AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Strong ratings are a useful credential, but widespread quote comparison and industry analytics adoption weaken differentiation. No proprietary cost, network or distribution barrier is demonstrated.
durability · 1/4 · Pricing cycles and replicable analytics investment leave protection fragile. Profitable underwriting does not establish a defensible advantage through a full competitive cycle.
customer dependency · 1/4 · Agents can compare competing quotes and most P&C policies have short terms, supporting weak lock-in. No Hartford-specific switching friction is demonstrated.
erosion resilience · 2/4 · Profitable 2025 underwriting and growing first-half core earnings demonstrate operating resilience, balanced by moderating renewal pricing and increased underlying losses. Relative competitive resilience remains unproven.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Actual renewal written increases across middle market, workers' compensation and specialty demonstrate effective current repricing. Moderation and the inclusion of amount-of-insurance effects limit inference about discretionary pricing power.
retention · 2/4 · Reported pricing on renewed policies establishes repeat demand indirectly. Without renewal volumes, retention rates or lost-business data, the strength of retention while repricing remains mixed.
margin resilience · 2/4 · Both disclosed P&C segments had profitable 2025 combined ratios and first-half core earnings increased, but underlying loss ratios subsequently worsened. Repricing has not eliminated claims pressure.
contractual freedom · 1/4 · Short policy terms permit renewal repricing, but rate approvals and competitive conditions constrain terms and prices. This is limited autonomy rather than an inability to change prices.
Predictability62
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 5.77
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 45.06
Financial strength—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital adequacy · — · Ratings and GAAP equity are disclosed, but insurer solvency ratios, exact regulatory capital denominators and applicable buffers are absent. Current regulatory capital sufficiency cannot be graded.
liquidity funding · 3/4 · Disclosed sufficient underwriting/investment liquidity is supported by short-term investment holdings, regulatory dividend capacity and derivative terms requiring no additional downgrade collateral. Complete holding-company liquidity and stressed claims demands are missing.
asset liability risk · 2/4 · Most mortgage principal is in the below-65% LTV category and aggregate DSCR is 2.27x, but actual unfavorable reserve development and suspended reinsurance payments demonstrate offsetting risks. Full asset/liability duration matching and disputed exposure size are unavailable.
earnings resilience · 3/4 · Net income increased from 2023 through 2025 and first-half 2026 core earnings rose despite disclosed claims pressure. A large discontinued-operations contribution to current net income and limited stress-cycle coverage preclude exceptional durability.
Capital allocation63
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · Disclosed 2025 net income ROE of 22.0% and core earnings ROE of 19.4% support strong capital returns. Compensation Core ROE uses adjusted earnings and common equity excluding AOCI; these measures are not regulatory capital returns or interchangeable accounting scopes.
distributions and buffers · 2/4 · First-half repurchases of $900 million and declared common/preferred dividends of $340 million were below net income of $2.154 billion, while equity increased. Regulatory dividend capacity supports upstream funding, but absent solvency buffers prevent a strong conclusion about distribution headroom.
dilution and cost · 3/4 · Common shares fell from 276.923 million to 271.624 million during the first half despite equity-plan issuance. Stock compensation expense of $104 million versus $98 million is explicitly disclosed. Net share reduction is demonstrated, though repurchase value creation is not.
investment discipline · 2/4 · Substantially completed restructuring with disclosed cumulative costs and mortgage collateral metrics provide tangible outcomes. Suspended reinsurance recoveries expose a realized protection shortfall. Quantified returns on technology spending and acquisition/divestiture economics are missing.
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Actual repurchases and dividends accompanied retained earnings and equity growth, while Hartford Next was substantially completed with disclosed costs. Missing solvency buffers and repurchase valuation evidence prevent an exceptional assessment.
incentive alignment · 2/4 · Actual ownership, ownership requirements, clawbacks and earnings/ROE/TSR measures support alignment. Compensation adjustments and retirement vesting provisions temper it; ownership requirements alone are not proof of compliance.
execution · 3/4 · Reported multi-year earnings growth, profitable segment underwriting and completed restructuring support strong execution from operating outcomes. Higher losses and disputed reinsurance recoveries limit the assessment.
governance · 3/4 · Disclosed independent directors and key committees, annual elections, majority voting and an independent lead director demonstrate substantive governance safeguards. The combined CEO/chair structure and absence of evidence about effectiveness under stress limit durability conclusions.
Evidence
A large majority of agents have been using “comparative rater” tools that allow the agent to compare premium quotes among several insurance companies.
Personal Insurance / Competition / comparative quote tools · Filed 20/02/2026
The use of comparative rater tools increases price competition.
Personal Insurance / Competition / price competition · Filed 20/02/2026
The use of data mining and predictive modeling is used by more and more carriers to target the most profitable business, and carriers have further segmented their pricing plans to expand market share in what they believe to be the most profitable segments.
Personal Insurance / Competition / industry analytics adoption · Filed 20/02/2026
The Company continues to invest in capabilities to better utilize data and analytics, and thereby, refine and manage underwriting and pricing.
Personal Insurance / underwriting and pricing investment · Filed 20/02/2026
Additionally, the property and casualty and employee benefits insurance markets have been historically cyclical, experiencing periods characterized by relatively high levels of price competition, less restrictive underwriting standards, more expansive coverage offerings, multi-year rate guarantees and declining premium rates, followed by periods of relatively low levels of competition, more selective underwriting standards, more coverage restrictions and increasing premium rates.
Risk Factors / insurance pricing cycles · Filed 20/02/2026
A number of factors affect renewal written price increases (decreases) including expected loss costs as projected by the Company’s pricing actuaries, rate filings approved by state regulators, risk selection decisions made by the Company’s underwriters and marketplace competition.
MD&A / renewal written price methodology and constraints · Filed 20/02/2026
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.
Consolidated Statements of Comprehensive Income / 2023–2025 · Filed 20/02/2026
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.
Consolidated Balance Sheets / investments, reserves, debt and equity · Filed 20/02/2026
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.
Note 21 / Hartford Next completion and recognized costs · Filed 20/02/2026
While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands.
MD&A / insurance operations liquidity · Filed 20/02/2026
The Company's insurance operations hold fixed maturity securities, including a significant short-term investment position (securities with maturities of one year or less at the time of purchase), to meet liquidity needs.
MD&A / fixed maturity and short-term liquidity assets · Filed 20/02/2026
The Company’s property and casualty insurance subsidiaries have regulatory dividend capacity of $2.5 billion for 2026.
Regulatory dividend restrictions / 2026 P&C dividend capacity · Filed 20/02/2026
There are no current restrictions on HIG Holding Company's ability to pay dividends to its stockholders.
Regulatory dividend restrictions / holding company dividends · Filed 20/02/2026
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.
Condensed Consolidated Statements of Changes in Stockholders' Equity · Filed 23/07/2026
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.
Note 5 / June 2026 mortgage loan LTV, DSCR and allowance · Filed 23/07/2026
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.
Derivative contingent features / downgrade collateral terms · Filed 23/07/2026
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.
Note 14 / actual first-half share repurchases · Filed 23/07/2026
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.
MD&A / reconciliation of net income to core earnings · Filed 23/07/2026
[2]During first quarter 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”) and as a result amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses in the three months ended March 31, 2026.
MD&A / asbestos and environmental reinsurance recoveries · Filed 23/07/2026
Subsequently NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding.
MD&A / reinsurance payment suspension and arbitration · Filed 23/07/2026
Renewal Earned Price Increase (Decrease)- Written premiums are earned over the policy term, which is six months for certain personal automobile business and twelve months for substantially all of the remainder of the Company’s Property and Casualty ("P&C") business.
MD&A / six- and twelve-month P&C policy terms · Filed 23/07/2026
•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.
Business Insurance / middle market renewal written pricing · Filed 23/07/2026
Workers' compensation pricing was positive.
Business Insurance / workers' compensation pricing · Filed 23/07/2026
Price increases were in the mid single-digits overall with US wholesale in the low double-digits.
Business Insurance / global specialty renewal pricing · Filed 23/07/2026
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.
MD&A / underlying loss ratio deterioration · Filed 23/07/2026
Management's Discussion and Analysis of Financial Condition and Results of Operations Ratings Ratings are an important factor in establishing a competitive position in the insurance marketplace and impact the Company's ability to access financing and its cost of borrowing.
MD&A / competitive and funding importance of ratings · Filed 23/07/2026
In the event the Company’s ratings are downgraded, the Company’s competitive position, ability to access financing, and its cost of borrowing, may be adversely impacted.
MD&A / consequences of ratings downgrades · Filed 23/07/2026
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.
Insurance Financial Strength Ratings / July 22, 2026 · Filed 23/07/2026
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.
Proxy Summary / governance practices and ownership requirements · Filed 09/04/2026
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.
Compensation / current clawback, hedging and vesting policies · Filed 09/04/2026
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.
Compensation / adjustments to core earnings for incentive purposes · Filed 09/04/2026
All of the NEOs would receive full vesting, subject to the Company's performance against performance measures, in their restricted stock units and 2024 and 2025 performance share awards due to eligibility 68 www.thehartford.com Proxy Summary Governance Audit Compensation Shareholder Proposal for retirement treatment, subject to the NEO's compliance with the non-competition provision.
Executive compensation / retirement treatment of equity awards · Filed 09/04/2026
The most important financial performance measures used by the Company to link compensation actually paid to the Company’s NEOs to Company performance are as follows: •Compensation Core Earnings •Compensation Core ROE •TSR ANALYSIS OF THE INFORMATION PRESENTED IN THE PAY VERSUS PERFORMANCE TABLE Below are graphs showing the relationship of “Compensation Actually Paid” to our CEO and the average for our other NEOs in 2021, 2022, 2023, 2024 and 2025 relative to (i) TSR; (ii) net income; and (iii) Compensation Core Earnings: 72 www.thehartford.com Proxy Summary Governance Audit Compensation Shareholder Proposal All information provided above under the heading “Pay Versus Performance” will not be deemed to be incorporated by reference into any of the company's filings under the Securities Act of 1933, as amended, or the Exchange Act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the company specifically incorporates such information by reference.
Pay Versus Performance / compensation performance measures · Filed 09/04/2026
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.
Stock Ownership / actual aggregate beneficial ownership · Filed 09/04/2026
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.
Appendix A / compensation earnings and ROE reconciliation · Filed 09/04/2026
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.
Appendix A / 2025 combined and underlying combined ratios · Filed 09/04/2026
Net income and core earnings return on equity ("ROE")*† were 22.0% and 19.4%, respectively.
Proxy Summary / 2025 net income and core earnings ROE · Filed 09/04/2026
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.
MD&A / first-quarter unfavorable prior accident year development · Filed 23/04/2026
