The Hartford Financial Services Group, Inc.

Strong overall performance; disciplined underwriting driving ROE - Q3 core earnings: $956M ( $3.50/share ), trailing 12-month ROE 17.9%; core earnings ROE strong and supported by underwriting + investment income. - Business Insurance: written premium +6% YoY, underlying combined ratio 90.1 (solid profitability). - Personal Insurance: underlying combined ratio 87.1 (improved +2.9 pts YoY) helped by pricing exceeding loss trends; premium declined -4% due to intense competition (details below). - Employee Benefits: core earnings margin 6.4% (within 6–7% long-term range), fully insured premium +4%; book persistency >90%.

Small Business (key bright spot) continues to outperform—digital/AI strength translating into bindable growth - Small business written premium +7% with underlying combined ratio 85.2 (exceptional). - Company highlighted 78% “straight-through” submissions (bindable) as an all-time high; expects the tech/AI advantage to continue improving throughput and agent experience. - Kinova feedback: Hartford ranked #1 for small business digital experience for 8 straight years with a ~20-point lead vs next carrier. - Opportunity: Hartford is positioning this franchise to sustain profitable growth despite a competitive market.

Middle/Large underwriting pressure: workers’ comp frequency + non-cat property volatility - Business Insurance overall profitability remained strong, but ML combined ratio was 99.5, reflecting higher losses. - Management attribution (most important investor takeaway): - For ML, the drivers called out were workers’ compensation frequency increase and higher non-cat property losses. - These two items were described as contributing <4 points to the quarter’s change (relative to prior year), and workers’ comp impact to all-in BI was “a little over a point” for the quarter. - Run-rate nuance: impact on year-to-date basis is closer to ~half a point (because the quarter includes a true-up). - Forward expectation: Adin/management framed this as a broad-based industry step-change (health cost pressures, ACA subsidy expiration, affordability challenges) rather than a Hartford-specific deterioration; still expect to finish 2026 well, with uncertainty beyond year-end.