hig-20250728

NEWS RELEASE

The Hartford Announces Second Quarter 2025 Financial Results

•Second quarter 2025 net income available to common stockholders of $990 million ($3.44 per diluted share) increased 35% from $733 million ($2.44 per diluted share) over the same period in 2024. Core earnings* of $981 million ($3.41 core earnings per diluted share*) increased 31% from $750 million ($2.50 core earnings per diluted share) over the same period in 2024.

•Net income ROE for the trailing 12 months of 19.8% and core earnings ROE* of 17.0%.

•Property & Casualty (P&C) written premiums increased by 8% in the second quarter of 2025, driven by Business Insurance and Personal Insurance premium growth of 8% and 7%, respectively.

•Business Insurance second quarter 2025 combined ratio of 87.0 and an underlying combined ratio* of 88.0.

•Personal Insurance second quarter 2025 combined ratio of 94.1 and an underlying combined ratio* of 88.0.

•Employee Benefits second quarter net income margin of 8.5% and a core earnings margin* of 9.2%.

•Returned $549 million to stockholders in the second quarter, including $400 million of shares repurchased and $149 million in common stockholder dividends paid.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures.

** All amounts and percentages set forth in this news release are approximate unless otherwise noted.

HARTFORD, Conn., July 28, 2025 – The Hartford (NYSE: HIG) today announced financial results for the second quarter ended June 30, 2025.

“The Hartford’s second quarter results were outstanding, with core earnings reaching nearly $1 billion,” said The Hartford’s Chairman and CEO Christopher Swift. “This performance contributed to a trailing 12-month core earnings ROE of 17.0 percent and reflects the effectiveness of our strategy and consistent execution.”

The Hartford's Chief Financial Officer Beth Costello said, “Business Insurance had an excellent quarter with top-line growth of 8 percent and an underlying combined ratio of 88.0. Excluding workers’ compensation, pricing of 8.1 percent remained solid and above loss cost trends. Personal Insurance achieved 8.7 points of underlying combined ratio improvement. Employee Benefits delivered an exceptional core earnings margin of 9.2 percent. Investment performance was strong, benefiting from a diversified portfolio and attractive new money yields."

Swift continued, “We are expanding our market presence and growing with purpose. Our strategic investments are advancing innovation across the organization to benefit customers and distribution partners. We are confident in our ability to deliver profitable growth and capitalize on the opportunities ahead."

CONSOLIDATED RESULTS:


	Three Months Ended
($ in millions except per share data)	Jun 30 2025	Jun 30 2024	Change
Net income available to common stockholders	$990	$733	35%
Net income available to common stockholders per diluted share1	$3.44	$2.44	41%

Core earnings	$981	$750	31%
Core earnings per diluted share	$3.41	$2.50	36%

Book value per diluted share	$60.02	$51.43	17%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2	$68.35	$61.71	11%

Net income available to common stockholders' return on equity (ROE)3, last 12-months	19.8%	19.8%	0.0
Core earnings ROE3, last 12-months	17.0%	17.4%	(0.4)

[1]Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends

[2]Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures

[3]Return on equity (ROE) is calculated based on last 12-months net income available to common stockholders and core earnings, respectively; for net income ROE, the denominator is common stockholders’ equity including AOCI; for core earnings ROE, the denominator is common stockholders’ equity excluding AOCI

Second quarter 2025 net income available to common stockholders of $990 million, or $3.44 per diluted share, improved from $733 million in second quarter 2024, primarily driven by earned premium growth across P&C, more net favorable prior accident year development (PYD), improvement in the Personal Insurance underlying loss and loss adjustment expense ratio*, lower P&C current accident year (CAY) catastrophe (CAT) losses, higher net investment income, and lower net realized losses.

Included in the second quarter 2025 net income was a benefit of $24 million, before tax, compared with a benefit of $37 million in the 2024 period, from amortization of a deferred gain on retroactive reinsurance related to an adverse development cover for Navigators pertaining to 2018 and prior accident years (Navigator’s ADC).

Second quarter 2025 core earnings of $981 million, or $3.41 per diluted share, compared with $750 million of core earnings in second quarter 2024. Contributing to the results were:

•An increase in earnings generated by 10% growth in P&C earned premium.

•Business Insurance loss and loss adjustment expense ratio of 56.1 compared with 58.4 in second quarter 2024, including 1.7 points of lower CATs and 1.7 points of more favorable PYD. Underlying loss and loss adjustment expense ratio of 57.0 compared with 56.1 in second quarter 2024, largely due to a higher loss ratio in general liability, as expected.

•Personal Insurance loss and loss adjustment expense ratio of 69.0 compared with 81.0 in second quarter 2024, including 4.2 points of lower CATs and 0.4 points of more favorable PYD. Underlying loss and loss adjustment expense ratio* of 62.8 improved 7.5 points from second quarter 2024, largely due to the impact of earned pricing increases, partially offset by moderating automobile loss cost increases.

•Net favorable PYD in core earnings of $163 million, before tax, in 2025 compared with net favorable PYD of $78 million in core earnings in 2024. Net favorable PYD included in core earnings in second quarter 2025 was primarily driven by reserve reductions in workers’ compensation, catastrophes, bond and commercial property.

•P&C CAY CAT losses of $212 million, before tax, in second quarter 2025, driven by tornado, wind and hail events across several regions of the United States, but concentrated in the South and Midwest regions, compared with CAY CAT losses of $280 million in second quarter 2024.

•The P&C expense ratio of 29.5 improved 0.6 points from second quarter 2024, with improvements across Personal Insurance and Business Insurance, largely due to the impact of higher earned premium.

•Employee Benefits loss ratio of 69.1 compared with 68.9 in second quarter 2024 driven by an increase in the group disability loss ratio, partially offset by improvement in the group life loss ratio.

•The Employee Benefits expense ratio of 25.7 increased 1.3 points compared with 24.4 in second quarter 2024, largely due to increased investments in technology and higher staffing costs.

•Net investment income of $664 million, before tax, compared with $602 million in second quarter 2024, primarily driven by a higher level of invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.

June 30, 2025, book value per diluted share of $60.02 increased 8.9%, from $55.09 at Dec 31. 2024, principally due to net income in excess of stockholder dividends through June 30, 2025, and a decline in average net unrealized losses on investments in AOCI, partially offset by the dilutive effect of share repurchases.

Book value per diluted share (excluding AOCI) of $68.35 as of June 30, 2025, increased 5.2%, from $64.95 at Dec. 31, 2024, as the impact from net income in excess of stockholder dividends through June 30, 2025, was partially offset by the dilutive effect of share repurchases.

Net income available to common stockholders' ROE (net income ROE) for the trailing 12-month period ending June 30, 2025 was 19.8%, flat to June 30, 2024.

Core earnings ROE for the trailing 12-month period ending June 30, 2025, was 17.0%, decreasing 0.4 points from June 30, 2024, due to higher average common stockholder's equity excluding AOCI, partially offset by higher trailing 12-month core earnings.

BUSINESS RESULTS:

Business Insurance


	Three Months Ended
($ in millions, unless otherwise noted)	Jun 30 2025	Jun 30 2024	Change
Net income	$696	$540	29%
Core earnings	$697	$551	26%
Written premiums	$3,816	$3,540	8%
Underwriting gain1	$444	$319	39%
Underlying underwriting gain1	$412	$393	5%

Losses and loss adjustment expense ratio	56.1	58.4	(2.3)
Expenses	30.6	31.1	(0.5)
Policyholder dividends	0.3	0.3	—
Combined ratio	87.0	89.8	(2.8)
Impact of catastrophes and PYD on combined ratio	1.0	(2.4)	3.4
Underlying combined ratio	88.0	87.4	0.6

Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio	57.0	56.1	0.9
Current accident year catastrophes	3.3	5.0	(1.7)
Favorable prior accident year development	(4.3)	(2.6)	(1.7)
Total Losses and loss adjustment expense ratio	56.1	58.4	(2.3)

[1]Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures

Second quarter 2025 net income of $696 million compared with net income of $540 million in second quarter 2024, principally due to the impact of earned premium growth, more favorable PYD, higher net investment income, lower CAY CAT losses, and lower net realized losses. PYD includes a $24 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC, compared with a $37 million benefit in 2024.

Business Insurance core earnings of $697 million in second quarter 2025 compared with $551 million in second quarter 2024. Contributing to the results were:

•10% growth in earned premium.

•An underlying loss and loss adjustment expense ratio of 57.0 in second quarter 2025 compared with 56.1 in second quarter 2024 largely due to a higher loss ratio in general liability, as expected.

•Net favorable PYD within core earnings of $122 million, before tax, in second quarter 2025, compared with $44 million of net favorable PYD within core earnings in second quarter 2024. The net favorable PYD in second quarter 2025 primarily includes reserve reductions in workers’ compensation, catastrophes, bond and commercial property.

•CAY CAT losses of $114 million, before tax, in second quarter 2025, primarily from tornado, wind and hail events across several regions of the United States, but concentrated in the Midwest and South regions, down from CAY CAT losses of $155 million in second quarter 2024.

•Net investment income of $449 million, before tax, compared with $402 million in second quarter 2024.

Combined ratio of 87.0 compared with 89.8 in second quarter 2024, primarily due to a 2.3 point decrease in the loss and loss adjustment expense ratio, including 1.7 points of more favorable PYD (including 0.5 points of less favorable development related to the amortization of the

deferred gain) and 1.7 points of lower CATs. Underlying combined ratio of 88.0 compared with 87.4 in second quarter 2024, primarily due to a 0.9 point increase in the underlying loss and loss adjustment expense ratio, partially offset by improvement in the expense ratio:

•Small Business combined ratio of 89.7 compared with 88.7 in second quarter 2024, including 1.0 points of lower CAY CATs and 0.3 points of more favorable PYD. Underlying combined ratio of 89.0 compared with 86.8 in second quarter 2024, primarily due to higher non-CAT property losses and a higher general liability loss ratio, both as expected.

•Middle & Large Business combined ratio of 86.6 compared with 95.9 in second quarter 2024, including a 5.0 point change from unfavorable to favorable PYD and 3.7 points of lower CAY CATs. Underlying combined ratio of 89.1 compared with 89.6 in second quarter 2024, improved primarily due to lower non-cat property losses and a lower expense ratio, partially offset by a higher loss ratio in general liability, as expected.

•Global Specialty combined ratio of 85.9 compared with 83.4 in second quarter 2024, including 3.2 points of less favorable PYD and 0.3 points of lower CAY CATs. The combined ratio included 1.8 points of less favorable development due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 84.8 improved from 85.2 in second quarter 2024, primarily due to a lower loss ratio in global reinsurance, bond, and international.

•The expense ratio of 30.6 improved 0.5 points from second quarter 2024, primarily driven by the impact of higher earned premium.

Second quarter 2025 written premiums of $3.8 billion were up 8% from second quarter 2024, with increases across the segment, including 9% growth in both Small Business and Global Specialty, driven in part by solid new business growth and strong renewal written pricing.

Personal Insurance


	Three Months Ended
($ in millions, unless otherwise noted)	Jun 30 2025	Jun 30 2024	Change
Net income (loss)	$91	$(11)	NM
Core earnings (loss)	$94	$(4)	NM
Written premiums	$980	$913	7%
Underwriting gain (loss)	$55	$(63)	NM
Underlying underwriting gain	$112	$28	NM

Losses and loss adjustment expense ratio	69.0	81.0	(12.0)
Expenses	25.1	26.4	(1.3)
Combined ratio	94.1	107.4	(13.3)
Impact of catastrophes and PYD on combined ratio	(6.1)	(10.7)	4.6
Underlying combined ratio	88.0	96.7	(8.7)

Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio	62.8	70.3	(7.5)
Current accident year catastrophes	10.5	14.7	(4.2)
Favorable prior accident year development	(4.4)	(4.0)	(0.4)
Total Losses and loss adjustment expense ratio	69.0	81.0	(12.0)

Net income of $91 million in second quarter 2025 compared with net loss of $11 million in second quarter 2024, primarily due to an improvement in the underlying loss and loss adjustment expense ratio, including the impact of higher earned premium, lower CAY CAT losses, higher net investment income, more favorable PYD, and lower net realized losses.

Personal Insurance core earnings of $94 million compared with core loss of $4 million in second quarter 2024. Contributing to the results were:

•10% growth in earned premium.

•An underlying loss and loss adjustment expense ratio of 62.8 in second quarter 2025, which improved 7.5 points from 70.3 in second quarter 2024, primarily driven by the impact of earned pricing increases and improvement in automobile physical damage frequency, partially offset by moderating automobile claim severity increases.

•$41 million, before tax, of favorable PYD in second quarter of 2025, compared with $34 million of favorable PYD in second quarter 2024. The net favorable PYD in second quarter 2025 primarily includes reserve reductions in homeowners, automobile liability and physical damage, and catastrophes.

•CAY CAT losses of $98 million, before tax, in second quarter 2025, primarily from tornado, wind and hail events across several regions of the United States, but concentrated in the South and Midwest regions, down from $125 million of CAY CAT losses in second quarter 2024.

•Net investment income of $58 million, before tax, in second quarter 2025 compared with $50 million in second quarter 2024.

Combined ratio of 94.1 in second quarter 2025 compared with 107.4 in second quarter 2024, primarily due to a 12.0 point improvement in the loss and loss adjustment expense ratio, including a 7.5 point improvement in the underlying loss and loss adjustment expense ratio, 4.2 points of lower CAY CAT losses, and more favorable PYD of 0.4 points, as well as a lower expense ratio. Underlying combined ratio of 88.0 improved 8.7 points from 96.7 in second quarter 2024, primarily due to improvement in the underlying loss and loss adjustment expense ratio in automobile and homeowners and a 1.3 point decrease in the expense ratio.

•Personal Automobile combined ratio of 94.0 improved 11.4 points from 105.4 in second quarter 2024. The underlying combined ratio of 95.2 improved 9.7 points from 104.9 in second quarter 2024, primarily due to improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases, partially offset by loss cost increases. The loss cost increases in automobile were driven by moderating physical damage and liability claim severity increases, partially offset by physical damage claim frequency decreases.

•Homeowners combined ratio of 94.4 compared with 114.5 in second quarter 2024, driven by 11.6 points of lower CAY CATs. The underlying combined ratio of 72.7 improved 5.1 points from 77.8 in second quarter 2024, primarily due to improvement in the underlying loss and loss adjustment expense ratio driven by the impact of double-digit earned pricing, partially offset by moderating claim severity increases.

•The expense ratio of 25.1 improved 1.3 points from second quarter 2024, primarily driven by the impact of higher earned premium, partially offset by a higher commission ratio due to business mix.

Written premiums in second quarter 2025 were $980 million compared with $913 million in second quarter 2024, with:

•Renewal written price increases in automobile and homeowners of 14.0% and 12.7%, respectively.

•An increase in new business in homeowners of 47% to $69 million from $47 million in second quarter 2024.

•Effective policy count retention was relatively stable in automobile and homeowners due to strong but moderating renewal written price increases.

Employee Benefits


	Three Months Ended
($ in millions, unless otherwise noted)	Jun 30 2025	Jun 30 2024	Change
Net income	$150	$171	(12)%
Core earnings	$163	$178	(8%)
Fully insured ongoing premiums	$1,602	$1,607	0%
Loss ratio	69.1%	68.9%	0.2
Expense ratio	25.7%	24.4%	1.3
Net income margin	8.5%	9.7%	(1.2)
Core earnings margin	9.2%	10.0%	(0.8)

Net income of $150 million in second quarter 2025 compared with $171 million in second quarter 2024, primarily driven by an increase in the expense ratio, an increase in the group disability loss ratio, and greater net realized losses, partially offset by improvement in the group life loss ratio and higher net investment income. Core earnings of $163 million, compared with $178 million in second quarter 2024, with the change primarily reflecting the same drivers as net income.

Fully insured ongoing premiums were flat compared with second quarter 2024. Fully insured ongoing sales were $107 million in second quarter 2025, compared with $101 million in second quarter 2024, driven by higher group disability sales.

Loss ratio of 69.1 compared with 68.9 in second quarter 2024.

•Group life loss ratio of 74.3 improved 0.6 points due to lower mortality primarily driven by the accidental death product.

•Group disability loss ratio of 68.5 compared with 67.1, driven by a higher short-term disability claim incidence as well as a slight increase in long-term disability incidence, although favorable to long-term historical averages, partially offset by strong claim recoveries.

Expense ratio of 25.7 increased 1.3 points compared with 24.4 in second quarter 2024, primarily due to higher technology costs, including increased investment, and higher staffing costs.

Net investment income of $118 million, before tax, compared with $112 million in second quarter 2024.

Hartford Funds


	Three Months Ended
($ in millions, unless otherwise noted)	Jun 30 2025	Jun 30 2024	Change
Net income	$54	$44	23%
Core earnings	$46	$43	7%
Daily average Hartford Funds Assets Under Management (AUM)	$138,195	$134,064	3%
Mutual Funds and exchange-traded funds (ETF) net flows	$(1,515)	$(1,085)	(40)%
Total Hartford Funds AUM	$145,516	$135,518	7%

Second quarter 2025 net income of $54 million compared with $44 million in second quarter 2024, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average Hartford Funds AUM, and an increase in net realized gains.

Core earnings of $46 million compared with $43 million in second quarter 2024, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average Hartford Funds AUM.

Daily average AUM of $138 billion in second quarter 2025 increased 3% from second quarter 2024.

Mutual fund and ETF net outflows totaled $1.5 billion in second quarter 2025, compared with net outflows of $1.1 billion in second quarter 2024.

Corporate


	Three Months Ended
($ in millions, unless otherwise noted)	Jun 30 2025	Jun 30 2024	Change
Net loss	$(9)	$(17)	47%
Net loss available to common stockholders	$(14)	$(22)	36%
Core loss	$(33)	$(32)	(3)%

Net investment income, before tax	$14	$14	—%


Interest expense and preferred dividends, before tax	$55	$55	—%

Net loss available to common stockholders of $14 million in second quarter 2025 compared with a net loss available to common stockholders of $22 million in second quarter 2024, primarily driven by an increase in net realized gains. Second quarter 2025 core loss of $33 million compared with a second quarter 2024 core loss of $32 million.

INVESTMENT INCOME AND PORTFOLIO DATA:


	Three Months Ended
($ in millions, unless otherwise noted)	Jun 30 2025	Jun 30 2024	Change

Net investment income, before tax	$664	$602	10%
Annualized investment yield, before tax	4.3%	4.1%	0.2
Annualized investment yield, before tax, excluding LPs1	4.6%	4.4%	0.2
Annualized LP yield, before tax	1.0%	1.3%	(0.3)
Annualized investment yield, after tax	3.5%	3.3%	0.2

[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures

Second quarter 2025 consolidated net investment income of $664 million compared with $602 million in second quarter 2024, primarily driven by a higher level of invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.

Second quarter 2025 net investment income, excluding limited partnerships and other alternative investments (LPs)*, of $651 million, before tax, compared to $586 million in second quarter 2024, a 11% increase, driven by a higher level of invested assets combined with an increase in annualized yield.

Second quarter 2025 included $13 million, before tax, of LP income as compared with $16 million in second quarter 2024. Annualized LP yield, before tax, of 1.0% compared with 1.3% in second quarter 2024.

Net realized losses of $10 million, before tax, in second quarter 2025 compared with $59 million, before tax, in second quarter 2024, primarily due to lower net losses on sales of fixed maturities

and higher valuation improvements on equity securities, partially offset by losses on transactional foreign currency revaluation in the second quarter of 2025.

Total invested assets of $60.9 billion increased $1.7 billion from Dec. 31, 2024, primarily due to a net increase in book value.

CONFERENCE CALL

The Hartford will discuss its second quarter 2025 financial results on a webcast at 9:00 a.m. EDT on Tuesday, July 29, 2025. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.

More detailed financial information can be found in The Hartford's Investor Financial Supplement for June 30, 2025, and the second quarter 2025 Financial Results Presentation, both of which are available at https://ir.thehartford.com.

About The Hartford

The Hartford is a leader in property and casualty insurance, employee benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.

The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

HIG-F

From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

Media Contacts: Investor Contact:

Michelle Loxton Kate Jorens

860-547-7413 860-547-4066

[email protected] [email protected]

Matthew Sturdevant

860-547-8664

[email protected]


THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended June 30, 2025
($ in millions)
	Business Insurance		Personal Insurance		P&C Other Ops		Employee Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	3,424	$	931	$	—	$	1,606	$	—	$	—	$	5,961
Fee income	11		8		—		57		256		10		342
Net investment income	449		58		19		118		6		14		664
Net realized gains (losses)	(20)		(4)		(2)		(16)		9		23		(10)
Other revenue	1		24		—		—		—		5		30
Total revenues	3,865		1,017		17		1,765		271		52		6,987
Benefits, losses, and loss adjustment expenses	1,920		642		—		1,150		—		—		3,712
Amortization of DAC	546		70		—		9		—		—		625
Insurance operating costs and other expenses	520		191		2		407		203		14		1,337


Interest expense	—		—		—		—		—		50		50
Amortization of other intangible assets	7		—		—		10		—		—		17
Total benefits, losses and expenses	2,993		903		2		1,576		203		64		5,741
Income (loss) before income taxes	872		114		15		189		68		(12)		1,246
Income tax expense (benefit)	176		23		2		39		14		(3)		251

Net income (loss)	696		91		13		150		54		(9)		995
Preferred stock dividends	—		—		—		—		—		5		5
Net income (loss) available to common stockholders	696		91		13		150		54		(14)		990
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax	23		3		2		15		(9)		(24)		10


Integration and other non-recurring M&A costs, before tax	2		—		—		—		—		—		2
Change in deferred gain on retroactive reinsurance, before tax	(24)		—		—		—		—		—		(24)
Income tax expense (benefit)	—		—		(1)		(2)		1		5		3
Core earnings (loss)	$	697	$	94	$	14	$	163	$	46	$	(33)	$	981


THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended June 30, 2024
($ in millions)
	Business Insurance		Personal Insurance		P&C Other Ops		Employee Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	3,121	$	849	$	—	$	1,608	$	—	$	—	$	5,578
Fee income	11		8		—		57		253		10		339
Net investment income	402		50		19		112		5		14		602
Net realized gains (losses)	(50)		(8)		(3)		(9)		3		8		(59)
Other revenue	—		25		—		—		—		1		26
Total revenues	3,484		924		16		1,768		261		33		6,486
Benefits, losses, and loss adjustment expenses	1,824		688		—		1,147		—		2		3,661
Amortization of DAC	489		63		—		9		—		—		561
Insurance operating costs and other expenses	494		188		2		387		203		11		1,285


Restructuring and other costs	—		—		—		—		—		—		—
Interest expense	—		—		—		—		—		50		50
Amortization of other intangible assets	7		—		—		10		—		—		17
Total benefits, losses and expenses	2,814		939		2		1,553		203		63		5,574
Income (loss) before income taxes	670		(15)		14		215		58		(30)		912
Income tax expense (benefit)	130		(4)		3		44		14		(13)		174


Net income (loss)	540		(11)		11		171		44		(17)		738
Preferred stock dividends	—		—		—		—		—		5		5
Net income (loss) available to common stockholders	540		(11)		11		171		44		(22)		733
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized gains, excluded from core earnings, before tax	50		9		3		9		(3)		(10)		58



Integration and other non-recurring M&A costs, before tax	2		—		—		—		—		—		2
Change in deferred gain on retroactive reinsurance, before tax	(37)		—		—		—		—		—		(37)

Income tax expense (benefit)	(4)		(2)		—		(2)		2		—		(6)

Core earnings (loss)	$	551	$	(4)	$	14	$	178	$	43	$	(32)	$	750

The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful.

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

The Hartford uses non-GAAP financial measures in this news release to assist investors in analyzing the company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this news release can be found below and in The Hartford's Investor Financial Supplement for second quarter 2025, which is available on The Hartford's website, https://ir.thehartford.com.

Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, 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 for the quarterly periods ended June 30, 2025 and 2024 is provided in the table below.


	Three Months Ended
	Jun 30 2025		Jun 30 2024
Annualized investment yield	4.3	%	4.1	%
Adjustment for income from limited partnerships and other alternative investments	0.3	%	0.3	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.6	%	4.4	%

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 for the quarterly periods ended June 30, 2025 and 2024 is provided in the table below.


	Three Months Ended
	Jun 30 2025		Jun 30 2024

Total net investment income	$	664	$	602
Adjustment for income from limited partnerships and other alternative investments	$	(13)	$	(16)
Net investment income excluding limited partnerships and other alternative investments	$	651	$	586

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. A reconciliation of book value per diluted share to book value per diluted share (excluding AOCI) is provided in the table below.


	As of
	Jun 30 2025	Dec 31 2024	Change
Book value per diluted share	$60.02	$55.09	8.9%
Per diluted share impact of AOCI	$8.33	$9.86	(15.5%)
Book value per diluted share (excluding AOCI)	$68.35	$64.95	5.2%


	As of
	Jun 30 2025	Jun 30 2024	Change
Book value per diluted share	$60.02	$51.43	16.7%
Per diluted share impact of AOCI	$8.33	$10.28	(19.0%)
Book value per diluted share (excluding AOCI)	$68.35	$61.71	10.8%

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) to core earnings for the quarterly periods ended June 30, 2025 and 2024, for individual reporting segments can be found in this news release under the heading "The Hartford Insurance Group, Inc. Consolidating Income Statements."

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 for the quarterly periods ended June 30, 2025 and 2024, is set forth below.


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Net income margin	8.5%	9.7%	(1.2)
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses, before tax	0.8%	0.4%	0.4

Income tax benefit on items excluded from core earnings	(0.1)%	(0.1)%	—

Core earnings margin	9.2%	10.0%	(0.8)

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 common share to core earnings per diluted share for the quarterly periods ended June 30, 2025 and 2024 is provided in the table below.


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Per Share Data
Diluted earnings per common share:
Net income available to common stockholders per share1	$3.44	$2.44	41%


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 tax	0.03	0.19	(84)%






Integration and other non-recurring M&A costs, before tax	0.01	0.01	—%
Change in deferred gain on retroactive reinsurance, before tax	(0.08)	(0.12)	33%

Income tax expense (benefit) on items excluded from core earnings	0.01	(0.02)	NM
Core earnings per diluted share	$3.41	$2.50	36%
[1] Net income available to common stockholders includes dilutive potential common shares

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 quantitative reconciliation of net income available to common stockholders ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized gains and losses, which typically vary substantially from period to period.

A reconciliation of consolidated net income available to common stockholders ROE to consolidated core earnings ROE is set forth below.


	Three Months Ended
	Jun 30 2025	Jun 30 2024
Net income available to common stockholders ROE	19.8%	19.8%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:

Net realized losses excluded from core earnings, before tax	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	(0.5)%	0.9%
Income tax benefit on items not included in core earnings	—%	(0.4)%

Impact of AOCI, excluded from denominator of core earnings ROE	(2.8)%	(3.8)%
Core earnings ROE	17.0%	17.4%

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 individual reporting segments can be found in this news release under the heading "Business Results" for Business Insurance" and "Personal Insurance". A reconciliation of the combined ratio to underlying combined ratio for lines of business within the Company's P&C reporting segments is set forth below.

SMALL BUSINESS


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Combined ratio	89.7	88.7	1.0
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(5.1)	(6.1)	1.0
Prior accident year development	4.5	4.2	0.3
Underlying combined ratio	89.0	86.8	2.2

MIDDLE & LARGE BUSINESS


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Combined ratio	86.6	95.9	(9.3)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(1.1)	(4.8)	3.7
Prior accident year development	3.6	(1.4)	5.0
Underlying combined ratio	89.1	89.6	(0.5)

GLOBAL SPECIALTY


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Combined ratio	85.9	83.4	2.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.2)	(3.5)	0.3
Prior accident year development	2.1	5.3	(3.2)
Underlying combined ratio	84.8	85.2	(0.4)

PERSONAL AUTOMOBILE


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Combined ratio	94.0	105.4	(11.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(1.8)	(3.6)	1.8
Prior accident year development	3.0	3.1	(0.1)
Underlying combined ratio	95.2	104.9	(9.7)

HOMEOWNERS


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Combined ratio	94.4	114.5	(20.1)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(28.8)	(40.4)	11.6
Prior accident year development	7.1	3.7	3.4
Underlying combined ratio	72.7	77.8	(5.1)

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. A reconciliation of net income (loss) to underwriting gain (loss) for the quarterly periods ended June 30, 2025 and 2024, is 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. A reconciliation of net income (loss) to underlying underwriting gain for individual reporting segments for the quarterly periods ended June 30, 2025 and 2024, is set forth below.

BUSINESS INSURANCE


	Three Months Ended
	Jun 30 2025		Jun 30 2024
Net income	$	696	$	540
Adjustments to reconcile net income to underwriting gain:

Net investment income	(449)		(402)
Net realized losses	20		50

Other expense	1		1

Income tax expense	176		130
Underwriting gain	444		319
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes	114		155
Prior accident year development	(146)		(81)

Underlying underwriting gain	$	412	$	393

PERSONAL INSURANCE


	Three Months Ended
	Jun 30 2025		Jun 30 2024
Net income	$	91	$	(11)
Adjustments to reconcile net income (loss) to underwriting loss:

Net investment income	(58)		(50)
Net realized losses	4		8
Net servicing and other income	(5)		(6)
Income tax expense (benefit)	23		(4)
Underwriting gain (loss)	55		(63)
Adjustments to reconcile underwriting loss to underlying underwriting gain:
Current accident year catastrophes	98		125
Prior accident year development	(41)		(34)
Underlying underwriting gain	$	112	$	28

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 the quarterly periods ended June 30, 2025 and 2024, is set forth below.

BUSINESS INSURANCE


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Loss and loss adjustment expense ratio	56.1	58.4	(2.3)
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	1.0	(2.4)	3.4
Underlying loss and loss adjustment expense ratio	57.0	56.1	0.9

PERSONAL INSURANCE


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Loss and loss adjustment expense ratio	69.0	81.0	(12.0)
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)	(10.7)	4.6
Underlying loss and loss adjustment expense ratio	62.8	70.3	(7.5)

PERSONAL INSURANCE - AUTOMOBILE


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Loss and loss adjustment expense ratio	69.4	79.5	(10.1)
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	1.4	(0.3)	1.7
Underlying loss and loss adjustment expense ratio	70.8	79.3	(8.5)

PERSONAL INSURANCE - HOMEOWNERS


	Three Months Ended
	Jun 30 2025	Jun 30 2024	Change
Loss and loss adjustment expense ratio	67.8	86.3	(18.5)
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	(21.7)	(36.7)	15.0
Underlying loss and loss adjustment expense ratio	46.1	49.6	(3.5)

SAFE HARBOR STATEMENT

Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.

Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Insurance Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2024 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission.

◦Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;

◦Insurance Industry and Product-Related Risks: the possibility of unfavorable loss development, including with respect to long-tailed exposures; the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims; the possibility of a pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses; weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns; the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws; the Company’s ability to effectively price its products and policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines; actions by competitors that may be larger or have greater financial resources than we do; technological changes, including usage-based methods of determining premiums, advancements in certain emerging technologies, including machine learning, predictive analytics, “big data” analysis or other artificial intelligence functions, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing; the Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution

channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses;

Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;

Risks Relating to Estimates, Assumptions and Valuations: risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill;

Strategic and Operational Risks: the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber breach or other information security incident, technology failure or other unanticipated event; the potential for difficulties arising from outsourcing and similar third-party relationships; the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions; risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; the Company’s ability to protect its intellectual property and defend against claims of infringement;

Regulatory and Legal Risks: the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels; unfavorable judicial or legislative developments; the impact of changes in federal, state or foreign tax laws; regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and the impact of potential changes in accounting principles and related financial reporting requirements.

Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

The Hartford Insurance Group, Inc.

As of July 25, 2025

Address:

One Hartford Plaza

A.M. Best

Standard & Poor’s

Moody’s

Hartford, CT 06155

Insurance Financial Strength Ratings:

Hartford Fire Insurance Company

A+

Hartford Life and Accident Insurance Company

A+

Navigators Insurance Company

A+

- 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.com

NR - Not Rated

Other Ratings:

Contact:

Senior debt

BBB+

Baa1

Kate Jorens

Junior subordinated debentures

bbb+

BBB-

Baa2

SVP, Treasurer & Head of Investor Relations

Preferred stock

bbb+

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:

Computershare

P.O. Box 505000

462 South 4th Street, Suite 1600

Louisville, KY 40233

Louisville, 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


Consolidated	Consolidated Financial Results	1
	Consolidated Statements of Operations	2
	Operating Results by Segment	3
	Consolidating Balance Sheets	4
	Capital Structure	5
	Statutory Capital to GAAP Stockholders’ Equity Reconciliation	6
	Accumulated Other Comprehensive Income (Loss)	7

Property & Casualty	Property & Casualty Income Statements	8
	Property & Casualty Income Statements (Continued)	9
	Property & Casualty Underwriting Ratios	10
	Business Insurance Income Statements	11
	Business Insurance Income Statements (Continued)	12
	Business Insurance Underwriting Ratios	13
	Business Insurance Supplemental Data	14
	Personal Insurance Income Statements	15
	Personal Insurance Income Statements (Continued)	16
	Personal Insurance Underwriting Ratios	17
	Personal Insurance Supplemental Data	18
	Personal Insurance Supplemental Data (Continued)	19
	P&C Other Operations Income Statements	20

Employee Benefits	Income Statements	21
	Supplemental Data	22

Hartford Funds	Income Statements	23
	Asset Value Rollforward - Assets Under Management By Asset Class	24


Corporate	Income Statements	25


Investments	Investment Income Before Tax - Consolidated	26
	Investment Income Before Tax - Property & Casualty	27
	Investment Income Before Tax - Employee Benefits	28
	Net Investment Income	29
	Components of Net Realized Gains (Losses)	30
	Composition of Invested Assets	31
	Invested Asset Exposures	32

Appendix	Basis of Presentation and Definitions	33
	Discussion of Non-GAAP Financial Measures	34

Table of Contents

The Hartford Insurance Group, Inc.

Consolidated Financial Results


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025		Jun 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 compensation	4.0			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 outstanding	282.3			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 AOCI	8.33			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 shares	286.3			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.

Table of Contents

The Hartford Insurance Group, Inc.

Consolidated Statements of Operations


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Earned premiums	$	5,961	$	5,835	$	5,809	$	5,734	$	5,578	$	5,446		$	11,796	$	11,024
Fee income	342		346		354		347		339		333			688		672
Net investment income	664		656		714		659		602		593			1,320		1,195
Net realized gains (losses)	(10)		(49)		(17)		(13)		(59)		28			(59)		(31)
Other revenues	30		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 expenses	3,712		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 expense	50		50		50		49		50		50			100		100
Amortization of other intangible assets	17		18		18		18		17		18			35		35
Restructuring and other costs [1]	—		—		—		1		—		1			—		1
Total benefits, losses and expenses	5,741		6,027		5,805		5,799		5,574		5,508			11,768		11,082
Income before income taxes	1,246		783		1,074		952		912		911			2,029		1,823
Income tax expense	251		153		221		185		174		158			404		332


Net income	995		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 stockholders	990		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 tax	10		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.

Table of Contents

The Hartford Insurance Group, Inc.

Operating Results By Segment


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Net income (loss):
Business Insurance	$	696	$	477	$	708	$	528	$	540	$	573		$	1,173	$	1,113
Personal Insurance	91		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 Benefits	150		133		126		156		171		108			283		279
Hartford Funds	54		43		49		54		44		45			97		89
Sub-total	1,004		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 dividends	5		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 Insurance	94		6		155		33		(4)		33			100		29
P&C Other Operations	14		13		(106)		10		14		7			27		21
P&C	805		490		714		577		561		586			1,295		1,147
Employee Benefits	163		136		139		154		178		107			299		285
Hartford Funds	46		44		51		47		43		41			90		84
Sub-total	1,014		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

Table of Contents

The Hartford Insurance Group, Inc.

Consolidating Balance Sheets


	Property & Casualty				Employee Benefits				Hartford Funds				Corporate [1]				Consolidated
	Jun 30 2025		Dec 31 2024		Jun 30 2025		Dec 31 2024		Jun 30 2025		Dec 31 2024		Jun 30 2025		Dec 31 2024		Jun 30 2025		Dec 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 option	137		254		44		54		—		—		—		—		181		308
Equity securities, at fair value	140		212		28		46		111		109		250		236		529		603
Mortgage loans, net	4,884		4,751		1,579		1,645		—		—		—		—		6,463		6,396
Limited partnerships and other alternative investments	4,106		3,974		1,104		1,068		—		—		115		—		5,325		5,042
Other investments	186		168		8		6		4		52		—		—		198		226
Short-term investments	1,707		2,075		285		389		320		291		1,337		1,313		3,649		4,068
Total investments	47,585		45,855		10,994		11,167		435		452		1,889		1,736		60,903		59,210
Cash	138		148		17		26		10		9		1		—		166		183
Restricted cash	51		42		2		9		—		—		—		—		53		51
Accrued investment income	370		352		93		92		—		1		2		5		465		450
Premiums receivable and agents’ balances, net	6,079		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
Goodwill	778		778		723		723		181		181		229		229		1,911		1,911
Property and equipment, net	799		778		62		62		5		6		40		42		906		888
Other intangible assets	296		310		296		317		10		10		—		—		602		637
Other assets	1,706		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 premiums	10,307		9,368		30		40		—		—		—		—		10,337		9,408
Debt	—		—		—		—		—		—		4,369		4,366		4,369		4,366
Other liabilities	2,697		2,796		162		219		144		173		1,875		1,836		4,878		5,024
Total liabilities	50,362		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' equity	16,010		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.

Table of Contents

The Hartford Insurance Group, Inc.

Capital Structure


	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024
Debt

Senior notes	$	3,870		$	3,869		$	3,867		$	3,866		$	3,865		$	3,864
Junior subordinated debentures	499			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 stock	334			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 AOCI	20.0		%	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 AOCI	21.5		%	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]	18.8:1			14.7:1			17.9:1			17.3:1			17.1:1			17.1:1

[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.

Table of Contents

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]:
DAC	1,276		34
Non-admitted deferred tax assets [5]	249		158
Deferred taxes [6]	(340)		(325)
Goodwill	113		723
Other intangible assets	16		296
Non-admitted assets other than deferred taxes	808		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, net	911		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 Group	1,172		—
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.

Table of Contents

The Hartford Insurance Group, Inc.

Accumulated Other Comprehensive Income (Loss)


	As Of
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 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 instruments	6		40		40		33		30		21
Total net unrealized gain (loss)	(1,028)		(1,203)		(1,505)		(643)		(1,709)		(1,628)
Foreign currency translation adjustments	45		29		29		41		35		36
Liability for future policy benefits adjustments	29		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)

Table of Contents

The Hartford Insurance Group, Inc.

Property & Casualty

Income Statements


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025		Jun 30 2024
Written premiums	$	4,796		$	4,599		$	4,045		$	4,245		$	4,453		$	4,206			$	9,395	$	8,659
Change in unearned premium reserve	441			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 catastrophes	2,537			2,454			2,426			2,464			2,347			2,300				4,991		4,647
Current accident year catastrophes	212			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 expenses	2,562			2,799			2,607			2,661			2,512			2,405				5,361		4,917
Amortization of DAC	616			599			583			577			552			536				1,215		1,088
Insurance operating costs	681			696			689			669			655			642				1,377		1,297
Amortization of other intangible assets	7			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 income	526			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 taxes	1,001			620			886			712			669			753				1,621		1,422
Income tax expense	201			125			180			143			129			138				326		267


Net income	800			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 tax	28			24			6			33			62			(15)				52		47

Integration and other non-recurring M&A costs, before tax	2			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 tax	0.8		%	1.1		%	0.8		%	1.1		%	1.2		%	1.1		%

Integration and other non-recurring M&A costs, before tax	0.1		%	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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Workers’ compensation	$	(61)	$	(65)	$	(70)	$	(69)	$	(52)	$	(67)		$	(126)	$	(119)
Workers' compensation discount accretion	11		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.

Table of Contents

The Hartford Insurance Group, Inc.

Property & Casualty

Underwriting Ratios


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Underwriting Gain	$	497	$	130	$	331	$	228	$	254	$	279		$	627	$	533
Underwriting Ratios
Loss and loss adjustment expense ratio	58.8		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 ratio	0.3		0.2		0.2		0.2		0.2		0.3			0.2		0.2
Combined ratio	88.6		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 catastrophes	4.9		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 ratio	58.8		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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The Hartford Insurance Group, Inc.

Business Insurance

Income Statements


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Written premiums	$	3,816	$	3,686	$	3,174	$	3,275	$	3,540	$	3,362		$	7,502	$	6,902
Change in unearned premium reserve	392		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 income	11		11		10		11		11		11			22		22
Losses and loss adjustment expenses
Current accident year before catastrophes	1,952		1,891		1,849		1,862		1,750		1,725			3,843		3,475
Current accident year catastrophes	114		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 expenses	1,920		2,088		1,858		1,981		1,824		1,778			4,008		3,602
Amortization of DAC	546		531		516		512		489		476			1,077		965
Insurance operating costs	507		512		505		497		484		487			1,019		971
Amortization of other intangible assets	7		7		8		7		7		7			14		14
Dividends to policyholders	11		10		10		10		9		10			21		19
Underwriting gain	444		187		416		253		319		301			631		620

Net investment income	449		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 taxes	872		599		891		662		670		702			1,471		1,372
Income tax expense	176		122		183		134		130		129			298		259


Net income	696		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 tax	23		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.

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												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Workers’ compensation	$	(61)	$	(65)	$	(70)	$	(69)	$	(52)	$	(67)		$	(126)	$	(119)
Workers' compensation discount accretion	11		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, net	9		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.

Table of Contents

The Hartford Insurance Group, Inc.

Business Insurance

Underwriting Ratios


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Underwriting Gain	$	444	$	187	$	416	$	253	$	319	$	301		$	631	$	620
Underwriting Ratios
Loss and loss adjustment expense ratio	56.1		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 ratio	0.3		0.3		0.3		0.3		0.3		0.3			0.3		0.3
Combined ratio	87.0		94.4		87.4		92.2		89.8		90.1			90.6		90.0
Current accident year catastrophes and prior accident year development	1.0		(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 ratio	57.0		56.9		56.0		57.3		56.1		56.6			57.0		56.3
Current accident year catastrophes	3.3		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 ratio	56.1		62.8		56.3		61.0		58.4		58.3			59.4		58.4

Combined Ratios by Line of Business
Small Business
Combined ratio	89.7		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 development	4.5		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 ratio	86.6		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 development	3.6		(0.3)		(3.3)		(3.3)		(1.4)		(1.2)			1.7		(1.3)
Underlying combined ratio	89.1		90.6		90.2		90.2		89.6		89.2			89.8		89.4
Global Specialty
Combined ratio	85.9		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 development	2.1		3.4		4.3		1.7		5.3		0.7			2.8		3.0
Underlying combined ratio	84.8		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.

Table of Contents

The Hartford Insurance Group, Inc.

Business Insurance

Supplemental Data


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 30 2024
Written Premiums
Small Business	$	1,503		$	1,553		$	1,330		$	1,347		$	1,373		$	1,425			$	3,056		$	2,798
Middle & Large Business	1,197			1,111			1,059			1,117			1,140			1,016				2,308			2,156
Middle Market	1,039			931			900			962			993			872				1,970			1,865
National Accounts and Other	158			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
International	142			113			123			102			125			106				255			231
Global Re	339			334			113			151			293			296				673			589
Other	16			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 Business	1,100			1,075			1,069			1,065			1,021			996				2,175			2,017
Middle Market	942			924			918			921			879			864				1,866			1,743
National Accounts and Other	158			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
International	119			113			115			113			108			105				232			213
Global Re	222			220			203			194			180			181				442			361
Other	16			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 Increases	5.7		%	6.5		%	7.5		%	6.5		%	6.4		%	5.7		%		6.1		%	6.0		%


Policy Count Retention	83		%	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 Increases	5.8		%	6.9		%	6.5		%	6.9		%	6.7		%	7.1		%		6.3		%	6.9		%

Premium Retention	82		%	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.

Table of Contents

The Hartford Insurance Group, Inc.

Personal Insurance

Income Statements


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Written premiums	$	980	$	913	$	871	$	970	$	913	$	844		$	1,893	$	1,757
Change in unearned premium reserve	49		14		(35)		85		64		31			63		95
Earned premiums	931		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 catastrophes	585		563		577		602		597		575			1,148		1,172
Current accident year catastrophes	98		187		13		92		125		52			285		177
Prior accident year development	(41)		(39)		(53)		(14)		(34)		(7)			(80)		(41)
Total losses and loss adjustment expenses	642		711		537		680		688		620			1,353		1,308
Amortization of DAC	70		68		67		65		63		60			138		123
Insurance operating costs	172		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 income	58		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 taxes	114		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 tax	3		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.

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												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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.

Table of Contents

The Hartford Insurance Group, Inc.

Personal Insurance

Underwriting Ratios


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Underwriting Gain (Loss)	$	55	$	(55)	$	129	$	(22)	$	(63)	$	(13)		$	—	$	(76)
Underwriting Ratios
Loss and loss adjustment expense ratio	69.0		79.1		59.3		76.8		81.0		76.3			73.9		78.7
Expense ratio	25.1		27.0		26.5		25.6		26.4		25.3			26.1		25.9
Combined ratio	94.1		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 ratio	88.0		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 ratio	62.8		62.6		63.7		68.0		70.3		70.7			62.7		70.5
Current accident year catastrophes	10.5		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 ratio	69.0		79.1		59.3		76.8		81.0		76.3			73.9		78.7
Combined Ratios by Product
Automobile
Combined ratio	94.0		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 development	3.0		3.8		4.7		1.6		3.1		1.6			3.4		2.4
Underlying combined ratio	95.2		96.1		103.0		101.5		104.9		104.4			95.7		104.7
Homeowners
Combined ratio	94.4		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 development	7.1		5.6		8.6		1.7		3.7		(0.5)			6.4		1.6
Underlying combined ratio	72.7		75.1		61.7		75.4		77.8		77.0			73.9		77.4

Table of Contents

The Hartford Insurance Group, Inc.

Personal Insurance

Supplemental Data


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Distribution
Written Premiums




Direct	$	796	$	758	$	716	$	815	$	780	$	728		$	1,554	$	1,508
Agency	184		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
Agency	155		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
Homeowners	347		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
Homeowners	303		281		279		269		257		247			584		504
Total	$	931	$	899	$	906	$	885	$	849	$	813		$	1,830	$	1,662

Table of Contents

The Hartford Insurance Group, Inc.

Personal Insurance

Supplemental Data (Continued)


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 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
Automobile	14.0		%	15.7		%	19.0		%	20.7		%	23.4		%	25.5		%		14.8		%	24.4		%
Homeowners	12.7		%	12.3		%	13.8		%	15.1		%	14.9		%	15.2		%		12.5		%	15.0		%












Effective Policy Count Retention
Automobile	79		%	79		%	79		%	79		%	79		%	79		%		79		%	79		%
Homeowners	83		%	83		%	83		%	83		%	84		%	83		%		83		%	83		%
Policies In-Force (in thousands)
Automobile	1,121			1,146			1,171			1,193			1,214			1,233
Homeowners	724			719			712			707			702			701

Table of Contents

The Hartford Insurance Group, Inc.

P&C Other Operations

Income Statements


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 costs	2		2		2		3		2		2			4		4
Underwriting loss	(2)		(2)		(214)		(3)		(2)		(9)			(4)		(11)
Net investment income	19		18		19		18		19		18			37		37
Net realized losses	(2)		—		(1)		—		(3)		—			(2)		(3)
Other expense	—		—		—		(4)		—		—			—		—
Income (loss) before income taxes	15		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 tax	2		—		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).

Table of Contents

The Hartford Insurance Group, Inc.

Employee Benefits

Income Statements


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 30 2024
Earned premiums	$	1,606		$	1,612		$	1,600		$	1,600		$	1,608		$	1,585			$	3,218		$	3,193
Fee income	57			56			56			55			57			54				113			111
Net investment income	118			126			130			119			112			114				244			226
Net realized gains (losses)	(16)			(4)			(16)			—			(9)			1				(20)			(8)
Total revenues	1,765			1,790			1,770			1,774			1,768			1,754				3,555			3,522
Benefits, losses and loss adjustment expenses	1,150			1,199			1,169			1,161			1,147			1,204				2,349			2,351
Amortization of DAC	9			8			8			8			9			9				17			18
Insurance operating costs and other expenses	407			406			424			401			387			397				813			784
Amortization of other intangible assets	10			10			10			10			10			10				20			20
Total benefits, losses and expenses	1,576			1,623			1,611			1,580			1,553			1,620				3,199			3,173
Income before income taxes	189			167			159			194			215			134				356			349
Income tax expense	39			34			33			38			44			26				73			70
Net income	150			133			126			156			171			108				283			279
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	15			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 margin	8.5		%	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 tax	1.0		%	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.

Table of Contents

The Hartford Insurance Group, Inc.

Employee Benefits

Supplemental Data


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 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 premiums	1,602			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 life	44			163			23			32			51			154				207			205
Other [1]	15			56			8			20			13			43				71			56
Total fully insured ongoing sales	107			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 ratio	68.5		%	69.0		%	66.9		%	67.9		%	67.1		%	70.1		%		68.8		%	68.6		%
Group life loss ratio	74.3		%	79.9		%	79.9		%	77.5		%	74.9		%	82.6		%		77.1		%	78.7		%
Total loss ratio	69.1		%	71.9		%	70.6		%	70.2		%	68.9		%	73.5		%		70.5		%	71.1		%
Expense ratio	25.7		%	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.

Table of Contents

The Hartford Insurance Group, Inc.

Hartford Funds

Income Statements


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025		Jun 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 revenue	42			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 expense	72			73			76			73			71			69				145		140
Employee compensation and benefits	31			39			33			31			32			35				70		67
Distribution and service	70			73			77			75			74			73				143		147
General, administrative and other	30			24			24			29			26			26				54		52
Total expenses	203			209			210			208			203			203				412		406
Income before income taxes	68			55			62			67			58			56				123		114
Income tax expense	14			12			13			13			14			11				26		25
Net income	54			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 income	15.6			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.

Table of Contents

The Hartford Insurance Group, Inc.

Hartford Funds

Asset Value Rollforward

Assets Under Management By Asset Class


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Equity Funds
Beginning balance	$	82,792	$	84,000	$	87,271	$	83,212	$	83,337	$	79,352		$	84,000	$	79,352
Sales	3,946		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
Sales	2,124		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 flows	58		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
Sales	350		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 flows	29		146		341		256		103		(209)			175		(106)
Change in market value and other	110		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 fund	6,420		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 - ETF	29		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 balance	134,290		127,219		128,054		130,366		123,686		123,559			134,290		123,686
Third-party life and annuity separate account AUM	11,226		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.

Table of Contents

The Hartford Insurance Group, Inc.

Corporate

Income Statements


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Fee income [1]	$	10	$	11	$	10	$	10	$	10	$	10		$	21	$	20

Other revenue	5		1		—		1		1		—			6		1
Net investment income	14		14		16		17		14		16			28		30
Net realized gains (losses)	23		(19)		11		14		8		9			4		17
Total revenues	52		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 expense	50		50		50		49		50		50			100		100
Restructuring and other costs	—		—		—		1		—		1			—		1
Total expenses	64		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 dividends	5		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.

Table of Contents

The Hartford Insurance Group, Inc.

Investment Income Before Tax

Consolidated


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	553		$	538		$	533		$	533		$	496		$	483			$	1,091		$	979
Tax-exempt	31			36			38			37			41			43				67			84
Total fixed maturities	584			574			571			570			537			526				1,158			1,063
Equity securities	5			4			15			5			6			9				9			15
Mortgage loans	72			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
Subtotal	687			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.

Table of Contents

The Hartford Insurance Group, Inc.

Investment Income Before Tax

Property & Casualty


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	440		$	426		$	421		$	420		$	389		$	373			$	866		$	762
Tax-exempt	24			27			29			28			29			32				51			61
Total fixed maturities	464			453			450			448			418			405				917			823
Equity securities	1			2			8			3			3			6				3			9
Mortgage loans	54			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
Subtotal	543			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.

Table of Contents

The Hartford Insurance Group, Inc.

Investment Income Before Tax

Employee Benefits


	Three Months Ended																		Six Months Ended
	Jun 30 2025			Mar 31 2025			Dec 31 2024			Sept 30 2024			Jun 30 2024			Mar 31 2024				Jun 30 2025			Jun 30 2024
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	98		$	97		$	96		$	94		$	92		$	93			$	195		$	185
Tax-exempt	6			7			8			7			10			10				13			20
Total fixed maturities	104			104			104			101			102			103				208			205
Equity securities	1			1			2			1			1			1				2			2
Mortgage loans	18			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)
Subtotal	124			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.

Table of Contents

The Hartford Insurance Group, Inc.

Net Investment Income

Consolidated


	Three Months Ended												Six Months Ended
Net Investment Income by Segment	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Net Investment Income
Business Insurance	$	449	$	437	$	479	$	442	$	402	$	391		$	886	$	793
Personal Insurance	58		57		64		58		50		50			115		100
P&C Other Operations	19		18		19		18		19		18			37		37
Total Property & Casualty	526		512		562		518		471		459			1,038		930
Employee Benefits	118		126		130		119		112		114			244		226
Hartford Funds	6		4		6		5		5		4			10		9
Corporate	14		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 Ended												Six Months Ended
Net Investment Income from Limited Partnerships and Other Alternative Investments	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Total Property & Casualty	$	11	$	28	$	65	$	31	$	16	$	15		$	39	$	31
Employee Benefits	2		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.

Table of Contents

The Hartford Insurance Group, Inc.

Components of Net Realized Gains (Losses)

Consolidated


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 earnings	1		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.

Table of Contents

The Hartford Insurance Group, Inc.

Composition of Invested Assets

Consolidated


	Jun 30 2025				Mar 31 2025				Dec 31 2024				Sept 30 2024				Jun 30 2024
	Amount [1]		Percent		Amount		Percent		Amount [1]		Percent		Amount		Percent		Amount		Percent
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 obligations	3,393		7.6	%	3,396		7.7	%	3,250		7.6	%	3,563		8.3	%	3,514		8.6	%
Commercial mortgage-backed securities	2,585		5.8	%	2,754		6.2	%	2,736		6.4	%	2,857		6.7	%	2,942		7.2	%
Corporate	22,525		50.6	%	21,646		49.0	%	20,636		48.5	%	20,558		48.0	%	19,493		47.8	%
Foreign government/government agencies	455		1.0	%	481		1.1	%	480		1.1	%	541		1.3	%	546		1.3	%
Municipal	4,650		10.4	%	5,030		11.4	%	5,304		12.5	%	5,654		13.2	%	5,294		13.0	%
Residential mortgage-backed securities	5,513		12.4	%	5,558		12.5	%	5,230		12.3	%	5,123		12.0	%	4,787		11.7	%
U.S. Treasuries	1,061		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	%
AAA	7,333		16.4	%	7,573		17.2	%	7,166		16.8	%	7,127		16.7	%	6,413		15.7	%
AA	7,439		16.7	%	7,423		16.8	%	7,484		17.6	%	7,713		18.0	%	7,283		17.8	%
A	12,239		27.5	%	11,639		26.3	%	10,933		25.7	%	10,994		25.7	%	10,785		26.4	%
BBB	10,070		22.6	%	10,125		22.9	%	9,722		22.8	%	9,677		22.6	%	9,204		22.6	%
BB	1,726		3.9	%	1,775		4.0	%	1,777		4.2	%	1,768		4.2	%	1,649		4.1	%
B	609		1.4	%	529		1.2	%	542		1.3	%	693		1.6	%	701		1.7	%
CCC	12		—	%	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 Value		Percent 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 communications	3,149		3,078		5.1	%
Consumer non-cyclical	2,752		2,701		4.4	%
Utilities	2,628		2,522		4.2	%
Capital goods	1,790		1,783		2.9	%
Consumer cyclical	1,679		1,660		2.7	%
Energy	1,490		1,465		2.4	%
Basic industry	1,153		1,140		1.9	%
Transportation	924		890		1.5	%
Other	747		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 Company	201		195		0.3	%
Entergy Corporation	199		187		0.3	%
Government of Canada	177		179		0.3	%
Bank of America Corporation	181		177		0.3	%
Goldman Sachs Group Inc.	187		176		0.3	%
Enterprise Holdings Inc.	161		163		0.3	%
SPCC Funding I LLC	161		162		0.3	%
Duke Energy Corporation	160		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.

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.

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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:

•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.

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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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 tax	0.03		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 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024
Net income ROE	19.8	%	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 tax	0.5	%	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 ROE	17.0	%	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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 gain	497		130		331		228		254		279			627		533
Current accident year catastrophes	212		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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 expense	176		122		183		134		130		129			298		259
Underwriting gain	444		187		416		253		319		301			631		620
Current accident year catastrophes	114		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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 catastrophes	98		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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 losses	2		—		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 Ended						Six Months Ended
	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sept 30 2024	Jun 30 2024	Mar 31 2024		Jun 30 2025	Jun 30 2024
Loss and loss adjustment expense ratio	58.8	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 ratio	58.3	58.1	57.6	59.6	59.1	59.6		58.2	59.3

Business Insurance


	Three Months Ended						Six Months Ended
	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sept 30 2024	Jun 30 2024	Mar 31 2024		Jun 30 2025	Jun 30 2024
Loss and loss adjustment expense ratio	56.1	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 development	1.0	(5.9)	(0.2)	(3.7)	(2.4)	(1.8)		(2.4)	(2.1)
Underlying loss and loss adjustment expense ratio	57.0	56.9	56.0	57.3	56.1	56.6		57.0	56.3

Personal Insurance


	Three Months Ended						Six Months Ended
	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sept 30 2024	Jun 30 2024	Mar 31 2024		Jun 30 2025	Jun 30 2024
Loss and loss adjustment expense ratio	69.0	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 ratio	62.8	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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Net income margin	8.5	%	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 tax	0.8	%	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 margin	9.2	%	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 Ended						Six Months Ended
	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sept 30 2024	Jun 30 2024	Mar 31 2024		Jun 30 2025	Jun 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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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 Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 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

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												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Annualized investment yield	4.3	%	4.3	%	4.7	%	4.4	%	4.1	%	4.1	%		4.3	%	4.1	%
Adjustment for income from limited partnerships and other alternative investments	0.3	%	0.1	%	(0.1	%)	0.1	%	0.3	%	0.2	%		0.2	%	0.2	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.6	%	4.4	%	4.6	%	4.5	%	4.4	%	4.3	%		4.5	%	4.3	%

Property & Casualty


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Annualized investment yield	4.4	%	4.3	%	4.8	%	4.5	%	4.2	%	4.1	%		4.3	%	4.1	%
Adjustment for income from limited partnerships and other alternative investments	0.3	%	0.1	%	(0.2	%)	0.1	%	0.2	%	0.2	%		0.2	%	0.3	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.7	%	4.4	%	4.6	%	4.6	%	4.4	%	4.3	%		4.5	%	4.4	%

Employee Benefits


	Three Months Ended												Six Months Ended
	Jun 30 2025		Mar 31 2025		Dec 31 2024		Sept 30 2024		Jun 30 2024		Mar 31 2024			Jun 30 2025		Jun 30 2024
Annualized investment yield	4.1	%	4.3	%	4.5	%	4.1	%	3.9	%	3.9	%		4.2	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	0.3	%	0.1	%	(0.1	%)	0.2	%	0.4	%	0.3	%		0.2	%	0.3	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.4	%	4.4	%	4.4	%	4.3	%	4.3	%	4.2	%		4.4	%	4.2	%


Delaware	001-13958	13-3317783
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HIG	The New York Stock Exchange
6.10% Senior Notes due October 1, 2041	HIG 41	The New York Stock Exchange

Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share	HIG PR G	The New York Stock Exchange


Exhibit No.

99.1			News Release of The Hartford Insurance Group, Inc. dated July 28, 2025

99.2			Investor Financial Supplement of The Hartford Insurance Group, Inc. for the quarterly period ended June 30, 2025

101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

104			The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.


Date:	July 28, 2025	By:	/s/ Allison G. Niderno
		Name:	Allison G. Niderno
		Title:	Senior Vice President and Controller


Item 9.01			Financial Statements and Exhibits