Core Insights - Hartford Insurance Group reported strong Q2 2025 earnings, with Non-GAAP EPS of $3.41, exceeding the consensus estimate of $2.83, driven by improvements in core underwriting and investment income [1][2] - The company achieved total consolidated revenue of $7.0 billion, reflecting a 7.7% year-over-year increase [2][9] - Management characterized the quarter as "outstanding," highlighting strong execution in key business lines and progress on strategic initiatives [1] Financial Performance - Core earnings (Non-GAAP) reached $981 million, a 31% increase from $750 million in Q2 2024 [2] - Book value per diluted share increased to $60.02, up 17% from $51.43 in the prior year [2] - The combined ratio for property and casualty insurance improved to 87.0, a 2.8-point enhancement [5] Segment Performance - Property and casualty insurance premiums rose by 8% to $3.8 billion, with core earnings increasing by 26% to $697 million [5] - Personal insurance segment turned around with core earnings of $94 million, improving the combined ratio from 107.4 to 94.1 [6] - Employee Benefits segment reported flat ongoing premiums of $1.60 billion, but core earnings declined by 8% to $163 million due to higher expenses [7] Investment and Asset Management - Hartford Funds segment saw a 7% growth in core earnings to $46 million, with assets under management increasing to $145.5 billion [8] - Net investment income climbed 10% to $664 million, with total invested assets reaching $60.9 billion [13] Strategic Initiatives - The company focuses on advanced underwriting using data and AI, strengthening investment management, and expanding distribution partnerships, including a key relationship with AARP [4][12] - Regulatory compliance and human capital investments remain top priorities, with ongoing adjustments to insurance rates in response to market conditions [15] Shareholder Returns - The company returned $549 million to shareholders through share repurchases and dividends, maintaining a consistent dividend payout of $149 million [9][11]

Part I. Financial Information This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and notes for the periods ended June 30, 2025 and 2024 [Report of Independent Registered Public Accounting Firm](index=7&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP reviewed the interim financial information, finding no material modifications needed for U.S. GAAP conformity - Deloitte & Touche LLP reviewed the interim financial information, confirming no material modifications are needed for U.S. GAAP conformity and fair statement of the December 31, 2024 balance sheet[13](index=13&type=chunk)[14](index=14&type=chunk) [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement details the Company's revenues, expenses, and net income for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Operations **Three Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Earned premiums | $5,961 | $5,578 | 6.87% | | Total revenues | $6,987 | $6,486 | 7.72% | | Total benefits, losses and expenses | $5,741 | $5,574 | 3.00% | | Net income | $995 | $738 | 34.82% | | Net income available to common stockholders | $990 | $733 | 35.06% | | Diluted EPS | $3.44 | $2.44 | 40.98% | **Six Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Earned premiums | $11,796 | $11,024 | 7.00% | | Total revenues | $13,797 | $12,905 | 6.91% | | Total benefits, losses and expenses | $11,768 | $11,082 | 6.19% | | Net income | $1,625 | $1,491 | 8.99% | | Net income available to common stockholders | $1,615 | $1,481 | 9.05% | | Diluted EPS | $5.58 | $4.92 | 13.41% | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This statement presents net income and other comprehensive income components for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Comprehensive Income (Loss) **Three Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------------- | :----------------- | :----------------- | :----------- | | Net income | $995 | $738 | +34.82% | | Change in net unrealized gain (loss) on fixed maturities, AFS | $208 | $(90) | NM | | OCI, net of tax | $196 | $(71) | NM | | Comprehensive income | $1,191 | $667 | +78.56% | **Six Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------------- | :----------------- | :----------------- | :----------- | | Net income | $1,625 | $1,491 | +8.99% | | Change in net unrealized gain (loss) on fixed maturities, AFS | $510 | $(250) | NM | | OCI, net of tax | $502 | $(219) | NM | | Comprehensive income | $2,127 | $1,272 | +67.22% | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the Company's assets, liabilities, and equity as of June 30, 2025 and December 31, 2024 Consolidated Balance Sheets **As of June 30, 2025 vs. December 31, 2024:** | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | Change (%) | | :------------------------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Total investments | $60,903 | $59,210 | 2.86% | | Total assets | $83,639 | $80,917 | 3.36% | | Unpaid losses and loss adjustment expenses | $45,482 | $44,610 | 1.96% | | Unearned premiums | $10,337 | $9,408 | 9.87% | | Total liabilities | $66,121 | $64,470 | 2.56% | | Total stockholders' equity | $17,518 | $16,447 | 6.51% | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) This statement tracks changes in stockholders' equity components for the six months ended June 30, 2025 and 2024 Consolidated Statements of Changes in Stockholders' Equity **Six Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------------- | :----------------- | :----------------- | :----------- | | Retained Earnings, beginning of period | $21,531 | $19,007 | +13.28% | | Net income | $1,625 | $1,491 | +8.99% | | Dividends declared on common stock | $(296) | $(279) | +6.09% | | Treasury Stock acquired | $(808) | $(707) | +14.29% | | Accumulated Other Comprehensive Income (Loss), net of tax, end of period | $(2,384) | $(3,068) | +22.30% | | Total Stockholders' Equity, end of period | $17,518 | $15,680 | +11.72% | | Common Shares Outstanding, at end of period (in thousands) | 282,275 | 293,989 | -3.98% | | Cash dividends declared per common share | $1.040 | $0.940 | +10.64% | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Consolidated Statements of Cash Flows **Six Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | Net cash provided by operating activities | $2,276 | $2,357 | -3.44% | | Net cash used for investing activities | $(1,144) | $(1,323) | +13.53% | | Net cash used for financing activities | $(1,151) | $(1,009) | +14.07% | | Net increase (decrease) in cash and restricted cash | $(15) | $21 | NM | | Cash and restricted cash – end of period | $219 | $210 | +4.29% | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the accounting policies, estimates, and specific financial statement line items [Note 1 - Basis of Presentation and Significant Accounting Policies](index=13&type=section&id=Note%201%20-%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) This note outlines the basis for preparing interim financial statements and the significant management estimates involved - The Hartford Insurance Group, Inc. operates as a holding company, offering property and casualty insurance, employee group benefits, and mutual funds/ETFs across various geographies[30](index=30&type=chunk) - Interim financial statements are prepared under U.S. GAAP, necessitating management estimates for insurance reserves, goodwill impairment, investment/derivative valuation, and litigation contingencies[31](index=31&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Note 2 - Earnings Per Common Share](index=14&type=section&id=Note%202%20-%20Earnings%20Per%20Common%20Share) This note details the computation of basic and diluted earnings per common share for the reported periods Earnings Per Common Share **Three Months Ended June 30:** | Metric | 2025 (in millions, except per share) | 2024 (in millions, except per share) | Change (YoY) | | :------------------------------------------------- | :--------------------------------- | :--------------------------------- | :----------- | | Net income available to common stockholders | $990 | $733 | +35.06% | | Weighted average common shares outstanding, basic | 283.7 | 295.5 | -4.00% | | Basic EPS | $3.49 | $2.48 | +40.73% | | Diluted EPS | $3.44 | $2.44 | +40.98% | **Six Months Ended June 30:** | Metric | 2025 (in millions, except per share) | 2024 (in millions, except per share) | Change (YoY) | | :------------------------------------------------- | :--------------------------------- | :--------------------------------- | :----------- | | Net income available to common stockholders | $1,615 | $1,481 | +9.05% | | Weighted average common shares outstanding, basic | 285.1 | 296.8 | -3.94% | | Basic EPS | $5.66 | $4.99 | +13.43% | | Diluted EPS | $5.58 | $4.92 | +13.41% | [Note 3 - Segment Information](index=14&type=section&id=Note%203%20-%20Segment%20Information) This note provides detailed financial information for the Company's five reportable segments and Corporate category - The Company operates five reportable segments: Business Insurance, Personal Insurance, P&C Other Operations, Employee Benefits, and Hartford Funds, plus a Corporate category[39](index=39&type=chunk) Total Segment Revenues (Three Months Ended June 30) | Segment | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :-------------------- | :----------------- | :----------------- | :----------- | | Business Insurance | $3,865 | $3,484 | +10.93% | | Personal Insurance | $1,017 | $924 | +10.06% | | P&C Other Operations | $17 | $16 | +6.25% | | Employee Benefits | $1,765 | $1,768 | -0.17% | | Hartford Funds | $271 | $261 | +3.83% | | **Total segment revenues** | **$6,935** | **$6,453** | **+7.47%** | Total Segment Revenues (Six Months Ended June 30) | Segment | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :-------------------- | :----------------- | :----------------- | :----------- | | Business Insurance | $7,614 | $6,946 | +9.62% | | Personal Insurance | $1,999 | $1,815 | +10.14% | | P&C Other Operations | $35 | $34 | +2.94% | | Employee Benefits | $3,555 | $3,522 | +0.94% | | Hartford Funds | $535 | $520 | +2.88% | | **Total segment revenues** | **$13,738** | **$12,837** | **+7.02%** | Net Income (Loss) by Segment (Three Months Ended June 30, 2025) | Segment | Net Income (Loss) (in millions) | | :-------------------- | :------------------------------ | | Business Insurance | $696 | | Personal Insurance | $91 | | P&C Other Operations | $13 | | Employee Benefits | $150 | | Hartford Funds | $54 | | Corporate | $(9) | | **Consolidated** | **$995** | Net Income (Loss) by Segment (Six Months Ended June 30, 2025) | Segment | Net Income (Loss) (in millions) | | :-------------------- | :------------------------------ | | Business Insurance | $1,173 | | Personal Insurance | $96 | | P&C Other Operations | $26 | | Employee Benefits | $283 | | Hartford Funds | $97 | | Corporate | $(50) | | **Consolidated** | **$1,625** | [Note 4 - Fair Value Measurements](index=19&type=section&id=Note%204%20-%20Fair%20Value%20Measurements) This note details the Company's fair value measurement framework, hierarchy, valuation techniques, and Level 3 rollforwards - Financial assets and liabilities are classified into a three-level fair value hierarchy: Level 1 (active market prices), Level 2 (observable inputs), and Level 3 (unobservable inputs)[53](index=53&type=chunk)[55](index=55&type=chunk) Total Assets Accounted for at Fair Value (June 30, 2025) | Category | Total (in millions) | Level 1 (in millions) | Level 2 (in millions) | Level 3 (in millions) | | :------------------------------------------ | :------------------ | :-------------------- | :-------------------- | :-------------------- | | Fixed maturities, AFS | $44,558 | $115 | $41,398 | $3,045 | | FVO securities | $181 | — | — | $181 | | Equity securities, at fair value | $529 | $390 | $46 | $93 | | Derivative assets | $35 | — | $35 | — | | Short-term investments | $3,649 | $604 | $2,929 | $116 | | **Total assets at fair value** | **$48,952** | **$1,109** | **$44,408** | **$3,435** | - Valuation techniques for investments and derivatives primarily use market observable inputs, with Level 3 valuations relying on significant unobservable inputs and judgment[61](index=61&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) Fair Value Rollforwards for Level 3 Assets (Six Months Ended June 30, 2025) | Category | Fair value as of January 1, 2025 (in millions) | Total realized/unrealized gains (losses) (in millions) | Purchases (in millions) | Settlements (in millions) | Sales (in millions) | Transfers into Level 3 (in millions) | Transfers out of Level 3 (in millions) | Fair value as of June 30, 2025 (in millions) | | :-------------------------- | :------------------------------------- | :----------------------------------------------------- | :---------------------- | :------------------------ | :------------------ | :--------------------------------- | :---------------------------------- | :------------------------------------- | | Fixed maturities, AFS | $2,610 | $69 | $949 | $(241) | $(86) | $81 | $(337) | $3,045 | | FVO securities | $197 | $(17) | $8 | $(7) | — | — | — | $181 | | Equity securities, at fair value | $87 | $(1) | $10 | $(3) | — | — | — | $93 | | Short-term investments | $98 | — | $67 | $(49) | — | — | — | $116 | | **Total Assets** | **$2,992** | **$51** | **$1,034** | **$(300)** | **$(86)** | **$81** | **$(337)** | **$3,435** | [Note 5 - Investments](index=27&type=section&id=Note%205%20-%20Investments) This note details the investment portfolio, including realized gains/losses, impairment methodology, and credit risk concentrations Net Realized Gains (Losses) (Before Tax) **Three Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------ | :----------------- | :----------------- | :----------- | | Gross gains on sales of fixed maturities | $19 | $6 | +216.67% | | Gross losses on sales of fixed maturities | $(45) | $(75) | +40.00% | | Equity securities | $36 | $14 | +157.14% | | Other, net | $(20) | $(3) | -566.67% | | **Net realized losses** | **$(10)** | **$(59)** | **+83.05%** | **Six Months Ended June 30:** | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------ | :----------------- | :----------------- | :----------- | | Gross gains on sales of fixed maturities | $32 | $11 | +190.91% | | Gross losses on sales of fixed maturities | $(70) | $(86) | +18.60% | | Equity securities | $25 | $49 | -48.98% | | Other, net | $(48) | $(6) | -700.00% | | **Net realized losses** | **$(59)** | **$(31)** | **-90.32%** | - The Company records 'intent-to-sell impairment' for fixed maturities in unrealized loss positions if early sale is likely, or an ACL for credit-related losses without intent-to-sell[94](index=94&type=chunk)[96](index=96&type=chunk) ACL on Mortgage Loans (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | ACL as of beginning of period | $44 | $51 | -13.73% | | Current period provision (release) | — | $(3) | NM | | Current period gross write-offs | $(1) | — | NM | | **ACL as of June 30** | **$43** | **$48** | **-10.42%** | - As of June 30, 2025, **$22.1 billion** in fixed maturities, AFS, were in an unrealized loss position due to higher interest rates, with recovery expected as the Company does not intend to sell[113](index=113&type=chunk)[114](index=114&type=chunk)[625](index=625&type=chunk)[626](index=626&type=chunk) [Note 6 - Derivatives](index=36&type=section&id=Note%206%20-%20Derivatives) This note describes the Company's use of derivatives for risk management, replication, and income, including hedge accounting and collateral - The Company utilizes OTC, OTC-cleared, and exchange-traded derivatives for risk management, replication transactions, and income generation across various financial risks[143](index=143&type=chunk) Derivative Balance Sheet Presentation (June 30, 2025) | Hedge Designation/Derivative Type | Notional Amount (in millions) | Net Derivatives Fair Value (in millions) | Asset Derivatives Fair Value (in millions) | Liability Derivatives Fair Value (in millions) | | :------------------------------------------ | :---------------------------- | :------------------------------------- | :----------------------------------- | :------------------------------------ | | Cash flow hedges | $4,565 | $(11) | $22 | $(33) | | Non-qualifying strategies | $2,851 | $3 | $33 | $(30) | | **Total** | **$7,416** | **$(8)** | **$55** | **$(63)** | Gains (Losses) Reclassified from AOCI into Income (Six Months Ended June 30) | Affected Line Item | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------ | :----------------- | :----------------- | :----------- | | Net realized losses (Fixed Maturities, AFS) | $(36) | $(77) | +53.33% | | Net investment income (Interest rate swaps) | $(4) | $(15) | +73.33% | | Interest expense (Interest rate swaps) | $6 | $9 | -33.33% | | Net investment income (Foreign currency swaps) | $5 | $6 | -16.67% | | **Total amounts reclassified from AOCI** | **$(35)** | **$(74)** | **+52.70%** | - As of June 30, 2025, the Company pledged **$27 million** in cash and **$23 million** in securities collateral for derivative instruments, with an additional **$12 million** cash and **$104 million** securities for initial margin on OTC-cleared and exchange-traded derivatives[175](index=175&type=chunk)[176](index=176&type=chunk) [Note 7 - Premiums Receivable and Agents' Balances](index=41&type=section&id=Note%207%20-%20Premiums%20Receivable%20and%20Agents%27%20Balances) This note details premiums receivable, agents' balances, and the Allowance for Credit Losses (ACL) methodology for credit risk management Premiums Receivable and Agents' Balances (As of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | Change (%) | | :------------------------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Premiums receivable, excluding loss sensitive business | $6,347 | $5,624 | +12.86% | | Receivables for loss sensitive business | $486 | $491 | -1.02% | | Total Premiums Receivable and Agents' Balances, Gross | $6,833 | $6,115 | +11.74% | | ACL | $(135) | $(117) | -15.38% | | **Total Premiums Receivable and Agents' Balances, Net of ACL** | **$6,698** | **$5,998** | **+11.67%** | - The ACL for premiums receivable is based on aging and historical credit loss experience, adjusted for economic conditions, and for loss-sensitive business, considers policyholder credit ratings and collateral[179](index=179&type=chunk)[181](index=181&type=chunk) Rollforward of ACL on Premiums Receivable and Agents' Balances (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | Beginning ACL | $117 | $109 | +7.34% | | Current period provision | $49 | $31 | +58.06% | | Current period write-offs | $(35) | $(27) | -29.63% | | Current period recoveries | $4 | $3 | +33.33% | | **Ending ACL** | **$135** | **$116** | **+16.38%** | [Note 8 - Reinsurance](index=42&type=section&id=Note%208%20-%20Reinsurance) This note explains the Company's use of reinsurance to manage risk, detailing recoverables, credit quality, and uncollectible allowances - The Company cedes insurance risk to reinsurers for capital and risk management, retaining primary policyholder liability, with recoverables presented net of an allowance for uncollectible reinsurance[186](index=186&type=chunk)[187](index=187&type=chunk) Gross Reinsurance Recoverables by Credit Quality (As of June 30, 2025) | A.M. Best Financial Strength Rating | P&C (in millions) | Employee Benefits (in millions) | Corporate (in millions) | Total (in millions) | | :---------------------------------- | :---------------- | :------------------------------ | :-------------------- | :------------------ | | A++ | $2,200 | — | — | $2,200 | | A+ | $2,257 | $283 | $217 | $2,757 | | A | $755 | $1 | — | $756 | | A- | $615 | $3 | — | $618 | | B++ | $2 | — | $2 | $4 | | Below B++ | $22 | — | — | $22 | | Total Rated by A.M. Best | $5,851 | $287 | $219 | $6,357 | | Mandatory (Assigned) and Voluntary Risk Pools | $204 | — | — | $204 | | Captives | $425 | — | — | $425 | | Other not rated companies | $183 | $6 | — | $189 | | **Gross Reinsurance Recoverables** | **$6,663** | **$293** | **$219** | **$7,175** | | Allowance for uncollectible reinsurance | $(72) | $(1) | $(2) | $(75) | | **Net Reinsurance Recoverables** | **$6,591** | **$292** | **$217** | **$7,100** | - The allowance for uncollectible reinsurance includes an ACL based on reinsurer credit ratings and an allowance for disputed balances, with credit risk managed through selection, collateral, and monitoring[195](index=195&type=chunk)[189](index=189&type=chunk) [Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses](index=45&type=section&id=Note%209%20-%20Reserve%20for%20Unpaid%20Losses%20and%20Loss%20Adjustment%20Expenses) This note details the rollforward of P&C and Group Life, Disability, and Accident liabilities for unpaid losses and LAE Rollforward of P&C Liabilities for Unpaid Losses and LAE (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------------- | :----------------- | :----------------- | :----------- | | Beginning liabilities, gross | $36,404 | $34,044 | +6.93% | | Beginning liabilities, net | $29,651 | $27,348 | +8.42% | | Total provision for unpaid losses and LAE | $5,361 | $4,917 | +9.03% | | Payments | $(4,380) | $(3,836) | -14.19% | | Ending liabilities, net | $30,727 | $28,481 | +7.89% | | **Ending liabilities, gross** | **$37,358** | **$35,137** | **+6.32%** | Prior Accident Year Development (Six Months Ended June 30) | Line of Business | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------ | :----------------- | :----------------- | :----------- | | Workers' compensation | $(126) | $(119) | -5.88% | | Commercial property | $(23) | $(5) | -360.00% | | Professional liability | $(11) | $(7) | -57.14% | | Bond | $(22) | $(22) | 0.00% | | Personal automobile liability | $(22) | $(13) | -69.23% | | Homeowners | $(31) | $(10) | -210.00% | | Catastrophes | $(39) | $(38) | -2.63% | | **Total prior accident year development** | **$(309)** | **$(171)** | **-80.70%** | - Favorable prior accident year development for the six months ended June 30, 2025, resulted from decreased reserves across workers' compensation, commercial property, professional liability, bond, personal automobile liability, homeowners, and catastrophes[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk) - The Company paid **$787 million** in April 2023 for BSA-related sexual molestation and abuse claims from the 1970s and early 1980s, with appeals dismissed as moot for material settlement issues[217](index=217&type=chunk) Rollforward of Group Life, Disability and Accident Liabilities for Unpaid Losses and LAE (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------------- | :----------------- | :----------------- | :----------- | | Beginning liabilities, gross | $8,206 | $8,274 | -0.82% | | Beginning liabilities, net | $7,924 | $8,020 | -1.20% | | Total provision for unpaid losses and LAE | $2,420 | $2,426 | -0.25% | | Payments | $(2,506) | $(2,526) | +0.79% | | Ending liabilities, net | $7,838 | $7,920 | -1.04% | | **Ending liabilities, gross** | **$8,124** | **$8,186** | **-0.76%** | - Group disability prior period reserve estimates decreased by **$307 million** due to strong claim recoveries and lower paid family medical leave incidence, while Group life and accident estimates decreased by **$69 million** from favorable mortality and low incidence in group life premium waiver[223](index=223&type=chunk)[224](index=224&type=chunk) [Note 10 - Reserve for Future Policy Benefits](index=48&type=section&id=Note%2010%20-%20Reserve%20for%20Future%20Policy%20Benefits) This note provides a rollforward of the reserve for future policy benefits, including payout annuities and life conversions Net Reserve for Future Policy Benefits (As of June 30) | Product | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :-------------------- | :----------------- | :----------------- | :----------- | | Payout Annuities | $124 | $129 | -3.88% | | Life Conversions | $61 | $60 | +1.67% | | Paid-up Life | $163 | $172 | -5.23% | | Deferred Profit Liability | $19 | $20 | -5.00% | | Other | $76 | $83 | -8.33% | | **Total** | **$443** | **$464** | **-4.53%** | Weighted-Average Interest Rates (As of June 30, 2025) | Product | Interest accretion rate | Current discount rate | | :-------------------- | :---------------------- | :-------------------- | | Payout Annuities | 5.6% | 5.4% | | Life Conversions | 4.3% | 5.6% | | Paid-up Life | 2.9% | 5.0% | [Note 11 - Other Policyholder Funds and Benefits Payable](index=50&type=section&id=Note%2011%20-%20Other%20Policyholder%20Funds%20and%20Benefits%20Payable) This note details the rollforward of universal life long-duration contracts, economically ceded to Prudential in 2013 Universal Life Long Duration Contracts Rollforward (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | Balance, beginning of the period | $206 | $223 | -7.50% | | Premiums Received | $6 | $6 | 0.00% | | Policy Charges | $(9) | $(13) | +30.77% | | Surrenders and Withdrawals | $(3) | $(4) | +25.00% | | Benefit Payments | $(3) | $(6) | +50.00% | | Interest Credited | $4 | $4 | 0.00% | | **Balance, end of the period** | **$201** | **$210** | **-4.29%** | | Weighted-average crediting rate | 4.3% | 4.2% | +0.10% | | Net Amount at Risk | $791 | $870 | -9.19% | | Cash Surrender Value | $199 | $209 | -4.78% | - As of June 30, 2025, universal life contracts totaling **$199 million** had crediting rates at their guaranteed minimums, ranging from **4% to 5%**[237](index=237&type=chunk) [Note 12 - Income Taxes](index=51&type=section&id=Note%2012%20-%20Income%20Taxes) This note reconciles income tax expense to the statutory rate and provides a rollforward of unrecognized tax benefits Income Tax Expense (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | Tax provision at U.S. federal statutory rate | $426 | $383 | +11.23% | | Nontaxable net investment income | $(14) | $(22) | +36.36% | | Other | $(8) | $(29) | +72.41% | | **Provision for income taxes** | **$404** | **$332** | **+21.69%** | Rollforward of Unrecognized Tax Benefits (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | Balance, beginning of period | $24 | $26 | -7.69% | | Gross increases - tax positions in current period | $1 | $1 | 0.00% | | **Balance, end of period** | **$25** | **$27** | **-7.41%** | - The Company believes **$14 million** of unrecognized tax benefits may be recognized by year-end 2025 due to the lapse of the applicable statute of limitations[241](index=241&type=chunk) - H.R.1, the 'One Big Beautiful Bill Act,' signed into law on July 4, 2025, is not expected to materially impact the Company's results of operations[242](index=242&type=chunk) [Note 13 - Commitments and Contingencies](index=51&type=section&id=Note%2013%20-%20Commitments%20and%20Contingencies) This note outlines the Company's commitments and contingencies, including litigation, A&E claims, and derivative agreements - The Company faces various claims litigation and legal actions, with management expecting immaterial liability for ordinary-course claims, though certain outcomes could materially affect results or cash flows[245](index=245&type=chunk)[246](index=246&type=chunk) - The Company continues to receive A&E claims, mostly pre-1986, with significant uncertainty in reserve estimation due to evolving liability theories, litigation risks, and inconsistent legal doctrines[250](index=250&type=chunk)[251](index=251&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk) - As of June 30, 2025, the Company reported **$141 million** in net A&E reserves and an **$850 million** deferred gain for NICO-ceded losses; the **$1.5 billion** A&E ADC reinsurance coverage limit is fully incurred, with no remaining coverage[259](index=259&type=chunk)[260](index=260&type=chunk) - Derivative agreements contain financial strength rating provisions; a downgrade could trigger termination or collateral requirements, though a one-level downgrade as of June 30, 2025, would not require additional collateral[261](index=261&type=chunk)[263](index=263&type=chunk) [Note 14 - Equity](index=54&type=section&id=Note%2014%20-%20Equity) This note updates the Company's equity repurchase program, detailing shares repurchased and remaining authorization - During the six months ended June 30, 2025, the Company repurchased **6.8 million** common shares for **$800 million** under its Board-authorized share repurchase program[262](index=262&type=chunk) - As of June 30, 2025, **$2.35 billion** remains available for equity repurchases under the current **$3.3 billion** program, effective until December 31, 2026[262](index=262&type=chunk) - Repurchase timing is influenced by market price, capital position, financial strength/credit ratings, blackout periods, and other considerations[264](index=264&type=chunk) [Note 15 - Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)](index=54&type=section&id=Note%2015%20-%20Changes%20In%20and%20Reclassifications%20From%20Accumulated%20Other%20Comprehensive%20Income%20(Loss)) This note details the rollforwards of AOCI, net of tax, and reclassifications into net income for the reported periods Changes in AOCI, Net of Tax (Six Months Ended June 30, 2025) | Component | Beginning balance (in millions) | OCI before reclassifications (in millions) | Amounts reclassified from AOCI (in millions) | Income tax benefit (expense) (in millions) | Ending balance (in millions) | | :------------------------------------------ | :------------------------------ | :----------------------------------------- | :----------------------------------------- | :--------------------------------------- | :--------------------------- | | Net Unrealized Gain (Loss) on Fixed Maturities, AFS | $(1,539) | $610 | $36 | $(136) | $(1,029) | | Unrealized Losses on Fixed Maturities, AFS with ACL | $(6) | $1 | — | — | $(5) | | Net Gain (Loss) on Cash Flow Hedging Instruments | $40 | $(36) | $(7) | $9 | $6 | | Foreign Currency Translation Adjustments | $29 | $20 | — | $(4) | $45 | | Liability for Future Policy Benefits Adjustments | $33 | $(5) | — | $1 | $29 | | Pension and Other Postretirement Plan Adjustments | $(1,443) | — | $16 | $(3) | $(1,430) | | **AOCI, net of tax** | **$(2,886)** | **$590** | **$45** | **$(133)** | **$(2,384)** | Reclassifications from AOCI into Net Income (Six Months Ended June 30, 2025) | Affected Line Item | Amount (in millions) | | :------------------------------------------ | :------------------- | | Net realized losses (Fixed Maturities, AFS) | $(36) | | Net investment income (Interest rate swaps) | $(4) | | Interest expense (Interest rate swaps) | $6 | | Net investment income (Foreign currency swaps) | $5 | | Insurance operating costs and other expenses (Pension/Postretirement) | $(16) | | **Total amounts reclassified from AOCI** | **$(35)** | [Note 16 - Employee Benefit Plans](index=57&type=section&id=Note%2016%20-%20Employee%20Benefit%20Plans) This note provides the net periodic cost (benefit) for pension and other postretirement plans and funding status Net Periodic Cost (Benefit) (Six Months Ended June 30) | Metric | Pension Benefits 2025 (in millions) | Pension Benefits 2024 (in millions) | Other Postretirement Benefits 2025 (in millions) | Other Postretirement Benefits 2024 (in millions) | | :--------------------------------- | :---------------------------------- | :---------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Service cost | $1 | $1 | — | — | | Interest cost | $87 | $88 | $3 | $3 | | Expected return on plan assets | $(121) | $(115) | — | — | | Amortization of prior service credit | — | — | $(3) | $(3) | | Amortization of actuarial loss | $17 | $17 | $2 | $2 | | **Net periodic cost (benefit)** | **$(16)** | **$(9)** | **$2** | **$2** | - The Company has no required minimum funding contribution for its U.S. qualified defined benefit pension plan in 2025 and will monitor its funded status for future contributions[274](index=274&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial condition, operating results, and risk management strategies [Key Performance Measures and Ratios](index=58&type=section&id=Key%20Performance%20Measures%20and%20Ratios) This section defines key performance indicators and non-GAAP measures, including reconciliations to GAAP results - Key performance indicators include AUM, Book Value per Diluted Share excluding AOCI, Combined Ratio, Core Earnings, various loss and expense ratios, premium metrics, and underwriting gain/loss, providing a comprehensive view of financial health[282](index=282&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk)[310](index=310&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk)[318](index=318&type=chunk)[320](index=320&type=chunk) Reconciliation of Net Income to Core Earnings (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :------------------------------------------------- | :----------------- | :----------------- | :----------- | | Net income | $1,625 | $1,491 | +8.99% | | Net income available to common stockholders | $1,615 | $1,481 | +9.05% | | Net realized losses excluded from core earnings, before tax | $57 | $28 | +103.57% | | Integration and other non-recurring M&A costs, before tax | $4 | $4 | 0.00% | | Change in deferred gain on retroactive reinsurance, before tax | $(56) | $(61) | +8.20% | | Income tax expense (benefit) | — | $6 | NM | | **Core earnings** | **$1,620** | **$1,459** | **+10.90%** | Reconciliation of Net Income to Underwriting Gain (Loss) for Business Insurance (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (YoY) | | :--------------------------------- | :----------------- | :----------------- | :----------- | | Net income | $1,173 | $1,113 | +5.39% | | Net investment income | $(886) | $(793) | -11.73% | | Net realized losses | $44 | $38 | +15.79% | | Income tax expense | $298 | $259 | +15.06% | | **Underwriting gain** | **$631** | **$620** | **+1.77%** | [The Hartford's Operations](index=64&type=section&id=The%20Hartford%27s%20Operations) This section outlines the Company's business operations, revenue sources, profitability drivers, and investment objectives - The Hartford's revenues primarily stem from earned premiums, mutual fund/ETF management fees, net investment income, third-party service fees, and net realized gains and losses[324](index=324&type=chunk) - P&C insurance profitability is driven by underwriting, risk selection, claims management, reinsurance, and expense ratio, with pricing adequacy influenced by regulatory approvals, risk evaluation, and market dynamics[325](index=325&type=chunk) - Employee Benefits profitability depends on accurate risk evaluation, pricing, and reliable mortality/morbidity estimates, with critical investment returns managed through asset-liability duration matching[326](index=326&type=chunk)[327](index=327&type=chunk) - Hartford Funds' financial results correlate strongly with AUM, driven by net flows and market returns, with the primary investment objective to maximize economic value within acceptable risk parameters[328](index=328&type=chunk)[329](index=329&type=chunk) [Financial Highlights](index=66&type=section&id=Financial%20Highlights) This section summarizes key financial performance highlights for the second quarter, including net income, EPS, and combined ratio - Net Income Available to Common Stockholders increased by **$257 million (35%)**, driven by higher P&C earned premiums, favorable prior accident year development, lower Personal Insurance underlying loss ratio, lower catastrophe losses, and higher net investment income, partially offset by a higher Business Insurance underlying loss ratio[331](index=331&type=chunk)[332](index=332&type=chunk) - Net Income Available to Common Stockholders per Diluted Share increased by **$1 (41%)**, primarily due to higher net income and reduced outstanding shares from repurchases, partially offset by dilutive effects[331](index=331&type=chunk) - Book Value per Diluted Share increased by **$4.93 (9%)**, attributed to net income exceeding dividends and an increase in AOCI from decreased net unrealized losses on AFS securities[331](index=331&type=chunk) - Investment Yield, After Tax, increased by **20 basis points**, mainly due to higher yields on fixed maturity securities from reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities[334](index=334&type=chunk)[336](index=336&type=chunk) - Property & Casualty Combined Ratio improved by **5.0 points**, driven by favorable prior accident year reserve development, lower Personal Insurance underlying loss ratio, and lower catastrophe losses, partially offset by a higher Business Insurance underlying loss ratio[336](index=336&type=chunk)[340](index=340&type=chunk) [Consolidated Results of Operations](index=67&type=section&id=Consolidated%20Results%20of%20Operations) This section provides a consolidated overview of the Company's financial performance, detailing changes in revenues, expenses, and net income Consolidated Results of Operations (Three Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Earned premiums | $5,961 | $5,578 | 7% | | Total revenues | $6,987 | $6,486 | 8% | | Benefits, losses and loss adjustment expenses | $3,712 | $3,661 | 1% | | Total benefits, losses and expenses | $5,741 | $5,574 | 3% | | Net income available to common stockholders | $990 | $733 | 35% | - Net income available to common stockholders increased by **$257 million** for the three months ended June 30, 2025, driven by a **$243 million** P&C underwriting gain increase, **$62 million** higher net investment income, and **$49 million** lower net realized losses[344](index=344&type=chunk)[345](index=345&type=chunk) Consolidated Results of Operations (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Earned premiums | $11,796 | $11,024 | 7% | | Total revenues | $13,797 | $12,905 | 7% | | Benefits, losses and loss adjustment expenses | $7,712 | $7,272 | 6% | | Total benefits, losses and expenses | $11,768 | $11,082 | 6% | | Net income available to common stockholders | $1,615 | $1,481 | 9% | - Net income available to common stockholders increased by **$134 million** for the six months ended June 30, 2025, driven by **$125 million** higher net investment income and a **$94 million** higher P&C underwriting gain, partially offset by **$28 million** greater net realized losses[365](index=365&type=chunk)[372](index=372&type=chunk) - Earned premiums increased **7%** for both periods, primarily from a **10%** P&C increase due to new business growth and earned pricing, while Employee Benefits earned premium was flat for three months and up **1%** for six months[348](index=348&type=chunk)[353](index=353&type=chunk)[373](index=373&type=chunk) - Benefits, losses and LAE increased **$51 million** for three months, mainly from a **$50 million** P&C increase, and **$440 million** for six months, primarily from a **$444 million** P&C increase, driven by higher CAY loss and LAE and catastrophe losses[356](index=356&type=chunk)[357](index=357&type=chunk)[359](index=359&type=chunk)[376](index=376&type=chunk)[382](index=382&type=chunk) [Investment Results](index=72&type=section&id=Investment%20Results) This section analyzes the Company's investment performance, including asset composition, net investment income, and realized gains/losses Composition of Invested Assets (As of June 30, 2025 vs. December 31, 2024) | Asset Type | June 30, 2025 (in millions) | Percent of Total | December 31, 2024 (in millions) | Percent of Total | | :------------------------------------------------- | :-------------------------- | :--------------- | :-------------------------- | :--------------- | | Fixed maturities, AFS, at fair value | $44,558 | 73.2% | $42,567 | 71.9% | | Mortgage loans (net of ACL) | $6,463 | 10.6% | $6,396 | 10.8% | | Limited partnerships and other alternative investments | $5,325 | 8.7% | $5,042 | 8.5% | | Short-term investments | $3,649 | 6.0% | $4,068 | 6.9% | | **Total investments** | **$60,903** | **100.0%** | **$59,210** | **100.0%** | - Total investments increased primarily due to higher fixed maturities, AFS, at fair value, driven by net additions of corporate bonds and ABS, and higher valuations from lower interest rates, partially offset by decreased short-term investments[389](index=389&type=chunk)[390](index=390&type=chunk) Net Investment Income (Before Tax, Six Months Ended June 30) | Asset Type | 2025 Amount (in millions) | 2025 Yield | 2024 Amount (in millions) | 2024 Yield | | :------------------------------------------------- | :------------------------ | :--------- | :------------------------ | :--------- | | Fixed maturities | $1,158 | 4.7% | $1,063 | 4.5% | | Mortgage loans | $142 | 4.4% | $128 | 4.1% | | Limited partnerships and other alternative investments | $52 | 2.1% | $32 | 1.3% | | **Total net investment income** | **$1,320** | **4.3%** | **$1,195** | **4.1%** | | Total net investment income excluding limited partnerships and other alternative investments | $1,268 | 4.5% | $1,163 | 4.3% | - Total net investment income increased due to higher invested assets and reinvesting at higher interest rates, with the six-month period also reflecting greater income from limited partnerships and other alternative investments[395](index=395&type=chunk) - Net realized losses for the six months ended June 30, 2025, increased due to lower equity securities appreciation, transactional foreign currency revaluation losses, and FVO securities depreciation, partially offset by fewer net losses on fixed maturities sales[374](index=374&type=chunk)[377](index=377&type=chunk) [Critical Accounting Estimates](index=75&type=section&id=Critical%20Accounting%20Estimates) This section updates critical accounting estimates, focusing on P&C and group long-term disability reserves and their development - Critical accounting estimates involve significant judgment and variability, covering P&C and group LTD reserves, goodwill impairment, investment/derivative valuation, and corporate litigation/regulatory contingencies[410](index=410&type=chunk) - P&C loss and LAE reserve estimates represent the Company's best estimate of ultimate settlement amounts, with adjustments based on emerging trends and volatility, without statistical loss distributions or confidence levels[414](index=414&type=chunk) Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE (Six Months Ended June 30, 2025) | Metric | Business Insurance (in millions) | Personal Insurance (in millions) | P&C Other Operations (in millions) | Total Property & Casualty (in millions) | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :--------------------------------- | :------------------------------------ | | Beginning liabilities, gross | $31,380 | $2,240 | $2,784 | $36,404 | | Provision for unpaid losses and LAE | $4,008 | $1,353 | — | $5,361 | | Payments | $(3,036) | $(1,233) | $(111) | $(4,380) | | **Ending liabilities, gross** | **$32,329** | **$2,383** | **$2,646** | **$37,358** | Current Accident Year Catastrophe Losses, Net of Reinsurance (Six Months Ended June 30, 2025) | Catastrophe Type | Business Insurance (in millions) | Personal Insurance (in millions) | Total (in millions) | | :--------------------------------- | :------------------------------- | :------------------------------- | :------------------ | | Wind and hail | $145 | $162 | $307 | | Wildfires | $145 | $114 | $259 | | Winter storms | $15 | $9 | $24 | | Global assumed reinsurance business | $89 | — | $89 | | **Total catastrophe losses** | **$394** | **$285** | **$679** | Unfavorable (Favorable) Prior Accident Year Development for P&C (Six Months Ended June 30, 2025) | Line of Business | Business Insurance (in millions) | Personal Insurance (in millions) | P&C Other Operations (in millions) | Total Property & Casualty (in millions) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :--------------------------------- | :------------------------------------ | | Workers' compensation | $(126) | — | — | $(126) | | Commercial property | $(23) | — | — | $(23) | | Professional liability | $(11) | — | — | $(11) | | Bond | $(22) | — | — | $(22) | | Automobile liability | — | $(22) | — | $(22) | | Homeowners | — | $(31) | — | $(31) | | Catastrophes | $(28) | $(11) | — | $(39) | | Other reserve re-estimates, net | $14 | $(16) | — | $(2) | | Change in deferred gain on retroactive reinsurance | $(56) | — | — | $(56) | | **Total prior accident year development** | **$(229)** | **$(80)** | **—** | **$(309)** | [Reportable Segment And Corporate Operating Summaries](index=80&type=section&id=Reportable%20Segment%20And%20Corporate%20Operating%20Summaries) This section provides detailed operating summaries for each reportable segment and the Corporate category, analyzing their financial performance [Business Insurance - Results of Operations](index=80&type=section&id=Business%20Insurance%20-%20Results%20of%20Operations) Business Insurance reported increased net income and underwriting gain, driven by premium growth and favorable prior accident year development Business Insurance Underwriting Summary (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Written premiums | $7,502 | $6,902 | 9% | | Earned premiums | $6,748 | $6,169 | 9% | | Total losses and loss adjustment expenses | $4,008 | $3,602 | 11% | | Underwriting gain | $631 | $620 | 2% | | Net income | $1,173 | $1,113 | 5% | Business Insurance Underwriting Ratios (Six Months Ended June 30) | Ratio | 2025 | 2024 | Change (pts) | | :--------------------------------- | :----- | :----- | :----------- | | Loss and loss adjustment expense ratio | 59.4 | 58.4 | 1.0 | | Expense ratio | 30.9 | 31.3 | (0.4) | | Combined ratio | 90.6 | 90.0 | 0.6 | | Underlying combined ratio | 88.2 | 87.9 | 0.3 | | Underlying loss and loss adjustment expense ratio | 57.0 | 56.3 | 0.7 | | Current accident year catastrophes | 5.8 | 4.3 | 1.5 | | Prior accident year development | (3.4) | (2.2) | (1.2) | - Written premiums increased **9%** for the six-month period, driven by growth across small business, middle & large business, and global specialty, reflecting renewal written price increases and new business growth[452](index=452&type=chunk)[454](index=454&type=chunk) - The underlying loss and LAE ratio increased due to a higher general liability loss ratio (reflecting increased severity trends) and workers' compensation margin compression[457](index=457&type=chunk) - Prior accident year development was net favorable for both periods, primarily from reserve decreases in workers' compensation, catastrophes, commercial property, and bond, including benefits from Navigators ADC deferred gain amortization[462](index=462&type=chunk) [Personal Insurance - Results of Operations](index=85&type=section&id=Personal%20Insurance%20-%20Results%20of%20Operations) Personal Insurance improved net income and shifted to an underwriting gain, driven by increased earned premiums and favorable prior accident year development Personal Insurance Underwriting Summary (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Written premiums | $1,893 | $1,757 | 8% | | Earned premiums | $1,830 | $1,662 | 10% | | Total losses and loss adjustment expenses | $1,353 | $1,308 | 3% | | Underwriting gain (loss) | — | $(76) | NM | | Net income (loss) | $96 | $23 | 317.39% | Personal Insurance Underwriting Ratios (Six Months Ended June 30) | Ratio | 2025 | 2024 | Change (pts) | | :--------------------------------- | :----- | :----- | :----------- | | Loss and loss adjustment expense ratio | 73.9 | 78.7 | (4.8) | | Expense Ratio | 26.1 | 25.9 | 0.2 | | Combined Ratio | 100.0 | 104.6 | (4.6) | | Underlying combined ratio | 88.8 | 96.4 | (7.6) | | Underlying loss and loss adjustment expense ratio | 62.7 | 70.5 | (7.8) | | Current accident year catastrophes | 15.6 | 10.6 | 5.0 | | Prior accident year development | (4.4) | (2.5) | (1.9) | - Written premiums increased **8%** for the six-month period, driven by written pricing increases and new business growth in homeowners, with renewal written pricing moderating for both automobile and homeowners[486](index=486&type=chunk)[487](index=487&type=chunk) - The underlying loss and LAE ratio decreased in both automobile and homeowners due to earned pricing increases, partially offset by higher loss costs from increased physical damage and liability claim severities[492](index=492&type=chunk) - Current accident year catastrophe losses increased for the six-month period, including a **$114 million** loss from the January 2025 California Wildfire Event, while prior accident year development was favorable due to lower estimated severity[495](index=495&type=chunk)[496](index=496&type=chunk) [Property & Casualty Other Operations - Results of Operations](index=90&type=section&id=Property%20%26%20Casualty%20Other%20Operations%20-%20Results%20of%20Operations) P&C Other Operations reported increased net income for both periods, primarily due to decreased net realized losses and a lower underwriting loss P&C Other Operations Operating Summary (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Underwriting loss | $(4) | $(11) | 64% | | Net investment income | $37 | $37 | 0% | | Net realized losses | $(2) | $(3) | 33% | | Net income | $26 | $19 | 37% | - Net income increased for the six months ended June 30, 2025, primarily due to a lower underwriting loss, which decreased due to unfavorable prior accident year reserve development in the 2024 period[501](index=501&type=chunk)[502](index=502&type=chunk) [Employee Benefits - Results of Operations](index=91&type=section&id=Employee%20Benefits%20-%20Results%20of%20Operations) Employee Benefits saw decreased net income for three months but a slight increase for six months, influenced by loss and expense ratios Employee Benefits Operating Summary (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Premiums and other considerations | $3,331 | $3,304 | 1% | | Total revenues | $3,555 | $3,522 | 1% | | Total benefits, losses and expenses | $3,199 | $3,173 | 1% | | Net income | $283 | $279 | 1% | Employee Benefits Ratios, Excluding Buyouts (Six Months Ended June 30) | Ratio | 2025 | 2024 | Change (pts) | | :--------------------------------- | :----- | :----- | :----------- | | Group disability loss ratio | 68.8% | 68.6% | 0.2 | | Group life loss ratio | 77.1% | 78.7% | (1.6) | | Total loss ratio | 70.5% | 71.1% | (0.6) | | Expense ratio | 25.5% | 24.9% | 0.6 | - Fully insured ongoing premiums were flat for three months but increased for six months due to increased exposure and persistency above **90%**; sales increased for three months but decreased for six months due to lower paid family and medical leave product sales[518](index=518&type=chunk)[519](index=519&type=chunk) - The total loss ratio was flat for three months but improved by **0.6 points** for six months due to a lower group life loss ratio, while the expense ratio increased for both periods due to higher technology and staffing costs[523](index=523&type=chunk)[525](index=525&type=chunk)[526](index=526&type=chunk) [Hartford Funds - Results of Operations](index=93&type=section&id=Hartford%20Funds%20-%20Results%20of%20Operations) Hartford Funds reported increased net income for both periods, driven by higher fee income from increased AUM and net realized gains Hartford Funds Operating Summary (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Fee income and other revenue | $516 | $503 | 3% | | Total revenues | $535 | $520 | 3% | | Operating costs and other expenses | $412 | $406 | 1% | | Net income | $97 | $89 | 9% | | Daily average Hartford Funds AUM | $140,004 | $132,856 | 5% | | ROA, core earnings | 12.9 | 12.6 | 2% | Mutual Fund and ETF AUM (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Mutual Fund and ETF AUM - beginning of period | $128,054 | $119,316 | 7% | | Net flows - Mutual Fund and ETF | $(2,947) | $(3,596) | 18% | | Change in market value and other | $9,183 | $7,966 | 15% | | **Mutual Fund and ETF AUM - end of period** | **$134,290** | **$123,686** | **9%** | | Hartford Funds AUM - end of period | $145,516 | $135,518 | 7% | - Hartford Funds AUM increased primarily due to higher equity market levels, partially offset by net outflows over the preceding twelve-month periods[536](index=536&type=chunk) [Corporate - Results of Operations](index=95&type=section&id=Corporate%20-%20Results%20of%20Operations) The Corporate category reported a decreased net loss for three months but an increased net loss for six months, influenced by net realized gains and tax benefits Corporate Operating Summary (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (%) | | :--------------------------------- | :----------------- | :----------------- | :--------- | | Total revenues | $59 | $68 | (13)% | | Total benefits, losses and expenses | $130 | $130 | 0% | | Net loss | $(50) | $(32) | (56)% | | Net loss available to common stockholders | $(60) | $(42) | (43)% | - Net loss available to common stockholders decreased for three months due to increased net realized gains, but increased for six months due to lower net realized gains and a reduced tax benefit from stock-based compensation awards[540](index=540&type=chunk)[541](index=541&type=chunk) [Enterprise Risk Management](index=96&type=section&id=Enterprise%20Risk%20Management) This section details the Company's ERM framework, categorizing and managing insurance, operational, and financial risks - The Company's ERM function identifies, assesses, monitors, and reports risks, categorizing main risks as insurance, operational, and financial, with defined appetites, tolerances, and limits[543](index=543&type=chunk)[544](index=544&type=chunk) - Insurance risk encompasses non-catastrophe and catastrophe risks, managed through underwriting protocols, exposure controls, risk-based pricing, modeling, risk transfer, and capital management strategies[545](index=545&type=chunk)[546](index=546&type=chunk)[548](index=548&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk) Primary Catastrophe Treaty Reinsurance Coverages (As of June 30, 2025) | Treaty Type | Portion of losses reinsured | Portion of losses retained by The Hartford | | :------------------------------------------------- | :-------------------------- | :--------------------------------- | | Per Occurrence Property Catastrophe Treaty ($200M to $350M, non-earthquake/hurricane) | 40% of $150M in excess of $200M | 60% co-participation | | Per Occurrence Property Catastrophe Treaty ($350M to $500M, all perils) | 75% of $150M in excess of $350M | 25% co-participation | | Per Occurrence Property Catastrophe Treaty ($500M to $1.20B, all perils) | 90% of $700M in excess of $500M | 10% co-participation | | Aggregate Property Catastrophe Treaty ($750M to $950M of aggregate losses) | 100% | None | | Workers' Compensation Catastrophe Treaty ($100M to $450M from one event) | 80% of $350M in excess of $100M | 20% co-participation | - Financial risks include liquidity, credit, interest rate, equity, and foreign currency exchange risks, managed through risk aggregation limits, portfolio re-balancing, derivatives, diversification, surveillance, and counterparty approval[570](index=570&type=chunk)[571](index=571&type=chunk)[572](index=572&type=chunk)[576](index=576&type=chunk)[579](index=579&type=chunk)[580](index=580&type=chunk) Fixed Maturities, AFS by Credit Quality (As of June 30, 2025) | Credit Quality | Amortized Cost (in millions) | Fair Value (in millions) | Percent of Total Fair Value | | :--------------------------------- | :--------------------------- | :----------------------- | :-------------------------- | | United States Government/Government agencies | $5,520 | $5,130 | 11.5% | | AAA | $7,455 | $7,333 | 16.4% | | AA | $7,683 | $7,439 | 16.7% | | A | $12,554 | $12,239 | 27.5% | | BBB | $10,319 | $10,070 | 22.6% | | BB & below | $2,349 | $2,347 | 5.3% | | **Total fixed maturities, AFS** | **$45,880** | **$44,558** | **100.0%** | - As of June 30, 2025, total gross unrealized losses on fixed maturities, AFS, were **$1.8 billion**, a **$453 million** decrease since December 31, 2024, primarily due to lower interest rates, with recovery expected[625](index=625&type=chunk)[626](index=626&type=chunk) [Capital Resources and Liquidity](index=108&type=section&id=Capital%20Resources%20and%20Liquidity) This section discusses the Company's financial strength, capital resources, liquidity, and related management strategies and ratings - As of June 30, 2025, HIG Holding Company held approximately **$1.3 billion** in fixed maturities, short-term investments, and cash, with an undrawn **$750 million** revolving credit facility and **$1.85 billion** available under an intercompany liquidity agreement[647](index=647&type=chunk) - During the six months ended June 30, 2025, HIG Holding Company received **$1.2 billion** in net dividends from subsidiaries, including **$729 million** from P&C, **$442 million** from Employee Benefits, and **$75 million** from Hartford Funds[654](index=654&type=chunk) - The Company repurchased **$800 million** (**6.8 million** shares) of common stock during the six months ended June 30, 2025, with **$2.35 billion** remaining under the current **$3.3 billion** authorization[643](index=643&type=chunk) Capital Structure (As of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | Change (%) | | :------------------------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Long-term debt | $4,369 | $4,366 | 0% | | Common stockholders' equity excluding AOCI, net of tax | $19,568 | $18,999 | 3% | | AOCI, net of tax | $(2,384) | $(2,886) | 17% | | **Total stockholders' equity** | **$17,518** | **$16,447** | **7%** | | **Total capitalization** | **$21,887** | **$20,813** | **5%** | | Debt to stockholders' equity | 25% | 27% | (2)% | | Debt to capitalization | 20% | 21% | (1)% | - Cash provided by operating activities decreased in 2025 due to increased P&C loss and LAE paid, higher operating expenses, increased taxes, and decreased partnership cash income, partially offset by increased P&C and Employee Benefits premiums[683](index=683&type=chunk) - A.M. Best upgraded the Company's senior debt rating to 'a' from 'a-' on July 3, 2025, citing balance sheet strength, operating performance, favorable business profile, and ERM, while affirming insurance financial strength ratings[690](index=690&type=chunk) [Impact of New Accounting Standards](index=114&type=section&id=Impact%20of%20New%20Accounting%20Standards) This section refers to Note 1 of the 2024 Form 10-K for a discussion of new accounting standards - For a discussion of accounting standards, refer to Note 1 - Basis of Presentation and Significant Accounting Policies in The Hartford's 2024 Form 10-K Annual Report[697](index=697&type=chunk) Part II. Other Information This part includes information on legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=109&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 - Commitments and Contingencies for a discussion of legal proceedings - For a discussion regarding The Hartford's legal proceedings, refer to Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements[702](index=702&type=chunk) [Item 1A. Risk Factors](index=109&type=section&id=Item%201A.%20Risk%20Factors) This section advises investors to consider risk factors from the 2024 Form 10-K, which could materially affect the Company - Investors should carefully consider the risk factors disclosed in Item 1A of Part I of the Company's 2024 Form 10-K, as they could materially affect business, financial condition, operating results, or liquidity[703](index=703&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=109&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details common stock repurchases during the quarter and remaining authorization under the share repurchase program Repurchases of Common Stock by the Issuer (Three Months Ended June 30, 2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) | | :--------------------------------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------- | :------------------------------------------------------------------------------------ | | April 1, 2025 - April 30, 2025 | 1,305,216 | $118.70 | 1,299,056 | $2,595 | | May 1, 2025 - May 31, 2025 | 955,783 | $129.73 | 945,215 | $2,474 | | June 1, 2025 - June 30, 2025 | 997,072 | $127.76 | 995,490 | $2,348 | | **Total** | **3,258,071** | **$124.71** | **3,239,761** | | - From July 1 to July 25, 2025, the Company repurchased an additional *

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].

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 - Clover Health Investments, Corp. has appointed Joseph Oldakowski as Vice President of Finance and Controller, who will oversee corporate accounting and financial reporting [1][4] - Oldakowski brings nearly 20 years of experience in finance and accounting, having previously served at Point32Health and EmblemHealth [2][3] - Clover Health focuses on providing accessible healthcare to Medicare recipients, utilizing its software platform, Clover Assistant, to improve health outcomes [5] Company Overview - Clover Health is a physician enablement technology company dedicated to enhancing healthcare access for Medicare beneficiaries, particularly seniors [5] - The company offers PPO and HMO Medicare Advantage plans across several states, emphasizing a wide-network, high-choice PPO plan [5] - Clover Assistant aggregates patient data to support clinical decision-making and manage chronic diseases, demonstrating positive impacts on medication adherence and chronic conditions [5] Leadership Insights - CFO Peter Kuipers highlighted Oldakowski's expertise in finance transformations and integrity as key attributes for Clover's growth [4] - Oldakowski expressed enthusiasm for joining Clover Health, emphasizing the importance of accessible and high-quality healthcare [4]

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]

Core Insights - Skyward Specialty Insurance Group has appointed Corey LaFlamme as President of Captives & Specialty Programs to enhance growth in a rapidly expanding segment of the specialty market [1][4] - Kirby Hill, previously instrumental in developing the Captives & Specialty Programs divisions, will now serve as Chairman, focusing on business development and strategic matters [2][4] - LaFlamme brings over 20 years of experience from The Hartford, where he was Head of Programs, known for building strong relationships and driving innovation [3][4] Company Overview - Skyward Specialty is a growing specialty insurance company offering commercial property and casualty products through eight underwriting divisions, including Captives, Construction & Energy Solutions, and Professional Lines [5] - The company's subsidiary insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company, indicating strong financial health [6]

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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]