{"schemaVersion":1,"research":true,"symbol":"hig","name":"Hartford Insurance Group","topic":"moat","path":"/stock/hig/moat","status":"stale","version":10,"updatedAt":"2026-10-19T20:50:23.385Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Hartford demonstrates profitable underwriting, effective renewal pricing and strong financial-strength ratings, but the supplied disclosures establish price-sensitive competition and limited customer dependence rather than a durable economic moat. Its longstanding AARP relationship is a current distribution asset, although its incremental economics and contractual protection are unproven. Moderating price increases, declining personal policies in force and higher underlying commercial losses constrain pricing power despite continued earnings growth.","advantages":[{"mechanism":"intangible_assets","claim":"The AARP relationship, maintained since 1984, provides an established distribution and brand asset in mature consumers. Management calls it a competitive advantage, but the passages do not demonstrate exclusivity, superior acquisition economics or sufficient protection to establish a moat.","durability":"The relationship's operating history supports persistence, but no remaining contract term or renewal protection is supplied. Strong insurer ratings support market access without demonstrating differentiation from competitors.","risks":"Comparative quoting increases price competition. Personal policies in force declined, and improving automobile retention accompanied moderating price increases. The lifetime continuation endorsement ceased for new policies in 2021.","invalidation":"The distribution advantage would be undermined by termination or material weakening of the AARP relationship, or persistent policy attrition despite competitive pricing. The no-moat conclusion would warrant reconsideration if disclosed contract protections and sustained acquisition-cost or retention advantages demonstrated superior economics through a pricing cycle.","competitors":[],"evidenceIds":["q381","q674"],"counterEvidenceIds":["q15","q16","q383","q841","q842"]}],"evidence":[{"id":"q15","sourceId":"filing-1","location":"Business — Personal Insurance competition, comparative quoting","excerpt":"A large majority of agents have been using “comparative rater” tools that allow the agent to compare premium quotes among several insurance companies."},{"id":"q16","sourceId":"filing-1","location":"Business — Personal Insurance competition, price comparison","excerpt":"The use of comparative rater tools increases price competition."},{"id":"q19","sourceId":"filing-1","location":"Business — underwriting and pricing analytics investments","excerpt":"The Company continues to invest in capabilities to better utilize data and analytics, and thereby, refine and manage underwriting and pricing."},{"id":"q23","sourceId":"filing-1","location":"Human capital — compensation committee and clawback oversight","excerpt":"In addition, the Compensation Committee is responsible for reviewing performance and approving compensation paid to senior executives, and, among other things, the oversight of succession and continuity planning for senior executive roles, setting the Company's executive compensation policy and administering the Company's Clawback Policy for senior executives."},{"id":"q103","sourceId":"filing-1","location":"Consolidated statements of comprehensive income — 2023–2025","excerpt":"Consolidated Statements of Comprehensive Income (Loss) For the years ended December 31, (in millions) 2025 2024 2023 Net income $ 3,836 $ 3,111 $ 2,504 Other comprehensive income (loss) (“OCI”): Change in net unrealized gain (loss) on fixed maturities, available-for-sale (\"AFS\") 898 (57) 1,112 Change in unrealized losses on fixed maturities with an allowance for credit losses (\"ACL\") 3 2 (1) Change in net gain (loss) on cash flow hedging instruments (24) 19 (19) Change in foreign currency translation adjustments 13 (8) 6 Change in liability for future policy benefits adjustments (9) 8 (10) Change in pension and other postretirement plan adjustments (52) (1) (96) OCI, net of tax 829 (37) 992 Comprehensive income $ 4,665 $ 3,074 $ 3,496 See Notes to Consolidated Financial Statements 124 Table of Contents Index to Consolidated Financial Statements and Schedules The Hartford Insurance Group, Inc."},{"id":"q104","sourceId":"filing-1","location":"Consolidated balance sheets — investments, reserves, debt and equity","excerpt":"Consolidated Balance Sheets As of December 31, (in millions, except for share and per share data) 2025 2024 Assets Investments: Fixed maturities, AFS, at fair value (amortized cost of $46,871 and $44,538, and ACL of $16 and $16) $ 46,041 $ 42,567 Fixed maturities, at fair value using the fair value option (\"FVO securities\") 168 308 Equity securities, at fair value 492 603 Mortgage loans (net of ACL of $49 and $44) 6,837 6,396 Limited partnerships and other alternative investments 5,804 5,042 Other investments 262 226 Short-term investments 4,353 4,068 Total investments 63,957 59,210 Cash 133 183 Restricted cash 44 51 Accrued investment income 474 450 Premiums receivable and agents' balances (net of ACL of $142 and $117) 6,316 5,998 Reinsurance recoverables (net of allowance for uncollectible reinsurance of $69 and $75) 7,191 7,140 Deferred policy acquisition costs 1,347 1,239 Deferred income taxes, net 901 1,229 Goodwill 1,911 1,911 Property and equipment, net 931 888 Other intangible assets, net 566 637 Other assets 2,226 1,981 Total assets $ 85,997 $ 80,917 Liabilities Unpaid losses and loss adjustment expenses $ 46,268 $ 44,610 Reserve for future policy benefits 444 448 Other policyholder funds and benefits payable 612 614 Unearned premiums 10,053 9,408 Long-term debt 4,371 4,366 Other liabilities 5,270 5,024 Total liabilities 67,018 64,470 Commitments and Contingencies (Note 14) Stockholders’ Equity Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at December 31, 2025 and December 31, 2024, aggregate liquidation preference of $345 334 334 Common stock, $0.01 par value — 1,500,000,000 shares authorized, 326,960,228 shares issued at December 31, 2025 and December 31, 2024 3 3 Additional paid-in capital 549 578 Retained earnings 24,739 21,531 Treasury stock, at cost — 50,036,826 and 39,404,003 shares (4,589) (3,113) Accumulated other comprehensive loss, net of tax (2,057) (2,886) Total stockholders' equity 18,979 16,447 Total liabilities and stockholders’ equity $ 85,997 $ 80,917 See Notes to Consolidated Financial Statements."},{"id":"q142","sourceId":"filing-1","location":"Note 21 — Hartford Next completion and restructuring costs","excerpt":"The program is substantially complete, though the Company may incur additional costs related to real estate that has been temporarily idled as part of Hartford Next.Total restructuring and other costs, excluding any additional costs related to temporarily idled real estate, are approximately $127, before tax, and have been recognized in the Corporate category for segment reporting."},{"id":"q322","sourceId":"filing-1","location":"Capital resources — 2026 P&C regulatory dividend capacity","excerpt":"The Company’s property and casualty insurance subsidiaries have regulatory dividend capacity of $2.5 billion for 2026."},{"id":"q325","sourceId":"filing-1","location":"Capital resources — holding-company dividend restrictions","excerpt":"There are no current restrictions on HIG Holding Company's ability to pay dividends to its stockholders."},{"id":"q354","sourceId":"filing-1","location":"Business Insurance — rate regulation and loss-cost pricing","excerpt":"Lines of business written by small business and middle & large business are subject to rate regulation and written pricing increases or decreases that are partly in response to loss cost trends."},{"id":"q360","sourceId":"filing-1","location":"Business Insurance — fragmented small-business competition","excerpt":"The small business market remains highly competitive and fragmented as carriers seek to differentiate themselves through product expansion, price, enhanced service and leading technology."},{"id":"q363","sourceId":"filing-1","location":"Business Insurance — pricing and terms in account acquisition and retention","excerpt":"National and regional carriers participate in the middle & large business insurance sector, resulting in a competitive environment where pricing and policy terms are critical to securing new business and retaining existing accounts."},{"id":"q381","sourceId":"filing-1","location":"Personal Insurance — AARP relationship and claimed competitive advantage","excerpt":"This relationship with AARP, which has been in place since 1984, provides Personal Insurance with an important competitive advantage given the increase in the population of those over age 50 and the strength of the AARP brand."},{"id":"q383","sourceId":"filing-1","location":"Personal Insurance — discontinuation of lifetime continuation for new policies","excerpt":"However, beginning in May 2021, Personal Insurance no longer offers the lifetime continuation agreement to new home and automobile policies."},{"id":"q385","sourceId":"filing-1","location":"Employee Benefits competition — multi-year rate guarantees","excerpt":"Active price competition continues in the marketplace, resulting in multi-year rate guarantees being offered to customers."},{"id":"q430","sourceId":"filing-1","location":"Capital risk — applicable RBC framework","excerpt":"The minimum capital we must hold is based on risk-based capital (“RBC”) formulas for both property and casualty and life companies."},{"id":"q432","sourceId":"filing-1","location":"Capital risk — Funds at Lloyd's and SCR framework","excerpt":"The FAL is determined based on the syndicate’s Solvency Capital Requirement (“SCR”) under the Solvency II capital adequacy model plus an economic capital assessment determined by the Lloyd’s Franchise Board (which is responsible for the day-to-day management of the Lloyd's market)."},{"id":"q489","sourceId":"filing-1","location":"Personal Insurance results — 2025 underlying loss-ratio improvement","excerpt":"Underlying loss and LAE ratio decreased in both automobile and homeowners in 2025."},{"id":"q490","sourceId":"filing-1","location":"Personal Insurance results — earned pricing versus automobile loss costs","excerpt":"The decrease in automobile was primarily due to the impact of earned pricing increases, partially offset by higher loss costs."},{"id":"q509","sourceId":"filing-1","location":"Statutory capital — management statement about desired capital levels","excerpt":"Statutory capital at the insurance subsidiaries has been maintained at capital levels commensurate with the Company's desired RBC ratios and ratings from rating agencies."},{"id":"q569","sourceId":"filing-2","location":"Changes in stockholders' equity — first-half earnings, distributions, compensation and shares","excerpt":"Condensed Consolidated Statements of Changes in Stockholders' Equity Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except for share and per share data) (Unaudited) Preferred Stock $ 334 $ 334 $ 334 $ 334 Common Stock 3 3 3 3 Additional Paid-in Capital Additional Paid-in Capital, beginning of period 487 524 549 578 Issuance of shares under incentive and stock compensation plans and other (6) (19) (150) (149) Stock-based compensation plans expense 22 22 104 98 Additional Paid-in Capital, end of period 503 527 503 527 Retained Earnings Retained Earnings, beginning of period 25,424 22,007 24,739 21,531 Net income 1,298 995 2,154 1,625 Dividends declared on preferred stock (5) (5) (10) (10) Dividends declared on common stock (164) (147) (330) (296) Retained Earnings, end of period 26,553 22,850 26,553 22,850 Treasury Stock, at cost Treasury Stock, at cost, beginning of period (4,943) (3,444) (4,589) (3,113) Treasury stock acquired (454) (404) (909) (808) Issuance of shares under incentive and stock compensation plans from treasury stock and other 11 38 184 178 Net shares acquired related to employee incentive and stock compensation plans (3) (2) (75) (69) Treasury Stock, at cost, end of period (5,389) (3,812) (5,389) (3,812) Accumulated Other Comprehensive Income (Loss), net of tax Accumulated Other Comprehensive Income (Loss), net of tax, beginning of period (2,416) (2,580) (2,057) (2,886) Total other comprehensive income (loss) 45 196 (314) 502 Accumulated Other Comprehensive Income (Loss), net of tax, end of period (2,371) (2,384) (2,371) (2,384) Total Stockholders’ Equity $ 19,633 $ 17,518 $ 19,633 $ 17,518 Preferred Shares Outstanding 13,800 13,800 13,800 13,800 Common Shares Outstanding (in thousands) Common Shares Outstanding, beginning of period 274,902 285,104 276,923 287,556 Treasury stock acquired (3,366) (3,240) (6,663) (6,755) Issuance of shares under incentive and stock compensation plans and other 109 429 1,886 2,084 Return of shares under incentive and stock compensation plans to treasury stock (21) (18) (522) (610) Common Shares Outstanding, at end of period 271,624 282,275 271,624 282,275 Cash dividends declared per common share $ 0.600 $ 0.520 $ 1.200 $ 1.040 Cash dividends declared per preferred share $ 375.00 $ 375.00 $ 750.00 $ 750.00 See Notes to Condensed Consolidated Financial Statements."},{"id":"q604","sourceId":"filing-2","location":"Note 5 — June 2026 mortgage LTV, DSCR and allowance","excerpt":"DSCR Greater than 80% $ — —x $ — —x $ 28 1.37x $ — —x $ — —x $ 160 1.58x $ 188 1.54x 65% - 80% — —x 39 1.05x 49 0.95x 16 1.00x 95 1.63x 764 2.33x 963 2.11x Less than 65% 682 1.77x 1,192 1.74x 607 1.55x 315 1.36x 612 3.03x 2,752 2.81x 6,160 2.31x Total mortgage loans $ 682 1.77x $ 1,231 1.72x $ 684 1.37x $ 331 1.34x $ 707 2.84x $ 3,676 2.66x $ 7,311 2.27x [1]Amortized cost of mortgage loans excludes ACL of $49."},{"id":"q614","sourceId":"filing-2","location":"Note 13 — derivative downgrade collateral provisions","excerpt":"Based on derivative contractual terms as of June 30, 2026, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral."},{"id":"q618","sourceId":"filing-2","location":"Note 14 — actual first-half share repurchases","excerpt":"14. Equity Equity Repurchase Program During the six months ended June 30, 2026 and 2025, the Company repurchased $900 (6.7 million shares) and $800 (6.8 million shares), respectively, of common stock under Board authorized share repurchase programs covering the applicable periods."},{"id":"q619","sourceId":"filing-2","location":"Discontinued operations — earnings and tax benefit","excerpt":"Notes To Condensed Consolidated Financial Statements (continued) Reconciliation of the Major Line Items Constituting Pretax Profit of Discontinued Operations Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Fee income $ 295 $ 256 $ 578 $ 516 Net investment income 5 6 10 10 Net realized gains 7 9 5 9 Total revenues 307 271 593 535 Benefits, losses and expenses Insurance operating costs and other expenses [1] 222 199 441 404 Total benefits, losses and expenses 222 199 441 404 Income from discontinued operations before income taxes 85 72 152 131 Income tax expense (benefit) (233) 15 (218) 28 Income from discontinued operations, net of tax $ 318 $ 57 $ 370 $ 103 [1] Corporate allocated overhead has been included in continuing operations."},{"id":"q625","sourceId":"filing-2","location":"MD&A — net income to core earnings reconciliation","excerpt":"Management's Discussion and Analysis of Financial Condition and Results of Operations Reconciliation of Net Income to Core Earnings Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 1,298 $ 995 $ 2,154 $ 1,625 Preferred stock dividends 5 5 10 10 Net income available to common stockholders 1,293 990 2,144 1,615 Adjustments to reconcile net income available to common stockholders to core earnings: Net realized (gains) losses, excluded from core earnings, before tax [1] (40) 19 11 66 Integration and other non-recurring M&A costs, before tax 3 2 4 4 Change in deferred gain on retroactive reinsurance, before tax [2] — (24) (36) (56) Income tax expense (benefit) [3] 7 2 4 (2) Income from discontinued operations, net of tax (318) (57) (370) (103) Core earnings $ 945 $ 932 $ 1,757 $ 1,524 [1]Includes a loss on disposal of real estate, which was reported in insurance operating costs and other expenses and sold during the second quarter of 2026."},{"id":"q627","sourceId":"filing-2","location":"MD&A — suspended A&E reinsurance payments and arbitration","excerpt":"Subsequently NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding."},{"id":"q652","sourceId":"filing-2","location":"Business Insurance results — middle-market renewal pricing","excerpt":"•In middle market, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in automobile and general liability lines and low single-digit price increases in property."},{"id":"q655","sourceId":"filing-2","location":"Business Insurance results — global specialty renewal pricing","excerpt":"Price increases were in the mid single-digits overall with US wholesale in the low double-digits."},{"id":"q657","sourceId":"filing-2","location":"Business Insurance results — higher underlying loss and LAE ratio","excerpt":"Management's Discussion and Analysis of Financial Condition and Results of Operations Underlying Loss and Loss Adjustment Expense Ratio Three and six months ended June 30, 2026 compared to 2025 Underlying Loss and Loss Adjustment Expense Ratio for the three and six months ended June 30, 2026 increased primarily due to higher non-cat property losses and a change in business mix."},{"id":"q674","sourceId":"filing-2","location":"Ratings — insurance financial-strength ratings as of July 22, 2026","excerpt":"Best Standard & Poor’s Moody’s Hartford Fire Insurance Company A+ AA- Aa3 Hartford Life and Accident Insurance Company A+ AA- A1 Navigators Insurance Company A+ AA- Not Rated Other Ratings: The Hartford Insurance Group, Inc."},{"id":"q772","sourceId":"filing-2","location":"Controls and procedures — management effectiveness assessment","excerpt":"The Company’s principal executive officer and its principal financial officer, based on their evaluation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) have concluded that the Company’s disclosure controls and procedures are effective for the purposes set forth in the definition thereof in Exchange Act Rule 13a-15(e) as of June 30, 2026."},{"id":"q827","sourceId":"filing-2","location":"MD&A — favorable net reserve development and adverse liability offsets","excerpt":"Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability and physical damage, bond, and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability."},{"id":"q830","sourceId":"filing-2","location":"Business Insurance results — written premium growth across businesses","excerpt":"Written premiums for the three and six months ended June 30, 2026 increased driven by growth across small business, middle & large business and global specialty."},{"id":"q837","sourceId":"filing-2","location":"Business Insurance results — realized renewal increases and moderation","excerpt":"Renewal written price increases were recognized in most lines for both the three and six months ended June 30, 2026, though have moderated from the prior year."},{"id":"q839","sourceId":"filing-2","location":"Business Insurance results — slightly negative small-business workers' compensation pricing","excerpt":"Workers' compensation pricing was slightly negative."},{"id":"q841","sourceId":"filing-2","location":"Personal Insurance results — retention response to moderating pricing","excerpt":"Effective Policy count retention increased for automobile and was relatively stable for homeowners in both the three and six months ended June 30, 2026, in response to moderating renewal written pricing increases."},{"id":"q842","sourceId":"filing-2","location":"Personal Insurance results — declining policies in force","excerpt":"Policies in-force as of June 30, 2026 compared to June 30, 2025 declined for automobile and for homeowners, reflecting the level of new business in relation to non-renewed policies."},{"id":"q867","sourceId":"filing-2","location":"Capital resources — available holding-company investments and cash","excerpt":"•Approximately $1.9 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;"},{"id":"q868","sourceId":"filing-2","location":"Capital resources — revolving credit capacity and maturity","excerpt":"•A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030."},{"id":"q876","sourceId":"filing-2","location":"Liquidity — underwriting and investment cash-flow sufficiency","excerpt":"While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands."},{"id":"q885","sourceId":"filing-2","location":"Cash flows — operating cash-flow decline and causes","excerpt":"Cash provided by operating activities decreased in 2026 as compared to the prior year period primarily driven by higher operating expenses, including increased commissions and staffing costs, and an increase in P&C loss and loss adjustment expenses paid, partially offset by an increase in P&C and Employee Benefits premiums received."},{"id":"q917","sourceId":"filing-3","location":"Proxy summary — independent oversight, shareholder rights and ownership requirements","excerpt":"Independent Oversight ✓ All directors are independent, other than the CEO ✓ Independent key committees (Audit, Compensation, Nominating) ✓ Empowered and engaged independent Lead Director Engaged Board /Shareholder Rights ✓ All directors elected annually ✓ Majority vote standard (with plurality carve-out for contested elections) ✓ Proxy access right with market terms ✓ Director resignation policy ✓ Over-boarding policy limits total public company boards, including The Hartford, to four for non-CEOs and two for sitting CEOs ✓ Rigorous Board and committee self-evaluation conducted annually; third-party Board and individual director evaluations conducted triennially ✓ Meaningful Board education and training on recent and emerging governance, technology and industry trends ✓ Annual shareholder engagement program focused on governance, compensation and sustainability issues ✓ Shareholder right to call special meeting Other Governance Practices ✓ Board diversity of experience, tenure, age, gender, race and ethnicity ✓ Mandatory retirement age of 75 ✓ Policies to identify director candidates encompassing the right mix of experience, qualifications, skills and backgrounds ✓ Annual review of CEO succession plan by the independent directors with the CEO ✓ Annual Board review of long-term and emergency succession plans for senior management and the CEO ✓ Stock-ownership requirements of 6x salary for CEO and 4x salary for other named executive officers ✓ Annual Nominating Committee review of The Hartford's political and lobbying policies and expenditures Audit Highlights 02 Ratification of Appointment of Independent Registered Public Accounting Firm The Board is asking shareholders to ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm for 2026."},{"id":"q920","sourceId":"filing-3","location":"Compensation — existing clawback, hedging and change-of-control policies","excerpt":"2026 Proxy Statement 9 Proxy Summary Governance Audit Compensation Shareholder Proposal COMPENSATION BEST PRACTICES Our current compensation best practices include the following: WHAT WE DO ✓ Compensation heavily weighted toward variable pay ✓ Senior Executives generally receive the same benefits as other full-time employees ✓ Double-trigger requirement for cash severance and equity vesting upon a change of control* ✓ Cash severance upon a change of control not to exceed 2x base salary + bonus ✓ Independent compensation consultant ✓ Risk mitigation in plan design and annual review of compensation plans, policies and practices ✓ Comprehensive claw-back policy (includes misconduct) that covers both time and performance based incentive awards ✓ Prohibition on hedging, monetization, derivative and similar transactions with company securities ✓ Prohibition on Senior Executives pledging company securities ✓ Stock ownership guidelines for Directors and requirements for Senior Executives ✓ Periodic review of compensation peer groups ✓ Competitive burn rate and dilution for equity program * Double-trigger vesting for equity awards applies if the awards are assumed or replaced with substantially equivalent awards."},{"id":"q975","sourceId":"filing-3","location":"Compensation — adjustments to core earnings for incentive purposes","excerpt":"Certain adjustments are made to core earnings for compensation purposes to ensure employees are held accountable for operating decisions made that year, and are neither advantaged nor disadvantaged by the effect of certain external items that do not reflect operating year performance."},{"id":"q987","sourceId":"filing-3","location":"Compensation process — management excluded from determining own pay","excerpt":"No member of our management team, including the CEO, has a role in determining their own compensation."},{"id":"q1014","sourceId":"filing-3","location":"Stock ownership — actual aggregate beneficial ownership","excerpt":"The directors, NEOs and Section 16 executive officers as a group beneficially owned approximately 1.3% of the total outstanding shares of our common stock as of March 23, 2026."},{"id":"q1025","sourceId":"filing-3","location":"Appendix A — compensation earnings and ROE reconciliation, excluding AOCI","excerpt":"31, 2023 Net income available to common shareholders as reported $3,815 $3,090 $2,483 Adjustments to reconcile net income available to common stockholders to core earnings: Net realized losses excluded from core earnings, before tax 96 56 152 Restructuring and other costs, before tax — 2 6 Integration and other non-recurring M&A costs, before tax 7 8 8 Change in deferred gain on retroactive reinsurance, before tax (64) (83) 194 Income tax expense (benefit) (9) 3 (76) Core Earnings as reported 3,845 3,076 2,767 Adjusted for after tax: Total catastrophe losses, including reinstatement premiums, state catastrophe fund assessments and terrorism losses that are (below) or above the catastrophe budget.(1) (114) (34) (38) Prior accident year reserve development associated with asbestos and environmental reserves, net of reinsurance recoveries, included in core earnings 130 111 — Total Hartford Funds earnings that are below or (above) the annual operating budget as set for each year in February 2023 (1) 1 — Entire amount of a loss (gain) associated with litigation and regulatory settlement charges and/or with prior/current year non-recurring tax benefits or charges (14) — — Core Earnings as adjusted $ 3,846 $ 3,154 $ 2,729 Prior year ending common stockholders' equity, excluding accumulated other comprehensive income (AOCI)(2) as reported $ 18,999 $ 17,842 $ 17,183 Current year ending common stockholders' equity, excluding AOCI as reported $ 20,702 $ 18,999 $ 17,842 Average common stockholders' equity, excluding AOCI as reported $ 19,851 $ 18,421 $ 17,513 Compensation Core ROE 19.4 % 17.1 % 15.6 % Average of 2023, 2024, and 2025 Compensation Core ROE = 17.4% (1)The catastrophe budget for each year will be based on the multi-year outlook finalized in the first quarter of the year of grant."},{"id":"q1038","sourceId":"filing-3","location":"Appendix A — 2025 combined and underlying combined ratios","excerpt":"Business Insurance Personal Insurance Combined Ratio 88.3 91.9 Impact of current accident year catastrophes and prior accident year development on combined ratio 0.2 (4.0) Underlying Combined Ratio 88.5 88.0 Core Earnings Per Diluted Share: This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S."},{"id":"q1065","sourceId":"filing-3","location":"Proxy financial results — net income and core earnings ROE","excerpt":"Net income and core earnings return on equity (\"ROE\")*† were 22.0% and 19.4%, respectively."},{"id":"q1190","sourceId":"filing-3","location":"Compensation — certified 2023–2025 performance-share payout","excerpt":"The Compensation Committee certified a 2023-2025 performance share award payout at 176% of target."},{"id":"q1231","sourceId":"filing-3","location":"Termination benefits — retirement eligibility and conditional equity treatment","excerpt":"As of December 31, 2025, all NEOs in the table above were eligible to receive retirement treatment on their outstanding restricted stock units and on their performance share awards, subject to the Company's performance against performance measures and the NEO's compliance with the non-competition provision."},{"id":"q1987","sourceId":"filing-7","location":"CEO succession announcement — appointment effective March 1, 2027","excerpt":"•Company President A. Morris “Mo” Tooker named CEO, effective March 1, 2027"},{"id":"q2014","sourceId":"filing-7","location":"CEO succession announcement — intended executive-chair departure","excerpt":"He intends to step down from his role as executive chair in the second half of 2027."},{"id":"completion-1ad490035296-e1","sourceId":"filing-2","location":"Capital requirements risk disclosure","excerpt":"◦capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners (\"NAIC\") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results;"},{"id":"completion-1ad490035296-e2","sourceId":"filing-2","location":"Interim financial reporting accounting basis","excerpt":"GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities."},{"id":"completion-5665f220484c-e1","sourceId":"filing-2","location":"Capital requirements risk disclosure","excerpt":"◦capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners (\"NAIC\") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results;"},{"id":"completion-5665f220484c-e2","sourceId":"filing-2","location":"Interim financial reporting basis; GAAP versus insurance regulatory accounting","excerpt":"GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities."},{"id":"completion-7cba92d72d8b-e1","sourceId":"filing-2","location":"Forward-looking statements: capital requirements","excerpt":"◦capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners (\"NAIC\") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results;"},{"id":"completion-7cba92d72d8b-e2","sourceId":"filing-2","location":"Basis of presentation: GAAP versus regulatory accounting","excerpt":"GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities."}],"changes":["Retains the previous none verdict while explicitly recognizing the longstanding AARP distribution asset; its incremental economics and contractual protection remain unestablished.","Adds pricing, management, financial-strength and capital-allocation assessments supported by the expanded passages.","Adds realized counterevidence from declining personal policies in force, higher commercial underlying losses and suspended A&E reinsurance payments.","Recognizes the announced 2027 CEO succession as a future transition, not completed execution."],"limitations":["The passages are issuer filings and issuer announcements. Operating results and disclosed contractual provisions support grades, but management descriptions of competitive advantage do not establish structural superiority.","Competition passages identify generic insurer categories without establishing named operating competitors. Companies named in director biographies, transactions or reinsurance arrangements are not automatically competitors; competitor arrays remain empty.","No AARP exclusivity, remaining contract term, acquisition-cost comparison or quantified incremental retention advantage is supplied.","No actual RBC ratios with defined denominators, statutory capital amounts against requirements, or Lloyd's solvency coverage are supplied. Ratings and GAAP equity cannot substitute for those measures.","Customer retention is assessed from disclosed directional personal-insurance results; no retention rate or comprehensive commercial and employee-benefits renewal coverage is supplied.","Current financial checks use filings dated February 20, April 9 and July 23, 2026, all within 550 days of October 18, 2026. Supplied dates are treated as filed dates, not retrieval dates.","The June 2026 interim statements are unaudited. Hartford Funds is presented as discontinued operations; transaction consideration and realized disposal returns are absent.","The isolated passage attributing customer complaints to an independent review supplies no identifiable underlying review or methodology and is not treated as verified independent evidence."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"AARP provides an established distribution asset, but fragmented competition and comparative quoting limit differentiation. Analytics investment does not demonstrate proprietary superiority.","evidenceIds":["q381","q360","q15","q16","q19"]},{"criterion":"durability","grade":2,"rationale":"The AARP relationship has persisted since 1984, but its future protections and economic contribution are undisclosed. New policies no longer receive the lifetime continuation endorsement.","evidenceIds":["q381","q383"]},{"criterion":"customer_dependency","grade":1,"rationale":"Retention improved as pricing moderated, while policies in force declined. Account competition emphasizes price and terms; meaningful switching friction is not demonstrated.","evidenceIds":["q841","q842","q363","q15"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Observed renewal moderation, personal policy attrition and higher commercial underlying losses show a fragile competitive cushion despite premium growth.","evidenceIds":["q837","q842","q657","q830"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Actual renewal increases across most commercial lines, including high single-digit automobile and general liability increases, demonstrate pricing execution. 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