The Hartford is a U.S.-focused insurance holding company with two core businesses: commercial and personal property & casualty (P&C) insurance, and group employee benefits. The largest segment is Business Insurance, which sells workers' compensation, general liability, commercial property, commercial auto, professional liability, and specialty products to businesses of all sizes. Small commercial is the cornerstone of this segment, where The Hartford has invested heavily in its ICON quoting platform, which automates over 75% of new business quotes. The Employee Benefits segment sells group life, short- and long-term disability, and leave management products to employers. On the personal lines side, The Hartford sells auto and homeowners insurance almost exclusively to AARP members under an exclusive marketing arrangement in place since 1984 and extended through 2032. The Hartford also runs Hartford Funds, an asset management business with ~$154B in AUM, primarily sub-advised by Wellington Management and Schroders. The Hartford earns money by collecting premiums, investing the float in a ~$64B bond-heavy portfolio, and paying claims. Underwriting profitability is measured by the combined ratio, and Business Insurance has sustained an underlying combined ratio in the high 80s. The company distributes commercial lines through independent agents and brokers, and personal lines through direct-to-consumer channels. Capital returns are a priority, with share repurchases and dividends as the primary uses of excess capital.