Please wait

realq126ifs.jpg



The Hartford Insurance Group, Inc.
As of April 22, 2026
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  AA-  Aa3
Hartford Life and Accident Insurance Company  A+  AA-  A1
Navigators Insurance CompanyA+AA-NR
- Hartford Fire Insurance Company and Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Standard and Poor's and Moody's
- Navigators Insurance Company ratings are on stable outlook at A.M. Best and Standard and Poor's
Internet address:NR - Not Rated
http://www.thehartford.com
Other Ratings:      
Contact:Senior debt  aA-A3
Kate JorensJunior subordinated debenturesbbb+BBBBaa1
SVP, Treasurer & Head of Investor RelationsPreferred stockbbb+BBBBaa2
Phone (860) 547-4066
-The Hartford Insurance Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on stable outlook at A.M. Best, Standard and Poor’s and Moody’s
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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Highlights
Net income$856 $1,131 $1,080 $995 $630 
Net income available to common stockholders [1]$851 $1,126 $1,074 $990 $625 
Core earnings*$866 $1,148 $1,077 $981 $639 
Total revenues$7,226 $7,339 $7,232 $6,987 $6,810 
Total assets$86,322 $85,997 $84,995 $83,639 $82,307 
Per Share and Shares Data
Basic earnings per common share
Net income available to common stockholders$3.08 $4.05 $3.82 $3.49 $2.18 
Core earnings*$3.14 $4.13 $3.83 $3.46 $2.23 
Diluted earnings per common share
Net income available to common stockholders$3.04 $3.98 $3.77 $3.44 $2.15 
Core earnings*$3.09 $4.06 $3.78 $3.41 $2.20 
Weighted average common shares outstanding (basic)276.1 278.3 280.9 283.7 286.6 
Dilutive effect of stock compensation3.8 4.3 4.1 4.0 4.2 
Weighted average common shares outstanding and dilutive potential common shares (diluted)279.9 282.6 285.0 287.7 290.8 
Common shares outstanding274.9 276.9 279.6 282.3 285.1 
Book value per common share$67.50 $67.33 $64.79 $60.87 $57.91 
Per common share impact of accumulated other comprehensive income [2]8.79 7.43 7.17 8.45 9.05 
Book value per common share (excluding AOCI)*$76.29 $74.76 $71.96 $69.32 $66.96 
Book value per diluted share$66.58 $66.31 $63.86 $60.02 $57.07 
Per diluted share impact of AOCI8.67 7.31 7.06 8.33 8.92 
Book value per diluted share (excluding AOCI)*$75.25 $73.62 $70.92 $68.35 $65.99 
Common shares outstanding and dilutive potential common shares278.7 281.2 283.7 286.3 289.3 
Return on Common Stockholders' Equity ("ROE")
Net income available to common stockholders' ROE ("Net income ROE")23.0%22.0%20.3%19.8%18.8%
Core earnings ROE*20.3%19.4%18.4%17.0%16.2%
[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.

1
Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Statements of Operations
 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Earned premiums$6,145 $6,141 $6,093 $5,961 $5,835 
Fee income370 368 361 342 346 
Net investment income739 832 759 664 656 
Net realized losses (55)(29)(12)(10)(49)
Other revenues27 27 31 30 22 
Total revenues 7,226 7,339 7,232 6,987 6,810 
Benefits, losses and loss adjustment expenses3,998 3,733 3,793 3,712 4,000 
Amortization of deferred policy acquisition costs ("DAC")656 645 639 625 607 
Insurance operating costs and other expenses 1,447 1,481 1,414 1,337 1,352 
Interest expense50 49 50 50 50 
Amortization of other intangible assets18 18 18 17 18 
Total benefits, losses and expenses6,169 5,926 5,914 5,741 6,027 
Income before income taxes1,057 1,413 1,318 1,246 783 
Income tax expense201 282 238 251 153 
Net income856 1,131 1,080 995 630 
Preferred stock dividends 5 5 6 5 5 
Net income available to common stockholders851 1,126 1,074 990 625 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax54 29 10 10 47 
Integration and other non-recurring M&A costs, before tax [1]1 1 2 2 2 
Change in deferred gain on retroactive reinsurance, before tax [2](36)— (8)(24)(32)
Income tax expense (benefit) [3](4)(8)(1)3 (3)
Core earnings$866 $1,148 $1,077 $981 $639 
[1]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[2]During the three months ended March 31, 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”). As a result, the Company amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses for the period. As of March 31, 2026 and December 31, 2025, the deferred gain under retroactive reinsurance accounting on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Consolidating Balance Sheets. The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $32 for the three months ended March 31, 2025. The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
Table of Contents
The Hartford Insurance Group, Inc.
Operating Results By Segment
 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income (loss):
Business Insurance$536 $897 $710 $696 $477 
Personal Insurance139 212 139 91 5 
Property & Casualty Other Operations ("P&C Other Operations")42 (141)12 13 13 
Property & Casualty ("P&C")717 968 861 800 495 
Employee Benefits118 130 144 150 133 
Hartford Funds49 59 57 54 43 
Sub-total884 1,157 1,062 1,004 671 
Corporate (28)(26)18 (9)(41)
Net income 856 1,131 1,080 995 630 
Preferred stock dividends5 5 6 5 5 
Net income available to common stockholders$851 $1,126 $1,074 $990 $625 
Core earnings (loss):
Business Insurance$551 $915 $723 $697 $471 
Personal Insurance141 214 143 94 6 
P&C Other Operations14 (140)14 14 13 
P&C706 989 880 805 490 
Employee Benefits127 138 149 163 136 
Hartford Funds51 58 53 46 44 
Sub-total884 1,185 1,082 1,014 670 
Corporate (18)(37)(5)(33)(31)
Core earnings$866 $1,148 $1,077 $981 $639 



3
Table of Contents
The Hartford Insurance Group, Inc.
Consolidating Balance Sheets
 Property & CasualtyEmployee BenefitsHartford FundsCorporate [1]Consolidated
Mar 31 2026Dec 31 2025Mar 31 2026Dec 31 2025Mar 31 2026Dec 31 2025Mar 31 2026Dec 31 2025Mar 31 2026Dec 31 2025
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$37,593 $37,689 $7,847 $8,157 $— $— $192 $195 $45,632 $46,041 
Fixed maturities, at fair value using the fair value option99 127 31 41 — — — — 130 168 
Equity securities, at fair value133 121 27 23 62 70 266 278 488 492 
Mortgage loans, net5,446 5,263 1,569 1,574 — — — — 7,015 6,837 
Limited partnerships and other alternative investments4,631 4,503 1,202 1,186 — — 115 115 5,948 5,804 
Other investments223 212 7 6 75 44 — — 305 262 
Short-term investments1,713 2,104 363 365 371 385 1,776 1,499 4,223 4,353 
Total investments49,838 50,019 11,046 11,352 508 499 2,349 2,087 63,741 63,957 
Cash97 117 54 — 11 11 4 5 166 133 
Restricted cash52 42 2 2 — — — — 54 44 
Accrued investment income379 378 99 94 — 1 2 1 480 474 
Premiums receivable and agents’ balances, net6,052 5,727 677 589 — — — — 6,729 6,316 
Reinsurance recoverables, net [2]6,552 6,684 310 294 — — 214 213 7,076 7,191 
Deferred policy acquisition costs ("DAC")1,353 1,309 41 38 — — — — 1,394 1,347 
Deferred income taxes 519 485 (32)(32)(1)— 436 448 922 901 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net814 825 57 59 4 4 48 43 923 931 
Other intangible assets273 280 266 276 10 10 — — 549 566 
Other assets1,615 1,627 169 169 117 106 476 324 2,377 2,226 
Total assets$68,322 $68,271 $13,412 $13,564 $830 $812 $3,758 $3,350 $86,322 $85,997 
Unpaid losses and loss adjustment expenses$38,605 $38,155 $8,118 $8,113 $— $— $— $— $46,723 $46,268 
Reserves for future policy benefits [2]— — 298 291 — — 153 153 451 444 
Other policyholder funds and benefits payable [2]— — 411 409 — — 201 203 612 612 
Unearned premiums10,411 10,012 40 41 — — — — 10,451 10,053 
Debt— — — — — — 4,372 4,371 4,372 4,371 
Other liabilities2,539 3,064 235 227 193 176 1,857 1,803 4,824 5,270 
Total liabilities51,555 51,231 9,102 9,081 193 176 6,583 6,530 67,433 67,018 
Common stockholders' equity, excluding AOCI*17,476 17,450 4,572 4,678 637 636 (1,714)(2,062)20,971 20,702 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(709)(410)(262)(195)— — (1,445)(1,452)(2,416)(2,057)
Total stockholders' equity16,767 17,040 4,310 4,483 637 636 (2,825)(3,180)18,889 18,979 
Total liabilities and stockholders' equity$68,322 $68,271 $13,412 $13,564 $830 $812 $3,758 $3,350 $86,322 $85,997 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.8 billion and $1.5 billion as of March 31, 2026 and December 31, 2025, 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.

4
Table of Contents
The Hartford Insurance Group, Inc.
Capital Structure
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Debt
Senior notes$3,873 $3,872 $3,871 $3,870 $3,869 
Junior subordinated debentures499 499 499 499 499 
Total debt $4,372 $4,371 $4,370 $4,369 $4,368 
Stockholders' Equity
Total stockholders’ equity$18,889 $18,979 $18,450 $17,518 $16,844 
Less: Preferred stock334 334 334 334 334 
Less: AOCI(2,416)(2,057)(2,003)(2,384)(2,580)
Common stockholders' equity, excluding AOCI$20,971 $20,702 $20,119 $19,568 $19,090 
Capitalization
Total capitalization, including AOCI, net of tax$23,261 $23,350 $22,820 $21,887 $21,212 
Total capitalization, excluding AOCI, net of tax*$25,677 $25,407 $24,823 $24,271 $23,792 
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI18.8%18.7%19.1%20.0%20.6%
Total debt to capitalization, excluding AOCI*17.0%17.2%17.6%18.0%18.4%
Total debt and preferred stock to capitalization, including AOCI20.2%20.1%20.6%21.5%22.2%
Total debt and preferred stock to capitalization, excluding AOCI*18.3%18.5%19.0%19.4%19.8%
Total rating agency adjusted debt to capitalization [1] [2]19.6%19.5%20.0%20.8%21.5%
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3]19.5:121.6:120.3:118.8:114.7:1
[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 both March 31, 2026 and 2025.
[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.

5
Table of Contents
The Hartford Insurance Group, Inc.
Statutory Capital To U.S. GAAP Stockholders' Equity Reconciliation
March 31, 2026

P&C Employee Benefits
U.S. statutory net income [1][2]$681 $148 
U.S. statutory capital [2][3][4]$14,472 $2,591 
U.S. GAAP adjustments [2]:
DAC1,299 41 
Non-admitted deferred tax assets [5]211 143 
Deferred taxes [6](433)(338)
Goodwill155 723 
Other intangible assets22 266 
Non-admitted assets other than deferred taxes869 104 
Asset valuation and interest maintenance reserve— 267 
Benefit reserves(59)419 
Unrealized losses on investments(911)(583)
Deferred gain on retroactive reinsurance agreements [7](826)— 
Other, net799 677 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]15,598 4,310 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,169 — 
Total U.S. GAAP stockholders’ equity$16,767 $4,310 
[1]Statutory net income is for the three months ended March 31, 2026.
[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 asbestos and environmental adverse development cover ("A&E ADC") agreement that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
Table of Contents
The Hartford Insurance Group, Inc.
Accumulated Other Comprehensive Income (Loss)
 
 As Of
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net unrealized loss on fixed maturities, AFS$(1,011)$(641)$(656)$(1,029)$(1,237)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(3)(3)(3)(5)(6)
Net gains on cash flow hedging instruments13 16 15 6 40 
Total net unrealized gain (loss)(1,001)(628)(644)(1,028)(1,203)
Foreign currency translation adjustments43 42 43 45 29 
Liability for future policy benefits adjustments28 24 22 29 30 
Pension and other postretirement plan adjustments(1,486)(1,495)(1,424)(1,430)(1,436)
Total AOCI$(2,416)$(2,057)$(2,003)$(2,384)$(2,580)


7
Table of Contents

The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements
Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Written premiums
$4,766 $4,231 $4,560 $4,796 $4,599 
Change in unearned premium reserve287 (309)70 441 376 
Earned premiums 4,479 4,540 4,490 4,355 4,223 
Fee income 20 20 19 19 19 
Losses and loss adjustment expenses
Current accident year before catastrophes2,570 2,564 2,661 2,537 2,454 
Current accident year catastrophes230 (1)70 212 467 
Prior accident year development [1](41)(12)(103)(187)(122)
Total losses and loss adjustment expenses2,759 2,551 2,628 2,562 2,799 
Amortization of DAC648 637 631 616 599 
Insurance operating costs740 767 728 681 696 
Amortization of other intangible assets8 8 8 7 8 
Dividends to policyholders 12 11 12 11 10 
Underwriting gain*332 586 502 497 130 
Net investment income587 656 605 526 512 
Net realized losses(24)(25)(30)(26)(26)
Net servicing and other income (expense)4 2 3 4 4 
Income before income taxes899 1,219 1,080 1,001 620 
Income tax expense182 251 219 201 125 
Net income717 968 861 800 495 
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax23 24 28 28 24 
Integration and other non-recurring M&A costs, before tax1 1 2 2 2 
Change in deferred gain on retroactive reinsurance, before tax [1](36)— (8)(24)(32)
Income tax expense (benefit) [2]1 (4)(3)(1)1 
Core earnings$706 $989 $880 $805 $490 
ROE
Net income available to common stockholders [3] 25.3%23.7%21.5%20.6%18.8%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax0.8%0.8%0.7%0.8%1.1%
Integration and other non-recurring M&A costs, before tax—%0.1%0.1%0.1%0.1%
Change in deferred gain on retroactive reinsurance, before tax [1](0.5%)(0.5%)(0.5%)(0.7%)(0.8%)
Income tax expense (benefit) [2](0.1%)(0.1%)(0.1%)—%(0.1%)
Impact of AOCI, excluded from core earnings ROE(1.8%)(1.6%)(1.0%)(2.0%)(1.8%)
Core earnings [3]23.7 %22.4 %20.7 %18.8 %17.3 %
[1]Refer to [2] 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.

8
Table of Contents
The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements (Continued)


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Workers’ compensation$(59)$(67)$(62)$(61)$(65)
Workers' compensation discount accretion12 11 11 11 12 
General liability [1]70 — — — — 
Marine4 — — — — 
Commercial property(4)(14)(5)(20)(3)
Professional liability(4)(6)— (11)— 
Bond— (49)— (22)— 
Assumed reinsurance5 — — — — 
Commercial automobile liability— 12 — — — 
Personal automobile liability(15)(32)(33)(10)(12)
Homeowners(15)(7)(5)(13)(18)
Net asbestos and environmental reserves— 165 — — — 
Catastrophes— (45)— (39)— 
Uncollectible reinsurance— — 6 — — 
Other reserve re-estimates, net [2]1 20 (7)2 (4)
Prior accident year development before change in deferred gain(5)(12)(95)(163)(90)
Change in deferred gain on retroactive reinsurance included in other liabilities [3] (36)— (8)(24)(32)
Total prior accident year development$(41)$(12)$(103)$(187)$(122)
[1]The three months ended March 31, 2026, includes an increase in reserves to reflect legacy sexual molestation and sexual abuse exposures related to policies written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.
[2]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves within Personal Insurance of $(5) and $(12), for the three months ended March 31, 2026 and 2025, respectively.
[3]Refer to [2] on page 2 for more information about the change in deferred gain on retroactive reinsurance.


9
Table of Contents
The Hartford Insurance Group, Inc.
Property & Casualty
Underwriting Ratios
Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Underwriting Gain$332 $586 $502 $497 $130 
Underwriting Ratios
Loss and loss adjustment expense ratio61.6 56.2 58.5 58.8 66.3 
Expense ratio [1]30.7 30.7 30.0 29.5 30.4 
Policyholder dividend ratio0.3 0.2 0.3 0.3 0.2 
Combined ratio92.6 87.1 88.8 88.6 96.9 
Current accident year catastrophes and prior accident year development(4.2)0.3 0.7 (0.6)(8.2)
Underlying combined ratio*88.4 87.4 89.6 88.0 88.8 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*57.4 56.5 59.3 58.3 58.1 
Current accident year catastrophes5.1 — 1.6 4.9 11.1 
Prior accident year development [2](0.9)(0.3)(2.3)(4.3)(2.9)
Total loss and loss adjustment expense ratio61.6 56.2 58.5 58.8 66.3 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]Refer to [2] on page 2 for more information about the change in deferred gain on retroactive reinsurance.



10
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements
Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Written premiums$3,904 $3,381 $3,573 $3,816 $3,686 
Change in unearned premium reserve332 (214)33 392 362 
Earned premiums 3,572 3,595 3,540 3,424 3,324 
Fee income12 12 11 11 11 
Losses and loss adjustment expenses
Current accident year before catastrophes2,044 2,015 2,051 1,952 1,891 
Current accident year catastrophes171 (12)39 114 280 
Prior accident year development [1]30 (152)(60)(146)(83)
Total losses and loss adjustment expenses2,245 1,851 2,030 1,920 2,088 
Amortization of DAC577 565 559 546 531 
Insurance operating costs 558 581 546 507 512 
Amortization of other intangible assets7 8 7 7 7 
Dividends to policyholders12 11 12 11 10 
Underwriting gain185 591 397 444 187 
Net investment income505 562 519 449 437 
Net realized losses(19)(21)(26)(20)(24)
Other income (expense) [2]1 (1)— (1)(1)
Income before income taxes672 1,131 890 872 599 
Income tax expense136 234 180 176 122 
Net income536 897 710 696 477 
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax18 21 23 23 22 
Integration and other non-recurring M&A costs, before tax [2]1 1 2 2 2 
Change in deferred gain on retroactive reinsurance, before tax [1]— — (8)(24)(32)
Income tax expense (benefit) [3](4)(4)(4)— 2 
Core earnings$551 $915 $723 $697 $471 
[1]Refer to [2] 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.

11
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 Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Workers’ compensation$(59)$(67)$(62)$(61)$(65)
Workers' compensation discount accretion12 11 11 11 12 
General liability [1]70 — — — — 
Marine4 — — — — 
Commercial property(4)(14)(5)(20)(3)
Professional liability(4)(6)— (11)— 
Bond— (49)— (22)— 
Assumed reinsurance5 — — — — 
Automobile liability— 12 — — — 
Catastrophes— (35)— (28)— 
Other reserve re-estimates, net6 (4)4 9 5 
Prior accident year development before change in deferred gain30 (152)(52)(122)(51)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]— — (8)(24)(32)
Total prior accident year development$30 $(152)$(60)$(146)$(83)
[1]See [1] on page 9 for discussion related to general liability prior year development.
[2]Includes amortization of the deferred gain on retroactive reinsurance related to the Navigators ADC.


12
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Underwriting Ratios 
Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Underwriting Gain$185 $591 $397 $444 $187 
Underwriting Ratios
Loss and loss adjustment expense ratio62.8 51.5 57.3 56.1 62.8 
Expense ratio [1]31.6 31.8 31.1 30.6 31.3 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 
Combined ratio94.8 83.6 88.8 87.0 94.4 
Current accident year catastrophes and prior accident year development(5.6)4.5 0.6 1.0 (5.9)
Underlying combined ratio 89.2 88.1 89.4 88.0 88.4 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio57.2 56.1 57.9 57.0 56.9 
Current accident year catastrophes4.8 (0.3)1.1 3.3 8.4 
Prior accident year development0.8 (4.2)(1.7)(4.3)(2.5)
Total loss and loss adjustment expense ratio62.8 51.5 57.3 56.1 62.8 
Combined Ratios by Line of Business
Small Business
Combined ratio91.9 80.8 87.9 89.7 93.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(6.5)0.2 (1.3)(5.1)(8.0)
Prior accident year development4.0 6.4 3.2 4.5 4.1 
Underlying combined ratio 89.4 87.3 89.8 89.0 89.4 
Middle & Large Business
Combined ratio95.6 91.1 90.8 86.6 99.8 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.7)(0.7)— (1.1)(8.9)
Prior accident year development(0.7)(1.0)0.6 3.6 (0.3)
Underlying combined ratio91.3 89.4 91.4 89.1 90.6 
Global Specialty
Combined ratio90.7 78.1 86.9 85.9 89.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.4)2.0 (2.2)(3.2)(8.7)
Prior accident year development(1.2)7.5 1.1 2.1 3.4 
Underlying combined ratio86.1 87.6 85.8 84.8 84.0 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

13
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Supplemental Data
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Written Premiums
Small Business$1,675 $1,444 $1,490 $1,503 $1,553 
Middle & Large Business1,170 1,116 1,231 1,197 1,111 
Middle Market961 936 1,054 1,039 931 
National Accounts and Other209 180 177 158 180 
Global Specialty [1]1,041 805 836 1,100 1,006 
U.S.553 541 551 619 559 
International118 134 114 142 113 
Global Re370 130 171 339 334 
Other18 16 16 16 16 
Total$3,904 $3,381 $3,573 $3,816 $3,686 
Earned Premiums
Small Business$1,485 $1,497 $1,465 $1,418 $1,360 
Middle & Large Business1,158 1,164 1,144 1,100 1,075 
Middle Market981 992 976 942 924 
National Accounts and Other177 172 168 158 151 
Global Specialty [1]911 918 915 890 873 
U.S.557 574 568 549 540 
International124 121 122 119 113 
Global Re230 223 225 222 220 
Other18 16 16 16 16 
Total$3,572 $3,595 $3,540 $3,424 $3,324 
Business Insurance Statistical Premium Information
Small Business
Net New Business Premium$333 $295 $308 $305 $298 
Renewal Written Price Increases3.8%4.5%5.5%6.1%6.6%
Policy Count Retention84%84%84%83%84%
Policies In-Force (in thousands)1,683 1,657 1,640 1,615 1,591 
Middle Market [2]
Net New Business Premium$187 $176 $211 $190 $188 
Renewal Written Price Increases4.2%4.5%5.9%7.1%7.2%
Premium Retention83%83%84%82%81%
Global Specialty
Gross New Business Premium [3]
$233 $249 $238 $278 $225 
Renewal Written Price Increases [4]4.8%4.1%3.6%5.1%5.9%
[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.

14
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements
 Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Written premiums$862 $850 $987 $980 $913 
Change in unearned premium reserve(45)(95)37 49 14 
Earned premiums907 945 950 931 899 
Fee income 8 8 8 8 8 
Losses and loss adjustment expenses
Current accident year before catastrophes526 549 610 585 563 
Current accident year catastrophes59 11 31 98 187 
Prior accident year development (35)(56)(43)(41)(39)
Total losses and loss adjustment expenses550 504 598 642 711 
Amortization of DAC71 72 72 70 68 
Insurance operating costs180 184 180 172 182 
Amortization of other intangible assets1 — 1 — 1 
Underwriting gain (loss)113 193 107 55 (55)
Net investment income62 74 67 58 57 
Net realized losses(4)(3)(4)(4)(2)
Net servicing and other income (expense)3 3 4 5 5 
Income before income taxes174 267 174 114 5 
Income tax expense35 55 35 23 — 
Net income139 212 139 91 5 
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax4 2 5 3 2 
Income tax benefit [1](2)— (1)— (1)
Core earnings$141 $214 $143 $94 $6 
[1]Represents federal income tax 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 Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Automobile liability$(15)$(32)$(33)$(10)$(12)
Homeowners(15)(7)(5)(13)(18)
Catastrophes— (10)— (11)— 
Other reserve re-estimates, net [1](5)(7)(5)(7)(9)
Total prior accident year development$(35)$(56)$(43)$(41)$(39)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves of $(5) and $(12) for the three months ended March 31, 2026 and 2025, respectively.

16
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Underwriting Ratios
 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Underwriting Gain (Loss)$113 $193 $107 $55 $(55)
Underwriting Ratios
Loss and loss adjustment expense ratio60.6 53.3 62.9 69.0 79.1 
Expense ratio27.0 26.2 25.8 25.1 27.0 
Combined ratio87.7 79.6 88.7 94.1 106.1 
Current accident year catastrophes and prior accident year development(2.6)4.7 1.2 (6.1)(16.5)
Underlying combined ratio85.0 84.3 90.0 88.0 89.7 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio58.0 58.1 64.2 62.8 62.6 
Current accident year catastrophes6.5 1.2 3.3 10.5 20.8 
Prior accident year development(3.9)(5.9)(4.5)(4.4)(4.3)
Total loss and loss adjustment expense ratio60.6 53.3 62.9 69.0 79.1 
Combined Ratios by Product
Automobile
Combined ratio89.6 92.7 92.5 94.0 93.5 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.7)(0.3)(0.6)(1.8)(1.2)
Prior accident year development3.3 6.5 6.0 3.0 3.8 
Underlying combined ratio92.2 98.9 97.9 95.2 96.1 
Homeowners
Combined ratio83.8 53.7 81.2 94.4 133.2 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(17.6)(3.0)(8.3)(28.8)(63.7)
Prior accident year development4.8 4.8 1.6 7.1 5.6 
Underlying combined ratio71.0 55.5 74.4 72.7 75.1 


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

 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Distribution
Written Premiums
Direct$693 $672 $798 $796 $758 
Agency169 178 189 184 155 
Total$862 $850 $987 $980 $913 
Earned Premiums
Direct$734 $768 $781 $776 $757 
Agency173 177 169 155 142 
Total$907 $945 $950 $931 $899 
Product Line
Written Premiums
Automobile$565 $551 $633 $633 $627 
Homeowners297 299 354 347 286 
Total$862 $850 $987 $980 $913 
Earned Premiums
Automobile$593 $625 $634 $628 $618 
Homeowners314 320 316 303 281 
Total$907 $945 $950 $931 $899 


18
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data (Continued)
 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Statistical Premium Information (Year Over Year)
Net New Business Premium
Automobile$53 $52 $71 $81 $81 
Homeowners$43 $45 $59 $69 $62 
Renewal Written Price Increases
Automobile6.8%10.4%11.3%13.9%15.7%
Homeowners11.8%11.8%12.6%12.6%12.3%
Effective Policy Count Retention
Automobile80%80%80%79%79%
Homeowners82%82%83%83%83%
Policies In-Force (in thousands)
Automobile1,020 1,054 1,091 1,121 1,146 
Homeowners709 716 723 724 719 



19
Table of Contents
The Hartford Insurance Group, Inc.
P&C Other Operations
Income Statements
 
Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Losses and loss adjustment expenses
Prior accident year development [1]$(36)$196 $— $— $— 
Total losses and loss adjustment expenses(36)196 — — — 
Insurance operating costs2 2 2 2 2 
Underwriting income (loss)34 (198)(2)(2)(2)
Net investment income20 20 19 19 18 
Net realized losses(1)(1)— (2)— 
Other expense— — (1)— — 
Income (loss) before income taxes53 (179)16 15 16 
Income tax expense (benefit)11 (38)4 2 3 
Net income (loss)42 (141)12 13 13 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax1 1 — 2 — 
Change in deferred gain on retroactive reinsurance, before tax [1](36)— — — — 
Income tax expense (benefit) [2]7 — 2 (1)— 
Core earnings (loss)$14 $(140)$14 $14 $13 
[1]Refer to [2] on page 2 for information about the change in deferred gain on retroactive reinsurance on the A&E ADC.
[2]Represents federal income tax expense (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 Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Earned premiums$1,666 $1,601 $1,603 $1,606 $1,612 
Fee income57 55 55 57 56 
Net investment income131 153 136 118 126 
Net realized losses(11)(10)(8)(16)(4)
Total revenues1,843 1,799 1,786 1,765 1,790 
Benefits, losses and loss adjustment expenses1,238 1,180 1,163 1,150 1,199 
Amortization of DAC8 8 8 9 8 
Insurance operating costs and other expenses439 437 425 407 406 
Amortization of other intangible assets10 10 10 10 10 
Total benefits, losses and expenses1,695 1,635 1,606 1,576 1,623 
Income before income taxes148 164 180 189 167 
Income tax expense30 34 36 39 34 
Net income118 130 144 150 133 
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax11 9 8 15 4 
Income tax benefit [1](2)(1)(3)(2)(1)
Core earnings$127 $138 $149 $163 $136 
Margin
Net income margin6.4%7.2%8.1%8.5%7.4%
Core earnings margin*6.9%7.6%8.3%9.2%7.6%
ROE
Net income available to common stockholders [2]14.9%15.0%14.7%16.1%16.6%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax1.3%1.0%1.2%1.0%0.8%
Income tax benefit [1](0.2%)(0.2%)(0.2%)(0.2%)(0.2%)
Impact of AOCI, excluded from core earnings ROE(1.4%)(1.2%)(0.9%)(1.6%)(1.7%)
Core earnings [2]14.6%14.6%14.8%15.3%15.5%
[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.


21
Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Supplemental Data
 
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Premiums
Fully insured ongoing premiums
Group disability$870 $840 $835 $838 $844 
Group life 649 640 648 644 650 
Other [1]135 121 120 120 118 
Total fully insured ongoing premiums1,654 1,601 1,603 1,602 1,612 
Total buyouts [2]12 — — 4 — 
Total premiums$1,666 $1,601 $1,603 $1,606 $1,612 
Sales (Gross Annualized New Premiums)
Fully insured ongoing sales
Group disability$279 $31 $53 $48 $162 
Group life229 19 33 44 163 
Other [1]74 9 19 15 56 
Total fully insured ongoing sales582 59 105 107 381 
Total buyouts [2]12 — — 4 — 
Total sales$594 $59 $105 $111 $381 
Ratios, Excluding Buyouts
Group disability loss ratio72.7%70.5%70.6%68.5%69.0%
Group life loss ratio73.2%76.9%74.2%74.3%79.9%
Total loss ratio71.7%71.3%70.1%69.1%71.9%
Expense ratio26.7%27.5%26.7%25.7%25.4%
[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 Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Investment management fees $224 $225 $216 $198 $202 
Shareowner servicing fees 23 23 24 22 23 
Other revenue41 43 41 42 39 
Net realized gains (losses)(3)1 5 9 — 
Total revenues 285 292 286 271 264 
Sub-advisory expense83 83 79 72 73 
Employee compensation and benefits38 32 33 31 39 
Distribution and service74 76 75 70 73 
General, administrative and other28 27 27 30 24 
Total expenses 223 218 214 203 209 
Income before income taxes62 74 72 68 55 
Income tax expense13 15 15 14 12 
Net income49 59 57 54 43 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax3 (1)(5)(9)— 
Income tax expense (benefit) [1](1)— 1 1 1 
Core earnings$51 $58 $53 $46 $44 
Daily average Hartford Funds AUM$155,958 $153,441 $148,269 $138,195 $141,834 
Return on assets (bps, net of tax) [2]
Net income12.6 15.4 15.4 15.6 12.1 
Core earnings*13.1 15.1 14.3 13.3 12.4 
ROE
Net income available to common stockholders [3]44.3%43.2%41.8%42.9%42.2%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.5%)(3.1%)(2.3%)(2.9%)(1.6%)
Income tax expense (benefit) [1]0.2%0.6%0.4%0.2%0.5%
Impact of AOCI, excluded from core earnings ROE(1.0%)(1.0%)(0.8%)(1.1%)(1.3%)
Core earnings [3]41.0%39.7%39.1%39.1%39.8%
[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 Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Equity Funds
Beginning balance $95,465 $94,454 $89,072 $82,792 $84,000 
Sales5,217 4,560 4,644 3,946 5,295 
Redemptions(6,481)(5,738)(4,792)(5,167)(6,434)
Net flows(1,264)(1,178)(148)(1,221)(1,139)
Change in market value and other (1,837)2,189 5,530 7,501 (69)
Ending balance$92,364 $95,465 $94,454 $89,072 $82,792 
Fixed Income Funds
Beginning balance $23,659 $22,843 $21,827 $21,398 $21,059 
Sales2,436 2,129 2,129 2,124 1,978 
Redemptions(1,943)(1,522)(1,609)(2,066)(1,970)
Net flows493 607 520 58 8 
Change in market value and other (79)209 496 371 331 
Ending balance$24,073 $23,659 $22,843 $21,827 $21,398 
Multi-Strategy Investments Funds [1]
Beginning balance$18,424 $18,632 $18,544 $18,321 $18,512 
Sales365 397 325 350 458 
Redemptions(861)(873)(821)(731)(905)
Net flows(496)(476)(496)(381)(447)
Change in market value and other (148)268 584 604 256 
Ending balance$17,780 $18,424 $18,632 $18,544 $18,321 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$5,421 $5,068 $4,847 $4,708 $4,483 
Net flows734 305 99 29 146 
Change in market value and other22 48 122 110 79 
Ending balance$6,177 $5,421 $5,068 $4,847 $4,708 
Mutual Fund and ETF AUM
Beginning balance$142,969 $140,997 $134,290 $127,219 $128,054 
Sales - mutual fund8,018 7,086 7,098 6,420 7,731 
Redemptions - mutual fund(9,285)(8,133)(7,222)(7,964)(9,309)
Net flows - ETF734 305 99 29 146 
Net flows - mutual fund and ETF(533)(742)(25)(1,515)(1,432)
Change in market value and other (2,042)2,714 6,732 8,586 597 
Ending balance140,394 142,969 140,997 134,290 127,219 
Third-party life and annuity separate account AUM10,427 11,260 11,341 11,226 10,879 
Hartford Funds AUM$150,821 $154,229 $152,338 $145,516 $138,098 
[1]Includes balanced, allocation, and alternative investment products.

24
Table of Contents

The Hartford Insurance Group, Inc.
Corporate
Income Statements
 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Fee income [1]$10 $9 $10 $10 $11 
Other revenue5 7 6 5 1 
Net investment income16 16 14 14 14 
Net realized gains (losses)(17)5 21 23 (19)
Total revenues14 37 51 52 7 
Benefits, losses and loss adjustment expenses [2]1 2 2 — 2 
Insurance operating costs and other expenses [1]15 30 13 14 14 
Interest expense50 49 50 50 50 
Total expenses66 81 65 64 66 
Loss before income taxes(52)(44)(14)(12)(59)
Income tax benefit(24)(18)(32)(3)(18)
Net income (loss)(28)(26)18 (9)(41)
Preferred stock dividends5 5 6 5 5 
Net income (loss) available to common stockholders(33)(31)12 (14)(46)
Adjustments to reconcile net income (loss) available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax17 (3)(21)(24)19 
Income tax expense (benefit) [3](2)(3)4 5 (4)
Core loss$(18)$(37)$(5)$(33)$(31)
[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 Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$586 $579 $574 $553 $538 
Tax-exempt25 27 29 31 36 
Total fixed maturities611 606 603 584 574 
Equity securities6 8 4 5 4 
Mortgage loans80 78 76 72 70 
Limited partnerships and other alternative investments [2]75 160 91 13 39 
Other [3](4)5 8 13 (3)
Subtotal768 857 782 687 684 
Investment expense(29)(25)(23)(23)(28)
Total net investment income$739 $832 $759 $664 $656 
Annualized investment yield, before tax [4]4.5%5.2%4.8%4.3%4.3%
Annualized limited partnerships and other alternative investment yield, before tax [4]5.1%11.4%6.7%1.0%3.1%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.5%4.6%4.6%4.6%4.4%
Annualized investment yield, net of tax [4]3.6%4.1%3.9%3.5%3.4%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.6%3.7%3.7%3.7%3.5%
Average reinvestment rate [5]5.3%5.4%5.7%5.9%5.6%
Average sales/maturities yield [6]4.9%5.3%5.2%4.6%4.9%
Portfolio duration (in years) [7]4.1 3.9 3.8 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.

26
Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Property & Casualty
Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$466 $462 $458 $440 $426 
Tax-exempt20 21 23 24 27 
Total fixed maturities486 483 481 464 453 
Equity securities2 2 3 1 2 
Mortgage loans63 59 59 54 53 
Limited partnerships and other alternative investments [2]62 125 71 11 28 
Other [3](3)6 9 13 (2)
Subtotal610 675 623 543 534 
Investment expense(23)(19)(18)(17)(22)
Total net investment income$587 $656 $605 $526 $512 
Annualized investment yield, before tax [4]4.6%5.2%4.9%4.4%4.3%
Annualized limited partnerships and other alternative investment yield, before tax [4]5.4%11.5%6.8%1.1%2.8%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.5%4.6%4.7%4.7%4.4%
Annualized investment yield, net of tax [4]3.6%4.2%3.9%3.5%3.4%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.6%3.7%3.8%3.7%3.5%
Average reinvestment rate [5]5.3%5.4%5.6%5.8%5.6%
Average sales/maturities yield [6]4.9%5.3%5.2%4.7%4.9%
Portfolio duration (in years) [7]4.1 3.7 3.7 3.8 3.7 
Footnotes [1] through [7] are explained on page 26.

27
Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Employee Benefits
 Three Months Ended
 Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$104 $102 $100 $98 $97 
Tax-exempt4 4 5 6 7 
Total fixed maturities108 106 105 104 104 
Equity securities— — — 1 1 
Mortgage loans17 19 17 18 17 
Limited partnerships and other alternative investments [2]13 35 20 2 11 
Other [3](1)(1)(1)(1)(1)
Subtotal137 159 141 124 132 
Investment expense(6)(6)(5)(6)(6)
Total net investment income$131 $153 $136 $118 $126 
Annualized investment yield, before tax [4]4.5%5.3%4.8%4.1%4.3%
Annualized limited partnerships and other alternative investment yield, before tax [4]4.3%12.4%7.1%0.8%4.1%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.6%4.5%4.5%4.4%4.4%
Annualized investment yield, net of tax [4]3.6%4.2%3.8%3.3%3.5%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.6%3.6%3.6%3.5%3.5%
Average reinvestment rate [5]5.6%5.6%5.9%6.1%5.8%
Average sales/maturities yield [6]4.9%5.0%5.1%4.3%4.7%
Portfolio duration (in years) [7]5.2 5.0 4.9 5.0 5.0 
Footnotes [1] through [7] are explained on page 26.

28
Table of Contents
The Hartford Insurance Group, Inc.
Net Investment Income
Consolidated
Three Months Ended
Net Investment Income by SegmentMar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Investment Income
Business Insurance$505 $562 $519 $449 $437 
Personal Insurance62 74 67 58 57 
P&C Other Operations20 20 19 19 18 
Total Property & Casualty587 656 605 526 512 
Employee Benefits131 153 136 118 126 
Hartford Funds5 7 4 6 4 
Corporate16 16 14 14 14 
Total net investment income by segment$739 $832 $759 $664 $656 
Three Months Ended
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsMar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Total Property & Casualty$62 $125 $71 $11 $28 
Employee Benefits13 35 20 2 11 
Total net investment income from limited partnerships and other alternative investments [1]$75 $160 $91 $13 $39 
[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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities$18 $12 $17 $19 $13 
Gross losses on sales of fixed maturities(30)(21)(38)(45)(25)
Equity securities [1](17)6 27 36 (11)
Net credit losses on fixed maturities, AFS— (2)— — 2 
Change in ACL on mortgage loans— — (6)— — 
Other net gains (losses) [2](26)(24)(12)(20)(28)
Total net realized losses(55)(29)(12)(10)(49)
Net realized losses, included in core earnings, before tax [3]1 — 2 — 2 
 Total net realized losses excluded from core earnings, before tax(54)(29)(10)(10)(47)
Income tax benefit related to net realized losses excluded from core earnings12 6 2 1 10 
 Total net realized losses excluded from core earnings, after tax$(42)$(23)$(8)$(9)$(37)
[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
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
 Amount [1]PercentAmount [1]PercentAmountPercentAmountPercentAmountPercent
Total investments$63,741 100.0 %$63,957 100.0 %$62,568 100.0 %$60,903 100.0 %$60,094 100.0 %
Asset-backed securities$4,668 10.2 %$4,663 10.1 %$4,506 10.0 %$4,376 9.8 %$4,333 9.8 %
Collateralized loan obligations3,330 7.3 %3,316 7.2 %3,379 7.5 %3,393 7.6 %3,396 7.7 %
Commercial mortgage-backed securities2,232 4.8 %2,328 5.1 %2,498 5.5 %2,585 5.8 %2,754 6.2 %
Corporate23,305 51.1 %23,076 50.1 %23,079 51.0 %22,525 50.6 %21,646 49.0 %
Foreign government/government agencies436 1.0 %447 1.0 %409 0.9 %455 1.0 %481 1.1 %
Municipal4,255 9.3 %4,652 10.1 %4,481 9.9 %4,650 10.4 %5,030 11.4 %
Residential mortgage-backed securities6,092 13.4 %6,178 13.4 %5,778 12.8 %5,513 12.4 %5,558 12.5 %
U.S. Treasuries1,314 2.9 %1,381 3.0 %1,073 2.4 %1,061 2.4 %1,006 2.3 %
Total fixed maturities, AFS [2]$45,632 100.0 %$46,041 100.0 %$45,203 100.0 %$44,558 100.0 %$44,204 100.0 %
U.S. government/government agencies$5,694 12.5 %$5,929 12.9 %$5,277 11.7 %$5,130 11.5 %$5,126 11.6 %
AAA7,406 16.2 %7,751 16.8 %7,482 16.6 %7,333 16.4 %7,573 17.2 %
AA7,381 16.2 %7,340 15.9 %7,313 16.2 %7,439 16.7 %7,423 16.8 %
A12,517 27.4 %12,470 27.1 %12,628 27.9 %12,239 27.5 %11,639 26.3 %
BBB10,375 22.7 %10,250 22.3 %10,179 22.5 %10,070 22.6 %10,125 22.9 %
BB1,755 3.9 %1,818 4.0 %1,778 3.9 %1,726 3.9 %1,775 4.0 %
B492 1.1 %470 1.0 %534 1.2 %609 1.4 %529 1.2 %
CCC12 — %13 — %12 — %12 — %13 — %
CC & below— — %— — %— — %— — %1 — %
Total fixed maturities, AFS [2]$45,632 100.0 %$46,041 100.0 %$45,203 100.0 %$44,558 100.0 %$44,204 100.0 %
[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.

31
Table of Contents
The Hartford Insurance Group, Inc.
Invested Asset Exposures
March 31, 2026
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$6,983 $6,849 10.7 %
Technology and communications3,616 3,489 5.5 %
Consumer non-cyclical3,128 3,050 4.8 %
Utilities2,817 2,700 4.2 %
Capital goods1,830 1,818 2.9 %
Consumer cyclical1,718 1,687 2.6 %
Energy1,506 1,481 2.3 %
Basic industry1,266 1,249 2.0 %
Transportation854 821 1.3 %
Other656 649 1.0 %
Total$24,374 $23,793 37.3 %
Top Ten Exposures by Issuer [1]
TPG Partners X LP$284 $284 0.4 %
Morgan Stanley223 219 0.3 %
26N Private Equity Partners I LP208 208 0.3 %
Entergy Corporation207 196 0.3 %
TPG AG ABC Structured Note189 187 0.3 %
SPCC Funding I LLC181 182 0.3 %
Hyundai Motor Company186 181 0.3 %
Goldman Sachs Group Inc.190 179 0.3 %
Government of Canada178 178 0.3 %
The Toronto-Dominion Bank180 172 0.3 %
Total$2,026 $1,986 3.1 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, equity securities excluding mutual funds, and short-term investments.

32
Table of Contents

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.

33
Table of Contents
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.

34
Table of Contents

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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Income available to common stockholders per share
$3.08 $4.05 $3.82 $3.49 $2.18 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses, excluded from core earnings, before tax
0.20 0.10 0.04 0.04 0.16 
Integration and other non-recurring M&A costs, before tax
— — 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.13)— (0.03)(0.08)(0.11)
Income tax benefit on items excluded from core earnings
(0.01)(0.02)(0.01)— (0.01)
Core earnings per share$3.14 $4.13 $3.83 $3.46 $2.23 
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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net Income available to common stockholders per diluted share$3.04 $3.98 $3.77 $3.44 $2.15 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses, excluded from core earnings, before tax0.19 0.10 0.04 0.03 0.16 
Integration and other non-recurring M&A costs, before tax
— — 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.13)— (0.03)(0.08)(0.11)
Income tax expense (benefit) on items excluded from core earnings
(0.01)(0.02)(0.01)0.01 (0.01)
Core earnings per diluted share
$3.09 $4.06 $3.78 $3.41 $2.20 
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.

35
Table of Contents

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
 
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income ROE23.0%22.0%20.3%19.8%18.8%
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses (gains), excluded from core earnings, before tax0.6%0.6%0.5%0.5%0.8%
Integration and other non-recurring M&A costs, before tax
—%—%—%—%0.1%
Change in deferred gain on retroactive reinsurance, before tax(0.4%)(0.4%)(0.3%)(0.5%)(0.6%)
Income tax expense (benefit) on items not included in core earnings(0.1%)(0.1%)—%—%(0.1%)
Impact of AOCI, excluded from denominator of core earnings ROE(2.8%)(2.7%)(2.1%)(2.8%)(2.8%)
Core earnings ROE20.3%19.4%18.4%17.0%16.2%
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.

36
Table of Contents

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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income$717 $968 $861 $800 $495 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(587)(656)(605)(526)(512)
Net realized losses24 25 30 26 26 
Net servicing and other (income) expense(4)(2)(3)(4)(4)
Income tax expense 182 251 219 201 125 
Underwriting gain332 586 502 497 130 
Current accident year catastrophes230 (1)70 212 467 
Prior accident year development(41)(12)(103)(187)(122)
Underlying underwriting gain$521 $573 $469 $522 $475 
Business Insurance
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income$536 $897 $710 $696 $477 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(505)(562)(519)(449)(437)
Net realized losses19 21 26 20 24 
Other expense (income)(1)1 — 1 1 
Income tax expense136 234 180 176 122 
Underwriting gain185 591 397 444 187 
Current accident year catastrophes171 (12)39 114 280 
Prior accident year development30 (152)(60)(146)(83)
Underlying underwriting gain$386 $427 $376 $412 $384 


37
Table of Contents
Personal Insurance
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income$139 $212 $139 $91 $5 
Adjustments to reconcile net income to underlying underwriting gain (loss):
Net investment income(62)(74)(67)(58)(57)
Net realized losses4 3 4 4 2 
Net servicing and other (income) expense(3)(3)(4)(5)(5)
Income tax expense35 55 35 23 — 
Underwriting gain (loss)113 193 107 55 (55)
Current accident year catastrophes59 11 31 98 187 
Prior accident year development(35)(56)(43)(41)(39)
Underlying underwriting gain$137 $148 $95 $112 $93 
P&C Other Operations
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income (loss)$42 $(141)$12 $13 $13 
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(20)(20)(19)(19)(18)
Net realized losses1 1 — 2 — 
Other expense— — 1 — — 
Income tax expense (benefit)11 (38)4 2 3 
Underwriting gain (loss)34 (198)(2)(2)(2)
Prior accident year development(36)196 — — — 
Underlying underwriting loss$(2)$(2)$(2)$(2)$(2)
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.

38
Table of Contents
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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Loss and loss adjustment expense ratio61.6 56.2 58.5 58.8 66.3 
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(4.2)0.3 0.7 (0.6)(8.2)
Underlying loss and loss adjustment expense ratio57.4 56.5 59.3 58.3 58.1 
Business Insurance
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Loss and loss adjustment expense ratio62.8 51.5 57.3 56.1 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(5.6)4.5 0.6 1.0 (5.9)
Underlying loss and loss adjustment expense ratio57.2 56.1 57.9 57.0 56.9 
Personal Insurance
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Loss and loss adjustment expense ratio60.6 53.3 62.9 69.0 79.1 
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(2.6)4.7 1.2 (6.1)(16.5)
Underlying loss and loss adjustment expense ratio58.0 58.1 64.2 62.8 62.6 

39
Table of Contents

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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income margin6.4 %7.2 %8.1 %8.5 %7.4 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses, before tax0.6%0.5%0.4%0.8%0.3%
Income tax benefit(0.1%)(0.1%)(0.2%)(0.1%)(0.1%)
Core earnings margin6.9 %7.6 %8.3 %9.2 %7.6 %
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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Return on Assets ("ROA") 12.6 15.4 15.4 15.6 12.1 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax0.8 (0.3)(1.3)(2.6)— 
Effect of income tax expense (benefit)(0.3)— 0.2 0.3 0.3 
Return on Assets ("ROA"), core earnings 13.1 15.1 14.3 13.3 12.4 


40
Table of Contents

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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Total net investment income$739 $832 $759 $664 $656 
Adjustment for income from limited partnerships and other alternative investments(75)(160)(91)(13)(39)
Net investment income excluding limited partnerships and other alternative investments$664 $672 $668 $651 $617 
Property & Casualty
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Total net investment income$587 $656 $605 $526 $512 
Adjustment for income from limited partnerships and other alternative investments(62)(125)(71)(11)(28)
Net investment income excluding limited partnerships and other alternative investments$525 $531 $534 $515 $484 
Employee Benefits
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Total net investment income$131 $153 $136 $118 $126 
Adjustment for income from limited partnerships and other alternative investments(13)(35)(20)(2)(11)
Net investment income excluding limited partnerships and other alternative investments$118 $118 $116 $116 $115 

41
Table of Contents

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 Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Annualized investment yield4.5%5.2%4.8%4.3%4.3%
Adjustment for income from limited partnerships and other alternative investments—%(0.6%)(0.2%)0.3%0.1%
Annualized investment yield excluding limited partnerships and other alternative investments4.5%4.6%4.6%4.6%4.4%
Property & Casualty
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Annualized investment yield4.6%5.2%4.9%4.4%4.3%
Adjustment for income from limited partnerships and other alternative investments(0.1%)(0.6%)(0.2%)0.3%0.1%
Annualized investment yield excluding limited partnerships and other alternative investments4.5%4.6%4.7%4.7%4.4%
Employee Benefits
Three Months Ended
Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Annualized investment yield4.5%5.3%4.8%4.1%4.3%
Adjustment for income from limited partnerships and other alternative investments0.1%(0.8%)(0.3%)0.3%0.1%
Annualized investment yield excluding limited partnerships and other alternative investments4.6%4.5%4.5%4.4%4.4%

42