Hartford Financial Services : 1Q26 Financial Results Presentation Slides

Published: 2026-04-23 17:28:55 ET HIG

Published on 04/23/2026 at 05:28 pm EDT

The Hartford

Dlversllled Insurer Wlth Core Underwrltln Strenphs And Marl‹et Leadershlp

Marl‹et leader in desirable segments with high

return characteristics

Delivering consistently strong results across diversified businesses with significant contribution from investment portfolio

Personal Insurance 14%

Hartford Funds 4%

Other

Leveraging core strengths of underwriting excellence, risI‹ management, claims, products and distribution

Investing in differentiating capabilities to strengthen competitive advantage to enable profitable growth

Ethical, people and performance driven culture

Employee Benefits

25%

Revenue Contribution

Across Our Segments' 2

Business Insurance 56%

Revenue contribution is for the trailing 12-months for the period ended March 31, 2026

2 Other includes revenue of S74 million for Property & Casualty Other Operations and $154 million

$zThe Hartford

Flrst Quarter 2026 - DlSclpllned Executlon

The Hartford dellvered a 20.3% trallln 12-month core earnlngs ROE' '

Growth:

P&C net written premium growth of 4%, including 6% in Business Insurance

Employee Benefits fully insured ongoing premium growth of 30a in 1Q26

Book Value Per Diluted Share

(ex AOCI)12

Profitability:

Business Insurance combined ratio of 94.8 and underlying combined ratio'of 89.2 in 1Q26 Personalnsurancecombinedrafloof87.7and undelyingcombinedraflo'of85.0inlQ26 Employee Benefits core earnings margin' of 6.9% in 1Q26

Balance sheet & capital management:

Proactive capital management - repurchased $450 million of shares and paid 5167 million in common stocI‹hoIder dividends in 1Q26

Superior risl‹-adjusted returns:

20.3%traiIing12-month core earnings return on equity(ROE)'

High Quality Investment Portfolio:

Maximizing Value Creation for All Stal‹eholders

A overall average credit rating with net investment income of $739 million, before tax, benefiting primarily from greater income from LPs , a higher level of invested assets, and reinvesting at higher rates

73 62

$75.25

$64.95

$58.83

2023

15.8%

2024 2025

Core Earnings ROE' 3

19.4%

16.7%

1Q26

20.3%

Denotes financial measure not calculated based on GAAP Accumulated other comprehensive income

' ROE based on trailing 12-month average common equity, ex. AOCI and trailing 12-month core earnings

4 Limited partnerships and other alternative investments

2023

2024

2025

1Q26

$zThe Hartford

Business Insurance

$551

$471

17%

Personal Insurance

141

P&C Other Operations

Property & Casualty Total

706

490

44%

Employee Benefits

127

136

(7)%

Hartford Funds

16%

Sub-total

884

670

32%

Corporate

(18)

(31)

42%

Core earnings 866 639 36%

Net realized losses, before tax

(54)

(47)

(15)%

Integration and other non-recurring M&A costs, before tax

(1)

(2)

50%

Change in deferred gain on retroactive reinsurance, before tax

13%

Income tax benefit

33%

Net income available to common stockholders

851

625

36%

Add back: Preferred stock dividends

Net Income

$856

$630

36%

Core earnings per diluted share

$3.09

$2.20

40%

Net income available to common stockholders per diluted share

$3.04

$2.15

41%

Wtd. avg. diluted shares outstanding

279.9

290.8

(4)%

Common shares outstanding and dilutive potential common shares

278.7

289.3

(4)%

Book value per diluted share

$66.58

$57.07

17%

Book value per diluted share (excluding AOCI)1

$75.25

$65.99

14%

Net income ROE, last 12 months

23.0%

18.8%

4.2 pts

Core earnings ROE, last 12 months

20.3%

16.2%

4.1 pts

Written premiums

Combined ratio (%)

Underlying combined ratio1 (%)

3.7 pts.

72.7%

Disability loss ratio (%)

6.7 pts.

73.2%

Life loss ratio (%)

0.7 pts.

6.9%

Core earnings margin

$1.7B

Fully Insured Ongoing Premiums

Business Insurance

$3.9B

94.8

0.4 pts.

89.2

0.8 pts.

Small Business

$1.7B

91.9

1.4 pts.

89.4

0.0 pts.

Middle & Large Business

$1.2B

95.6

4.2 pts.

91.3

0.7 pts.

Global Specialty

$1.0B

90.7

1.4 pts.

86.1

2.1 pts.

Personal Insurance

$862M

87.7

18.4 pts.

85.0

4.7 pts.

Automobile

$565M

10%

89.6

3.9 pts.

92.2

3.9 pts.

Homeowners

$297M

83.8

49.4 pts.

71.0

4.1 pts

Buslness Insurance

Strong contrlbutlOnS from each bUslness contlnue to dellver prolltable growth

Written premiums of $3.9 billion in 1Q26 were up 6% from 1Q25 with increases across the segment, including double-digit new business growth in Small Business

Excludingworl‹ers' compensation, renewal written price increases of 6.0% were relatively flat with 4Q25

Combined ratio of 94.8 in 1Q26 compared to 94.4 in 1Q25, including a 3.3 point change from favorable to unfavorable PYD and 3.6 points of lower CATs

Underlying combined ratio1of 89.2 compared to 88.4 in 1Q25 primarily due to a 0.3 point increase in the expense ratio and a 0.3 point increase in the underlying loss and loss adjustment expense ratio1

Business Insurance Written Premiums2 ($ in millionsJ

Business Insurance Renewal Written Pricing %

Business Insurance Combined Ratio4

$3,686

$3,816

$3,573 $3,381

$3,9O4

94.4 87.0 88.8 83 6 94.8

5.9 " 5.6

$1,006 $ • $836 $805 $1,041

6.7%

6.2%

S.3%

4.5%

51,553

$1,503

$1,444

JQ25 2Q25 3Q25 4Q25 1Q26

1Q25

2Q25

3Q25

4Q25

1Q26

1Q25 2Q25 3Q25 4Q25 JQ26

Small Business Middle & Large Business Global Specialty

Business Insurance3

Business Insurance, ex. Workers' Comp3

Underlying Loss and LAE' Ratio* Expense Ratio

CAYCATs and PYD

Denotes financial measure not calculated based on GAAP

2 Business Insurance written premiums include immaterial amounts from Other Commercial

'Excludes Middle Marl‹et loss sensitive and programs businesses, Global Re, offshore energy policies, credit and political risI‹ insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties

4 Combined ratio includes policyholder dividends ratio

7 "Loss adjustment expense (LAE)

$zThe Hartford

Personal Insurance

Contlnued lmprovement ln the underlylng comblned ratlO'

Written premiums of $862 million compared to $913 million in 1Q25

Renewal written price increase in automobile of 6.8% in 1Q26 compared to 10.4% in 4Q25, and in homeowners,11.8% in 1Q26 was flat with 4Q25

Combined ratio of 87.7 in 1Q26 improved from 106.1 in 1Q25, primarily due to 14.3 points of lower CAT losses and a 4.6 point improvement in the underlying loss and loss adjustment expense ratio

Underlying combined ratio1of 85.0 improved from 89.7 in 1Q25, primarily due to improvement in the underlying loss and loss adjustment expense ratio in automobile and homeowners

Personal Insurance Written Premiums

($ in millions}

Personal Insurance Written Price Increases %

Personal Insurance Combined Ratio

$913

$980 $987

also mgs2

15.7%

106.1

94.1

88.7

79.6

87 7

13.9%

11.3%

5551

10.4%

6.8%

16.5

6.1 2.6

1Q25 2Q25 3Q25 4Q25 1Q26

Automobile Homeowners

Denotes financial measure not calculated based on GAAP g Loss adjustment expense (LAE)

1Q25

2Q25

Automobile

3Q2S

4Q25

Homeowners

1Q26

JQ25 2Q25 3Q25 4Q25 1Q26

Underlying Loss and LAE* Ratio' Expense Ratio CAYCATs and PYD

$zThe Hartford

Employee Beneflts

Strong core earnlngs margln' of 6.9%

Core earnings marginl of 6.9% reflects continued outstanding group life results, strong net investment income and strong disability results

Core Earningsl and Core Earnings Margin

($ lh l IlllOhS)

¥ Loss ratio of 71.7 in 1Q26 reflects continued improved life results and less favorable disability results compared to 1Q25

79.99•

Loss Ratio

Fully Insured Ongoing Premiums & Growth

$136

$163

$149

$138 $127

74.3%

74.2%

76.9Y•

73.2% 72.7%

$1,612

$1,602 $1,603

$1,654

1Q25

2Q2S

Core Earnings

3Q25

4Q25

Core Earnings Margin

1Q26

1Q25

2Q25

Group Life Loss Ratio

3Q25

4Q25

Group Disability Loss Ratio

1Q26

1Q25

2Q25 3Q25 4Q25

Fully Insured Ongoing Premiums

Fully Insured Ongoing Premiums Growth (Year Over Year)

1Q26

Denotes financial measure not calculated based on GAAP

TheHartford

•

Corporate

Core loss' of $18 lTlllllon compared to a core loss of $31 lTlllllOn lnlQ25

Components of Corporate Core Losses

Corporate Holding Company Resources

(S in billions)

($ in millions) 1Q25 2Q25 3Q25 4Q25 1Q26

50.9

Net investment income, after tax

$ll

$11

$13

Interest expense, after tax

(40)

(39)

(40)

Preferred stocl‹ dividends

(5)

(6)

(5)

All others23, after tax

(6)

Corporate core losses

$(31)

$(33)

${5)

$(37)

$(18)

SJ.5

$(0.4)

$(O.2)

$1.8

Dec. 31, 2025 Net Dividends

from Subsidiaries

Share Repurchases

Dividends & Mar. 31, 2026 Interest

Denotes financial measure not calculated based on GAAP

$zThe Hartford

2 Includes investment management fees and expenses related to managing third-party business, incurred losses related to run-off structured settlement and terminal funding agreement liabilities and other corporate expenses

For the first quarter of 2026, reflects a higher net tax benefit and an increase in other revenues related to valuation appreciation of an investment, for the third quarter of 2025, reflects a net tax benefit which includes a release

11 a provision for an uncertain tax position and tax related interest accruals

Core Earnlngs ROE' of 20.3% lnlQ26 industry leadlng Core Earnlngs ROE

Consolidated Core Earnings ROE

P&C Core Earnings ROE

Employee Benefits Core Earnings ROE

15.8%

2023

16.7%

2024

19.4%

2025

20.3%

1Q26

17.3%

2023

18.4%

2024

22.4%

2025

23.7%

1Q26

T4.3%

2023

T4.4%

2024

14.6%

2025

14.6%

1Q26

Denotes financial measure not calculated in GAAP

$zThe Hartford

BVPS (Ex. AOCf)' of $75.25 at March 31, 2026

In 1Q26, the company returned $617 million to stocI‹hoIders including $450 million in share repurchases and $167 million in common stocI‹hoIder dividends paid

Bool‹value per diluted share of $66.58 k Bool‹value per diluted share (ex. AOCI)! b

increased from $66.31 at December 31, of $75.25 increased from $73.62 at 2025, principally due to net income in December 31, 2025, principally due to excess of stocI‹hoIder dividends net income in excess of stocI‹hoIder through March 31, 2026, partially offset dividends through March 31, 2026,

by a decrease in AOCI and the dilutive partially offset by the dilutive effect of effect of share repurchases share repurchases

Including common stocI‹hoIder dividends paid, SVC2was 17% over the Iast12 months

Capital Returned to Stocl‹holders

($ in billions)

Bool‹ Value Per Diluted Share (BVPS)

Bool‹Value Per Diluted Share (ex. AOCI)

$1.9

$2.1

$2.2

$0.6

$57.07

$60.02

$63.86

$66.31 $66.58

$6599

$68.35 $70.92

$73.62 $75.25

2023 2024

Share Repurchases

2025

Common Dividends

1Q26

1Q25 2Q25 3Q25 4Q25 IQ26

JQ25 2Q25 3Q25 4Q25 JQ26

Denotes financial measure not calculated in GAAP

Stocl‹holder value creation (SVC) in a period is defined as the change in BVPS (ex. AOCI) plus common stocI‹hoIder dividends paid during the period, divided by BVPS (ex. AOCI) at beginning of period

$cThe Hartford

DlscusslOn And ReconClllatlOfl Of Non-GAAP Flnanclal Measures

March 31, 2026

15 $zThe Hartford

Dlscusslon And Reconclllatlon Of Non-GAAP Flnanclal Measures

The Hartford uses non-GAAP financial measures in this presentation to assist investors in analyzing The Hartford's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of non-GAAP and other financial measures used in this presentation can be found in The Hartford's news release issued on April 23, 2026, The Hartford's Investor Financial Supplement for first quarter 2026 and previous periods which are available at the Investor Relations section of The Hartford's website at https://ir.thehartford.com.

16 $cThe Hartford

Disclaimer

The Hartford Insurance Group Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:20 UTC.