HARTFORD INSURANCE GROUP, INC.HIG
HARTFORD INSURANCE GROUP, INC. Segments Disclosure
3. Segment Information
The Company currently conducts business principally in five reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits and Hartford Funds, as well as a Corporate category. The reportable segments are described below and align with the Company’s key product and service offerings. Over 95% of the Company’s revenues are generated in the United States (“U.S.”). The remaining revenues are generated in the U.K. and other international locations.
We report our results of operations consistent with the manner in which our chief operating decision maker ("CODM") reviews the business, assesses performance, and makes operating decisions on the allocation of resources to each reportable segment. The CODM considers actual results and budget-to-actual variances when assessing segment performance and making decisions on the allocation of resources to each segment. The Company’s CODM is the Chairman and Chief Executive Officer.
The accounting policies of the segments are the same as those described in Note 1 - Basis of Presentation and Significant Accounting Policies of the Notes to Consolidated Financial Statements. The Company has identified U.S. GAAP net income as the reported measure of segment profit or loss.
The Company’s reportable segments, as well as the Corporate category, are as follows:
Business Insurance
Business Insurance provides a variety of insurance products and risk management services in the U.S. and internationally to commercial enterprises of varying sizes, with insurance coverages including workers’ compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, assumed reinsurance, and other product lines to businesses.
Personal Insurance
Personal Insurance provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP through an agreement that is in place through December 31, 2032.
Property & Casualty Other Operations
P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued
writing new business and includes substantially all of the Company’s asbestos and environmental ("A&E") exposures.
Employee Benefits
Employee Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.
Hartford Funds
Hartford Funds offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services such as product design, implementation and oversight. This business also manages a portion of the mutual funds which support third-party life and annuity separate accounts.
Corporate
The Company includes in the Corporate category capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments. Interest expense of $199 on debt for the years ended December 31, 2025, 2024 and 2023, is included in the Corporate category. Corporate also includes investment management fees and expenses related to managing third party assets.
Financial Measures and Other Segment Information
Certain transactions between segments occur during the year that primarily relate to tax settlements, insurance coverage, expense reimbursements, services provided, investment transfers and capital contributions. In addition, certain inter-segment transactions occur that relate to interest income on allocated surplus. Consolidated net income is unaffected by such transactions.
Segment Revenues
| For the years ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Business Insurance | |||||||||||
| Workers’ compensation | $ | 3,711 | $ | 3,691 | $ | 3,670 | |||||
| General liability | 2,472 | 2,218 | 1,977 | ||||||||
| Marine | 281 | 278 | 256 | ||||||||
| Package business | 2,665 | 2,331 | 2,076 | ||||||||
| Commercial property | 1,447 | 1,258 | 1,053 | ||||||||
| Professional Liability | 847 | 824 | 787 | ||||||||
| Bond | 341 | 327 | 321 | ||||||||
| Assumed reinsurance | 891 | 758 | 615 | ||||||||
| Commercial automobile | 1,273 | 1,079 | 927 | ||||||||
| Business Insurance earned premium and fee income | 13,928 | 12,764 | 11,682 | ||||||||
| Net investment income | 1,967 | 1,714 | 1,532 | ||||||||
| Net realized losses | (91) | (73) | (156) | ||||||||
| Other revenue [1] | 3 | 1 | 1 | ||||||||
| Total Business Insurance | 15,807 | 14,406 | 13,059 | ||||||||
| Personal Insurance | |||||||||||
| Personal automobile | 2,528 | 2,425 | 2,156 | ||||||||
| Homeowners | 1,229 | 1,061 | 961 | ||||||||
| Personal Insurance earned premium and fee income [2] | 3,757 | 3,486 | 3,117 | ||||||||
| Net investment income | 256 | 222 | 171 | ||||||||
| Net realized losses | (13) | (14) | (16) | ||||||||
| Other revenue | 88 | 85 | 81 | ||||||||
| Total Personal Insurance | 4,088 | 3,779 | 3,353 | ||||||||
| P&C Other Operations | |||||||||||
| Net investment income | 76 | 74 | 69 | ||||||||
| Net realized losses | (3) | (4) | (7) | ||||||||
| Total P&C Other Operations | 73 | 70 | 62 | ||||||||
| Employee Benefits | |||||||||||
| Group disability | 3,584 | 3,576 | 3,530 | ||||||||
| Group life | 2,582 | 2,617 | 2,583 | ||||||||
| Other | 479 | 422 | 402 | ||||||||
| Employee Benefits premium and other considerations | 6,645 | 6,615 | 6,515 | ||||||||
| Net investment income | 533 | 475 | 469 | ||||||||
| Net realized losses | (38) | (24) | (45) | ||||||||
| Total Employee Benefits | 7,140 | 7,066 | 6,939 | ||||||||
| Hartford Funds | |||||||||||
| Mutual fund and ETF | 1,006 | 960 | 900 | ||||||||
| Third-party life and annuity separate accounts [3] | 71 | 75 | 73 | ||||||||
| Hartford Funds fee income | 1,077 | 1,035 | 973 | ||||||||
| Net investment income | 21 | 20 | 17 | ||||||||
| Net realized gains | 15 | 12 | 10 | ||||||||
| Total Hartford Funds | 1,113 | 1,067 | 1,000 | ||||||||
| Total segment revenues | $ | 28,221 | $ | 26,388 | $ | 24,413 | |||||
[1]Other revenues for Business Insurance includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.
[2]For 2025, 2024 and 2023, AARP members accounted for earned premiums of $3.4 billion, $3.2 billion and $2.9 billion, respectively.
[3]Represents revenues earned for investment advisory services on third party life and annuity separate account AUM by the Company's Hartford Funds segment.
Significant Segment Expenses
| For the years ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Business Insurance | |||||||||||
| Current accident year losses and loss adjustment expenses ("LAE") before catastrophes | $ | 7,909 | $ | 7,186 | $ | 6,575 | |||||
| Current accident year catastrophe losses and LAE | 421 | 486 | 436 | ||||||||
| Prior accident year development of losses and LAE | (441) | (231) | (225) | ||||||||
| Amortization of DAC | 2,201 | 1,993 | 1,779 | ||||||||
| Insurance operating costs | 2,146 | 1,973 | 1,837 | ||||||||
| Amortization of other intangible assets | 29 | 29 | 29 | ||||||||
| Dividends to policyholders | 44 | 39 | 39 | ||||||||
| Total Business Insurance | 12,309 | 11,475 | 10,470 | ||||||||
| Personal Insurance | |||||||||||
| Current accident year losses and LAE before catastrophes | 2,307 | 2,351 | 2,287 | ||||||||
| Current accident year catastrophe losses and LAE | 327 | 282 | 240 | ||||||||
| Prior accident year development of losses and LAE | (179) | (108) | 11 | ||||||||
| Amortization of DAC | 282 | 255 | 231 | ||||||||
| Insurance operating costs | 718 | 673 | 576 | ||||||||
| Amortization of other intangible assets | 2 | 2 | 2 | ||||||||
| Total Personal Insurance | 3,457 | 3,455 | 3,347 | ||||||||
| P&C Other Operations | |||||||||||
| Prior accident year development of losses and LAE | 196 | 219 | 224 | ||||||||
| Insurance operating costs | 8 | 9 | 4 | ||||||||
| Total P&C Other Operations | 204 | 228 | 228 | ||||||||
| Employee Benefits | |||||||||||
| Group disability losses | 2,497 | 2,432 | 2,370 | ||||||||
| Group life losses | 1,970 | 2,060 | 2,157 | ||||||||
| Group losses - other | 225 | 189 | 156 | ||||||||
| Amortization of DAC | 33 | 34 | 34 | ||||||||
| Insurance operating costs and other expenses | 1,675 | 1,609 | 1,514 | ||||||||
| Amortization of other intangible assets | 40 | 40 | 40 | ||||||||
| Total Employee Benefits | 6,440 | 6,364 | 6,271 | ||||||||
| Hartford Funds | |||||||||||
| Sub-advisory expense | 307 | 289 | 265 | ||||||||
| Employee compensation and benefits | 135 | 131 | 121 | ||||||||
| Distribution and service | 294 | 299 | 289 | ||||||||
| General, administrative and other | 108 | 105 | 106 | ||||||||
| Total Hartford Funds | 844 | 824 | 781 | ||||||||
| Total significant segment expenses | $ | 23,254 | $ | 22,346 | $ | 21,097 | |||||
Segment/Category Summary For the Year Ended December 31, 2025 | ||||||||||||||||||||||||||
| Reportable Segments | ||||||||||||||||||||||||||
| Business Insurance | Personal Insurance | P&C Other Operations | Employee Benefits | Hartford Funds | Total Reportable Segments | Corporate | Consolidated | |||||||||||||||||||
| Earned premium and fee income from external customers | $ | 13,928 | $ | 3,757 | $ | — | $ | 6,645 | $ | 1,077 | $ | 25,407 | $ | 40 | $ | 25,447 | ||||||||||
| Net investment income | 1,967 | 256 | 76 | 533 | 21 | 2,853 | 58 | 2,911 | ||||||||||||||||||
| Net realized gains (losses) | (91) | (13) | (3) | (38) | 15 | (130) | 30 | (100) | ||||||||||||||||||
| Other revenue [1] | 3 | 88 | — | — | — | 91 | 19 | 110 | ||||||||||||||||||
| Total Revenues | 15,807 | 4,088 | 73 | 7,140 | 1,113 | 28,221 | 147 | 28,368 | ||||||||||||||||||
| Significant segment expenses | 12,309 | 3,457 | 204 | 6,440 | 844 | 23,254 | 23,254 | |||||||||||||||||||
| Other segment expenses [2] | 6 | 71 | 1 | — | — | 78 | 78 | |||||||||||||||||||
| Corporate expenses | 276 | 276 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 712 | 113 | (29) | 143 | 56 | 995 | (71) | 924 | ||||||||||||||||||
| Net income (loss) | $ | 2,780 | $ | 447 | $ | (103) | $ | 557 | $ | 213 | $ | 3,894 | $ | (58) | $ | 3,836 | ||||||||||
| Other segment disclosures: | ||||||||||||||||||||||||||
| Amortization of DAC | $ | 2,201 | $ | 282 | $ | — | $ | 33 | $ | — | $ | 2,516 | $ | — | $ | 2,516 | ||||||||||
| Amortization of other intangibles | $ | 29 | $ | 2 | $ | — | $ | 40 | $ | — | $ | 71 | $ | — | $ | 71 | ||||||||||
| Total Assets | $ | 57,471 | $ | 6,446 | $ | 4,354 | $ | 13,564 | $ | 812 | $ | 82,647 | $ | 3,350 | $ | 85,997 | ||||||||||
Segment/Category Summary For the Year Ended December 31, 2024 | ||||||||||||||||||||||||||
| Reportable Segments | ||||||||||||||||||||||||||
| Business Insurance | Personal Insurance | P&C Other Operations | Employee Benefits | Hartford Funds | Total Reportable Segments | Corporate | Consolidated | |||||||||||||||||||
| Earned premium and fee income from external customers | $ | 12,764 | $ | 3,486 | $ | — | $ | 6,615 | $ | 1,035 | $ | 23,900 | $ | 40 | $ | 23,940 | ||||||||||
| Net investment income | 1,714 | 222 | 74 | 475 | 20 | 2,505 | 63 | 2,568 | ||||||||||||||||||
| Net realized gains (losses) | (73) | (14) | (4) | (24) | 12 | (103) | 42 | (61) | ||||||||||||||||||
| Other revenue [1] | 1 | 85 | — | — | — | 86 | 2 | 88 | ||||||||||||||||||
| Total Revenues | 14,406 | 3,779 | 70 | 7,066 | 1,067 | 26,388 | 147 | 26,535 | ||||||||||||||||||
| Significant segment expenses | 11,475 | 3,455 | 228 | 6,364 | 824 | 22,346 | 22,346 | |||||||||||||||||||
| Other segment expenses [2] | 6 | 67 | 4 | — | — | 77 | 77 | |||||||||||||||||||
| Corporate expenses | 263 | 263 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 576 | 49 | (35) | 141 | 51 | 782 | (44) | 738 | ||||||||||||||||||
| Net income (loss) | $ | 2,349 | $ | 208 | $ | (127) | $ | 561 | $ | 192 | $ | 3,183 | $ | (72) | $ | 3,111 | ||||||||||
| Other segment disclosures: | ||||||||||||||||||||||||||
| Amortization of DAC | $ | 1,993 | $ | 255 | $ | — | $ | 34 | $ | — | $ | 2,282 | $ | — | $ | 2,282 | ||||||||||
| Amortization of other intangibles | $ | 29 | $ | 2 | $ | — | $ | 40 | $ | — | $ | 71 | $ | — | $ | 71 | ||||||||||
| Total Assets | $ | 53,296 | $ | 6,034 | $ | 4,312 | $ | 13,502 | $ | 761 | $ | 77,905 | $ | 3,012 | $ | 80,917 | ||||||||||
Segment/Category Summary For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||
| Reportable Segments | ||||||||||||||||||||||||||
| Business Insurance | Personal Insurance | P&C Other Operations | Employee Benefits | Hartford Funds | Total Reportable Segments | Corporate | Consolidated | |||||||||||||||||||
| Earned premium and fee income from external customers | $ | 11,682 | $ | 3,117 | $ | — | $ | 6,515 | $ | 973 | $ | 22,287 | $ | 39 | $ | 22,326 | ||||||||||
| Net investment income | 1,532 | 171 | 69 | 469 | 17 | 2,258 | 47 | 2,305 | ||||||||||||||||||
| Net realized gains (losses) | (156) | (16) | (7) | (45) | 10 | (214) | 26 | (188) | ||||||||||||||||||
| Other revenue [1] | 1 | 81 | — | — | — | 82 | 2 | 84 | ||||||||||||||||||
| Total Revenues | 13,059 | 3,353 | 62 | 6,939 | 1,000 | 24,413 | 114 | 24,527 | ||||||||||||||||||
| Significant segment expenses | 10,470 | 3,347 | 228 | 6,271 | 781 | 21,097 | 21,097 | |||||||||||||||||||
| Other segment expenses [2] | 2 | 60 | — | — | — | 62 | 62 | |||||||||||||||||||
| Corporate expenses | 280 | 280 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 502 | (15) | (36) | 133 | 45 | 629 | (45) | 584 | ||||||||||||||||||
| Net income (loss) | $ | 2,085 | $ | (39) | $ | (130) | $ | 535 | $ | 174 | $ | 2,625 | $ | (121) | $ | 2,504 | ||||||||||
| Other segment disclosures: | ||||||||||||||||||||||||||
| Amortization of DAC | $ | 1,779 | $ | 231 | $ | — | $ | 34 | $ | — | $ | 2,044 | $ | — | $ | 2,044 | ||||||||||
| Amortization of other intangibles | $ | 29 | $ | 2 | $ | — | $ | 40 | $ | — | $ | 71 | $ | — | $ | 71 | ||||||||||
[1]Other revenues for Business Insurance and Corporate includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.
[2]Other segment expenses primarily consists of integration costs associated with the 2019 acquisition of Navigators Group for Business Insurance and servicing expenses for Personal Insurance.
Non-Insurance Revenue from Contracts with Customers
| For the years ended December 31, | ||||||||||||||
| Revenue Line Item | 2025 | 2024 | 2023 | |||||||||||
| Business Insurance | ||||||||||||||
| Installment billing fees | Fee income | $ | 45 | $ | 43 | $ | 41 | |||||||
| Personal Insurance | ||||||||||||||
| Installment billing fees | Fee income | 32 | 33 | 30 | ||||||||||
| Insurance servicing revenues | Other revenues | 88 | 85 | 81 | ||||||||||
| Employee Benefits | ||||||||||||||
| Administrative services | Fee income | 223 | 222 | 217 | ||||||||||
| Hartford Funds | ||||||||||||||
| Advisory, servicing and distribution fees | Fee income | 1,077 | 1,035 | 973 | ||||||||||
| Corporate | ||||||||||||||
| Investment management and other fees | Fee income | 40 | 40 | 39 | ||||||||||
| Other | Other revenues | 1 | — | 1 | ||||||||||
| Total non-insurance revenues with customers | $ | 1,506 | $ | 1,458 | $ | 1,382 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.