Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2024

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)


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

The Hartford Financial Services Group, Inc.

One Hartford Plaza, Hartford, Connecticut 06155

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (860) 547-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition

On October 24, 2024, The Hartford Financial Services Group, Inc. (the "Company") issued (i) a news release announcing its financial results for the quarterly period ended September 30, 2024, and (ii) its Investor Financial Supplement (“IFS”) relating to its financial results for the quarterly period ended September 30, 2024. Copies of the news release and the IFS are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.


Item 9.01			Financial Statements and Exhibits


Exhibit No.

99.1			News Release of The Hartford Financial Services Group, Inc. dated October 24, 2024

99.2			Investor Financial Supplement of The Hartford Financial Services Group, Inc. for the quarterly period ended September 30, 2024

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.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date:	October 24, 2024	By:	/s/ Allison G. Niderno
		Name:	Allison G. Niderno
		Title:	Senior Vice President and Controller

NEWS RELEASE

The Hartford Announces Excellent Third Quarter 2024 Financial Performance

Increased quarterly common dividend per share by 11%

•Third quarter 2024 net income available to common stockholders of $761 million ($2.56 per diluted share) increased 18% from $645 million ($2.09 per diluted share) over the same period in 2023. Core earnings* of $752 million ($2.53 core earnings per diluted share*) increased 6% from $708 million ($2.29 core earnings per diluted share) over the same period in 2023.

•Net income ROE for the trailing 12 months of 20.0% and core earnings ROE* of 17.4%.

•Property & Casualty (P&C) written premiums rose 10% in third quarter 2024, driven by Commercial Lines and Personal Lines premium growth of 9% and 12%, respectively.

•Commercial Lines third quarter combined ratio of 92.2 and underlying combined ratio* of 88.6.

•P&C current accident year (CAY) catastrophe (CAT) losses in third quarter 2024 of $247 million, before tax, including losses from Hurricane Helene of $104 million.

•Group Benefits third quarter net income margin of 8.8% and core earnings margin* of 8.7%.

•Returned $538 million to stockholders in the third quarter, including $400 million of shares repurchased and $138 million in common stockholder dividends paid. Increased the quarterly common dividend per share by 11%, to $0.52, payable Jan. 3, 2025 to shareholders of record at the close of business on Dec. 2, 2024.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest 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., Oct. 24, 2024 – The Hartford (NYSE: HIG) today announced financial results for the third quarter ended Sept. 30, 2024.

"The Hartford delivered an excellent quarter with a trailing 12-month core earnings ROE of 17.4 percent,” said The Hartford’s Chairman and CEO Christopher Swift. “Commercial Lines once again generated strong top-line growth at highly profitable margins, Personal Lines continues to make progress toward restoring target profitability in auto, Group Benefits margin remained strong, and all businesses benefited from a consistent contribution from the investment portfolio.”

The Hartford's Chief Financial Officer Beth Costello said, “Commercial Lines had an excellent quarter with an underlying combined ratio of 88.6. Pricing, excluding workers’ compensation, at 9.5 percent in the quarter remains above loss cost trends. Personal Lines generated a 7.0-point improvement in the auto underlying combined ratio. Group Benefits continued to outperform with a core earnings margin of 8.7 percent, driven by strong results in life and disability."

Swift continued, “The Hartford’s performance through the first nine months of 2024 is a powerful example of sustained financial excellence even in the face of industry-wide elevated catastrophe losses. With strong capital generation, we are pleased to announce an 11 percent increase in our quarterly common dividend. Our franchise has never been better positioned to sustain industry-leading financial performance and create value for all our stakeholders.”

CONSOLIDATED RESULTS:


	Three Months Ended
($ in millions except per share data)	Sep 30 2024	Sep 30 2023	Change
Net income available to common stockholders	$761	$645	18%
Net income available to common stockholders per diluted share1	$2.56	$2.09	22%

Core earnings	$752	$708	6%
Core earnings per diluted share	$2.53	$2.29	10%

Book value per diluted share	$56.39	$43.50	30%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2	$63.17	$57.12	11%

Net income available to common stockholders' return on equity (ROE)3, last 12-months	20.0%	17.7%	2.3
Core earnings ROE3, last 12-months	17.4%	14.9%	2.5

[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 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

Third quarter 2024 net income available to common stockholders of $761 million, or $2.56 per diluted share, improved from $645 million in third quarter 2023, primarily driven by double-digit earned premium growth in both Commercial and Personal Lines, lower net realized losses, higher net investment income, and improvement in the P&C CAY before CATs loss and loss adjustment expense ratio, partially offset by elevated CAY CAT losses and a higher expense ratio. Included in the third quarter 2024 net income was a benefit of $26 million, before tax, 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).

Third quarter 2024 core earnings of $752 million, or $2.53 per diluted share, compared with $708 million of core earnings in third quarter 2023. Contributing to the results were:

•An increase in earnings generated by 11% growth in P&C earned premium.

•Net investment income of $659 million, before tax, compared with $597 million in third quarter 2023, primarily driven by higher yields on our fixed income portfolio and a higher level of invested assets.

•Personal Lines loss and loss adjustment expense ratio of 76.8 improved 6.9 points compared with 83.7 in third quarter 2023, including a change from unfavorable PYD of 0.1 points in 2023 to favorable PYD of 1.6 points in 2024 and 1.6 points of higher CATs. Underlying loss and loss adjustment expense ratio* of 68.0 improved 6.7 points from third quarter 2023, largely due to the impact of earned pricing increases, lower frequency in auto physical damage and lower frequency in homeowners.

•Group Benefits loss ratio of 70.2 was flat with third quarter 2023, primarily driven by a lower group life loss ratio offset by a higher disability loss ratio, as well as a higher loss ratio on supplemental health products.

•P&C CAY CAT losses of $247 million, before tax, in third quarter 2024, primarily driven by hurricane losses, including $104 million from Hurricane Helene, compared with CAY CAT losses of $184 million in third quarter 2023.

•Commercial Lines loss and loss adjustment expense ratio of 61.0 compared with 58.9 in third quarter 2023, including 0.5 points of less favorable PYD and 0.9 points of higher CATs. Underlying loss and loss adjustment expense ratio of 57.3 compared with 56.6 in third quarter 2023, with the increase largely due a higher general liability loss ratio, partially offset by lower non-CAT property losses.

•Net favorable prior accident year development (PYD) in core earnings of $24 million, before tax, in 2024 compared with net favorable PYD of $43 million in core earnings in 2023. Net favorable PYD in third quarter 2024 primarily included reserve reductions in workers’ compensation and personal auto physical damage, partially offset by reserve increases in general liability and commercial auto liability.

•The expense ratios increased across P&C and Group Benefits from third quarter 2023, primarily driven by higher incentive compensation and benefits costs, and higher marketing spend in Personal Lines.

Sept. 30, 2024, book value per diluted share of $56.39 increased 14.1%, from $49.43 at Dec. 31, 2023, principally due to net income in excess of stockholder dividends through Sept. 30, 2024 and lower net unrealized losses on investments within AOCI driven by lower interest rates and tighter credit spreads, partially offset by the dilutive effect of share repurchases.

Book value per diluted share (excluding AOCI) of $63.17 as of Sept. 30, 2024, increased 7.4%, from $58.83 at Dec. 31, 2023, as the impact from net income in excess of stockholder dividends through Sept. 30, 2024, was partially offset by the dilutive effect of share repurchases.

Net income available to common stockholders' ROE (net income ROE) for the 12-month period ending Sept. 30, 2024, was 20.0%, an increase of 2.3 points from third quarter 2023, primarily due to an increase in 12-month trailing net income available to common stockholders.

Core earnings ROE for the 12-month period ending Sept. 30, 2024, was 17.4%, an increase of 2.5 points from third quarter 2023 due to higher trailing 12-month core earnings.

BUSINESS RESULTS:

Commercial Lines


	Three Months Ended
($ in millions, unless otherwise noted)	Sep 30 2024	Sep 30 2023	Change
Net income	$528	$519	2%
Core earnings	$534	$542	(1%)
Written premiums	$3,275	$3,003	9%
Underwriting gain1	$253	$290	(13%)
Underlying underwriting gain1	$372	$359	4%
Losses and loss adjustment expense ratio
Current accident year before catastrophes	57.3	56.6	0.7
Current accident year catastrophes	4.8	3.9	0.9
Favorable prior accident year development	(1.1)	(1.6)	0.5
Expenses	30.9	30.7	0.2
Policyholder dividends	0.3	0.5	(0.2)

Combined ratio	92.2	90.2	2.0
Impact of catastrophes and PYD on combined ratio	(3.7)	(2.3)	(1.4)

Underlying combined ratio	88.6	87.8	0.8

[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 GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures

Third quarter 2024 net income of $528 million compared with net income of $519 million in third quarter 2023, principally due to the impact of earned premium growth and higher net investment income, partially offset by higher CAY CAT losses, an increase in the underlying loss and loss adjustment expense ratio, higher incentive compensation and benefits costs, and less favorable PYD. PYD includes a $26 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC.

Commercial Lines core earnings of $534 million in third quarter 2024 compared with $542 million in third quarter 2023. Contributing to the results were:

•10% growth in earned premium.

•Net investment income of $442 million, before tax, compared with $395 million in third quarter 2023.

•CAY CAT losses of $155 million, before tax, in third quarter 2024, primarily from hurricanes and tropical storms, including $55 million from Hurricane Helene, as well as wind and hail events across several regions of the United States, up from CAY CAT losses of $115 million in third quarter 2023.

•An underlying loss and loss adjustment expense ratio of 57.3, in third quarter 2024 compared with 56.6 in third quarter 2023, with the increase primarily driven by a higher general liability loss ratio, partially offset by lower non-CAT property losses.

•Net favorable PYD within core earnings of $10 million, before tax, in third quarter 2024, compared with $46 million of net favorable PYD within core earnings in third quarter 2023. The net favorable PYD in third quarter 2024 primarily includes reserve reductions

in workers’ compensation, partially offset by reserve increases in general liability and auto liability.

Combined ratio of 92.2 compared with 90.2 in third quarter 2023, primarily due to a 2.1 point increase in the loss and loss adjustment expense ratio, including 0.5 points of less favorable PYD (including 0.8 points of favorable development related to the amortization of the deferred gain) and 0.9 points of higher CAY CAT losses. Underlying combined ratio of 88.6 compared with 87.8 in third quarter 2023 primarily due to a 0.7 point increase in the underlying loss and loss adjustment expense ratio.

•Small Commercial combined ratio of 91.6 compared with 87.7 in third quarter 2023, including 3.2 points of higher CAY CATs and 1.1 points of less favorable PYD. Underlying combined ratio of 89.3 improved 0.4 points compared with 89.7 in third quarter 2023, primarily due to lower non-CAT property losses, partially offset by a higher loss ratio in general liability.

•Middle & Large Commercial combined ratio of 97.0 compared with 94.5 in third quarter 2023, driven by 1.5 points of more unfavorable PYD, partially offset by 1.0 points of lower CAY CATs. Underlying combined ratio of 90.2 compared with 88.1 in third quarter 2023, primarily due to higher non-CAT property losses and a higher loss ratio in general liability and auto, partially offset by a lower expense ratio and the benefit of a shift in premium mix toward property lines.

•Global Specialty combined ratio of 87.4 improved 1.5 points compared with 88.9 in third quarter 2023, driven by a change from unfavorable PYD of 0.3 in 2023 to favorable PYD of 1.7 points in 2024 and 0.5 points of lower CAY CATs. The combined ratio included 2.9 points of favorable development due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 85.3 compared with 84.3 in third quarter 2023, primarily due to a higher loss ratio in global reinsurance and a higher expense ratio.

Third quarter 2024 written premiums of $3.3 billion were up 9% from third quarter 2023, with increases across the segment, strong double-digit new business growth in Middle Market and Small Commercial, and the effect of renewal written price increases.

Personal Lines


	Three Months Ended
($ in millions, unless otherwise noted)	Sep 30 2024	Sep 30 2023	Change
Net income (loss)	$31	$(12)	NM
Core earnings (loss)	$33	$(8)	NM
Written premiums	$970	$869	12%
Underwriting loss	$(22)	$(62)	65%
Underlying underwriting gain	$56	$8	NM
Losses and loss adjustment expense ratio
Current accident year before catastrophes	68.0	74.7	(6.7)
Current accident year catastrophes	10.4	8.8	1.6
Favorable prior accident year development	(1.6)	0.1	(1.7)
Expenses	25.6	24.2	1.4
Combined ratio	102.5	107.9	(5.4)
Impact of catastrophes and PYD on combined ratio	(8.8)	(8.9)	0.1
Underlying combined ratio	93.7	99.0	(5.3)

Net income of $31 million in third quarter 2024 improved from a net loss of $12 million in third quarter 2023, driven by improved underwriting results and an increase in net investment income. Contributing to the improved underwriting results was a lower loss and loss adjustment

expense ratio of 76.8, improving by 6.9 points compared with 83.7 in third quarter 2023, and the impact of higher earned premium, partially offset by a higher expense ratio.

Personal Lines core earnings of $33 million improved from a core loss of $8 million in third quarter 2023. Contributing to the results were:

•An underlying loss and loss adjustment expense ratio of 68.0 in third quarter 2024, which improved 6.7 points from 74.7 in third quarter 2023, primarily driven by the impact of earned pricing increases and improvement in auto physical damage frequency and homeowners frequency.

•13% growth in earned premium.

•$14 million, before tax, of favorable PYD in third quarter of 2024, compared with $1 million of unfavorable PYD in third quarter 2023. The net favorable PYD in third quarter 2024 is driven by reserve reductions in auto physical damage and homeowners.

•Net investment income of $58 million, before tax, in third quarter 2024 compared with $47 million in third quarter 2023.

•CAY CAT losses of $92 million, before tax, in third quarter 2024, primarily from hurricanes and tropical storms, including $49 million from Hurricane Helene, as well as wind and hail events across several regions of the United States, up from $69 million of CAY CAT losses in third quarter 2023.

Combined ratio of 102.5 in third quarter 2024, improved from 107.9 in third quarter 2023, primarily due to a 6.9 point improvement in the loss and loss adjustment expense ratio, including a 6.7 point improvement in the underlying loss and loss adjustment expense ratio and a change from unfavorable PYD of 0.1 points in 2023 to favorable PYD of 1.6 points in 2024, partially offset by 1.6 points of higher CAY CAT losses. Underlying combined ratio of 93.7 improved 5.3 points from 99.0 in third quarter 2023, primarily due to improvement in the underlying loss and loss adjustment expense ratio in auto and homeowners, partially offset by a 1.4 point increase in the expense ratio, largely driven by higher commissions and marketing expenses.

•Auto combined ratio of 105.7 improved from 110.8 in third quarter 2023. The underlying combined ratio of 101.5 improved 7.0 points from 108.5 in third quarter 2023, primarily due to improvement in underlying loss and loss adjustment expense ratio driven by the impact of double-digit earned pricing increases as well as lower physical damage claim frequency, partially offset by higher auto claim severities. The auto physical damage claim severity trend has moderated from the prior year. The auto liability severity increases continue to recognize the inflationary effects and higher attorney representation rates on bodily injury claims.

•Homeowners combined ratio of 94.7 improved from 101.4 in third quarter 2023. The underlying combined ratio of 75.4 improved 2.7 points from 78.1 in third quarter 2023, primarily due to improvement in underlying loss and loss adjustment expense ratio driven by the impact of double-digit earned pricing and lower claim frequency, partially offset by higher claim severities. Contributing to the higher homeowners severity was the effect of higher rebuilding costs.

•The expense ratio of 25.6 increased 1.4 points from third quarter 2023, primarily driven by higher direct marketing costs, higher commissions, and higher incentive compensation, partially offset by the impact of higher earned premium.

Written premiums in third quarter 2024 were $970 million compared with $869 million in third quarter 2023 with:

•Renewal written price increases in auto and homeowners of 20.8% and 15.2%, respectively, in response to elevated loss cost trends.

•An increase in new business in both homeowners and auto from third quarter 2023 of $35 million, or 140%, and $22 million, or 36%, respectively.

•Lower effective policy count retention in auto due to renewal written price increases.

Group Benefits


	Three Months Ended
($ in millions, unless otherwise noted)	Sep 30 2024	Sep 30 2023	Change
Net income	$156	$146	7%
Core earnings	$154	$170	(9%)
Fully insured ongoing premiums	$1,600	$1,569	2%
Loss ratio	70.2%	70.2%	0.0
Expense ratio	25.3%	24.0%	1.3
Net income margin	8.8%	8.5%	0.3
Core earnings margin	8.7%	9.8%	(1.1)

Net income of $156 million in third quarter 2024 increased from $146 million in third quarter 2023, largely driven by higher fully insured premiums, the absence of net realized losses in the 2024 period, and a lower group life loss ratio, partially offset by a higher expense ratio, a higher loss ratio on supplemental health products, and a higher group disability loss ratio. Core earnings of $154 million compared with $170 million in third quarter 2023, primarily driven by a higher expense ratio, a higher loss ratio on supplemental health products, and a higher group disability loss ratio, partially offset by higher fully insured premiums and a lower group life loss ratio.

Fully insured ongoing premiums were up 2% compared with third quarter 2023, including an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%, though slightly below the prior year period. Fully insured ongoing sales were $105 million in third quarter 2024, compared with $143 million in third quarter 2023, driven by lower group disability and group life sales.

Loss ratio of 70.2 was flat with third quarter 2023.

•Group life loss ratio of 77.5 improved 2.7 points largely driven by lower mortality.

•Group disability loss ratio of 67.9 compared with 67.3 in third quarter 2023, driven by a higher loss ratio in paid family and medical leave products, partially offset by a favorable change in the long-term disability recovery rate assumption of 2.2 points.

Expense ratio of 25.3 compared with 24.0 in third quarter 2023, primarily due to higher staffing costs, including higher incentive compensation and benefits costs, and increased investments in technology.

Net investment income of $119 million, before tax, compared with $121 million in third quarter 2023.

Hartford Funds


	Three Months Ended
($ in millions, unless otherwise noted)	Sep 30 2024	Sep 30 2023	Change
Net income	$54	$41	32%
Core earnings	$47	$45	4%
Daily average Hartford Funds AUM	$137,888	$128,786	7%
Mutual Funds and exchange-traded funds (ETF) net flows	$(425)	$(1,629)	74%
Total Hartford Funds AUM	$142,439	$123,193	16%

Third quarter 2024 net income of $54 million, compared with $41 million in third quarter 2023, primarily due to a change to net realized gains in 2024 from net realized losses in 2023 and an increase in fee income net of operating costs and other expenses driven by higher daily average Hartford Funds AUM.

Core earnings of $47 million compared with $45 million in third quarter 2023, 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 third quarter 2024 increased 7% from third quarter 2023.

Mutual fund and ETF net outflows totaled $0.4 billion in third quarter 2024, compared with net outflows of $1.6 billion in third quarter 2023.

Corporate


	Three Months Ended
($ in millions, unless otherwise noted)	Sep 30 2024	Sep 30 2023	Change
Net loss	$(12)	$(52)	77%
Net loss available to common stockholders	$(18)	$(58)	69%
Core loss	$(26)	$(52)	50%

Net investment income, before tax	$17	$12	42%


Interest expense and preferred dividends, before tax	$55	$56	(2)%

Net loss available to common stockholders of $18 million in third quarter 2024 compared with $58 million in third quarter 2023, primarily driven by a change from net realized losses to net realized gains in third quarter 2024, a capital-based state tax expense recorded in the 2023 period, and an increase in net investment income.

Third quarter 2024 core loss of $26 million compared with a third quarter 2023 core loss of $52 million, primarily due to a capital-based state tax expense recorded in the 2023 period and an increase in net investment income.

INVESTMENT INCOME AND PORTFOLIO DATA:


	Three Months Ended
($ in millions, unless otherwise noted)	Sep 30 2024	Sep 30 2023	Change

Net investment income, before tax	$659	$597	10%
Annualized investment yield, before tax	4.4%	4.2%	0.2
Annualized investment yield, before tax, excluding LPs1	4.5%	4.1%	0.4
Annualized LP yield, before tax	3.0%	6.3%	(3.3)
Annualized investment yield, after tax	3.5%	3.4%	0.1

Third quarter 2024 consolidated net investment income of $659 million compared with $597 million in third quarter 2023, primarily due to the impact of reinvesting at higher rates and a higher level of invested assets, partially offset by lower income from limited partnerships and other alternative investments (LPs).

Third quarter 2024 net investment income, excluding LPs*, of $622 million, before tax, compared to $525 million in third quarter 2023, an 18% increase driven by a higher level of invested assets combined with a 40 basis point increase in annualized yield.

Third quarter 2024 included $37 million, before tax, of LP income as compared with $72 million in third quarter 2023. Annualized LP yield, before tax, of 3.0% compared to 6.3% in third quarter 2023. Lower LP income was primarily driven by lower returns on private equity funds.

Net realized losses of $13 million, before tax, in third quarter 2024 compared with net realized losses of $90 million, before tax, in third quarter 2023.

Total invested assets of $59.4 billion increased $3.4 billion from Dec. 31, 2023, primarily due to a net increase in book value as well as higher valuations on fixed maturities driven by lower interest rates and tighter credit spreads.

CONFERENCE CALL

The Hartford will discuss its third quarter financial results on a webcast at 9:00 a.m. EDT on Friday, Oct. 25, 2024. 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 Sept. 30, 2024, and the third quarter 2024 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, group 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 Financial Services 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 https://www.thehartford.com/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 Susan Spivak Bernstein

860-547-7413 860-547-6233

michelle.loxton@thehartford.com susan.spivak@thehartford.com

Matthew Sturdevant

860-547-8664

matthew.sturdevant@thehartford.com


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended September 30, 2024
($ in millions)
	Commercial Lines		Personal Lines		P&C Other Ops		Group Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	3,249	$	885	$	—	$	1,600	$	—	$	—	$	5,734
Fee income	11		8		—		55		263		10		347
Net investment income	442		58		18		119		5		17		659
Net realized gains (losses)	(32)		(2)		—		—		7		14		(13)
Other revenue	1		22		—		—		—		1		24
Total revenues	3,671		971		18		1,774		275		42		6,751
Benefits, losses, and loss adjustment expenses	1,981		680		—		1,161		—		1		3,823
Amortization of DAC	512		65		—		8		—		—		585
Insurance operating costs and other expenses	509		186		7		401		208		12		1,323
Restructuring and other costs	—		—		—		—		—		1		1

Interest expense	—		—		—		—		—		49		49
Amortization of other intangible assets	7		1		—		10		—		—		18
Total benefits, losses and expenses	3,009		932		7		1,580		208		63		5,799
Income (loss) before income taxes	662		39		11		194		67		(21)		952
Income tax expense (benefit)	134		8		1		38		13		(9)		185

Net income (loss)	528		31		10		156		54		(12)		767
Preferred stock dividends	—		—		—		—		—		6		6
Net income (loss) available to common stockholders	528		31		10		156		54		(18)		761
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax	31		2		—		(1)		(7)		(13)		12

Restructuring and other costs, before tax	—		—		—		—		—		1		1
Integration and other non-recurring M&A costs, before tax	2		—		—		—		—		—		2
Change in deferred gain on retroactive reinsurance, before tax	(26)		—		—		—		—		—		(26)
Income tax expense (benefit)	(1)		—		—		(1)		—		4		2
Core earnings (loss)	$	534	$	33	$	10	$	154	$	47	$	(26)	$	752


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended September 30, 2023
($ in millions)
	Commercial Lines		Personal Lines		P&C Other Ops		Group Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	2,951	$	784	$	—	$	1,575	$	—	$	—	$	5,310
Fee income	11		7		—		54		248		10		330
Net investment income	395		47		18		121		4		12		597
Net realized losses	(38)		(5)		(2)		(31)		(4)		(10)		(90)
Other revenue (loss)	(1)		21		—		—		—		1		21
Total revenues	3,318		854		16		1,719		248		13		6,168
Benefits, losses, and loss adjustment expenses	1,738		656		2		1,146		—		1		3,543
Amortization of DAC	451		58		—		8		—		—		517
Insurance operating costs and other expenses	473		156		3		372		195		27		1,226


Restructuring and other costs	—		—		—		—		—		1		1
Interest expense	—		—		—		—		—		50		50
Amortization of other intangible assets	7		1		—		10		—		—		18
Total benefits, losses and expenses	2,669		871		5		1,536		195		79		5,355
Income (loss) before income taxes	649		(17)		11		183		53		(66)		813
Income tax expense (benefit)	130		(5)		2		37		12		(14)		162


Net income (loss)	519		(12)		9		146		41		(52)		651
Preferred stock dividends	—		—		—		—		—		6		6
Net income (loss) available to common stockholders	519		(12)		9		146		41		(58)		645
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses, excluded from core earnings, before tax	29		5		1		28		4		9		76


Restructuring and other costs	—		—		—		—		—		1		1
Integration and other non-recurring M&A costs, before tax	1		—		—		1		—		—		2


Income tax expense (benefit)	(7)		(1)		1		(5)		—		(4)		(16)

Core earnings (loss)	$	542	$	(8)	$	11	$	170	$	45	$	(52)	$	708

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 third quarter 2024, 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, on a Consolidated, P&C or Group 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 GAAP measure. A reconciliation of the annualized investment yield to annualized investment yield excluding limited partnerships and other alternatives investments for the quarterly periods ended September 30, 2024 and 2023 is provided in the table below.


	Three Months Ended
	Sept 30 2024		Sept 30 2023
	Consolidated
Annualized investment yield	4.4	%	4.2	%
Adjustment for income from limited partnerships and other alternative investments	0.1	%	(0.1)	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.5	%	4.1	%

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
	Sept 30 2024	Dec 31 2023	Change
Book value per diluted share	$56.39	$49.43	14.1%
Per diluted share impact of AOCI	$6.78	$9.40	(27.9%)
Book value per diluted share (excluding AOCI)	$63.17	$58.83	7.4%


	As of
	Sept 30 2024	Sept 30 2023	Change
Book value per diluted share	$56.39	$43.50	29.6%
Per diluted share impact of AOCI	$6.78	$13.62	(50.2%)
Book value per diluted share (excluding AOCI)	$63.17	$57.12	10.6%

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 September 30, 2024 and 2023, for individual reporting segments can be found in this news release under the heading "The Hartford Financial Services 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 Group 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 Group 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 Group 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 September 30, 2024 and 2023, is set forth below.


	Three Months Ended
Margin	Sept 30 2024	Sept 30 2023	Change
Net income margin	8.8%	8.5%	0.3
Adjustments to reconcile net income margin to core earnings margin:
Net realized gains, before tax	(0.1)%	1.5%	(1.6)
Integration and other non-recurring M&A costs, before tax	—%	0.1%	(0.1)
Income tax expense benefit on items excluded from core earnings	—%	(0.3)%	0.3

Core earnings margin	8.7%	9.8%	(1.1)

Core earnings per diluted share - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the 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 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 September 30, 2024 and 2023 is provided in the table below.


	Three Months Ended
	Sept 30 2024	Sept 30 2023	Change
PER SHARE DATA
Diluted earnings per common share:
Net income available to common stockholders per share1	$2.56	$2.09	22%


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	0.04	0.25	(84)%






Integration and other non-recurring M&A costs, before tax	0.01	0.01	—%
Change in deferred gain on retroactive reinsurance, before tax	(0.09)	—	NM

Income tax expense (benefit) on items excluded from core earnings	0.01	(0.06)	NM
Core earnings per diluted share	$2.53	$2.29	10%
[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.


	Last Twelve Months Ended
	Sept 30 2024	Sept 30 2023
Net income available to common stockholders ROE	20.0%	17.7%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:

Net realized losses excluded from core earnings, before tax	0.4%	0.9%
Restructuring and other costs, before tax	—%	0.1%




Integration and other non-recurring M&A costs, before tax	0.1%	0.1%

Change in deferred gain on retroactive reinsurance, before tax	0.7%	1.8%
Income tax benefit on items not included in core earnings	(0.2)%	(0.6)%

Impact of AOCI, excluded from denominator of core earnings ROE	(3.6)%	(5.1)%
Core earnings ROE	17.4%	14.9%

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 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 Commercial Lines" and "Personal Lines". 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 COMMERCIAL


	Three Months Ended
	Sept 30 2024	Sept 30 2023	Change
Combined ratio	91.6	87.7	3.9
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(6.4)	(3.2)	(3.2)
Prior accident year development	4.1	5.2	(1.1)
Underlying combined ratio	89.3	89.7	(0.4)

MIDDLE & LARGE COMMERCIAL


	Three Months Ended
	Sept 30 2024	Sept 30 2023	Change
Combined ratio	97.0	94.5	2.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.5)	(4.5)	1.0
Prior accident year development	(3.3)	(1.8)	(1.5)
Underlying combined ratio	90.2	88.1	2.1

GLOBAL SPECIALTY


	Three Months Ended
	Sept 30 2024	Sept 30 2023	Change
Combined ratio	87.4	88.9	(1.5)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.8)	(4.3)	0.5
Prior accident year development	1.7	(0.3)	2.0
Underlying combined ratio	85.3	84.3	1.0

PERSONAL LINES AUTO


	Three Months Ended
	Sept 30 2024	Sept 30 2023	Change
Combined ratio	105.7	110.8	(5.1)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(5.8)	(2.3)	(3.5)
Prior accident year development	1.6	—	1.6
Underlying combined ratio	101.5	108.5	(7.0)

PERSONAL LINES HOMEOWNERS


	Three Months Ended
	Sept 30 2024	Sept 30 2023	Change
Combined ratio	94.7	101.4	(6.7)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(21.0)	(23.1)	2.1
Prior accident year development	1.7	(0.3)	2.0
Underlying combined ratio	75.4	78.1	(2.7)

Underwriting gain (loss) - The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. 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 to underwriting gain (loss) for the quarterly periods ended September 30, 2024 and 2023, 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 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 (loss) for individual reporting segments for the quarterly periods ended September 30, 2024 and 2023, is set forth below.

COMMERCIAL LINES


	Three Months Ended
	Sept 30 2024		Sept 30 2023
Net income	$	528	$	519
Adjustments to reconcile net income to underwriting gain:

Net investment income	(442)		(395)
Net realized losses	32		38

Other income (expense)	1		(2)

Income tax expense	134		130
Underwriting gain	253		290
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes	155		115
Prior accident year development	(36)		(46)

Underlying underwriting gain	$	372	$	359

PERSONAL LINES


	Three Months Ended
	Sept 30 2024		Sept 30 2023
Net income (loss)	$	31	$	(12)
Adjustments to reconcile net income (loss) to underwriting loss:

Net investment income	(58)		(47)
Net realized losses	2		5
Net servicing and other income (expense)	(5)		(3)
Income tax expense (benefit)	8		(5)
Underwriting loss	(22)		(62)
Adjustments to reconcile underwriting loss to underlying underwriting gain:
Current accident year catastrophes	92		69
Prior accident year development	(14)		1
Underlying underwriting gain	$	56	$	8

Underlying loss and loss adjustment expense ratio - This non-GAAP financial measure of the loss and loss adjustment expense ratio for Commercial Lines and Personal Lines represents the loss and loss adjustment expense ratio before catastrophes and prior accident year development. The loss and loss adjustment expense ratio is the most directly comparable GAAP measure. The underlying loss and loss adjustment expense 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 reserve development. A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods ended September 30, 2024 and 2023, is set forth below.

COMMERCIAL LINES


	Three Months Ended
	Sep 30 2024	Sep 30 2023	Change
Loss and loss adjustment expense ratio
Total losses and loss adjustment expenses	61.0	58.9	2.1
Current accident year catastrophes	(4.8)	(3.9)	(0.9)
Prior accident year development	1.1	1.6	(0.5)
Underlying loss and loss adjustment expense ratio	57.3	56.6	0.7

PERSONAL LINES


	Three Months Ended
	Sep 30 2024	Sep 30 2023	Change
Loss and loss adjustment expense ratio
Total losses and loss adjustment expenses	76.8	83.7	(6.9)
Current accident year catastrophes	(10.4)	(8.8)	(1.6)
Prior accident year development	1.6	(0.1)	1.7
Underlying loss and loss adjustment expense ratio	68.0	74.7	(6.7)

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 Group 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 instruments, 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 instruments. Net investment income is the most directly comparable GAAP measure. A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments for the quarterly periods ended September 30, 2024 and 2023 is provided in the table below.


	Three Months Ended
	Sept 30 2024	Sept 30 2023
	Consolidated
Total net investment income	$659	$597
Loss (income) from limited partnerships and other alternative assets	(37)	(72)
Net investment income excluding limited partnerships and other alternative investments	$622	$525

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 Financial Services 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 2023 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; the ongoing effects of the COVID-19 pandemic, including exposure to COVID-19 business interruption property claims and the possibility of a resurgence of COVID-19 related losses in Group Benefits;

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 or other information security incident 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.

INVESTOR FINANCIAL SUPPLEMENT

September 30, 2024

Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*) the first time they appear in this document. These measures are defined within the Discussion of Non-GAAP and Other Financial Measures section and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

As of October 23, 2024

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

Susan Spivak Bernstein

Junior subordinated debentures

bbb

BBB-

Baa2

Senior Vice President

Preferred stock

bbb

BBB-

Baa3

Investor Relations

Phone (860) 547-6233

- The Hartford Financial Services Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on positive outlook at A.M. Best, Standard and Poor’s and Moody’s

TRANSFER AGENT

Stockholder correspondence should be mailed to:

Overnight correspondence should be mailed to:

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 Financial Services 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 Financial Services 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 FINANCIAL SERVICES 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
	Commercial Lines Income Statements	11
	Commercial Lines Income Statements (Continued)	12
	Commercial Lines Underwriting Ratios	13
	Commercial Lines Supplemental Data	14
	Personal Lines Income Statements	15
	Personal Lines Income Statements (Continued)	16
	Personal Lines Underwriting Ratios	17
	Personal Lines Supplemental Data	18
	Personal Lines Supplemental Data (Continued)	19
	P&C Other Operations Income Statements	20

GROUP 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 - Group 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 and Other Financial Measures	34

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED FINANCIAL RESULTS


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024		Sept 30 2023
HIGHLIGHTS
Net income	$	767		$	738		$	753		$	771		$	651		$	547		$	535			$	2,258	$	1,733
Net income available to common stockholders [1]	$	761		$	733		$	748		$	766		$	645		$	542		$	530			$	2,242	$	1,717
Core earnings*	$	752		$	750		$	709		$	935		$	708		$	588		$	536			$	2,211	$	1,832
Total revenues	$	6,751		$	6,486		$	6,419		$	6,400		$	6,168		$	6,049		$	5,910			$	19,656	$	18,127
Total assets	$	81,219		$	79,046		$	77,710		$	76,780		$	74,516		$	73,895		$	74,249
PER SHARE AND SHARES DATA
Basic earnings per common share

Net income available to common stockholders	$	2.60		$	2.48		$	2.51		$	2.55		$	2.12		$	1.75		$	1.69			$	7.59	$	5.55
Core earnings*	$	2.57		$	2.54		$	2.38		$	3.11		$	2.32		$	1.90		$	1.71			$	7.48	$	5.92
Diluted earnings per common share

Net income available to common stockholders	$	2.56		$	2.44		$	2.47		$	2.51		$	2.09		$	1.73		$	1.66			$	7.47	$	5.48
Core earnings*	$	2.53		$	2.50		$	2.34		$	3.06		$	2.29		$	1.88		$	1.68			$	7.37	$	5.84
Weighted average common shares outstanding (basic)	292.6			295.5			298.1			300.3			304.6			309.4			314.0				295.4		309.3
Dilutive effect of stock compensation	4.9			4.4			4.5			4.8			4.4			3.9			4.6				4.6		4.3
Weighted average common shares outstanding and dilutive potential common shares (diluted)	297.5			299.9			302.6			305.1			309.0			313.3			318.6				300.0		313.6
Common shares outstanding	290.8			294.0			296.8			298.5			302.4			307.1			311.8
Book value per common share	$	57.34		$	52.20		$	50.99		$	50.23		$	44.13		$	45.00		$	44.92
Per common share impact of accumulated other comprehensive income [2]	6.89			10.43			10.10			9.54			13.82			11.47			10.44
Book value per common share (excluding AOCI)*	$	64.23		$	62.63		$	61.09		$	59.77		$	57.95		$	56.47		$	55.36
Book value per diluted share	$	56.39		$	51.43		$	50.23		$	49.43		$	43.50		$	44.43		$	44.27
Per diluted share impact of AOCI	6.78			10.28			9.95			9.40			13.62			11.33			10.28
Book value per diluted share (excluding AOCI)*	$	63.17		$	61.71		$	60.18		$	58.83		$	57.12		$	55.76		$	54.55
Common shares outstanding and dilutive potential common shares	295.7			298.4			301.3			303.3			306.8			311.0			316.4
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")	20.0		%	19.8		%	18.5		%	17.5		%	17.7		%	14.4		%	12.8		%
Core earnings ROE*	17.4		%	17.4		%	16.6		%	15.8		%	14.9		%	13.6		%	14.3		%

[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 FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Earned premiums	$	5,734	$	5,578	$	5,446	$	5,433	$	5,310	$	5,220	$	5,063		$	16,758	$	15,593
Fee income	347		339		333		323		330		328		319			1,019		977
Net investment income	659		602		593		653		597		540		515			1,854		1,652
Net realized gains (losses)	(13)		(59)		28		(27)		(90)		(64)		(7)			(44)		(161)
Other revenues	24		26		19		18		21		25		20			69		66
Total revenues	6,751		6,486		6,419		6,400		6,168		6,049		5,910			19,656		18,127
Benefits, losses and loss adjustment expenses	3,823		3,661		3,611		3,633		3,543		3,580		3,482			11,095		10,605
Amortization of deferred policy acquisition costs ("DAC")	585		561		545		534		517		502		491			1,691		1,510
Insurance operating costs and other expenses	1,323		1,285		1,283		1,214		1,226		1,225		1,216			3,891		3,667

Interest expense	49		50		50		49		50		50		50			149		150
Amortization of other intangible assets	18		17		18		18		18		17		18			53		53
Restructuring and other costs [1]	1		—		1		2		1		3		—			2		4
Total benefits, losses and expenses	5,799		5,574		5,508		5,450		5,355		5,377		5,257			16,881		15,989
Income before income taxes	952		912		911		950		813		672		653			2,775		2,138
Income tax expense	185		174		158		179		162		125		118			517		405


Net income	767		738		753		771		651		547		535			2,258		1,733
Preferred stock dividends	6		5		5		5		6		5		5			16		16
Net income available to common stockholders	761		733		748		766		645		542		530			2,242		1,717
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	12		58		(30)		16		76		53		7			40		136
Restructuring and other costs, before tax [1]	1		—		1		2		1		3		—			2		4

Integration and other non-recurring M&A costs, before tax [2]	2		2		2		2		2		2		2			6		6

Change in deferred gain on retroactive reinsurance, before tax [3]	(26)		(37)		(24)		194		—		—		—			(87)		—
Income tax expense (benefit) [4]	2		(6)		12		(45)		(16)		(12)		(3)			8		(31)

Core earnings	$	752	$	750	$	709	$	935	$	708	$	588	$	536		$	2,211	$	1,832

[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 and 2017 acquisition of Aetna's group life and disability business.

[3]During 2024, the Company collected recoveries from National Indemnity Company ("NICO”), a subsidiary of Berkshire Hathaway Inc. related to the Navigators adverse development cover ("Navigators ADC") and as a result amortized $26, and $87 of the deferred gain within benefits, losses and loss adjustment expenses in the three and nine month periods ended September 30, 2024, respectively. As of September 30, 2024 and December 31, 2023, the deferred gain under retroactive reinsurance accounting on the Navigators ADC was $122 and $209, respectively, and is included in other liabilities on the Consolidating Balance Sheets.

[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

OPERATING RESULTS BY SEGMENT


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net income (loss):
Commercial Lines	$	528	$	540	$	573	$	687	$	519	$	458	$	421		$	1,641	$	1,398
Personal Lines	31		(11)		34		34		(12)		(60)		(1)			54		(73)
Property & Casualty Other Operations ("P&C Other Operations")	10		11		8		(154)		9		9		6			29		24
Property & Casualty ("P&C")	569		540		615		567		516		407		426			1,724		1,349
Group Benefits	156		171		108		176		146		121		92			435		359
Hartford Funds	54		44		45		47		41		45		41			143		127
Sub-total	779		755		768		790		703		573		559			2,302		1,835
Corporate	(12)		(17)		(15)		(19)		(52)		(26)		(24)			(44)		(102)
Net income	767		738		753		771		651		547		535			2,258		1,733
Preferred stock dividends	6		5		5		5		6		5		5			16		16
Net income available to common stockholders	$	761	$	733	$	748	$	766	$	645	$	542	$	530		$	2,242	$	1,717

Core earnings (loss):
Commercial Lines	$	534	$	551	$	546	$	723	$	542	$	493	$	436		$	1,631	$	1,471
Personal Lines	33		(4)		33		36		(8)		(57)		—			62		(65)
P&C Other Operations	10		14		7		(1)		11		10		8			31		29
P&C	577		561		586		758		545		446		444			1,724		1,435
Group Benefits	154		178		107		174		170		133		90			439		393
Hartford Funds	47		43		41		39		45		44		37			131		126
Sub-total	778		782		734		971		760		623		571			2,294		1,954
Corporate	(26)		(32)		(25)		(36)		(52)		(35)		(35)			(83)		(122)
Core earnings	$	752	$	750	$	709	$	935	$	708	$	588	$	536		$	2,211	$	1,832

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATING BALANCE SHEETS


	PROPERTY & CASUALTY				GROUP BENEFITS				HARTFORD FUNDS				CORPORATE [1]				CONSOLIDATED
	Sept 30 2024		Dec 31 2023		Sept 30 2024		Dec 31 2023		Sept 30 2024		Dec 31 2023		Sept 30 2024		Dec 31 2023		Sept 30 2024		Dec 31 2023
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value	$	34,371	$	31,408	$	8,223	$	8,222	$	—	$	—	$	199	$	188	$	42,793	$	39,818
Fixed maturities, at fair value using the fair value option	220		272		43		55		—		—		—		—		263		327
Equity securities, at fair value	268		456		49		99		87		121		230		188		634		864
Mortgage loans, net	4,764		4,493		1,651		1,594		—		—		—		—		6,415		6,087
Limited partnerships and other alternative investments	3,951		3,770		1,068		1,015		—		—		—		—		5,019		4,785
Other investments	166		162		8		8		86		21		2		—		262		191
Short-term investments	2,225		2,127		264		382		272		243		1,203		1,098		3,964		3,850
Total investments	45,965		42,688		11,306		11,375		445		385		1,634		1,474		59,350		55,922
Cash	184		106		30		12		9		7		—		1		223		126
Restricted cash	55		52		3		11		—		—		—		—		58		63
Accrued investment income	348		313		95		89		—		1		2		1		445		404
Premiums receivable and agents’ balances, net	5,532		4,973		619		634		—		—		—		—		6,151		5,607
Reinsurance recoverables, net [2]	6,540		6,602		286		260		—		—		226		242		7,052		7,104
Deferred policy acquisition costs ("DAC")	1,238		1,078		32		35		—		—		—		—		1,270		1,113
Deferred income taxes	551		681		(21)		13		1		4		445		475		976		1,173
Goodwill	778		778		723		723		181		181		229		229		1,911		1,911
Property and equipment, net	759		784		61		57		7		8		44		47		871		896
Other intangible assets	317		340		327		357		10		10		—		—		654		707
Other assets	1,575		1,130		157		131		106		88		420		405		2,258		1,754
Total assets	$	63,842	$	59,525	$	13,618	$	13,697	$	759	$	684	$	3,000	$	2,874	$	81,219	$	76,780
Unpaid losses and loss adjustment expenses	$	35,695	$	34,044	$	8,186	$	8,274	$	—	$	—	$	—	$	—	$	43,881	$	42,318
Reserves for future policy benefits [2]	—		—		304		312		—		—		166		172		470		484
Other policyholder funds and benefits payable [2]	—		—		397		408		—		—		216		230		613		638
Unearned premiums	9,550		8,561		49		38		—		—		—		—		9,599		8,599
Debt	—		—		—		—		—		—		4,365		4,362		4,365		4,362
Other liabilities	3,026		2,754		193		220		181		150		1,883		1,928		5,283		5,052
Total liabilities	48,271		45,359		9,129		9,252		181		150		6,630		6,692		64,211		61,453
Common stockholders' equity, excluding AOCI*	16,039		15,322		4,654		4,752		578		534		(2,592)		(2,766)		18,679		17,842
Preferred stock	—		—		—		—		—		—		334		334		334		334
AOCI, net of tax	(468)		(1,156)		(165)		(307)		—		—		(1,372)		(1,386)		(2,005)		(2,849)
Total stockholders' equity	15,571		14,166		4,489		4,445		578		534		(3,630)		(3,818)		17,008		15,327
Total liabilities and stockholders' equity	$	63,842	$	59,525	$	13,618	$	13,697	$	759	$	684	$	3,000	$	2,874	$	81,219	$	76,780

[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.2 billion and $1.1 billion as of September 30, 2024 and December 31, 2023, respectively, held by the holding company of The Hartford Financial Services 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 FINANCIAL SERVICES GROUP, INC.

CAPITAL STRUCTURE


	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023
DEBT

Senior notes	$	3,866		$	3,865		$	3,864		$	3,863		$	3,862		$	3,861		$	3,859
Junior subordinated debentures	499			499			499			499			499			499			499
Total debt	$	4,365		$	4,364		$	4,363		$	4,362		$	4,361		$	4,360		$	4,358
STOCKHOLDERS’ EQUITY
Total stockholders’ equity	$	17,008		$	15,680		$	15,468		$	15,327		$	13,679		$	14,152		$	14,340
Less: Preferred stock	334			334			334			334			334			334			334
Less: AOCI	(2,005)			(3,068)			(2,997)			(2,849)			(4,178)			(3,524)			(3,254)
Common stockholders' equity, excluding AOCI	$	18,679		$	18,414		$	18,131		$	17,842		$	17,523		$	17,342		$	17,260
CAPITALIZATION
Total capitalization, including AOCI, net of tax	$	21,373		$	20,044		$	19,831		$	19,689		$	18,040		$	18,512		$	18,698
Total capitalization, excluding AOCI, net of tax*	$	23,378		$	23,112		$	22,828		$	22,538		$	22,218		$	22,036		$	21,952
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI	20.4		%	21.8		%	22.0		%	22.2		%	24.2		%	23.6		%	23.3		%
Total debt to capitalization, excluding AOCI*	18.7		%	18.9		%	19.1		%	19.4		%	19.6		%	19.8		%	19.9		%
Total debt and preferred stock to capitalization, including AOCI	22.0		%	23.4		%	23.7		%	23.9		%	26.0		%	25.4		%	25.1		%
Total debt and preferred stock to capitalization, excluding AOCI*	20.1		%	20.3		%	20.6		%	20.8		%	21.1		%	21.3		%	21.4		%
Total rating agency adjusted debt to capitalization [1] [2]	21.3		%	22.7		%	22.9		%	23.7		%	25.7		%	25.0		%	24.7		%
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]	17.3:1			17.1:1			17.1:1			14.6:1			13.6:1			12.8:1			12.6:1

[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 September 30, 2024 and 2023.

[2]2024 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. 2023 results reflect 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.

[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 FINANCIAL SERVICES GROUP, INC.

STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION

SEPTEMBER 30, 2024


	P&C		GROUP BENEFITS
U.S. statutory net income [1][2]	$	1,397	$	445
U.S. statutory capital [2][3][4]	$	13,049	$	2,633
U.S. GAAP adjustments [2]:
DAC	1,191		32
Non-admitted deferred tax assets [5]	257		158
Deferred taxes [6]	(414)		(345)
Goodwill	109		723
Other intangible assets	21		327
Non-admitted assets other than deferred taxes	878		114
Asset valuation and interest maintenance reserve	—		285
Benefit reserves	(64)		371
Unrealized gains (losses) on investments	(642)		(455)
Deferred gain on retroactive reinsurance agreements [7]	(886)		—
Other, net	966		646
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]	14,465		4,489
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group	1,106		—
Total U.S. GAAP stockholders’ equity	$	15,571	$	4,489

[1]Statutory net income is for the nine months ended September 30, 2024.

[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 FINANCIAL SERVICES GROUP, INC.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	AS OF
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023
Net unrealized gain (loss) on fixed maturities, AFS	$	(671)	$	(1,732)	$	(1,642)	$	(1,482)	$	(2,948)	$	(2,277)	$	(2,008)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")	(5)		(7)		(7)		(8)		(9)		(10)		(13)
Net gains on cash flow hedging instruments	33		30		21		21		27		31		48
Total net unrealized gain (loss)	(643)		(1,709)		(1,628)		(1,469)		(2,930)		(2,256)		$	(1,973)
Foreign currency translation adjustments	41		35		36		37		35		36		33
Liability for future policy benefits adjustments	19		35		30		25		47		32		27
Pension and other postretirement plan adjustments	(1,422)		(1,429)		(1,435)		(1,442)		(1,330)		(1,336)		(1,341)
Total AOCI	$	(2,005)	$	(3,068)	$	(2,997)	$	(2,849)	$	(4,178)	$	(3,524)	$	(3,254)

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

INCOME STATEMENTS


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024		Sept 30 2023
Written premiums	$	4,245		$	4,453		$	4,206		$	3,770		$	3,872		$	3,979		$	3,856			$	12,904	$	11,707
Change in unearned premium reserve	111			483			345			(72)			137			333			351				939		821
Earned premiums	4,134			3,970			3,861			3,842			3,735			3,646			3,505				11,965		10,886
Fee income	19			19			19			18			18			17			18				57		53
Losses and loss adjustment expenses
Current accident year before catastrophes	2,464			2,347			2,300			2,306			2,255			2,216			2,085				7,111		6,556
Current accident year catastrophes [1]	247			280			161			81			184			226			185				688		595
Prior accident year development [2]	(50)			(115)			(56)			92			(43)			(39)			—				(221)		(82)
Total losses and loss adjustment expenses	2,661			2,512			2,405			2,479			2,396			2,403			2,270				7,578		7,069
Amortization of DAC	577			552			536			526			509			493			482				1,665		1,484
Underwriting expenses	669			655			642			596			601			616			604				1,966		1,821
Amortization of other intangible assets	8			7			8			8			8			7			8				23		23
Dividends to policyholders	10			9			10			8			16			7			8				29		31
Underwriting gain*	228			254			279			243			223			137			151				761		511
Net investment income	518			471			459			505			460			415			392				1,448		1,267
Net realized gains (losses)	(34)			(61)			13			(54)			(45)			(57)			(23)				(82)		(125)
Net servicing and other income (expense)	—			5			2			2			5			7			6				7		18
Income before income taxes	712			669			753			696			643			502			526				2,134		1,671
Income tax expense	143			129			138			129			127			95			100				410		322


Net income	569			540			615			567			516			407			426				1,724		1,349
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	33			62			(15)			45			35			48			23				80		106

Integration and other non-recurring M&A costs, before tax	2			2			2			1			1			2			—				6		3

Change in deferred gain on retroactive reinsurance, before tax [2]	(26)			(37)			(24)			194			—			—			—				(87)		—
Income tax expense (benefit) [3]	(1)			(6)			8			(49)			(7)			(11)			(5)				1		(23)
Core earnings	$	577		$	561		$	586		$	758		$	545		$	446		$	444			$	1,724	$	1,435
ROE
Net income available to common stockholders [4]	19.9		%	19.9		%	18.5		%	17.5		%	17.6		%	13.8		%	12.8		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax	1.1		%	1.2		%	1.1		%	1.5		%	1.1		%	1.8		%	3.3		%

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 [2]	1.0		%	1.3		%	1.6		%	1.9		%	2.5		%	2.3		%	2.2		%
Income tax benefit [3]	(0.4		%)	(0.5		%)	(0.6		%)	(0.7		%)	(0.8		%)	(0.9		%)	(1.3		%)

Impact of AOCI, excluded from core earnings ROE	(2.7		%)	(3.1		%)	(2.6		%)	(2.9		%)	(4.3		%)	(2.6		%)	(1.6		%)
Core earnings [4]	19.0		%	18.9		%	18.1		%	17.3		%	16.2		%	14.5		%	15.5		%

[1]The three months ended September 30, 2024 included $104 of losses, net of reinsurance, from Hurricane Helene, including $55 in Commercial Lines and $49 in Personal Lines.

[2]Prior accident year development for the three and nine months ended September 30, 2024, includes a $26 and $87 benefit, respectively, for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators ADC as the Company collected recoveries of the ceded losses from NICO during 2024. See [3] on page 2 for more information.

[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

[4]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.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

INCOME STATEMENTS (CONTINUED)

Prior accident year development included the following unfavorable (favorable) reserve development:


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Workers’ compensation	$	(69)	$	(52)	$	(67)	$	(62)	$	(61)	$	(52)	$	(61)		$	(188)	$	(174)
Workers' compensation discount accretion	11		11		12		10		10		11		11			34		32
General liability	32		32		17		2		11		16		12			81		39
Marine	—		(8)		7		(1)		—		(2)		1			(1)		(1)
Package business	(5)		(1)		—		(6)		(10)		(3)		(5)			(6)		(18)
Commercial property	(2)		(2)		(3)		(9)		2		(5)		5			(7)		2
Professional liability	—		(2)		(5)		1		—		(3)		—			(7)		(3)
Bond	—		(22)		—		(39)		—		12		—			(22)		12
Assumed reinsurance	—		15		9		15		2		15		2			24		19
Automobile liability - Commercial Lines	16		10		—		14		—		6		—			26		6
Automobile liability - Personal Lines	—		(13)		—		—		—		—		—			(13)		—
Homeowners	(5)		(10)		—		(7)		—		2		(1)			(15)		1
Net asbestos and environmental reserves	—		—		—		—		—		—		—			—		—
Catastrophes	—		(38)		—		(43)		—		(44)		—			(38)		(44)
Uncollectible reinsurance	—		—		—		—		1		4		8			—		13
Other reserve re-estimates, net [1]	(2)		2		(2)		23		2		4		28			(2)		34
Prior accident year development before change in deferred gain	(24)		(78)		(32)		(102)		(43)		(39)		—			(134)		(82)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(26)		(37)		(24)		194		—		—		—			(87)		—
Total prior accident year development	$	(50)	$	(115)	$	(56)	$	92	$	(43)	$	(39)	$	—		$	(221)	$	(82)

[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves within Personal Lines of $(10) and $(24) for the three and nine months ended September 30, 2024 and $0 and $22 for the three and nine months ended September 30, 2023, respectively.

[2]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

UNDERWRITING RATIOS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
UNDERWRITING GAIN	$	228	$	254	$	279	$	243	$	223	$	137	$	151		$	761	$	511
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes	59.6		59.1		59.6		60.0		60.4		60.8		59.5			59.4		60.2
Current accident year catastrophes	6.0		7.1		4.2		2.1		4.9		6.2		5.3			5.8		5.5
Prior accident year development [1]	(1.2)		(2.9)		(1.5)		2.4		(1.2)		(1.1)		—			(1.8)		(0.8)
Total loss and loss adjustment expense ratio	64.4		63.3		62.3		64.5		64.1		65.9		64.8			63.3		64.9
Expense ratio [2]	29.9		30.1		30.2		28.9		29.5		30.1		30.7			30.1		30.1
Policyholder dividend ratio	0.2		0.2		0.3		0.2		0.4		0.2		0.2			0.2		0.3
Combined ratio	94.5		93.6		92.8		93.7		94.0		96.2		95.7			93.6		95.3
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(4.8)		(4.2)		(2.7)		(4.5)		(3.7)		(5.1)		(5.3)			(4.0)		(4.7)
Underlying combined ratio *	89.7		89.5		90.1		89.2		90.3		91.1		90.4			89.7		90.6

[1]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.

[2]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

INCOME STATEMENTS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Written premiums	$	3,275	$	3,540	$	3,362	$	2,990	$	3,003	$	3,177	$	3,109		$	10,177	$	9,289
Change in unearned premium reserve	26		419		314		(48)		52		291		343			759		686
Earned premiums	3,249		3,121		3,048		3,038		2,951		2,886		2,766			9,418		8,603
Fee income	11		11		11		10		11		10		10			33		31
Losses and loss adjustment expenses
Current accident year before catastrophes	1,862		1,750		1,725		1,704		1,669		1,638		1,564			5,337		4,871
Current accident year catastrophes [1]	155		155		109		60		115		123		138			419		376
Prior accident year development [2]	(36)		(81)		(56)		(118)		(46)		(38)		(23)			(173)		(107)
Total losses and loss adjustment expenses	1,981		1,824		1,778		1,646		1,738		1,723		1,679			5,583		5,140
Amortization of DAC	512		489		476		468		451		436		424			1,477		1,311
Underwriting expenses	497		484		487		452		460		469		456			1,468		1,385
Amortization of other intangible assets	7		7		7		8		7		7		7			21		21
Dividends to policyholders	10		9		10		8		16		7		8			29		31
Underwriting gain	253		319		301		466		290		254		202			873		746

Net investment income	442		402		391		435		395		364		338			1,235		1,097
Net realized gains (losses)	(32)		(50)		12		(48)		(38)		(51)		(19)			(70)		(108)

Other income (expense) [3]	(1)		(1)		(2)		(3)		2		—		—			(4)		2
Income before income taxes	662		670		702		850		649		567		521			2,034		1,737
Income tax expense	134		130		129		163		130		109		100			393		339


Net income	528		540		573		687		519		458		421			1,641		1,398
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	31		50		(13)		41		29		43		19			68		91
Integration and other non-recurring M&A costs, before tax [3]	2		2		2		1		1		2		—			6		3

Change in deferred gain on retroactive reinsurance, before tax [2]	(26)		(37)		(24)		—		—		—		—			(87)		—

Income tax expense (benefit) [4]	(1)		(4)		8		(6)		(7)		(10)		(4)			3		(21)
Core earnings	$	534	$	551	$	546	$	723	$	542	$	493	$	436		$	1,631	$	1,471

[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Helene.

[2]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.

[3]Includes Navigators Group integration costs.

[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

INCOME STATEMENTS (CONTINUED)

Prior accident year development included the following unfavorable (favorable) reserve development:


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Workers’ compensation	$	(69)	$	(52)	$	(67)	$	(62)	$	(61)	$	(52)	$	(61)		$	(188)	$	(174)
Workers' compensation discount accretion	11		11		12		10		10		11		11			34		32
General liability	32		32		17		2		11		16		12			81		39
Marine	—		(8)		7		(1)		—		(2)		1			(1)		(1)
Package business	(5)		(1)		—		(6)		(10)		(3)		(5)			(6)		(18)
Commercial property	(2)		(2)		(3)		(9)		2		(5)		5			(7)		2
Professional liability	—		(2)		(5)		1		—		(3)		—			(7)		(3)
Bond	—		(22)		—		(39)		—		12		—			(22)		12
Assumed reinsurance	—		15		9		15		2		15		2			24		19
Automobile liability	16		10		—		14		—		6		—			26		6

Catastrophes	—		(33)		—		(43)		—		(40)		—			(33)		(40)
Uncollectible reinsurance	—		—		(7)		—		(2)		4		5			(7)		7
Other reserve re-estimates, net	7		8		5		—		2		3		7			20		12
Prior accident year development before change in deferred gain	(10)		(44)		(32)		(118)		(46)		(38)		(23)			(86)		(107)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(26)		(37)		(24)		—		—		—		—			(87)		—
Total prior accident year development	$	(36)	$	(81)	$	(56)	$	(118)	$	(46)	$	(38)	$	(23)		$	(173)	$	(107)

[1]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

UNDERWRITING RATIOS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
UNDERWRITING GAIN	$	253	$	319	$	301	$	466	$	290	$	254	$	202		$	873	$	746
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes	57.3		56.1		56.6		56.1		56.6		56.8		56.5			56.7		56.6
Current accident year catastrophes	4.8		5.0		3.6		2.0		3.9		4.3		5.0			4.4		4.4
Prior accident year development	(1.1)		(2.6)		(1.8)		(3.9)		(1.6)		(1.3)		(0.8)			(1.8)		(1.2)
Total loss and loss adjustment expense ratio	61.0		58.4		58.3		54.2		58.9		59.7		60.7			59.3		59.7
Expense ratio [1]	30.9		31.1		31.5		30.2		30.7		31.3		31.7			31.2		31.2
Policyholder dividend ratio	0.3		0.3		0.3		0.3		0.5		0.2		0.3			0.3		0.4
Combined ratio [2]	92.2		89.8		90.1		84.7		90.2		91.2		92.7			90.7		91.3
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(3.7)		(2.4)		(1.8)		1.9		(2.3)		(3.0)		(4.2)			(2.6)		(3.2)

Underlying combined ratio	88.6		87.4		88.4		86.6		87.8		88.3		88.5			88.1		88.2

COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio	91.6		88.7		89.0		84.0		87.7		90.8		90.8			89.8		89.7
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(6.4)		(6.1)		(3.8)		(3.4)		(3.2)		(5.7)		(6.2)			(5.4)		(5.0)
Prior accident year development	4.1		4.2		4.3		5.2		5.2		4.5		4.9			4.2		4.9
Underlying combined ratio	89.3		86.8		89.6		85.8		89.7		89.7		89.5			88.5		89.6
MIDDLE & LARGE COMMERCIAL
Combined ratio	97.0		95.9		94.0		89.3		94.5		93.6		97.6			95.6		95.2
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.5)		(4.8)		(3.6)		(0.1)		(4.5)		(3.8)		(5.0)			(4.0)		(4.4)
Prior accident year development	(3.3)		(1.4)		(1.2)		1.2		(1.8)		(1.1)		(2.7)			(2.0)		(1.9)
Underlying combined ratio	90.2		89.6		89.2		90.3		88.1		88.7		89.9			89.7		88.9
GLOBAL SPECIALTY
Combined ratio [2]	87.4		83.4		87.8		79.6		88.9		87.3		88.7			86.2		88.3
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.8)		(3.5)		(3.3)		(2.0)		(4.3)		(2.6)		(3.1)			(3.5)		(3.3)
Prior accident year development	1.7		5.3		0.7		5.3		(0.3)		0.3		(0.4)			2.6		(0.1)
Underlying combined ratio	85.3		85.2		85.3		82.9		84.3		85.0		85.2			85.3		84.8

[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

[2]The three and nine months ended September 30, 2024 included a change in deferred gain on retroactive reinsurance related to the Navigators ADC of $26 and $87 representing a benefit of 0.8 and 0.9 points for the Commercial Lines combined ratio and 2.9 and 3.4 points for the global specialty combined ratio for the three and nine month periods, respectively.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

SUPPLEMENTAL DATA


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
WRITTEN PREMIUMS
Small Commercial	$	1,347		$	1,373		$	1,425		$	1,220		$	1,228		$	1,266		$	1,319			$	4,145		$	3,813
Middle & Large Commercial	1,117			1,140			1,016			1,010			1,031			1,013			935				3,273			2,979
Middle Market	962			993			872			860			900			881			796				2,827			2,577
National Accounts and Other	155			147			144			150			131			132			139				446			402
Global Specialty [1]	797			1,013			907			748			730			885			842				2,717			2,457
U.S.	544			595			505			495			500			551			468				1,644			1,519
International	102			125			106			122			96			121			99				333			316
Global Re	151			293			296			131			134			213			275				740			622
Other	14			14			14			12			14			13			13				42			40
Total	$	3,275		$	3,540		$	3,362		$	2,990		$	3,003		$	3,177		$	3,109			$	10,177		$	9,289
EARNED PREMIUMS
Small Commercial	$	1,323		$	1,284		$	1,248		$	1,251		$	1,221		$	1,190		$	1,139			$	3,855		$	3,550
Middle & Large Commercial	1,065			1,021			996			989			955			948			914				3,082			2,817
Middle Market	921			879			864			851			829			806			785				2,664			2,420
National Accounts and Other	144			142			132			138			126			142			129				418			397
Global Specialty [1]	847			802			789			786			761			735			700				2,438			2,196
U.S.	540			514			503			500			501			484			463				1,557			1,448
International	113			108			105			108			104			108			99				326			311
Global Re	194			180			181			178			156			143			138				555			437
Other	14			14			15			12			14			13			13				43			40
Total	$	3,249		$	3,121		$	3,048		$	3,038		$	2,951		$	2,886		$	2,766			$	9,418		$	8,603

COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium	$	278		$	291		$	268		$	216		$	220		$	237		$	242			$	837		$	699
Renewal Written Price Increases	6.4		%	6.5		%	5.8		%	5.8		%	4.8		%	4.3		%	3.8		%		6.2		%	4.3		%


Policy Count Retention	84		%	84		%	85		%	85		%	85		%	85		%	86		%		84		%	85		%

Policies in Force (in thousands)	1,558			1,537			1,512			1,492			1,479			1,461			1,439
Middle Market [2]
Net New Business Premium	$	176		$	187		$	174		$	168		$	137		$	164		$	148			$	537		$	449
Renewal Written Price Increases	6.9		%	7.0		%	7.2		%	7.4		%	7.8		%	7.1		%	6.5		%		7.0		%	7.1		%

Premium Retention	83		%	85		%	83		%	84		%	82		%	83		%	82		%		84		%	83		%



Global Specialty
Gross New Business Premium [3]	$	233		$	264		$	223		$	230		$	216		$	246		$	191			$	720		$	653
Renewal Written Price Increases [4]	5.8		%	6.2		%	5.8		%	4.7		%	3.8		%	5.0		%	3.7		%		5.9		%	4.2		%

[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 FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

INCOME STATEMENTS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Written premiums	$	970	$	913	$	844	$	780	$	869	$	802	$	747		$	2,727	$	2,418
Change in unearned premium reserve	85		64		31		(24)		85		42		8			180		135
Earned premiums	885		849		813		804		784		760		739			2,547		2,283
Fee income	8		8		8		8		7		7		8			24		22
Losses and loss adjustment expenses
Current accident year before catastrophes	602		597		575		602		586		578		521			1,774		1,685
Current accident year catastrophes [1]	92		125		52		21		69		103		47			269		219
Prior accident year development	(14)		(34)		(7)		(7)		1		(3)		20			(55)		18
Total losses and loss adjustment expenses	680		688		620		616		656		678		588			1,988		1,922
Amortization of DAC	65		63		60		58		58		57		58			188		173
Underwriting expenses	169		169		153		148		138		145		145			491		428
Amortization of other intangible assets	1		—		1		—		1		—		1			2		2
Underwriting loss	(22)		(63)		(13)		(10)		(62)		(113)		(45)			(98)		(220)

Net investment income	58		50		50		52		47		34		38			158		119
Net realized gains (losses)	(2)		(8)		1		(5)		(5)		(5)		(1)			(9)		(11)

Net servicing and other income (expense)	5		6		4		5		3		7		6			15		16
Income (loss) before income taxes	39		(15)		42		42		(17)		(77)		(2)			66		(96)
Income tax expense (benefit)	8		(4)		8		8		(5)		(17)		(1)			12		(23)
Net income (loss)	31		(11)		34		34		(12)		(60)		(1)			54		(73)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax	2		9		(2)		3		5		4		1			9		10
Income tax expense (benefit) [2]	—		(2)		1		(1)		(1)		(1)		—			(1)		(2)
Core earnings (loss)	$	33	$	(4)	$	33	$	36	$	(8)	$	(57)	$	—		$	62	$	(65)

[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Helene.

[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

INCOME STATEMENTS (CONTINUED)

Prior accident year development included the following unfavorable (favorable) reserve development:


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Automobile liability	$	—	$	(13)	$	—	$	—	$	—	$	—	$	—		$	(13)	$	—
Homeowners	(5)		(10)		—		(7)		—		2		(1)			(15)		1
Catastrophes	—		(5)		—		—		—		(4)		—			(5)		(4)
Uncollectible reinsurance	—		—		—		—		1		—		—			—		1
Other reserve re-estimates, net [1]	(9)		(6)		(7)		—		—		(1)		21			(22)		20
Total prior accident year development	$	(14)	$	(34)	$	(7)	$	(7)	$	1	$	(3)	$	20		$	(55)	$	18

[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves of $(10) and $(24) for the three and nine months ended September 30, 2024 and $0 and $22 for the three and nine months ended September 30, 2023, respectively.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

UNDERWRITING RATIOS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
UNDERWRITING LOSS	$	(22)	$	(63)	$	(13)	$	(10)	$	(62)	$	(113)	$	(45)		$	(98)	$	(220)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes	68.0		70.3		70.7		74.9		74.7		76.1		70.5			69.7		73.8
Current accident year catastrophes	10.4		14.7		6.4		2.6		8.8		13.6		6.4			10.6		9.6
Prior accident year development	(1.6)		(4.0)		(0.9)		(0.9)		0.1		(0.4)		2.7			(2.2)		0.8
Total loss and loss adjustment expense ratio	76.8		81.0		76.3		76.6		83.7		89.2		79.6			78.1		84.2
Expense ratio	25.6		26.4		25.3		24.6		24.2		25.7		26.5			25.8		25.4
Combined ratio	102.5		107.4		101.6		101.2		107.9		114.9		106.1			103.8		109.6
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(8.8)		(10.7)		(5.5)		(1.7)		(8.9)		(13.2)		(9.1)			(8.4)		(10.4)
Underlying combined ratio	93.7		96.7		96.1		99.5		99.0		101.7		97.0			95.4		99.3
PRODUCT
Automobile
Combined ratio	105.7		105.4		103.9		113.7		110.8		116.4		110.2			105.0		112.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(5.8)		(3.6)		(1.0)		(0.2)		(2.3)		(3.8)		(1.1)			(3.5)		(2.4)
Prior accident year development	1.6		3.1		1.6		0.1		—		(0.8)		(4.0)			2.1		(1.5)
Underlying combined ratio	101.5		104.9		104.4		113.5		108.5		111.8		105.1			103.6		108.5
Homeowners
Combined ratio	94.7		114.5		96.2		72.7		101.4		115.1		96.8			101.8		104.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(21.0)		(40.4)		(18.7)		(8.0)		(23.1)		(35.5)		(17.8)			(26.7)		(25.5)
Prior accident year development	1.7		3.7		(0.5)		2.7		(0.3)		(0.1)		(0.1)			1.7		(0.1)
Underlying combined ratio	75.4		77.8		77.0		67.3		78.1		79.6		78.9			76.7		78.8

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

SUPPLEMENTAL DATA


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct	$	811	$	776	$	724	$	663	$	754	$	698	$	648		$	2,311	$	2,100
AARP Agency	73		63		61		60		57		52		50			197		159
Other Agency	82		70		55		52		53		48		44			207		145
Other	4		4		4		5		5		4		5			12		14
Total	$	970	$	913	$	844	$	780	$	869	$	802	$	747		$	2,727	$	2,418
EARNED PREMIUMS
AARP Direct	$	755	$	730	$	702	$	697	$	681	$	659	$	640		$	2,187	$	1,980
AARP Agency	62		58		56		55		50		51		49			176		150
Other Agency	62		56		51		47		47		45		45			169		137
Other	6		5		4		5		6		5		5			15		16
Total	$	885	$	849	$	813	$	804	$	784	$	760	$	739		$	2,547	$	2,283
PRODUCT LINE
WRITTEN PREMIUMS
Automobile	$	649	$	617	$	600	$	545	$	596	$	543	$	529		$	1,866	$	1,668
Homeowners	321		296		244		235		273		259		218			861		750
Total	$	970	$	913	$	844	$	780	$	869	$	802	$	747		$	2,727	$	2,418
EARNED PREMIUMS
Automobile	$	616	$	592	$	566	$	561	$	541	$	523	$	509		$	1,774	$	1,573
Homeowners	269		257		247		243		243		237		230			773		710
Total	$	885	$	849	$	813	$	804	$	784	$	760	$	739		$	2,547	$	2,283

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

SUPPLEMENTAL DATA (CONTINUED)


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile	$	83		$	82		$	72		$	65		$	61		$	52		$	46			$	237		$	159
Homeowners	$	60		$	47		$	34		$	25		$	25		$	22		$	21			$	141		$	68
Renewal Written Price Increases
Automobile	20.8		%	23.4		%	25.5		%	21.8		%	19.6		%	13.7		%	9.9		%		23.1		%	14.6		%
Homeowners	15.2		%	14.9		%	15.2		%	14.6		%	14.0		%	14.4		%	13.9		%		15.1		%	14.1		%









Policy Count Retention
Automobile	81		%	83		%	84		%	85		%	85		%	86		%	85		%		83		%	85		%
Homeowners	83		%	84		%	84		%	85		%	84		%	84		%	84		%		84		%	84		%
Effective Policy Count Retention
Automobile	80		%	79		%	79		%	81		%	82		%	83		%	84		%		80		%	83		%
Homeowners	83		%	83		%	83		%	84		%	83		%	84		%	84		%		83		%	84		%
Policies in Force (in thousands)
Automobile	1,193			1,214			1,233			1,257			1,270			1,287			1,305
Homeowners	707			702			701			704			712			723			731

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

P&C OTHER OPERATIONS

INCOME STATEMENTS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023



Losses and loss adjustment expenses
Prior accident year development	$	—	$	—	$	7	$	217	$	2	$	2	$	3		$	7	$	7
Total losses and loss adjustment expenses	—		—		7		217		2		2		3			7		7
Underwriting expenses	3		2		2		(4)		3		2		3			7		8
Underwriting loss	(3)		(2)		(9)		(213)		(5)		(4)		(6)			(14)		(15)
Net investment income	18		19		18		18		18		17		16			55		51
Net realized losses	—		(3)		—		(1)		(2)		(1)		(3)			(3)		(6)
Other expense	(4)		—		—		—		—		—		—			(4)		—
Income (loss) before income taxes	11		14		9		(196)		11		12		7			34		30
Income tax expense (benefit)	1		3		1		(42)		2		3		1			5		6
Net income (loss)	10		11		8		(154)		9		9		6			29		24
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax	—		3		—		1		1		1		3			3		5

Change in deferred gain on retroactive reinsurance, before tax	—		—		—		194		—		—		—			—		—
Income tax expense (benefit) [1]	—		—		(1)		(42)		1		—		(1)			(1)		—
Core earnings (loss)	$	10	$	14	$	7	$	(1)	$	11	$	10	$	8		$	31	$	29

[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

GROUP BENEFITS

INCOME STATEMENTS


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
Earned premiums	$	1,600		$	1,608		$	1,585		$	1,591		$	1,575		$	1,574		$	1,558			$	4,793		$	4,707
Fee income	55			57			54			56			54			56			51				166			161
Net investment income	119			112			114			125			121			113			110				345			344
Net realized gains (losses)	—			(9)			1			—			(31)			(19)			5				(8)			(45)
Total revenues	1,774			1,768			1,754			1,772			1,719			1,724			1,724				5,296			5,167
Benefits, losses and loss adjustment expenses	1,161			1,147			1,204			1,152			1,146			1,175			1,210				3,512			3,531
Amortization of DAC	8			9			9			8			8			9			9				26			26
Insurance operating costs and other expenses	401			387			397			381			372			381			380				1,185			1,133
Amortization of other intangible assets	10			10			10			10			10			10			10				30			30
Total benefits, losses and expenses	1,580			1,553			1,620			1,551			1,536			1,575			1,609				4,753			4,720
Income before income taxes	194			215			134			221			183			149			115				543			447
Income tax expense	38			44			26			45			37			28			23				108			88
Net income	156			171			108			176			146			121			92				435			359
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	(1)			9			(1)			(2)			28			16			(5)				7			39
Integration and other non-recurring M&A costs, before tax	—			—			—			1			1			—			2				—			3
Income tax expense (benefit) [1]	(1)			(2)			—			(1)			(5)			(4)			1				(3)			(8)
Core earnings	$	154		$	178		$	107		$	174		$	170		$	133		$	90			$	439		$	393
Margin
Net income margin	8.8		%	9.7		%	6.2		%	9.9		%	8.5		%	7.0		%	5.3		%		8.2		%	6.9		%
Core earnings margin*	8.7		%	10.0		%	6.1		%	9.8		%	9.8		%	7.6		%	5.2		%		8.3		%	7.6		%
ROE
Net income available to common stockholders [2]	17.7		%	18.0		%	16.1		%	15.4		%	15.9		%	13.0		%	11.9		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax	0.2		%	1.1		%	1.3		%	1.2		%	1.3		%	1.5		%	3.1		%
Integration and other non-recurring M&A costs, before tax	—		%	0.1		%	0.1		%	0.1		%	0.2		%	0.2		%	0.2		%
Income tax expense (benefit) [1]	(0.1		%)	(0.3		%)	(0.3		%)	(0.3		%)	(0.2		%)	(0.4		%)	(0.7		%)
Impact of AOCI, excluded from core earnings ROE	(2.2		%)	(2.5		%)	(2.1		%)	(2.1		%)	(3.4		%)	(1.8		%)	(0.9		%)
Core earnings [2]	15.6		%	16.4		%	15.1		%	14.3		%	13.8		%	12.5		%	13.6		%

[1]Represents federal income tax expense (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 Group Benefits.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

GROUP BENEFITS

SUPPLEMENTAL DATA


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
PREMIUMS
Fully insured ongoing premiums
Group disability	$	835		$	837		$	836		$	845		$	827		$	822		$	814			$	2,508		$	2,463
Group life	658			663			645			647			640			650			643				1,966			1,933
Other [1]	107			107			104			98			102			102			100				318			304
Total fully insured ongoing premiums	1,600			1,607			1,585			1,590			1,569			1,574			1,557				4,792			4,700
Total buyouts [2]	—			1			—			1			6			—			1				1			7
Total premiums	$	1,600		$	1,608		$	1,585		$	1,591		$	1,575		$	1,574		$	1,558			$	4,793		$	4,707
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability	$	53		$	37		$	247		$	43		$	83		$	77		$	209			$	337		$	369
Group life	32			51			154			21			45			60			227				237			332
Other [1]	20			13			43			7			15			14			38				76			67
Total fully insured ongoing sales	105			101			444			71			143			151			474				650			768
Total buyouts [2]	—			1			—			1			6			—			1				1			7
Total sales	$	105		$	102		$	444		$	72		$	149		$	151		$	475			$	651		$	775
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio	67.9		%	67.1		%	70.1		%	63.6		%	67.3		%	67.0		%	70.4		%		68.4		%	68.2		%
Group life loss ratio	77.5		%	74.9		%	82.6		%	83.0		%	80.2		%	84.1		%	86.7		%		78.3		%	83.7		%
Total loss ratio	70.2		%	68.9		%	73.5		%	69.9		%	70.2		%	72.1		%	75.2		%		70.8		%	72.5		%
Expense ratio [3]	25.3		%	24.4		%	25.4		%	24.2		%	24.0		%	24.5		%	24.7		%		25.0		%	24.4		%

[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

[2]Takeover of open claim liabilities and other non-recurring premium amounts.

[3]Integration and transaction costs related to the acquisition of Aetna's U.S. group life and disability business are not included in the expense ratio.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

HARTFORD FUNDS

INCOME STATEMENTS


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024		Sept 30 2023
Investment management fees	$	202		$	195		$	191		$	183		$	189		$	186		$	182			$	588	$	557
Shareowner servicing fees	23			21			21			21			21			21			21				65		63
Other revenue	43			42			42			42			42			41			41				127		124
Net realized gains (losses)	7			3			5			8			(4)			1			5				15		2
Total revenues	275			261			259			254			248			249			249				795		746
Sub-advisory expense	73			71			69			67			67			66			65				213		198
Employee compensation and benefits	31			32			35			30			28			29			34				98		91
Distribution and service	75			74			73			70			73			73			73				222		219
General, administrative and other	29			26			26			29			27			24			26				81		77
Total expenses	208			203			203			196			195			192			198				614		585
Income before income taxes	67			58			56			58			53			57			51				181		161
Income tax expense	13			14			11			11			12			12			10				38		34
Net income	54			44			45			47			41			45			41				143		127
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	(7)			(3)			(5)			(8)			4			(1)			(5)				(15)		(2)
Income tax expense [1]	—			2			1			—			—			—			1				3		1
Core earnings	$	47		$	43		$	41		$	39		$	45		$	44		$	37			$	131	$	126
Daily average Hartford Funds AUM	$	137,888		$	134,064		$	131,648		$	124,676		$	128,786		$	127,540		$	127,084			$	134,546	$	127,810
Return on assets (bps, net of tax) [2]
Net income	15.7			13.1			13.7			15.1			12.7			14.1			12.9				14.2		13.2
Core earnings*	13.6			12.8			12.5			12.5			14.0			13.8			11.6				13.0		13.1
ROE
Net income available to common stockholders [3]	44.1		%	42.2		%	43.6		%	43.9		%	44.9		%	44.9		%	42.7		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	(5.5		%)	(2.9		%)	(2.5		%)	(2.6		%)	(2.4		%)	(1.1		%)	2.7		%
Income tax expense [1]	0.7		%	0.7		%	0.3		%	0.3		%	0.5		%	(0.3		%)	(1.1		%)
Impact of AOCI, excluded from core earnings ROE	(1.5		%)	(1.6		%)	(1.7		%)	(1.8		%)	(2.5		%)	(1.9		%)	(1.5		%)
Core earnings [3]	37.8		%	38.4		%	39.7		%	39.8		%	40.5		%	41.6		%	42.8		%

[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.

[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

HARTFORD FUNDS

ASSET VALUE ROLLFORWARD

ASSETS UNDER MANAGEMENT BY ASSET CLASS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Equity Funds
Beginning balance	$	83,212	$	83,337	$	79,352	$	74,306	$	78,951	$	76,132	$	73,782		$	79,352	$	73,782
Sales	3,364		3,612		3,428		3,077		3,096		3,447		4,202			10,404		10,745
Redemptions	(4,298)		(4,831)		(5,488)		(5,303)		(4,366)		(4,145)		(5,221)			(14,617)		(13,732)
Net flows	(934)		(1,219)		(2,060)		(2,226)		(1,270)		(698)		(1,019)			(4,213)		(2,987)
Change in market value and other	4,993		1,094		6,045		7,272		(3,375)		3,517		3,369			12,132		3,511
Ending balance	$	87,271	$	83,212	$	83,337	$	79,352	$	74,306	$	78,951	$	76,132		$	87,271	$	74,306
Fixed Income Funds
Beginning balance	$	17,825	$	17,201	$	16,773	$	15,941	$	16,149	$	16,399	$	15,861		$	16,773	$	15,861
Sales	1,905		1,569		1,822		1,553		1,160		1,216		1,521			5,296		3,897
Redemptions	(1,150)		(1,080)		(1,497)		(1,692)		(1,127)		(1,468)		(1,372)			(3,727)		(3,967)
Net flows	755		489		325		(139)		33		(252)		149			1,569		(70)
Change in market value and other	767		135		103		971		(241)		2		389			1,005		150
Ending balance	$	19,347	$	17,825	$	17,201	$	16,773	$	15,941	$	16,149	$	16,399		$	19,347	$	15,941
Multi-Strategy Investments Funds [1]
Beginning balance	$	18,807	$	19,268	$	19,292	$	18,573	$	19,764	$	19,941	$	19,975		$	19,292	$	19,975
Sales	400		472		387		416		354		402		516			1,259		1,272
Redemptions	(902)		(930)		(954)		(1,134)		(968)		(918)		(892)			(2,786)		(2,778)
Net flows	(502)		(458)		(567)		(718)		(614)		(516)		(376)			(1,527)		(1,506)
Change in market value and other	1,120		(3)		543		1,437		(577)		339		342			1,660		104
Ending balance	$	19,425	$	18,807	$	19,268	$	19,292	$	18,573	$	19,764	$	19,941		$	19,425	$	18,573
Exchange-Traded Funds ("ETF") AUM
Beginning balance	$	3,842	$	3,753	$	3,899	$	3,362	$	3,243	$	3,036	$	2,854		$	3,899	$	2,854
Net flows	256		103		(209)		120		222		210		67			150		499
Change in market value and other	225		(14)		63		417		(103)		(3)		115			274		9
Ending balance	$	4,323	$	3,842	$	3,753	$	3,899	$	3,362	$	3,243	$	3,036		$	4,323	$	3,362
Mutual Fund and ETF AUM
Beginning balance	$	123,686	$	123,559	$	119,316	$	112,182	$	118,107	$	115,508	$	112,472		$	119,316	$	112,472
Sales - mutual fund	5,669		5,653		5,637		5,046		4,610		5,065		6,239			16,959		15,914
Redemptions - mutual fund	(6,350)		(6,841)		(7,939)		(8,129)		(6,461)		(6,531)		(7,485)			(21,130)		(20,477)
Net flows - ETF	256		103		(209)		120		222		210		67			150		499
Net flows - mutual fund and ETF	(425)		(1,085)		(2,511)		(2,963)		(1,629)		(1,256)		(1,179)			(4,021)		(4,064)
Change in market value and other	7,105		1,212		6,754		10,097		(4,296)		3,855		4,215			15,071		3,774
Ending balance	130,366		123,686		123,559		119,316		112,182		118,107		115,508			130,366		112,182
Third-party life and annuity separate account AUM	12,073		11,832		12,083		11,709		11,011		11,799		11,672			12,073		11,011
Hartford Funds AUM	$	142,439	$	135,518	$	135,642	$	131,025	$	123,193	$	129,906	$	127,180		$	142,439	$	123,193

[1]Includes balanced, allocation, and alternative investment products.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CORPORATE

INCOME STATEMENTS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Fee income [1]	$	10	$	10	$	10	$	9	$	10	$	11	$	9		$	30	$	30

Other revenue	1		1		—		—		1		—		1			2		2
Net investment income	17		14		16		17		12		8		10			47		30
Net realized gains (losses)	14		8		9		19		(10)		11		6			31		7
Total revenues	42		33		35		45		13		30		26			110		69
Benefits, losses and loss adjustment expenses [2]	1		2		2		2		1		2		2			5		5
Insurance operating costs and other expenses [1] [3]	12		11		14		17		27		11		13			37		51

Interest expense	49		50		50		49		50		50		50			149		150
Restructuring and other costs	1		—		1		2		1		3		—			2		4
Total expenses	63		63		67		70		79		66		65			193		210
Loss before income taxes	(21)		(30)		(32)		(25)		(66)		(36)		(39)			(83)		(141)
Income tax benefit	(9)		(13)		(17)		(6)		(14)		(10)		(15)			(39)		(39)


Net loss	(12)		(17)		(15)		(19)		(52)		(26)		(24)			(44)		(102)
Preferred stock dividends	6		5		5		5		6		5		5			16		16
Net loss available to common stockholders	(18)		(22)		(20)		(24)		(58)		(31)		(29)			(60)		(118)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax	(13)		(10)		(9)		(19)		9		(10)		(6)			(32)		(7)

Restructuring and other costs, before tax	1		—		1		2		1		3		—			2		4



Income tax expense (benefit) [4]	4		—		3		5		(4)		3		—			7		(1)

Core loss	$	(26)	$	(32)	$	(25)	$	(36)	$	(52)	$	(35)	$	(35)		$	(83)	$	(122)

[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]Insurance operating costs and other expenses for the three and nine months ended September 30, 2023, includes a $14 capital-based state tax expense covering several years recorded in the 2023 period.

[4]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

CONSOLIDATED


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	533		$	496		$	483		$	466		$	433		$	411		$	395			$	1,512		$	1,239
Tax-exempt	37			41			43			44			47			49			50				121			146
Total fixed maturities	570			537			526			510			480			460			445				1,633			1,385
Equity securities	5			6			9			14			9			9			13				20			31
Mortgage loans	68			65			63			61			59			58			57				196			174
Limited partnerships and other alternative investments [2]	37			16			16			82			72			32			26				69			130
Other [3]	1			1			6			8			(1)			4			(2)				8			1
Subtotal	681			625			620			675			619			563			539				1,926			1,721
Investment expense	(22)			(23)			(27)			(22)			(22)			(23)			(24)				(72)			(69)
Total net investment income	$	659		$	602		$	593		$	653		$	597		$	540		$	515			$	1,854		$	1,652
Annualized investment yield, before tax [4]	4.4		%	4.1		%	4.1		%	4.5		%	4.2		%	3.9		%	3.7		%		4.2		%	3.9		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	3.0		%	1.3		%	1.3		%	7.0		%	6.3		%	2.9		%	2.5		%		1.9		%	4.0		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*	4.5		%	4.4		%	4.3		%	4.3		%	4.1		%	4.0		%	3.8		%		4.4		%	3.9		%
Annualized investment yield, net of tax [4]	3.5		%	3.3		%	3.3		%	3.7		%	3.4		%	3.1		%	3.0		%		3.4		%	3.2		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*	3.6		%	3.5		%	3.5		%	3.5		%	3.3		%	3.2		%	3.0		%		3.5		%	3.2		%
Average reinvestment rate [5]	5.5		%	6.4		%	6.1		%	6.3		%	6.0		%	5.3		%	5.8		%		6.0		%	5.7		%
Average sales/maturities yield [6]	4.4		%	4.9		%	5.0		%	4.8		%	4.5		%	4.1		%	4.2		%		4.7		%	4.2		%
Portfolio duration (in years) [7]	3.9			3.9			4.0			3.8			4.1			4.0			4.0				3.9			4.1

[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 FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

PROPERTY & CASUALTY


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	420		$	389		$	373		$	359		$	333		$	316		$	304			$	1,182		$	953
Tax-exempt	28			29			32			33			34			37			37				89			108
Total fixed maturities	448			418			405			392			367			353			341				1,271			1,061
Equity securities	3			3			6			6			6			7			9				12			22
Mortgage loans	51			49			46			45			43			42			41				146			126
Limited partnerships and other alternative investments [2]	31			16			15			71			60			26			21				62			107
Other [3]	2			2			8			9			—			5			(2)				12			3
Subtotal	535			488			480			523			476			433			410				1,503			1,319
Investment expense	(17)			(17)			(21)			(18)			(16)			(18)			(18)				(55)			(52)
Total net investment income	$	518		$	471		$	459		$	505		$	460		$	415		$	392			$	1,448		$	1,267
Annualized investment yield, before tax [4]	4.5		%	4.2		%	4.1		%	4.6		%	4.3		%	3.9		%	3.6		%		4.2		%	3.9		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	3.2		%	1.6		%	1.6		%	7.7		%	6.7		%	3.0		%	2.5		%		2.2		%	4.2		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]	4.6		%	4.4		%	4.3		%	4.3		%	4.0		%	4.0		%	3.7		%		4.4		%	3.9		%
Annualized investment yield, net of tax [4]	3.6		%	3.4		%	3.3		%	3.7		%	3.5		%	3.1		%	3.0		%		3.4		%	3.2		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]	3.7		%	3.5		%	3.5		%	3.5		%	3.2		%	3.2		%	3.0		%		3.6		%	3.2		%
Average reinvestment rate [5]	5.5		%	6.4		%	6.1		%	6.3		%	6.0		%	5.3		%	5.8		%		6.0		%	5.7		%
Average sales/maturities yield [6]	4.5		%	4.9		%	4.9		%	4.9		%	4.5		%	4.1		%	4.2		%		4.8		%	4.2		%
Portfolio duration (in years) [7]	3.7			3.8			3.8			3.6			3.9			3.8			3.9				3.7			3.9

Footnotes [1] through [7] are explained on page 26.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

GROUP BENEFITS


	THREE MONTHS ENDED																					NINE MONTHS ENDED
	Sept 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023				Sept 30 2024			Sept 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	94		$	92		$	93		$	92		$	86		$	85		$	81			$	279		$	252
Tax-exempt	7			10			10			10			10			11			12				27			33
Total fixed maturities	101			102			103			102			96			96			93				306			285
Equity securities	1			1			1			1			3			1			2				3			6
Mortgage loans	17			16			17			16			16			16			16				50			48
Limited partnerships and other alternative investments [2]	6			—			1			11			12			6			5				7			23
Other [3]	(1)			(1)			(2)			(1)			—			(1)			—				(4)			(1)
Subtotal	124			118			120			129			127			118			116				362			361
Investment expense	(5)			(6)			(6)			(4)			(6)			(5)			(6)				(17)			(17)
Total net investment income	$	119		$	112		$	114		$	125		$	121		$	113		$	110			$	345		$	344
Annualized investment yield, before tax [4]	4.1		%	3.9		%	3.9		%	4.2		%	4.1		%	3.9		%	3.8		%		3.9		%	3.9		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	2.3		%	—		%	0.4		%	4.4		%	4.8		%	2.5		%	2.5		%		0.9		%	3.3		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]	4.3		%	4.3		%	4.2		%	4.2		%	4.1		%	4.0		%	3.9		%		4.2		%	4.0		%
Annualized investment yield, net of tax [4]	3.3		%	3.1		%	3.1		%	3.4		%	3.3		%	3.1		%	3.0		%		3.2		%	3.2		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]	3.4		%	3.4		%	3.4		%	3.4		%	3.3		%	3.2		%	3.1		%		3.4		%	3.2		%
Average reinvestment rate [5]	5.9		%	6.6		%	6.4		%	6.2		%	5.9		%	5.3		%	6.0		%		6.3		%	5.7		%
Average sales/maturities yield [6]	4.3		%	4.8		%	5.2		%	4.6		%	4.8		%	4.3		%	4.4		%		4.7		%	4.5		%
Portfolio duration (in years) [7]	5.0			4.9			5.1			4.9			5.1			4.9			4.8				5.0			5.1

Footnotes [1] through [7] are explained on page 26.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

NET INVESTMENT INCOME

CONSOLIDATED


	THREE MONTHS ENDED														NINE MONTHS ENDED
Net Investment Income by Segment	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net Investment Income
Commercial Lines	$	442	$	402	$	391	$	435	$	395	$	364	$	338		$	1,235	$	1,097
Personal Lines	58		50		50		52		47		34		38			158		119
P&C Other Operations	18		19		18		18		18		17		16			55		51
Total Property & Casualty	518		471		459		505		460		415		392			1,448		1,267
Group Benefits	119		112		114		125		121		113		110			345		344
Hartford Funds	5		5		4		6		4		4		3			14		11
Corporate	17		14		16		17		12		8		10			47		30
Total net investment income by segment	$	659	$	602	$	593	$	653	$	597	$	540	$	515		$	1,854	$	1,652


	THREE MONTHS ENDED															NINE MONTHS ENDED
Net Investment Income from Limited Partnerships and Other Alternative Investments	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Total Property & Casualty	$	31	$	16	$	15	$	71	$	60	$	26	$	21		$	62	$	107
Group Benefits	6		—		1		11		12		6		5			7		23
Total net investment income from limited partnerships and other alternative investments [1]	$	37	$	16	$	16	$	82	$	72	$	32	$	26		$	69	$	130

[1]Amounts are included above in total net investment income by segment.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPONENTS OF NET REALIZED GAINS (LOSSES)

CONSOLIDATED


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities	$	12	$	6	$	5	$	4	$	6	$	3	$	17		$	23	$	26
Gross losses on sales of fixed maturities	(62)		(75)		(11)		(62)		(27)		(21)		(39)			(148)		(87)
Equity securities [1]	27		14		35		46		(13)		10		35			76		32
Net credit losses on fixed maturities, AFS	—		(1)		(1)		(1)		(5)		(3)		(5)			(2)		(13)
Change in ACL on mortgage loans	—		—		3		(5)		(5)		(5)		—			3		(10)

Other net gains (losses) [2]	10		(3)		(3)		(9)		(46)		(48)		(15)			4		(109)



Total net realized gains (losses)	(13)		(59)		28		(27)		(90)		(64)		(7)			(44)		(161)
Net realized losses (gains), included in core earnings, before tax [3]	1		1		2		11		14		11		—			4		25
Total net gains (losses) excluded from core earnings, before tax	(12)		(58)		30		(16)		(76)		(53)		(7)			(40)		(136)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings	4		12		(7)		5		15		10		3			9		28
Total net realized gains (losses) excluded from core earnings, after tax	$	(8)	$	(46)	$	23	$	(11)	$	(61)	$	(43)	$	(4)		$	(31)	$	(108)

[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.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPOSITION OF INVESTED ASSETS

CONSOLIDATED


	Sept 30 2024				Jun 30 2024				Mar 31 2024				Dec 31 2023				Sept 30 2023
	Amount [1]		Percent		Amount		Percent		Amount		Percent		Amount [1]		Percent		Amount		Percent
Total investments	$	59,350	100.0	%	$	56,890	100.0	%	$	56,107	100.0	%	$	55,922	100.0	%	$	53,320	100.0	%
Asset-backed securities	$	3,512	8.2	%	$	3,014	7.4	%	$	3,499	8.5	%	$	3,320	8.3	%	$	3,130	8.2	%
Collateralized loan obligations	3,563		8.3	%	3,514		8.6	%	3,168		7.8	%	3,090		7.8	%	3,043		8.0	%
Commercial mortgage-backed securities	2,857		6.7	%	2,942		7.2	%	3,050		7.4	%	3,125		7.8	%	3,124		8.2	%
Corporate	20,558		48.0	%	19,493		47.8	%	18,657		45.7	%	17,866		44.9	%	16,651		43.9	%
Foreign government/government agencies	541		1.3	%	546		1.3	%	548		1.3	%	562		1.4	%	567		1.5	%
Municipal	5,654		13.2	%	5,294		13.0	%	5,941		14.6	%	6,039		15.2	%	5,686		15.0	%
Residential mortgage-backed securities	5,123		12.0	%	4,787		11.7	%	4,473		11.0	%	4,287		10.8	%	3,827		10.1	%
U.S. Treasuries	985		2.3	%	1,224		3.0	%	1,504		3.7	%	1,529		3.8	%	1,934		5.1	%
Total fixed maturities, AFS [2]	$	42,793	100.0	%	$	40,814	100.0	%	$	40,840	100.0	%	$	39,818	100.0	%	$	37,962	100.0	%
U.S. government/government agencies	$	4,815	11.2	%	$	4,770	11.7	%	$	4,846	11.9	%	$	4,776	12.0	%	$	4,747	12.5	%
AAA	7,127		16.7	%	6,413		15.7	%	6,838		16.7	%	7,055		17.7	%	6,733		17.8	%
AA	7,713		18.0	%	7,283		17.8	%	7,578		18.5	%	7,270		18.3	%	6,959		18.3	%
A	10,994		25.7	%	10,785		26.4	%	10,488		25.7	%	9,828		24.7	%	9,273		24.4	%
BBB	9,677		22.6	%	9,204		22.6	%	9,264		22.7	%	9,198		23.1	%	8,561		22.6	%
BB	1,768		4.2	%	1,649		4.1	%	1,234		3.0	%	1,139		2.9	%	1,115		2.9	%
B	693		1.6	%	701		1.7	%	580		1.5	%	539		1.3	%	565		1.5	%
CCC	5		—	%	8		—	%	11		—	%	12		—	%	8		—	%
CC & below	1		—	%	1		—	%	1		—	%	1		—	%	1		—	%
Total fixed maturities, AFS [2]	$	42,793	100.0	%	$	40,814	100.0	%	$	40,840	100.0	%	$	39,818	100.0	%	$	37,962	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 FINANCIAL SERVICES GROUP, INC.

INVESTED ASSET EXPOSURES

SEPTEMBER 30, 2024



	Cost or Amortized Cost		Fair Value		Percent of Total Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services	$	6,106	$	6,015	10.1	%
Technology and communications	2,773		2,728		4.6	%
Consumer non-cyclical	2,593		2,568		4.3	%
Utilities	2,488		2,421		4.1	%
Capital goods	1,690		1,686		2.9	%
Consumer cyclical	1,617		1,613		2.7	%
Energy	1,497		1,490		2.5	%
Basic industry	1,082		1,076		1.8	%
Transportation	896		869		1.5	%
Other	742		726		1.2	%
Total	$	21,484	$	21,192	35.7	%
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.	$	228	$	223	0.4	%
Morgan Stanley	204		201		0.3	%
Toronto Dominion Bank	194		188		0.3	%
Hyundai Motor Company	193		186		0.3	%
NBN Co Limited	170		171		0.3	%
Penske Corporation	170		171		0.3	%
Goldman Sachs Group Inc.	182		170		0.3	%
Eversource Energy	167		169		0.3	%
Government of Canada	160		161		0.3	%
SPCC Funding I LLC	156		156		0.2	%
Total	$	1,824	$	1,796	3.0	%

[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

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THE HARTFORD FINANCIAL SERVICES 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 Financial Services Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reportable segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations ("P&C Other Operations"), Group Benefits and Hartford Funds, as well as a Corporate category.

Property & Casualty ("P&C") businesses consist of three reportable segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock, accident and health, and reinsurance to businesses in the United States ("U.S.") and internationally. Commercial Lines 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. Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Lines provides 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 represent approximately 95% of the Company's asbestos and environmental exposures, before considering losses ceded to the A&E ADC.

Group Benefits provides group life, accident and disability coverage, group retiree health and voluntary benefits to individual members of employer groups and associations. Group Benefits offers disability underwriting, administration, claims processing and reinsurance to other insurers and self-funded employer plans.

Hartford Funds provides investment management, administration, distribution and related services to investors through investment products in domestic markets. Mutual fund and exchange-traded funds are sold primarily through retail, bank trust and registered investment advisor channels.

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 Commercial Lines and Personal Lines 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 Commercial Lines 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 Lines, 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 Lines, 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.

•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.

•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 and large commercial, 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 Lines as well as small commercial within Commercial Lines 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 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 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.

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 and, consistent with that definition, incurred losses arising from the Ukraine conflict have been accounted for as catastrophe losses. The Company does not treat incurred benefits and losses arising from the COVID-19 pandemic as catastrophe losses.

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The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Group 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 AND OTHER FINANCIAL MEASURES

The Company uses non-GAAP and other 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 and other 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 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														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net Income available to common stockholders per share	$	2.60	$	2.48	$	2.51	$	2.55	$	2.12	$	1.75	$	1.69		$	7.59	$	5.55


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		0.20		(0.10)		0.05		0.25		0.17		0.02			0.14		0.44
Restructuring and other costs, before tax	—		—		—		0.01		—		0.01		—			0.01		0.01

Integration and other non-recurring M&A costs, before tax	0.01		0.01		0.01		0.01		0.01		0.01		0.01			0.02		0.02

Change in deferred gain on retroactive reinsurance, before tax	(0.09)		(0.13)		(0.08)		0.65		—		—		—			(0.29)		—
Income tax expense (benefit) on items excluded from core earnings	0.01		(0.02)		0.04		(0.16)		(0.06)		(0.04)		(0.01)			0.01		(0.10)
Core earnings per share	$	2.57	$	2.54	$	2.38	$	3.11	$	2.32	$	1.90	$	1.71		$	7.48	$	5.92

Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the 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 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														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net Income available to common stockholders per diluted share	$	2.56	$	2.44	$	2.47	$	2.51	$	2.09	$	1.73	$	1.66		$	7.47	$	5.48


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	0.04		0.19		(0.10)		0.05		0.25		0.17		0.02			0.13		0.43
Restructuring and other costs, before tax	—		—		—		0.01		—		0.01		—			0.01		0.01


Integration and other non-recurring M&A costs, before tax	0.01		0.01		0.01		0.01		0.01		0.01		0.01			0.02		0.02

Change in deferred gain on retroactive reinsurance, before tax	(0.09)		(0.12)		(0.08)		0.64		—		—		—			(0.29)		—
Income tax expense (benefit) on items excluded from core earnings	0.01		(0.02)		0.04		(0.16)		(0.06)		(0.04)		(0.01)			0.03		(0.10)
Core earnings per diluted share	$	2.53	$	2.50	$	2.34	$	3.06	$	2.29	$	1.88	$	1.68		$	7.37	$	5.84

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
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023
Net income ROE	20.0	%	19.8	%	18.5	%	17.5	%	17.7	%	14.4	%	12.8	%

Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax	0.4	%	0.8	%	0.8	%	1.1	%	0.9	%	1.5	%	3.3	%

Restructuring and other costs, before tax	—	%	—	%	—	%	—	%	0.1	%	0.1	%	0.1	%
Loss on extinguishment of debt, before tax	—	%	—	%	—	%	—	%	—	%	—	%	0.1	%


Integration and other non-recurring M&A costs, before tax	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%

Change in deferred gain on retroactive reinsurance, before tax	0.7	%	0.9	%	1.2	%	1.4	%	1.8	%	1.7	%	1.5	%
Income tax benefit on items not included in core earnings	(0.2	%)	(0.4	%)	(0.4	%)	(0.5	%)	(0.6	%)	(0.8	%)	(1.1	%)


Impact of AOCI, excluded from denominator of core earnings ROE	(3.6	%)	(3.8	%)	(3.6	%)	(3.8	%)	(5.1	%)	(3.4	%)	(2.5	%)
Core earnings ROE	17.4	%	17.4	%	16.6	%	15.8	%	14.9	%	13.6	%	14.3	%

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 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 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 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.

Table of Contents

Underwriting gain (loss)- The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. 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 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														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net income	$	569	$	540	$	615	$	567	$	516	$	407	$	426		$	1,724	$	1,349
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income	(518)		(471)		(459)		(505)		(460)		(415)		(392)			(1,448)		(1,267)
Net realized losses (gains)	34		61		(13)		54		45		57		23			82		125
Net servicing and other income	—		(5)		(2)		(2)		(5)		(7)		(6)			(7)		(18)

Income tax expense	143		129		138		129		127		95		100			410		322
Underwriting gain	228		254		279		243		223		137		151			761		511
Current accident year catastrophes	247		280		161		81		184		226		185			688		595
Prior accident year development	(50)		(115)		(56)		92		(43)		(39)		—			(221)		(82)

Underlying underwriting gain	$	425	$	419	$	384	$	416	$	364	$	324	$	336		$	1,228	$	1,024

COMMERCIAL LINES


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net income	$	528	$	540	$	573	$	687	$	519	$	458	$	421		$	1,641	$	1,398
Adjustments to reconcile net income to underlying underwriting gain:

Net investment income	(442)		(402)		(391)		(435)		(395)		(364)		(338)			(1,235)		(1,097)
Net realized losses (gains)	32		50		(12)		48		38		51		19			70		108


Other expense (income)	1		1		2		3		(2)		—		—			4		(2)
Income tax expense	134		130		129		163		130		109		100			393		339
Underwriting gain	253		319		301		466		290		254		202			873		746
Current accident year catastrophes	155		155		109		60		115		123		138			419		376
Prior accident year development	(36)		(81)		(56)		(118)		(46)		(38)		(23)			(173)		(107)

Underlying underwriting gain	$	372	$	393	$	354	$	408	$	359	$	339	$	317		$	1,119	$	1,015

Table of Contents

PERSONAL LINES


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net income (loss)	$	31	$	(11)	$	34	$	34	$	(12)	$	(60)	$	(1)		$	54	$	(73)
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):

Net investment income	(58)		(50)		(50)		(52)		(47)		(34)		(38)			(158)		(119)
Net realized losses (gains)	2		8		(1)		5		5		5		1			9		11

Net servicing and other income	(5)		(6)		(4)		(5)		(3)		(7)		(6)			(15)		(16)
Income tax expense (benefit)	8		(4)		8		8		(5)		(17)		(1)			12		(23)
Underwriting loss	(22)		(63)		(13)		(10)		(62)		(113)		(45)			(98)		(220)
Current accident year catastrophes	92		125		52		21		69		103		47			269		219
Prior accident year development	(14)		(34)		(7)		(7)		1		(3)		20			(55)		18
Underlying underwriting gain (loss)	$	56	$	28	$	32	$	4	$	8	$	(13)	$	22		$	116	$	17

P&C OTHER OPERATIONS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net income (loss)	$	10	$	11	$	8	$	(154)	$	9	$	9	$	6		$	29	$	24
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income	(18)		(19)		(18)		(18)		(18)		(17)		(16)			(55)		(51)
Net realized losses	—		3		—		1		2		1		3			3		6

Other expense	4		—		—		—		—		—		—			4		—
Income tax expense (benefit)	1		3		1		(42)		2		3		1			5		6
Underwriting loss	(3)		(2)		(9)		(213)		(5)		(4)		(6)			(14)		(15)

Prior accident year development	—		—		7		217		2		2		3			7		7
Underlying underwriting gain (loss)	$	(3)	$	(2)	$	(2)	$	4	$	(3)	$	(2)	$	(3)		$	(7)	$	(8)

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 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, Commercial Lines, and Personal Lines is set forth on pages 10, 13 and 17, respectively.

Table of Contents

Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group 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 Group 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 Group 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														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Net income margin	8.8	%	9.7	%	6.2	%	9.9	%	8.5	%	7.0	%	5.3	%		8.2	%	6.9	%
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax	(0.1	%)	0.4	%	(0.1	%)	(0.1	%)	1.5	%	0.8	%	(0.3	%)		0.2	%	0.8	%
Integration and other non-recurring M&A costs, before tax	—	%	—	%	—	%	0.1	%	0.1	%	—	%	0.1	%		—	%	0.1	%
Income tax expense (benefit)	—	%	(0.1	%)	—	%	(0.1	%)	(0.3	%)	(0.2	%)	0.1	%		(0.1	%)	(0.2	%)

Core earnings margin	8.7	%	10.0	%	6.1	%	9.8	%	9.8	%	7.6	%	5.2	%		8.3	%	7.6	%

Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.


	THREE MONTHS ENDED							NINE MONTHS ENDED
	Sept 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sept 30 2023	Jun 30 2023	Mar 31 2023		Sept 30 2024	Sept 30 2023
Return on Assets ("ROA")	15.7	13.1	13.7	15.1	12.7	14.1	12.9		14.2	13.2
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax	(2.1)	(0.9)	(1.5)	(2.6)	1.3	(0.3)	(1.6)		(1.5)	(0.2)
Effect of income tax expense	—	0.6	0.3	—	—	—	0.3		0.3	0.1
Return on Assets ("ROA"), core earnings	13.6	12.8	12.5	12.5	14.0	13.8	11.6		13.0	13.1

Table of Contents

Net investment income, excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Group 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 instruments, 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 instruments. Net investment income is the most directly comparable 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														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Total net investment income	$	659	$	602	$	593	$	653	$	597	$	540	$	515		$	1,854	$	1,652
Adjustment for income from limited partnerships and other alternative investments	(37)		(16)		(16)		(82)		(72)		(32)		(26)			(69)		(130)
Net investment income excluding limited partnerships and other alternative investments	$	622	$	586	$	577	$	571	$	525	$	508	$	489		$	1,785	$	1,522

PROPERTY & CASUALTY


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Total net investment income	$	518	$	471	$	459	$	505	$	460	$	415	$	392		$	1,448	$	1,267
Adjustment for income from limited partnerships and other alternative investments	(31)		(16)		(15)		(71)		(60)		(26)		(21)			(62)		(107)
Net investment income excluding limited partnerships and other alternative investments	$	487	$	455	$	444	$	434	$	400	$	389	$	371		$	1,386	$	1,160

GROUP BENEFITS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Total net investment income	$	119	$	112	$	114	$	125	$	121	$	113	$	110		$	345	$	344
Adjustment for income from limited partnerships and other alternative investments	(6)		—		(1)		(11)		(12)		(6)		(5)			(7)		(23)
Net investment income excluding limited partnerships and other alternative investments	$	113	$	112	$	113	$	114	$	109	$	107	$	105		$	338	$	321

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 Group 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 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														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Sept 30 2024		Sept 30 2023
Annualized investment yield	4.4	%	4.1	%	4.1	%	4.5	%	4.2	%	3.9	%	3.7	%	4.2	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	0.1	%	0.3	%	0.2	%	(0.2	%)	(0.1	%)	0.1	%	0.1	%	0.2	%	—	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.5	%	4.4	%	4.3	%	4.3	%	4.1	%	4.0	%	3.8	%	4.4	%	3.9	%

PROPERTY & CASUALTY


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Sept 30 2024		Sept 30 2023
Annualized investment yield	4.5	%	4.2	%	4.1	%	4.6	%	4.3	%	3.9	%	3.6	%	4.2	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	0.1	%	0.2	%	0.2	%	(0.3	%)	(0.3	%)	0.1	%	0.1	%	0.2	%	—	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.6	%	4.4	%	4.3	%	4.3	%	4.0	%	4.0	%	3.7	%	4.4	%	3.9	%

GROUP BENEFITS


	THREE MONTHS ENDED														NINE MONTHS ENDED
	Sept 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023			Sept 30 2024		Sept 30 2023
Annualized investment yield	4.1	%	3.9	%	3.9	%	4.2	%	4.1	%	3.9	%	3.8	%		3.9	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	0.2	%	0.4	%	0.3	%	—	%	—	%	0.1	%	0.1	%		0.3	%	0.1	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.3	%	4.3	%	4.2	%	4.2	%	4.1	%	4.0	%	3.9	%		4.2	%	4.0	%

Cover Document and Entity information	Oct. 24, 2024
Document Type	8-K
Document Period End Date	Oct. 24, 2024
Entity Registrant Name	THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-13958
Entity Tax Identification Number	13-3317783
Entity Address, Address Line One	One Hartford Plaza
Entity Address, City or Town	Hartford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06155
City Area Code	860
Local Phone Number	547-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000874766
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HIG
Security Exchange Name	NYSE
6.10% Notes due October 1, 2041
Title of 12(b) Security	6.10% Senior Notes due October 1, 2041
Trading Symbol	HIG 41
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/1,00th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Title of 12(b) Security	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
Trading Symbol	HIG PR G
Security Exchange Name	NYSE

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