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The Hartford Insurance Group, Inc.
As of July 25, 2025
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  A+  A1
Hartford Life and Accident Insurance Company  A+  A+  A1
Navigators Insurance CompanyA+A+NR
- Hartford Fire Insurance Company ratings are on positive outlook at Standard and Poor's and Moody's and on stable outlook at A.M. Best
- Hartford Life and Accident Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best and Moody’s
Internet address:- Navigators Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best
http://www.thehartford.comNR - Not Rated
Other Ratings:      
Contact:Senior debt  aBBB+Baa1
Kate JorensJunior subordinated debenturesbbb+BBB-Baa2
SVP, Treasurer & Head of Investor RelationsPreferred stockbbb+BBB-Baa3
Phone (860) 547-4066
-The Hartford Insurance Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on positive outlook at Standard and Poor’s and Moody’s and on stable outlook at A.M. Best.
Transfer Agent
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Insurance Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Insurance Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


The Hartford Insurance Group, Inc.
Investor Financial Supplement
Table of Contents


Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Financial Results
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Highlights
Net income$995 $630 $853 $767 $738 $753 $1,625 $1,491 
Net income available to common stockholders [1]$990 $625 $848 $761 $733 $748 $1,615 $1,481 
Core earnings*$981 $639 $865 $752 $750 $709 $1,620 $1,459 
Total revenues$6,987 $6,810 $6,879 $6,751 $6,486 $6,419 $13,797 $12,905 
Total assets$83,639 $82,307 $80,917 $81,219 $79,046 $77,710 
Per Share and Shares Data
Basic earnings per common share
Net income available to common stockholders$3.49 $2.18 $2.93 $2.60 $2.48 $2.51 $5.66 $4.99 
Core earnings*$3.46 $2.23 $2.99 $2.57 $2.54 $2.38 $5.68 $4.92 
Diluted earnings per common share
Net income available to common stockholders$3.44 $2.15 $2.88 $2.56 $2.44 $2.47 $5.58 $4.92 
Core earnings*$3.41 $2.20 $2.94 $2.53 $2.50 $2.34 $5.60 $4.84 
Weighted average common shares outstanding (basic)283.7 286.6 289.3 292.6 295.5 298.1 285.1 296.8 
Dilutive effect of stock compensation4.0 4.2 4.9 4.9 4.4 4.5 4.1 4.5 
Weighted average common shares outstanding and dilutive potential common shares (diluted)287.7 290.8 294.2 297.5 299.9 302.6 289.2 301.3 
Common shares outstanding282.3 285.1 287.6 290.8 294.0 296.8 
Book value per common share$60.87 $57.91 $56.03 $57.34 $52.20 $50.99 
Per common share impact of accumulated other comprehensive income [2]8.45 9.05 10.03 6.89 10.43 10.10 
Book value per common share (excluding AOCI)*$69.32 $66.96 $66.06 $64.23 $62.63 $61.09 
Book value per diluted share$60.02 $57.07 $55.09 $56.39 $51.43 $50.23 
Per diluted share impact of AOCI8.33 8.92 9.86 6.78 10.28 9.95 
Book value per diluted share (excluding AOCI)*$68.35 $65.99 $64.95 $63.17 $61.71 $60.18 
Common shares outstanding and dilutive potential common shares286.3 289.3 292.5 295.7 298.4 301.3 
Return on Common Stockholders' Equity ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")19.8 %18.8 %19.9 %20.0 %19.8 %18.5 %
Core earnings ROE*17.0 %16.2 %16.7 %17.4 %17.4 %16.6 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

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Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Statements of Operations
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Earned premiums$5,961 $5,835 $5,809 $5,734 $5,578 $5,446 $11,796 $11,024 
Fee income342 346 354 347 339 333 688 672 
Net investment income664 656 714 659 602 593 1,320 1,195 
Net realized gains (losses) (10)(49)(17)(13)(59)28 (59)(31)
Other revenues30 22 19 24 26 19 52 45 
Total revenues 6,987 6,810 6,879 6,751 6,486 6,419 13,797 12,905 
Benefits, losses and loss adjustment expenses3,712 4,000 3,779 3,823 3,661 3,611 7,712 7,272 
Amortization of deferred policy acquisition costs ("DAC")625 607 591 585 561 545 1,232 1,106 
Insurance operating costs and other expenses 1,337 1,352 1,367 1,323 1,285 1,283 2,689 2,568 
Interest expense50 50 50 49 50 50 100 100 
Amortization of other intangible assets17 18 18 18 17 18 35 35 
Restructuring and other costs [1]— — — 1 — 1 — 1 
Total benefits, losses and expenses5,741 6,027 5,805 5,799 5,574 5,508 11,768 11,082 
Income before income taxes1,246 783 1,074 952 912 911 2,029 1,823 
Income tax expense251 153 221 185 174 158 404 332 
Net income995 630 853 767 738 753 1,625 1,491 
Preferred stock dividends 5 5 5 6 5 5 10 10 
Net income available to common stockholders990 625 848 761 733 748 1,615 1,481 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax10 47 16 12 58 (30)57 28 
Restructuring and other costs, before tax [1]— — — 1 — 1 — 1 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax [3](24)(32)4 (26)(37)(24)(56)(61)
Income tax expense (benefit) [4]3 (3)(5)2 (6)12 — 6 
Core earnings$981 $639 $865 $752 $750 $709 $1,620 $1,459 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[3]The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $24 and $56 for the three and six months ended June 30, 2025 and $37 and $61 for the three and six months ended June 30, 2024, respectively.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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Table of Contents
The Hartford Insurance Group, Inc.
Operating Results By Segment
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net income (loss):
Business Insurance$696 $477 $708 $528 $540 $573 $1,173 $1,113 
Personal Insurance91 5 154 31 (11)34 96 23 
Property & Casualty Other Operations ("P&C Other Operations")13 13 (156)10 11 8 26 19 
Property & Casualty ("P&C")800 495 706 569 540 615 1,295 1,155 
Employee Benefits150 133 126 156 171 108 283 279 
Hartford Funds54 43 49 54 44 45 97 89 
Sub-total1,004 671 881 779 755 768 1,675 1,523 
Corporate (9)(41)(28)(12)(17)(15)(50)(32)
Net income 995 630 853 767 738 753 1,625 1,491 
Preferred stock dividends5 5 5 6 5 5 10 10 
Net income available to common stockholders$990 $625 $848 $761 $733 $748 $1,615 $1,481 
Core earnings (loss):
Business Insurance$697 $471 $665 $534 $551 $546 $1,168 $1,097 
Personal Insurance94 6 155 33 (4)33 100 29 
P&C Other Operations14 13 (106)10 14 7 27 21 
P&C805 490 714 577 561 586 1,295 1,147 
Employee Benefits163 136 139 154 178 107 299 285 
Hartford Funds46 44 51 47 43 41 90 84 
Sub-total1,014 670 904 778 782 734 1,684 1,516 
Corporate (33)(31)(39)(26)(32)(25)(64)(57)
Core earnings$981 $639 $865 $752 $750 $709 $1,620 $1,459 



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The Hartford Insurance Group, Inc.
Consolidating Balance Sheets
 Property & CasualtyEmployee BenefitsHartford FundsCorporate [1]Consolidated
Jun 30 2025Dec 31 2024Jun 30 2025Dec 31 2024Jun 30 2025Dec 31 2024Jun 30 2025Dec 31 2024Jun 30 2025Dec 31 2024
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$36,425 $34,421 $7,946 $7,959 $— $— $187 $187 $44,558 $42,567 
Fixed maturities, at fair value using the fair value option137 254 44 54 — — — — 181 308 
Equity securities, at fair value140 212 28 46 111 109 250 236 529 603 
Mortgage loans, net4,884 4,751 1,579 1,645 — — — — 6,463 6,396 
Limited partnerships and other alternative investments4,106 3,974 1,104 1,068 — — 115 — 5,325 5,042 
Other investments186 168 8 6 4 52 — — 198 226 
Short-term investments1,707 2,075 285 389 320 291 1,337 1,313 3,649 4,068 
Total investments47,585 45,855 10,994 11,167 435 452 1,889 1,736 60,903 59,210 
Cash138 148 17 26 10 9 1 — 166 183 
Restricted cash51 42 2 9 — — — — 53 51 
Accrued investment income370 352 93 92 — 1 2 5 465 450 
Premiums receivable and agents’ balances, net6,079 5,390 619 608 — — — — 6,698 5,998 
Reinsurance recoverables, net [2]6,591 6,626 292 290 — — 217 224 7,100 7,140 
Deferred policy acquisition costs ("DAC")1,328 1,206 34 33 — — — — 1,362 1,239 
Deferred income taxes 651 746 7 33 1 2 435 448 1,094 1,229 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net799 778 62 62 5 6 40 42 906 888 
Other intangible assets296 310 296 317 10 10 — — 602 637 
Other assets1,706 1,411 150 142 113 100 410 328 2,379 1,981 
Total assets$66,372 $63,642 $13,289 $13,502 $755 $761 $3,223 $3,012 $83,639 $80,917 
Unpaid losses and loss adjustment expenses$37,358 $36,404 $8,124 $8,206 $— $— $— $— $45,482 $44,610 
Reserves for future policy benefits [2]— — 288 290 — — 155 158 443 448 
Other policyholder funds and benefits payable [2]— — 405 401 — — 207 213 612 614 
Unearned premiums10,307 9,368 30 40 — — — — 10,337 9,408 
Debt— — — — — — 4,369 4,366 4,369 4,366 
Other liabilities2,697 2,796 162 219 144 173 1,875 1,836 4,878 5,024 
Total liabilities50,362 48,568 9,009 9,156 144 173 6,606 6,573 66,121 64,470 
Common stockholders' equity, excluding AOCI*16,732 16,206 4,552 4,706 611 588 (2,327)(2,501)19,568 18,999 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(722)(1,132)(272)(360)— — (1,390)(1,394)(2,384)(2,886)
Total stockholders' equity16,010 15,074 4,280 4,346 611 588 (3,383)(3,561)17,518 16,447 
Total liabilities and stockholders' equity$66,372 $63,642 $13,289 $13,502 $755 $761 $3,223 $3,012 $83,639 $80,917 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.3 billion as of June 30, 2025 and December 31, 2024, respectively, held by the holding company of The Hartford Insurance Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

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Table of Contents
The Hartford Insurance Group, Inc.
Capital Structure
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024
Debt
Senior notes$3,870 $3,869 $3,867 $3,866 $3,865 $3,864 
Junior subordinated debentures499 499 499 499 499 499 
Total debt $4,369 $4,368 $4,366 $4,365 $4,364 $4,363 
Stockholders' Equity
Total stockholders’ equity$17,518 $16,844 $16,447 $17,008 $15,680 $15,468 
Less: Preferred stock334 334 334 334 334 334 
Less: AOCI(2,384)(2,580)(2,886)(2,005)(3,068)(2,997)
Common stockholders' equity, excluding AOCI$19,568 $19,090 $18,999 $18,679 $18,414 $18,131 
Capitalization
Total capitalization, including AOCI, net of tax$21,887 $21,212 $20,813 $21,373 $20,044 $19,831 
Total capitalization, excluding AOCI, net of tax*$24,271 $23,792 $23,699 $23,378 $23,112 $22,828 
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI20.0 %20.6 %21.0 %20.4 %21.8 %22.0 %
Total debt to capitalization, excluding AOCI*18.0 %18.4 %18.4 %18.7 %18.9 %19.1 %
Total debt and preferred stock to capitalization, including AOCI21.5 %22.2 %22.6 %22.0 %23.4 %23.7 %
Total debt and preferred stock to capitalization, excluding AOCI*19.4 %19.8 %19.8 %20.1 %20.3 %20.6 %
Total rating agency adjusted debt to capitalization [1] [2]20.8 %21.5 %21.8 %21.3 %22.7 %22.9 %
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3]18.8:114.7:117.9:117.3:117.1:117.1:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of June 30, 2025 and 2024.
[2]Results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

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The Hartford Insurance Group, Inc.
Statutory Capital To GAAP Stockholders' Equity Reconciliation
June 30, 2025

P&C Employee Benefits
U.S. statutory net income [1][2]$1,101 $296 
U.S. statutory capital [2][3][4]$13,686 $2,560 
U.S. GAAP adjustments [2]:
DAC1,276 34 
Non-admitted deferred tax assets [5]249 158 
Deferred taxes [6](340)(325)
Goodwill113 723 
Other intangible assets16 296 
Non-admitted assets other than deferred taxes808 108 
Asset valuation and interest maintenance reserve— 251 
Benefit reserves(62)418 
Unrealized losses on investments(963)(617)
Deferred gain on retroactive reinsurance agreements [7](856)— 
Other, net911 674 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]14,838 4,280 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,172 — 
Total U.S. GAAP stockholders’ equity$16,010 $4,280 
[1]Statutory net income is for the six months ended June 30, 2025.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and asbestos and environmental adverse development cover ("A&E ADC") agreements that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



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The Hartford Insurance Group, Inc.
Accumulated Other Comprehensive Income (Loss)
 
 As Of
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024
Net unrealized loss on fixed maturities, AFS$(1,029)$(1,237)$(1,539)$(671)$(1,732)$(1,642)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(5)(6)(6)(5)(7)(7)
Net gains on cash flow hedging instruments6 40 40 33 30 21 
Total net unrealized gain (loss)(1,028)(1,203)(1,505)(643)(1,709)(1,628)
Foreign currency translation adjustments45 29 29 41 35 36 
Liability for future policy benefits adjustments29 30 33 19 35 30 
Pension and other postretirement plan adjustments(1,430)(1,436)(1,443)(1,422)(1,429)(1,435)
Total AOCI$(2,384)$(2,580)$(2,886)$(2,005)$(3,068)$(2,997)


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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements
Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Written premiums
$4,796 $4,599 $4,045 $4,245 $4,453 $4,206 $9,395 $8,659 
Change in unearned premium reserve441 376 (164)111 483 345 817 828 
Earned premiums 4,355 4,223 4,209 4,134 3,970 3,861 8,578 7,831 
Fee income 19 19 19 19 19 19 38 38 
Losses and loss adjustment expenses
Current accident year before catastrophes2,537 2,454 2,426 2,464 2,347 2,300 4,991 4,647 
Current accident year catastrophes212 467 80 247 280 161 679 441 
Prior accident year development [1](187)(122)101 (50)(115)(56)(309)(171)
Total losses and loss adjustment expenses2,562 2,799 2,607 2,661 2,512 2,405 5,361 4,917 
Amortization of DAC616 599 583 577 552 536 1,215 1,088 
Insurance operating costs681 696 689 669 655 642 1,377 1,297 
Amortization of other intangible assets7 8 8 8 7 8 15 15 
Dividends to policyholders 11 10 10 10 9 10 21 19 
Underwriting gain*497 130 331 228 254 279 627 533 
Net investment income526 512 562 518 471 459 1,038 930 
Net realized gains (losses)(26)(26)(9)(34)(61)13 (52)(48)
Net servicing and other income (expense)4 4 2 — 5 2 8 7 
Income before income taxes1,001 620 886 712 669 753 1,621 1,422 
Income tax expense201 125 180 143 129 138 326 267 
Net income800 495 706 569 540 615 1,295 1,155 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax28 24 6 33 62 (15)52 47 
Integration and other non-recurring M&A costs, before tax2 2 2 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax [1](24)(32)4 (26)(37)(24)(56)(61)
Income tax expense (benefit) [2](1)1 (4)(1)(6)8 — 2 
Core earnings$805 $490 $714 $577 $561 $586 $1,295 $1,147 
ROE
Net income available to common stockholders [3] 20.6 %18.8 %20.5 %19.9 %19.9 %18.5 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax0.8 %1.1 %0.8 %1.1 %1.2 %1.1 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax [1](0.7 %)(0.8 %)(0.7 %)1.0 %1.3 %1.6 %
Income tax benefit [2]— %(0.1 %)— %(0.4 %)(0.5 %)(0.6 %)
Impact of AOCI, excluded from core earnings ROE(2.0 %)(1.8 %)(2.3 %)(2.7 %)(3.1 %)(2.6 %)
Core earnings [3]18.8 %17.3 %18.4 %19.0 %18.9 %18.1 %
[1]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[2]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[3]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

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The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Workers’ compensation$(61)$(65)$(70)$(69)$(52)$(67)$(126)$(119)
Workers' compensation discount accretion11 12 10 11 11 12 23 23 
General liability— — 130 32 32 17 — 49 
Marine— — — — (8)7 — (1)
Package business— — — (5)(1)— — (1)
Commercial property(20)(3)— (2)(2)(3)(23)(5)
Professional liability(11)— (20)— (2)(5)(11)(7)
Bond(22)— (34)— (22)— (22)(22)
Assumed reinsurance— — — — 15 9 — 24 
Commercial automobile liability— — 21 16 10 — — 10 
Personal automobile liability(10)(12)(17)— (13)— (22)(13)
Homeowners(13)(18)(13)(5)(10)— (31)(10)
Net asbestos and environmental reserves— — 141 — — — — — 
Catastrophes(39)— (49)— (38)— (39)(38)
Uncollectible reinsurance— — (19)— — — — — 
Other reserve re-estimates, net [1]2 (4)17 (2)2 (2)(2)— 
Prior accident year development before change in deferred gain(163)(90)97 (24)(78)(32)(253)(110)
Change in deferred gain on retroactive reinsurance included in other liabilities [2] (24)(32)4 (26)(37)(24)(56)(61)
Total prior accident year development$(187)$(122)$101 $(50)$(115)$(56)$(309)$(171)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves within Personal Insurance of $(8) and $(20) for the three and six months ended June 30, 2025 and $(7) and $(14) for the three and six months ended June 30, 2024, respectively.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.


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The Hartford Insurance Group, Inc.
Property & Casualty
Underwriting Ratios
Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Underwriting Gain$497 $130 $331 $228 $254 $279 $627 $533 
Underwriting Ratios
Loss and loss adjustment expense ratio58.8 66.3 61.9 64.4 63.3 62.3 62.5 62.8 
Expense ratio [1]29.5 30.4 29.9 29.9 30.1 30.2 29.9 30.2 
Policyholder dividend ratio0.3 0.2 0.2 0.2 0.2 0.3 0.2 0.2 
Combined ratio88.6 96.9 92.1 94.5 93.6 92.8 92.7 93.2 
Current accident year catastrophes and prior accident year development(0.6)(8.2)(4.3)(4.8)(4.2)(2.7)(4.3)(3.4)
Underlying combined ratio*88.0 88.8 87.8 89.7 89.5 90.1 88.4 89.8 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*58.3 58.1 57.6 59.6 59.1 59.6 58.2 59.3 
Current accident year catastrophes4.9 11.1 1.9 6.0 7.1 4.2 7.9 5.6 
Prior accident year development [2](4.3)(2.9)2.4 (1.2)(2.9)(1.5)(3.6)(2.2)
Total loss and loss adjustment expense ratio58.8 66.3 61.9 64.4 63.3 62.3 62.5 62.8 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.



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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements
Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Written premiums$3,816 $3,686 $3,174 $3,275 $3,540 $3,362 $7,502 $6,902 
Change in unearned premium reserve392 362 (129)26 419 314 754 733 
Earned premiums 3,424 3,324 3,303 3,249 3,121 3,048 6,748 6,169 
Fee income11 11 10 11 11 11 22 22 
Losses and loss adjustment expenses
Current accident year before catastrophes1,952 1,891 1,849 1,862 1,750 1,725 3,843 3,475 
Current accident year catastrophes114 280 67 155 155 109 394 264 
Prior accident year development [1](146)(83)(58)(36)(81)(56)(229)(137)
Total losses and loss adjustment expenses1,920 2,088 1,858 1,981 1,824 1,778 4,008 3,602 
Amortization of DAC546 531 516 512 489 476 1,077 965 
Insurance operating costs 507 512 505 497 484 487 1,019 971 
Amortization of other intangible assets7 7 8 7 7 7 14 14 
Dividends to policyholders11 10 10 10 9 10 21 19 
Underwriting gain444 187 416 253 319 301 631 620 
Net investment income449 437 479 442 402 391 886 793 
Net realized gains (losses)(20)(24)(3)(32)(50)12 (44)(38)
Other income (expense) [2](1)(1)(1)(1)(1)(2)(2)(3)
Income before income taxes872 599 891 662 670 702 1,471 1,372 
Income tax expense176 122 183 134 130 129 298 259 
Net income696 477 708 528 540 573 1,173 1,113 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax23 22 2 31 50 (13)45 37 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax [1](24)(32)(58)(26)(37)(24)(56)(61)
Income tax expense (benefit) [3]— 2 11 (1)(4)8 2 4 
Core earnings$697 $471 $665 $534 $551 $546 $1,168 $1,097 
[1]Refer to [3] on page 2 for information about the change in deferred gain on retroactive reinsurance on the Navigators ADC.
[2]Includes Navigators Group integration costs.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements (Continued)



Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Workers’ compensation$(61)$(65)$(70)$(69)$(52)$(67)$(126)$(119)
Workers' compensation discount accretion11 12 10 11 11 12 23 23 
General liability— — 130 32 32 17 — 49 
Marine— — — — (8)7 — (1)
Package business— — — (5)(1)— — (1)
Commercial property(20)(3)— (2)(2)(3)(23)(5)
Professional liability(11)— (20)— (2)(5)(11)(7)
Bond(22)— (34)— (22)— (22)(22)
Assumed reinsurance— — — — 15 9 — 24 
Automobile liability— — 21 16 10 — — 10 
Catastrophes(28)— (34)— (33)— (28)(33)
Uncollectible reinsurance— — — — — (7)— (7)
Other reserve re-estimates, net9 5 (3)7 8 5 14 13 
Prior accident year development before change in deferred gain(122)(51)— (10)(44)(32)(173)(76)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](24)(32)(58)(26)(37)(24)(56)(61)
Total prior accident year development$(146)$(83)$(58)$(36)$(81)$(56)$(229)$(137)
[1]Includes amortization of the deferred gain on retroactive reinsurance related to the Navigators ADC.


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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Underwriting Ratios 
Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Underwriting Gain$444 $187 $416 $253 $319 $301 $631 $620 
Underwriting Ratios
Loss and loss adjustment expense ratio56.1 62.8 56.3 61.0 58.4 58.3 59.4 58.4 
Expense ratio [1]30.6 31.3 30.8 30.9 31.1 31.5 30.9 31.3 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 
Combined ratio87.0 94.4 87.4 92.2 89.8 90.1 90.6 90.0 
Current accident year catastrophes and prior accident year development1.0 (5.9)(0.2)(3.7)(2.4)(1.8)(2.4)(2.1)
Underlying combined ratio 88.0 88.4 87.1 88.6 87.4 88.4 88.2 87.9 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio57.0 56.9 56.0 57.3 56.1 56.6 57.0 56.3 
Current accident year catastrophes3.3 8.4 2.0 4.8 5.0 3.6 5.8 4.3 
Prior accident year development(4.3)(2.5)(1.8)(1.1)(2.6)(1.8)(3.4)(2.2)
Total loss and loss adjustment expense ratio56.1 62.8 56.3 61.0 58.4 58.3 59.4 58.4 
Combined Ratios by Line of Business
Small Business
Combined ratio89.7 93.3 83.8 91.6 88.7 89.0 91.5 88.8 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(5.1)(8.0)(1.2)(6.4)(6.1)(3.8)(6.5)(4.9)
Prior accident year development4.5 4.1 4.1 4.1 4.2 4.3 4.3 4.3 
Underlying combined ratio 89.0 89.4 86.7 89.3 86.8 89.6 89.2 88.1 
Middle & Large Business
Combined ratio86.6 99.8 93.9 97.0 95.9 94.0 93.1 95.0 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.1)(8.9)(0.5)(3.5)(4.8)(3.6)(5.0)(4.2)
Prior accident year development3.6 (0.3)(3.3)(3.3)(1.4)(1.2)1.7 (1.3)
Underlying combined ratio89.1 90.6 90.2 90.2 89.6 89.2 89.8 89.4 
Global Specialty
Combined ratio85.9 89.3 84.7 87.4 83.4 87.8 87.5 85.6 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.2)(8.7)(5.4)(3.8)(3.5)(3.3)(5.9)(3.4)
Prior accident year development2.1 3.4 4.3 1.7 5.3 0.7 2.8 3.0 
Underlying combined ratio84.8 84.0 83.6 85.3 85.2 85.3 84.4 85.2 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

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Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Supplemental Data
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Written Premiums
Small Business$1,503 $1,553 $1,330 $1,347 $1,373 $1,425 $3,056 $2,798 
Middle & Large Business1,197 1,111 1,059 1,117 1,140 1,016 2,308 2,156 
Middle Market1,039 931 900 962 993 872 1,970 1,865 
National Accounts and Other158 180 159 155 147 144 338 291 
Global Specialty [1]1,100 1,006 769 797 1,013 907 2,106 1,920 
U.S.619 559 533 544 595 505 1,178 1,100 
International142 113 123 102 125 106 255 231 
Global Re339 334 113 151 293 296 673 589 
Other16 16 16 14 14 14 32 28 
Total$3,816 $3,686 $3,174 $3,275 $3,540 $3,362 $7,502 $6,902 
Earned Premiums
Small Business$1,418 $1,360 $1,355 $1,323 $1,284 $1,248 $2,778 $2,532 
Middle & Large Business1,100 1,075 1,069 1,065 1,021 996 2,175 2,017 
Middle Market942 924 918 921 879 864 1,866 1,743 
National Accounts and Other158 151 151 144 142 132 309 274 
Global Specialty [1]890 873 865 847 802 789 1,763 1,591 
U.S.549 540 547 540 514 503 1,089 1,017 
International119 113 115 113 108 105 232 213 
Global Re222 220 203 194 180 181 442 361 
Other16 16 14 14 14 15 32 29 
Total$3,424 $3,324 $3,303 $3,249 $3,121 $3,048 $6,748 $6,169 
Business Insurance Statistical Premium Information
Small Business
Net New Business Premium$305 $298 $264 $278 $291 $268 $603 $559 
Renewal Written Price Increases5.7 %6.5 %7.5 %6.5 %6.4 %5.7 %6.1 %6.0 %
Policy Count Retention83 %84 %84 %84 %84 %85 %84 %84 %
Policies In-Force (in thousands)1,615 1,591 1,570 1,558 1,537 1,512 
Middle Market [2]
Net New Business Premium$190 $188 $180 $176 $187 $174 $378 $361 
Renewal Written Price Increases5.8 %6.9 %6.5 %6.9 %6.7 %7.1 %6.3 %6.9 %
Premium Retention82 %81 %84 %85 %83 %84 %82 %83 %
Global Specialty
Gross New Business Premium [3]
$278 $225 $224 $233 $264 $223 $503 $487 
Renewal Written Price Increases [4]5.1 %6.0 %6.0 %5.6 %6.2 %6.1 %5.6 %6.2 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

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Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements
 Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Written premiums$980 $913 $871 $970 $913 $844 $1,893 $1,757 
Change in unearned premium reserve49 14 (35)85 64 31 63 95 
Earned premiums931 899 906 885 849 813 1,830 1,662 
Fee income 8 8 9 8 8 8 16 16 
Losses and loss adjustment expenses
Current accident year before catastrophes585 563 577 602 597 575 1,148 1,172 
Current accident year catastrophes98 187 13 92 125 52 285 177 
Prior accident year development (41)(39)(53)(14)(34)(7)(80)(41)
Total losses and loss adjustment expenses642 711 537 680 688 620 1,353 1,308 
Amortization of DAC70 68 67 65 63 60 138 123 
Insurance operating costs172 182 182 169 169 153 354 322 
Amortization of other intangible assets— 1 — 1 — 1 1 1 
Underwriting gain (loss)55 (55)129 (22)(63)(13)— (76)
Net investment income58 57 64 58 50 50 115 100 
Net realized gains (losses)(4)(2)(5)(2)(8)1 (6)(7)
Net servicing and other income (expense)5 5 3 5 6 4 10 10 
Income (loss) before income taxes114 5 191 39 (15)42 119 27 
Income tax expense (benefit)23 — 37 8 (4)8 23 4 
Net income (loss)91 5 154 31 (11)34 96 23 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax3 2 3 2 9 (2)5 7 
Income tax expense (benefit) [1]— (1)(2)— (2)1 (1)(1)
Core earnings (loss)$94 $6 $155 $33 $(4)$33 $100 $29 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

15
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Automobile liability$(10)$(12)$(17)$— $(13)$— $(22)$(13)
Homeowners(13)(18)(13)(5)(10)— (31)(10)
Catastrophes(11)— (15)— (5)— (11)(5)
Uncollectible reinsurance— — — — — — — — 
Other reserve re-estimates, net [1](7)(9)(8)(9)(6)(7)(16)(13)
Total prior accident year development$(41)$(39)$(53)$(14)$(34)$(7)$(80)$(41)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves of $(8) and $(20) for the three and six months ended June 30, 2025 and $(7) and $(14) for the three and six months ended June 30, 2024, respectively.

16
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Underwriting Ratios
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Underwriting Gain (Loss)$55 $(55)$129 $(22)$(63)$(13)$— $(76)
Underwriting Ratios
Loss and loss adjustment expense ratio69.0 79.1 59.3 76.8 81.0 76.3 73.9 78.7 
Expense ratio25.1 27.0 26.5 25.6 26.4 25.3 26.1 25.9 
Combined ratio94.1 106.1 85.8 102.5 107.4 101.6 100.0 104.6 
Current accident year catastrophes and prior accident year development(6.1)(16.5)4.4 (8.8)(10.7)(5.5)(11.2)(8.1)
Underlying combined ratio88.0 89.7 90.2 93.7 96.7 96.1 88.8 96.4 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio62.8 62.6 63.7 68.0 70.3 70.7 62.7 70.5 
Current accident year catastrophes10.5 20.8 1.4 10.4 14.7 6.4 15.6 10.6 
Prior accident year development(4.4)(4.3)(5.8)(1.6)(4.0)(0.9)(4.4)(2.5)
Total loss and loss adjustment expense ratio69.0 79.1 59.3 76.8 81.0 76.3 73.9 78.7 
Combined Ratios by Product
Automobile
Combined ratio94.0 93.5 98.3 105.7 105.4 103.9 93.8 104.7 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.8)(1.2)— (5.8)(3.6)(1.0)(1.5)(2.4)
Prior accident year development3.0 3.8 4.7 1.6 3.1 1.6 3.4 2.4 
Underlying combined ratio95.2 96.1 103.0 101.5 104.9 104.4 95.7 104.7 
Homeowners
Combined ratio94.4 133.2 57.8 94.7 114.5 96.2 113.1 105.6 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(28.8)(63.7)(4.8)(21.0)(40.4)(18.7)(45.6)(29.8)
Prior accident year development7.1 5.6 8.6 1.7 3.7 (0.5)6.4 1.6 
Underlying combined ratio72.7 75.1 61.7 75.4 77.8 77.0 73.9 77.4 


17
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data

 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Distribution
Written Premiums
Direct$796 $758 $716 $815 $780 $728 $1,554 $1,508 
Agency184 155 155 155 133 116 339 249 
Total$980 $913 $871 $970 $913 $844 $1,893 $1,757 
Earned Premiums
Direct$776 $757 $769 $761 $735 $706 $1,533 $1,441 
Agency155 142 137 124 114 107 297 221 
Total$931 $899 $906 $885 $849 $813 $1,830 $1,662 
Product Line
Written Premiums
Automobile$633 $627 $590 $649 $617 $600 $1,260 $1,217 
Homeowners347 286 281 321 296 244 633 540 
Total$980 $913 $871 $970 $913 $844 $1,893 $1,757 
Earned Premiums
Automobile$628 $618 $627 $616 $592 $566 $1,246 $1,158 
Homeowners303 281 279 269 257 247 584 504 
Total$931 $899 $906 $885 $849 $813 $1,830 $1,662 


18
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data (Continued)
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Statistical Premium Information (Year Over Year)
Net New Business Premium
Automobile$81 $81 $77 $83 $82 $72 $162 $154 
Homeowners$69 $62 $59 $60 $47 $34 $131 $81 
Renewal Written Price Increases
Automobile14.0 %15.7 %19.0 %20.7 %23.4 %25.5 %14.8 %24.4 %
Homeowners12.7 %12.3 %13.8 %15.1 %14.9 %15.2 %12.5 %15.0 %
Effective Policy Count Retention
Automobile79 %79 %79 %79 %79 %79 %79 %79 %
Homeowners83 %83 %83 %83 %84 %83 %83 %83 %
Policies In-Force (in thousands)
Automobile1,121 1,146 1,171 1,193 1,214 1,233 
Homeowners724 719 712 707 702 701 



19
Table of Contents
The Hartford Insurance Group, Inc.
P&C Other Operations
Income Statements
 
Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Losses and loss adjustment expenses
Prior accident year development$— $— $212 $— $— $7 $— $7 
Total losses and loss adjustment expenses— — 212 — — 7 — 7 
Insurance operating costs2 2 2 3 2 2 4 4 
Underwriting loss(2)(2)(214)(3)(2)(9)(4)(11)
Net investment income19 18 19 18 19 18 37 37 
Net realized losses(2)— (1)— (3)— (2)(3)
Other expense— — — (4)— — — — 
Income (loss) before income taxes15 16 (196)11 14 9 31 23 
Income tax expense (benefit)2 3 (40)1 3 1 5 4 
Net income (loss)13 13 (156)10 11 8 26 19 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax2 — 1 — 3 — 2 3 
Change in deferred gain on retroactive reinsurance, before tax— — 62 — — — — — 
Income tax benefit [1](1)— (13)— — (1)(1)(1)
Core earnings (loss)$14 $13 $(106)$10 $14 $7 $27 $21 
[1]Represents federal income tax benefit related to before tax items not included in core earnings (loss).

20
Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Income Statements
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Earned premiums$1,606 $1,612 $1,600 $1,600 $1,608 $1,585 $3,218 $3,193 
Fee income57 56 56 55 57 54 113 111 
Net investment income118 126 130 119 112 114 244 226 
Net realized gains (losses)(16)(4)(16)— (9)1 (20)(8)
Total revenues1,765 1,790 1,770 1,774 1,768 1,754 3,555 3,522 
Benefits, losses and loss adjustment expenses1,150 1,199 1,169 1,161 1,147 1,204 2,349 2,351 
Amortization of DAC9 8 8 8 9 9 17 18 
Insurance operating costs and other expenses407 406 424 401 387 397 813 784 
Amortization of other intangible assets10 10 10 10 10 10 20 20 
Total benefits, losses and expenses1,576 1,623 1,611 1,580 1,553 1,620 3,199 3,173 
Income before income taxes189 167 159 194 215 134 356 349 
Income tax expense39 34 33 38 44 26 73 70 
Net income150 133 126 156 171 108 283 279 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax15 4 15 (1)9 (1)19 8 
Income tax benefit [1](2)(1)(2)(1)(2)— (3)(2)
Core earnings$163 $136 $139 $154 $178 $107 $299 $285 
Margin
Net income margin8.5 %7.4 %7.1 %8.8 %9.7 %6.2 %8.0 %7.9 %
Core earnings margin*9.2 %7.6 %7.8 %8.7 %10.0 %6.1 %8.4 %8.1 %
ROE
Net income available to common stockholders [2]16.1 %16.6 %15.5 %17.7 %18.0 %16.1 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax1.0 %0.8 %0.7 %0.2 %1.1 %1.3 %
Integration and other non-recurring M&A costs, before tax [3]— %— %— %— %0.1 %0.1 %
Income tax benefit [1](0.2 %)(0.2 %)(0.1 %)(0.1 %)(0.3 %)(0.3 %)
Impact of AOCI, excluded from core earnings ROE(1.6 %)(1.7 %)(1.7 %)(2.2 %)(2.5 %)(2.1 %)
Core earnings [2]15.3 %15.5 %14.4 %15.6 %16.4 %15.1 %
[1]Represents federal income tax benefit related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Employee Benefits.
[3]Includes integration costs in connection with the 2017 acquisition of Aetna's group life and disability business.

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Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Supplemental Data
 
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Premiums
Fully insured ongoing premiums
Group disability$838 $844 $845 $835 $837 $836 $1,682 $1,673 
Group life 644 650 651 658 663 645 1,294 1,308 
Other [1]120 118 104 107 107 104 238 211 
Total fully insured ongoing premiums1,602 1,612 1,600 1,600 1,607 1,585 3,214 3,192 
Total buyouts [2]4 — — — 1 — 4 1 
Total premiums$1,606 $1,612 $1,600 $1,600 $1,608 $1,585 $3,218 $3,193 
Sales (Gross Annualized New Premiums)
Fully insured ongoing sales
Group disability$48 $162 $37 $53 $37 $247 $210 $284 
Group life44 163 23 32 51 154 207 205 
Other [1]15 56 8 20 13 43 71 56 
Total fully insured ongoing sales107 381 68 105 101 444 488 545 
Total buyouts [2]4 — — — 1 — 4 1 
Total sales$111 $381 $68 $105 $102 $444 $492 $546 
Ratios, Excluding Buyouts
Group disability loss ratio68.5 %69.0 %66.9 %67.9 %67.1 %70.1 %68.8 %68.6 %
Group life loss ratio74.3 %79.9 %79.9 %77.5 %74.9 %82.6 %77.1 %78.7 %
Total loss ratio69.1 %71.9 %70.6 %70.2 %68.9 %73.5 %70.5 %71.1 %
Expense ratio25.7 %25.4 %26.7 %25.3 %24.4 %25.4 %25.5 %24.9 %
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.


22
Table of Contents

The Hartford Insurance Group, Inc.
Hartford Funds
Income Statements
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Investment management fees $198 $202 $208 $202 $195 $191 $400 $386 
Shareowner servicing fees 22 23 23 23 21 21 45 42 
Other revenue42 39 44 43 42 42 81 84 
Net realized gains (losses)9 — (3)7 3 5 9 8 
Total revenues 271 264 272 275 261 259 535 520 
Sub-advisory expense72 73 76 73 71 69 145 140 
Employee compensation and benefits31 39 33 31 32 35 70 67 
Distribution and service70 73 77 75 74 73 143 147 
General, administrative and other30 24 24 29 26 26 54 52 
Total expenses 203 209 210 208 203 203 412 406 
Income before income taxes68 55 62 67 58 56 123 114 
Income tax expense14 12 13 13 14 11 26 25 
Net income54 43 49 54 44 45 97 89 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(9)— 3 (7)(3)(5)(9)(8)
Income tax expense (benefit) [1]1 1 (1)— 2 1 2 3 
Core earnings$46 $44 $51 $47 $43 $41 $90 $84 
Daily average Hartford Funds AUM$138,195 $141,834 $142,230 $137,888 $134,064 $131,648 $140,004 $132,856 
Return on assets (bps, net of tax) [2]
Net income15.6 12.1 13.8 15.7 13.1 13.7 13.9 13.4 
Core earnings*13.3 12.4 14.3 13.6 12.8 12.5 12.9 12.6 
ROE
Net income available to common stockholders [3]42.9 %42.2 %43.4 %44.1 %42.2 %43.6 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.9 %)(1.6 %)(2.8 %)(5.5 %)(2.9 %)(2.5 %)
Income tax expense (benefit) [1]0.2 %0.5 %0.5 %0.7 %0.7 %0.3 %
Impact of AOCI, excluded from core earnings ROE(1.1 %)(1.3 %)(1.4 %)(1.5 %)(1.6 %)(1.7 %)
Core earnings [3]39.1 %39.8 %39.7 %37.8 %38.4 %39.7 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
Table of Contents
The Hartford Insurance Group, Inc.
Hartford Funds
Asset Value Rollforward
Assets Under Management By Asset Class
Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Equity Funds
Beginning balance $82,792 $84,000 $87,271 $83,212 $83,337 $79,352 $84,000 $79,352 
Sales3,946 5,295 3,682 3,364 3,612 3,428 9,241 7,040 
Redemptions(5,167)(6,434)(4,787)(4,298)(4,831)(5,488)(11,601)(10,319)
Net flows(1,221)(1,139)(1,105)(934)(1,219)(2,060)(2,360)(3,279)
Change in market value and other 7,501 (69)(2,166)4,993 1,094 6,045 7,432 7,139 
Ending balance$89,072 $82,792 $84,000 $87,271 $83,212 $83,337 $89,072 $83,212 
Fixed Income Funds
Beginning balance $21,398 $21,059 $19,347 $17,825 $17,201 $16,773 $21,059 $16,773 
Sales2,124 1,978 3,229 1,905 1,569 1,822 4,102 3,391 
Redemptions(2,066)(1,970)(1,290)(1,150)(1,080)(1,497)(4,036)(2,577)
Net flows58 8 1,939 755 489 325 66 814 
Change in market value and other 371 331 (227)767 135 103 702 238 
Ending balance$21,827 $21,398 $21,059 $19,347 $17,825 $17,201 $21,827 $17,825 
Multi-Strategy Investments Funds [1]
Beginning balance$18,321 $18,512 $19,425 $18,807 $19,268 $19,292 $18,512 $19,292 
Sales350 458 455 400 472 387 808 859 
Redemptions(731)(905)(834)(902)(930)(954)(1,636)(1,884)
Net flows(381)(447)(379)(502)(458)(567)(828)(1,025)
Change in market value and other 604 256 (534)1,120 (3)543 860 540 
Ending balance$18,544 $18,321 $18,512 $19,425 $18,807 $19,268 $18,544 $18,807 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$4,708 $4,483 $4,323 $3,842 $3,753 $3,899 $4,483 $3,899 
Net flows29 146 341 256 103 (209)175 (106)
Change in market value and other110 79 (181)225 (14)63 189 49 
Ending balance$4,847 $4,708 $4,483 $4,323 $3,842 $3,753 $4,847 $3,842 
Mutual Fund and ETF AUM
Beginning balance$127,219 $128,054 $130,366 $123,686 $123,559 $119,316 $128,054 $119,316 
Sales - mutual fund6,420 7,731 7,366 5,669 5,653 5,637 14,151 11,290 
Redemptions - mutual fund(7,964)(9,309)(6,911)(6,350)(6,841)(7,939)(17,273)(14,780)
Net flows - ETF29 146 341 256 103 (209)175 (106)
Net flows - mutual fund and ETF(1,515)(1,432)796 (425)(1,085)(2,511)(2,947)(3,596)
Change in market value and other 8,586 597 (3,108)7,105 1,212 6,754 9,183 7,966 
Ending balance134,290 127,219 128,054 130,366 123,686 123,559 134,290 123,686 
Third-party life and annuity separate account AUM11,226 10,879 11,544 12,073 11,832 12,083 11,226 11,832 
Hartford Funds AUM$145,516 $138,098 $139,598 $142,439 $135,518 $135,642 $145,516 $135,518 
[1]Includes balanced, allocation, and alternative investment products.

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The Hartford Insurance Group, Inc.
Corporate
Income Statements
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Fee income [1]$10 $11 $10 $10 $10 $10 $21 $20 
Other revenue5 1 — 1 1 — 6 1 
Net investment income14 14 16 17 14 16 28 30 
Net realized gains (losses)23 (19)11 14 8 9 4 17 
Total revenues52 7 37 42 33 35 59 68 
Benefits, losses and loss adjustment expenses [2]— 2 3 1 2 2 2 4 
Insurance operating costs and other expenses [1]14 14 17 12 11 14 28 25 
Interest expense50 50 50 49 50 50 100 100 
Restructuring and other costs— — — 1 — 1 — 1 
Total expenses64 66 70 63 63 67 130 130 
Loss before income taxes(12)(59)(33)(21)(30)(32)(71)(62)
Income tax benefit(3)(18)(5)(9)(13)(17)(21)(30)
Net loss(9)(41)(28)(12)(17)(15)(50)(32)
Preferred stock dividends5 5 5 6 5 5 10 10 
Net loss available to common stockholders(14)(46)(33)(18)(22)(20)(60)(42)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(24)19 (8)(13)(10)(9)(5)(19)
Restructuring and other costs, before tax— — — 1 — 1 — 1 
Income tax expense (benefit) [3]5 (4)2 4 — 3 1 3 
Core loss$(33)$(31)$(39)$(26)$(32)$(25)$(64)$(57)
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.
[3]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


25
Table of Contents

The Hartford Insurance Group, Inc.
Investment Income Before Tax
Consolidated
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$553 $538 $533 $533 $496 $483 $1,091 $979 
Tax-exempt31 36 38 37 41 43 67 84 
Total fixed maturities584 574 571 570 537 526 1,158 1,063 
Equity securities5 4 15 5 6 9 9 15 
Mortgage loans72 70 70 68 65 63 142 128 
Limited partnerships and other alternative investments [2]13 39 79 37 16 16 52 32 
Other [3]13 (3)6 1 1 6 10 7 
Subtotal687 684 741 681 625 620 1,371 1,245 
Investment expense(23)(28)(27)(22)(23)(27)(51)(50)
Total net investment income$664 $656 $714 $659 $602 $593 $1,320 $1,195 
Annualized investment yield, before tax [4]4.3 %4.3 %4.7 %4.4 %4.1 %4.1 %4.3 %4.1 %
Annualized limited partnerships and other alternative investment yield, before tax [4]1.0 %3.1 %6.4 %3.0 %1.3 %1.3 %2.1 %1.3 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.6 %4.4 %4.6 %4.5 %4.4 %4.3 %4.5 %4.3 %
Annualized investment yield, net of tax [4]3.5 %3.4 %3.8 %3.5 %3.3 %3.3 %3.4 %3.3 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.7 %3.5 %3.7 %3.6 %3.5 %3.5 %3.6 %3.5 %
Average reinvestment rate [5]5.9 %5.6 %5.7 %5.5 %6.4 %6.1 %5.7 %6.2 %
Average sales/maturities yield [6]4.6 %4.9 %5.4 %4.4 %4.9 %5.0 %4.7 %4.9 %
Portfolio duration (in years) [7]3.9 3.9 3.8 3.9 3.9 4.0 3.9 3.9 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

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Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Property & Casualty
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$440 $426 $421 $420 $389 $373 $866 $762 
Tax-exempt24 27 29 28 29 32 51 61 
Total fixed maturities464 453 450 448 418 405 917 823 
Equity securities1 2 8 3 3 6 3 9 
Mortgage loans54 53 52 51 49 46 107 95 
Limited partnerships and other alternative investments [2]11 28 65 31 16 15 39 31 
Other [3]13 (2)8 2 2 8 11 10 
Subtotal543 534 583 535 488 480 1,077 968 
Investment expense(17)(22)(21)(17)(17)(21)(39)(38)
Total net investment income$526 $512 $562 $518 $471 $459 $1,038 $930 
Annualized investment yield, before tax [4]4.4 %4.3 %4.8 %4.5 %4.2 %4.1 %4.3 %4.1 %
Annualized limited partnerships and other alternative investment yield, before tax [4]1.1 %2.8 %6.7 %3.2 %1.6 %1.6 %2.0 %1.6 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.7 %4.4 %4.6 %4.6 %4.4 %4.3 %4.5 %4.4 %
Annualized investment yield, net of tax [4]3.5 %3.4 %3.8 %3.6 %3.4 %3.3 %3.5 %3.3 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.7 %3.5 %3.7 %3.7 %3.5 %3.5 %3.6 %3.5 %
Average reinvestment rate [5]5.8 %5.6 %5.7 %5.5 %6.4 %6.1 %5.7 %6.2 %
Average sales/maturities yield [6]4.7 %4.9 %5.6 %4.5 %4.9 %4.9 %4.8 %4.9 %
Portfolio duration (in years) [7]3.8 3.7 3.7 3.7 3.8 3.8 3.8 3.8 
Footnotes [1] through [7] are explained on page 26.

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Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Employee Benefits
 Three Months EndedSix Months Ended
 Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$98 $97 $96 $94 $92 $93 $195 $185 
Tax-exempt6 7 8 7 10 10 13 20 
Total fixed maturities104 104 104 101 102 103 208 205 
Equity securities1 1 2 1 1 1 2 2 
Mortgage loans18 17 18 17 16 17 35 33 
Limited partnerships and other alternative investments [2]2 11 14 6 — 1 13 1 
Other [3](1)(1)(2)(1)(1)(2)(2)(3)
Subtotal124 132 136 124 118 120 256 238 
Investment expense(6)(6)(6)(5)(6)(6)(12)(12)
Total net investment income$118 $126 $130 $119 $112 $114 $244 $226 
Annualized investment yield, before tax [4]4.1 %4.3 %4.5 %4.1 %3.9 %3.9 %4.2 %3.9 %
Annualized limited partnerships and other alternative investment yield, before tax [4]0.8 %4.1 %5.2 %2.3 %— %0.4 %2.5 %0.2 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.4 %4.4 %4.4 %4.3 %4.3 %4.2 %4.4 %4.2 %
Annualized investment yield, net of tax [4]3.3 %3.5 %3.6 %3.3 %3.1 %3.1 %3.4 %3.1 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.5 %3.5 %3.5 %3.4 %3.4 %3.4 %3.5 %3.4 %
Average reinvestment rate [5]6.1 %5.8 %5.8 %5.9 %6.6 %6.4 %6.0 %6.5 %
Average sales/maturities yield [6]4.3 %4.7 %4.8 %4.3 %4.8 %5.2 %4.5 %4.9 %
Portfolio duration (in years) [7]5.0 5.0 4.9 5.0 4.9 5.1 5.0 4.9 
Footnotes [1] through [7] are explained on page 26.

28
Table of Contents
The Hartford Insurance Group, Inc.
Net Investment Income
Consolidated
Three Months EndedSix Months Ended
Net Investment Income by SegmentJun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Investment Income
Business Insurance$449 $437 $479 $442 $402 $391 $886 $793 
Personal Insurance58 57 64 58 50 50 115 100 
P&C Other Operations19 18 19 18 19 18 37 37 
Total Property & Casualty526 512 562 518 471 459 1,038 930 
Employee Benefits118 126 130 119 112 114 244 226 
Hartford Funds6 4 6 5 5 4 10 9 
Corporate14 14 16 17 14 16 28 30 
Total net investment income by segment$664 $656 $714 $659 $602 $593 $1,320 $1,195 
Three Months EndedSix Months Ended
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsJun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Total Property & Casualty$11 $28 $65 $31 $16 $15 $39 $31 
Employee Benefits2 11 14 6 — 1 13 1 
Total net investment income from limited partnerships and other alternative investments [1]$13 $39 $79 $37 $16 $16 $52 $32 
[1]Amounts are included above in total net investment income by segment.


29
Table of Contents
The Hartford Insurance Group, Inc.
Components of Net Realized Gains (Losses)
Consolidated
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities$19 $13 $8 $12 $6 $5 $32 $11 
Gross losses on sales of fixed maturities(45)(25)(50)(62)(75)(11)(70)(86)
Equity securities [1]36 (11)(3)27 14 35 25 49 
Net credit losses on fixed maturities, AFS— 2 — — (1)(1)2 (2)
Change in ACL on mortgage loans— — — — — 3 — 3 
Other net gains (losses) [2](20)(28)28 10 (3)(3)(48)(6)
 Total net realized gains (losses)(10)(49)(17)(13)(59)28 (59)(31)
Net realized losses (gains), included in core earnings, before tax [3]— 2 1 1 1 2 2 3 
 Total net gains (losses) excluded from core earnings, before tax(10)(47)(16)(12)(58)30 (57)(28)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings1 10 3 4 12 (7)11 5 
 Total net realized gains (losses) excluded from core earnings, after tax$(9)$(37)$(13)$(8)$(46)$23 $(46)$(23)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and equity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

30
Table of Contents
The Hartford Insurance Group, Inc.
Composition of Invested Assets
Consolidated
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024
 Amount [1]PercentAmountPercentAmount [1]PercentAmountPercentAmountPercent
Total investments$60,903 100.0 %$60,094 100.0 %$59,210 100.0 %$59,350 100.0 %$56,890 100.0 %
Asset-backed securities$4,376 9.8 %$4,333 9.8 %$3,937 9.3 %$3,512 8.2 %$3,014 7.4 %
Collateralized loan obligations3,393 7.6 %3,396 7.7 %3,250 7.6 %3,563 8.3 %3,514 8.6 %
Commercial mortgage-backed securities2,585 5.8 %2,754 6.2 %2,736 6.4 %2,857 6.7 %2,942 7.2 %
Corporate22,525 50.6 %21,646 49.0 %20,636 48.5 %20,558 48.0 %19,493 47.8 %
Foreign government/government agencies455 1.0 %481 1.1 %480 1.1 %541 1.3 %546 1.3 %
Municipal4,650 10.4 %5,030 11.4 %5,304 12.5 %5,654 13.2 %5,294 13.0 %
Residential mortgage-backed securities5,513 12.4 %5,558 12.5 %5,230 12.3 %5,123 12.0 %4,787 11.7 %
U.S. Treasuries1,061 2.4 %1,006 2.3 %994 2.3 %985 2.3 %1,224 3.0 %
Total fixed maturities, AFS [2]$44,558 100.0 %$44,204 100.0 %$42,567 100.0 %$42,793 100.0 %$40,814 100.0 %
U.S. government/government agencies$5,130 11.5 %$5,126 11.6 %$4,937 11.6 %$4,815 11.2 %$4,770 11.7 %
AAA7,333 16.4 %7,573 17.2 %7,166 16.8 %7,127 16.7 %6,413 15.7 %
AA7,439 16.7 %7,423 16.8 %7,484 17.6 %7,713 18.0 %7,283 17.8 %
A12,239 27.5 %11,639 26.3 %10,933 25.7 %10,994 25.7 %10,785 26.4 %
BBB10,070 22.6 %10,125 22.9 %9,722 22.8 %9,677 22.6 %9,204 22.6 %
BB1,726 3.9 %1,775 4.0 %1,777 4.2 %1,768 4.2 %1,649 4.1 %
B609 1.4 %529 1.2 %542 1.3 %693 1.6 %701 1.7 %
CCC12 — %13 — %5 — %5 — %8 — %
CC & below— — %1 — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$44,558 100.0 %$44,204 100.0 %$42,567 100.0 %$42,793 100.0 %$40,814 100.0 %
[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).
[2]Fixed maturities, at fair value using the fair value option are not included.

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The Hartford Insurance Group, Inc.
Invested Asset Exposures
June 30, 2025
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$7,179 $7,075 11.6 %
Technology and communications3,149 3,078 5.1 %
Consumer non-cyclical2,752 2,701 4.4 %
Utilities2,628 2,522 4.2 %
Capital goods1,790 1,783 2.9 %
Consumer cyclical1,679 1,660 2.7 %
Energy1,490 1,465 2.4 %
Basic industry1,153 1,140 1.9 %
Transportation924 890 1.5 %
Other747 740 1.2 %
Total$23,491 $23,054 37.9 %
Top Ten Exposures by Issuer [1]
Morgan Stanley$239 $235 0.4 %
NextEra Energy Inc.228 222 0.3 %
Hyundai Motor Company201 195 0.3 %
Entergy Corporation199 187 0.3 %
Government of Canada177 179 0.3 %
Bank of America Corporation181 177 0.3 %
Goldman Sachs Group Inc.187 176 0.3 %
Enterprise Holdings Inc.161 163 0.3 %
SPCC Funding I LLC161 162 0.3 %
Duke Energy Corporation160 162 0.3 %
Total$1,894 $1,858 3.1 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

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The Hartford Insurance Group, Inc.
Appendix
Basis of Presentation and Definitions
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Insurance Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations ("P&C Other Operations"), Employee Benefits and Hartford Funds, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reportable segments: Business Insurance, Personal Insurance and P&C Other Operations. Business Insurance provides workers’ compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, assumed reinsurance, and other product lines to businesses in the United States ("U.S.") and internationally. Business Insurance generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Insurance provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C 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 asbestos and environmental exposures.
Employee Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.
Hartford Funds offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services such as product design, implementation and oversight. This business also manages a portion of the mutual funds which support third-party life and annuity separate accounts.
The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
Certain operating and statistical measures for P&C Business Insurance and Personal Insurance have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Business Insurance represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Insurance, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Insurance, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•For small business, policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•For Personal Insurance, effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in-force is a growth measure used for Personal Insurance as well as small business within Business Insurance and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss and loss adjustment expense ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss and loss adjustment expense ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.

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A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses.
The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Employee Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
The Hartford Funds segment provides supplemental data on sales, redemptions, net flows and account value that indicate current trends in that segment.
Discussion of Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.
Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance. A reconciliation of net income (loss) available to common stockholders to core earnings is set forth on page 2.

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Core earnings per share- This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the U.S GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.
Basic Earnings Per Share
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Income available to common stockholders per share
$3.49 $2.18 $2.93 $2.60 $2.48 $2.51 $5.66 $4.99 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses (gains), excluded from core earnings, before tax
0.04 0.16 0.06 0.04 0.20 (0.10)0.20 0.09 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.08)(0.11)0.01 (0.09)(0.13)(0.08)(0.20)(0.21)
Income tax expense (benefit) on items excluded from core earnings
— (0.01)(0.02)0.01 (0.02)0.04 0.01 0.04 
Core earnings per share$3.46 $2.23 $2.99 $2.57 $2.54 $2.38 $5.68 $4.92 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable U.S. GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
Diluted Earnings Per Share
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net Income available to common stockholders per diluted share$3.44 $2.15 $2.88 $2.56 $2.44 $2.47 $5.58 $4.92 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax0.03 0.16 0.05 0.04 0.19 (0.10)0.20 0.09 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.08)(0.11)0.01 (0.09)(0.12)(0.08)(0.19)(0.20)
Income tax expense (benefit) on items excluded from core earnings
0.01 (0.01)(0.01)0.01 (0.02)0.04 — 0.02 
Core earnings per diluted share
$3.41 $2.20 $2.94 $2.53 $2.50 $2.34 $5.60 $4.84 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

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Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
Last Twelve Months Ended
 
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024
Net income ROE19.8 %18.8 %19.9 %20.0 %19.8 %18.5 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses (gains), excluded from core earnings, before tax0.5 %0.8 %0.4 %0.4 %0.8 %0.8 %
Integration and other non-recurring M&A costs, before tax
— %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax(0.5 %)(0.6 %)(0.5 %)0.7 %0.9 %1.2 %
Income tax benefit on items not included in core earnings— %(0.1 %)— %(0.2 %)(0.4 %)(0.4 %)
Impact of AOCI, excluded from denominator of core earnings ROE(2.8 %)(2.8 %)(3.2 %)(3.6 %)(3.8 %)(3.6 %)
Core earnings ROE17.0 %16.2 %16.7 %17.4 %17.4 %16.6 %
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable U.S. GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable U.S. GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable U.S. GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

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Underwriting gain (loss)- This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable U.S GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net income$800 $495 $706 $569 $540 $615 $1,295 $1,155 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(526)(512)(562)(518)(471)(459)(1,038)(930)
Net realized losses (gains)26 26 9 34 61 (13)52 48 
Net servicing and other (income) expense(4)(4)(2)— (5)(2)(8)(7)
Income tax expense 201 125 180 143 129 138 326 267 
Underwriting gain497 130 331 228 254 279 627 533 
Current accident year catastrophes212 467 80 247 280 161 679 441 
Prior accident year development(187)(122)101 (50)(115)(56)(309)(171)
Underlying underwriting gain$522 $475 $512 $425 $419 $384 $997 $803 
Business Insurance
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net income$696 $477 $708 $528 $540 $573 $1,173 $1,113 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(449)(437)(479)(442)(402)(391)(886)(793)
Net realized losses (gains)20 24 3 32 50 (12)44 38 
Other expense (income)1 1 1 1 1 2 2 3 
Income tax expense176 122 183 134 130 129 298 259 
Underwriting gain444 187 416 253 319 301 631 620 
Current accident year catastrophes114 280 67 155 155 109 394 264 
Prior accident year development(146)(83)(58)(36)(81)(56)(229)(137)
Underlying underwriting gain$412 $384 $425 $372 $393 $354 $796 $747 


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Personal Insurance
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net income (loss)$91 $5 $154 $31 $(11)$34 $96 $23 
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(58)(57)(64)(58)(50)(50)(115)(100)
Net realized losses (gains)4 2 5 2 8 (1)6 7 
Net servicing and other (income) expense(5)(5)(3)(5)(6)(4)(10)(10)
Income tax expense (benefit)23 — 37 8 (4)8 23 4 
Underwriting gain (loss)55 (55)129 (22)(63)(13)— (76)
Current accident year catastrophes98 187 13 92 125 52 285 177 
Prior accident year development(41)(39)(53)(14)(34)(7)(80)(41)
Underlying underwriting gain$112 $93 $89 $56 $28 $32 $205 $60 
P&C Other Operations
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net income (loss)$13 $13 $(156)$10 $11 $8 $26 $19 
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(19)(18)(19)(18)(19)(18)(37)(37)
Net realized losses2 — 1 — 3 — 2 3 
Other expense— — — 4 — — — — 
Income tax expense (benefit)2 3 (40)1 3 1 5 4 
Underwriting loss(2)(2)(214)(3)(2)(9)(4)(11)
Prior accident year development— — 212 — — 7 — 7 
Underlying underwriting loss$(2)$(2)$(2)$(3)$(2)$(2)$(4)$(4)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth on pages 10, 13 and 17, respectively.

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Underlying loss and loss adjustment expense ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth below.
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Loss and loss adjustment expense ratio58.8 66.3 61.9 64.4 63.3 62.3 62.5 62.8 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(0.6)(8.2)(4.3)(4.8)(4.2)(2.7)(4.3)(3.4)
Underlying loss and loss adjustment expense ratio58.3 58.1 57.6 59.6 59.1 59.6 58.2 59.3 
Business Insurance
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Loss and loss adjustment expense ratio56.1 62.8 56.3 61.0 58.4 58.3 59.4 58.4 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development1.0 (5.9)(0.2)(3.7)(2.4)(1.8)(2.4)(2.1)
Underlying loss and loss adjustment expense ratio57.0 56.9 56.0 57.3 56.1 56.6 57.0 56.3 
Personal Insurance
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Loss and loss adjustment expense ratio69.0 79.1 59.3 76.8 81.0 76.3 73.9 78.7 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(6.1)(16.5)4.4 (8.8)(10.7)(5.5)(11.2)(8.1)
Underlying loss and loss adjustment expense ratio62.8 62.6 63.7 68.0 70.3 70.7 62.7 70.5 

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Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Net income margin8.5 %7.4 %7.1 %8.8 %9.7 %6.2 %8.0 %7.9 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax0.8 %0.3 %0.8 %(0.1 %)0.4 %(0.1 %)0.5 %0.3 %
Income tax benefit(0.1 %)(0.1 %)(0.1 %)— %(0.1 %)— %(0.1 %)(0.1 %)
Core earnings margin9.2 %7.6 %7.8 %8.7 %10.0 %6.1 %8.4 %8.1 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Return on Assets ("ROA") 15.6 12.1 13.8 15.7 13.1 13.7 13.9 13.4 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax(2.6)— 0.8 (2.1)(0.9)(1.5)(1.3)(1.3)
Effect of income tax expense (benefit)0.3 0.3 (0.3)— 0.6 0.3 0.3 0.5 
Return on Assets ("ROA"), core earnings 13.3 12.4 14.3 13.6 12.8 12.5 12.9 12.6 


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Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Employee Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Total net investment income$664 $656 $714 $659 $602 $593 $1,320 $1,195 
Adjustment for income from limited partnerships and other alternative investments(13)(39)(79)(37)(16)(16)(52)(32)
Net investment income excluding limited partnerships and other alternative investments$651 $617 $635 $622 $586 $577 $1,268 $1,163 
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Total net investment income$526 $512 $562 $518 $471 $459 $1,038 $930 
Adjustment for income from limited partnerships and other alternative investments(11)(28)(65)(31)(16)(15)(39)(31)
Net investment income excluding limited partnerships and other alternative investments$515 $484 $497 $487 $455 $444 $999 $899 
Employee Benefits
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Total net investment income$118 $126 $130 $119 $112 $114 $244 $226 
Adjustment for income from limited partnerships and other alternative investments(2)(11)(14)(6)— (1)(13)(1)
Net investment income excluding limited partnerships and other alternative investments$116 $115 $116 $113 $112 $113 $231 $225 

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Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Employee Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable U.S GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Annualized investment yield4.3 %4.3 %4.7 %4.4 %4.1 %4.1 %4.3 %4.1 %
Adjustment for income from limited partnerships and other alternative investments0.3 %0.1 %(0.1 %)0.1 %0.3 %0.2 %0.2 %0.2 %
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.4 %4.6 %4.5 %4.4 %4.3 %4.5 %4.3 %
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Annualized investment yield4.4 %4.3 %4.8 %4.5 %4.2 %4.1 %4.3 %4.1 %
Adjustment for income from limited partnerships and other alternative investments0.3 %0.1 %(0.2 %)0.1 %0.2 %0.2 %0.2 %0.3 %
Annualized investment yield excluding limited partnerships and other alternative investments4.7 %4.4 %4.6 %4.6 %4.4 %4.3 %4.5 %4.4 %
Employee Benefits
Three Months EndedSix Months Ended
Jun 30 2025Mar 31 2025Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Jun 30 2025Jun 30 2024
Annualized investment yield4.1 %4.3 %4.5 %4.1 %3.9 %3.9 %4.2 %3.9 %
Adjustment for income from limited partnerships and other alternative investments0.3 %0.1 %(0.1 %)0.2 %0.4 %0.3 %0.2 %0.3 %
Annualized investment yield excluding limited partnerships and other alternative investments4.4 %4.4 %4.4 %4.3 %4.3 %4.2 %4.4 %4.2 %

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