70 unchanged sentences
Reconciliation of Net Income to Core Earnings
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
9 unchanged sentences
Core earnings $ 1,077 $ 752 $ 2,697 $ 2,211
−Removed: [1] The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $24 and $56 for the three and six months ended June 30, 2025 and $37 and $61 for the three and six months ended June 30, 2024, respectively.
+Added: [1] The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $8 and $64 for the three and nine months ended September 30, 2025 and $26 and $87 for the three and nine months ended September 30, 2024, respectively.
+Added: The deferred gain has been fully amortized as of September 30, 2025.
For additional information regarding the ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
15 unchanged sentences
The current accident year catastrophe ratio includes the effect of catastrophe losses, but does not include the effect of reinstatement premiums.
−Removed: Expense Ratio- For Business Insurance and Personal Insurance is the ratio of underwriting expenses less fee income,
−Removed: to earned premiums.
+Added: Expense Ratio- For Business Insurance and Personal Insurance is the ratio of underwriting expenses less fee income, to earned premiums.
Underwriting expenses include the amortization of deferred policy acquisition costs ("DAC"), amortization of other intangible assets and insurance operating costs and other expenses, including certain centralized services costs and bad debt expense.
7 unchanged sentences
Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium.
−Removed: Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years.
−Removed: Among other factors, the loss and loss adjustment expense ratio needed for the Company to achieve its targeted return on equity (" ROE ") fluctuates from year to year based on changes in the expected investment yield over the claim settlement period, the timing of expected claim
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: settlements and the targeted returns set by management based on the competitive environment.
+Added: Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years.
+Added: Among other factors, the loss and loss adjustment expense ratio needed for the Company to achieve its targeted return on equity (" ROE ") fluctuates from year to year based on changes in the expected investment yield over the claim settlement period, the timing of expected claim settlements and the targeted returns set by management based on the competitive environment.
The loss and loss adjustment expense ratio is affected by claim frequency and claim severity, particularly for shorter-tail property lines of business, where the emergence of claim frequency and severity is credible and likely indicative of ultimate losses.
10 unchanged sentences
Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income on a consolidated level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments.
−Removed: The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments.
+Added: The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment
+Added: earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments.
Net investment income is the most directly comparable U.S.
16 unchanged sentences
Policyholder Dividend Ratio- The ratio of policyholder dividends to earned premium.
−Removed: Premium Retention- For middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period.
−Removed: Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance.
−Removed: Premium retention statistics are subject to change from period to period based on a number of
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: factors, including the effect of subsequent cancellations and non-renewals .
+Added: Premium Retention- For middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period.
+Added: Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance.
+Added: Premium retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals .
Prior Accident Year Loss and Loss Adjustment Expense Ratio- Represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.
11 unchanged sentences
Prices tend to decrease when recent loss experience has been favorable or when competition among insurance carriers increases.
−Removed: Renewal written price statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.
+Added: Renewal written price
+Added: statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.
Return on Assets (“ROA”), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance.
23 unchanged sentences
Reconciliation of Net Income to Underwriting Gain (Loss)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
8 unchanged sentences
Personal Insurance
−Removed: Net income (loss) $ 91 $ (11) $ 96 $ 23
−Removed: Adjustments to reconcile net income (loss) to underwriting loss:
+Added: Net income $ 139 $ 31 $ 235 $ 54
+Added: Adjustments to reconcile net income to underwriting gain (loss):
Net investment income (67) (58) (182) (158)
Net realized losses 4 2 10 9
−Removed: Net servicing and other income (5) (6) (10) (10)
−Removed: Income tax expense (benefit) 23 (4) 23 4
+Added: Net servicing and other (income) expense (4) (5) (14) (15)
+Added: Income tax expense 35 8 58 12
Underwriting gain (loss) $ 107 $ (22) $ 107 $ (98)
4 unchanged sentences
Net realized losses — — 2 3
+Added: Other expense 1 4 1 4
Income tax expense 4 1 9 5
49 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Second Quarter Financial Highlights
+Added: Third Quarter Financial Highlights
Net Income Available to Common Stockholders Net Income Available to Common Stockholders per Diluted Share Book Value per Diluted Share
Ý Increased $313 or 41% Ý Increased $1.21 or 47% Ý Increased $8.77 or 16%
−Removed: + The effect of higher earned premiums in P&C + Increase in net income available to common stockholders + Net income in excess of common stockholder dividends
−Removed: + Greater favorable P&C prior accident year reserve development + Reduction in outstanding shares due to share repurchases + An increase in AOCI, primarily driven by a decrease in net unrealized losses on AFS securities
−Removed: + Lower underlying loss and LAE ratio in Personal Insurance - Dilutive effect of share repurchases
−Removed: + Lower CAY catastrophe losses
−Removed: + Higher net investment income
−Removed: + Lower net realized losses
+Added: + Lower CAY catastrophe losses + Increase in net income available to common stockholders + Net income in excess of common stockholder dividends
+Added: + Higher net investment income + Reduction in outstanding shares due to share repurchases - Dilutive effect of share repurchases
+Added: + The effect of higher earned premiums in P&C
+Added: + More favorable P&C prior accident year reserve development
+Added: + Lower underlying loss and LAE ratio in Personal Insurance
+Added: - Higher expense ratio in P&C and Employee Benefits
- Higher underlying loss and LAE ratio in Business Insurance
1 unchanged sentence
Ý Increased 40 bps Þ Improved 5.7 points Þ Decreased 0.7 points
−Removed: + A higher yield on fixed maturity securities due to reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.
−Removed: + Greater favorable P&C prior accident year reserve development - Higher expense ratio, including higher technology and staffing costs
−Removed: + Lower underlying loss and LAE ratio in Personal Insurance - Higher short-term and long-term disability loss ratios
−Removed: + Lower catastrophe losses in P&C
−Removed: + Higher net investment income
−Removed: - Higher underlying loss and LAE ratio in Business Insurance + Lower group life loss ratio
+Added: + Higher yield on limited partnerships and other alternative investments + Lower CAY catastrophe losses
+Added: - Higher expense ratio, including higher staffing and technology costs
+Added: + Reinvesting at higher interest rates + More favorable prior accident year reserve development - Higher group disability loss ratio
+Added: - Lower yield on variable-rate securities + Lower underlying loss and LAE ratio in Personal Insurance + Lower group life loss ratio
+Added: - Higher underlying loss and LAE ratio in Business Insurance + Higher net investment income
Index to MD&A
4 unchanged sentences
Consolidated Results of Operations
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
18 unchanged sentences
Net income available to common stockholders $ 1,074 $ 761 41 % $ 2,689 $ 2,242 20 %
−Removed: Three months ended June 30, 2025 compared to the three months ended June 30, 2024
+Added: Three months ended September 30, 2025 compared to 2024
Net income available to common stockholders increased by $313, primarily driven by:
−Removed: • An increase in P&C underwriting gain of $243, before tax, driven by the effect of earned premium growth, a higher level of net favorable prior accident year reserve development, a lower underlying loss and LAE ratio in Personal Insurance and lower CAY catastrophe losses, partially offset by a higher underlying loss and LAE ratio in Business Insurance;
−Removed: • Higher net investment income of $62, before tax, primarily driven by the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities;
−Removed: • Lower net realized losses of $49, before tax.
+Added: • An increase in P&C underwriting gain of $274, before tax, driven by lower CAY catastrophe losses, the effect of earned premium growth, a higher level of net favorable prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a higher underlying loss and LAE ratio in Business Insurance;
+Added: • Higher net investment income of $100, before tax, driven by higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher interest rates, slightly offset by a lower yield on variable-rate securities.
These increases were partially offset by:
−Removed: • In Employee Benefits, the impact of a higher expense ratio, including higher technology costs and staffing costs, and a higher loss ratio on long-term and short-term disability, partially offset by a lower group life loss ratio.
+Added: • In Employee Benefits, the impact of a higher expense ratio, including higher staffing and technology costs, and a higher long-term disability loss ratio, partially offset by a lower group life loss ratio and a lower loss ratio on the paid family and medical leave product.
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment And Corporate Operating Summaries.
4 unchanged sentences
Earned premiums increased by $359 or 6%, primarily due to:
−Removed: • An increase in P&C reflecting a 10% increase in both Business Insurance and Personal Insurance.
+Added: • An increase in P&C reflecting a 9% increase in Business Insurance and a 7% increase in Personal Insurance.
– Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business and earned pricing increases.
−Removed: – For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by non-renewals.
−Removed: • Employee Benefits earned premium was essentially flat, as an increase in exposure on existing accounts was offset by lower fully insured ongoing sales.
+Added: – For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force.
+Added: • Employee Benefits earned premium was essentially flat, as an increase in exposure on existing accounts was offset by lower fully insured ongoing sales during the past year.
Fee income increased primarily due to a $14 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.
Net Investment Income
−Removed: [1] Limited partnerships and other alternative investments of $16 and $13 for the three months ended June 30, 2024 and 2025 respectively.
−Removed: Net investment income increased primarily due to the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.
−Removed: Net realized losses improved primarily due to fewer net losses on sales of fixed maturities.
−Removed: Also included were valuation improvements on equity securities, partially offset by valuation declines on equity derivatives, due to higher equity market levels.
+Added: [1] Limited partnerships and other alternative investments of $37 and $91 for the three months ended September 30, 2024 and 2025 respectively.
+Added: Net investment income increased due to higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher interest rates, slightly offset by a lower yield on variable-rate securities.
+Added: Net realized losses improved slightly, primarily due to:
+Added: • Fewer net losses on sales of fixed maturities in the 2025 period compared to the 2024 period;
+Added: • Gains on transactional foreign currency revaluation in the 2025 period compared to losses in the 2024 period.
+Added: These increases were largely offset by:
+Added: • Impairment of a real estate joint venture in the 2025 period;
+Added: • Losses on equity derivatives in the 2025 period compared to gains in the 2024 period due to changes in equity market levels;
+Added: • Gains on interest rate derivatives in the 2024 period.
For further discussion of investment results, see MD&A - Investment Results, Net Realized Gains and MD&A - Investment Results, Net Investment Income.
4 unchanged sentences
Losses and LAE Incurred for P&C
−Removed: Benefits, losses and loss adjustment expenses increased $51 due to:
−Removed: • An increase in Property & Casualty of $50, which was attributable to:
−Removed: – An increase in P&C CAY loss and LAE before catastrophes of $190, before tax, primarily due to the effect of higher earned premiums, partially offset by a lower underlying loss and LAE ratio in Personal Insurance.
−Removed: Partially offset by:
+Added: Benefits, losses and loss adjustment expenses decreased $30 due to:
+Added: • A decrease in Property & Casualty of $33, which was attributable to:
+Added: – A decrease in CAY catastrophe losses of $177, before tax.
+Added: Catastrophe losses in the 2025 period included losses from tornado, wind and hail events across several regions, but concentrated in the Mountain West and South regions.
+Added: Catastrophe losses in the 2024 period included losses from hurricanes, including a loss of $104 from Hurricane Helene, and tropical storms primarily in the Southeast and South regions, and to a lesser extent, tornado, wind and hail events primarily in the Midwest, Northeast and Mountain West regions;
– A favorable change of $53, before tax, in P&C net prior accident year reserve development, with development in the 2025 period of $103, compared to $50 in the prior year period.
−Removed: Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, commercial property, homeowners, and Personal Insurance automobile liability and physical damage.
−Removed: Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, Personal Insurance automobile liability, and homeowners, partially offset by increases in reserves for general liability, assumed reinsurance, and Business Insurance automobile liability.
−Removed: Also included within net prior accident year reserve development for the three months ended June 30, 2025 and 2024 was a benefit of $24 and $37, respectively, related to amortization of the Navigators ADC deferred gain.
+Added: Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage.
+Added: Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile physical damage, partially offset by increases in reserves for general liability and Business Insurance automobile liability.
+Added: Also included within net prior accident year reserve development for the three months ended September 30, 2025 and 2024 was a benefit of $8 and $26, respectively, related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
−Removed: – A decrease in CAY catastrophe losses of $68, before tax.
−Removed: Catastrophe losses in 2025 and 2024 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions.
+Added: Partially offset by:
+Added: – An increase in P&C CAY loss and LAE before catastrophes of $197, before tax, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance.
Losses and LAE Incurred for Employee Benefits
−Removed: • A slight increase in Employee Benefits of $3, before tax, primarily driven by a higher loss ratio on short-term and long-term disability, largely offset by a lower group life loss ratio.
+Added: • A slight increase in Employee Benefits of $2, before tax, primarily driven by a higher long-term disability loss ratio due to a benefit in the prior year related to an update to the long-term disability claim recovery rate assumptions , largely offset by a lower group life loss ratio driven by lower mortality and a lower loss ratio on the paid family and medical leave product.
Amortization of deferred policy acquisition costs increased from the prior year period primarily driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.
Insurance operating costs and other expenses increased due to:
+Added: • Higher staffing costs, including higher incentive compensation and benefits costs;
• Higher technology costs, including increased investment;
−Removed: • Higher staffing costs, largely in response to increased business volume;
• An increase in doubtful accounts expense partly due to higher business volume.
−Removed: • Higher commissions and taxes, licenses and fees due to increased business volume in P&C and a slightly higher commission ratio in Employee Benefits due to mix of business.
−Removed: Income tax expense increased primarily due to an increase in income before tax.
+Added: Income tax expense increased primarily due to an increase in income before tax, partially offset by a higher net tax benefit in the Corporate category.
For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
2 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: June 30, 2025 compared to the six months ended June 30, 2024
+Added: Nine months ended September 30, 2025 compared to 2024
Net income available to common stockholders increased by $447 primarily driven by:
−Removed: • Higher net investment income of $125, before tax, primarily driven by a higher level of invested assets, reinvesting at higher interest rates, and greater income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities;
−Removed: • A higher P&C underwriting gain of $94, before tax, driven by a lower underlying loss and LAE ratio in Personal Insurance, a higher level of favorable prior accident year reserve development, and the effect of earned premium growth, partially offset by higher CAY catastrophe losses, and a higher underlying loss and LAE ratio in Business Insurance;
−Removed: • In Employee Benefits, the impact of a lower group life loss ratio, slightly higher fully insured ongoing premiums, and a lower loss ratio on paid family and medical leave products, was largely offset by the impact of a higher expense ratio, a higher long-term disability ratio, and a higher loss ratio on supplemental health products.
+Added: • A higher P&C underwriting gain of $368, before tax, driven by the effect of earned premium growth, a higher level of favorable prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a higher underlying loss and LAE ratio in Business Insurance and higher CAY catastrophe losses;
+Added: • Higher net investment income of $225, before tax, driven by a higher level of invested assets, reinvesting at higher interest rates, and higher income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities;
These increases were partially offset by:
−Removed: • Greater net realized losses of $28, before tax
+Added: • Higher net realized losses of $27, before tax;
+Added: • In Employee Benefits, the impact of a higher expense ratio, including higher staffing costs and technology costs, and a higher long-term disability loss ratio, partially offset by a lower group life loss ratio, a lower loss ratio on the paid family and medical leave product, and the impact of slightly higher fully insured ongoing premiums.
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment And Corporate Operating Summaries.
1 unchanged sentence
Earned premiums increased by $1,131, or 7%, primarily due to:
−Removed: • An increase in P&C reflecting a 9% increase in Business Insurance and a 10% increase in Personal Insurance.
+Added: • An increase in P&C reflecting a 9% increase in both Business Insurance and Personal Insurance.
– Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business and earned pricing increases.
−Removed: – For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by non-renewals.
−Removed: • An increase in Employee Benefits earned premium of 1%, including an increase in exposure on existing accounts, fully insured ongoing sales, and persistency in excess of 90%.
+Added: – For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force.
+Added: • A slight increase in Employee Benefits earned premium of 1%, including an increase in exposure on existing accounts and persistency in excess of 90%.
Fee income increased, primarily due to a $27 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.
Net Investment Income
−Removed: [1] Limited partnerships and other alternative investments of $32 and $52 for the six months ended June 30, 2024 and 2025, respectively.
−Removed: Net investment income increased primarily due to the impact of a higher level of invested assets, reinvesting at higher interest rates, and greater income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.
+Added: [1] Limited partnerships and other alternative investments of $69 and $143 for the nine months ended September 30, 2024 and 2025, respectively.
+Added: Net investment income increased due to the impact of a higher level of invested assets, reinvesting at higher interest rates, and higher income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.
Index to MD&A
2 unchanged sentences
Net realized losses increased primarily due to:
−Removed: • Lower appreciation in value of equity securities in the current year compared to the prior year;
−Removed: • Losses on transactional foreign currency revaluation in the 2025 period compared to gains in the 2024 period;
−Removed: • Depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2025 period compared to appreciation in the 2024 period due to changes in credit spreads.
+Added: • Lower appreciation in value of equity securities in the 2025 period compared to the 2024 period;
+Added: • Impairment of a real estate joint venture in the 2025 period;
+Added: • Gains on interest rate derivatives in the 2024 period;
+Added: • Greater depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2025 period due to changes in credit spreads.
These increases were partially offset by fewer net losses on sales of fixed maturities.
4 unchanged sentences
• An increase in Property & Casualty of $411, which was attributable to:
−Removed: – An increase in P&C CAY loss and LAE before catastrophes of $344, before tax, primarily due to the effect of higher earned premiums, partially offset by a lower underlying loss and LAE ratio in Personal Insurance;
+Added: – An increase in P&C CAY loss and LAE before catastrophes of $541, before tax, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance;
– An increase in CAY catastrophe losses of $61, before tax.
−Removed: Catastrophe losses in the 2025 period included $313, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the South and Midwest regions.
−Removed: Catastrophe losses in the 2024 period included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and, to a lesser extent, from winter storms, mainly in the Northeast, Pacific and South regions.
+Added: Catastrophe losses in the 2025 period included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions as well as a loss of $305, net of reinsurance, from the January 2025 California Wildfire Event.
+Added: Catastrophe losses in the 2024 period included losses from tornado, wind and hail events across several regions of the United States, as well as losses from hurricanes and tropical storms mainly in the Southeast and South regions, and, to a lesser extent, from winter storms, mainly in the Pacific, Northeast and South regions.
Losses and LAE Incurred for Employee Benefits
1 unchanged sentence
– A favorable change of $191, before tax, in P&C net prior accident year reserve development, with favorable development in the 2025 period of $412, compared to $221 in the prior year period.
−Removed: Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, homeowners, commercial property, bond, and Personal Insurance automobile liability and physical damage.
−Removed: Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, Personal Insurance automobile liability, and homeowners, partially offset by increases in reserves for general liability, assumed reinsurance, and Business Insurance automobile liability.
−Removed: Also included within net prior accident year reserve development for the six months ended June 30, 2025 and 2024 was a benefit of $56 and $61, respectively, related to amortization of the Navigators ADC deferred gain.For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
−Removed: • A slight decrease in Employee Benefits of $2, before tax, primarily driven by lower group life mortality, and a lower loss ratio on paid family and medical leave products, largely
+Added: Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, Personal Insurance automobile liability and physical damage, catastrophes, homeowners, commercial property, and bond.
+Added: Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, Personal Insurance automobile physical damage, homeowners, and Personal Insurance automobile liability, partially offset by increases in reserves for general liability, Business Insurance automobile liability, and assumed reinsurance.
+Added: Also included within net prior accident year reserve development for the nine months ended September 30, 2025 and 2024 was a benefit of $64 and $87, respectively, related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
+Added: For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: offset by a higher loss ratio on long-term disability and supplemental health products.
+Added: • Employee Benefits losses and LAE were flat as a lower group life loss ratio, reflecting reduced mortality, and improved results on the paid family and medical leave product due to pricing actions were offset by a higher long-term disability loss ratio.
+Added: The increase in long-term disability was driven by a benefit in the prior year related to an update to the long-term disability claim recovery rate assumptions and slightly higher current-year loss trends.
Amortization of deferred policy acquisition costs increased from the prior year period primarily driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.
Insurance operating costs and other expenses increased due to:
−Removed: • Higher staffing costs, largely in response to increased business volume;
+Added: • Higher staffing costs, including higher incentive compensation and benefits costs, partly in response to increased business volume;
• Higher technology costs, including increased investment;
1 unchanged sentence
• Higher direct marketing costs in Personal Insurance;
−Removed: • Higher commissions due to increased business volume and a slightly higher commission ratio in Employee Benefits due to mix of business.
+Added: • Higher commissions and taxes, licenses and fees due to increased business volume in P&C and a slightly higher commission ratio in Employee Benefits due to mix of business.
Income tax expense increased primarily due to an increase in income before tax.
2 unchanged sentences
Composition of Invested Assets
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Amount Percent Amount Percent
9 unchanged sentences
[1] Primarily consists of equity fund investments, overseas deposits, consolidated investment funds, and derivative instruments which are carried at fair value.
−Removed: June 30, 2025 compared to December 31, 2024
−Removed: Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value, partially offset by a decrease in short-term investments.
+Added: September 30, 2025 compared to December 31, 2024
+Added: Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value and limited partnerships and other alternative investments.
Fixed maturities, AFS, at fair value increased primarily due to net additions of corporate bonds and high-quality ABS, partially offset by net reductions to tax-exempt municipal bonds.
−Removed: The increase was also due to higher valuations as a result of lower interest rates.
−Removed: Short-term investments decreased primarily due to reallocation into fixed maturities, AFS.
+Added: The increase was also due to higher valuations as a result of lower interest rates and tighter credit spreads.
+Added: Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.
Index to MD&A
2 unchanged sentences
Net Investment Income
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
12 unchanged sentences
[3] Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
−Removed: Three and six months ended June 30, 2025 compared to three and six months ended June 30, 2024
−Removed: Total net investment income increased primarily due to the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.
−Removed: For the six month period, the increase also reflects greater income from limited partnerships and other alternative investments.
−Removed: Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased primarily due to the impact of reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Total net investment income increased for the three month period primarily due to higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.
+Added: Total net investment income for the nine month period increased primarily due to the impact of higher invested assets, reinvesting at higher interest rates, and higher income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.
+Added: Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased for both the three and nine month periods primarily due to the impact of reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.
Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S.
−Removed: Treasury securities, for the three and six months ended June 30, 2025, were 5.9% and 5.7%, respectively, which were above the average yield of sales and maturities of 4.6% and 4.7%, respectively.
+Added: Treasury securities, for the three and nine months ended September 30, 2025, were 5.7% for both periods, which were above the average yield of sales and maturities of 5.2% and 4.9%, respectively.
Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S.
−Removed: Treasury securities, for the three and six months ended June 30, 2024, were 6.4% and 6.2%, respectively, which were above the average yield of sales and maturities of 4.9% and 4.9%, respectively.
−Removed: For the 2025 calendar year, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, to be relatively consistent with the portfolio yield earned in 2024.
+Added: Treasury securities, for the three and nine months ended September 30, 2024, were 5.5% and 6.0%, respectively, which were above the average yield of sales and maturities of 4.4% and 4.7%, respectively.
+Added: For the 2025 calendar year, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, to be slightly higher than the portfolio yield earned in 2024.
The estimated impact on annualized net investment income yield is subject to variability including the impact of evolving market conditions.
3 unchanged sentences
Net Realized Gains (Losses)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
(Before tax) 2025 2024 2025 2024
6 unchanged sentences
Net realized losses $ (12) $ (13) $ (71) $ (44)
−Removed: [1] The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively.
−Removed: The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.
+Added: [1] The change in net unrealized gains on equity securities still held as of September 30, 2025, and included in net realized gains were $28 and $45 for the three and nine months ended September 30, 2025, respectively.
+Added: The change in net unrealized gains on equity securities still held as of September 30, 2024, and included in net realized gains were $27 and $71 for the three and nine months ended September 30, 2024, respectively.
[2] See Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.
[3] See ACL on Mortgage Loans within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.
−Removed: [4] For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively.
−Removed: For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, respectively.
−Removed: Three and six months ended June 30, 2025
−Removed: Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
+Added: [4] For the three and nine months ended September 30, 2025, includes gains (losses) from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16), respectively.
+Added: For the three and nine months ended September 30, 2024, includes losses from transactional foreign currency revaluation of $(11) and $(5), respectively, and gains on non-qualifying derivatives of $23 and $15, respectively.
+Added: Three and nine months ended September 30, 2025
+Added: Gross gains and losses on sales were primarily due to sales of corporate securities and tax-exempt municipals.
Equity securities net gains were primarily driven by an increase in value due to higher equity market levels.
−Removed: Other, net losses for the three and six month periods ended June 30, 2025, primarily included losses of $8 and $18, respectively, on transactional foreign currency revaluation, losses of $13 and $17, respectively, on FVO securities due to a decrease in value, and losses of $10 and $9, respectively, on equity derivatives due to higher equity market levels.
−Removed: Three and six months ended June 30, 2024
+Added: Other, net losses for the three and nine month periods ended September 30, 2025, primarily included losses of $20 for both periods on a real estate joint venture impairment, and losses of $5 and $14, respectively, on equity derivatives driven by changes in equity market levels.
+Added: Also included were gains of $7 and losses of $11, respectively, on transactional foreign currency revaluation, and gains of $7 and losses of $10, respectively, on FVO securities due to a decrease in value.
+Added: Three and nine months ended September 30, 2024
Gross gains and losses on sales were primarily due to sales of U.S.
1 unchanged sentence
Equity securities net gains were primarily driven by an increase in value due to higher equity market levels.
−Removed: Other, net losses for the three and six month periods ended June 30, 2024, primarily included losses of $6 and $3, respectively, on interest rate derivatives driven by changes in interest rates, and gains of $4 and $6, respectively, on transactional foreign currency revaluation.
−Removed: Also included for the six-month period ended June 30, 2024, were losses of $5 on equity derivatives due to higher equity market levels.
+Added: Other, net gains for the three and nine month periods ended September 30, 2024, primarily included gains of $12 and $9, respectively, on interest rate derivatives driven by changes in interest rates, gains of $11 and $6 on equity derivatives driven by changes in equity market levels, and losses of $11 and $5, respectively, on transactional foreign currency revaluation.
Index to MD&A
16 unchanged sentences
In addition, - Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2024 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates.
−Removed: The following discussion updates certain of the Company’s critical accounting estimates as of June 30, 2025.
+Added: The following discussion updates certain of the Company’s critical accounting estimates as of September 30, 2025.
Property & Casualty Insurance Product Reserves, Net of Reinsurance
−Removed: P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of June 30, 2025
+Added: P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of
+Added: September 30, 2025
Based on the results of the quarterly reserve review process, the Company determines the appropriate reserve adjustments, if any, to record.
10 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2025
+Added: Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Nine Months Ended September 30, 2025
Business Insurance
21 unchanged sentences
Current Accident Year Catastrophe Losses, Net of Reinsurance
−Removed: Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025
Business Insurance Personal
7 unchanged sentences
Total catastrophe losses $ 39 $ 31 $ 70 $ 433 $ 316 $ 749
−Removed: [1] The three months ended June 30, 2025, included a favorable change in losses of ($12), net of reinsurance, from the January 2025 California Wildfire Event.
−Removed: For the six months ended June 30, 2025, catastrophe losses from the January 2025 California Wildfire Event were $313, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.
+Added: [1] The three months ended September 30, 2025, included a favorable change in losses of $(8), net of reinsurance, from the January 2025 California Wildfire Event.
+Added: For the nine months ended September 30, 2025, catastrophe losses from the January 2025 California Wildfire Event were $305, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.
[2] Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties.
4 unchanged sentences
Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Business Insurance Personal
7 unchanged sentences
Professional liability — — — —
−Removed: Bond (22) — — (22)
Assumed reinsurance — — — —
10 unchanged sentences
$ (60) $ (43) $ — $ (103)
−Removed: [1] Other reserve re-estimates, net for the three months ended June 30, 2025 includes a favorable change of $(8) in personal automobile physical damage reserves.
−Removed: [2] The $24 change in deferred gain on retroactive reinsurance for the three months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
+Added: [1] Other reserve re-estimates, net for the three months ended September 30, 2025 includes a favorable change of $(6) in personal automobile physical damage reserves.
+Added: [2] The $8 change in deferred gain on retroactive reinsurance for the three months ended September 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Business Insurance Personal
18 unchanged sentences
Total prior accident year development $ (289) $ (123) $ — $ (412)
−Removed: [1] Other reserve re-estimates, net for the six months ended June 30, 2025 includes a favorable change of $(20) in personal automobile physical damage reserves.
−Removed: [2] The $56 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
+Added: [1] Other reserve re-estimates, net for the nine months ended September 30, 2025 includes a favorable change of $(26) in personal automobile physical damage reserves.
+Added: [2] The $64 change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
Index to MD&A
2 unchanged sentences
For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2025, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
−Removed: Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2024
+Added: Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Nine Months Ended September 30, 2024
Business Insurance Personal
21 unchanged sentences
Current Accident Year Catastrophe Losses, Net of Reinsurance
−Removed: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024
Business Insurance Personal
3 unchanged sentences
Winter storms (3) (1) (4) 52 13 65
+Added: Hurricanes and tropical storms [1] 100 61 161 100 61 161
Wildfires — — — 1 10 11
3 unchanged sentences
Total catastrophe losses $ 155 $ 92 $ 247 $ 419 $ 269 $ 688
+Added: [1] For the three and nine months ended September 30, 2024, included losses from Hurricane Helene of $104, net of reinsurance, with $8 of the losses in the global assumed reinsurance business.
[2] Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty.
4 unchanged sentences
Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Business Insurance Personal
7 unchanged sentences
Professional liability — — — —
−Removed: Bond (22) — — (22)
Assumed reinsurance — — — —
9 unchanged sentences
$ (36) $ (14) $ — $ (50)
−Removed: [1] Other reserve re-estimates, net for the three months ended June 30, 2024 includes a favorable change of $(7) in personal automobile physical damage reserves.
−Removed: [2] The $37 change in deferred gain on retroactive reinsurance for the three months ended June 30, 2024, is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
+Added: [1] Other reserve re-estimates, net for the three months ended September 30, 2024 includes a favorable change of $(10) in personal automobile physical damage reserves.
+Added: [2] The $26 change in deferred gain on retroactive reinsurance for the three months ended September 30, 2024, is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Business Insurance Personal
18 unchanged sentences
Total prior accident year development $ (173) $ (55) $ 7 $ (221)
−Removed: [1] Other reserve re-estimates, net for the six months ended June 30, 2024 includes a favorable change of $(14) in personal automobile physical damage reserves.
−Removed: [2] The $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2024 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
+Added: [1] Other reserve re-estimates, net for the nine months ended September 30, 2024 includes a favorable change of $(24) in personal automobile physical damage reserves.
+Added: [2] The $87 change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2024 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
+Added: For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2024, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2024, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Reportable Segment And Corporate Operating Summaries
1 unchanged sentence
Underwriting Summary
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
27 unchanged sentences
Premium Measures
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
18 unchanged sentences
Underwriting Ratios
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
17 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Net income for the three and six months ended June 30, 2025 increased primarily due to a higher underwriting gain, higher net investment income, and for the three month period, lower net realized losses.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Net income for the three and nine month periods increased primarily due to a higher underwriting gain and higher net investment income.
For further discussion of investment results, see MD&A - Investment Results.
Underwriting Gain
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Underwriting gain for the three and six months ended June 30, 2025 increased due to the effect of earned premium growth, higher favorable prior accident year development, and for the three month period, lower CAY catastrophe losses.
−Removed: These favorable impacts were partially offset by a higher underlying loss and LAE ratio, and for the six month period, higher CAY catastrophe losses.
−Removed: Expense ratio for the three and six months ended June 30, 2025 improved modestly as the impact of higher earned premium was partially offset by increased technology costs, including increased investment .
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Underwriting gain for the three and nine month periods increased due to the effect of earned premium growth, higher favorable prior accident year development, and for the three month period, lower CAY catastrophe losses.
+Added: These favorable impacts were partially offset by a higher underlying loss and LAE ratio, and for the nine month period, higher CAY catastrophe losses.
+Added: Expense ratio for the three months ended September 30, 2025 increased primarily due to higher staffing costs, including higher incentive compensation and benefits costs, and technology spend, partially offset by the impact of higher earned premium.
+Added: The expense ratio for the nine months ended September 30, 2025 decreased primarily due to the impact of higher earned premium, partially offset by higher staffing costs, including higher incentive compensation and benefits costs, and technology spend .
Index to MD&A
2 unchanged sentences
Earned Premiums
−Removed: [1] Other earned premiums of $14 and $16 for the three months ended June 30, 2024, and 2025, respectively and $29 and $32, for the six months ended June 30, 2024 and 2025, respectively.
+Added: [1] Other earned premiums of $14 and $16 for the three months ended September 30, 2024, and 2025, respectively and $43 and $48, for the nine months ended September 30, 2024 and 2025, respectively.
Written Premiums
−Removed: [1] Other written premiums of $14 and $16 for the three months ended June 30, 2024, and 2025, respectively and $28 and $32, for the six months ended June 30, 2024 and 2025, respectively.
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Earned premiums for the three and six months ended June 30, 2025 increased due to written premium increases over the prior twelve months.
−Removed: Written premiums for the three and six months ended June 30, 2025 increased driven by growth across small business, middle & large business and global specialty.
−Removed: • Small business written premium increased driven by renewal written price increases in almost all lines, as well as mid single-digit and high single-digit new business growth for the three and six month periods, respectively.
−Removed: Written premium grew in nearly all lines of business, including package business, excess and surplus and automobile.
−Removed: • Middle & large business written premium increased driven by renewal written price increases in almost all lines and, for the six month period, mid single-digit new business growth.
−Removed: Written premium rose across most industry verticals and the large and complex lines.
−Removed: • Global specialty written premium increased driven by written price increases across most lines as well as an increase in gross new business, primarily in U.S.
−Removed: excess casualty insurance lines.
−Removed: Written premiums also grew in global reinsurance, primarily in property, casualty and credit risk.
−Removed: Renewal written price increases were recognized in most lines for both the three and six months ended June 30, 2025.
+Added: [1] Other written premiums of $14 and $16 for the three months ended September 30, 2024, and 2025, respectively and $42 and $48, for the nine months ended September 30, 2024 and 2025, respectively.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Earned premiums for the three and nine months ended September 30, 2025 increased due to written premium increases over the prior twelve months.
+Added: Written premiums for the three and nine months ended September 30, 2025 increased driven by growth across small business, middle & large business and global specialty.
+Added: • Small business written premium increased driven by strong new business as well as renewal written price increases in almost all lines.
+Added: Written premium grew across all lines of business.
+Added: • Middle & large business written premium increased driven by strong new business as well as renewal written price increases in all lines.
+Added: Written premium rose across general industries, industry verticals and the large and complex lines.
+Added: • Global specialty written premium, excluding global reinsurance, increased driven by written price increases across most lines as well as an increase in gross new business.
+Added: Written premiums grew in global reinsurance, primarily in credit risk and casualty lines.
+Added: Renewal written price increases were recognized in most lines for both the three and nine months ended September 30, 2025.
• In small business, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases across most lines.
−Removed: Workers' compensation pricing was slightly negative.
+Added: Workers' compensation pricing was flat.
• In middle market, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases in most lines.
−Removed: Workers' compensation pricing turned slightly negative.
+Added: Workers' compensation pricing was slightly positive.
• In global specialty, renewal written price increases were lower than prior year levels with mid single-digit price increases overall.
3 unchanged sentences
Underlying Loss and Loss Adjustment Expense Ratio
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Underlying Loss and Loss Adjustment Expense Ratio for the three and six months ended June 30, 2025 increased due to a higher general liability loss ratio, reflecting the increased severity trends observed beginning in the second half of 2024, and workers' compensation margin compression.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Underlying Loss and Loss Adjustment Expense Ratio for the three and nine months ended September 30, 2025 increased primarily due to workers' compensation margin compression.
Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Current accident year catastrophe losses decreased for the three month period and increased for the six month period.
−Removed: CAY catastrophe losses for the three months ended June 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the Midwest and South regions.
−Removed: CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $199, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events primarily in the Midwest and South regions.
−Removed: Current accident year catastrophe losses for the three and six months ended June 30, 2024 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and for the six month period, winter storms primarily in the Northeast, Pacific and South regions.
−Removed: Prior accident year development was net favorable for the three and six months ended June 30, 2025, and primarily included reserve decreases for workers' compensation, catastrophes, commercial property and bond.
−Removed: Also included are benefits of $24 and $56 related to amortization of the Navigators ADC deferred gain for the three and six month periods, respectively.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Current accident year catastrophe losses decreased for the three month period and increased for the nine month period.
+Added: CAY catastrophe losses for the three months ended September 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the Mountain West and South regions.
+Added: CAY catastrophe losses for the nine months ended September 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, as well as a loss of $196 from the January 2025 California Wildfire Event.
+Added: Current accident year catastrophe losses for the three months ended September 30, 2024 included losses from hurricanes, including a loss of $55 from Hurricane Helene, and tropical storms primarily in the Southeast and South regions and, to a lesser extent, tornado, wind and hail events primarily in the Midwest and Northeast regions.
+Added: Current accident year catastrophe losses for the nine months ended September 30, 2024 included losses from tornado, wind and hail events across several regions of the United States, hurricanes and tropical storms primarily in the Southeast and South regions and, to a lesser extent, winter storms mainly in the Pacific, Northeast and South regions.
+Added: Prior accident year development was net favorable for the three and nine months ended September 30, 2025, and primarily included reserve decreases for workers' compensation, commercial property and, for the nine month period, catastrophes and bond.
+Added: Also included are benefits of $8 and $64 related to amortization of the Navigators ADC deferred gain for the three and nine month periods, respectively.
+Added: As of September 30, 2025, the deferred gain on the Navigators ADC has been fully amortized.
For additional information regarding the ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
−Removed: Prior accident year development was net favorable for the three and six months ended June 30, 2024 and included reserve decreases for workers' compensation, catastrophes and bond, partially offset by reserve increases for general liability, assumed reinsurance and automobile liability.
−Removed: Also included are benefits of $37 and $61 related to amortization of the Navigators ADC deferred gain for the three and six month periods, respectively.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Prior accident year development was net favorable for the three and nine months ended September 30, 2024 and included reserve decreases for workers' compensation and, for the nine month period, catastrophes and bond, partially offset by reserve increases for general liability, automobile liability and, for the
+Added: nine month period, assumed reinsurance.
+Added: Also included are benefits of $26 and $87 related to amortization of the Navigators ADC deferred gain for the three and nine month periods, respectively.
Personal Insurance - Results of Operations
Underwriting Summary
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
6 unchanged sentences
Current accident year catastrophes [1] 31 92 (66 %) 316 269 17 %
−Removed: Prior accident year development [1] (41) (34) (21 %) (80) (41) (95) %
+Added: Prior accident year development [1] (43) (14) NM (123) (55) (124) %
Total losses and loss adjustment expenses 598 680 (12 %) 1,951 1,988 (2) %
2 unchanged sentences
Amortization of other intangible assets 1 1 — % 2 2 — %
−Removed: Underwriting gain (loss) 55 (63) 187 % — (76) 100 %
+Added: Underwriting gain (loss) 107 (22) NM 107 (98) NM
Net investment income [2] 67 58 16 % 182 158 15 %
1 unchanged sentence
Net servicing and other income (expense) [3] 4 5 (20 %) 14 15 (7) %
−Removed: Income (loss) before income taxes 114 (15) NM 119 27 NM
−Removed: Income tax expense (benefit) [4] 23 (4) NM 23 4 NM
−Removed: Net income (loss) $ 91 $ (11) NM $ 96 $ 23 NM
+Added: Income before income taxes 174 39 NM 293 66 NM
+Added: Income tax expense [4] 35 8 NM 58 12 NM
+Added: Net income $ 139 $ 31 NM $ 235 $ 54 NM
[1] For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[2] For discussion of consolidated investment results, see MD&A - Investment Results.
−Removed: [3] Includes servicing revenues of $24 and $25 for the three months ended June 30, 2025 and 2024, respectively, and $44 and $44 for the six months ended June 30, 2025 and 2024, respectively.
−Removed: Includes servicing expenses of $19 and $18 for the three months ended June 30, 2025 and 2024, respectively, and $35 and $33 for the six months ended June 30, 2025 and 2024, respectively.
+Added: [3] Includes servicing revenues of $25 and $22 for the three months ended September 30, 2025 and 2024, respectively, and $69 and $66 for the nine months ended September 30, 2025 and 2024, respectively.
+Added: Includes servicing expenses of $20 and $18 for the three months ended September 30, 2025 and 2024, respectively, and $55 and $51 for the nine months ended September 30, 2025 and 2024, respectively.
[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Written and Earned Premiums
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
Written Premiums 2025 2024 Change 2025 2024 Change
10 unchanged sentences
Premium Measures
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
Premium Measures 2025 2024 2025 2024
15 unchanged sentences
Underwriting Ratios
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
Underwriting Ratios 2025 2024 Change 2025 2024 Change
17 unchanged sentences
Product Combined Ratios
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
9 unchanged sentences
Underlying combined ratio 74.4 75.4 (1.0) 74.1 76.7 (2.6)
−Removed: Net income (loss)
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Net income of $91 for the three months ended June 30, 2025 improved from a loss in the prior year period, and increased for the six months ended June 30, 2025, largely driven by improved underwriting results and, to a lesser extent, from an increase in net investment income.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Net income increased for both the three and nine month periods, largely driven by improved underwriting results.
Underwriting gain (loss)
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Underwriting gain for the three and six months ended June 30, 2025 changed from an underwriting loss primarily due to the effect of an increase in earned premium due to renewal price increases and greater favorable prior accident year development.
−Removed: Current accident year catastrophe losses were lower for the three month period and higher for the six month period.
−Removed: Expense ratio for the three months ended June 30, 2025 decreased primarily due to the effect of an increase in earned premium due to renewal written price increases, partially offset by a higher commission ratio due to business mix.
−Removed: The expense ratio for the six months ended June 30, 2025 increased slightly due to a higher commission ratio due to business mix, partially offset by the effect of an increase in earned premium due to renewal written price increases.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Underwriting gain for both the three and nine month periods changed from an underwriting loss primarily due to the effect of an increase in earned premium due to renewal price increases and more favorable prior accident year development.
+Added: Current accident year catastrophe losses were lower for the three month period and higher for the nine month period.
+Added: Expense ratio for both the three and nine months ended September 30, 2025 increased primarily due a higher commission ratio due to business mix.
+Added: An increase in technology costs, higher staffing costs including incentive compensation, and marketing expenses, was offset by the effect of an increase in earned premium due to renewal written price increases.
Index to MD&A
3 unchanged sentences
Written Premiums
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Earned premiums increased in both the three and six months ended June 30, 2025 due to higher written premium over the prior twelve months in both automobile and homeowners.
−Removed: Written premiums increased in both the three and six months ended June 30, 2025 driven by the effect of written pricing increases and by an increase in new business premium in homeowners in both the three month and six month periods.
−Removed: Renewal written pricing moderated for both automobile and homeowners in both the three and six months ended June 30, 2025, primarily in response to moderating loss cost trends.
−Removed: Effective Policy count retention was relatively stable both for automobile and homeowners in both the three and six months ended June 30, 2025, in response to moderating renewal written pricing increases.
−Removed: Policies in-force as of June 30, 2025 compared to June 30, 2024 declined for automobile and increased for homeowners, reflecting the level of new business in relation to non-renewed policies.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Earned premiums increased in both the three and nine month periods due to higher written premium over the prior twelve months in both automobile and homeowners.
+Added: Written premiums increased in both the three and nine month periods driven by the effect of written pricing increases and by an increase in new business premium in homeowners in the nine month period.
+Added: Renewal written pricing moderated for both automobile and homeowners in both the three and nine months ended September 30, 2025, primarily in response to moderating loss cost trends.
+Added: Effective Policy count retention was relatively stable both for automobile and homeowners in both the three and nine months ended September 30, 2025, in response to moderating renewal written pricing increases.
+Added: Policies in-force as of September 30, 2025 compared to September 30, 2024 declined for automobile and increased for homeowners, reflecting the level of new business in relation to non-renewed policies.
Index to MD&A
2 unchanged sentences
Underlying Loss and Loss Adjustment Expense Ratio
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Underlying loss and LAE ratio decreased in both automobile and homeowners in both the three and six months ended June 30, 2025.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Underlying loss and LAE ratio decreased in both automobile and homeowners in both the three and nine month periods.
The decrease in automobile was primarily due to the impact of earned pricing increases, partially offset by higher loss costs.
2 unchanged sentences
The automobile liability severity trend continues to recognize the inflationary effects and higher attorney representation rates on bodily injury claims.
−Removed: For homeowners, the decrease in the underlying loss and LAE ratio was primarily due to the impact of earned pricing increases, partially offset by higher claim severities, while the rate of change in severity declined from a year ago.
+Added: For homeowners, the decrease in the underlying loss and LAE ratio was primarily due to the impact of earned pricing increases, partially offset by higher claim severities.
Contributing to the higher homeowners severity was the effect of higher rebuilding costs.
Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Current accident year catastrophe losses decreased in the three month period and increased in the six month period.
−Removed: CAY catastrophe losses for the three months ended June 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions.
−Removed: CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $114, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events primarily in the South and Midwest regions.
−Removed: CAY catastrophe losses for 2024 included tornado, wind and hail events mainly in the Midwest and South regions, as well as winter storms in the Pacific and South regions.
−Removed: Prior accident year development was favorable for both the three and six months ended June 30, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, automobile liability, and catastrophes.
−Removed: Prior accident year development was favorable for the three and six months ended June 30, 2024, primarily driven by lower estimated severity on automobile physical damage, automobile liability, and homeowners.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Current accident year catastrophe losses decreased in the three month period and increased in the nine month period.
+Added: CAY catastrophe losses for the three months ended September 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the Mountain West, Midwest and South regions.
+Added: CAY catastrophe losses for the nine months ended September 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, as well as a loss of $109 from the January 2025 California Wildfire Event.
+Added: CAY catastrophe losses for the three months ended September 30, 2024 included losses from hurricanes and tropical storms, primarily in the Southeast region, including a loss of $49 for Hurricane Helene, and to a lesser extent, tornado, wind and hail events, mainly in the Midwest, Mountain West, and Northeast regions.
+Added: CAY catastrophe losses for the nine months ended September 30, 2024 included losses from tornado, wind and hail events in several regions of the United States, and to a lesser extent, from hurricanes and tropical storms primarily in the Southeast region.
+Added: Prior accident year development was favorable for both the three and nine month periods, primarily driven by lower estimated severity on automobile liability, homeowners, automobile physical damage, and, for the nine month period, catastrophes.
+Added: Prior accident year development was favorable for the three and nine months ended September 30, 2024, primarily driven by lower estimated severity on automobile physical damage and homeowners, and for the nine month period, automobile liability and catastrophes.
Index to MD&A
3 unchanged sentences
Underwriting Summary
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
6 unchanged sentences
Net realized losses [2] — — — % (2) (3) 33 %
+Added: Other income (expenses) (1) (4) 75 % (1) (4) 75 %
Income before income taxes 16 11 45 % 47 34 38 %
−Removed: Income tax expense [3] 2 3 (33 %) 5 4 25 %
+Added: Income tax expense [3] 4 1 NM 9 5 80 %
Net income $ 12 $ 10 20 % $ 38 $ 29 31 %
2 unchanged sentences
[3] For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Net income increased slightly in the three months ended June 30, 2025, due to a decrease in net realized losses.
−Removed: Net income increased in the six months ended June 30, 2025, primarily due to a lower underwriting loss.
−Removed: Underwriting loss remained unchanged for the three months ended June 30, 2025, and decreased for the six months ended June 30, 2025 due to unfavorable prior accident year reserve development in the 2024 period.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Net income increased in both the three and nine month periods, due to lower underwriting losses as well as lower other expenses resulting from a one-time contract settlement charge on a claims servicing agreement recorded in the 2024 periods.
+Added: Underwriting loss decreased slightly for the three month period due to a decrease in underwriting expenses.
+Added: Underwriting loss decreased for the nine month period due to unfavorable prior accident year reserve development in the 2024 period.
Index to MD&A
3 unchanged sentences
Operating Summary
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
1 unchanged sentence
Net investment income [1] 136 119 14 % 380 345 10 %
−Removed: Net realized losses [1] (16) (9) (78 %) (20) (8) (150) %
+Added: Net realized losses [1] (8) — NM (28) (8) NM
Total revenues 1,786 1,774 1 % 5,341 5,296 1 %
10 unchanged sentences
Premiums and Other Considerations
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
Fully insured – ongoing premiums $ 1,603 $ 1,600 — % $ 4,817 $ 4,792 1 %
−Removed: Buyout premiums 4 1 NM 4 1 NM
+Added: Buyout premiums — — — % 4 1 NM
Fee income 55 55 — % 168 166 1 %
2 unchanged sentences
Ratios, Excluding Buyouts
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
3 unchanged sentences
Expense ratio 26.7 % 25.3 % 1.4 25.9 % 25.0 % 0.9
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
1 unchanged sentence
Adjustments to reconcile net income margin to core earnings margin:
−Removed: Net realized losses, before tax 0.8 % 0.4 % 0.4 0.5 % 0.3 % 0.2
+Added: Net realized losses (gains), before tax 0.4 % (0.1 %) 0.5 0.5 % 0.2 % 0.3
Income tax benefit (0.2 %) — % (0.2) (0.1 %) (0.1 %) —
3 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Net income decreased for the three months ended June 30, 2025 primarily due to an increase in the expense ratio as well as a higher group disability loss ratio, partially offset by a lower group life loss ratio.
−Removed: For the six months ended June 30, 2025, net income increased primarily due to a lower group life loss ratio, higher fully insured ongoing premiums, and higher net investment income, partially offset by an increase in the expense ratio.
−Removed: Insurance operating costs and other expenses were higher for both the three and six month periods due to higher technology costs, including increased investment, as well as higher commissions and staffing costs.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Net income decreased for the three month period, primarily due to an increase in the expense ratio as well as a higher group disability loss ratio, partially offset by a lower group life loss ratio.
+Added: For the nine month period, net income decreased primarily due to an increase in the expense ratio as well as higher net realized losses, partially offset by a lower group life loss ratio, higher fully insured ongoing premiums, and higher net investment income.
+Added: Insurance operating costs and other expenses were higher for both the three and nine month periods due to higher staffing costs, including increased incentive compensation and benefits, higher technology costs, including increased investment, and higher commission costs.
Fully Insured Ongoing Premiums
−Removed: [1] Other of $107 and $120 for the three months ended June 30, 2024 and 2025 respectively, and $211 and $238 for the six months ended June 30, 2024 and 2025, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Fully insured ongoing premiums remained flat for the three months ended June 30, 2025, as an increase in exposure on existing accounts was offset by lower sales during the past year.
−Removed: For the six-month period, premiums increased over prior year and included an increase in exposure on existing accounts and persistency in excess of 90%, though slightly below the prior year.
−Removed: Fully insured ongoing sales increased for the three months ended June 30, 2025 driven by higher group disability sales.
−Removed: For the six-month period, sales decreased compared to prior year driven by lower sales of the paid family and medical leave product and fewer large case sales.
+Added: [1] Other of $107 and $120 for the three months ended September 30, 2024 and 2025 respectively, and $318 and $358 for the nine months ended September 30, 2024 and 2025, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Fully insured ongoing premiums remained flat for the three month period, as an increase in exposure on existing accounts was offset by lower sales during the past year.
+Added: For the nine month period, premiums increased slightly over prior year and included an increase in exposure on existing accounts and persistency in excess of 90%.
+Added: Fully insured ongoing sales were flat for the three month period.
+Added: For the nine month period, sales decreased compared to prior year driven by lower sales of the paid family and medical leave product and fewer large case sales.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Loss ratio remained relatively flat for the three months ended June 30, 2025 compa red to the prior year period.
−Removed: The group life loss ratio decreased 0.6 points due to lower mortality primarily driven by the accidental death product.
−Removed: The group disability loss ratio increased 1.4 points driven by higher short-term disability claim incidence as well as a slight increase in long-term disability incidence, partially offset by strong claim recoveries.
−Removed: The loss ratio improved 0.6 points in the six months ended June 30, 2025 compa red to the prior year period reflecting a lower group life loss ratio.
−Removed: The group life loss ratio decreased 1.6 points driven by a lower level of mortality within both our term and accidental life products.
−Removed: Group disability loss ratio remained relatively flat compared to prior year driven by paid family and medical leave pricing actions offset by a slight increase in long-term disability incidence.
−Removed: Expense ratio increased for the three and six months ended June 30, 2025 primarily due to higher technology costs, including increased investment, as well as the impact of higher staffing costs.
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Loss ratio remained relatively flat for the three months ended September 30, 2025, and improved 0.4 points for the nine months ended September 30, 2025.
+Added: The group life loss ratio decreased 3.3 points for the quarter and 2.2 points year-to-date driven by lower mortality across both term and accidental life products.
+Added: The group disability loss ratio increased 2.7 points for the quarter and 0.9 points year-to-date largely due to a benefit in the prior year related to an update to the long-term disability claim recovery rate reserve assumptions, which reduced the prior year loss ratios by 2.2 and 0.7 points, respectively, as well as slightly higher long-term disability loss trends, partially offset by paid family and medical leave product pricing actions.
+Added: Expense ratio increased for the three and nine months ended September 30, 2025 primarily due to higher staffing costs, including increased incentive compensation and benefits, higher technology costs, including increased investment , and a higher commission ratio.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Hartford Funds - Results of Operations
Operating Summary
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
1 unchanged sentence
Net investment income 4 5 (20 %) 14 14 — %
−Removed: Net realized gains 9 3 NM 9 8 13 %
+Added: Net realized gains 5 7 (29 %) 14 15 (7) %
Total revenues 286 275 4 % 821 795 3 %
7 unchanged sentences
Effect of net realized gains excluded from core earnings, before tax (1.3) (2.1) 38 % (1.3) (1.5) 13 %
−Removed: Effect of income tax expense 0.3 0.6 (50 %) 0.3 0.5 (40) %
+Added: Effect of income tax expense 0.2 — NM 0.3 0.3 — %
ROA, core earnings [2] 14.3 13.6 5 % 13.4 13.0 3 %
1 unchanged sentence
[2]Represents annualized earnings divided by a daily average of AUM, as measured in basis points.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
Hartford Funds Segment AUM
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
2 unchanged sentences
Redemptions - Mutual Fund (7,222) (6,350) (14 %) (24,495) (21,130) (16) %
−Removed: Net flows - ETF 29 103 (72 %) 175 (106) NM
+Added: Net flows - ETF 99 256 (61 %) 274 150 83 %
Net flows - Mutual Fund and ETF (25) (425) 94 % (2,972) (4,021) 26 %
−Removed: Change in market value and other 8,586 1,212 NM 9,183 7,966 15 %
+Added: Change in market value and other 6,732 7,105 (5 %) 15,915 15,071 6 %
Mutual Fund and ETF AUM - end of period 140,997 130,366 8 % 140,997 130,366 8 %
2 unchanged sentences
Mutual Fund and ETF AUM by Asset Class
−Removed: As of June 30,
+Added: As of September 30,
2025 2024 Change
6 unchanged sentences
[1]Includes balanced, allocation and alternative investment products.
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Net income increased for the three and six months ended June 30, 2025, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM and an increase in net realized gains.
−Removed: Hartford Funds AUM
−Removed: June 30, 2025 compared to June 30, 2024
−Removed: Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve month periods.
−Removed: Net outflows were $1.5 billion and $2.9 billion, respectively, for the three and six months ended June 30, 2025 compared to net outflows of $1.1 billion and $3.6 billion, respectively for the three and six months ended June 30, 2024.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Net income increased for the three and nine months ended September 30, 2025, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM, partially offset by a decrease in net realized gains.
+Added: Hartford Funds AUM
+Added: September 30, 2025 compared to 2024
+Added: Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve month period.
+Added: Net outflows were $25 and $3.0 billion, respectively, for the three and nine months ended September 30, 2025 compared to net outflows of $425 and $4.0 billion, respectively, for the three and nine months ended September 30, 2024.
Corporate - Results of Operations
Operating Summary
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
10 unchanged sentences
Loss before income taxes (14) (21) 33 % (85) (83) (2 %)
−Removed: Income tax benefit [5] (3) (13) 77 % (21) (30) 30 %
−Removed: Net loss (9) (17) 47 % (50) (32) (56) %
+Added: Income tax benefit [5] (32) (9) NM (53) (39) (36 %)
+Added: Net income (loss) 18 (12) NM (32) (44) 27 %
Preferred stock dividends 6 6 — % 16 16 — %
−Removed: Net loss available to common stockholders $ (14) $ (22) 36 % $ (60) $ (42) (43) %
+Added: Net income (loss) available to common stockholders $ 12 $ (18) 167 % $ (48) $ (60) 20 %
[1]Includes investment management fees and expenses related to managing third-party assets.
3 unchanged sentences
[5]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
−Removed: Net loss available to common stockholders
−Removed: Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
−Removed: Net loss available to common stockholders decreased for the three months ended June 30, 2025, primarily due to an increase in net realized gains.
−Removed: Net loss available to common stockholders increased for the six months ended June 30, 2025, due to lower net realized gains and a lower tax benefit related to the vesting of stock-based compensation awards in the six month period.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Net income (loss) available to common stockholders
+Added: Three and nine months ended September 30, 2025 compared to 2024
+Added: Net income available to common stockholders changed from a net loss available to common stockholders for the three months ended September 30, 2025, primarily driven by a higher net tax benefit, which includes a release of a provision for an uncertain tax position and tax related interest accruals, as well as higher net realized gains.
+Added: Net loss available to common stockholders decreased for the nine months ended September 30, 2025, primarily driven by a higher net tax benefit, which includes a release of a provision for an uncertain tax position and tax related interest accruals, partially offset by lower net realized gains and lower net investment income.
+Added: For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Enterprise Risk Management
49 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Primary Catastrophe Treaty Reinsurance Coverages as of June 30, 2025 [1]
+Added: Primary Catastrophe Treaty Reinsurance Coverages as of September 30, 2025 [1]
Portion of losses reinsured Portion of losses retained by The Hartford
42 unchanged sentences
respectively, there is no remaining limit available under either agreement as of December 31, 2024.
−Removed: During the six months ended June 30, 2025 and 2024, the Company collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., under the Navigators ADC and as a result amortized $56 and $61 of the deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations.
−Removed: As of June 30, 2025 and December 31, 2024, the deferred gain on the Navigators ADC was $8 and $64, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.
+Added: During the nine months ended September 30, 2025 and 2024, the Company collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., under the Navigators ADC and as a result amortized $64 and $87 of the deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations.
+Added: As of September 30, 2025, the deferred gain on the Navigators ADC has been fully amortized.
+Added: As of December 31, 2024, the deferred gain on the Navigators ADC was $64, and is included in other liabilities on the Condensed Consolidated Balance Sheets.
For more information on the A&E ADC and the Navigators ADC, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements, included in The Hartford's 2024 Form 10-K Annual Report.
57 unchanged sentences
Exposures are tracked on a current and potential basis and aggregated by ultimate parent of the counterparty across investments, reinsurance receivables, insurance products with credit risk, and derivatives.
−Removed: As of June 30, 2025, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S.
+Added: As of September 30, 2025, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S.
government and certain U.S.
79 unchanged sentences
Fixed Maturities, AFS by Type
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value Percent of Total Fair Value Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value Percent of Total Fair Value
31 unchanged sentences
tax-exempt municipal bonds.
−Removed: The increase was also due to higher valuations as a result of lower interest rates.
+Added: The increase was also due to higher valuations as a result of lower interest rates and tighter credit spreads.
Index to MD&A
2 unchanged sentences
Fixed Maturities, AFS by Credit Quality
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Amortized Cost Fair Value Percent of Total Fair Value Amortized Cost Fair Value Percent of Total Fair Value
9 unchanged sentences
Commercial & Residential Real Estate
−Removed: Exposure to CMBS & RMBS Bonds by Credit Quality as of June 30, 2025
+Added: Exposure to CMBS & RMBS Bonds by Credit Quality as of September 30, 2025
AAA AA A BBB BB and Below Total
29 unchanged sentences
A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.
−Removed: As of June 30, 2025, mortgage loans had an amortized cost of $6.5 billion and carrying value of $6.5 billion, with an ACL of $43.
+Added: As of September 30, 2025, mortgage loans had an amortized cost of $6.7 billion and carrying value of $6.6 billion, with an ACL of $49.
As of December 31, 2024, mortgage loans had an amortized cost of $6.4 billion and carrying value of $6.4 billion, with an ACL of $44.
−Removed: The Company funded $485 of commercial mortgage loans, primarily industrial and multifamily properties, with a weighted average loan-to-value (“ LTV ”) ratio of 57% and a weighted average yield of 6.6% during the six months ended June 30, 2025.
+Added: The Company funded $786 of commercial mortgage loans, primarily industrial and multifamily properties, with a weighted average loan-to-value (“ LTV ”) ratio of 57% and a weighted average yield of 6.5% during the nine months ended September 30, 2025.
The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios.
−Removed: There were no mortgage loans held for sale as of June 30, 2025, or December 31, 2024.
+Added: There were no mortgage loans held for sale as of September 30, 2025, or December 31, 2024.
Municipal Bonds
Available-For-Sale Investments in Municipal Bonds
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Amortized Cost Fair Value Weighted Average Credit Quality Amortized Cost Fair Value Weighted Average Credit Quality
6 unchanged sentences
Water & Sewer 250 230 AA 308 289 AA
−Removed: Housing 185 175 AA 195 185 AA
−Removed: Power 174 160 A+ 281 272 A
Sales Tax 165 163 AA 183 183 AA
−Removed: Other 414 382 A+ 461 434 AA-
+Added: Power 152 144 A+ 281 272 A
+Added: Housing 145 140 AA 195 185 AA
+Added: Other 396 373 AA- 461 434 AA-
Total Revenue 3,806 3,602 AA- 4,455 4,209 AA-
5 unchanged sentences
Lease payments may be subject to annual appropriation by the municipality, or the municipality may be obligated to appropriate general tax revenues to make lease payments.
−Removed: As of June 30, 2025, the largest issuer concentrations were the State of California, the State of Illinois, and CommonSpirit Health, which each comprised less than 3% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.
+Added: As of September 30, 2025, the largest issuer concentrations were CommonSpirit Health, the State of California, and the Metropolitan Transportation Authority, which each comprised less than 3% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.
As of December 31, 2024, the largest issuer concentrations were the State of Illinois, the State of California, and the Metropolitan Transportation Authority, which each comprised less than 3% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.
8 unchanged sentences
Limited Partnerships and Other Alternative Investments - Net Investment Income
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
8 unchanged sentences
Investments in Limited Partnerships and Other Alternative Investments
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Amount Percent Amount Percent
6 unchanged sentences
Fixed Maturities, AFS — Unrealized Loss Aging
−Removed: The total gross unrealized losses were $1.8 billion as of June 30, 2025, and have decreased $453 since December 31, 2024, primarily due to lower interest rates.
−Removed: As of June 30, 2025, $1.3 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost.
+Added: The total gross unrealized losses were $1.5 billion as of September 30, 2025, and have decreased $775 since December 31, 2024, primarily due to lower interest rates and tighter credit spreads.
+Added: As of September 30, 2025, $1.1 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost.
The remaining $0.3 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%.
6 unchanged sentences
Unrealized Loss Aging for Fixed Maturities, AFS Securities
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Consecutive Months Items Amortized Cost ACL Unrealized Loss Fair Value Items Amortized Cost ACL Unrealized Loss Fair Value
9 unchanged sentences
Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Consecutive Months Items Amortized Cost ACL Unrealized Loss Fair Value Items Amortized Cost ACL Unrealized Loss Fair Value
6 unchanged sentences
Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments
−Removed: Three and six months ended June 30, 2025
−Removed: For the three months ended June 30, 2025, the Company recorded no credit losses.
−Removed: For the six months ended June 30, 2025, the Company recorded a net credit loss reversal of $2, primarily attributable to a decrease in the ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS.
−Removed: For the three and six months ended June 30, 2025, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI").
+Added: Three and nine months ended September 30, 2025
+Added: For the three months ended September 30, 2025, the Company recorded no credit losses.
+Added: For the nine months ended September 30, 2025, the Company recorded a net credit loss reversal of $2, primarily attributable to a decrease in the ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS.
+Added: For the three and nine months ended September 30, 2025, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI").
For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
2 unchanged sentences
Future intent-to-sell impairments or credit losses may develop as the result of changes in our intent to sell specific securities that are in an unrealized loss position or if modeling assumptions, such as macroeconomic factors or security specific developments, change unfavorably from our current modeling assumptions, resulting in lower cash flow expectations.
−Removed: Three and six months ended June 30, 2024
−Removed: For the three and six months ended June 30, 2024, the Company recorded net credit losses of $1 and $2, respectively.
−Removed: Net credit losses were primarily attributable to increases in the ACL of $1 in both periods on CMBS, in addition for the six month period, net credit losses of $1 primarily attributable to one below investment grade corporate issuer.
−Removed: Unrealized losses on securities with an ACL recognized in OCI were less than $1.
+Added: Three and nine months ended September 30, 2024
+Added: For the three and nine months ended September 30, 2024, the Company recorded net credit losses of $0 and $2, respectively.
+Added: Net credit losses were primarily attributable to increases in the ACL of $1 on CMBS and $1 on a below investment grade corporate issuer.
+Added: For the three and nine months ended September 30, 2024 unrealized losses on securities with an ACL recognized in OCI were $0 and less than $1, respectively.
There were no intent-to-sell impairments.
ACL on Mortgage Loans
−Removed: Three and six months ended June 30, 2025
+Added: Three and nine months ended September 30, 2025
The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses.
1 unchanged sentence
For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
−Removed: There were no credit loss adjustments on mortgage loans.
−Removed: Three and six months ended June 30, 2024
−Removed: For the three months ended June 30, 2024, the ACL on mortgage loans was unadjusted.
−Removed: For the six months ended June 30, 2024, the Company recorded a release in the ACL on mortgage loans of $3.
−Removed: The release reflected improved economic scenario forecasts and property specific reductions, partially offset by net additions of new loans.
+Added: For both the three and nine months ended September 30, 2025, the Company recorded an increase in the ACL on mortgage loans of $6.
+Added: The increase in the allowance is primarily attributable to weaker real estate fundamentals, property specific declines, and net additions of new loans.
+Added: Three and nine months ended September 30, 2024
+Added: For the three months ended September 30, 2024, there were no credit loss adjustments on mortgage loans.
+Added: For the nine months ended September 30, 2024, the Company recorded a credit loss reversal of $3 primarily attributable to improved economic scenario forecasts and property specific improvements, partially offset by net additions of new loans.
Index to MD&A
4 unchanged sentences
Summary of Capital Resources and Liquidity
−Removed: Capital available to the HIG Holding Company as of June 30, 2025:
+Added: Capital available to the HIG Holding Company as of September 30, 2025:
• Approximately $1.3 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;
−Removed: • A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through October 27, 2026.
−Removed: As of June 30, 2025, there were no borrowings outstanding;
+Added: • A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030.
+Added: As of September 30, 2025, there were no borrowings outstanding;
• An intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes.
−Removed: As of June 30, 2025, $1.85 billion was available, $150 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.
−Removed: Dividends and other sources of capital for the six months ended June 30, 2025:
+Added: As of September 30, 2025, $1.85 billion was available, $150 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.
+Added: Dividends and other sources of capital for the nine months ended September 30, 2025:
The future payment of dividends from our subsidiaries is dependent on several factors including the business results, capital position and liquidity of our subsidiaries.
−Removed: • P&C - HIG Holding Company received $729 of net dividends from the Company's property and casualty insurance subsidiaries through June 30, 2025;
−Removed: • Employee Benefits - HIG Holding Company received $442 in dividends from Hartford Life and Accident Insurance Company (" HLA ") through June 30, 2025;
−Removed: • Hartford Funds - HIG Holding Company received $75 in dividends from Hartford Funds through June 30, 2025;
−Removed: Expected liquidity requirements for the next twelve months as of June 30, 2025:
+Added: • P&C - HIG Holding Company received $1.1 billion of net dividends from the Company's property and casualty insurance subsidiaries through September 30, 2025;
+Added: • Employee Benefits - HIG Holding Company received $517 in dividends from Hartford Life and Accident Insurance Company (" HLA ") through September 30, 2025;
+Added: • Hartford Funds - HIG Holding Company received $115 in dividends from Hartford Funds through September 30, 2025;
+Added: • Other - HIG Holding Company received $30 in dividends from other subsidiaries through September 30, 2025.
+Added: Expected liquidity requirements for the next twelve months as of September 30, 2025:
• $194 of interest on debt.
2 unchanged sentences
• $655 of common stockholders' dividends, subject to the discretion of the Board of Directors and before share repurchases.
−Removed: Expected liquidity requirements for beyond the next twelve months as of June 30, 2025:
+Added: Expected liquidity requirements for beyond the next twelve months as of September 30, 2025:
• Interest on and repayments of debt.
2 unchanged sentences
Equity repurchase program:
−Removed: During the six months ended June 30, 2025, the Company repurchased 6.8 million common shares for $800 under the $3.3 billion share repurchase authorized by the Board of Directors, effective through December 31, 2026.
−Removed: As of June 30, 2025, the Company has $2.35 billion remaining for equity repurchases under the current share repurchase program.
−Removed: During the period July 1, 2025 through July 25, 2025, the Company repurchased 1.2 million common shares for $146.
+Added: During the nine months ended September 30, 2025, the Company repurchased 9.9 million common shares for $1.2 billion under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026.
+Added: As of September 30, 2025, the Company has $1.95 billion remaining for equity repurchases under the current share repurchase program.
+Added: During the period October 1, 2025 through October 24, 2025, the Company repurchased 1.0 million common shares for $131.
The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.
7 unchanged sentences
Dividends from subsidiaries and other sources of funds at the holding company may be used to repurchase shares under the authorized share repurchase program at the discretion of management.
−Removed: Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB.
−Removed: The Company could also choose to
+Added: Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.
−Removed: The Hartford's Board of Directors declared the following quarterly dividends since April 1, 2025:
+Added: borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB.
+Added: The Company could also choose to have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.
+Added: The Hartford's Board of Directors declared the following quarterly dividends since July 1, 2025:
Common Stock Dividends
Declared Record Payable Amount per share
−Removed: May 21, 2025 June 2, 2025 July 2, 2025 $ 0.520
July 23, 2025 September 2, 2025 October 2, 2025 $ 0.520
+Added: October 27, 2025 December 1, 2025 January 5, 2026 $ 0.600
Preferred Stock Dividends
Declared Record Payable Amount per share
−Removed: May 21, 2025 August 1, 2025 August 15, 2025 $ 375.00
July 23, 2025 November 3, 2025 November 17, 2025 $ 375.00
5 unchanged sentences
For a discussion of restrictions on dividends to HIG Holding Company from its insurance subsidiaries see Part II, Item 7, MD&A – Capital Resources and Liquidity - Dividends from Subsidiaries in The Hartford’s 2024 Form 10-K Annual Report.
−Removed: Through the first six months of 2025, HIG Holding Company received $1.2 billion of net dividends from its subsidiaries, including $442 from HLA, $75 from Hartford Funds and $729 from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $25 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc.
+Added: Through the first nine months of 2025, HIG Holding Company received $1.8 billion of net dividends from its subsidiaries, including $517 from HLA, $115 from Hartford Funds, $30 from other subsidiaries and $1.1 billion from its P&C subsidiaries, excluding $50 of P&C dividends that were subsequently contributed to P&C subsidiaries and $66 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc.
("HHI") to Hartford Fire Insurance Company.
7 unchanged sentences
Revolving Credit Facility
−Removed: The Hartford has a senior unsecured revolving credit facility (the "Credit Facility") that provides up to $750 of unsecured credit through October 27, 2026.
−Removed: As of June 30, 2025, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants.
−Removed: For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.
+Added: The Hartford has a $750 senior unsecured revolving credit facility, including $100 available to support letters of credit (the "Credit Facility").
+Added: On September 24, 2025, The Hartford amended and restated the Credit Facility, which, among other changes, extends the term of the facility through September 24, 2030.
+Added: As of September 30, 2025, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants.
+Added: For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Condensed Consolidated Financial Statements and Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.
Intercompany Liquidity Agreements
1 unchanged sentence
The Connecticut Department of Insurance ("CTDOI") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.
−Removed: As of June 30, 2025, $1.85 billion was available, $150 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.
−Removed: Collateralized Advances with Federal Home Loan Bank of Boston
−Removed: The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the FHLBB.
−Removed: Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates.
−Removed: Advances may be used to support general corporate purposes, which would be presented as short- or long-term debt, or to earn incremental investment income, which
+Added: As of September 30, 2025, $1.85 billion was available, $150 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: would be presented in other liabilities consistent with other collateralized financing transactions.
−Removed: As of June 30, 2025, there were no advances outstanding.
−Removed: For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.
+Added: Collateralized Advances with Federal Home Loan Bank of Boston
+Added: The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the FHLBB.
+Added: Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates.
+Added: Advances may be used to support general corporate purposes, which would be presented as short- or long-term debt, or to earn incremental investment income, which would be presented in other liabilities consistent with other collateralized financing transactions.
+Added: As of September 30, 2025, there were no advances outstanding.
+Added: Prior to October 1, 2025, the CTDOI permitted Hartford Fire and HLA to pledge up to $1.4 billion and $0.6 billion in qualifying assets, respectively without prior approval to secure FHLBB advances.
+Added: Effective October 1, 2025, the Company is no longer subject to the CTDOI hypothecation limit or approval related to FHLBB advances.
+Added: The Company’s pledge capacity is now subject to FHLBB’s collateral eligibility requirements, which may be amended at their discretion.
+Added: Based on these requirements, the Company estimates that Hartford Fire and HLA can each pledge up to $2 billion to secure FHLBB advances.
+Added: For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Condensed Consolidated Financial Statements.
Lloyd's Letter of Credit Facility
1 unchanged sentence
On October 21, 2024, The Hartford amended and restated its Lloyd’s Facility agreement.
−Removed: The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($101 as of June 30, 2025) commitment.
−Removed: As of June 30, 2025, letters of credit with an aggregate face amount of $74 and £74 million, or $101, were outstanding under the Lloyd's Facility.
+Added: The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($100 as of September 30, 2025) commitment.
+Added: As of September 30, 2025, letters of credit with an aggregate face amount of $74 and £74 million, or $100, were outstanding under the Lloyd's Facility.
Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage.
−Removed: As of June 30, 2025, The Hartford was in compliance with all financial covenants of the facility.
+Added: As of September 30, 2025, The Hartford was in compliance with all financial covenants of the facility.
For further information regarding the Lloyd's Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.
2 unchanged sentences
qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial.
−Removed: The Company has not determined whether, and to what extent, contributions may be made to the U.S.
−Removed: qualified defined benefit pension plan in 2025.
−Removed: The Company will monitor the funded status of the U.S.
−Removed: qualified defined benefit pension plan during 2025 to make this determination.
+Added: Based on the funded status of the U.S.
+Added: qualified defined benefit pension plan, the Company does not anticipate contributing to the plan in 2025.
For further discussion of pension and other postretirement benefit obligations, see Note 17 - Employee Benefit Plans of Notes to Condensed Consolidated Financial Statements.
3 unchanged sentences
For further information, refer to Note 14 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.
−Removed: As of June 30, 2025, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings.
+Added: As of September 30, 2025, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings.
This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.
8 unchanged sentences
Property & Casualty Operations
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
Fixed maturities $ 37,096
3 unchanged sentences
Property & Casualty operations invested assets also include $149 in equity securities, $5.0 billion in mortgage loans and $4.3 billion in limited partnerships and other alternative investments.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Employee Benefits Operations
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
Fixed maturities $ 8,106
4 unchanged sentences
The primary uses of funds are to pay claims, claim adjustment expenses, commissions and other underwriting and insurance operating costs, to pay taxes, to purchase new investments and to make dividend payments to the HIG Holding Company.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Property & Casualty reserves for unpaid losses and loss adjustment expenses as of June 30, 2025 were $37.4 billion and net of reinsurance and other recoverables were $30.7 billion.
+Added: Property & Casualty reserves for unpaid losses and loss adjustment expenses as of September 30, 2025 were $37.7 billion and net of reinsurance and other recoverables were $31.1 billion.
Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported (" IBNR" ) reserves.
5 unchanged sentences
In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.
−Removed: Employee Benefits reserves as of June 30, 2025 were $8.8 billion and net of reinsurance were $8.5 billion.
+Added: Employee Benefits reserves as of September 30, 2025 were $8.8 billion and net of reinsurance were $8.5 billion.
Group life and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends.
2 unchanged sentences
For historical payments by reserve line, net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2024 Form 10-K Annual Report.
−Removed: Due to the significance of the assumptions used, payments for the next twelve months and beyond twelve months could materially differ from historical patterns.
−Removed: Corporate reserves as of June 30, 2025 were $362 and net of reinsurance were $145.
+Added: Due to the significance of the assumptions used, payments for the next
+Added: twelve months and beyond twelve months could materially differ from historical patterns.
+Added: Corporate reserves as of September 30, 2025 were $367 and net of reinsurance were $146.
These reserves related to retained run-off liabilities of its former life and annuity business.
2 unchanged sentences
Hartford Funds' principal sources of operating funds are fees earned from basis points on AUM with uses primarily for payments to subadvisors and other general operating expenses.
−Removed: As of June 30, 2025, Hartford Funds cash and short-term investments were $330.
+Added: As of September 30, 2025, Hartford Funds cash and short-term investments were $372.
Purchase and Other Obligations
9 unchanged sentences
Capital Structure
−Removed: June 30, 2025 December 31, 2024 Change
+Added: September 30, 2025 December 31, 2024 Change
Long-term debt $ 4,370 $ 4,366 — %
7 unchanged sentences
Debt to capitalization 19 % 21 %
−Removed: Total capitalization increased $1,074 as of June 30, 2025 compared to December 31, 2024 primarily due to net income in excess of common stockholder dividends in the period, and a decrease in net unrealized losses on fixed maturities, AFS partially offset by share repurchases.
+Added: Total capitalization increased $2,007 as of September 30, 2025 compared to December 31, 2024 primarily due to net income in excess of common stockholder dividends in the period, and a decrease in net unrealized losses on fixed maturities, AFS partially offset by share repurchases.
For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 16 - Changes
1 unchanged sentence
For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2024 Form 10-K Annual Report.
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Net cash provided by operating activities $ 4,114 $ 4,035
2 unchanged sentences
Cash and restricted cash– end of period $ 206 $ 281
−Removed: Cash provided by operating activities decreased in 2025 as compared to the prior year period primarily driven by an increase in P&C loss and loss adjustment expenses paid, higher operating expenses, including increased commissions and staffing costs, an increase in taxes paid, and a decrease in partnership cash income, partially offset by an increase in P&C and Employee Benefits premiums received.
−Removed: Cash used for investing activities decreased in 2025 due to lower cash generated from operating activities and more cash used in financing activities.
−Removed: Cash used for financing activities increased in 2025 as compared to the prior year period driven by an increase in treasury stock acquired, an increase in the net return of shares under incentive and stock compensation plans, and an increase in dividends paid on common stock.
−Removed: Operating cash flows for the six months ended June 30, 2025 has been adequate to meet liquidity requirements.
+Added: Cash provided by operating activities increased in 2025 as compared to the prior year period primarily driven by an increase in P&C and Employee Benefits premiums received partially offset by an increase in loss and loss adjustment expenses paid and higher operating expenses, including increased commissions and staffing costs.
+Added: Cash used for investing activities increased in 2025 due to more cash generated from operating activities partially offset by more cash used in financing activities.
+Added: Cash used for financing activities increased in 2025 as compared to the prior year period primarily driven by an increase in treasury stock acquired, a change from net issuance to net return of shares under incentive and stock compensation plans, and an increase in dividends paid on common stock.
+Added: Operating cash flows for the nine months ended September 30, 2025 has been adequate to meet liquidity requirements.
Equity Markets
13 unchanged sentences
See Risk Factors disclosed in Item 1A of Part I of the Company's 2024 Form 10-K Annual Report.
−Removed: On July 3, 2025, A.M.
−Removed: Best upgraded the senior debt rating of the Company to "a" from "a-".
−Removed: The upgrade of the debt rating was based on the Company's balance sheet strength, operating performance, favorable business profile and enterprise risk management.
−Removed: Best also affirmed the insurance financial strength ratings for the Company.
+Added: On August 19, 2025, Standard & Poor's ("S&P") raised the long-term issuer credit and financial strength ratings on The Hartford's core subsidiaries to "AA-" from "A+" and the issuer credit rating on the Company to "A-" from "BBB+".
+Added: At the same time, S&P upgraded all debt ratings of the Company, including raising the senior debt rating to "A-" from "BBB+".
+Added: These upgrades reflect improved underwriting performance, strong
+Added: profitability, and risk management that have increased the Company's capital resiliency.
+Added: S&P's outlook for all ratings in this rating action are "stable".
+Added: On October 10, 2025, Moody's upgraded the senior unsecured debt rating of the Company to "A3" from "Baa1", upgraded the insurance financial strength ratings (IFS) of The Hartford's primary P&C insurance subsidiaries to "Aa3" from "A1", and affirmed the IFS rating of HLA at "A1".
+Added: The ratings upgrade reflects the Company's track record of strong, stable profitability and strong risk adjusted capitalization supported by well diversified revenues and earnings from its P&C insurance, Employee Benefits and Hartford Funds businesses.
+Added: Moody's outlook for all ratings in this rating action are "stable".
Insurance Financial Strength Ratings as of
−Removed: July 25, 2025
+Added: October 24, 2025
Best Standard & Poor’s Moody’s
−Removed: Hartford Fire Insurance Company A+ A+ A1
−Removed: Hartford Life and Accident Insurance Company A+ A+ A1
−Removed: Navigators Insurance Company A+ A+ Not Rated
+Added: Hartford Fire Insurance Company A+ AA- Aa3
+Added: Hartford Life and Accident Insurance Company A+ AA- A1
+Added: Navigators Insurance Company A+ AA- Not Rated
Other Ratings:
The Hartford Insurance Group, Inc.:
−Removed: Senior debt a BBB+ Baa1
+Added: Senior debt a A- A3
Statutory Capital
8 unchanged sentences
statutory capital 831 (69) 762
−Removed: U.S statutory capital at June 30, 2025
+Added: U.S statutory capital at September 30, 2025
$ 14,125 $ 2,639 $ 16,764
1 unchanged sentence
[2] Excludes insurance operations in the U.K.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Contingencies
9 unchanged sentences
This comprehensive budget reconciliation package consolidates a wide array of public policy priorities, reshaping federal policy across numerous sectors of the American economy, including taxation, healthcare, social safety nets, immigration and education.
−Removed: The changes in H.R.1 are not expected to have a material impact on the Company's results of operations.
+Added: The changes in H.R.1 do not currently have a material impact on the Company's results of operations nor are they expected to in future periods.
+Added: Impact of New Accounting Standards
+Added: For a discussion of accounting standards, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in The Hartford’s 2024 Form 10-K Annual Report.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Impact of New Accounting Standards
−Removed: For a discussion of accounting standards, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in The Hartford’s 2024 Form 10-K Annual Report.
Asbestos and Environmental
54 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.