36 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Book Value per Diluted Share excluding accumulated other comprehensive income ("AOCI")- This is a non-GAAP per share measure that i s calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares.
+Added: Book Value per Diluted Share excluding accumulated other comprehensive income (loss) ("AOCI")- This is a non-GAAP per share measure that i s calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares.
The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations.
31 unchanged sentences
Reconciliation of Net Income to Core Earnings
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31,
Net income $ 856 $ 630
3 unchanged sentences
Net realized losses excluded from core earnings, before tax 54 47
−Removed: Restructuring and other costs, before tax — 1 — 2
Integration and other non-recurring M&A costs, before tax 1 2
Change in deferred gain on retroactive reinsurance, before tax [1] (36) (32)
−Removed: Income tax expense (benefit) [2] (1) 2 (1) 8
+Added: Income tax benefit [2] (4) (3)
Core earnings $ 866 $ 639
−Removed: [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.
−Removed: The deferred gain has been fully amortized as of September 30, 2025.
−Removed: 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.
+Added: [1] During the three months ended March 31, 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”).
+Added: As a result, the Company amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses for the period.
+Added: As of March 31, 2026 and December 31, 2025, the deferred gain under retroactive reinsurance accounting on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Consolidating Balance Sheets.
+Added: The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $32 for the three months ended March 31, 2025.
+Added: The deferred gain associated with the Navigators ADC was fully amortized as of September 30, 2025.
+Added: For additional information regarding the adverse development cover ("ADC") reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[2] Primarily represents the federal income tax expense (benefit) related to before tax items not included in core earnings.
34 unchanged sentences
Underlying Loss and Loss Adjustment Expense Ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums.
−Removed: The loss and loss adjustment expense ratio is the most directly comparable U.S GAAP measure.
+Added: The loss and loss adjustment expense ratio is the most directly comparable U.S.
+Added: GAAP measure.
Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD").
70 unchanged sentences
Reconciliation of Net Income to Underwriting Gain (Loss)
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31,
Business Insurance
16 unchanged sentences
Net income $ 42 $ 13
−Removed: Adjustments to reconcile net income to underwriting loss:
+Added: Adjustments to reconcile net income to underwriting gain (loss):
Net investment income (20) (18)
Net realized losses 1 —
−Removed: Other expense 1 4 1 4
Income tax expense 11 3
−Removed: Underwriting loss $ (2) $ (3) $ (6) $ (14)
+Added: Underwriting gain (loss) $ 34 $ (2)
Written and Earned Premiums- Written premium represents the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period.
2 unchanged sentences
Written and earned premium are recorded net of ceded reinsurance premium.
+Added: Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions.
+Added: Changes in reinsurance programs can also impact written premium growth.
Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability.
43 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Third Quarter Financial Highlights
+Added: First Quarter Financial Highlights
Net Income Available to Common Stockholders Net Income Available to Common Stockholders per Diluted Share Book Value per Diluted Share
1 unchanged sentence
+ Lower CAY catastrophe losses + Increase in net income available to common stockholders + Net income in excess of common stockholder dividends
−Removed: + Higher net investment income + Reduction in outstanding shares due to share repurchases - Dilutive effect of share repurchases
−Removed: + The effect of higher earned premiums in P&C
−Removed: + More favorable P&C prior accident year reserve development
−Removed: + Lower underlying loss and LAE ratio in Personal Insurance
+Added: + Higher net investment income
+Added: + The effect of higher earned premiums + Reduction in outstanding shares due to share repurchases
+Added: - A decrease in AOCI, primarily driven by an increase in net unrealized losses on AFS securities
+Added: + Lower group life loss ratio
+Added: + Lower underlying loss and LAE ratio in Personal Insurance - Dilutive effective of share repurchases
- Higher expense ratio in P&C and Employee Benefits
−Removed: - Higher underlying loss and LAE ratio in Business Insurance
+Added: - Less favorable P&C prior accident year reserve development
+Added: - Higher group disability loss ratio
Investment Yield, After Tax Property & Casualty Combined Ratio Employee Benefits Net Income Margin
1 unchanged sentence
+ Higher yield on limited partnerships and other alternative investments + Lower CAY catastrophe losses
−Removed: - Higher expense ratio, including higher staffing and technology costs
−Removed: + Reinvesting at higher interest rates + More favorable prior accident year reserve development - Higher group disability loss ratio
−Removed: - Lower yield on variable-rate securities + Lower underlying loss and LAE ratio in Personal Insurance + Lower group life loss ratio
−Removed: - Higher underlying loss and LAE ratio in Business Insurance + Higher net investment income
+Added: - Higher group disability loss ratio
+Added: + Lower underlying loss and LAE ratio in Personal Insurance - Higher expense ratio, including higher staffing and technology costs
+Added: + Reinvesting at higher interest rates
+Added: - Less favorable P&C prior accident year reserve development + Lower group life loss ratio
+Added: - Higher P&C expense ratio, driven by Business Insurance
Index to MD&A
4 unchanged sentences
Consolidated Results of Operations
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Earned premiums $ 6,145 $ 5,835 5 %
9 unchanged sentences
Amortization of other intangible assets 18 18 — %
−Removed: Restructuring and other costs — 1 (100 %) — 2 (100) %
Total benefits, losses and expenses 6,169 6,027 2 %
5 unchanged sentences
Net income available to common stockholders $ 851 $ 625 36 %
−Removed: Three months ended September 30, 2025 compared to 2024
+Added: Three months ended March 31, 2026 compared to 2025
Net income available to common stockholders increased by $226, primarily driven by:
−Removed: • 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;
−Removed: • 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.
+Added: • A higher P&C underwriting gain of $332, before tax, primarily driven by lower CAY catastrophe losses, the effect of earned premium growth, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a lower level of favorable prior accident year reserve development and a higher expense ratio;
+Added: • Higher net investment income of $83, before tax, driven by higher income from limited partnerships and other alternative investments, a higher level of invested assets, and reinvesting at higher rates.
These increases were partially offset by:
−Removed: • 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.
+Added: • In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio and a higher expense ratio, including higher staffing costs and technology costs, partially offset by a lower group life loss ratio.
For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.
5 unchanged sentences
• An increase in P&C reflecting a 7% increase in Business Insurance and a 1% increase in Personal Insurance.
−Removed: – 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.
+Added: – Contributing to the increase in Business Insurance was the effect of an increase in new business across the majority of lines of business and earned pricing increases.
– For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force.
−Removed: • 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.
−Removed: 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.
+Added: • Employee Benefits earned premium increased due to increases in exposure on existing accounts and fully insured ongoing sales across all products.
+Added: Fee income increased primarily driven by a $23 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.
Net Investment Income
−Removed: [1] Limited partnerships and other alternative investments of $37 and $91 for the three months ended September 30, 2024 and 2025 respectively.
−Removed: 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.
−Removed: Net realized losses improved slightly, primarily due to:
−Removed: • Fewer net losses on sales of fixed maturities in the 2025 period compared to the 2024 period;
+Added: [1] Limited partnerships and other alternative investments of $39 and $75 for the three months ended March 31, 2025 and 2026 respectively.
+Added: Net investment income increased due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.
+Added: Net realized losses increased primarily due to:
+Added: • Greater depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2026 period due to changes in credit spreads.
+Added: These losses were partially offset by:
• Gains on transactional foreign currency revaluation in the 2026 period compared to losses in the 2025 period;
−Removed: These increases were largely offset by:
−Removed: • Impairment of a real estate joint venture in the 2025 period;
−Removed: • Losses on equity derivatives in the 2025 period compared to gains in the 2024 period due to changes in equity market levels;
• Gains on interest rate derivatives in the 2026 period.
7 unchanged sentences
• A decrease in Property & Casualty of $40, which was attributable to:
−Removed: – A decrease in CAY catastrophe losses of $177, before tax.
−Removed: 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.
−Removed: 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;
−Removed: – 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 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 and Personal Insurance automobile physical damage, partially offset by increases in reserves for general liability and Business Insurance automobile liability.
−Removed: 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.
−Removed: For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
+Added: – A decrease in CAY catastrophe losses of $237.
+Added: Catastrophe losses in the 2026 period included losses from winter storms across several regions, but concentrated in the Northeast region, and to a lesser extent, the Mid Atlantic, South and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region.
+Added: Catastrophe losses in the 2025 period included $325, net of reinsurance, related to the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the Midwest and South regions.
Partially offset by:
−Removed: – 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.
+Added: – An increase in P&C CAY loss and LAE before catastrophes of $116, primarily due to the effect of higher earned premiums and a slightly higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance;
Losses and LAE Incurred for Employee Benefits
−Removed: • 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.
−Removed: 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.
−Removed: Insurance operating costs and other expenses increased due to:
−Removed: • Higher staffing costs, including higher incentive compensation and benefits costs;
−Removed: • Higher technology costs, including increased investment;
−Removed: • An increase in doubtful accounts expense partly due to higher business volume.
−Removed: 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.
−Removed: For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Nine months ended September 30, 2025 compared to 2024
−Removed: Net income available to common stockholders increased by $447 primarily driven by:
−Removed: • 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;
−Removed: • 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;
−Removed: These increases were partially offset by:
−Removed: • Higher net realized losses of $27, before tax;
−Removed: • 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.
−Removed: For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment And Corporate Operating Summaries.
−Removed: Earned Premiums
−Removed: Earned premiums increased by $1,131, or 7%, primarily due to:
−Removed: • An increase in P&C reflecting a 9% increase in both Business Insurance and Personal Insurance.
−Removed: – 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 a decline in policies in-force.
−Removed: • A slight increase in Employee Benefits earned premium of 1%, including an increase in exposure on existing accounts and persistency in excess of 90%.
−Removed: 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.
−Removed: Net Investment Income
−Removed: [1] Limited partnerships and other alternative investments of $69 and $143 for the nine months ended September 30, 2024 and 2025, respectively.
−Removed: 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.
+Added: – A decline in P&C net favorable prior accident year reserve development of $81, with favorable development in the 2026 period of $41, compared to $122 in the prior year period.
+Added: Favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage and homeowners, partially offset by an increase in reserves for general liability related to exposures from the 1970s and 1980s.
+Added: Also included within net prior accident year reserve development for the three months ended March 31, 2026 was a benefit of $36 related to amortization of the A&E ADC deferred gain.
+Added: Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, homeowners, and Personal Insurance automobile liability and physical damage.
+Added: Also included within net prior accident year reserve development for the three months ended March 31, 2025 was a benefit of $32 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Net realized losses increased primarily due to:
−Removed: • Lower appreciation in value of equity securities in the 2025 period compared to the 2024 period;
−Removed: • Impairment of a real estate joint venture in the 2025 period;
−Removed: • Gains on interest rate derivatives in the 2024 period;
−Removed: • 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.
−Removed: These increases were partially offset by fewer net losses on sales of fixed maturities.
−Removed: For further discussion of investment results, see MD&A - Investment Results, Net Realized Gains and MD&A - Investment Results, Net Investment Income.
−Removed: Benefits, Losses and Expenses
−Removed: Losses and LAE Incurred for P&C
−Removed: Benefits, losses and loss adjustment expenses increased $410, due to:
−Removed: • An increase in Property & Casualty of $411, which was attributable to:
−Removed: – 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;
−Removed: – An increase in CAY catastrophe losses of $61, before tax.
−Removed: 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.
−Removed: 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.
−Removed: Losses and LAE Incurred for Employee Benefits
−Removed: Partially offset by:
−Removed: – 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, Personal Insurance automobile liability and physical damage, catastrophes, homeowners, commercial property, and bond.
−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 physical damage, homeowners, and Personal Insurance automobile liability, partially offset by increases in reserves for general liability, Business Insurance automobile liability, and assumed reinsurance.
−Removed: 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.
For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: • 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.
−Removed: 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.
−Removed: 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.
+Added: • Employee Benefits losses and LAE increased $39, as higher short-term and long-term disability loss ratios were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products.
+Added: The increase in the long-term disability loss ratio was driven by less favorable long-term disability loss trends and an increase in the short-term disability loss ratio due to higher claim incidence, including for paid family and medical leave products, partially offset by continued paid family and medical leave pricing actions.
+Added: Amortization of deferred policy acquisition costs increased from the prior year period driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.
Insurance operating costs and other expenses increased due to:
−Removed: • Higher staffing costs, including higher incentive compensation and benefits costs, partly in response to increased business volume;
−Removed: • Higher technology costs, including increased investment;
−Removed: • An increase in doubtful accounts expense partly due to higher business volume;
−Removed: • Higher direct marketing costs in Personal Insurance;
−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.
+Added: • Higher staffing costs, including benefits costs, partly in response to increased business volume;
+Added: • Higher variable expenses in Hartford Funds;
+Added: • Higher technology costs, including increased investment in our businesses and higher run costs.
Income tax expense increased primarily due to an increase in income before tax.
2 unchanged sentences
Composition of Invested Assets
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Amount Percent Amount Percent
Fixed maturities, AFS, at fair value $ 45,632 71.6 % $ 46,041 72.0 %
−Removed: FVO securities 191 0.3 % 308 0.5 %
+Added: Fixed maturities, at fair value using the fair value option 130 0.2 % 168 0.2 %
Equity securities, at fair value 488 0.8 % 492 0.8 %
6 unchanged sentences
[1] Primarily consists of equity fund investments, overseas deposits, consolidated investment funds, and derivative instruments which are carried at fair value.
−Removed: September 30, 2025 compared to December 31, 2024
−Removed: Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value and limited partnerships and other alternative investments.
−Removed: 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 and tighter credit spreads.
−Removed: Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.
+Added: March 31, 2026 compared to December 31, 2025
+Added: Total investments decreased primarily due to a decrease in fixed maturities, AFS, at fair value, partially offset by an increase in mortgage loans and limited partnerships and other alternative investments.
+Added: Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.
+Added: Mortgage loans increased primarily due to funding of industrial commercial whole loans.
+Added: Limited partnerships and other alternative investments increased primarily driven by higher valuations and additional investments.
Index to MD&A
2 unchanged sentences
Net Investment Income
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
−Removed: (Before tax) Amount Yield [1] Amount Yield [1] Amount Yield [1] Amount Yield [1]
+Added: Three Months Ended March 31,
+Added: (Before tax) Amount Yield [1] Amount Yield [1]
Fixed maturities [2] $ 611 4.8 % $ 574 4.7 %
10 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 nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Three months ended March 31, 2026 compared to the three months ended March 31, 2025
+Added: Total net investment income increased primarily due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.
+Added: Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased, primarily due to the impact of reinvesting at higher rates.
Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S.
−Removed: 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.
+Added: Treasury securities, for the three months ended March 31, 2026 was 5.3%, which was above the average yield of sales and maturities of 4.9% for the same period.
Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S.
−Removed: 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.
−Removed: 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.
−Removed: The estimated impact on annualized net investment income yield is subject to variability including the impact of evolving market conditions.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Treasury securities, for the three months ended March 31, 2025, was 5.6% which was above the average yield of sales and maturities of 4.9% for the same period.
+Added: For the 2026 calendar year, we estimate the change in net investment income to increase due to a higher level of invested assets, with the yield on limited partnerships and other alternative investments to be relatively consistent with 2025.
+Added: The estimated change in net investment income is subject to variability including the impact of evolving market conditions.
Net Realized Gains (Losses)
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(Before tax) 2026 2025
6 unchanged sentences
Net realized losses $ (55) $ (49)
−Removed: [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.
−Removed: 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.
+Added: [1] The change in net unrealized gains on equity securities still held as of the end of period, and included in net realized gains (losses) were $(18) and $(11) for the three months ended March 31, 2026 and 2025, respectively.
[2] See Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.
[3] See ACL on Mortgage Loans within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.
−Removed: [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.
−Removed: 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.
−Removed: Three and nine months ended September 30, 2025
−Removed: Gross gains and losses on sales were primarily due to sales of corporate securities and tax-exempt municipals.
−Removed: 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 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.
−Removed: 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.
−Removed: Three and nine months ended September 30, 2024
−Removed: Gross gains and losses on sales were primarily due to sales of U.S.
−Removed: Treasuries, corporate securities, and tax-exempt municipals to fund purchases of higher-yielding investments.
−Removed: Equity securities net gains were primarily driven by an increase in value due to higher equity market levels.
−Removed: 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.
+Added: [4] For the three months ended March 31, 2026 and 2025, includes gains (losses) from transactional foreign currency revaluation of $3 and $(10), respectively, and gains on non-qualifying derivatives of $8 and $0, respectively.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Three months ended March 31, 2026
+Added: Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
+Added: Equity securities net losses were primarily driven by a decrease in value due to lower equity market levels.
+Added: Other, net includes losses of $34 on FVO securities due to a decline in valuation, partially offset by gains of $8 on interest rate derivatives primarily driven by changes in interest rates.
+Added: Three months ended March 31, 2025
+Added: Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.
+Added: Equity securities net losses were primarily driven by a decrease in value due to lower equity market levels.
+Added: Other, net includes losses of $10 on transactional foreign currency revaluation and $7 related to a mortgage loan modification.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Critical Accounting Estimates
13 unchanged sentences
In addition, - Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates.
−Removed: The following discussion updates certain of the Company’s critical accounting estimates as of September 30, 2025.
+Added: The following discussion updates certain of the Company’s critical accounting estimates as of March 31, 2026.
Property & Casualty Insurance Product Reserves, Net of Reinsurance
P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of
−Removed: September 30, 2025
+Added: March 31, 2026
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 Nine Months Ended September 30, 2025
+Added: Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Three Months Ended March 31, 2026
Business Insurance
19 unchanged sentences
[1] The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.
−Removed: [2] “Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.
+Added: [2] “Prior accident year development (pts)” rep resents the ratio of prior accident year development to earned premiums.
Current Accident Year Catastrophe Losses, Net of Reinsurance
−Removed: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Business Insurance Personal
−Removed: Insurance Total Business Insurance Personal
Insurance Total
−Removed: Wind and hail $ 32 $ 36 $ 68 $ 177 $ 198 $ 375
−Removed: Wildfires [1] (3) (5) (8) 142 109 251
Winter storms 112 21 133
+Added: Wind and hail $ 33 $ 38 $ 71
Catastrophes before assumed reinsurance 145 59 204
1 unchanged sentence
Total catastrophe losses $ 171 $ 59 $ 230
−Removed: [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.
−Removed: 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.
[1] 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 September 30, 2025
−Removed: Business Insurance Personal
−Removed: Insurance Property & Casualty Other Operations Total Property & Casualty Insurance
−Removed: Workers’ compensation $ (62) $ — $ — $ (62)
−Removed: Workers’ compensation discount accretion 11 — — 11
−Removed: General liability — — — —
−Removed: Marine — — — —
−Removed: Package business — — — —
−Removed: Commercial property (5) — — (5)
−Removed: Professional liability — — — —
−Removed: Assumed reinsurance — — — —
−Removed: Automobile liability — (33) — (33)
−Removed: Homeowners — (5) — (5)
−Removed: Net asbestos and environmental ("A&E") reserves
−Removed: Catastrophes — — — —
−Removed: Uncollectible reinsurance — — 6 6
−Removed: Other reserve re-estimates, net [1] 4 (5) (6) (7)
−Removed: Prior accident year development before change in deferred gain
−Removed: (52) (43) — (95)
−Removed: Change in deferred gain on retroactive reinsurance included in other liabilities [2] (8) — — (8)
−Removed: Total prior accident year development
−Removed: $ (60) $ (43) $ — $ (103)
−Removed: [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.
−Removed: [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.
−Removed: Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Business Insurance Personal
4 unchanged sentences
Marine 4 — — 4
−Removed: Package business — — — —
Commercial property (4) — — (4)
Professional liability (4) — — (4)
−Removed: Bond (22) — — (22)
Assumed reinsurance 5 — — 5
1 unchanged sentence
Homeowners — (15) — (15)
−Removed: Net A&E reserves — — — —
−Removed: Catastrophes (28) (11) — (39)
−Removed: Uncollectible reinsurance — — 6 6
Other reserve re-estimates, net [1] 6 (5) — 1
2 unchanged sentences
Total prior accident year development $ 30 $ (35) $ (36) $ (41)
−Removed: [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.
−Removed: [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.
+Added: [1] Other reserve re-estimates, net for the three months ended March 31, 2026 includes a favorable change of $(5) in personal automobile physical damage reserves.
+Added: [2] The $36 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2026 is related to amortization of the A&E ADC deferred gain under retroactive reinsurance accounting.
+Added: For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2026, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
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 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 Nine Months Ended September 30, 2024
+Added: Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Three Months Ended March 31, 2025
Business Insurance Personal
21 unchanged sentences
Current Accident Year Catastrophe Losses, Net of Reinsurance
−Removed: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Business Insurance Personal
−Removed: Insurance Total Business Insurance Personal
Insurance Total
+Added: Wildfires [1] 153 118 $ 271
Wind and hail 44 61 105
Winter storms 17 8 25
−Removed: Hurricanes and tropical storms [1] 100 61 161 100 61 161
−Removed: Wildfires — — — 1 10 11
−Removed: Other international (3) — (3) 1 — 1
Catastrophes before assumed reinsurance 214 187 401
1 unchanged sentence
Total catastrophe losses $ 280 $ 187 $ 467
−Removed: [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.
+Added: [1] Catastrophe losses from the January 2025 California Wildfire Event were $325, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.
[2] Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty.
4 unchanged sentences
Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Three Months Ended September 30, 2024
−Removed: Business Insurance Personal
−Removed: Insurance Property & Casualty Other Operations Total Property & Casualty Insurance
−Removed: Workers’ compensation $ (69) $ — $ — $ (69)
−Removed: Workers’ compensation discount accretion 11 — — 11
−Removed: General liability 32 — — 32
−Removed: Marine — — — —
−Removed: Package business (5) — — (5)
−Removed: Commercial property (2) — — (2)
−Removed: Professional liability — — — —
−Removed: Assumed reinsurance — — — —
−Removed: Automobile liability 16 — — 16
−Removed: Homeowners — (5) — (5)
−Removed: Net A&E reserves — — — —
−Removed: Catastrophes — — — —
−Removed: Uncollectible reinsurance — — — —
−Removed: Other reserve re-estimates, net [1] 7 (9) — (2)
−Removed: Prior accident year development before change in deferred gain (10) (14) — (24)
−Removed: Change in deferred gain on retroactive reinsurance included in other liabilities [2] (26) — — (26)
−Removed: Total prior accident year development
−Removed: $ (36) $ (14) $ — $ (50)
−Removed: [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.
−Removed: [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.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Unfavorable (Favorable) Prior Accident Year Development for the
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Business Insurance Personal
2 unchanged sentences
Workers’ compensation discount accretion 12 — — 12
−Removed: General liability 81 — — 81
−Removed: Marine (1) — — (1)
−Removed: Package business (6) — — (6)
Commercial property (3) — — (3)
−Removed: Professional liability (7) — — (7)
−Removed: Bond (22) — — (22)
−Removed: Assumed reinsurance 24 — — 24
Automobile liability — (12) — (12)
Homeowners — (18) — (18)
−Removed: Net A&E reserves — — — —
−Removed: Catastrophes (33) (5) — (38)
−Removed: Uncollectible reinsurance (7) — 7 —
Other reserve re-estimates, net [1] 5 (9) — (4)
2 unchanged sentences
Total prior accident year development $ (83) $ (39) $ — $ (122)
−Removed: [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.
−Removed: [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: [1] Other reserve re-estimates, net for the three months ended March 31, 2025 includes a favorable change of $(12) in personal automobile physical damage reserves.
+Added: [2] The $32 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.
For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2025, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
5 unchanged sentences
Underwriting Summary
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Written premiums $ 3,904 $ 3,686 6 %
5 unchanged sentences
Current accident year catastrophes [1] 171 280 (39) %
−Removed: Prior accident year development [1] (60) (36) (67 %) (289) (173) (67) %
+Added: Prior accident year development [1] 30 (83) NM
Total losses and loss adjustment expenses 2,245 2,088 8 %
6 unchanged sentences
Net realized losses [2] (19) (24) 21 %
−Removed: Other income (expense) [3] — (1) 100 % (2) (4) 50 %
+Added: Other income (expense) [3] 1 (1) NM
Income before income taxes 672 599 12 %
1 unchanged sentence
Net income $ 536 $ 477 12 %
−Removed: [1] For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property and Casualty Insurance Product Reserves Development, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
+Added: [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.
5 unchanged sentences
Premium Measures
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31,
Small Business:
17 unchanged sentences
Underwriting Ratios
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Loss and loss adjustment expense ratio 62.8 62.8 —
16 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: Net income for the three and nine month periods increased primarily due to a higher underwriting gain and higher net investment income.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Net income increased primarily due to higher net investment income and lower net realized losses.
For further discussion of investment results, see MD&A - Investment Results.
Underwriting Gain
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: These favorable impacts were partially offset by a higher underlying loss and LAE ratio, and for the nine month period, higher CAY catastrophe losses.
−Removed: 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.
−Removed: 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 .
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Underwriting gain decreased slightly due to unfavorable prior accident year development in the current year, higher underwriting expenses, and a slightly higher underlying loss and LAE ratio, largely offset by earned premium growth and lower CAY catastrophe losses.
+Added: Expense ratio is generally consistent with the prior year, with staffing costs and investments in our business being partially offset by the impact of earned premium growth.
Index to MD&A
2 unchanged sentences
Earned Premiums
−Removed: [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.
+Added: [1] Other earned premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.
Written Premiums
−Removed: [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.
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: Earned premiums for the three and nine months ended September 30, 2025 increased due to written premium increases over the prior twelve months.
−Removed: 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.
−Removed: • Small business written premium increased driven by strong new business as well as renewal written price increases in almost all lines.
+Added: [1] Other written premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Earned premiums increased due to written premium increases over the prior twelve months.
+Added: Written premiums increased driven by growth across small business, middle & large business and global specialty.
+Added: • Small business written premium increased driven by renewal written price increases in almost all lines, as well as higher new business premium.
Written premium grew across all lines of business.
−Removed: • Middle & large business written premium increased driven by strong new business as well as renewal written price increases in all lines.
−Removed: Written premium rose across general industries, industry verticals and the large and complex lines.
−Removed: • 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.
−Removed: Written premiums grew in global reinsurance, primarily in credit risk and casualty lines.
−Removed: Renewal written price increases were recognized in most lines for both the three and nine months ended September 30, 2025.
−Removed: • 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 flat.
+Added: • Middle & large business written premium increased driven by renewal written price increases in almost all lines.
+Added: Written premium grew across industry verticals and the large and complex lines, partially offset by decreases in general industries and large property.
+Added: • Global specialty written premium increased, driven by growth in the global reinsurance portfolio, primarily within credit risk and specialty casualty.
+Added: Excluding global reinsurance, written premium declined modestly, reflecting lower construction-related volumes.
+Added: This was partially offset by growth in non-construction new business and renewal pricing increases.
+Added: Renewal written price increases were recognized in most lines, though have moderated from the prior year.
+Added: • In small business, renewal written price increases were lower than prior year levels overall, with single-digit price increases across package business and automobile.
+Added: Workers' compensation pricing was slightly negative.
• In middle market, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases in most lines.
−Removed: Workers' compensation pricing was slightly positive.
+Added: Workers' compensation pricing was positive.
• In global specialty, renewal written price increases were lower than prior year levels with mid single-digit price increases overall.
3 unchanged sentences
Underlying Loss and Loss Adjustment Expense Ratio
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Underlying Loss and Loss Adjustment Expense Ratio increased primarily due to a slightly higher loss ratio in a few lines.
Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: Current accident year catastrophe losses decreased for the three month period and increased for the nine month period.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: As of September 30, 2025, the deferred gain on the Navigators ADC has been fully amortized.
−Removed: 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.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Current accident year catastrophe losses for the three months ended March 31, 2026 included losses from winter storms across several regions, but concentrated in the Northeast, and to a lesser extent, the South, Mid Atlantic and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, and to a lesser extent, the South region.
+Added: Current accident year catastrophe losses for the three months ended March 31, 2025 included a loss of $207 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the South and Midwest regions.
+Added: Prior accident year development was net unfavorable for the three months ended March 31, 2026 and included reserve increases for general liability related to exposures from the 1970s and 1980s, partially offset by decreases in workers' compensation.
+Added: Prior accident year development was net favorable for the three months ended March 31, 2025 and primarily included reserve decreases for workers' compensation.
+Added: Also included is a benefit of $32 related to amortization of the Navigators ADC deferred gain.The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025.
+Added: For additional information regarding the Navigators ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: 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
−Removed: nine month period, assumed reinsurance.
−Removed: 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 September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Written premiums $ 862 $ 913 (6) %
−Removed: Change in unearned premium reserve 37 85 (56 %) 100 180 (44) %
+Added: Change in unearned premium reserve (45) 14 NM
Earned premiums 907 899 1 %
3 unchanged sentences
Current accident year catastrophes [1] 59 187 (68) %
−Removed: Prior accident year development [1] (43) (14) NM (123) (55) (124) %
+Added: Prior accident year development [1] (35) (39) 10 %
Total losses and loss adjustment expenses 550 711 (23) %
2 unchanged sentences
Amortization of other intangible assets 1 1 — %
−Removed: Underwriting gain (loss) 107 (22) NM 107 (98) NM
+Added: Underwriting gain (loss) 113 (55) NM
Net investment income [2] 62 57 9 %
1 unchanged sentence
Net servicing and other income (expense) [3] 3 5 (40) %
−Removed: Income before income taxes 174 39 NM 293 66 NM
−Removed: Income tax expense [4] 35 8 NM 58 12 NM
−Removed: Net income $ 139 $ 31 NM $ 235 $ 54 NM
+Added: Income before income taxes 174 5 NM
+Added: Income tax expense [4] 35 — NM
+Added: Net income $ 139 $ 5 NM
[1] For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[2] For discussion of consolidated investment results, see MD&A - Investment Results.
−Removed: [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.
−Removed: 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.
+Added: [3] Includes servicing revenues of $22 and $20 for the three months ended March 31, 2026 and 2025, respectively.
+Added: Includes servicing expenses of $18 and $16 for the three months ended March 31, 2026 and 2025, respectively.
[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Written and Earned Premiums
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: Written Premiums 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: Written Premiums 2026 2025 Change
Automobile $ 565 $ 627 (10 %)
9 unchanged sentences
Premium Measures
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Premium Measures 2026 2025
15 unchanged sentences
Underwriting Ratios
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: Underwriting Ratios 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: Underwriting Ratios 2026 2025 Change
Loss and loss adjustment expense ratio 60.6 79.1 (18.5)
16 unchanged sentences
Product Combined Ratios
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Combined ratio 89.6 93.5 (3.9)
8 unchanged sentences
Underlying combined ratio 71.0 75.1 (4.1)
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: Net income increased for both the three and nine month periods, largely driven by improved underwriting results.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Net income increased, largely driven by a change from an underwriting loss to an underwriting gain.
Underwriting gain (loss)
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: Current accident year catastrophe losses were lower for the three month period and higher for the nine month period.
−Removed: Expense ratio for both the three and nine months ended September 30, 2025 increased primarily due a higher commission ratio due to business mix.
−Removed: 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.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Underwriting gain changed from an underwriting loss, primarily due to lower current accident year catastrophe losses and to an improvement in the underlying loss and LAE ratio.
+Added: Expense ratio was flat for the three month period.
Index to MD&A
3 unchanged sentences
Written Premiums
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Earned premiums increased in 2026 due to higher earned premiums in homeowners, partially offset by lower earned premiums in automobile.
+Added: Written premiums decreased in 2026 due to lower written premiums in automobile, partially offset by higher written premiums in homeowners.
+Added: Renewal written pricing moderated for both automobile and homeowners, primarily in response to moderating loss cost trends.
+Added: Effective Policy count retention was relatively stable both for automobile and homeowners in 2026, in response to moderating renewal written pricing increases.
+Added: Policies in-force as of March 31, 2026 compared to March 31, 2025 declined for automobile and for homeowners, reflecting the level of new business in relation to non-renewed policies.
Underlying Loss and Loss Adjustment Expense Ratio
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: Underlying loss and LAE ratio decreased in both automobile and homeowners in both the three and nine month periods.
−Removed: The decrease in automobile was primarily due to the impact of earned pricing increases, partially offset by higher loss costs.
−Removed: The higher loss costs in automobile were driven by higher physical damage and liability claim severities, partially offset by lower physical damage claim frequency.
−Removed: The automobile claim severity trend has moderated from the prior year.
−Removed: 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.
−Removed: Contributing to the higher homeowners severity was the effect of higher rebuilding costs.
−Removed: Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: Current accident year catastrophe losses decreased in the three month period and increased in the nine month period.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Underlying loss and LAE ratio decreased in both automobile and homeowners in 2026, primarily due to the impact of earned pricing increases outpacing loss cost trends, which moderated slightly compared to prior year.
+Added: The automobile loss cost trend continues to recognize higher attorney representation rates.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year Development
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Current accident year catastrophe losses decreased in the three month period.
+Added: CAY catastrophe losses for the three months ended March 31, 2026 included losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, as well as losses from winter storms across several regions.
+Added: CAY catastrophe losses for the three months ended March 31, 2025 included a loss of $118 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the Midwest and South regions.
+Added: Prior accident year development was favorable for the three month period, primarily driven by lower estimated severity on automobile liability, homeowners, and automobile physical damage.
+Added: Prior accident year development was favorable for the three months ended March 31, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, and automobile liability.
Property & Casualty Other Operations - Results of Operations
Underwriting Summary
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Losses and loss adjustment expenses
−Removed: Prior accident year development [1] $ — $ — — % $ — $ 7 (100 %)
−Removed: Total losses and loss adjustment expenses — — — % — 7 (100 %)
+Added: Prior accident year development [1] $ (36) $ — NM
+Added: Total losses and loss adjustment expenses (36) — NM
Insurance operating costs 2 2 — %
−Removed: Underwriting loss (2) (3) 33 % (6) (14) 57 %
+Added: Underwriting gain (loss) 34 (2) NM
Net investment income [2] 20 18 11 %
−Removed: Net realized losses [2] — — — % (2) (3) 33 %
−Removed: Other income (expenses) (1) (4) 75 % (1) (4) 75 %
−Removed: Income before income taxes 16 11 45 % 47 34 38 %
+Added: Net realized losses [2] (1) — NM
+Added: Income before income taxes 53 16 NM
Income tax expense [3] 11 3 NM
−Removed: Net income $ 12 $ 10 20 % $ 38 $ 29 31 %
+Added: Net income $ 42 $ 13 NM
[1] For additional information on prior accident year development, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
1 unchanged sentence
[3] For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: Underwriting loss decreased slightly for the three month period due to a decrease in underwriting expenses.
−Removed: Underwriting loss decreased for the nine month period due to unfavorable prior accident year reserve development in the 2024 period.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Net income increased driven by a change from an underwriting loss to an underwriting gain.
+Added: Underwriting gain (loss) changed from a loss to a gain due to a benefit of $36 related to amortization of the A&E ADC deferred gain.
+Added: For additional information regarding the ADC reinsurance agreement refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
Employee Benefits - Results of Operations
Operating Summary
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Premiums and other considerations $ 1,723 $ 1,668 3 %
Net investment income [1] 131 126 4 %
−Removed: Net realized losses [1] (8) — NM (28) (8) NM
+Added: Net realized losses [1] (11) (4) (175) %
Total revenues 1,843 1,790 3 %
10 unchanged sentences
Premiums and Other Considerations
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Fully insured – ongoing premiums $ 1,654 $ 1,612 3 %
3 unchanged sentences
Fully insured ongoing sales $ 582 $ 381 53 %
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Ratios, Excluding Buyouts
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Group disability loss ratio 72.7 % 69.0 % 3.7
2 unchanged sentences
Expense ratio 26.7 % 25.4 % 1.3
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Net income margin 6.4 % 7.4 % (1.0)
Adjustments to reconcile net income margin to core earnings margin:
−Removed: Net realized losses (gains), before tax 0.4 % (0.1 %) 0.5 0.5 % 0.2 % 0.3
+Added: Net realized losses, before tax 0.6 % 0.3 % 0.3
Income tax benefit (0.1 %) (0.1 %) —
Core earnings margin 6.9 % 7.6 % (0.7)
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Net income decreased primarily due to a higher group disability loss ratio as well as an increase in the expense ratio, partially offset by a lower group life loss ratio and increased net investment income.
+Added: Insurance operating costs and other expenses were higher due to higher staffing costs as well as higher technology costs.
Fully Insured Ongoing Premiums
−Removed: [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.
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: 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%.
−Removed: Fully insured ongoing sales were flat for the three month period.
−Removed: 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.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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: [1] Other of $118 and $135 for the three months ended March 31, 2025 and 2026 respectively, which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Fully insured ongoing premiums increased due to higher new business sales across all products, an increase in exposure on existing accounts and persistency in excess of 90%.
+Added: Fully insured ongoing sales increased, driven by higher group disability, group life and supplemental health sales.
+Added: Group disability sales include the results of two new states implementing paid family and medical leave coverage in 2026.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Loss ratio improved 0.2 points for the three months ended March 31, 2026, compared to the prior year period driven by a decrease in the group life loss ratio partially offset by a higher group disability loss ratio.
+Added: The group life loss ratio decreased 6.7 points driven by lower mortality across both term and accidental life products.
+Added: The group disability loss ratio increased 3.7 points due to less favorable long-term disability loss trends and higher claim incidence in short-term disability, including paid family and medical leave, partially offset by continued paid family and medical leave pricing actions.
+Added: Expense ratio increased primarily due to higher staffing costs as well as higher technology costs.
Hartford Funds - Results of Operations
Operating Summary
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Fee income and other revenue $ 283 $ 260 9 %
Net investment income 5 4 25 %
−Removed: Net realized gains 5 7 (29 %) 14 15 (7) %
+Added: Net realized losses (3) — NM
Total revenues 285 264 8 %
6 unchanged sentences
Adjustment to reconcile ROA to ROA, core earnings:
−Removed: 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 0.2 — NM 0.3 0.3 — %
+Added: Effect of net realized losses excluded from core earnings, before tax 0.8 — NM
+Added: Effect of income tax expense (benefit) (0.3) 0.3 NM
ROA, core earnings [2] 13.1 12.4 6 %
1 unchanged sentence
[2]Represents annualized earnings divided by a daily average of AUM, as measured in basis points.
+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 Segment AUM
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Mutual Fund and ETF AUM - beginning of period $ 142,969 $ 128,054 12 %
1 unchanged sentence
Redemptions - Mutual Fund (9,285) (9,309) — %
−Removed: Net flows - ETF 99 256 (61 %) 274 150 83 %
+Added: Net flows - ETF 734 146 NM
Net flows - Mutual Fund and ETF (533) (1,432) 63 %
−Removed: Change in market value and other 6,732 7,105 (5 %) 15,915 15,071 6 %
+Added: Change in market value and other (2,042) 597 NM
Mutual Fund and ETF AUM - end of period 140,394 127,219 10 %
2 unchanged sentences
Mutual Fund and ETF AUM by Asset Class
−Removed: As of September 30,
+Added: As of March 31,
2026 2025 Change
6 unchanged sentences
[1]Includes balanced, allocation and alternative investment products.
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Net income increased for the three months ended March 31, 2026, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM, partially offset by net realized losses in the 2026 period.
+Added: Hartford Funds AUM
+Added: March 31, 2026 compared to 2025
+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 $0.5 billion for the three months ended March 31, 2026 compared to net outflows of $1.4 billion, for the three months ended March 31, 2025.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: Hartford Funds AUM
−Removed: September 30, 2025 compared to 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 period.
−Removed: 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 September 30, Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 Change
Fee income [1] $ 10 $ 11 (9 %)
−Removed: Other revenue 6 1 NM 12 2 NM
+Added: Other revenue 5 1 NM
Net investment income [2] 16 14 14 %
−Removed: Net realized gains [2] 21 14 50 % 25 31 (19 %)
+Added: Net realized losses [2] (17) (19) 11 %
Total revenues 14 7 100 %
2 unchanged sentences
Interest expense [4] 50 50 — %
−Removed: Restructuring and other costs — 1 (100 %) — 2 (100 %)
Total benefits, losses and expenses 66 66 — %
Loss before income taxes (52) (59) 12 %
−Removed: Income tax benefit [5] (32) (9) NM (53) (39) (36 %)
−Removed: Net income (loss) 18 (12) NM (32) (44) 27 %
+Added: Income tax benefit [5] (24) (18) (33 %)
+Added: Net loss (28) (41) 32 %
Preferred stock dividends 5 5 — %
−Removed: Net income (loss) available to common stockholders $ 12 $ (18) 167 % $ (48) $ (60) 20 %
+Added: Net loss available to common stockholders $ (33) $ (46) 28 %
[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: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Net income (loss) available to common stockholders
−Removed: Three and nine months ended September 30, 2025 compared to 2024
−Removed: 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.
−Removed: 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: Net loss available to common stockholders
+Added: Three months ended March 31, 2026 compared to 2025
+Added: Net loss available to common stockholders for the three months ended March 31, 2026, decreased driven by a higher net tax benefit, including the impact of stock-based compensation awards vesting during the quarter and interest related to income tax refunds, and an increase in other revenues related to valuation appreciation of an investment.
For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
47 unchanged sentences
The Hartford also participates in governmentally administered reinsurance facilities such as the Florida Hurricane Catastrophe Fund (“FHCF”), the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA") and other reinsurance programs relating to particular risks or specific lines of business.
−Removed: Reinsurance for Catastrophes - The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, a catastrophe bond, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business.
+Added: Reinsurance for Catastrophes - The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, catastrophe bonds, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business.
The occurrence property catastrophe treaty and workers’ compensation catastrophe treaties beginning with the January 1, 2021 renewal do not cover pandemic losses, as most industry reinsurance programs exclude communicable disease.
3 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Primary Catastrophe Treaty Reinsurance Coverages as of September 30, 2025 [1]
+Added: Primary Catastrophe Treaty Reinsurance Coverages as of March 31, 2026 [1]
Portion of losses reinsured Portion of losses retained by The Hartford
5 unchanged sentences
Losses of $500 to $1.30 billion from one event [4] (all perils) 90% of $800 in excess of $500 10% co-participation
−Removed: Per Occurrence Property Catastrophe Bond from 1/1/2025 to 12/31/2026 [5]
+Added: Per Occurrence Property Catastrophe Bonds from 1/1/2026 to 12/31/2026 [5]
Losses of $1.29 billion to $1.62 billion for tropical cyclone and earthquake events [6] 60.79% of $329 in excess of $1.29 billion 39.21% of $329 in excess of $1.29 billion
+Added: Losses of $1.60 billion to $1.90 billion for tropical cyclone and earthquake events [6] 90% of $300 in excess of $1.60 billion 10% of $300 in excess of $1.60 billion
Aggregate Property Catastrophe Treaty for 1/1/2026 to 12/31/2026 [7]
5 unchanged sentences
[1] These agreements do not cover the assumed reinsurance business which purchases its own retrocessional coverage.
−Removed: [2] In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2025.
+Added: [2] In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2025, and will renew for the annual period starting June 1, 2026.
Retention and coverage varies by writing company.
12 unchanged sentences
As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027.
−Removed: TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200.
−Removed: program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion.
−Removed: The percentage of losses paid by the federal government is 80%.
+Added: TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the
+Added: Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200.
+Added: Under the program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion.
+Added: The federal government pays 80% of the losses.
The Company's estimated deductible under the program is $2.4 billion for 2026.
If an act of terrorism or acts of terrorism result in covered losses exceeding the $100 billion annual industry aggregate limit, Congress would be responsible for determining how additional losses in excess of $100 billion will be paid.
−Removed: Reinsurance for A&E and Navigators Group Reserve Development - The Company has two adverse development covers ("ADC") reinsurance agreements in place, both of which are accounted for as retroactive reinsurance.
−Removed: One agreement covered substantially all A&E reserve development for 2016 and prior accident years (the “A&E ADC”) up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300.
−Removed: As the Company has
+Added: Reinsurance for Asbestos and Environmental ("A&E") Reserve Development - The Company has an ADC reinsurance agreement in place with NICO, a subsidiary of Berkshire Hathaway Inc., accounted for as retroactive reinsurance.
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: ceded all of the $300 and $1.5 billion available limits under the Navigators ADC and the A&E ADC;
−Removed: respectively, there is no remaining limit available under either agreement as of December 31, 2024.
−Removed: 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.
−Removed: As of September 30, 2025, the deferred gain on the Navigators ADC has been fully amortized.
−Removed: 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.
−Removed: 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.
+Added: agreement covered substantially all A&E reserve development for accident years prior to 2016 (the “A&E ADC”) up to an aggregate limit of $1.5 billion.
+Added: As the Company had previously ceded all of the available limits under the agreement, there is no remaining limit available as of March 31, 2026.
+Added: As of December 31, 2025, the Company had paid A&E ADC claims in excess of the $1.7 billion attachment point.
+Added: During the three months ended March 31, 2026, the Company began collecting recoveries from NICO under the A&E ADC and as a result, amortized $36 of the $850 deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations.
+Added: As of March 31, 2026 and December 31, 2025, the deferred gain on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.
+Added: During the first quarter of 2026, NICO suspended payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding.
+Added: The timing of any resolution or outcome of the arbitration is not yet known and there may be impacts to the Company's cash flows or operating results as a result of the dispute.
+Added: For more information on the A&E ADC, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.
Financial Risk
15 unchanged sentences
Liquidity risk is the risk to current or prospective earnings or capital arising from the Company's inability or perceived inability to meet its contractual funding obligations as they come due.
−Removed: Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market liquidity risk resulting from differences in the amount and timing of sources and uses of cash as well as company-specific and general market conditions.
+Added: Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market
+Added: liquidity risk resulting from differences in the amount and timing of sources and uses of cash as well as company-specific and general market conditions.
Stressed market conditions may impact the ability to sell assets or otherwise transact business and may result in a significant loss in value of the investment portfolio.
17 unchanged sentences
Premiums receivable, including premiums for retrospectively rated plans, reinsurance recoverable and deductible losses recoverable are also subject to credit risk based on the counterparty’s inability to pay.
−Removed: Management The objective of the Company’s enterprise credit risk management strategy is to identify, quantify and manage credit risk in aggregate and to limit potential losses in accordance with the Company's credit risk management policy.
−Removed: The Company manages its credit risk by managing aggregations of risk, holding a diversified mix of issuers and
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: counterparties across its investment, reinsurance and insurance portfolios and limiting exposure to any specific reinsurer or counterparty.
+Added: Management The objective of the Company’s enterprise credit risk management strategy is to identify, quantify and manage credit risk in aggregate and to limit potential losses in accordance with the Company's credit risk management policy.
+Added: The Company manages its credit risk by managing aggregations of risk, holding a diversified mix of issuers and counterparties across its investment, reinsurance and insurance portfolios and limiting exposure to any specific reinsurer or counterparty.
Potential credit losses can be mitigated through diversification (e.g., geographic regions, asset types, industry sectors), hedging and the use of collateral to reduce net credit exposure.
13 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 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.
+Added: As of March 31, 2026, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S.
government and certain U.S.
5 unchanged sentences
Downgrades to the credit ratings of the Company’s insurance operating companies may have adverse implications for its use of derivatives.
−Removed: In some cases, downgrades may give derivative counterparties for OTC derivatives and clearing brokers for OTC-cleared derivatives the right to cancel and settle outstanding derivative trades or require additional collateral to be posted.
+Added: In some cases, downgrades may give derivative counterparties for OTC derivatives and clearing brokers for OTC-cleared derivatives the right to cancel and settle
+Added: outstanding derivative trades or require additional collateral to be posted.
In addition, downgrades may result in counterparties and clearing brokers becoming unwilling to engage in or clear additional derivatives or may require additional collateralization before entering into any new trades.
8 unchanged sentences
Credit Risk Reduced Through Credit Derivatives
−Removed: The Company may enter into credit derivatives to purchase credit protection with respect to a single entity or referenced index.
−Removed: The Company purchases credit protection through credit default swaps to economically hedge and manage credit risk of certain fixed maturity investments across multiple sectors of the investment portfolio.
+Added: The Company may use credit derivatives to purchase credit protection with respect to a single entity or referenced index.
+Added: The Company may purchase credit protection through credit default swaps to economically hedge and manage credit risk of certain fixed maturity investments across multiple sectors of the investment portfolio.
Credit Risk Assumed Through Credit Derivatives
The Company may also enter into credit default swaps that assume credit risk as part of replication transactions.
−Removed: Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.
+Added: Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.
These swaps primarily reference investment grade single corporate issuers and indexes.
6 unchanged sentences
Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company.
−Removed: The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies.
−Removed: The Company manages these credit risks through credit analysis, collateral requirements, and oversight.
+Added: The Company’s results of
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
+Added: operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies.
+Added: The Company manages these credit risks through credit analysis, collateral requirements, and oversight.
Interest Rate Risk
2 unchanged sentences
Interest rate risk does not include exposure to changes in credit spreads.
−Removed: Sources of Interest Rate Risk The Company has exposure to interest rate risk arising from investments in fixed maturities and commercial mortgage loans, issuances by the Company of debt securities, preferred stock and similar securities, discount rate assumptions associated with the Company’s claim reserves and pension and other postretirement benefit obligations, and assets that support the Company's pension and other postretirement benefit plans.
+Added: Sources of Interest Rate Risk The Company has exposure to interest rate risk arising from investments in fixed maturities and commercial mortgage loans, issuances by the Company of debt securities, preferred stock and similar securities, discount rate assumptions associated with the Company’s claim reserves and pension and other postretirement benefit obligations, and assets that support the Company's pension plans.
Impact Changes in interest rates from current levels can have both favorable and unfavorable effects for the Company.
4 unchanged sentences
Equity risk is the risk of financial loss due to changes in the value of global equities or equity indices.
−Removed: Sources of Equity Risk The Company has exposure to equity risk from invested assets, assets that support the Company’s pension and other postretirement benefit plans, and fee income derived from Hartford Funds AUM.
+Added: Sources of Equity Risk The Company has exposure to equity risk from invested assets, assets that support the Company’s pension plans, and fee income derived from Hartford Funds AUM.
Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives, which could negatively impact the Company's reported earnings.
−Removed: In addition, investments in limited partnerships and other alternative investments generally have a level of correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline;
−Removed: however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a
−Removed: three-month delay.
−Removed: For assets supporting pension and other postretirement benefit plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value.
+Added: In addition, investments in limited partnerships and other alternative investments generally have a level of
+Added: correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline;
+Added: however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.
+Added: For assets supporting pension plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value.
Hartford Funds earnings are also significantly influenced by the U.S.
3 unchanged sentences
Management The Company uses various approaches in managing its equity exposure, including limits on the proportion of assets invested in equities, diversification of the equity portfolio, and, at times, hedging of changes in equity indices.
−Removed: For assets supporting pension and other postretirement benefit plans, the asset allocation mix is reviewed on a periodic basis.
+Added: For assets supporting pension plans, the asset allocation mix is reviewed on a periodic basis.
In order to minimize risk, the pension plans maintain a listing of permissible and prohibited investments and impose concentration limits and investment quality requirements on permissible investment options.
2 unchanged sentences
Sources of Currency Risk The Company has foreign currency exchange risk in non-U.S.
−Removed: dollar denominated cash, fixed maturities, equities, and derivative instruments.
+Added: dollar denominated cash, fixed maturities, and derivative instruments.
In addition, the Company has non-U.S.
15 unchanged sentences
Fixed Maturities, AFS by Type
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
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
24 unchanged sentences
Non-agency 2,876 — 9 (108) 2,777 6.1 % 2,828 — 17 (105) 2,740 5.9 %
−Removed: Sub-prime 13 — — — 13 — % 22 — — — 22 0.1 %
Treasuries 1,457 — 1 (144) 1,314 2.9 % 1,517 — 3 (139) 1,381 3.0 %
2 unchanged sentences
[1] Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S.
−Removed: The fair value of fixed maturities, AFS increased as compared to December 31, 2024, primarily due to net additions of corporate bonds and high-quality ABS, partially offset by net reductions to
−Removed: tax-exempt municipal bonds.
−Removed: 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: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Amortized Cost Fair Value Percent of Total Fair Value Amortized Cost Fair Value Percent of Total Fair Value
8 unchanged sentences
For further discussion on FVO securities, see Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.
+Added: The fair value of fixed maturities, AFS decreased as compared to December 31, 2025, primarily due to lower valuations as a result of higher interest rates.
Commercial & Residential Real Estate
−Removed: Exposure to CMBS & RMBS Bonds by Credit Quality as of September 30, 2025
+Added: The following tables present the Company's exposure to CMBS and RMBS by credit quality included in the preceding Fixed Maturities, AFS by Type table.
+Added: Exposure to CMBS & RMBS Bonds by Credit Quality as of March 31, 2026
AAA AA A BBB BB and Below Total
6 unchanged sentences
Non-Agency 1,786 1,721 785 758 252 246 51 50 2 2 2,876 2,777
−Removed: Sub-Prime 1 1 3 3 1 1 5 5 3 3 13 13
Total RMBS 1,786 1,721 4,226 4,073 252 246 51 50 2 2 6,317 6,092
Total CMBS & RMBS $ 2,244 $ 2,168 $ 5,738 $ 5,488 $ 418 $ 400 $ 171 $ 164 $ 119 $ 104 $ 8,690 $ 8,324
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Exposure to CMBS & RMBS Bonds by Credit Quality as of December 31, 2025
7 unchanged sentences
Non-Agency 1,741 1,682 770 746 257 253 53 52 7 7 2,828 2,740
−Removed: Sub-Prime 1 1 5 5 2 2 7 7 7 7 22 22
Total RMBS 1,741 1,682 4,314 4,184 257 253 53 52 7 7 6,372 6,178
1 unchanged sentence
[1] Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
The Company also has exposure to commercial mortgage loans.
These loans are collateralized by real estate properties that are diversified both geographically throughout the United States and by property type.
−Removed: These commercial loans are originated by the Company as high quality whole loans, and the Company may sell participation interests in one or more loans to third parties.
+Added: These commercial mortgage loans are originated by the Company as high quality whole loans, and the Company may sell participation interests in one or more loans to third parties.
A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.
−Removed: 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.
+Added: As of March 31, 2026, mortgage loans had an amortized cost of $7.1 billion and carrying value of $7.0 billion, with an ACL of $49.
As of December 31, 2025, mortgage loans had an amortized cost of $6.9 billion and carrying value of $6.8 billion, with an ACL of $49.
−Removed: 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.
+Added: The Company funded $332 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“ LTV ”) ratio of 60% and a weighted average yield of 5.7% during the three months ended March 31, 2026.
The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios.
−Removed: There were no mortgage loans held for sale as of September 30, 2025, or December 31, 2024.
+Added: There were no mortgage loans held for sale as of March 31, 2026, or December 31, 2025.
+Added: Index to MD&A
+Added: Part I - Item 2.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations
Municipal Bonds
Available-For-Sale Investments in Municipal Bonds
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Amortized Cost Fair Value Weighted Average Credit Quality Amortized Cost Fair Value Weighted Average Credit Quality
9 unchanged sentences
Housing 99 96 AA+ 163 159 AA
−Removed: Other 396 373 AA- 461 434 AA-
+Added: Other 351 333 A+ 436 415 A+
Total Revenue 3,625 3,429 AA- 3,987 3,806 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 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.
−Removed: 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.
+Added: As of March 31, 2026, the largest issuer concentrations were the State of California, the Metropolitan Transportation Authority, and CommonSpirit Health, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.
+Added: As of December 31, 2025, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.
In total, municipal bonds make up 7% of the fair value of the Company's investment portfolio.
2 unchanged sentences
Private equity funds primarily consist of investments in funds whose assets typically consist of a diversified pool of investments in small to mid-sized non-public businesses with high growth potential and strong owner sponsorship, as well as limited exposure to public markets.
+Added: Other funds consist of investments in infrastructure and energy transition funds and, to a lesser extent, funds across a diverse mix of strategies.
Income or losses on investments in limited partnerships and other alternative investments are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.
3 unchanged sentences
Limited Partnerships and Other Alternative Investments - Net Investment Income
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
−Removed: Amount Yield [1] Amount Yield [1] Amount Yield [1] Amount Yield [1]
+Added: Three Months Ended March 31,
+Added: Amount Yield [1] Amount Yield [1]
Real estate joint ventures and funds $ (22) (4.3 %) $ (8) (1.7 %)
6 unchanged sentences
Investments in Limited Partnerships and Other Alternative Investments
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Amount Percent Amount Percent
6 unchanged sentences
Fixed Maturities, AFS — Unrealized Loss Aging
−Removed: 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.
−Removed: 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.
+Added: The total gross unrealized losses were $1.6 billion as of March 31, 2026, and have increased $221 since December 31, 2025, primarily due to higher interest rates.
+Added: As of March 31, 2026, $1.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost.
The remaining $0.4 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%.
6 unchanged sentences
Unrealized Loss Aging for Fixed Maturities, AFS Securities
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
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: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
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 nine months ended September 30, 2025
−Removed: For the three months ended September 30, 2025, the Company recorded no credit losses.
−Removed: 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.
−Removed: 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").
+Added: Three months ended March 31, 2026
+Added: The Company recorded no credit losses.
+Added: For the three months ended March 31, 2026, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI").
For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
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 nine months ended September 30, 2024
−Removed: For the three and nine months ended September 30, 2024, the Company recorded net credit losses of $0 and $2, respectively.
−Removed: Net credit losses were primarily attributable to increases in the ACL of $1 on CMBS and $1 on a below investment grade corporate issuer.
−Removed: 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.
+Added: Three months ended March 31, 2025
+Added: The Company recorded a reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS.For the three months ended March 31, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.
There were no intent-to-sell impairments.
ACL on Mortgage Loans
−Removed: Three and nine months ended September 30, 2025
+Added: Three months ended March 31, 2026 and March 31, 2025
The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses.
1 unchanged sentence
For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.
−Removed: For both the three and nine months ended September 30, 2025, the Company recorded an increase in the ACL on mortgage loans of $6.
−Removed: The increase in the allowance is primarily attributable to weaker real estate fundamentals, property specific declines, and net additions of new loans.
−Removed: Three and nine months ended September 30, 2024
−Removed: For the three months ended September 30, 2024, there were no credit loss adjustments on mortgage loans.
−Removed: 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.
+Added: There were no credit loss adjustments on mortgage loans.
Index to MD&A
4 unchanged sentences
Summary of Capital Resources and Liquidity
−Removed: Capital available to the HIG Holding Company as of September 30, 2025:
+Added: Capital available to the HIG Holding Company as of March 31, 2026:
• Approximately $1.8 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;
• A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030.
−Removed: As of September 30, 2025, there were no borrowings outstanding;
+Added: As of March 31, 2026, 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 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.
−Removed: Dividends and other sources of capital for the nine months ended September 30, 2025:
+Added: As of March 31, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.
+Added: Dividends and other sources of capital for the three months ended March 31, 2026:
The future payment of dividends from our subsidiaries is dependent on several factors including the business results, capital position and liquidity of our subsidiaries.
−Removed: • 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;
−Removed: • Employee Benefits - HIG Holding Company received $517 in dividends from Hartford Life and Accident Insurance Company (" HLA ") through September 30, 2025;
−Removed: • Hartford Funds - HIG Holding Company received $115 in dividends from Hartford Funds through September 30, 2025;
−Removed: • Other - HIG Holding Company received $30 in dividends from other subsidiaries through September 30, 2025.
−Removed: Expected liquidity requirements for the next twelve months as of September 30, 2025:
+Added: • P&C - HIG Holding Company received $662 of net dividends from the Company's property and casualty insurance subsidiaries through March 31, 2026;
+Added: • Employee Benefits - HIG Holding Company received $226 in dividends from Hartford Life and Accident Insurance Company (" HLA ") through March 31, 2026;
+Added: • Hartford Funds - HIG Holding Company received $45 in dividends from Hartford Funds through March 31, 2026.
+Added: Expected liquidity requirements for the next twelve months as of March 31, 2026:
• $194 of interest on debt.
2 unchanged sentences
• $660 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 September 30, 2025:
+Added: Expected liquidity requirements for beyond the next twelve months as of March 31, 2026:
• Interest on and repayments of debt.
2 unchanged sentences
Equity repurchase program:
−Removed: 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.
−Removed: As of September 30, 2025, the Company has $1.95 billion remaining for equity repurchases under the current share repurchase program.
−Removed: During the period October 1, 2025 through October 24, 2025, the Company repurchased 1.0 million common shares for $131.
+Added: During the three months ended March 31, 2026, the Company repurchased 3.3 million common shares for $450 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026.
+Added: As of March 31, 2026, the Company has $1.1 billion remaining for equity repurchases under the current share repurchase program.
+Added: During the period April 1, 2026 through April 22, 2026, the Company repurchased 0.8 million common shares for $111.
The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.
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
+Added: 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.
+Added: The Company could also choose to
Index to MD&A
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: 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 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 July 1, 2025:
+Added: 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 January 1, 2026:
Common Stock Dividends
Declared Record Payable Amount per share
−Removed: July 23, 2025 September 2, 2025 October 2, 2025 $ 0.520
−Removed: October 27, 2025 December 1, 2025 January 5, 2026 $ 0.600
+Added: February 18, 2026 March 2, 2026 April 2, 2026 $ 0.600
Preferred Stock Dividends
Declared Record Payable Amount per share
−Removed: July 23, 2025 November 3, 2025 November 17, 2025 $ 375.00
+Added: February 18, 2026 May 1, 2026 May 15, 2026 $ 375.00
There are no current restrictions on the HIG Holding Company's ability to pay dividends to its stockholders.
4 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 2025 Form 10-K Annual Report.
−Removed: 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.
+Added: Through the first three months of 2026, HIG Holding Company received $933 of net dividends from its subsidiaries, including $226 from HLA, $45 from Hartford Funds and $662 from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $41 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc.
("HHI") to Hartford Fire Insurance Company.
9 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants.
+Added: For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.
Intercompany Liquidity Agreements
The Company has $2.0 billion available under an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes.
−Removed: 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 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: The Connecticut Insurance Department ("CID") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.
+Added: As of March 31, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.
Index to MD&A
5 unchanged sentences
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 .
−Removed: As of September 30, 2025, there were no advances outstanding.
−Removed: 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.
−Removed: Effective October 1, 2025, the Company is no longer subject to the CTDOI hypothecation limit or approval related to FHLBB advances.
−Removed: The Company’s pledge capacity is now subject to FHLBB’s collateral eligibility requirements, which may be amended at their discretion.
−Removed: Based on these requirements, the Company estimates that Hartford Fire and HLA can each pledge up to $2 billion to secure FHLBB advances.
−Removed: For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Condensed Consolidated Financial Statements.
+Added: The Company’s pledge capacity is 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 can pledge up to $2.5 billion and HLA can pledge up to $2.1 billion to secure FHLBB advances.
+Added: As of March 31, 2026, there were no advances outstanding.
+Added: For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.
Lloyd's Letter of Credit Facility
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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 ($100 as of September 30, 2025) commitment.
−Removed: 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.
+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 ($98 as of March 31, 2026) commitment.
+Added: As of March 31, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.
Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage.
−Removed: As of September 30, 2025, The Hartford was in compliance with all financial covenants of the facility.
+Added: As of March 31, 2026, The Hartford was in compliance with all financial covenants of the facility.
For further information regarding the Lloyd's Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.
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qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial.
−Removed: Based on the funded status of the U.S.
−Removed: qualified defined benefit pension plan, the Company does not anticipate contributing to the plan in 2025.
+Added: The Company has not determined whether, and to what extent, contributions may be made to the U.S.
+Added: qualified defined benefit pension plan in 2026.
+Added: The Company will monitor the funded status of the U.S.
+Added: qualified defined benefit pension plan during 2026 to make this determination.
For further discussion of pension and other postretirement benefit obligations, see Note 16 - Employee Benefit Plans of Notes to Condensed Consolidated Financial Statements.
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For further information, refer to Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.
−Removed: 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.
+Added: As of March 31, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings.
This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.
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Property & Casualty Operations
−Removed: As of September 30, 2025
+Added: As of March 31, 2026
Fixed maturities $ 37,692
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Employee Benefits Operations
−Removed: As of September 30, 2025
+Added: As of March 31, 2026
Fixed maturities $ 7,878
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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: 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.
+Added: Property & Casualty reserves for unpaid losses and loss adjustment expenses as of March 31, 2026 were $38.6 billion and net of reinsurance and other recoverables were $32.0 billion.
Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported (" IBNR" ) reserves.
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In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.
−Removed: Employee Benefits reserves as of September 30, 2025 were $8.8 billion and net of reinsurance were $8.5 billion.
+Added: Employee Benefits reserves as of March 31, 2026 were $8.8 billion and net of reinsurance were $8.5 billion.
Group life and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends.
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twelve months and beyond twelve months could materially differ from historical patterns.
−Removed: Corporate reserves as of September 30, 2025 were $367 and net of reinsurance were $146.
+Added: Corporate reserves as of March 31, 2026 were $354 and net of reinsurance were $140.
These reserves related to retained run-off liabilities of its former life and annuity business.
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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 September 30, 2025, Hartford Funds cash and short-term investments were $372.
+Added: As of March 31, 2026, Hartford Funds cash and short-term investments were $382.
Purchase and Other Obligations
9 unchanged sentences
Capital Structure
−Removed: September 30, 2025 December 31, 2024 Change
+Added: March 31, 2026 December 31, 2025 Change
Long-term debt $ 4,372 $ 4,371 — %
7 unchanged sentences
Debt to capitalization 19 % 19 %
−Removed: 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.
+Added: Total capitalization decreased $89 as of March 31, 2026 compared to December 31, 2025 primarily due to share repurchases and an increase in net unrealized losses on fixed maturities, AFS partially offset by net income in excess of common stockholder dividends in the period.
For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 15 - Changes
1 unchanged sentence
For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2025 Form 10-K Annual Report.
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Net cash provided by operating activities $ 1,045 $ 985
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Cash and restricted cash– end of period $ 220 $ 216
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Operating cash flows for the nine months ended September 30, 2025 has been adequate to meet liquidity requirements.
+Added: Cash provided by operating activities increased in 2026 as compared to the prior year period primarily driven by an increase in P&C and Employee Benefits premiums received partially offset by higher operating expenses primarily related to increased staffing costs.
+Added: Cash used for investing activities decreased in 2026 due to more cash generated from operating activities partially offset by more cash used in financing activities.
+Added: Cash used for financing activities increased in 2026 as compared to the prior year period primarily driven by an increase in treasury stock acquired through share repurchases and an increase in dividends paid on common stock partially offset by a decrease in net return of shares under incentive and stock compensation plans.
+Added: Operating cash flows for the three months ended March 31, 2026 has been adequate to meet liquidity requirements.
Equity Markets
10 unchanged sentences
Among other factors, rating agencies consider the level of statutory capital and surplus of our U.S.
−Removed: insurance subsidiaries as well as the level of GAAP capital held by the Company in determining the Company's financial strength and credit ratings.
−Removed: Rating agencies may implement changes to their capital formulas that have the effect of increasing the amount of capital we must hold in order to maintain our current ratings.
+Added: insurance subsidiaries as well as the level of U.S.
+Added: GAAP capital held by the Company in determining the Company's financial strength and credit ratings.
+Added: Rating agencies may implement changes to their capital formulas that have the effect of increasing the amount of capital
+Added: we must hold in order to maintain our current ratings.
See Risk Factors disclosed in Item 1A of Part I of the Company's 2025 Form 10-K Annual Report.
−Removed: 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+".
−Removed: At the same time, S&P upgraded all debt ratings of the Company, including raising the senior debt rating to "A-" from "BBB+".
−Removed: These upgrades reflect improved underwriting performance, strong
−Removed: profitability, and risk management that have increased the Company's capital resiliency.
−Removed: S&P's outlook for all ratings in this rating action are "stable".
−Removed: 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".
−Removed: 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.
−Removed: Moody's outlook for all ratings in this rating action are "stable".
Insurance Financial Strength Ratings as of
−Removed: October 24, 2025
+Added: April 22, 2026
Best Standard & Poor’s Moody’s
15 unchanged sentences
statutory capital 35 (83) (48)
−Removed: U.S statutory capital at September 30, 2025
+Added: U.S statutory capital at March 31, 2026
$ 14,472 $ 2,591 $ 17,063
1 unchanged sentence
[2] Excludes insurance operations in the U.K.
−Removed: Index to MD&A
−Removed: Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations
Contingencies
3 unchanged sentences
For a discussion regarding legislative and regulatory developments, see Part II, Item 7, MD&A - Capital Resources and Liquidity, Contingencies in the Company’s 2025 Form 10-K Annual Report.
−Removed: On March 27, 2025, the Securities and Exchange Commission voted to end its defense of its climate disclosure rules, originally finalized in March of 2024, which would have required companies to report on their climate-related risks and greenhouse gas emissions in much greater detail than previously required.
−Removed: This development relieves companies of certain additional climate-related disclosure obligations which would have come into effect under the new rules.
−Removed: Additional future impacts could include shifts in regulatory approaches and increased uncertainty for businesses regarding climate-related disclosures.
−Removed: State-level efforts to require additional climate-related disclosure, notably in California, remain ongoing but face legal challenges similar to those faced by the SEC climate rules.
−Removed: H.R.1, known as the “One Big Beautiful Bill Act” was signed into law on July 4, 2025.
−Removed: 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 do not currently have a material impact on the Company's results of operations nor are they expected to in future periods.
Impact of New Accounting Standards
15 unchanged sentences
Loss Adjustment Expense
−Removed: Accumulated Other Comprehensive Income
+Added: Accumulated Other Comprehensive Income (Loss)
Liability for Credit Losses
41 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.