stockrowWhat it does
The Hartford Insurance Group is a holding company whose subsidiaries provide property-and-casualty insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds. It serves individual and business customers, principally in the United States, with some business in the United Kingdom and other international locations. It was founded in 1810, is headquartered in Connecticut, and Christopher Swift is chairman and chief executive officer.
Its commercial insurance operation covers risks businesses face, including workplace injuries, property damage, liability claims, commercial vehicles, marine exposures, professional liability, bonds, and credit and political risks. It sells policies with fixed premiums as well as loss-sensitive policies, where the final premium can change with the customer’s loss experience.
Personal Insurance sells automobile, homeowners and personal umbrella coverage. Its Employee Benefits operation provides group life, short- and long-term disability, paid family leave, supplemental health products, leave management and claims administration for employers and other groups. Hartford Funds provides investment-management, administration and distribution services for mutual funds, ETFs and certain separate accounts.
The holding company itself has no significant operating business. It depends principally on dividends from its insurance and other subsidiaries to meet obligations, pay dividends and repurchase common stock. At December 31, 2025, total assets were $86.0 billion and total stockholders’ equity was $19.0 billion.
How it makes money
The Hartford earns insurance premiums in return for taking on policyholders’ risks, earns investment income on its invested assets, and receives fees in its asset-management business. Insurance profitability depends on whether premiums and future investment income cover underwriting expenses and the eventual cost of claims, while leaving a profit margin. Claims can take months or years to settle, so the company establishes reserves for expected ultimate claim costs, including reported claims and claims not yet reported.
Business Insurance was the largest reported segment by revenue in FY2025, at $15.8 billion and 56.0% of revenue. It includes small business, middle and large business, and global specialty. Employee Benefits generated $7.1 billion. Hartford Funds generated $1.1 billion from investment-management and related activities; its fee income is largely based on defined percentages of assets under management and therefore changes with asset values and net flows.
Insurance pricing is set by the risk characteristics of the insured exposure. Rates for Personal Insurance and most Business Insurance products are filed with states, although commercial premiums can be modified for a customer’s risk profile; excess-and-surplus-lines business has more flexibility over rates and coverage. Group-benefit policies are generally term policies, allowing rates or terms to be adjusted at renewal.
FY2025 was the latest full year; Q2 2026 core earnings were $945 million.
The company uses the combined ratio to track underwriting results: it measures losses, loss-adjustment expenses, underwriting expenses and policyholder dividends for every $100 of earned premiums. A ratio below 100 demonstrates underwriting profit, while a ratio above 100 demonstrates underwriting losses.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| P&C Business Insurance | $15.8 billion | 56.0% | 9.73% |
| Employee Benefits | $7.1 billion | 25.3% | 1.05% |
| P&C Personal Insurance | $4.1 billion | 14.5% | 8.18% |
| Hartford Funds | $1.1 billion | 3.94% | 4.31% |
| Property & Casualty Other Operations | $73.0 million | 0.26% | 4.29% |
Customers and how it sells
The Hartford’s core market is the United States. Business Insurance serves companies of all sizes in the United States and internationally, while Personal Insurance serves individuals across the United States. International Business Insurance activity is principally in the United Kingdom, and its Lloyd’s platform can write risks in more than 200 countries using Lloyd’s international licenses.
Small-business customers are generally below the company’s payroll, revenue and property-value thresholds. Middle and large business serves firms above those thresholds, including national accounts, and Global Specialty serves companies of all sizes with customized products. Employee Benefits serves employer groups, associations and affinity groups. Hartford Funds serves domestic investors through mutual funds, ETFs and separate accounts.
The Personal Insurance business is concentrated in its relationship with AARP. Business sold to AARP members generated earned premiums of $3.4 billion in 2025. The current licensing agreement runs through December 31, 2032 and covers marketing automobile, homeowners and personal umbrella coverages to AARP’s approximately 38 million members.
Commercial products are mainly distributed through independent retail agents and brokers, wholesalers, specialty brokers, regional offices and direct channels. Personal Insurance uses direct-to-consumer marketing and independent agents. Employee Benefits uses brokers, consultants, third-party administrators, trade associations and private exchanges. Business Insurance also sells through relationships with national payroll companies and affinity organizations.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| P&C Business Insurance | $15.8 billion | 56.0% | 9.73% |
| Employee Benefits | $7.1 billion | 25.3% | 1.05% |
| P&C Personal Insurance | $4.1 billion | 14.5% | 8.18% |
| Hartford Funds | $1.1 billion | 3.94% | 4.31% |
| Property & Casualty Other Operations | $73.0 million | 0.26% | 4.29% |
Suppliers and costs
Claim payments for benefits, losses and loss-adjustment expenses are the company’s largest expenditure. Its claims operation has approximately 6,700 employees, including adjusters, appraisers, attorneys, doctors, nurses, behavioral-health specialists, investigators and data-analytics professionals. The company also contracts with a select group of approved regional, national and international suppliers to support claims capabilities and resilience.
Other operating costs include commissions, taxes, licenses and fees, direct underwriting expenses, technology costs and centralized services. For Business Insurance and Personal Insurance, underwriting expenses less fee income are measured against earned premiums in the expense ratio. Employee Benefits measures insurance operating costs and other expenses against premiums and other considerations.
The holding company relies principally on subsidiary dividends for cash flow. It also has fixed maturities, short-term investments and cash, and can use debt, other capital securities, credit facilities, intercompany advances and collateralized advances as liquidity sources.
- Revenue$28.4B
- Cost of revenue−$15.2B
- Selling, general and administrative−$2.5B
- Other operating costs−$5.7B
- Operating income$5.0B
Competitive position
The Hartford competes with national and regional carriers, direct writers, mutual companies, stock companies, alternative risk-sharing groups, other underwriting organizations, financial intermediaries and asset managers. No individual competing company is named. In commercial insurance, price, policy terms, underwriting capability, distribution access, service, technology and speed of quoting matter. Large brokers can also become competitors through acquiring managing general agents or managing general underwriters.
Personal automobile and homeowners insurance compete on price, products, claims service, insurer ratings, brand recognition and distribution. Comparative-rater tools allow agents to compare quotes across insurers and increase price competition. Employee Benefits faces competition based on product breadth, price, claims and customer service, digital capabilities, scale, and distributor relationships. Hartford Funds competes with asset managers, financial institutions and lower-cost passive strategies.
The company quotes over 75% of new small-business policies from admitted markets without human intervention through its ICON quoting tool. It also uses data, analytics and artificial-intelligence capabilities in underwriting, claims and customer service. Its Personal Insurance business has the exclusive AARP licensing arrangement through 2032, and Employee Benefits offers integrated absence, leave and benefits administration through Ability Advantage.
Our reading: The AARP arrangement is a meaningful distribution advantage in personal insurance because it provides access to an identified member base through 2032, though the business remains exposed to price-led personal-lines competition. [item1]
Our reading: Automated quoting, underwriting data and claims expertise can support service speed and risk selection, but these capabilities are not exclusive in markets where carriers are also investing in digital and AI tools. [item1; call_prepared]
Our reading: Diversification across commercial insurance, personal insurance, employee benefits and investment management reduces reliance on a single product line, while each market remains competitive. [item1]
Growth opportunities
The company’s growth initiatives include expanding commercial insurance distribution, cross-selling Global Specialty products to small-business and middle-market customers, growing excess-and-surplus-lines business, and using data, digital tools and AI in underwriting and service. In Q2 2026, Business Insurance written premium grew 5%; small business grew 7%, and middle and large business grew 4%.
In Personal Insurance, the company is rolling out the cloud-based Prevail platform, tailored to the mature market. Following the July 2026 agency rollout, its contemporary product offering was available in 23 states. The company expects to be in 30 states by early 2027. It expects the direct channel to face headwinds heading into 2027 because shopping and competition are expected to remain elevated.
Employee Benefits identifies fully insured premiums, voluntary products, paid family and medical leave programs, and absence and leave management as growth areas. It expects 2026 growth in fully insured ongoing premiums from sales and book persistency. As of year-end 2025, thirteen states and the District of Columbia had enacted mandated paid family and medical leave programs, while ten states had created opt-in programs.
Hartford Funds represented 3.94% of FY2025 revenue. In Q2 2026, the company announced an agreement to sell Hartford Funds to Wellington Management, describing the investment as non-core. It expects the transaction’s cash proceeds to contribute to capital available for repurchases alongside business-generated capital.
- $22.4BFY2021
- $22.4BFY2022
- $24.5BFY2023
- $26.5BFY2024
- $28.4BFY2025
Bottom line
Our reading
Our reading: The Hartford is a multi-line insurer whose operations are centered on commercial P&C insurance, employee benefits and personal insurance, with investment management adding a smaller fee-based activity. [item1]
Our reading: Its principal economic exposure is to the difference between insurance pricing and claims costs, including long-tailed commercial liability and workers’ compensation claims, while investment income and subsidiary dividends support capital generation. [item1; item7]
Our reading: AARP distribution, commercial broker relationships and technology-enabled underwriting are important operating assets, but competition, claims inflation and shifting loss experience remain material constraints. [item1; call_prepared; call_qa]