The Hartford Financial Services Group, Inc.

Business Insurance and Employee Benefits are renewal-based, with commercial lines retention rates typical of top-tier mid-market US carriers and group benefits agreements structured over multi-year terms. The EB segment contributed roughly 26% of premiums in FY2025, providing a non-P&C recurring base that is less sensitive to catastrophe events.

Business Insurance accounts for approximately 55% of total written premiums, with Personal Insurance and Employee Benefits comprising the remainder. While Employee Benefits provides meaningful non-correlated earnings driven by mortality and morbidity, Business Insurance and Personal Insurance share P&C exposure — including catastrophe risk and pricing cycle sensitivity — limiting true diversification benefit.

Following the sale of its life insurance runoff business (Talcott) in 2022, The Hartford operates almost entirely within the United States, with no material international revenue. All three reporting segments serve exclusively US customers and are subject to US state regulatory regimes.

The Hartford's investment in digital quoting and underwriting for small commercial — recognized as the top-ranked platform by Keynova Group for six consecutive years through FY2024 — provides efficiency advantages above industry norms, allowing policies to be bound without manual underwriting. P&C insurance nonetheless requires proportional investment in claims, actuarial, and regulatory compliance infrastructure, preventing software-like operating leverage.

Workers' compensation is legally mandated in nearly all US states, and general liability is typically required by commercial contracts and lenders, making a substantial portion of Business Insurance premium effectively non-discretionary. Group benefits administration contracts are institutionally embedded and multi-year, anchoring revenue quality; personal auto and homeowners represent the most discretionary portion of the book.