The Hartford (HIG) Q3 2025 earnings summary

Executive summary

• Achieved record core earnings of $1.1 billion and net income of $1.1 billion in Q3 2025, up 43% and 41% year-over-year, with EPS of $3.78 and net income per diluted share of $3.77; trailing twelve-month core earnings ROE reached 18.4%.

• Returned $547 million to stockholders in Q3 2025 through $400 million in share repurchases and $147 million in dividends; announced a 15% increase in quarterly common dividend to $0.60 per share.

• Book value per diluted share increased to $63.86, up 13% year-over-year, and book value per diluted share excluding AOCI rose to $70.92, up 12%.

• Strong top-line growth and disciplined execution across business, personal, and employee benefits segments, supported by investments in underwriting, technology, and digital platforms.

Financial highlights

• P&C net written premiums grew 7% year-over-year, with Business Insurance up 9% and Personal Insurance up 2%; earned premiums reached $6.09 billion.

• Net investment income rose 15% year-over-year to $759 million, driven by higher returns from limited partnerships and reinvestment at higher rates.

• Core earnings per diluted share increased 49% to $3.78; net income per diluted share rose 47% to $3.77.

• Book value per diluted share (ex. AOCI) rose to $70.92, a 12% increase from 3Q24.

• Net realized losses were $12 million, a slight improvement from the prior year.

Outlook and guidance

• Q4 results anticipated to be similar to Q3; full-year business insurance combined ratio expected slightly below 88.6%.

• Written premium in business insurance expected to exceed $6 billion in 2025, representing 10% growth over prior year.

• Management expects annualized net investment income yield, excluding alternatives, to be slightly higher for full-year 2025 versus 2024.

• Continued focus on underwriting excellence, risk management, and investment in differentiating capabilities to drive profitable growth.

• Personal auto margins at target; focus shifting to growth in 2026, especially with new agency offerings.