The Hartford Insurance Group, Inc., together with its subsidiaries (HIG), provides property and casualty (‘P&C’) insurance, employee group benefits insurance and services, as well as mutual funds and exchange-traded funds (‘ETFs’) to individual and business customers in the United States, the United Kingdom, and other international locations.
The company sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a property and ca...
The Hartford Insurance Group, Inc., together with its subsidiaries (HIG), provides property and casualty (‘P&C’) insurance, employee group benefits insurance and services, as well as mutual funds and exchange-traded funds (‘ETFs’) to individual and business customers in the United States, the United Kingdom, and other international locations.
The company sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a property and casualty and employee group benefits insurer. The Hartford Stag logo is one of the most recognized symbols in the financial services industry.
Strategic Priorities
The company’s strategy to maximize value creation for all stakeholders remains consistent and focuses on advancing underwriting capabilities across its portfolio to offer expanded products and services that solve for a broader range of customer needs; investing in end-to-end transformation, responsibly leveraging data, analytics, digital, and artificial intelligence capabilities to drive better, faster decisions and enhance customer experiences; embracing a culture of growth and innovation, and cross-enterprise collaboration; maximizing distribution channels and product breadth to increase market share; and optimizing organizational efficiency with a focus on continuous improvement.
The company endeavors to maintain and enhance its position as a market leader by leveraging its core strengths of underwriting excellence, risk management, claims, product development, and distribution.
Segments
The company 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.
Business Insurance
Principal Products and Services
Workers' Compensation: Covers employers for losses incurred due to employees sustaining an injury, illness, or disability in connection with their work. Workers’ compensation is provided under both guaranteed cost policies (coverage for a fixed premium) and loss-sensitive policies, where premiums are adjustable based on the loss experience of the employer.
General Liability: Covers a business in the event it is sued for causing harm to a person and/or damage to property. General liability insurance covers third-party claims arising from accidents occurring on the insured’s premises or arising out of their operations.
Marine: Encompasses various ocean and inland marine coverages, including cargo, craft, hull, specie, transport, and liability, among others.
Package Business: Covers both commercial property and general liability damages.
Commercial Property: Covers the building a business owns or leases, as well as its personal property, including tools and equipment, inventory, and furniture. A commercial property insurance policy covers losses resulting from fire, wind, hail, earthquake, theft, and other covered perils, including coverage for assets, such as accounts receivable and valuable papers and records.
Professional Liability: Covers liability arising from directors and officers acting in their official capacity and liability for errors and omissions committed by professionals and others.
Bond: Encompasses fidelity and surety insurance, including commercial surety, contract surety, and fidelity bonds. Commercial surety includes bonds that insure non-performance by contractors, license and permit bonds to help meet government-mandated requirements, and probate and judicial bonds for fiduciaries and civil court proceedings. The company also provides credit and political risk insurance (‘CPRI’) offered to clients with global operations.
Assumed Reinsurance: Includes assumed reinsurance of property, liability, surety, credit and political, marine, and agriculture risks throughout the world, but principally in Europe and the Americas. Business principally provides coverage on broad books of business (i.e., treaty), as opposed to individual risks (i.e., facultative).
Commercial Automobile: Covers damage to a business's fleet of vehicles due to collision or other perils (automobile physical damage). In addition to first-party automobile physical damage, commercial automobile covers liability for bodily injuries and property damage suffered by third parties and losses caused by uninsured or under-insured motorists.
Through the company’s three lines of business, small business, middle & large business, and global specialty, Business Insurance offers its products and services to businesses in the United States (‘U.S.’) and internationally. Business Insurance generally consists of products written for small businesses and middle market companies, as well as national and multi-national accounts, distributed through retail agents and brokers, wholesale agents, and global and specialty insurance and reinsurance brokers. The majority of Business Insurance written premium is generated by small business and middle market lines, which provide coverage options and customized pricing based on the policyholder’s individual risk characteristics.
Small business provides coverages for small businesses, which the company generally considers to be businesses with an annual payroll. Primary coverages provided include workers' compensation, property, general liability, and commercial automobile. Within small business, both property and general liability coverages are offered under a single package policy, marketed under the Spectrum name. Small business also provides excess and surplus lines coverage to small businesses, including umbrella, general liability, property, and other coverages.
Middle & large business provides insurance coverages to medium-sized and national accounts businesses, which are companies whose payroll, revenue, and property values exceed the small business definition. In addition to offering standard commercial lines products, including workers' compensation, property, general liability, and commercial automobile products, middle & large business includes program business, which provides tailored programs, primarily to customers with common risk characteristics. For national accounts, a significant portion of the business is written through large deductible programs. Other programs written within middle & large business are retrospectively-rated, where the ultimate premium collected from the insured is adjusted based on how incurred losses for the policy year develop over time, subject to a minimum and maximum premium. Also within middle & large business, the company writes captive programs business, which provides tailored programs to those seeking a loss-sensitive solution where premiums are adjustable based on loss experience. In addition, through business partners, middle & large business offers business insurance coverages to exporters and other U.S. companies with a physical presence overseas.
Lines of business written by small business and middle & large business are subject to rate regulation and written pricing increases or decreases that are partly in response to loss cost trends. Workers’ compensation rates are based on loss experience and are informed by data submitted through the National Council on Compensation Insurance (‘NCCI’).
Global specialty provides a variety of customized insurance products, including property, general liability, marine, professional liability, and bond. In the U.S., global specialty serves both the admitted and non-admitted markets and produces business through both wholesale and retail brokers. Global specialty also offers various products internationally as a sole corporate member of Lloyd’s Syndicate 1221 (‘Lloyd's Syndicate’). In addition to offering insurance products, global specialty also offers assumed reinsurance for various risks, including property, liability, surety, marine, credit and political, and agricultural primarily in Europe and the Americas.
Marketing and Distribution
Business Insurance provides insurance products and services through the company’s regional offices, branches, and sales and policyholder service centers throughout the United States and, to a lesser extent, overseas, principally in the United Kingdom. The products are marketed and distributed using independent retail agents and brokers, wholesale agents, and global and specialty insurance and reinsurance brokers, with business also sold direct-to-consumer. In addition, the company offers insurance products to customers of payroll service providers through its relationships with major national payroll companies in the United States and to members of affinity organizations. As the sole corporate member of Lloyd's Syndicate 1221, the company has the exclusive right to underwrite business up to an approved level of premium in the Lloyd’s of London (‘Lloyd's’) market.
In the United States, independent agents, brokers, and wholesalers are consolidating. While the acquisition activity has slowed with the rise of rates, these distribution partners are looking to exercise more control over the insurance value chain and are leveraging data and analytics for bargaining power.
Personal Insurance
Principal Products and Services
Personal Automobile: Covers damage to an individual insured’s own vehicle due to collision or other perils and is referred to as automobile physical damage. In addition to first-party automobile physical damage, automobile insurance covers liability for bodily injuries and property damage suffered by third parties and losses caused by uninsured or under-insured motorists. Also, under no-fault laws, policies written in some states provide first-party personal injury protection. Some of the company’s personal automobile insurance policies also offer personal umbrella liability coverage for an additional premium.
Homeowners: Insures against losses to residences and contents from fire, wind, and other perils. Homeowners insurance includes owned dwellings, rental properties, and coverage for tenants.
Personal Insurance provides automobile, homeowners, and personal umbrella coverages to individuals across the United States, mostly through a program designed exclusively for members of AARP (‘AARP Program’). The Hartford's automobile and homeowners products provide coverage options and pricing tailored to a customer's individual risk. The company has individual customer relationships with AARP Program policyholders and, as a group, they represent a significant portion of the total Personal Insurance's business. The AARP relationship provides the company with a competitive advantage to capitalize on the continued growth of the over age 50 population.
The company has rolled out its new cloud-based product and platform, Prevail, which is now in market in nearly all states. Prevail is tailored to the mature market and includes digital service capabilities that provide real-time transaction support. Among other things, overall rate levels, price segmentation, rating factors, and underwriting procedures are being updated through the introduction of Prevail. Personal Insurance works with carrier partners to provide risk protection options for AARP members with needs beyond the company’s product offering.
Marketing and Distribution
Personal Insurance reaches diverse customers through multiple distribution channels, including direct-to-consumer and independent agents. In the direct-to-consumer channel, Personal Insurance markets its products through a mix of media, including digital marketing, direct mail, print advertising, and television. In the agency channel, Personal Insurance provides products and services to customers through a network of independent agents in the standard personal lines market, primarily serving mature, preferred consumers. These independent agents are not employees of the company.
Personal Insurance has made significant investments in offering direct and agency-based customers the opportunity to interact with the company online, including via mobile devices. In addition, its technology platform for telephone sales centers enables sales representatives to provide an enhanced experience for direct-to-consumer customers, positioning the company to offer unique capabilities to AARP’s member base.
Most of Personal Insurance's sales are associated with its exclusive licensing arrangement with AARP, with the current agreement in place through December 31, 2032, to market automobile, homeowners, and personal umbrella coverages to AARP's approximately 38 million members. This relationship with AARP provides Personal Insurance with an important competitive advantage given the increase in the population of those over age 50 and the strength of the AARP brand.
Prior, in most states, new business automobile and home policies were issued to AARP members with a lifetime continuation agreement endorsement. However, Personal Insurance no longer offers the lifetime continuation agreement to new home and automobile policies.
In addition to selling to AARP members, Personal Insurance offers its automobile and homeowners products to non-AARP customers, primarily through the independent agent channel. Personal Insurance leverages its agency channel to primarily target the over age 50 preferred mature market, which values the advice of an independent agent and recognizes the differentiated experience the company provides. In particular, the company has taken action to distinguish its brand within the over age 50 preferred mature market and improve profitability in the independent agent channel, placing more emphasis on its partnered agents.
P&C Other Operations
Property & Casualty 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 pre-1986 asbestos and environmental (‘A&E’) exposures. For a discussion of coverages provided under policies written with exposure to A&E prior within the P&C Other Operations segment (‘Run-off A&E’), run-off assumed reinsurance, and all other non-A&E exposures.
Employee Benefits
Principal Products and Services
Group Life: Typically is term life insurance provided in the form of a yearly renewable policy. Other life coverages in this category include accidental loss of life and severe injury benefits and business travel accident insurance.
Group Disability: Typically consists of short-term disability, long-term disability, and paid family leave plans that pay a percentage of an employee’s salary for a period of time. Short-term and long-term disability policies have elimination periods that must be satisfied prior to benefit payments. The company also earns fee income from leave management services for federal, state, and employer family and medical leave and workplace accommodation programs, as well as the administration of employer self-funded disability plans.
Other Products: Includes other group coverages, such as retiree health insurance, critical illness, accident, and hospital indemnity coverages.
Employee Benefits provides group life, disability, and other group coverages to members of employer groups, associations, and affinity groups through direct insurance policies and provides reinsurance to other insurance companies. Group insurance typically covers an entire group of people under a single contract, most typically the employees of a single employer or members of an association. In addition to employer-paid coverages, the segment offers voluntary product coverages that are offered through employee payroll deductions. Employee Benefits also offers disability underwriting, administration, and claims processing to self-funded employer plans. In addition, the segment offers a single-company leave management solution, which integrates work absence data from the insurer’s short-term and long-term group disability and workers’ compensation insurance business with its leave management administration services.
Statutory paid family leave (‘PFL’) and paid family and medical leave (‘PFML’) programs are a source of growth as the company offers fully insured coverage or administers self-insured coverage for some of these programs. As of year-end 2024, thirteen states and the District of Columbia have enacted mandated PFL or PFML programs. Alabama, Arkansas, Florida, Kentucky, New Hampshire, South Carolina, Tennessee, Texas, Vermont, and Virginia have also created opt-in paid family leave programs, and additional states are considering adopting PFL or PFML programs.
Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms at renewal in order to minimize the adverse effect of market trends, loss costs, changes in interest rates, and other factors. Policies are typically sold with one, two, or three-year rate guarantees depending upon the product and market segment.
Marketing and Distribution
The Employee Benefits distribution network is managed through a regional sales office system to distribute its group insurance products and services through a variety of distribution outlets, including brokers, consultants, third-party administrators, and trade associations. Additionally, the segment has relationships with several private exchanges, which offer its products to employer groups. Technology providers, including human resources platform vendors, are taking an increasingly prominent role in influencing customer decisions that also influence selection of the employee benefits insurance provider.
Hartford Funds
Principal Products and Services
Mutual Funds: Includes approximately 60 actively managed mutual funds across a variety of asset classes, including domestic and international equity, fixed income, and multi-strategy investments, principally sub-advised by two unaffiliated institutional asset management firms.
Exchange-traded funds: Exchange-traded funds (‘ETF’) include actively managed ETFs and multifactor ETFs. Actively-managed ETFs include fixed income, domestic equity, and commodity products utilizing the same investment platform as the company’s mutual funds. Multifactor ETFs are designed to track indices using passive investment techniques that strive to improve performance relative to traditional capitalization-weighted indices.
Third-party life and annuity separate accounts under management: Relates to assets of the life and annuity business sold that are still managed by the company's Hartford Funds segment.
The Hartford Funds segment provides investment management, administration, product distribution, and related services to investors through a diverse set of investment products in domestic markets. Hartford Funds' comprehensive range of products and services assist clients in achieving their desired investment objectives. AUM are separated into three distinct categories referred to as mutual funds, ETFs, and third-party life and annuity separate accounts under management.
Marketing and Distribution
The company’s funds and ETFs are sold through national and regional broker-dealer organizations, independent financial advisers, defined contribution plans, financial consultants, bank trust groups, and registered investment advisers. The company’s distribution team is organized to sell primarily in the United States.
Investment Operations
Hartford Investment Management Company (‘HIMCO’) is an SEC registered investment advisor and manages the company’s investment operations. HIMCO provides customized investment strategies for the Hartford's investment portfolio, as well as for the Hartford's pension plan and institutional clients.
Regulation
The company’s international operations include a Lloyd’s Syndicate, which is required to meet the minimum market standards set by Lloyd’s, as well as UK Prudential Regulatory Authority (‘PRA’) and UK the Financial Conduct Authority (‘FCA’) regulatory requirements. Consistent with the U.K.'s current interpretation of Solvency II, both Lloyd’s and the PRA focus on the adequacy of capital held and solvency of an insurer against the risk profile and management of the authorized insurer in setting capital requirements.
The company sells and distributes its mutual funds and ETFs through a broker-dealer subsidiary and is subject to regulation promulgated and enforced by the Financial Industry Regulatory Authority, the SEC, and/or, in some instances, state securities administrators. Other subsidiaries operate as investment advisers registered with the SEC under the Investment Advisers’ Act of 1940, as amended, and are registered as investment advisers under certain state laws, as applicable.
Intellectual Property
The company has a trademark portfolio that it considers important in the marketing of its products and services, including among others, the trademarks of The Hartford name, the Stag Logo, and the combination of these two trademarks.
History
The Hartford Financial Services Group, Inc. was founded in 1810. The company was incorporated in 1985. The company was formerly known as the Hartford Financial Services Group, Inc. and changed its name to The Hartford Insurance Group, Inc. in February 2025.
