The Hartford Insurance Group, Inc.

you'll need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Kate Jorins, Senior Vice President, Treasurer, and Head of Investor Relations. Thank you. Please go ahead.

Good morning, and thank you for joining us today for our third quarter 2025 earnings call and webcast. Yesterday, we reported results and posted all earnings-related materials on our website. Before we begin, please note that our presentation includes forward-looking statements, which are not guarantees of future performance and may differ materially from actual results. We do not assume any obligation to update these statements. Investors should consider the risks and uncertainties detailed in our recent SEC filings, news release, and financial supplements, which are available on the Investor Relations section of the Hartford.com. Our commentary includes non-GAAP financial measures with explanations, GAAP reconciliations available in our recent SEC filings, news release, and financial supplements. Now, I'd like to introduce our speakers, Chris Swift, Chairman and Chief Executive Officer, and Beth Costello, Chief Financial Officer. After their remarks, we will take your questions, assisted by several members of our management team. And now, I'll turn the call over to Chris.

Good morning and thank you for joining us today. The Hartford delivered outstanding third quarter results with core earnings of $1.1 billion for $3.78 per diluted share, both records for the company. These results reflect the strength of our franchise and disciplined execution of our strategy. We continue to grow top line while maintaining strong margins in a dynamic environment supported by investments that advance our underwriting discipline while deepening relationships with customers and distribution partners. Highlights in the quarter include written premium growth in business insurance of 9% with an underlying combined ratio of 89.4. In personal insurance, an underlying combined ratio of 90, a 3.7 point improvement over prior year. In employee benefits, an outstanding core earnings margin of 8.3% and continued solid performance in the investment portfolio. All these items contributed to an outstanding trailing 12 month core earnings ROE of 18.4%. Let's take a closer look at third quarter performance. In business insurance, third quarter results reflect excellent growth with strong underlying margins sustaining momentum from the first half of the year. Our small business franchise continues to set the standard for growth and profitability in the industry, delivering record breaking new business premium with strong underlying combined ratios. Written premium growth of 11% was fueled by double digit increases in our industry leading package product and auto, E&S Binding also delivered exceptional results, with written premium up 47%, reaching over 100 million in the quarter. These results reflect the power of our underwriting expertise, AI-driven capabilities, and strong digital platforms built on years of strategic investments. Written premium is expected to exceed 6 billion in 2025, representing 10% growth over prior year. Turning to middle and large business, growth was outstanding with solid underlying margins. Written premium increased 10%, underscoring the strength of our diversified portfolio. This performance was fueled by robust new business generation, strong retention levels, and solid pricing execution across the lines. Our underwriting approach continues to guide us towards opportunities that deliver attractive risk-adjusted returns while ensuring we remain selective and disciplined. Shifting to global specialty, results were excellent with another quarter of underlying margins in the mid-'80s. This performance reflects targeted growth strategies alongside strong risk and pricing fundamentals. Net rent and premium grew by 5% driven by U.S. financial lines, bond, and across international, partially offset by a 3% dip in wholesale, primarily due to a decline in new construction projects. Within global specialty, we are taking advantage of innovative solutions that combine our specialized underwriting expertise with advanced technology in broad distribution of our small business franchise. Through our one Hartford approach, agents and customers can seamlessly quote and bind comprehensive coverages in a single unified experience. For example, this approach is resonating with small and mid-sized business customers who require professional and management liability coverage not addressed by the standard package product. We remain focused on helping all business customers succeed by using digital capabilities, leveraging our broad distribution network, and offering a comprehensive product suite that meets more of their needs. Moving to pricing, business insurance renewal written pricing excluding workers' compensation was 7.3% above overall loss trend. Pricing execution remains highly disciplined. General liability remained firm and above loss trend, supported by rate increases and proactive underwriting actions focused on segmentation, limits management, and geographic optimization. Excess and umbrella lines delivered double-digit pricing increases, and primary lines moderated slightly while still in the high single digits. Despite modest easing this quarter, auto pricing remained near 11%, while workers' compensation pricing was slightly up from the second quarter. Across business insurance, property written premium grew 11% to $800 million, with expectations for a full-year premium to reach $3.3 billion. Over the past three years, Through the team's thoughtful and disciplined strategy, including CAT management, the business insurance property book grew 50%. In small business, property pricing within the package product remained strong, achieving 12% renewal written price increases. In general industries, property pricing was relatively consistent with the second quarter and above loss trend. Other property lines, primarily E&S and large, representing approximately 20% of the property book, achieved renewal pricing increases of 1.2%, up nearly two points from the second quarter. Turning to personal insurance, results continued to improve over prior year. Homeowners had a strong quarter, highlighted by 10% written premium growth and mid-70s underlying combined ratio. Renewal written pricing remained flat to the second quarter at 12.6%, driven by net rate and insured value increases. Auto underlying results improved by 3.6 points in the quarter with a year-to-date underlying combined ratio in the mid-90s. While personal insurance underlying margins are at targeted levels, total PIF growth continues to be impacted by a highly competitive market. We are pleased with growth in agency where policies enforce through 17% over prior year, including 4% in auto. In the third quarter, we introduced Prevail to retail distribution, bringing new product, technology, and experiences to our agency partners. We are now live in six states and will continue to roll out Prevail agency over time with 30 state launches planned by early 2027. Initial results are positive, with agents excited about our improved performance and competitive positioning with preferred market customers. Prevail represents a meaningful investment in our businesses, now benefiting both direct and retail channels. Earlier this month, the Hartford senior leadership team attended the CIAB Insurance Leadership Forum, a premier property and casualty industry event. We met with more than 50 key distributors and reinforced our commitment to consistent execution and strategic alignment. Brokers and agents recognize our industry-leading digital capabilities as clear differentiators. We left the forum with increased confidence in the strength of our independent distribution relationships, positioning us to capture additional market share over time. Moving on to employee benefits, the core earnings margin of 8.3% was driven by excellent life and strong disability results. Persistency remained strong in the low 90s, while fully insured premium and sales were flat year over year, reflecting a competitive market in lower large case sales in 2025. Code activity in known sales for 2026 are trending very favorably as recent investments in technology and customer facing tools gain traction in the marketplace. In terms of capital management, yesterday we announced a 15% increase in the common quarterly dividend, continuing a track record of annual dividend increases supported by earnings power and strong capital generation. In addition, we are pleased that both S&P and Moody's upgraded the debt and financial strength ratings of the Hartford. Commentary from the agencies highlighted our effective risk selection and sophisticated pricing strategies, which have positively impacted underwriting performance across business cycles, with expectations for continued strength supported by well-diversified revenues and earnings. In closing, as we enter the final quarter of 2025, our financial strength, disciplined execution, and strategic investments position the company to sustain strong results. By leveraging industry-leading tools, underwriting expertise, and advanced data science, We are confident in our ability to continue to navigate a dynamic market cycle and deliver superior returns for our shareholders. Now I'll turn the call over to Beth to provide more detailed commentary on the quarter.