Cover Document - USD ($) $ in Billions	12 Months Ended
Cover Document - USD ($) $ in Billions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13958
Entity Registrant Name	The Hartford Insurance Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3317783
Entity Address, Address Line One	One Hartford Plaza
Entity Address, City or Town	Hartford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06155
City Area Code	860
Local Phone Number	547-5000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 36
Entity Common Stock, Shares Outstanding		275,863,220
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0000874766
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HIG
Security Exchange Name	NYSE
6.10% Notes due October 1, 2041
Title of 12(b) Security	6.10% Senior Notes due October 1, 2041
Trading Symbol	HIG 41
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Trading Symbol	HIG PR G
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Hartford, Connecticut

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Earned premiums	$ 24,030	$ 22,567	$ 21,026
Fee income	1,417	1,373	1,300
Net investment income	2,911	2,568	2,305
Net realized losses	(100)	(61)	(188)
Other revenues	110	88	84
Total revenues	28,368	26,535	24,527
Benefits, losses and expenses
Benefits, losses and loss adjustment expenses	15,238	14,874	14,238
Amortization of deferred policy acquisition costs ("DAC")	2,516	2,282	2,044
Selling, General and Administrative Expense	5,584	5,258	4,881
Interest expense	199	199	199
Amortization of other intangible assets	71	71	71
Restructuring and other costs	0	2	6
Benefits, losses and expenses	23,608	22,686	21,439
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	4,760	3,849	3,088
Income tax expense	924	738	584
Net income	3,836	3,111	2,504
Less: Preferred stock dividends	21	21	21
Net income (loss) available to common stockholders	$ 3,815	$ 3,090	$ 2,483
Earnings per common share
Net income (loss) Basic	$ 13.51	$ 10.51	$ 8.09
Net income (loss) Diluted	$ 13.32	$ 10.35	$ 7.97

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
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

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments:
Total fixed maturities, AFS	$ 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
Financing Receivable, after Allowance for Credit Loss	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 Receivable	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
Liability for Future Policy Benefit, before Reinsurance	444	448
Policyholder Account Balance	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
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, Value, Issued	3	3
Additional paid-in capital	549	578
Retained earnings	24,739	21,531
Treasury Stock, Value	(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
Common Stock, Shares, Issued	326,960,228	326,960,228

Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fixed maturities, AFS, at fair value (amortized cost of $46,871 and $44,538, and ACL of $16 and $16)	$ 46,871	$ 44,538
Debt Securities, Available-for-sale, Allowance for Credit Loss	(16)	(16)
Premiums receivable and agents' balances (net of ACL of $142 and $117)	142	117
Reinsurance Recoverable, Allowance for Credit Loss	$ 69	$ 75
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, 13,800 shares issued	13,800	13,800
Preferred Stock, Liquidation Preference, Value	$ 345	$ 345
Common stock, par value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,500,000,000	1,500,000,000
Common Stock, Shares, Issued	326,960,228	326,960,228
Treasury stock, at cost — 50,036,826 and 39,404,003 shares	50,036,826	39,404,003
Commercial Loan [Member]
Financing Receivable, Allowance for Credit Loss	$ 49	$ 44

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Preferred Stock, end of period	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Treasury Stock, Common Stock Compensation Plan	Accumulated Other Comprehensive Loss, net of tax
Beginning balance at Dec. 31, 2022				$ 1,895	$ 17,058	$ (1,773)		$ (3,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive and stock compensation plans and other				(153)
Stock-based compensation plans expense				125
Treasury Stock, Retired, Cost Method, Amount				(1,219)		(1,219)
Net income	$ 2,504				2,504
Dividends declared on preferred stock					(21)
Dividends declared on common stock					(534)
Treasury stock acquired	(1,400)					(1,414)
Stock Issued During Period, Value, Treasury Stock Reissued							$ 207
Net shares acquired related to employee incentive and stock compensation plans						(55)
Other Comprehensive Income (Loss), Net of Tax								992
Ending balance at Dec. 31, 2023	$ 15,327	$ 334	$ 3	648	19,007	(1,816)		(2,849)
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2023		13,800
Common Shares Outstanding, beginning of period at Dec. 31, 2022			315,111,000
Common Shares Outstanding (in thousands)
Treasury stock acquired	(19,200,000)		(19,238,000)
Issuance of shares under incentive and stock compensation plans and other			3,299,000
Return of shares under incentive and stock compensation plans to treasury stock			(700,000)
Common Shares Outstanding, end of period at Dec. 31, 2023			298,472,000
Common Shares Outstanding (in thousands)
Cash dividends declared per common share	$ 1.745
Preferred Stock, Dividends Per Share, Declared	$ 1,500
Issuance of shares under incentive and stock compensation plans and other				(203)
Stock-based compensation plans expense				133
Treasury Stock, Retired, Cost Method, Amount				0		0
Net income	$ 3,111				3,111
Dividends declared on preferred stock					(21)
Dividends declared on common stock					(566)
Treasury stock acquired	(1,500)					(1,515)
Stock Issued During Period, Value, Treasury Stock Reissued							305
Net shares acquired related to employee incentive and stock compensation plans						(87)
Other Comprehensive Income (Loss), Net of Tax								(37)
Ending balance at Dec. 31, 2024	$ 16,447	$ 334	$ 3	578	21,531	(3,113)		(2,886)
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2024		13,800
Common Shares Outstanding (in thousands)
Treasury stock acquired	(14,400,000)		(14,443,000)
Issuance of shares under incentive and stock compensation plans and other			4,427,000
Return of shares under incentive and stock compensation plans to treasury stock			(900,000)
Common Shares Outstanding, end of period at Dec. 31, 2024			287,556,000
Common Shares Outstanding (in thousands)
Cash dividends declared per common share	$ 1.930
Preferred Stock, Dividends Per Share, Declared	$ 1,500
Issuance of shares under incentive and stock compensation plans and other				(170)
Stock-based compensation plans expense				141
Treasury Stock, Retired, Cost Method, Amount				0		0
Net income	$ 3,836				3,836
Dividends declared on preferred stock					(21)
Dividends declared on common stock					(607)
Treasury stock acquired	(1,600)					(1,616)
Stock Issued During Period, Value, Treasury Stock Reissued							$ 213
Net shares acquired related to employee incentive and stock compensation plans						(73)
Other Comprehensive Income (Loss), Net of Tax								829
Ending balance at Dec. 31, 2025	$ 18,979	$ 334	$ 3	$ 549	$ 24,739	$ (4,589)		$ (2,057)
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2025		13,800
Common Shares Outstanding (in thousands)
Treasury stock acquired	(12,900,000)		(12,943,000)
Issuance of shares under incentive and stock compensation plans and other			2,950,000
Return of shares under incentive and stock compensation plans to treasury stock			(640,000)
Common Shares Outstanding, end of period at Dec. 31, 2025			276,923,000
Common Shares Outstanding (in thousands)
Cash dividends declared per common share	$ 2.160
Preferred Stock, Dividends Per Share, Declared	$ 1,500

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net income	$ 3,836	$ 3,111	$ 2,504
Adjustments to reconcile net income to net cash provided by operating activities
Net realized losses	100	61	188
Additional Cash Flow Elements, Operating Activities
Amortization of deferred policy acquisition costs	2,516	2,282	2,044
Additions to deferred policy acquisition costs	(2,624)	(2,408)	(2,159)
Depreciation and amortization	396	356	510
Other operating activities, net	148	329	213
Increase in reinsurance recoverables	(63)	(54)	(155)
Net change in accrued and deferred income taxes	42	(100)	(29)
Increase in insurance liabilities	2,272	3,058	1,819
Increase (Decrease) in Premiums Receivable	(419)	(458)	(708)
Net change in other assets and other liabilities	(282)	(268)	(7)
Cash provided by operating activities	5,922	5,909	4,220
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, AFS	10,352	10,808	6,806
Proceeds From Sale and Maturity of Fair Value Option, Fixed Maturity Securties	109	50	2
Proceeds from Sale and Maturity of Marketable Securities	240	401	2,173
Mortgage loans	1,598	740	1,036
Limited partnerships and other alternative investments	291	238	295
Payments for the purchase of:
Fixed maturities, AFS	(12,769)	(14,023)	(9,105)
Payments for the purchase of Fair Value Option Fixed Maturity Securties	(17)	(52)	0
Equity securities, at fair value	(97)	(44)	(1,183)
Mortgage loans	(2,021)	(1,025)	(1,055)
Limited partnerships and other alternative investments	(1,025)	(664)	(966)
Net proceeds from (payments for) derivatives	(12)	35	(129)
Net additions of property and equipment	(169)	(145)	(215)
Net payments for short-term investments	(149)	(80)	(69)
Other investing activities, net	(89)	(7)	(21)
Net cash used for investing activities	(3,758)	(3,768)	(2,431)
Financing Activities
Deposits and other additions to investment and universal life-type contracts	127	108	96
Withdrawals and other deductions from investment and universal life-type contracts	(116)	(115)	(100)
Net issuance (return of) shares under incentive and stock compensation plans, including related excise tax benefit	(18)	22	6
Treasury stock acquired, including related excise tax paid	(1,615)	(1,514)	(1,400)
Payments for Repurchase of Preferred Stock and Preference Stock	(21)	(21)	(21)
Dividends paid on common stock	(592)	(556)	(528)
Net cash used for financing activities	(2,235)	(2,076)	(1,947)
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation	14	(20)	3
Net increase (decrease) in cash and restricted cash	(57)	45	(155)
Cash and restricted cash — beginning of period	234	189	344
Cash and restricted cash — end of period	177	234	189
Supplemental Disclosure of Cash Flow Information
Interest paid	$ 206	$ 211	$ 209

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	1. Basis of Presentation and Significant Accounting Policies The Hartford Insurance Group, Inc. ("HIG") is a holding company for insurance and financial services subsidiaries that provide property and casualty ("P&C") insurance, employee group benefits insurance and services and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”). The Hartford 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 Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Consolidation The Consolidated Financial Statements include the accounts of The Hartford Insurance Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters. Adoption of New Accounting Standards Income Tax Disclosures On December 31, 2025, the Company adopted the Financial Accounting Standards Board's ("FASB") new disclosure requirements for income taxes, which was applied on a retrospective basis for all periods presented. The income tax rate reconciliation is updated to present reconciling items based on specified categories with further disaggregation of items above a prescribed threshold. Disclosure of income taxes paid (net of refunds received) is disaggregated by U.S. federal and foreign taxes with further disaggregation by individual jurisdictions subject to a prescribed threshold. The new disclosures are provided in Note 16 - Income Taxes of the Notes to Consolidated Financial Statements. The adoption did not impact the consolidated financial position, results of operations, or cash flows. Future Adoption of New Accounting Standards Disaggregated Income Statement Expenses The FASB issued new guidance on disclosures of disaggregated income statement expenses. The new guidance requires footnote disclosures that will disaggregate expenses included in relevant expense captions into prescribed categories, as well as narrative disclosures about selling expenses. The Company is required to provide the new disclosures beginning with the December 31, 2027 Consolidated Financial Statements and on a quarterly basis beginning with the March 31, 2028 interim condensed Consolidated Financial Statements. The new guidance will be applied on a prospective basis, with retrospective application or early adoption permitted. The Company is evaluating the disclosure impact of the new guidance; however, it will not have an impact on the consolidated financial position, results of operations, or cash flows. Internally Developed Software Costs The FASB issued new guidance on the accounting for internally developed software costs. Under the new guidance, costs associated with software developed for internal use will now be capitalized when management authorizes a project and when it is probable the project will be completed and used to perform the function intended, rather than when a project reaches the application development stage under existing guidance. The guidance is effective beginning January 1, 2028, with early adoption permitted, and can be applied prospectively, retrospectively, or on a modified retrospective basis. The Company continues to evaluate the impact of adopting this new accounting standard, but does not expect the standard will have a material impact on our financial statements. Significant Accounting Policies The Company’s significant accounting policies are as follows: Revenue Recognition Premium Revenue from Direct Insurance and Assumed Reinsurance Property and casualty premiums are earned on a pro rata basis over the policy period and include accruals for policies that have been written by agents but not yet reported to us, as well as ultimate premium revenue anticipated under auditable and retrospectively rated policies. We estimate the amount of premium not yet reported based on current and historical trends of the business being written. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current year's results. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force, or period of risk. Group life, disability and accident premiums are generally due from policyholders, and recognized as revenue, on a pro rata basis over the period of the contracts. An estimated ACL is recorded on the basis of periodic evaluations of balances due from insureds and considering historical credit loss information, adjusted for current economic conditions as well as reasonable and supportable forecasts when appropriate. The Company records total credit loss expenses related to premiums receivable in insurance operating costs and other expenses. Write-offs of premiums receivable and agents' balances and any related ACL are recorded in the period in which the balance is deemed uncollectible. Refer to Note 7 - Premiums Receivable and Agents' Balances for further discussion regarding the allowance for doubtful accounts included in premiums receivable and agents’ balances. Non-Insurance Revenue from Contracts with Customers Installment fees are charged on property and casualty insurance contracts for billing the insurance customer in installments over the policy term. These fees are recognized in fee income as earned on collection. Insurance servicing revenues within Personal Insurance consist of up-front commissions earned for collecting premiums and processing claims on insurance policies for which The Hartford does not assume underwriting risk, predominantly related to the National Flood Insurance Plan program. These insurance servicing revenues are recognized in other revenues over the period of the flood program's policy terms. Employee Benefits earns fee income from employers for the administration of underwriting, implementation and claims processing for employer self-funded plans and for leave management services. Fees are recognized as services are provided and collected monthly. Hartford Funds provides investment management, administrative and distribution services to mutual funds and exchange-traded funds. The Company assesses investment advisory, distribution and other asset management fees primarily based on the average daily net asset values from mutual funds and exchange-traded funds, which are recorded in the period in which the services are provided and are collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of mutual funds or exchange-traded funds, and other changes to the composition of assets under management ("AUM") are all factors that ultimately have a direct effect on fee income earned. Corporate investment management and other fees are primarily for managing third party invested assets. These fees, calculated based on the average quarterly net asset values, are recorded in the period in which the services are provided and are collected quarterly. Fluctuations in markets and interest rates and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Dividends to Policyholders Policyholder dividends are paid to certain property and casualty policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. Net written premiums for participating property and casualty insurance policies represented 5%, 6%, and 6% of total net written premiums for each of the years ended December 31, 2025, 2024 and 2023, respectively. Participating dividends to property and casualty policyholders were $44, $39 and $39 for the years ended December 31, 2025, 2024 and 2023, respectively. There were no additional amounts of income allocated to participating policyholders. Investments Overview The Company’s investments in fixed maturities consist of bonds, including structured securities, and redeemable preferred stock. Most of these investments are classified as AFS and are carried at fair value. The after tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss) ("AOCI"). Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in net realized gains and losses. These investments represent certain investments in residual interests of securitizations and other securities that contain embedded credit derivatives. Equity securities are measured at fair value with any changes in valuation reported in net realized gains and losses. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of an ACL. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and are primarily accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally received on a three-month delay. Accordingly, income for the years ended December 31, 2025, 2024, and 2023 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships. Other investments primarily consist of equity fund investments measured at fair value, overseas deposits which are measured at fair value using the net asset value as a practical expedient, consolidated investment funds for which the Company has provided seed money and reports the underlying investments at fair value with changes in the fair value recognized in income consistent with accounting requirements for investment companies, and derivative instruments which are carried at fair value. Net Realized Gains and Losses Net realized gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized gains and losses also result from fair value changes in equity securities, FVO securities, and derivatives contracts that do not qualify, or are not designated, as a hedge for accounting purposes. The Company records net credit losses on fixed maturities, AFS and changes in the ACL on mortgage loans as a component of net realized gains and losses. Future changes in the ACL resulting from improvements in expected future cash flows are recorded through net realized gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on the estimated timing of cash flows. Most premiums and discounts on fixed maturities are amortized to the maturity date. Premiums on callable bonds may be amortized to call dates based on call prices. For structured financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future prepayments using the retrospective method. For certain other structured securities, including securities that previously had an ACL and interest only securities, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings. For fixed maturities with an ACL, net investment income is recognized at the original effective rate and accretion of the ACL is recognized through net realized gains and losses. The Company’s non-income producing investments were not material for the years ended December 31, 2025, 2024 and 2023. Accrued Investment Income Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received. Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") derivatives, derivatives cleared through central clearing houses ("OTC-cleared") and exchange traded derivative instruments as part of its overall risk management strategy as well as to engage in income generation covered call transactions and replication transactions. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve the following Company-approved objectives: •to hedge risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rates or volatility; •to manage liquidity; •to control transaction costs; and •to enter into income generation covered call transactions and synthetic replication transactions. Interest rate and credit default swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. The Company clears certain interest rate swap and credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the Derivative Collateral Arrangements section in Note 6 - Derivatives. In addition, OTC-cleared transactions include price alignment amounts either received or paid on the variation margin, which is characterized as interest and reflected in net investment income. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance regulators. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. The Company currently does not designate any derivatives as fair value or net investment hedges. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash flows from cash flow hedges are presented in the same category as the cash flows from the items being hedged in the Consolidated Statement of Cash Flows. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flows of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When cash flow hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company may purchase investments that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized gains and losses. Credit Risk of Derivative Instruments Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts be governed by International Swaps and Derivatives Association master agreements which are structured by legal entity and by counterparty, and permit right of offset. Some agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives is greater than zero, subject to minimum transfer thresholds, if applicable. The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Cash and Restricted Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. Restrictions on cash primarily relate to funds that are held to support regulatory and contractual obligations. Reinsurance The Company cedes insurance to other insurers in order to limit its maximum losses, to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers and is a member of and participates in reinsurance pools and associations. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies or pools have underwritten. Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e., risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as deposit transactions. The Company had no deposit liability as of December 31, 2025 or and 2024 reported in other liabilities. Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance contracts. Reinsurance recoverables are balances due from reinsurers for ceded paid and unpaid losses and loss adjustment expenses and are presented net of an allowance for uncollectible reinsurance. Changes in the allowance for uncollectible reinsurance are reported in benefits, losses and loss adjustment expenses in the Company's Consolidated Statements of Operations. The Company periodically evaluates the recoverability of its reinsurance recoverable assets and establishes an allowance for uncollectible reinsurance. The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. The Company records credit losses related to reinsurance recoverables in benefits, losses and loss adjustment expenses. Write-offs of reinsurance recoverables and any related ACL are recorded in the period in which the balance is deemed uncollectible. Expected recoveries are included in the estimate of the ACL. Retroactive reinsurance agreements, including adverse development covers ("ADC"), are reinsurance agreements under which our reinsurer agrees to reimburse us as a result of loss development related to past insurable events. For these agreements, the consideration paid in excess of the estimated ultimate losses to be recovered under the agreement at inception is recognized as a loss on reinsurance transaction. The benefit of subsequent adverse development ceded up to the total consideration paid is recognized as ceded losses, which are a reduction of incurred losses and loss adjustment expenses. The excess of the estimated amounts ultimately to be recovered under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the period the ceded losses are recovered in cash from the reinsurer. The amount of the deferred gain liability is recalculated each period based on cumulative recoveries not yet collected relative to the latest estimate of ultimate losses to be recovered. Ceded loss reserves under retroactive agreements were $1.4 billion and $1.6 billion, and the deferred gain liability reported in other liabilities was $850 and $914, as of December 31, 2025 and 2024, respectively. In any given period, the change in deferred gain included in net income includes amortization of the deferred gain based on the percentage of ultimate ceded losses collected plus any change in the deferred gain liability due to changes in the estimated ultimate losses to be recovered. The effect on income from change in the deferred gain was a net charge or (benefit) to earnings of $(64), $(83) and $194 before tax for the years ended December 31, 2025, 2024, and 2023 respectively. Deferred Policy Acquisition Costs DAC represents costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with independent third parties or in compensation to employees. Such costs primarily include commissions, premium taxes, costs and certain other expenses that are directly related to successfully issued contracts, including a portion of policy issuance and underwriting costs. For P&C insurance products and group life, disability and accident contracts, costs are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Anticipated investment income is considered in the determination of the recoverability of DAC. Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of temporary differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. Goodwill Goodwill represents the excess of the cost to acquire a business over the acquisition date fair value of net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. Goodwill is tested for impairment by comparing the fair value of a reporting unit to its carrying value. Goodwill is impaired up to the amount that the carrying value of the reporting unit exceeds the fair value. A reporting unit is defined as an operating segment or one level below an operating segment. The Company’s reporting units, for which goodwill has been allocated consist of Business Insurance, Personal Insurance, Employee Benefits, and Hartford Funds. Management’s determination of the fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations, including assumptions that market participants would make in valuing the reporting unit. Assumptions include levels of economic capital required to support the business, future business growth, earnings projections, the weighted average cost of capital used for purposes of discounting and, for the Hartford Funds segment, assets under management. Decreases in business growth, decreases in earnings projections and increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease, increasing the possibility of impairments. Intangible Assets Acquired intangible assets on the Consolidated Balance Sheets include purchased customer relationship and agency or other distribution rights and licenses measured at fair value at acquisition. The Company amortizes finite-lived other intangible assets over their useful lives generally on a straight-line basis over the period of expected benefit, ranging from 1 to 15 years. Management revises amortization periods if it believes there has been a change in the length of time that an intangible asset will continue to have value. Indefinite-lived intangible assets are not subject to amortization. Intangible assets are assessed for impairment generally when events or circumstances indicate a potential impairment and at least annually for indefinite-lived intangibles. Finite-lived intangible assets are impaired if the carrying amount is not recoverable from undiscounted cash flows. Indefinite-lived intangible assets are impaired if the carrying amount exceeds fair value. Impaired intangible assets are written down to fair value. Property and Equipment Property and equipment, which includes capitalized software and right-of-use lease assets, is carried at cost net of accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is recognized principally on the straight-line method. Accumulated depreciation was $2.6 billion and $2.5 billion as of December 31, 2025 and 2024, respectively. Depreciation expense was $187, $177, and $204 for the years ended December 31, 2025, 2024 and 2023, respectively, and is reported in insurance operating costs and other expenses. The costs to access and develop hosted software arrangements, where The Hartford has the right to access and use the software, but not take possession, and the cost of certain software licenses are reported in other assets on a straight-line basis over the service period. Amortization of hosted software and certain software licenses was $131, $108, and $85 for the years ended December 31, 2025, 2024, and 2023, respectively, and is reported in insurance operating costs and other expenses. Leases Leases are classified as financing or operating leases. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying asset, the lease is classified as a financing lease and the Company recognizes amortization of the right of use asset and interest expense on the liability. Where the lease is not economically similar to a purchase as the lease provides The Hartford with only the right to control the use of the underlying asset over the lease term and the lease term is greater than one year, the lease is an operating lease and the lease cost is recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less are also expensed over the lease term but not recognized on the Consolidated Balance Sheets. Unpaid Losses and Loss Adjustment Expenses For property and casualty and group life, disability and accident insurance and assumed reinsurance products, the Company establishes reserves for unpaid losses and loss adjustment expenses to provide for the estimated costs of paying claims under insurance policies written by the Company. These reserves include estimates for both claims that have been reported and those that have not yet been reported, and include estimates of all losses and loss adjustment expenses associated with processing and settling these claims. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based significantly on the assumption that past developments are an appropriate predictor of future events, and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. The effects of inflation are implicitly considered in the reserving process. In addition, a number of complex factors influence the uncertainties involved with the reserving process including social and economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final claim settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. The Company regularly reviews the adequacy of its estimated losses and loss adjustment expense reserves by reserve line within the various reportable segments. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. Most of the Company’s property and casualty insurance products reserves are not discounted. However, the Company has discounted to present value certain reserves for indemnity payments that are due to claimants under workers’ compensation policies because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. The discount rate is based on the risk free rate for the expected claim duration as determined in the year the claims were incurred. The Company also has discounted liabilities for structured settlement agreements that provide fixed periodic payments to claimants. These structured settlements include annuities purchased to fund unpaid losses for permanently disabled claimants. These structured settlement liabilities are discounted to present value using the rate implicit in the purchased annuities and the purchased annuities are accounted for within reinsurance recoverables. Group life and disability contracts with long-tail claim liabilities are discounted because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. The discount rates are estimated based on investment yields expected to be earned on the cash flows net of investment expenses and expected credit losses. The Company establishes discount rates for these reserves in the year the claims are incurred (the incurral year) which is when the estimated settlement pattern is determined. The discount rate for life and disability reserves acquired from Aetna's U.S. group life and disability business were based on interest rates in effect at the acquisition date of November 1, 2017. For further information about how unpaid losses and loss adjustment expenses are established, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses. Reserve for Future Policy Benefits The Company’s reserves for future policy benefits includes paid-up life insurance and whole-life policies resulting from conversion from group life policies included within the Employee Benefits segment and reserves for run-off structured settlement and terminal funding agreement liabilities, which are reported in the Corporate category. Contracts are grouped into cohorts by contract type and issue year. The Company establishes reserves for future policy benefits using the net premium approach, which represents the present value of future policyholder benefits and related expenses less the present value of future net premiums. Net premiums are calculated by multiplying gross premiums for the contracts in a specific cohort by a net premium ratio. The net premium ratio is determined for the lifetime of a given cohort as the present value of net benefits divided by the present value of gross premiums. Related expenses include termination and settlement costs and exclude acquisition costs and non-claim related costs, such as costs relating to investments, general administration, policy maintenance, product development, market research and general overhead or any other costs, which are expensed as incurred. The Company estimates premiums, benefits and related expense cash flows using methods that include assumptions, such as estimates of mortality, lapse, and claim-related expenses, and the possible impact of inflation on those expenses. Benefits include all guaranteed cash flows to be paid to the policyholder. The reserve for future policy benefits is adjusted for differences between actual and expected experience. Each quarter, the Company updates its estimates of cash flows expected over the life of a group of contracts using actual historical experience. These updated cash flows are used to calculate the revised net premiums and net premium ratio, which are used to derive an updated reserve for future policy benefits. In subsequent periods, the revised net premiums are used to measure the reserve for future policy benefits, subject to future revisions. Future cash flow assumptions, including mortality, lapse and expense are reviewed and, if a change is indicated, updated at least annually in the third quarter. The difference between the newly calculated reserve balance and the reserve balance before updating for actual experience and/or future cash flow assumptions is the remeasurement gain or loss, which is immaterial for each of the years ended December 31, 2025, 2024 and 2023, and is presented in benefits losses and loss adjustments expense in the Consolidated Statements of Operations. Changes to the reserve due to updates to cash flow assumptions, discounted at the discount rate used when each annual cohort was established, are recognized on a catch-up basis in the Consolidated Statement of Operations. The discount rate assumption is an equivalent single rate that is based on a current market observable, upper-medium grade fixed maturity yield. This has been interpreted to represent a yield based on single-A credit rated fixed maturity instruments with similar duration to the liability. The Company uses the yield of a market observable index of single-A credit rated fixed maturities as the basis for setting the discount rate. The discount rate assumption is updated quarterly and the change in the reserve estimate resulting from updating the discount rate assumption is recognized in other comprehensive income. Treasury Stock Treasury stock is the cost of common stock repurchased, which includes the purchase price of shares acquired and direct costs to acquire shares, including commissions and excise taxes. Issuance and retirement of treasury stock is recognized at the average cost of shares held in treasury. Foreign Currency Foreign currency translation gains and losses are reflected in stockholders’ equity as a component of AOCI. The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each year end and income statement accounts are translated at the average rates of exchange prevailing during the year. The national currencies of the international operations are generally their functional currencies; however, the U.S. dollar is the functional currency of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"), for which the Company is the sole corporate member. Gains and losses resulting from the remeasurement of foreign currency transactions are reflected in earnings in net realized gains (losses) in the period in which they occur.
Commitments and Contingencies Disclosure [Text Block]	14. Commitments and Contingencies Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage and benefits claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, including those discussed in Note 10, Reserve for Unpaid Losses and Loss Adjustment Expenses, and in the following discussion under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford. The Hartford is also involved in other kinds of individual and class actions, some of which assert claims for substantial amounts. Individual actions may include claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices and may seek punitive damages. In putative class actions, plaintiffs may be seeking certification of a state or national class and have alleged, for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. Run-off Asbestos and Environmental Claims The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products allegedly containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs. The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E"). In addition, since 1986, the Company has written asbestos and environmental exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Business Insurance and Personal Insurance segments, respectively. Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages. Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, new targets, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims. Management believes these issues are not likely to be resolved in the near future. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators. The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves. It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims. Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity. For its Run-off A&E claims, as of December 31, 2025, the Company reported $267 of net asbestos and environmental reserves, net of the benefit of losses ceded to the A&E ADC with NICO. In addition, the Company has recorded a $850 deferred gain within other liabilities for losses economically ceded to NICO but for which the benefit is not recognized in earnings until later periods. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity. The Company’s A&E ADC reinsurance agreement reinsures substantially all A&E reserve development for 2016 and prior accident years, including Run-off A&E and A&E reserves included in Business Insurance and Personal Insurance. The A&E ADC has a coverage limit of $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion. The Company has incurred $1.5 billion in cumulative adverse development on A&E reserves that have been ceded under the A&E ADC treaty, leaving no remaining coverage available for future adverse net reserve development. Cumulative adverse development of A&E claims for accident years 2016 and prior in excess of the treaty limit, including $165 recognized in 2025, are absorbed as a charge to earnings by the Company. The effect of future charges could be material to the Company’s consolidated operating results or liquidity. For more information on the A&E ADC, refer to Note 10, Reserve for Unpaid Losses and Loss Adjustment Expenses Unfunded Commitments As of December 31, 2025, the Company has outstanding commitments totaling $4.7 billion, of which $2.5 billion is committed to fund limited partnerships and other alternative investments, which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. The funding of purchase investments in limited partnerships and other alternative investments are at the discretion of the general partner or manager and may be called at any time. Additionally, $1.5 billion of the outstanding commitments relate to various funding obligations associated with private debt and equity securities, as well as tax credits. The remaining outstanding commitments of $685 relate to mortgage loans. Of the $4.7 billion in total outstanding commitments, $221 are related to mortgage loan commitments which the Company can cancel unconditionally. Guaranty Funds and Other Insurance-related Assessments In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, a guaranty fund may assess its members to pay covered claims of the insolvent insurers. Assessments are based on each member's proportionate share of written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of the premiums written per year depending on the state. Some states permit member insurers to recover assessments paid through surcharges on policyholders or through full or partial premium tax offsets, while other states permit recovery of assessments through the rate filing process. Liabilities for guaranty fund and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the Company to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of other liabilities in the Consolidated Balance Sheets. As of December 31, 2025 and 2024 the liability balance was $76 and $70, respectively. As of December 31, 2025 and 2024, there were no premium tax offsets related to guaranty fund or other insurance-related assessments for both periods. Derivative Commitments Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of December 31, 2025 was $56 for which the legal entities have posted collateral of $49 in the normal course of business. Based on derivative contractual terms as of December 31, 2025, 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. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities. Guarantees In the ordinary course of selling businesses or entities to third parties, the Company has agreed to indemnify purchasers for losses arising subsequent to the closing due to breaches of representations and warranties with respect to the business or entity being sold or with respect to covenants and obligations of the Company and/or its subsidiaries. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. The Company does not expect to make any material payments on these guarantees and is not carrying any material liabilities associated with these guarantees. The Hartford has guaranteed the timely payment of contractual claims under certain life, accident and health and annuity contracts issued by its former life and annuity business with most of the guaranteed contracts issued between 1990 and 1997 (the "Talcott Guarantees"). Upon the sale of the life and annuity business in May 2018, the purchaser indemnified the Company for any liability arising under the guarantees. The Talcott Guarantees cover contractual obligations only but otherwise have no limitation as to maximum potential future payments. The liability for credit losses ("LCL") for Talcott Guarantees is calculated for the estimated amount payable under guaranteed contracts multiplied by the probability of default and the amount of loss given a default. The probability of default is assigned by credit rating of the applicable insurance company that issued the contract and is based on historical insurance industry defaults for liabilities with similar durations estimated through multiple economic cycles. Credit ratings are current and forward-looking and consider a variety of economic outcomes. Because annuities represent the majority of the contracts issued, the loss given default factors are based on a historical study of annuity policyholder recoveries from insolvent estate assets. The Company's exposure is expected to run off over a period that will include more than one economic cycle. The Company's evaluation of the required LCL for the Talcott Guarantees considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 5 - Investments. In 2023, the LCL decreased from $22 to $9 primarily due to an upgrade of Talcott's credit rating, as well as a decrease in the estimated amount payable under guaranteed contracts. In 2024, the LCL decreased to $7 primarily due an improvement of Talcott's assumed liquidation rate, as well as a decrease in the estimated amount payable under guaranteed contracts. During 2025, the LCL increased to $8 primarily due to an increase to Talcott's assumed liquidation rate, partially offset by a decrease in the estimated amount payable under guaranteed contracts. The Company has never experienced a loss on financial guarantees similar to the Talcott Guarantees and we believe the risk of loss is remote.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

2. Earnings Per Common Share

Computation of Basic and Diluted Earnings per Common Share


	For the years ended December 31,
(In millions, except for per share data)	2025		2024		2023
Earnings








Net income	$	3,836	$	3,111	$	2,504
Less: Preferred stock dividends	21		21		21
Net income available to common stockholders	$	3,815	$	3,090	$	2,483


Shares
Weighted average common shares outstanding, basic	282.4		293.9		307.1

Dilutive effect of stock-based awards under compensation plans	4.1		4.7		4.4
Weighted average common shares outstanding and dilutive potential common shares [1]	286.5		298.6		311.5
Net income available to common stockholders per common share
Basic	$	13.51	$	10.51	$	8.09



Diluted	$	13.32	$	10.35	$	7.97

[1]For additional information, see Note 15 - Equity and Note 19 - Stock Compensation Plans.

Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per common share includes the dilutive effect of stock-based awards under compensation plans.

Under the treasury stock method, for stock-based awards, shares are assumed to be issued and then reduced for the number of shares repurchasable with theoretical proceeds at the average market price for the period. Contingently issuable shares are included for the number of shares issuable assuming the end of the reporting period was the end of the contingency period, if dilutive.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs.

The fair value hierarchy levels are as follows:

Level 1 Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.

Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.

Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.

The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.


Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2025
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")	$	4,663	$	—	$	4,496	$	167
Collateralized loan obligations ("CLOs")	3,316		—		3,099		217
Commercial mortgage-backed securities ("CMBS")	2,328		—		2,213		115
Corporate	23,076		—		20,210		2,866
Foreign government/government agencies	447		—		447		—
Municipal	4,652		—		4,652		—
Residential mortgage-backed securities ("RMBS")	6,178		—		6,171		7
U.S. Treasuries	1,381		164		1,217		—
Total fixed maturities, AFS	46,041		164		42,505		3,372
FVO securities	168		—		—		168
Equity securities, at fair value [1]	492		379		7		106
Derivative assets


Foreign exchange derivatives	20		—		20		—

Total derivative assets [2]	20		—		20		—

Short-term investments	4,353		602		3,369		382
Total assets accounted for at fair value on a recurring basis	$	51,074	$	1,145	$	45,901	$	4,028
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities


Foreign exchange derivatives	(17)		—		(17)		—
Interest rate derivatives	(3)		—		(3)		—
Total derivative liabilities [3]	(20)		—		(20)		—

Total liabilities accounted for at fair value on a recurring basis	$	(20)	$	—	$	(20)	$	—


Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2024
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	3,937	$	—	$	3,915	$	22
CLOs	3,250		—		3,134		116
CMBS	2,736		—		2,569		167
Corporate	20,636		—		18,355		2,281
Foreign government/government agencies	480		—		480		—
Municipal	5,304		—		5,304		—
RMBS	5,230		—		5,206		24
U.S. Treasuries	994		57		937		—
Total fixed maturities, AFS	42,567		57		39,900		2,610
FVO securities	308		—		111		197
Equity securities, at fair value [1]	603		372		144		87
Derivative assets
Credit derivatives	30		—		30		—
Equity derivatives	4		—		4		—
Foreign exchange derivatives	23		—		23		—

Total derivative assets [2]	57		—		57		—
Short-term investments	4,068		1,271		2,699		98
Total assets accounted for at fair value on a recurring basis	$	47,603	$	1,700	$	42,911	$	2,992
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(30)	$	—	$	(30)	$	—

Foreign exchange derivatives	18		—		18		—

Total derivative liabilities [3]	(12)		—		(12)		—

Total liabilities accounted for at fair value on a recurring basis	$	(12)	$	—	$	(12)	$	—

[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.

[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote [3] to this table for derivative liabilities.

[3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

The Company has overseas deposits included in other investments of $87 and $61 as of December 31, 2025 and December 31, 2024, respectively, which are measured at fair value using the net asset value as a practical expedient.

Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives

Valuation Techniques

The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information

evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:

•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.

•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs

available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.

•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.

•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3.

The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted

market prices for exchange-traded and OTC cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.

Valuation Controls

The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.

Valuation Inputs

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.

Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives


	Level 2 Primary Observable Inputs	Level 3 Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
	• Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity
Corporates
	• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for below investment grade privately placed securities and private bank loans: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S. Treasuries, Municipals, and Foreign government/government agencies
	• Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements	• Credit spreads beyond observable curve • Interest rates beyond observable curve
Equity Securities
	• Quoted prices in markets that are not active	• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable • Private company financials
Short-term Investments
	• Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates	• Independent broker quotes • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
	• Swap yield curve • Credit default swap curves	• Not applicable


Foreign exchange derivatives
	• Swap yield curve • Currency spot and forward rates • Cross currency basis curves	• Not applicable
Interest rate derivatives
	• Swap yield curve	• Not applicable
Equity derivatives
	• Equity index levels	• Not applicable

Significant Unobservable Inputs for Level 3 - Securities

Assets accounted for at fair value on a recurring basis

Fair Value

Predominant Valuation Technique

Significant Unobservable Input

Minimum

Maximum

Weighted Average [1]

Impact of Increase in Input on Fair Value [2]

As of December 31, 2025

ABS

$

167

Discounted cash flows

Spread

434 bps

843 bps

530 bps

Decrease

CLOs

$

217

Discounted cash flows

Spread

270 bps

1,021 bps

544 bps

Decrease

CMBS [3]

$

115

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

245 bps

1,000 bps

397 bps

Decrease

Corporate [4]

$

2,765

Discounted cash flows

Spread

88 bps

811 bps

289 bps

Decrease

RMBS

$

7

Discounted cash flows

Spread [6]

88 bps

551 bps

172 bps

Decrease

Constant prepayment rate [6]

2%

5%

4%

Decrease [5]

Constant default rate [6]

1%

5%

2%

Decrease

Loss severity [6]

37%

80%

50%

Decrease

Equity Securities

$

56

Adjusted Cost

Private company financials

N/A

Increase

$

14

Discounted cash flows

Spread

1,370 bps

Decrease

Short-term investments

$

382

Discounted cash flows

Spread

164 bps

186 bps

177 bps

Decrease

As of December 31, 2024

CMBS [3]

$

166

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

200 bps

1,221 bps

418 bps

Decrease

Corporate [4]

$

2,166

Discounted cash flows

Spread

81 bps

794 bps

286 bps

Decrease

RMBS

$

19

Discounted cash flows

Spread [6]

100 bps

372 bps

181 bps

Decrease

Constant prepayment rate [6]

1%

6%

4%

Decrease [5]

Constant default rate [6]

1%

4%

2%

Decrease

Loss severity [6]

30%

50%

41%

Decrease

Short-term investments

$

98

Discounted cash flows

Spread

266 bps

Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.

As of December 31, 2025 and 2024, the fair values of the Company's level 3 derivatives were less than $1 for both periods.

The table above excludes certain securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates,

prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in these inputs would generally cause fair values to decrease. As of December 31, 2025, no significant adjustments were made by the Company to broker prices received.

Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the

derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability.


Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2025
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of December 31, 2025
Assets
Fixed maturities, AFS
	ABS	$	22	$	—	$	3	$	200	$	(48)	$	—	$	—	$	(10)	$	167
	CLOs	116		—		—		470		(29)		—		—		(340)		217
	CMBS	167		(1)		8		—		(41)		(10)		45		(53)		115
	Corporate	2,281		3		63		1,402		(842)		(91)		62		(12)		2,866


	RMBS	24		—		—		37		(11)		—		—		(43)		7
Total fixed maturities, AFS		2,610		2		74		2,109		(971)		(101)		107		(458)		3,372
FVO securities		197		4		(34)		16		(15)		—		—		—		168
Equity securities, at fair value		87		(1)		—		40		(19)		(1)		—		—		106



Short-term investments		98		—		—		682		(347)		(51)		—		—		382
Total Assets		$	2,992	$	5	$	40	$	2,847	$	(1,352)	$	(153)	$	107	$	(458)	$	4,028


Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2024
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of December 31, 2024
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	70	$	—	$	—	$	—	$	(48)	$	22
	CLOs	113		—		—		919		(64)		—		—		(852)		116
	CMBS	227		(6)		18		—		(10)		(67)		39		(34)		167
	Corporate	1,861		—		(23)		876		(316)		(126)		9		—		2,281


	RMBS	36		—		—		90		(17)		—		—		(85)		24
Total fixed maturities, AFS		2,237		(6)		(5)		1,955		(407)		(193)		48		(1,019)		2,610
FVO securities		167		(7)		—		52		(15)		—		—		—		197
Equity securities, at fair value		58		3		—		49		(20)		(3)		—		—		87




Short-term investments		25		—		—		145		(72)		—		—		—		98
Total Assets		$	2,487	$	(10)	$	(5)	$	2,201	$	(514)	$	(196)	$	48	$	(1,019)	$	2,992

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.


Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at Year End
		December 31, 2025				December 31, 2024
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]		Changes in Unrealized Gain/(Loss) included in OCI [3]		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]		Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
	ABS	$	—	$	3	$	—	$	—
	CLOs	$	—	$	—	$	—	$	—
	CMBS	—		7		—		10
	Corporate	3		61		—		(26)



Total fixed maturities, AFS		3		71		—		(16)
FVO securities		(30)		—		(7)		—
Equity securities, at fair value		1		—		—		—




Total Assets		$	(26)	$	71	$	(7)	$	(16)

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Consolidated Statements of Comprehensive Income (Loss).

Fair Value Option

The Company has elected the fair value option for certain investments in residual interests of securitizations and other securities that contain embedded credit derivatives with underlying credit risk related to residential real estate in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses.

As of December 31, 2025 and 2024, the fair value of assets using the fair value option was $168 and $308, respectively, of which $168 and $197, respectively, were residual interests of securitizations.

For the years ended December 31, 2025, 2024, and 2023, net realized gains (losses) related to the change in fair value of assets using the fair value option were $(30), $(5), and $5, respectively.

Financial Instruments Not Carried at Fair Value

Financial Assets and Liabilities Not Carried at Fair Value


	December 31, 2025					December 31, 2024
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	6,837	$	6,607	Level 3	$	6,396	$	5,901
Liabilities
Other policyholder funds and benefits payable	Level 3	$	612	$	613	Level 3	$	614	$	614
Senior notes [2]	Level 2	$	3,872	$	3,528	Level 2	$	3,867	$	3,406
Junior subordinated debentures [2]	Level 2	$	499	$	473	Level 2	$	499	$	460

[1]As of December 31, 2025 and December 31, 2024, the carrying amount of mortgage loans is net of ACL of $49 and $44, respectively.

[2]Included in long-term debt in the Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

5. Investments

Net Investment Income


	For the years ended December 31,
(Before tax)	2025		2024		2023
Fixed maturities [1]	$	2,367	$	2,204	$	1,895
Equity securities	21		35		45
Mortgage loans	296		266		235
Limited partnerships and other alternative investments	303		148		212
Other investments [2]	23		14		9
Gross investment income	$	3,010	$	2,667	$	2,396
Investment expenses	(99)		(99)		(91)
Total net investment income	$	2,911	$	2,568	$	2,305

[1]Includes net investment income on short-term investments.

[2]Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

Net Realized Gains (Losses)


	For the years ended December 31,
(Before tax)	2025		2024		2023
Gross gains on sales of fixed maturities	$	61	$	31	$	30
Gross losses on sales of fixed maturities	(129)		(198)		(149)
Equity securities [1]
Net realized gains (losses) on sales of equity securities	12		(11)		100
Change in net unrealized gains (losses) of equity securities	46		84		(22)
Net realized and unrealized gains (losses) on equity securities	58		73		78
Net credit losses on fixed maturities, AFS	—		(2)		(14)
Change in ACL on mortgage loans	(6)		3		(15)

Other, net [2]	(84)		32		(118)
Net realized losses	$	(100)	$	(61)	$	(188)

[1]The change in net unrealized gains (losses) on equity securities still held as of the end of the period and included in net realized gains (losses) were $49, $68, and $17 for the years ended December 31, 2025, 2024, and 2023, respectively.

[2]Includes gains (losses) on non-qualifying derivatives for the years ended December 31, 2025, 2024, and 2023 of $(16), $13, and $(108), respectively, and gains (losses) from transactional foreign currency revaluation of $(15), $20, and $(15), respectively.

Proceeds from the sales of fixed maturities, AFS totaled $5.7 billion, $5.7 billion, and $3.8 billion for the years ended December 31, 2025, 2024, and 2023, respectively. Sales of fixed maturities, AFS in 2025 were primarily a result of tactical changes to the portfolio driven by changing market conditions, in addition to duration and liquidity management. Non-cash investing activities for the year ended December 31, 2025, included $17 related to the exchange of equity securities for limited partnerships and other alternative investments. Non-cash investing activities for the year ended December 31, 2024, included $18 related to the exchange of short-term investments for equity securities.

Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans

As of December 31, 2025 and December 31, 2024, the Company reported accrued investment income related to fixed maturities, AFS of $439 and $412, respectively, and accrued investment income related to mortgage loans of $25 and $22, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.

Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS

The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.

For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.

Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.

For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.

For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value.


ACL on Fixed Maturities, AFS by Type
	For the years ended December 31,
	2025								2024						2023
(Before tax)	CMBS		Corporate		CLOs		Total		CMBS		Corporate		Total			CMBS		Corporate		Total
Balance as of beginning of period	$	13	$	3	$	—	$	16	$	12	$	9	$	21		$	10	$	2	$	12
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		2		2		1		—		1			—		9		9
Reduction due to sales	—		—		—		—		—		(3)		(3)			—		(5)		(5)

Net increases (decreases) on fixed maturities where an allowance was previously recorded	1		(3)		—		(2)		—		1		1			2		3		5
Write-offs charged against the allowance	—		—		—		—		—		(4)		(4)			—		—		—
Balance as of end of period	$	14	$	—	$	2	$	16	$	13	$	3	$	16		$	12	$	9	$	21

Fixed Maturities, AFS


Fixed Maturities, AFS, by Type
	December 31, 2025										December 31, 2024
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	4,628	$	—	$	51	$	(16)	$	4,663	$	3,948	$	—	$	28	$	(39)	$	3,937
CLOs	3,310		(2)		9		(1)		3,316		3,237		—		13		—		3,250
CMBS	2,468		(14)		24		(150)		2,328		2,976		(13)		21		(248)		2,736
Corporate	23,305		—		375		(604)		23,076		21,555		(3)		117		(1,033)		20,636
Foreign govt./govt. agencies	440		—		9		(2)		447		500		—		3		(23)		480
Municipal	4,831		—		89		(268)		4,652		5,574		—		77		(347)		5,304
RMBS	6,372		—		50		(244)		6,178		5,610		—		13		(393)		5,230
U.S. Treasuries	1,517		—		3		(139)		1,381		1,138		—		—		(144)		994
Total fixed maturities, AFS	$	46,871	$	(16)	$	610	$	(1,424)	$	46,041	$	44,538	$	(16)	$	272	$	(2,227)	$	42,567

Fixed Maturities, AFS, by Contractual Maturity Year


	December 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,174	$	1,179	$	1,308	$	1,298
Over one year through five years	9,725		9,791		9,564		9,414
Over five years through ten years	9,046		9,055		7,687		7,334
Over ten years	10,148		9,531		10,208		9,368
Subtotal	30,093		29,556		28,767		27,414
Mortgage-backed and asset-backed securities	16,778		16,485		15,771		15,153
Total fixed maturities, AFS	$	46,871	$	46,041	$	44,538	$	42,567

Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.

Concentration of Credit Risk

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of December 31, 2025, or December 31, 2024, other than U.S. government securities and certain U.S. government agencies.

As of December 31, 2025, other than U.S. government securities and certain U.S. government agencies, the

Company’s three largest exposures by issuer were Morgan Stanley, SPCC Funding I LLC, and the Entergy Corporation, each of which comprised less than 1% of total invested assets. As of December 31, 2024, other than U.S. government securities and certain U.S. government agencies, the Company’s three largest exposures by issuer were NextEra Energy Inc., Morgan Stanley, and the Government of Canada, each of which comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2025, were the financial services sector, the RMBS sector, and the municipal sector, which comprised approximately 11%, 10%, and 7%, respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2024, were the financial services sector, the municipal sector, and the RMBS sector, which comprised approximately 11%, 9%, and 9%, respectively, of total invested assets.

Unrealized Losses on Fixed Maturities, AFS


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	405	$	(2)	$	339	$	(14)	$	744	$	(16)
CLOs	496		(1)		—		—		496		(1)
CMBS	119		(3)		1,852		(147)		1,971		(150)
Corporate	2,372		(34)		7,089		(570)		9,461		(604)
Foreign govt./govt. agencies	39		—		38		(2)		77		(2)
Municipal	407		(7)		2,286		(261)		2,693		(268)
RMBS	256		(1)		2,626		(243)		2,882		(244)
U.S. Treasuries	592		(11)		563		(128)		1,155		(139)
Total fixed maturities, AFS in an unrealized loss position	$	4,686	$	(59)	$	14,793	$	(1,365)	$	19,479	$	(1,424)


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	1,088	$	(14)	$	407	$	(25)	$	1,495	$	(39)
CLOs	78		—		—		—		78		—
CMBS	228		(4)		2,299		(244)		2,527		(248)
Corporate	5,883		(138)		8,212		(895)		14,095		(1,033)
Foreign govt./govt. agencies	165		(5)		178		(18)		343		(23)
Municipal	1,263		(27)		2,712		(320)		3,975		(347)
RMBS	1,297		(29)		2,672		(364)		3,969		(393)
U.S. Treasuries	406		(26)		461		(118)		867		(144)
Total fixed maturities, AFS in an unrealized loss position	$	10,408	$	(243)	$	16,941	$	(1,984)	$	27,349	$	(2,227)

As of December 31, 2025, fixed maturities, AFS in an unrealized loss position consisted of 2,659 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of December 31, 2025, 94% of these fixed maturities were depressed less than 20% of cost or amortized cost. The decrease in total gross unrealized losses as of December 31, 2025 was primarily attributable to lower interest rates.

Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, municipal bonds, and RMBS, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.

Mortgage Loans

ACL on Mortgage Loans

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.

When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of

borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.

There were no mortgage loans held-for-sale as of December 31, 2025 or December 31, 2024. For the year ended December 31, 2025, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties. For the year ended December 31, 2024, one office property mortgage loan with an amortized cost of $9 was granted a term extension of three years at the original rate, which is a below-market rate, with a borrower experiencing financial difficulties. The modified loan represents less than 1% of the mortgage loan portfolio and is current and performing in conjunction with the modified terms.


ACL on Mortgage Loans
	For the years ended December 31,
	2025		2024		2023
ACL as of beginning of period	$	44	$	51	$	36


Current period provision (release)	6		(3)		15

Current period gross write-offs	(1)		(4)		—

ACL as of December 31,	$	49	$	44	$	51

The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 56% as of December 31, 2025, while the weighted-average LTV ratio at origination of these loans was 58%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2025
	2025			2024			2023			2022			2021			2020 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	30	1.83x	$	—	—x	$	—	—x	$	—	—x	$	36	0.98x	$	164	1.39x	$	230	1.38x
65% - 80%	56		1.53x	76		1.03x	23		0.83x	95		1.65x	444		2.72x	315		1.96x	1,009		2.14x
Less than 65%	1,123		1.80x	535		1.57x	401		1.40x	645		2.93x	993		3.10x	1,950		2.75x	5,647		2.44x
Total mortgage loans	$	1,209	1.79x	$	611	1.50x	$	424	1.37x	$	740	2.77x	$	1,473	2.93x	$	2,429	2.56x	$	6,886	2.36x

[1]Amortized cost of mortgage loans excludes ACL of $49.


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2024
	2024			2023			2022			2021			2020			2019 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	25	0.63x	$	—	—x	$	16	1.05x	$	37	1.03x	$	—	—x	$	110	1.68x	$	188	1.34x
65% - 80%	89		1.42x	7		1.35x	204		1.89x	421		2.55x	100		3.60x	439		2.01x	1,260		2.26x
Less than 65%	357		1.62x	489		1.39x	696		2.85x	1,108		2.93x	518		2.67x	1,824		2.71x	4,992		2.57x
Total mortgage loans	$	471	1.52x	$	496	1.39x	$	916	2.61x	$	1,566	2.79x	$	618	2.82x	$	2,373	2.53x	$	6,440	2.47x

[1]Amortized cost of mortgage loans excludes ACL of $44.


Mortgage Loans by Region
	December 31, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	401	5.8	%	$	362	5.6	%
Middle Atlantic	275		4.0	%	259		4.0	%
Mountain	903		13.1	%	764		11.9	%
New England	351		5.1	%	356		5.5	%
Pacific	1,417		20.6	%	1,400		21.8	%
South Atlantic	2,005		29.1	%	1,821		28.3	%
West North Central	128		1.9	%	97		1.5	%
West South Central	720		10.4	%	588		9.1	%
Other [1]	686		10.0	%	793		12.3	%
Total mortgage loans	6,886		100.0	%	6,440		100.0	%
ACL	(49)				(44)
Total mortgage loans, net of ACL	$	6,837			$	6,396

[1]Primarily represents loans collateralized by multiple properties in various regions.


Mortgage Loans by Property Type
	December 31, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
Commercial
Industrial	$	3,208	46.6	%	$	2,737	42.5	%
Multifamily	2,209		32.1	%	2,161		33.5	%
Office	399		5.8	%	507		7.9	%
Retail [1]	992		14.4	%	957		14.9	%
Single Family	78		1.1	%	78		1.2	%

Total mortgage loans	6,886		100.0	%	6,440		100.0	%
ACL	(49)				(44)
Total mortgage loans, net of ACL	$	6,837			$	6,396

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Past-Due Mortgage Loans

Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of December 31, 2025 and December 31, 2024, the Company held no mortgage loans considered past due.

Mortgage Servicing

The Company originates, sells, and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of December 31, 2025, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.4 billion, of which $4.8 billion was serviced on behalf of third parties and $5.6 billion was retained and reported in total investments on the Company's Consolidated Balance Sheets. As of December 31, 2024, the Company serviced mortgage loans with a total outstanding principal balance of $10.0 billion, of which $4.8 billion was serviced on behalf of third parties and $5.2 billion was retained and reported in total investments on the Company's Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of December 31, 2025 and December 31, 2024, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIEs") primarily as an investor through normal investment activities or, at times, as an investment manager.

A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it

determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements.

Consolidated VIEs

As of December 31, 2025 and 2024, the Company did not hold any securities for which it is the primary beneficiary.

Non-Consolidated VIEs

The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2025 and 2024 is limited to the total carrying value of $4.0 billion and $3.2 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of December 31, 2025 and 2024, the Company has outstanding commitments totaling $2.4 billion and $2.0 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.

Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, the Company recognized amortization of $13, $2, and $1 respectively, and related tax benefits of $24, $8, and $1, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Consolidated Balance Sheets was $121 and $51 as of December 31, 2025, and December 31, 2024, respectively. As of December 31, 2025 and December 31, 2024, the Company has outstanding commitments related to affordable housing projects of $259 and $267, respectively, that are contingent on various conditions precedent to funding.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities, on the Company's Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its

original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

For the year ended December 31, 2024, the Company sold $86 of fixed maturities, AFS for a net realized loss of less than $1 to a CLO issued by a VIE. The Company then purchased $24 of fixed maturities, AFS and $50 of FVO securities from the VIE issuer. These investments are valued based on unobservable inputs and are classified within Level 3 of the fair value hierarchy. The Company has determined it is not the primary beneficiary of the VIE issuer as it has no ability to direct the activities that could significantly affect the economic performance of the securitization.

Reverse Repurchase Agreements, Other Collateral Transactions and Restricted Investments

Reverse Repurchase Agreements

From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of December 31, 2025 and December 31, 2024, the Company reported $87 and $0, respectively, within short-term investments on the Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase the securities.

Other Collateral Transactions

For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Consolidated Financial Statements.

Other Restricted Investments

The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate").

The following table presents the components of the Company’s exposure to other restricted investments.



	December 31, 2025		December 31, 2024
	Fair Value		Fair Value
Securities on deposit with government agencies	$	2,558	$	2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,178		1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	23		25

Other investments	87		61
Total Other Restricted Investments	$	3,846	$	3,504

Equity Method Investments

The majority of the Company's investments in limited partnerships and other alternative investments, including real estate joint ventures, real estate funds, private equity funds, and other funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The remainder of investments in limited partnerships and other alternative investments consists of investments in insurer-owned life insurance accounted for at cash surrender value.

Equity method income is reported in net investment income, except amounts related to strategic investments classified in other assets which are reported in other revenues. For investments accounted for under the equity method, the Company’s maximum exposure to loss as of December 31, 2025 is limited to the total carrying value of $5.3 billion. In addition, the Company has outstanding commitments totaling $2.6 billion to fund limited partnership investments as of December 31, 2025. The Company’s investments accounted for under the equity method are generally of a passive nature in that the Company does not take an active role in the management.

For the periods ended December 31, 2025 and 2024 aggregate investment income from investments accounted for under the equity method did not exceed 10% of the Company’s before tax consolidated net income. For the period ended December 31, 2023 aggregate investment income from investments accounted for under the equity method exceeded 10% of the Company’s before tax consolidated net income. Accordingly, the Company is disclosing aggregated, summarized financial data for the Company’s investments accounted for under the equity method based on the most recently available information. This aggregated, summarized financial data does not represent the Company’s proportionate share of investees' assets or earnings.


Aggregated summarized financial information of the Company’s equity method investees:
	As of December 31,
	2025		2024
Balance sheet:
Total assets	$	396,968	$	356,430


Total liabilities	$	69,322	$	57,017
The Company's carrying value	$	5,313	$	4,552


	For the years ended December 31,
	2025		2024		2023
Operating results:


Net investment income (loss)	$	(1,502)	$	(1,002)	$	(1,240)

Net income excluding net investment income	$	19,040	$	14,778	$	13,000
The Company's share of equity method income	$	291	$	103	$	181

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

6. Derivatives

The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.

Strategies that Qualify for Hedge Accounting

Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap.

Cash Flow Hedges

Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 13 - Debt.

Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates.

Non-qualifying Strategies

Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include:

Credit Contracts

Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of

fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.

Interest Rate Swaps and Futures

The Company uses interest rate swaps and, to a lesser extent, futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of December 31, 2025 and December 31, 2024, the notional amount of interest rate swaps in offsetting relationships was $333 and $344, respectively.

Foreign Currency Swaps

The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars.

Equity Index Options

The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio.

Derivative Balance Sheet Classification

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.

Derivative Balance Sheet Presentation


	Net Derivatives								Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value				Fair Value				Fair Value
Hedge Designation/ Derivative Type	Dec 31, 2025		Dec 31, 2024		Dec 31, 2025		Dec 31, 2024		Dec 31, 2025		Dec 31, 2024		Dec 31, 2025		Dec 31, 2024
Cash flow hedges
Interest rate swaps	$	3,775	$	4,225	$	(1)	$	—	$	—	$	—	$	(1)	$	—
Foreign currency swaps	588		646		3		41		33		52		(30)		(11)
Total cash flow hedges	4,363		4,871		2		41		33		52		(31)		(11)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	333		344		(2)		—		—		1		(2)		(1)
Foreign exchange contracts
Foreign currency swaps	588		647		—		—		—		—		—		—
Credit contracts


Credit derivatives in offsetting positions	985		986		—		—		27		31		(27)		(31)
Equity contracts
Equity index options	—		233		—		4		—		4		—		—








Total non-qualifying strategies	1,906		2,210		(2)		4		27		36		(29)		(32)
Total cash flow hedges and non-qualifying strategies	$	6,269	$	7,081	$	—	$	45	$	60	$	88	$	(60)	$	(43)
Balance Sheet Location
Fixed maturities, AFS	$	588	$	647	$	—	$	—	$	—	$	—	$	—	$	—
Other investments	1,695		3,011		20		57		55		66		(35)		(9)
Other liabilities	3,986		3,423		(20)		(12)		5		22		(25)		(34)


Total derivatives	$	6,269	$	7,081	$	—	$	45	$	60	$	88	$	(60)	$	(43)

.

Offsetting of Derivative Assets/Liabilities

The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals

and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP.

Offsetting Derivative Assets and Liabilities


	(i)		(ii)		(iii) = (i) - (ii)				(iv)		(v) = (iii) - (iv)
					Net Amounts Presented in the Statement of Financial Position				Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Derivative Assets [1] (Liabilities) [2]		Accrued Interest and Cash Collateral (Received) [3] Pledged [2]		Financial Collateral (Received) Pledged [4]		Net Amount
As of December 31, 2025
Other investments	$	60	$	58	$	20	$	(18)	$	1	$	1
Other liabilities	$	(60)	$	(38)	$	(20)	$	(2)	$	(21)	$	(1)
As of December 31, 2024
Other investments	$	88	$	86	$	57	$	(55)	$	—	$	2
Other liabilities	$	(43)	$	(42)	$	(12)	$	11	$	(1)	$	—

[1]Included in other investments in the Company's Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4]Excludes collateral associated with exchange-traded derivative instruments.

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported

as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.


Gain (Loss) Recognized in OCI
	Year Ended December 31,
	2025		2024		2023
Interest rate swaps	$	12	$	(14)	$	6
Foreign currency swaps	(28)		41		(31)
Total	$	(16)	$	27	$	(25)


Gain (Loss) Reclassified from AOCI into Income
	Year Ended December 31,
	2025				2024				2023
	Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense
Interest rate swaps	$	(8)	$	12	$	(25)	$	16	$	(26)	$	15
Foreign currency swaps	10		—		12		—		10		—
Total	$	2	$	12	$	(13)	$	16	$	(16)	$	15

Total amounts presented on the Consolidated Statement of Operations	$	2,911	$	199	$	2,568	$	199	$	2,305	$	199

As of December 31, 2025, the before tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $27. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. Over that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows.

During the years ended December 31, 2025, 2024, and 2023, the Company had no net reclassifications from AOCI to earnings

resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.

Non-qualifying Strategies

For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses).

Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)


	For the Year Ended December 31,
	2025		2024		2023


Interest rate contracts
Interest rate swaps and futures	(2)		8		(3)
Credit contracts
Credit derivatives that purchase credit protection	—		—		(105)

Equity contracts
Equity index options	(14)		5		—






Total [1]	$	(16)	$	13	$	(108)

[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements.

Credit Risk Assumed through Credit Derivatives

The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be

equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers.

Credit Risk Assumed Derivatives by Type


						Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
As of December 31, 2025



Basket credit default swaps [4]

Investment grade risk exposure	$	100	$	1	3 years	CMBS Credit	AAA	$	100	$	(1)
Below investment grade risk exposure	392		27		2 years	Corporate Credit	B+	392		(27)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	B-	1		1
Total [5]	$	493	$	27				$	493	$	(27)
As of December 31, 2024



Basket credit default swaps [4]

Investment grade risk exposure	$	100	$	—	4 years	CMBS Credit	AAA	$	100	$	—
Below investment grade risk exposure	392		30		3 years	Corporate Credit	B+	392		(30)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1


Total [5]	$	493	$	29				$	493	$	(29)

[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4]Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements.

Derivative Collateral Arrangements

The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2025 and 2024, the Company has pledged cash collateral associated with derivative instruments of $27 and $31, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of December 31, 2025 and 2024, the Company pledged securities collateral associated with derivative instruments with a fair value of $22 and $1, respectively, which have been included in fixed maturities on the Consolidated Balance Sheets. The counterparties have the right to sell or re-pledge these securities.

In addition, as of December 31, 2025 and 2024, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $7 and $10 respectively, which is recorded in other investments or other assets on the Company's Consolidated Balance Sheets. As of December 31, 2025 and 2024, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $98 and $103, respectively, which are included within fixed maturities on the Company's Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company accepted cash collateral associated with derivative instruments of $50 and $78, respectively, which was invested and recorded in the Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral as of December 31, 2025 and 2024 with a fair value of $2 and $0, respectively, which the Company has the right to repledge or sell. As of December 31, 2025 and 2024, the Company had no repledged securities. In addition, as of December 31, 2025 and 2024, non‑cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Premiums Receivable

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Premiums Receivable Note [Text Block]

7. Premiums Receivable and Agents' Balances


Premiums Receivable and Agents' Balances
	As of December 31,
	2025		2024
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")	$	5,948	$	5,624
Receivables for loss sensitive business, by credit quality:

AA	98		97
A	76		57
BBB	206		193
BB	89		94
Below BB	41		50
Total receivables for loss sensitive business	510		491

Total Premiums Receivable and Agents' Balances, Gross	6,458		6,115
ACL	(142)		(117)
Total Premiums Receivable and Agents' Balances, Net of ACL	$	6,316	$	5,998

ACL on Premiums Receivable and Agents' Balances

Premiums receivable and agents' balances, excluding receivables for loss sensitive business, are primarily comprised of premiums due from policyholders, which are typically collectible within one year or less. For these balances, the ACL is estimated based on an aging of receivables and recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods.

A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans (referred to as "loss sensitive business"). Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.

The ACL for receivables for loss sensitive business is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default and the amount of loss given a default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other credit enhancement, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors through multiple economic cycles. The Company's evaluation of the required ACL for receivables for loss sensitive business considers the current economic environment as well as the probability-weighted macroeconomic scenarios similar to the approach used for estimating the ACL for mortgage loans. See Note 5 - Investments.


Rollforward of ACL on Premiums Receivable and Agents' Balances for the Year Ended
	December 31, 2025						December 31, 2024						December 31, 2023
	Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	97	$	20	$	117	$	89	$	20	$	109	$	85	$	24	$	109
Current period provision (release)	94		2		96		64		1		65		52		(2)		50
Current period gross write-offs	(77)		—		(77)		(62)		(1)		(63)		(55)		(2)		(57)
Current period gross recoveries	6		—		6		6		—		6		7		—		7
Ending ACL	$	120	$	22	$	142	$	97	$	20	$	117	$	89	$	20	$	109

Reinsurance

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reinsurance

8. Reinsurance

The Company cedes insurance risk to reinsurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers.

The Company has two ADC reinsurance agreements in place, both of which are accounted for as retroactive reinsurance and have exhausted their treaty limit. One agreement covered substantially all A&E reserve development for 2016 and prior accident years ("A&E ADC") up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company ("NIC") and certain of its affiliates for 2018 and prior accident years (the "Navigators ADC") up to an aggregate limit of $300. As the Company has ceded all of the $300 and $1.5 billion available limits under the Navigators ADC and the A&E ADC, respectively, there is no remaining limit available under either agreement as of December 31, 2025. For more information on ADC agreements, see Note 1 - Basis of Presentation and Significant Accounting Policies, and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses.

Property and Casualty ceded losses, which reduce losses and loss adjustment expenses incurred, were $1,264, $1,241 and

$1,043 for the years ended December 31, 2025, 2024 and 2023, respectively.

Employee Benefits ceded losses, which reduce losses and loss adjustment expenses incurred, were $96, $120 and $93 for the years ended December 31, 2025, 2024 and 2023, respectively.

Reinsurance Recoverables

Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported ("IBNR") unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverables based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR unpaid losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses.


Reinsurance Recoverables by Credit Quality Indicator
	As of December 31, 2025								As of December 31, 2024
	P&C		Employee Benefits		Corporate		Total		P&C		Employee Benefits		Corporate		Total
AM Best Financial Strength Rating
A++	$	2,161	$	—	$	—	$	2,161	$	2,271	$	—	$	—	$	2,271
A+	2,292		286		213		2,791		2,169		281		224		2,674
A	764		1		—		765		829		1		—		830
A-	603		3		2		608		622		4		—		626
B++	2		—		—		2		2		—		2		4
Below B++	21		—		—		21		22		—		—		22
Total Rated by AM Best	5,843		290		215		6,348		5,915		286		226		6,427
Mandatory (Assigned) and Voluntary Risk Pools	204		—		—		204		205		—		—		205
Captives	465		—		—		465		402		—		—		402
Other not rated companies	238		5		—		243		176		5		—		181
Gross Reinsurance Recoverables	6,750		295		215		7,260		6,698		291		226		7,215
Allowance for uncollectible reinsurance	(66)		(1)		(2)		(69)		(72)		(1)		(2)		(75)
Net Reinsurance Recoverables	$	6,684	$	294	$	213	$	7,191	$	6,626	$	290	$	224	$	7,140

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing

reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured

trusts, funds held accounts and group wide offsets. As part of its reinsurance recoverable review, the Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between cedants and reinsurers and the overall credit quality of the Company’s reinsurers.

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. The ACL is estimated as the amount of reinsurance recoverables exposed to loss multiplied by estimated factors for the probability of default and the amount of loss given a default. The probability of default is assigned based on each reinsurer's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed on a quarterly basis and any significant changes are reflected in an updated estimate. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss

given default factors are based on a study of historical recovery rates for general creditors of corporations through multiple economic cycles or, in the case of purchased annuities funding structured settlements accounted for as reinsurance, historical recovery rates for annuity contract holders.

As shown in the table above, a portion of the total gross reinsurance recoverable balance relates to the Company’s participation in various mandatory (assigned) and voluntary risk pools. Reinsurance recoverables due from pools are backed by the financial position of all insurance companies participating in the pools and the credit backing the reinsurance recoverable is not limited to the financial strength of each pool. The mandatory pools generally are funded through policy assessments or surcharges and if any participant in the pool defaults, remaining liabilities are apportioned among the other members.

The Company's evaluation of the required ACL for reinsurance recoverables considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 5 - Investments. Insurance companies, including reinsurers, are regulated and hold risk-based capital ("RBC") to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance recoverables. As a result, there is limited history of losses from insurer defaults.


Allowance for Uncollectible Reinsurance
	As of December 31, 2025		As of December 31, 2024		As of December 31, 2023
P&C beginning allowance for uncollectible reinsurance	$	72	$	100	$	102
Beginning allowance for disputed amounts	48		57		60
P&C beginning ACL	24		43		42
Current period provision	—		(6)		3
Current period gross write-offs	—		(13)		(2)

P&C ending ACL	24		24		43
Ending allowance for disputed amounts	42		48		57
P&C ending allowance for uncollectible reinsurance	66		72		100
Employee Benefits allowance for uncollectible reinsurance	1		1		1
Corporate allowance for uncollectible reinsurance	2		2		2
Total allowance for uncollectible reinsurance	$	69	$	75	$	103

Insurance Revenues

Property and Casualty Insurance Revenue


	For the years ended December 31,
Premiums Written	2025		2024		2023
Direct	$	18,904	$	17,622	$	16,144
Assumed	1,230		1,102		975
Ceded	(1,948)		(1,775)		(1,642)
Net	$	18,186	$	16,949	$	15,477
Premiums Earned
Direct	$	18,344	$	16,915	$	15,514
Assumed	1,143		1,001		826
Ceded	(1,879)		(1,742)		(1,612)
Net	$	17,608	$	16,174	$	14,728

Employee Benefits Revenue


	For the years ended December 31,
	2025		2024		2023
Gross earned premiums, fees and other considerations	$	6,613	$	6,576	$	6,445
Reinsurance assumed	145		166		174
Reinsurance ceded	(113)		(127)		(104)
Net earned premiums, fees and other considerations	$	6,645	$	6,615	$	6,515

For its Employee Benefits products, the Company reinsures certain of its risks to other reinsurers under yearly renewable term and coinsurance arrangements and variations thereto. Yearly renewable term and coinsurance arrangements result in

passing a portion of the risk to the reinsurer. Generally, the reinsurer receives a proportionate amount of the premiums less an allowance for commissions and expenses and is liable for a corresponding proportionate amount of all benefit payments.

Goodwill & Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill & Other Intangible Assets

9. Goodwill & Other Intangible Assets

The carrying value of goodwill allocated to reportable segments and the corporate category as of both December 31, 2025 and 2024 was as follows:


	Carrying Value

Business Insurance	$	659
Personal Insurance	119
Hartford Funds	180
Employee Benefits	723
Corporate [1]	230
Total	$	1,911

[1]The Corporate category includes goodwill that was acquired at a holding company level and not pushed down to a subsidiary within a reportable segment. Carrying value of goodwill within Corporate as of December 31, 2025 and 2024 includes $138 and $92 for the Employee Benefits and Hartford Funds reporting units, respectively.

The annual goodwill assessment for all reporting units was completed as of October 31, 2025 and 2024 and resulted in no write-downs of goodwill for the years ended December 31, 2025

and 2024. All reporting units passed the annual impairment test with a significant margin.

Other Intangible Assets


	As of December 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets:
Customer relationships	$	636	$	(357)	$	279	$	636	$	(313)	$	323
Marketing agreement with Aetna	16		(9)		7		16		(7)		9
Distribution Agreement	79		(77)		2		79		(75)		4
Distribution and Agency relationships & Other	340		(157)		183		340		(134)		206
Total Finite Life Intangibles	1,071		(600)		471		1,071		(529)		542
Total Indefinite Life Intangible Assets	95				95		95				95
Total Other Intangible Assets	$	1,166	$	(600)	$	566	$	1,166	$	(529)	$	637

Expected Before Tax Amortization Expense for Acquired Intangibles as of December 31, 2025


	Other Intangible Assets
2026	$	70
2027	$	68
2028	$	64
2029	$	62
2030	$	61

Reserve for Unpaid Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Reserve for Unpaid Losses and Loss Adjustment Expenses

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the years ended December 31,
	2025		2024		2023
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	36,404	$	34,044	$	33,083
Reinsurance and other recoverables	6,753		6,696		6,465
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651		27,348		26,618
Provision for unpaid losses and loss adjustment expenses
Current accident year	10,964		10,305		9,538
Prior accident year development [1]	(424)		(120)		10
Total provision for unpaid losses and loss adjustment expenses	10,540		10,185		9,548
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	64		83		(194)
Payments
Current accident year	(2,917)		(2,765)		(2,716)
Prior accident years	(5,939)		(5,175)		(5,926)
Total payments	(8,856)		(7,940)		(8,642)

Foreign currency adjustment	33		(25)		18
Ending liabilities for unpaid losses and loss adjustment expenses, net	31,432		29,651		27,348
Reinsurance and other recoverables	6,723		6,753		6,696
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	38,155	$	36,404	$	34,044

[1]Prior accident year development for the years ended December 31, 2025 and 2024 included a $64 and $145 benefit for amortization of a deferred gain under retroactive reinsurance accounting, respectively, related to the Navigator's ADC. The deferred gain has been fully amortized as of September 30, 2025. In addition, for the year ended December 31, 2024, the Company ceded, $62 of losses under the A&E adverse development cover, which was reflected as an increase to the deferred gain. For additional information regarding the ADC reinsurance agreement, refer to Adverse Development Covers discussion below.

Property and Casualty Insurance Products Reserves, Net of Reinsurance, that are Discounted


	For the years ended December 31,
	2025						2024						2023
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts	$	1,151					$	1,184					$	1,255
Amount of discount	317						333						339
Carrying value of liability for unpaid losses and loss adjustment expenses	$	834					$	851					$	916
Discount accretion included in losses and loss adjustment expenses	$	49					$	44					$	42
Weighted average discount rate	2.97					%	2.80					%	2.74					%
Range of discount rates	0.83		%	-	12.87	%	0.83		%	-	14.03	%	0.83		%	-	14.03	%

Reserves are discounted at rates in effect at the time claims were incurred, ranging from 0.83% for accident year 2020 to 12.87% for accident year 1982.

The reserves recorded for the Company’s property and casualty insurance products at December 31, 2025 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded

reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows.

Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty in the ultimate settlement of the liabilities gross of reinsurance include inadequate loss development patterns, plaintiffs’ expanding theories of liability, new targets, the risks inherent in major litigation, and inconsistent emerging

legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. In the case of the reserves for environmental exposures before reinsurance, factors contributing to the high degree of uncertainty in gross reserves include expanding theories of liabilities and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators.

(Favorable) Unfavorable Prior Accident Year Development


	For the years ended December 31,
	2025		2024		2023
Workers’ compensation	$	(255)	$	(258)	$	(236)
Workers’ compensation discount accretion	45		44		42
General liability	—		211		41
Marine	—		(1)		(2)
Package business	—		(6)		(24)
Commercial property	(42)		(7)		(7)
Professional liability	(17)		(27)		(2)
Bond	(71)		(56)		(27)
Assumed reinsurance	—		24		34
Commercial automobile liability	12		47		20
Personal automobile liability	(87)		(30)		—
Homeowners	(43)		(28)		(6)


Net asbestos and environmental reserves	165		141		—
Catastrophes	(84)		(87)		(87)
Uncollectible reinsurance	6		(19)		13
Other reserve re-estimates, net	11		15		57
Prior accident year development, including full benefit for the ADC cession	(360)		(37)		(184)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(64)		(83)		194
Total prior accident year development	$	(424)	$	(120)	$	10

[1]The change in deferred gain on retroactive reinsurance for the years ended December 31, 2025 and 2024 included a benefit for amortization of the Navigators ADC deferred gain of $64 and $145, respectively. The change in deferred gain for the years ended December 31, 2024 and 2023 also included $62 and $194, respectively of adverse development on A&E reserves in excess of ceded premium paid.

2025 re-estimates of prior accident year reserves

Workers’ compensation reserves were decreased within accident years 2021 and prior primarily in small business, driven by lower than previously estimated claim severity.

Commercial property reserves were decreased primarily within accident years 2023 and 2024 as a result of lower than expected severity.

Professional liability reserves were decreased due to favorable development on directors and officers ("D&O") claims driven by the 2020 to 2023 accident years, partially offset by deterioration in employment practices liability and errors and omissions ("E&O") claims across multiple accident years.

Bond reserves decreased due primarily to favorable development on commercial and contract surety and fidelity bonds driven by accident years 2021 and prior.

Commercial automobile liability reserves increased primarily due to adverse loss development within accident years 2022 and 2023, driven by higher severity than estimated.

Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.

Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.

Asbestos and environmental reserves were reviewed in fourth quarter 2025 resulting in a $165 increase in reserves, including $122 for asbestos and $43 for environmental.

Catastrophes reserves were decreased across Business Insurance and Personal Insurance primarily driven by a reduction in reserves in accident years 2020 to 2024, including favorable emergence related to various hail events.

Other reserve re-estimates, net, were increased primarily due to an increase in unallocated loss adjustment expenses ("ULAE") reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves and an increase in reserves related to unfavorable development from participation in involuntary market pools, partially offset by lower than expected severity on Personal Insurance automobile physical damage for accident year 2024.

2024 re-estimates of prior accident year reserves

Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than anticipated claim severity. In addition, the 2020 accident year includes a $48 reduction of COVID-19 related reserves driven by favorable claim count emergence.

General liability reserves were increased primarily in response to a higher frequency of large losses in the 2015 to 2019 accident years. In addition, the incurred but not reported reserves for more recent accident years were increased as management has observed an increase in severity on reported claims above expectations and anticipates a higher claim severity trend on unreported claims. Reserves for sexual molestation and sexual abuse claims were increased for older accident years. Lastly, reserves for extra contractual liability

claims and other miscellaneous run-off lines were reduced in response to recent favorable loss activity.

Professional liability reserves decreased due to favorable development on D&O claims driven by the 2020 to 2022 accident years combined with favorable E&O experience in the 2018 accident year, partially offset by deterioration in older accident years.

Bond reserves decreased due to favorable development on commercial and contract surety and fidelity bonds, driven by accident years 2019 and prior.

Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety and Latin America P&C businesses related to the 2020 to 2023 accident years.

Commercial automobile liability reserves increased primarily due to adverse loss development within accident years 2022 and 2023, driven by higher severity than estimated.

Personal automobile liability reserves were decreased primarily in response to better than anticipated accident years 2021 to 2023 severity for bodily injury liability claims and property damage liability.

Homeowners reserves were decreased primarily due to favorable severity impacting accident years 2022 and 2023.

Asbestos and environmental reserves were reviewed in fourth quarter 2024 resulting in a $203 increase in reserves before ADC reinsurance, including $167 for asbestos and $36 for environmental. The Company ceded to the A&E ADC $62, which is accounted for as a deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid. For additional information related to the adverse development cover with National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc. ("Berkshire"), see the Adverse Development Covers section below and Note 14 - Commitments and Contingencies.

Catastrophes reserves were decreased primarily within Business Insurance driven by a reduction in reserves in accident years 2020 to 2022 related to favorable emergence related to various hail events, as well as favorable development in both Business Insurance and Personal Insurance in accident year 2022 related to Hurricane Ian.

Uncollectible reinsurance was decreased due to a reduction in a previously established reserve for an A&E reinsurer that entered into liquidation proceedings.

Other reserve re-estimates, net, were increased primarily due to an increase in ULAE reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves and an increase in reserves related to unfavorable development from participation in involuntary market pools environmental reserves, partially offset by a decrease in reserves due to lower severity than expected on personal automobile physical damage for accident year 2023.

2023 re-estimates of prior accident year reserves

Workers’ compensation reserves were decreased within the 2014 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity. In addition, the majority of the 2020 accident year relates to a $38 reduction of COVID-19 related reserves.

General liability reserves were increased driven by higher frequency and estimated cost to settle large individual claims for the 2016 to 2019 accident years, partially offset by a decrease in reserves for the 2020 accident year due to favorable experience. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Also included was a decrease in reserves for extra contractual liability claims and other miscellaneous run-off lines.

Package business reserves decreased primarily due to lower than previously estimated property severity for accident year 2019 and 2021. Package liability is flat overall with reserve increases related to higher severity across multiple accident years offset by improvement in accident year 2020 due to favorable claim count emergence.

Commercial property reserves decreased primarily due to favorable development for accident years 2018 and 2021. In accident year 2022, unfavorable development in middle & large business was offset by favorable development in global specialty.

Professional liability reserves decreased modestly due to favorable development on D&O claims driven by the 2020 and 2021 accident years, partially offset by deterioration in 2019 and prior accident years experience across E&O and other claims.

Bond reserves decreased primarily due to improvement in fidelity in 2013 and prior accident years, as well as improvement in contract surety in 2019 and prior accident years, partially offset by unfavorable development for 2013 and prior accident years related to customs bonds.

Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America casualty and surety business.

Commercial automobile liability reserves increased primarily due to adverse loss development from elevated large loss frequency and severity pressures within middle & large business for accident year 2022, as well as unfavorable experience in accident year 2019, partly offset by favorable development in accident years 2020 and 2021.

Personal automobile liability reserves were flat as increases for accident year 2022 from higher estimated severity and increasing attorney representation rates were fully offset by decreases, primarily within accident years 2019 to 2021, due to lower estimated severity.

Asbestos and environmental reserves were reviewed in fourth quarter 2023 resulting in a $194 increase in reserves before ADC reinsurance, including $156 for asbestos and $38 for environmental. The Company recognized a $194 deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid. For additional information related to the adverse development cover with NICO, see the Adverse Development Covers section below and Note 14 - Commitments and Contingencies.

Catastrophes reserves were decreased primarily within Business Insurance driven by a reduction in reserves in accident year 2022 for Hurricane Ian and accident year 2021 for Hurricane Ida.

Uncollectible reinsurance was increased primarily in Business Insurance related to a captive reinsurer and, to a lesser extent, an increase in reserves for potential collection disputes and credit concerns.

Other reserve re-estimates, net, were increased primarily due to an increase in ULAE reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves, as well as unfavorable development from participation in involuntary market pools, and increased automobile physical damage severity.

Settlement Agreement with Boy Scouts of America

On February 14, 2022, the Company executed a final settlement agreement (the “Settlement”) with the Boy Scouts of America ("BSA"), the Local Councils, and the attorneys representing a majority of the alleged victims, pursuant to which The Hartford agreed to pay $787 for sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford writing companies in the 1970s and early 1980s. In exchange for its payment, the Company receives a complete release of its policies issued to BSA and the Local Councils, as well as an injunction against further abuse claims involving BSA. All conditions precedent to the Settlement have been satisfied, including approval by the bankruptcy court and the district court, and on April 20, 2023, The Hartford paid the Settlement amount of $787. Certain objecting parties appealed the district court’s ruling and after unsuccessful appeals petitioned the U.S Supreme Court for review. On January 12, 2026, the U.S. Supreme Court denied their petition and the matter has now concluded as to The Hartford.

Adverse Development Covers

The Company has an adverse development cover reinsurance agreement with NICO, a subsidiary of Berkshire Hathaway Inc., to reinsure loss development after 2016 on substantially all of the Company’s asbestos and environmental reserves (the “A&E ADC”) up to an aggregate limit. Under the A&E ADC, the Company paid a reinsurance premium of $650 for NICO to assume adverse net loss reserve development up to $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion including reserves for A&E exposure for accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off

A&E") and reserves for A&E exposure for accident years 1986 and subsequent from policies underwritten prior to 2016 that are reported in ongoing Business Insurance and Personal Insurance. The $650 reinsurance premium was placed into a collateral trust account as security for NICO’s claim payment obligations to the Company. The Company has retained the risk of collection on amounts due from other third-party reinsurers and through 2025 continued to be responsible for claims handling and other administrative services, subject to certain conditions. The A&E ADC covered substantially all the Company’s A&E reserve development up to the reinsurance limit.

Under retroactive reinsurance accounting, net adverse A&E reserve development after December 31, 2016 results in an offsetting reinsurance recoverable up to the $1.5 billion limit. Cumulative ceded losses up to the $650 reinsurance premium paid have been recognized as a dollar-for-dollar offset to direct losses incurred. Cumulative ceded losses exceeding the $650 reinsurance premium paid resulted in a deferred gain. The Company has incurred $1.5 billion in cumulative adverse development on asbestos and environmental reserves that have been ceded under the A&E ADC treaty, leaving no remaining coverage available for future adverse net reserve development. The Company has recorded a $850 deferred gain within other liabilities, representing the difference between the reinsurance recoverable of $1.5 billion and ceded premium paid of $650. As of December 31, 2025, the Company has paid cumulative losses in excess of the $1.7 billion attachment point. The Company has recorded $1,436 of ceded unpaid reinsurance loss and LAE recoverables and $64 of paid reinsurance loss and LAE recoverables related to the A&E ADC on the Consolidated Balance Sheet as of December 31, 2025. The deferred gain will be recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries.

Immediately following the May 23, 2019 acquisition of Navigators Group, the Company purchased an aggregate excess of loss adverse development cover (“Navigators ADC”) from NICO on behalf of Navigators Insurance Company and certain affiliates, providing $300 of coverage in excess of $100 above existing net loss and allocated loss adjustment reserves as of December 31, 2018, subject to a treaty limit of $1.816 billion for losses prior to that date, in exchange for a $91 premium. Cumulative loss development on 2018 and prior accident year reserves subsequently exhausted the treaty limit, resulting in the recognition of a $209 cumulative deferred gain within other liabilities under retroactive reinsurance accounting. Recoveries up to the limit were fully collected from NICO, with collections during 2024 and 2025 resulting in the amortization of $145 and $64 of the deferred gain, respectively, through benefits, losses and loss adjustment expenses, fully amortizing the balance as of December 31, 2025; the deferred gain was $64 as of December 31, 2024 and no change to the deferred gain occurred during the year ended December 31, 2023 due to the absence of recoveries.

Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses As of December 31, 2025


	Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance										Subtotal
Reserve Line	Cumulative Incurred for Accident Years Displayed in Triangles		Cumulative Paid for Accident Years Displayed in Triangles		Unpaid for Accident Years not Displayed in Triangles		Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance		Discount			Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance		Reinsurance and Other Recoverables		Liability for Unpaid Losses and Loss Adjustment Expenses
Workers' compensation	$	18,810	$	(9,944)	$	4,107	$	450	$	(307)		$	13,116	$	1,754	$	14,870
General liability	10,459		(4,765)		467		220		—			6,381		1,243		7,624
Marine	1,434		(1,103)		15		15		—			361		237		598
Package business	9,549		(6,864)		141		147		—			2,973		40		3,013
Commercial property	4,369		(3,844)		9		33		—			567		306		873
Commercial automobile liability	5,040		(3,324)		15		46		—			1,777		130		1,907
Commercial automobile physical damage	235		(213)		5		1		—			28		—		28
Professional liability	3,303		(1,712)		51		49		—			1,691		568		2,259
Bond	655		(285)		16		34		—			420		13		433
Assumed Reinsurance	2,486		(1,561)		—		9		—			934		20		954
Personal automobile liability	10,649		(9,009)		34		70		—			1,744		16		1,760
Personal automobile physical damage	1,529		(1,474)		5		5		—			65		—		65
Homeowners	5,844		(5,473)		6		47		—			424		15		439
Other ongoing business					179		8		(10)			177		371		548
Asbestos and environmental [1]					342		—		—			342		1,983		2,325
Other operations [1]					250		182		—			432		27		459
Total P&C	$	74,362	$	(49,571)	$	5,642	$	1,316	$	(317)		$	31,432	$	6,723	$	38,155

[1]Asbestos and environmental and other operations include asbestos, environmental and other latent exposures not foreseen when coverages were written, including, but not limited to, potential liability for pharmaceutical products, silica, talcum powder, head injuries, lead paint, construction defects, sexual molestation and sexual abuse and other long-tail liabilities. These reserve lines do not have significant paid or incurred loss development for the most recent ten accident years and therefore do not have loss development displayed in triangles.

The reserve lines in the above table and the loss triangles that follow represent the significant lines of business for which the Company regularly reviews the appropriateness of reserve levels. These reserve lines differ from the reserve lines reported on a statutory basis, as prescribed by the National Association of Insurance Commissioners ("NAIC").

The following loss triangles present historical loss development for incurred and paid claims by accident year, including loss development on Navigators' reserves prior to and after the May 23, 2019 acquisition date. Because the loss triangles include pre-acquisition date changes in ultimate incurred loss estimates for Navigators' reserves, changes in reserve development evident in the incurred loss triangles may differ from prior accident year development ("PYD") recorded by the Company as shown in the (Favorable) Unfavorable Prior Accident Year Development table above as that only includes changes in Navigators' reserves post acquisition. In addition, the incurred loss triangles include reserve development on both catastrophe and non-catastrophe claims whereas the (Favorable) Unfavorable Prior Accident Year Development table above shows the total amount of catastrophe reserve development across all lines of business on a single line.

Triangles are limited to the number of years for which claims incurred typically remain outstanding, not exceeding ten years.

Short-tail lines, which represent claims generally expected to be paid within a few years, have three years of claim development displayed. IBNR reserves shown in loss triangles include reserves for incurred but not reported claims as well as reserves for expected development on reported claims. Incurred and cumulative paid losses in currencies other than the U.S. dollar have been converted into U.S. dollars using the exchange rates as of December 31, 2025.

Workers' Compensation


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	1,772	$	1,772	$	1,780	$	1,767	$	1,748	$	1,708	$	1,670	$	1,634	$	1,621	$	1,610	$	309	112,799
2017			1,862		1,869		1,840		1,822		1,757		1,665		1,635		1,597		1,567		359		112,325
2018					1,916		1,917		1,915		1,904		1,870		1,836		1,798		1,766		412		120,168
2019							1,937		1,935		1,934		1,934		1,899		1,864		1,831		462		121,331
2020									1,865		1,864		1,849		1,808		1,712		1,644		493		92,565
2021											1,831		1,832		1,831		1,831		1,812		582		103,650
2022													2,000		2,001		2,001		2,000		686		114,840
2023															2,166		2,166		2,166		928		118,673
2024																	2,174		2,174		1,122		117,500
2025																			2,240		1,563		111,445
Total																			$	18,810


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	255	$	579	$	779	$	908	$	1,003	$	1,064	$	1,110	$	1,145	$	1,173	$	1,199
2017			261		575		778		900		977		1,035		1,087		1,118		1,138
2018					283		624		837		983		1,090		1,170		1,215		1,251
2019							291		637		856		1,007		1,129		1,204		1,248
2020									223		507		695		850		939		1,005
2021											254		562		780		920		1,023
2022													293		649		910		1,081
2023															286		677		936
2024																	309		726
2025																			337
Total																			$	9,944

General Liability


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	613	$	583	$	607	$	632	$	632	$	620	$	637	$	670	$	693	$	697	$	52	18,122
2017			626		614		613		615		613		615		658		691		723		56		17,743
2018					692		669		697		703		728		751		817		808		96		19,203
2019							822		826		821		839		859		876		907		153		19,169
2020									938		922		922		873		858		812		223		14,976
2021											1,002		991		983		1,000		997		350		13,349
2022													1,116		1,110		1,167		1,161		552		13,554
2023															1,219		1,230		1,246		766		12,456
2024																	1,432		1,430		1,150		10,495
2025																			1,678		1,626		7,755
Total																			$	10,459


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	12	$	52	$	131	$	283	$	368	$	446	$	513	$	564	$	596	$	621
2017			15		67		156		255		344		441		506		553		610
2018					21		83		177		288		409		512		595		673
2019							29		100		192		339		501		613		701
2020									45		110		202		308		432		547
2021											34		115		209		394		564
2022													26		135		282		509
2023															17		128		340
2024																	16		181
2025																			19
Total																			$	4,765

Marine


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	141	$	144	$	140	$	149	$	151	$	148	$	151	$	161	$	160	$	159	$	1	13,820
2017			154		175		162		161		167		170		177		174		173		1		16,252
2018					132		147		142		148		154		158		156		157		1		10,832
2019							139		136		135		130		127		128		130		—		7,288
2020									146		138		134		138		143		145		—		5,294
2021											127		128		120		128		125		19		5,415
2022													140		132		131		128		13		5,456
2023															134		129		126		31		4,989
2024																	149		148		44		5,220
2025																			143		78		4,239
Total																			$	1,434


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	36	$	81	$	107	$	123	$	133	$	142	$	145	$	148	$	143	$	144
2017			47		107		135		144		152		163		172		169		169
2018					33		95		127		136		143		160		152		153
2019							34		80		96		106		116		120		122
2020									32		69		90		100		119		120
2021											25		63		88		98		107
2022													27		72		89		104
2023															22		58		74
2024																	32		72
2025																			38
Total																			$	1,103

Package Business


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	655	$	638	$	632	$	625	$	611	$	595	$	591	$	590	$	582	$	583	$	19	44,417
2017			695		702		692		657		644		637		640		638		638		27		46,994
2018					719		724		688		667		655		654		671		670		36		45,436
2019							813		769		749		744		747		761		758		51		44,081
2020									915		893		877		837		828		814		65		63,124
2021											946		954		958		958		964		101		48,037
2022													1,038		1,039		1,043		1,066		144		47,794
2023															1,250		1,223		1,244		275		47,841
2024																	1,356		1,312		528		48,303
2025																			1,500		867		34,613
Total																			$	9,549


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	225	$	353	$	410	$	465	$	500	$	521	$	540	$	545	$	549	$	556
2017			235		372		447		496		534		561		578		593		601
2018					237		402		451		498		537		571		609		621
2019							254		413		488		571		626		666		693
2020									326		493		573		648		699		731
2021											368		556		650		746		824
2022													319		633		728		846
2023															453		725		866
2024																	415		674
2025																			452
Total																			$	6,864

Commercial Property


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	406	$	420	$	400	$	407	$	409	$	409	$	406	$	406	$	407	$	406	$	1	23,932
2017			578		517		457		439		441		439		440		439		438		3		24,629
2018					450		437		424		403		400		393		393		393		3		21,822
2019							480		439		418		420		421		420		420		(1)		20,993
2020									501		469		440		438		437		437		32		20,538
2021											531		501		464		434		436		16		18,306
2022													497		481		476		472		5		17,495
2023															448		424		397		54		17,095
2024																	519		481		105		16,913
2025																			489		132		13,992
Total																			$	4,369


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	215	$	343	$	379	$	396	$	402	$	407	$	407	$	409	$	407	$	407
2017			229		378		412		428		433		439		441		442		442
2018					188		344		379		385		394		394		394		394
2019							215		351		383		405		407		410		412
2020									221		336		356		367		373		395
2021											241		383		403		412		414
2022													180		370		413		462
2023															199		301		327
2024																	228		341
2025																			250
Total																			$	3,844

Commercial Automobile Liability


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	385	$	393	$	390	$	391	$	391	$	395	$	395	$	396	$	395	$	396	$	6	29,268
2017			372		383		379		383		381		394		398		398		399		4		26,421
2018					349		396		405		406		424		433		435		433		12		24,828
2019							425		439		450		460		471		479		484		11		28,647
2020									428		424		419		397		388		382		27		22,296
2021											440		443		429		410		409		50		20,343
2022													468		500		547		560		97		21,106
2023															527		555		560		165		21,232
2024																	641		642		324		22,477
2025																			775		627		19,958
Total																			$	5,040


Cumulative Paid Losses & Allocated Loss Adjustment Expense, Net of Reinsurance
	For the years ended December 31
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	65	$	147	$	232	$	303	$	339	$	357	$	379	$	385	$	388	$	388
2017			60		134		211		285		328		368		386		389		390
2018					62		153		238		305		360		387		406		415
2019							67		160		247		327		393		428		455
2020									55		119		200		264		317		340
2021											55		127		212		282		335
2022													64		171		294		400
2023															69		174		304
2024																	77		217
2025																			80
Total																			$	3,324

Commercial Automobile Physical Damage


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2023		2024		2025		IBNR Reserves		Claims Reported







2023	$	80	$	81	$	78	$	3	16,884
2024			84		84		7		16,718
2025					73		3		15,324
Total					$	235


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2023		2024		2025







2023	$	61	$	74	$	75
2024			67		76
2025					62
Total					$	213

Professional Liability


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Claims Made Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	183	$	176	$	204	$	197	$	196	$	197	$	196	$	194	$	204	$	197	$	14	8,981
2017			205		203		232		227		241		243		218		229		225		14		10,152
2018					244		276		273		273		268		328		316		340		28		10,569
2019							295		314		332		349		356		387		395		80		10,689
2020									369		364		337		325		299		296		83		8,759
2021											340		343		327		307		302		125		7,554
2022													349		355		338		311		149		8,481
2023															384		388		396		195		10,161
2024																	394		416		242		11,963
2025																			425		366		12,157
Total																			$	3,303


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Claims Made Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	8	$	51	$	88	$	112	$	125	$	149	$	169	$	179	$	178	$	179
2017			11		48		87		122		149		180		192		190		195
2018					15		72		128		162		196		235		263		273
2019							21		78		148		199		242		267		302
2020									19		71		118		147		172		191
2021											15		55		95		128		157
2022													18		64		95		134
2023															20		76		145
2024																	28		113
2025																			23
Total																			$	1,712

Bond


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	61	$	61	$	61	$	55	$	51	$	45	$	37	$	34	$	28	$	21	$	2	1,362
2017			63		90		101		94		79		70		68		65		56		13		1,813
2018					68		68		72		71		70		63		54		46		16		1,768
2019							72		73		74		73		70		61		49		32		1,958
2020									83		84		79		83		80		64		40		2,352
2021											85		85		88		84		75		39		3,069
2022													85		93		93		91		27		2,641
2023															81		83		83		58		1,763
2024																	90		89		66		1,164
2025																			81		70		1,213
Total																			$	655


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	2	$	12	$	15	$	20	$	22	$	22	$	22	$	20	$	20	$	19
2017			5		46		55		54		42		43		43		43		43
2018					6		16		23		24		29		30		29		29
2019							3		13		15		16		16		17		16
2020									4		12		21		26		27		23
2021											8		21		23		29		35
2022													11		42		59		62
2023															8		17		24
2024																	10		23
2025																			11
Total																			$	285

Assumed Reinsurance


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	89	$	91	$	98	$	101	$	102	$	102	$	102	$	104	$	104	$	104	$	(1)	2,020
2017			129		153		162		157		153		155		155		155		156		2		2,631
2018					129		128		130		135		136		133		133		136		1		3,139
2019							181		190		187		191		210		209		209		7		3,949
2020									183		181		188		180		182		187		5		3,515
2021											193		197		205		206		207		10		2,906
2022													267		275		291		299		60		2,868
2023															330		328		331		65		2,974
2024																	410		394		193		2,112
2025																			463		322		757
Total																			$	2,486


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	36	$	66	$	85	$	90	$	95	$	97	$	99	$	102	$	101	$	101
2017			44		116		135		145		147		149		151		150		150
2018					25		112		134		140		143		145		134		131
2019							62		132		154		160		177		186		192
2020									50		90		114		133		152		165
2021											46		103		134		158		174
2022													60		129		174		205
2023															63		150		209
2024																	62		143
2025																			91
Total																			$	1,561

Personal Automobile Liability


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	1,407	$	1,402	$	1,393	$	1,397	$	1,395	$	1,386	$	1,384	$	1,384	$	1,388	$	1,386	$	3	215,878
2017			1,277		1,275		1,228		1,214		1,200		1,198		1,197		1,198		1,197		4		187,570
2018					1,108		1,104		1,072		1,058		1,056		1,055		1,054		1,052		16		156,299
2019							1,018		1,010		991		986		971		967		977		4		139,770
2020									805		782		775		741		740		727		9		96,752
2021											881		886		852		846		827		28		102,197
2022													928		1,018		1,009		971		65		108,161
2023															1,138		1,129		1,108		133		108,293
2024																	1,212		1,212		297		101,636
2025																			1,192		620		87,316
Total																			$	10,649


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	505	$	968	$	1,188	$	1,308	$	1,345	$	1,363	$	1,373	$	1,377	$	1,380	$	1,381
2017			441		836		1,033		1,123		1,161		1,180		1,187		1,189		1,190
2018					359		710		888		965		1,011		1,028		1,033		1,035
2019							323		654		816		897		933		949		968
2020									238		486		615		679		709		714
2021											247		553		691		760		789
2022													301		662		813		880
2023															329		731		911
2024																	361		782
2025																			359
Total																			$	9,009

Personal Automobile Physical Damage


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2023		2024		2025		IBNR Reserves		Claims Reported







2023	$	574	$	544	$	542	$	2	234,484
2024			557		527		10		209,973
2025					460		9		175,456
Total					$	1,529


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2023		2024		2025







2023	$	513	$	541	$	539
2024			497		516
2025					419
Total					$	1,474

Homeowners


Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	669	$	673	$	663	$	658	$	658	$	658	$	658	$	658	$	658	$	659	$	—	119,822
2017			866		889		884		783		775		774		771		769		765		1		124,787
2018					903		910		673		642		639		645		642		637		3		102,929
2019							501		475		470		468		467		465		465		1		84,823
2020									525		512		513		505		499		495		2		88,571
2021											502		501		491		485		484		3		77,362
2022													499		507		498		493		4		64,195
2023															584		573		567		15		68,778
2024																	605		571		48		62,535
2025																			708		139		51,005
Total																			$	5,844


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	481	$	621	$	640	$	649	$	653	$	655	$	656	$	657	$	658	$	658
2017			538		747		795		757		761		762		761		763		764
2018					484		712		616		619		627		626		628		629
2019							318		425		445		458		460		463		464
2020									335		454		478		486		490		492
2021											305		440		464		473		477
2022													298		453		476		483
2023															390		521		542
2024																	367		500
2025																			464
Total																			$	5,473

Property and casualty reserves, including IBNR

The Company estimates ultimate losses and allocated loss adjustment expenses ("ALAE") by accident year. IBNR represents the excess of estimated ultimate loss reserves over case reserves. The process to estimate ultimate losses and loss adjustment expenses is an integral part of the Company's reserve setting. Reserves for ALAE and ULAE are generally established separate from the reserves for losses.

Reserves for losses are set by line of business within the reportable segments. Case reserves are established by a claims handler on each individual claim and are adjusted as new information becomes known during the course of handling the claim. Lines of business for which reported losses emerge over a long period of time are referred to as long-tail lines of

business. Lines of business for which reported losses emerge more quickly are referred to as short-tail lines of business. The Company’s shortest tail lines of business are homeowners, commercial property and automobile physical damage. The longest tail lines of business include workers’ compensation, general liability and professional liability. For short-tail lines of business, emergence of paid loss and case reserves is credible and likely indicative of ultimate losses. For long-tail lines of business, emergence of paid losses and case reserves is less credible in the early periods after a given accident year and, accordingly, may not be indicative of ultimate losses.

The Company’s reserving actuaries regularly review reserves for both current and prior accident years using the most current claim data. A variety of actuarial methods and judgments are used for most lines of business to arrive at selections of

estimated ultimate losses and loss adjustment expenses. The reserve selections incorporate input, as appropriate, from claims personnel, pricing actuaries and operating management about reported loss cost trends and other factors that could affect the reserve estimates.

For both short-tail and long-tail lines of business, an expected loss ratio ("ELR") is used to record initial reserves. This ELR is determined by starting with the average loss ratio of recent prior accident years and adjusting that ratio for the effect of expected changes to earned pricing, loss frequency and severity, mix of business, ceded reinsurance and other factors. For short-tail lines, IBNR for the current accident year ("CAY") gives weight to both the initial ELR multiplied by earned premium approach as well as a loss development approach, given early reported losses are more credible than in long-tailed lines. For long-tailed lines, IBNR reserves for the current accident year are initially recorded as the product of the ELR for the period and the earned premium for the period, less reported losses for the period. For certain short-tailed lines of business, including commercial property, homeowners, and automobile physical damage, IBNR amounts in the above loss development triangles are negative in certain accident years due to anticipated salvage and subrogation recoveries on paid losses.

As losses for a given accident year emerge or develop in subsequent periods, reserving actuaries use other methods to estimate ultimate unpaid losses in addition to the ELR method. These primarily include paid and reported loss development methods, frequency/severity techniques and the Bornhuetter-Ferguson method (a combination of the ELR and paid development or reported development method). Within any one line of business, the methods that are given more weight vary based primarily on the maturity of the accident year, the mix of business and the particular internal and external influences impacting the claims experience or the methods. The output of the reserve reviews are reserve estimates that are referred to as actuarial indications.

Paid development and reported development techniques are used for most lines of business though more weight is given to the reported development method for some of the long-tailed lines like general liability. In addition, for long-tailed lines of business, the Company relies on the ELR method for immature accident years. Frequency/severity techniques are used predominantly for professional liability and are also used for automobile liability. The Berquist-Sherman technique is also

used for automobile liability, marine and assumed reinsurance. For most lines, reserves for ALAE, or those expenses related to specific claims, are analyzed using paid development techniques and an analysis of the relationship between ALAE and loss payments. For most of the lines acquired through the Navigators Group book of business, loss and ALAE are reviewed on a combined basis. Reserves for ULAE are determined using the expected cost per claim year and the anticipated claim closure pattern as well as the ratio of paid ULAE to paid losses.

The recorded reserve for losses and loss adjustment expenses represents the Company's best estimate of the ultimate settlement amount of unpaid losses and loss adjustment expenses. In applying judgment, the best estimate is selected after considering the estimates derived from a number of actuarial methods, giving more weight to those methods deemed more predictive of ultimate unpaid losses and loss adjustment expenses. The Company does not produce a statistical range or confidence interval of reserve estimates and, since reserving methods with more credibility are given greater weight, the selected best estimate may differ from the mid-point of the various estimates produced by the actuarial methods used.

Cumulative number of reported claims

For most property and casualty lines, claim counts represent the number of claim features on a reported claim where a claim feature is each separate coverage for each claimant affected by the claim event. For example, one car accident that results in two bodily injury claims and one automobile damage liability claim would be counted as three claims within the personal automobile liability triangle. Similarly, a fire that impacts one commercial building may result in multiple claim features due to the potential for claims related to business interruption, structural damage, and loss of the physical contents of the building. Claim features that result in no paid losses are included in the reported claim counts. For some property and casualty lines, such as marine and assumed reinsurance, a claim count represents each reported claim regardless of the number of features. For assumed bordereau business and business written on binders, one claim count is posted for each bordereau received, which could account for multiple claims.


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [1]
	(Unaudited)
Reserve Line	1st Year		2nd Year		3rd Year		4th Year		5th Year		6th Year		7th Year		8th Year		9th Year		10th Year
Workers' compensation	14.9	%	18.6	%	12.2	%	8.3	%	5.8	%	4.0	%	2.8	%	2.1	%	1.5	%	1.6	%
General liability	2.4	%	8.3	%	12.0	%	16.7	%	14.9	%	12.8	%	9.6	%	7.8	%	6.2	%	3.7	%
Marine	22.6	%	31.5	%	15.8	%	7.9	%	7.2	%	5.6	%	0.8	%	—	%	(1.6	%)	0.7	%
Package business	35.1	%	22.2	%	9.8	%	9.3	%	6.6	%	4.4	%	3.8	%	1.7	%	1.0	%	1.1	%
Commercial property	49.7	%	31.8	%	7.3	%	4.3	%	1.2	%	1.6	%	0.2	%	0.1	%	(0.2	%)	—	%
Commercial automobile liability	13.3	%	19.3	%	20.7	%	17.3	%	12.1	%	6.8	%	5.0	%	1.5	%	0.5	%	0.1	%
Commercial automobile physical damage	80.7	%	14.7	%	0.4	%
Professional liability	5.3	%	16.7	%	15.9	%	11.9	%	9.7	%	10.0	%	8.1	%	2.5	%	0.9	%	0.7	%
Bond	10.2	%	27.7	%	11.8	%	6.7	%	1.3	%	(0.7	%)	(0.3	%)	(2.8	%)	(0.4	%)	(4.9	%)
Assumed Reinsurance	23.4	%	32.4	%	14.7	%	7.3	%	5.7	%	3.2	%	(0.5	%)	(0.2	%)	(0.3	%)	0.1	%
Personal automobile liability	32.4	%	34.8	%	16.5	%	8.0	%	3.6	%	1.3	%	0.9	%	0.2	%	0.1	%	0.1	%
Personal automobile physical damage	93.3	%	4.4	%	(0.2	%)
Homeowners	67.7	%	26.3	%	2.1	%	0.7	%	0.7	%	0.3	%	0.2	%	0.2	%	0.1	%	0.1	%

[1]Negative percentages are generally due to salvage, subrogation or other recoveries.

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the years ended December 31,
	2025		2024		2023
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,206	$	8,274	$	8,160
Reinsurance recoverables	282		254		245
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,924		8,020		7,915
Provision for unpaid losses and loss adjustment expenses
Current incurral year	5,194		5,195		5,145
Prior year's discount accretion	198		194		193
Prior incurral year development [1]	(556)		(561)		(502)
Total provision for unpaid losses and loss adjustment expenses [2]	4,836		4,828		4,836
Payments
Current incurral year	(2,778)		(2,735)		(2,575)
Prior incurral years	(2,151)		(2,189)		(2,156)
Total payments	(4,929)		(4,924)		(4,731)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,831		7,924		8,020
Reinsurance recoverables	282		282		254
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,113	$	8,206	$	8,274

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses of $173, $175 and $182 for the years ended December 31, 2025, 2024 and 2023, respectively, that are recorded in insurance operating costs and other expenses in the Consolidated Statements of Operations.

Group Life, Disability and Accident Products Reserves, Net of Reinsurance, that are Discounted


	For the years ended December 31,
	2025						2024						2023
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts	$	8,095					$	8,111					$	8,150
Amount of discount	(1,245)						(1,196)						(1,166)
Carrying value of liability for unpaid losses and loss adjustment expenses	$	6,850					$	6,915					$	6,984
Weighted average discount rate	3.5					%	3.3					%	3.2					%
Range of discount rate	2.1		%	-	8.0	%	2.1		%	-	8.0	%	2.1		%	-	8.0	%

Reserves are discounted at rates in effect at the time claims were incurred, ranging from 2.1% for life and disability reserves acquired from Aetna based on interest rates in effect at the acquisition date of November 1, 2017, to 8.0% for the Company’s pre-acquisition reserves for incurral year 1990, and vary by product. Prior year's discount accretion has been calculated as the average reserve balance of discounted reserves for the year times the weighted average discount rate.

2025 re-estimates of prior incurral year reserves

Group disability- Prior period reserve estimates decreased by approximately $466 driven by favorable long-term disability claim recoveries, paid family and medical leave incidence lower than prior assumptions, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $90 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

2024 re-estimates of prior incurral year reserves

Group disability- Prior period reserve estimates decreased by approximately $483 largely driven by long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a favorable change in the recovery rate assumption.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $80 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver.

2023 re-estimates of prior incurral year reserves

Group disability- Prior period reserve estimates decreased by approximately $457 largely driven by group long-term disability claim incidence lower than prior assumptions and strong recoveries on prior incurral year claims.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $36 largely driven by continued low incidence in group life premium waiver.

Supplemental Accident & Health- Prior period reserve estimates decreased by approximately $9 driven by lower than previously expected claim incidence.

Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses as of December 31, 2025


	Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance										Subtotal
Reserve Line	Cumulative Incurred for Incurral Years Displayed in Triangles		Cumulative Paid for Incurral Years Displayed in Triangles		Unpaid for Incurral Years not Displayed in Triangles		Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance		Discount		Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance		Reinsurance and Other Recoverables		Liability for Unpaid Losses and Loss Adjustment Expenses
Group long-term disability	$	14,558	$	(8,346)	$	1,354	$	191	$	(1,175)	$	6,582	$	274	$	6,856
Group life and accident, excluding premium waiver	6,157		(5,635)		126		5		(11)		642		1		643
Group short-term disability					160		9		—		169		—		169
Group life premium waiver					448		9		(59)		398		2		400
Group supplemental health					40		—		—		40		5		45
Total Employee Benefits	$	20,715	$	(13,981)	$	2,128	$	214	$	(1,245)	$	7,831	$	282	$	8,113

The following loss triangles present historical loss development for incurred and paid claims by the year the insured claim occurred, referred to as the incurral year. Triangles are limited to the number of years for which claims incurred typically remain outstanding, not exceeding ten years. Short-tail lines, which represent claims generally expected to be paid within a few

years, have three years of claim development displayed. Changes in reserve development evident in the incurred loss triangles differ from prior accident year development recorded by the Company as shown in the reserve rollforward above as the triangles are presented on an undiscounted basis and exclude ULAE.

Group Long-Term Disability


Undiscounted Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the years ended December 31,
			(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		IBNR Reserves		Claims Reported
2016	$	1,651	$	1,481	$	1,468	$	1,437	$	1,417	$	1,409	$	1,401	$	1,400	$	1,407	$	1,400	$	—	33,348
2017			1,597		1,413		1,358		1,316		1,304		1,296		1,289		1,294		1,287		—		30,946
2018					1,647		1,387		1,309		1,277		1,276		1,271		1,279		1,275		—		28,438
2019							1,650		1,424		1,327		1,284		1,287		1,277		1,274		—		27,490
2020									1,686		1,407		1,323		1,282		1,260		1,247		—		25,872
2021											1,768		1,521		1,417		1,351		1,324		—		27,165
2022													1,842		1,566		1,452		1,389		2		26,003
2023															1,988		1,700		1,629		7		28,328
2024																	1,960		1,732		50		28,922
2025																			2,001		977		17,982
Total																			$	14,558


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the years ended December 31,
			(Unaudited)
Incurral Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	112	$	479	$	705	$	819	$	907	$	981	$	1,043	$	1,100	$	1,144	$	1,183
2017			109		452		658		757		842		911		970		1,017		1,057
2018					105		447		639		743		827		897		954		1,001
2019							101		454		650		751		832		895		944
2020									100		458		663		767		839		899
2021											101		493		720		820		892
2022													101		496		719		824
2023															116		562		806
2024																	129		604
2025																			136
Total																			$	8,346

Group Life and Accident, excluding Premium Waiver


Undiscounted Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Incurral Year	2023		2024		2025		IBNR Reserves		Claims Reported
2023	$	2,108	$	2,092	$	2,090	$	12	75,942
2024			2,065		2,028		23		80,529
2025					2,039		353		70,011
Total					$	6,157


Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended December 31,
	(Unaudited)
Incurral Year	2023		2024		2025
2023	$	1,572	$	2,053	$	2,070
2024			1,576		1,992
2025					1,573
Total					$	5,635

Group life, disability and accident reserves, including IBNR

The majority of Employee Benefits’ reserves are for LTD claimants who are known to be disabled and are currently receiving benefits. A Disabled Life Reserve ("DLR") is calculated for each LTD claim. The DLR for each claim is the expected present value of all estimated future benefit payments and includes estimates of claim recovery, investment yield, and offsets from other income, including offsets from Social Security benefits and workers’ compensation. Estimated future benefit payments represent the monthly income benefit that is paid until recovery, death or expiration of benefits. Claim recoveries are estimated based on claim characteristics such as age and diagnosis and represent an estimate of benefits that will terminate, generally as a result of the claimant returning to work or being deemed able to return to work. The DLR also includes a liability for payments to claimants who have not yet been approved for LTD. In these cases, the present value of future benefits is reduced for the likelihood of claim denial based on Company experience. For claims recently closed due to recovery, a portion of the DLR is retained for the possibility that the claim reopens upon further evidence of disability. In addition, a reserve for estimated unpaid claim expenses is included in the DLR.

For incurral years with IBNR claims, estimates of ultimate losses are made by applying completion factors to the dollar amount of claims reported or expected depending on the market segment. IBNR represents estimated ultimate losses less both DLR and cumulative paid amounts for all reported claims. Completion factors are derived using standard actuarial techniques using triangles that display historical claim count emergence by incurral month. These estimates are reviewed for reasonableness and are adjusted for current trends and other factors expected to cause a change in claim emergence. The IBNR includes an estimate of unpaid claim expenses, including a provision for the cost of initial set-up of the claim once reported.

For all products, including LTD, there is a period generally ranging from two to twelve months, depending on the product and market segment, where emerged claim information for an incurral year is not yet credible enough to be a basis for an IBNR projection. In these cases, the ultimate losses and allocated loss adjustment expenses are estimated using earned premium multiplied by an expected loss ratio.

The Company also records reserves for future death benefits under group term life policies that provide for premiums to be waived in the event the insured is unable to work due to disability and has satisfied an elimination period, which is typically nine months (premium waiver reserves). The death benefit reserve for these group life premium waiver claims is estimated for a known disabled claimant equal to the present value of expected future cash outflows (typically a lump sum face amount payable at death plus claim expenses) with separate estimates for claimant recovery (when no death benefit is payable) and for death before recovery or benefit expiry (when death benefit is payable). The IBNR for premium waiver death benefits is estimated with standard actuarial development methods.

In addition, the Company also records reserves for group term life, accidental loss of life and severe injury, short-term disability, and other group products that have short claim payout periods. For these products, reserves are determined using paid or reported actuarial development methods. The resulting claim triangles produce a completion pattern and estimate of ultimate loss. IBNR for these lines of business equals the estimated ultimate losses and loss adjustment expenses less the amount of paid or reported claims depending on whether the paid or reported development method was used. Estimates are reviewed for reasonableness and are adjusted for current trends or other factors that affect the development pattern.

Cumulative number of reported claims

For group life, disability and accident coverages, claim counts include claims that are approved, pending approval and terminated and exclude denied claims. Due to the nature of the claims, one claimant represents one event.


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
	(Unaudited)
	1st Year		2nd Year		3rd Year		4th Year		5th Year		6th Year		7th Year		8th Year		9th Year		10th Year
Group long-term disability	7.7	%	27.7	%	15.9	%	7.9	%	6.2	%	5.2	%	4.3	%	3.8	%	3.1	%	2.8	%
Group life and accident, excluding premium waiver	76.7	%	21.8	%	0.8	%

11. Reserve for Future Policy Benefits


Rollforward of Reserve for Future Policy Benefits
	For the year ended December 31,
	2025						2024						2023
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	45					$	49					$	47
Balance, ending of the period			$	43					$	45					$	49

Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	128	$	106	$	168	$	137	$	113	$	185	$	140	$	112	$	192
Beginning adjustment for changes in single-A rate	—		(15)		(33)		7		(11)		(32)		4		(14)		(39)
Beginning balance at original discount rate	128		121		201		130		124		217		136		126		231
Effect of changes in cash flow assumptions	—		—		1		2		2		—		(2)		—		—
Effect of actual variances from expected experience	(1)		4		—		1		3		(1)		1		7		(1)
Adjusted beginning balance	127		125		202		133		129		216		135		133		230
Interest accrual and other	5		20		6		7		20		7		7		20		8
Benefit Payments	(12)		(26)		(19)		(12)		(28)		(22)		(12)		(29)		(21)
Ending balance at original discount rate	120		119		189		128		121		201		130		124		217
Ending adjustment for changes in single-A rate	3		(15)		(24)		—		(15)		(33)		7		(11)		(32)
Ending balance at single-A rate	$	123	$	104	$	165	$	128	$	106	$	168	$	137	$	113	$	185

Net reserve for future policy benefits	$	123	$	61	$	165	$	128	$	61	$	168	$	137	$	64	$	185
Weighted-average duration of the reserve for future policy benefits (years)	9.3		11.0		6.1		9.2		11.0		6.3		9.0		12.2		6.4


Net Reserve for Future Policy Benefits
	As of December 31,
	2025		2024		2023
Payout Annuities	$	123	$	128	$	137
Life Conversions	61		61		64
Paid-up Life	165		168		185
Deferred Profit Liability	17		17		20
Other	78		74		78
Total	$	444	$	448	$	484


Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of December 31,
	2025		2024		2023
Payout Annuities [1]
Expected future benefit payments	$	237	$	256	$	257
Life Conversions
Expected future gross premiums	$	99	$	106	$	114
Expected future benefit payments	$	188	$	198	$	204
Paid-up Life [1]
Expected future benefit payments	$	241	$	260	$	281

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.


Weighted-Average Interest Rates
	As of December 31,
	2025		2024		2023
Payout Annuities
Interest accretion rate	5.6	%	5.6	%	5.6	%
Current discount rate	5.3	%	5.5	%	5.0	%
Life Conversions
Interest accretion rate	4.3	%	4.3	%	4.2	%
Current discount rate	5.5	%	5.6	%	5.1	%
Paid-up Life
Interest accretion rate	2.9	%	2.9	%	2.9	%
Current discount rate	4.8	%	5.3	%	5.0	%

The Company completed a review of cash flow assumptions in the third quarter 2025, 2024, and 2023, resulting in immaterial changes to the reserve for future policy benefits. For payout annuities and paid-up life, the net effect of updating cash flow

assumptions was offset by a corresponding impact to the deferred profit liability. Gross premiums and interest accretion recognized on long-duration insurance policies for the years ended December 31, 2025, 2024 and 2023 were immaterial.

Reserve for Future Policy Benefits

12 Months Ended

Dec. 31, 2025

Insurance Loss Reserves [Abstract]

Reserve for Future Policy Benefits

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the years ended December 31,
	2025		2024		2023
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	36,404	$	34,044	$	33,083
Reinsurance and other recoverables	6,753		6,696		6,465
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651		27,348		26,618
Provision for unpaid losses and loss adjustment expenses
Current accident year	10,964		10,305		9,538
Prior accident year development [1]	(424)		(120)		10
Total provision for unpaid losses and loss adjustment expenses	10,540		10,185		9,548
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	64		83		(194)
Payments
Current accident year	(2,917)		(2,765)		(2,716)
Prior accident years	(5,939)		(5,175)		(5,926)
Total payments	(8,856)		(7,940)		(8,642)

Foreign currency adjustment	33		(25)		18
Ending liabilities for unpaid losses and loss adjustment expenses, net	31,432		29,651		27,348
Reinsurance and other recoverables	6,723		6,753		6,696
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	38,155	$	36,404	$	34,044

[1]Prior accident year development for the years ended December 31, 2025 and 2024 included a $64 and $145 benefit for amortization of a deferred gain under retroactive reinsurance accounting, respectively, related to the Navigator's ADC. The deferred gain has been fully amortized as of September 30, 2025. In addition, for the year ended December 31, 2024, the Company ceded, $62 of losses under the A&E adverse development cover, which was reflected as an increase to the deferred gain. For additional information regarding the ADC reinsurance agreement, refer to Adverse Development Covers discussion below.

Property and Casualty Insurance Products Reserves, Net of Reinsurance, that are Discounted


	For the years ended December 31,
	2025						2024						2023
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts	$	1,151					$	1,184					$	1,255
Amount of discount	317						333						339
Carrying value of liability for unpaid losses and loss adjustment expenses	$	834					$	851					$	916
Discount accretion included in losses and loss adjustment expenses	$	49					$	44					$	42
Weighted average discount rate	2.97					%	2.80					%	2.74					%
Range of discount rates	0.83		%	-	12.87	%	0.83		%	-	14.03	%	0.83		%	-	14.03	%

Reserves are discounted at rates in effect at the time claims were incurred, ranging from 0.83% for accident year 2020 to 12.87% for accident year 1982.

The reserves recorded for the Company’s property and casualty insurance products at December 31, 2025 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded

reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows.

Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty in the ultimate settlement of the liabilities gross of reinsurance include inadequate loss development patterns, plaintiffs’ expanding theories of liability, new targets, the risks inherent in major litigation, and inconsistent emerging

legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. In the case of the reserves for environmental exposures before reinsurance, factors contributing to the high degree of uncertainty in gross reserves include expanding theories of liabilities and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators.

(Favorable) Unfavorable Prior Accident Year Development


	For the years ended December 31,
	2025		2024		2023
Workers’ compensation	$	(255)	$	(258)	$	(236)
Workers’ compensation discount accretion	45		44		42
General liability	—		211		41
Marine	—		(1)		(2)
Package business	—		(6)		(24)
Commercial property	(42)		(7)		(7)
Professional liability	(17)		(27)		(2)
Bond	(71)		(56)		(27)
Assumed reinsurance	—		24		34
Commercial automobile liability	12		47		20
Personal automobile liability	(87)		(30)		—
Homeowners	(43)		(28)		(6)


Net asbestos and environmental reserves	165		141		—
Catastrophes	(84)		(87)		(87)
Uncollectible reinsurance	6		(19)		13
Other reserve re-estimates, net	11		15		57
Prior accident year development, including full benefit for the ADC cession	(360)		(37)		(184)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(64)		(83)		194
Total prior accident year development	$	(424)	$	(120)	$	10