices, particularly in the small and middle market segments [90] - The strategic emphasis is on customer-centric innovation and expanding into new markets to better serve evolving customer needs [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current macroeconomic environment, emphasizing a strong balance sheet and solid fundamentals [7][29] - The outlook for 2025 remains positive, with expectations to surpass $6 billion in annual written premium in the small business segment [15] - Management highlighted ongoing investments in technology and customer experience as key drivers for future growth [24][26] Other Important Information - The company repurchased 3.5 million shares for $400 million during the quarter, with $2.75 billion remaining on its share repurchase authorization [42][43] - The first quarter also marked the launch of a new brand aimed at reinforcing The Hartford's position as an innovative industry leader [27] Q&A Session Summary Question: Competitive market conditions in business insurance segment - Management acknowledged pressure on retention in workers' compensation but noted strong overall growth in small and middle markets [50][51] Question: Technology progress and digital integration - Management discussed ongoing investments in core platforms and a multi-year project to transition data and applications to the cloud [56][59] Question: Impact of tariffs on loss costs - Management indicated that tariffs could affect auto and commercial insurance pricing but expressed confidence in their ability to manage these impacts [62][66] Question: Pricing environment and loss trends - Management confirmed no changes to loss trend assumptions and expressed confidence in achieving pricing ahead of loss cost trends [93][94] Question: Sustainability of small commercial growth - Management remains optimistic about the small business market, indicating no significant changes in the pricing environment outside of workers' compensation [104] Question: Workers' compensation pricing pressure - Management noted that pricing is slightly better than expectations, with retentions on plan and profitability holding up well [110] Question: Expense ratio improvement - Management expects gradual improvement in the expense ratio over time, driven by operating leverage and strategic investments [112]

Core Insights - The Hartford Insurance Group, Inc. (HIG) reported first-quarter 2025 adjusted operating earnings of $2.20 per share, exceeding the Zacks Consensus Estimate of $2.13, but reflecting a 6% year-over-year decline [1] - Total revenues for HIG reached $6.8 billion, up from $6.4 billion in the prior year, driven by increased earned premiums and investment income [1] Financial Performance - Quarterly earnings benefited from improved performance in Employee Benefits and Hartford Funds, although higher expenses partially offset these gains [2] - Earned premiums rose 7.1% year over year to $5.8 billion, but fell short of the Zacks Consensus Estimate by 1.1%, with Business Insurance and Employee Benefits contributing to the growth [3] - Pre-tax net investment income increased by 10.6% year over year to $656 million, although it missed the consensus mark by 7.5% [4] - Total benefits, losses, and expenses rose 9.4% year over year to $6 billion, primarily due to higher claims and operating expenses [5] Segment Analysis - **Business Insurance**: Revenues increased 8.3% year over year to $3.7 billion, but core earnings declined 14% to $471 million due to rising expenses [6] - **Personal Insurance**: Revenues improved 10.2% year over year to $982 million, but core earnings dropped significantly from $33 million to $6 million due to increased costs, particularly from the California Wildfire Event [7] - **Employee Benefits**: Revenues rose 2.1% year over year to $1.79 billion, with core earnings increasing 27% to $136 million, aided by a low group disability loss ratio [8] - **Hartford Funds**: Revenues reached $264 million, a 1.9% year-over-year increase, but missed the consensus estimate by 3.7%. Core earnings improved 7% to $44 million [9] - **Corporate**: Revenues plummeted 80% year over year to $7 million, with a core loss of $31 million, wider than the previous year's loss [10] Financial Position - As of March 31, 2025, HIG had cash of $138 million, down from $183 million at the end of 2024. Total investments rose to $60.1 billion from $59.2 billion [11] - Total assets increased to $82.3 billion from $80.9 billion, while debt slightly rose to $4.4 billion [11] - Stockholders' equity improved to $16.8 billion from $16.4 billion, with book value per share rising to $57.07 from $55.09 [12] Capital Deployment - HIG returned $550 million to shareholders through share buybacks of $400 million and dividends of $150 million, with a remaining buyback capacity of $2.75 billion as of March 31, 2025 [13]

Financial Data and Key Metrics Changes - The Hartford reported core earnings of $639 million or $2.2 per diluted share, with a trailing twelve-month core earnings ROE of 16.2% [30] - The company experienced elevated catastrophe activity, impacting results, particularly from the January California wildfires, which accounted for $325 million of the $467 million in catastrophe losses [10][30] - The underlying combined ratio for business insurance improved to 88.4%, while personal insurance saw a 6.4% improvement to 89.7% [9][32] Business Line Data and Key Metrics Changes - Business insurance achieved a 10% growth in written premiums, with small business showing a 9% growth and an underlying combined ratio of 89.4% [31] - Global Specialty reported a record first-quarter written premium of $1 billion and an underlying combined ratio of 84 [31] - Personal insurance written premiums increased by 8%, with auto pricing increases of 15.8% and homeowners pricing increases of 12.3% [33] Market Data and Key Metrics Changes - The company noted strong growth in the small business segment, with a 29% increase in E and S binding premium, indicating significant market opportunities [14] - The overall pricing environment remains healthy, with business insurance renewal written pricing increasing by 9.9% [18] - The company is well-positioned in the competitive market, leveraging its digital capabilities and underwriting expertise [12][13] Company Strategy and Development Direction - The Hartford is focused on enhancing digital capabilities, leveraging AI, and expanding product offerings to better serve customers [28] - The company aims to maintain a disciplined approach to underwriting while pursuing growth opportunities across various segments [90] - The strategy includes a commitment to customer-centric innovation and technology investments to improve operational efficiency [27][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the dynamic macroeconomic environment, emphasizing strong fundamentals and a robust balance sheet [7][29] - The outlook for 2025 includes expectations for continued premium growth and improved profitability across business lines [31][90] - Management highlighted the importance of adapting to changing market conditions and maintaining competitive pricing strategies [102] Other Important Information - The company repurchased 3.5 million shares for $400 million during the quarter, with $2.75 billion remaining on its share repurchase authorization [42][43] - The Hartford launched a new brand to reinforce its commitment to innovation and customer service [27] Q&A Session Summary Question: Competitive market conditions in business insurance segment - Management acknowledged pressure on retention in workers' compensation but noted strong overall growth in small and middle markets [48][50] Question: Technology progress and digital integration - Management discussed ongoing investments in core platforms and a multi-year project to transition data and applications to the cloud [56][59] Question: Impact of tariffs on loss costs - Management indicated that tariffs could affect auto and commercial insurance pricing but expressed confidence in their ability to manage these impacts [62][66] Question: Pricing environment and loss trends - Management confirmed no changes to loss trend assumptions and expressed confidence in achieving pricing ahead of loss cost trends [93][94] Question: Small commercial growth sustainability - Management remains optimistic about the small business market, expecting continued growth despite competitive pressures [104] Question: Workers' compensation pricing pressure - Management noted that pricing is slightly better than expectations, with retention on plan across business insurance [110] Question: Expense ratio improvement - Management expects gradual improvement in the expense ratio over time, driven by operational efficiencies and strategic investments [112]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ______________ Commission file number 001-13958 ____________________ ...