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Earnings jump and $4.2B buyback plan at The Hartford (NYSE: HIG)

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Hartford Insurance Group, Inc. reported strong second quarter 2026 results, with net income available to common stockholders of $1.3 billion, or $4.68 per diluted share, up from $990 million, or $3.44, a year earlier. Core earnings were $945 million, or $3.42 per diluted share, slightly above $932 million, or $3.24, in 2025. Trailing 12‑month net income ROE was 23.8% and core earnings ROE 18.7%.

Property & Casualty written premiums grew 3%, including 5% growth in Business Insurance, though that segment’s combined ratio rose to 91.4. Personal Insurance written premiums fell 7%, but its combined ratio improved to 90.1, with better automobile and homeowners profitability. Employee Benefits fully insured ongoing premiums rose 5%, while its core earnings margin declined to 7.4% amid higher disability loss ratios.

Consolidated net investment income increased to $800 million, helped by much stronger limited partnership returns. Results also reflect a $251 million income tax benefit tied to the pending sale of Hartford Funds, reported in discontinued operations. Capital management remained active: the company returned $615 million to shareholders in the quarter and the board authorized a new $4.2 billion share repurchase program effective August 1, 2026, through 2028.

Positive

  • Net income available to common stockholders rose 31% to $1.3 billion and diluted EPS increased 36% to $4.68, with trailing 12‑month net income ROE improving to 23.8%.
  • Net investment income grew to $800 million from $658 million, boosted by higher income from limited partnerships, where annualized yield rose to 7.6% from 1.0%.
  • Personal Insurance profitability improved, with the combined ratio falling to 90.1 from 94.1 and automobile combined ratio improving to 88.5.
  • The board approved a new $4.2 billion share repurchase authorization through 2028, a 27% increase over the prior program, after returning $615 million this quarter.
  • Book value per diluted share (excluding AOCI) increased to $78.91, up 7.2% from $73.62 at December 31, 2025, reflecting earnings in excess of dividends despite share repurchases.

Negative

  • Business Insurance underwriting performance softened, with combined ratio rising to 91.4 from 87.0 and underwriting gain declining 29% to $316 million, driven by less favorable prior‑year development and slightly higher catastrophes.
  • Personal Insurance growth was pressured, as written premiums declined 7% and earned premiums fell 3%, reflecting a competitive market and slower new business despite improved margins.
  • Employee Benefits core earnings fell to $139 million from $163 million and core earnings margin declined to 7.4% from 9.2%, mainly due to a higher group disability loss ratio.
  • Net favorable prior‑year development decreased to $111 million from $187 million, while P&C current accident year catastrophe losses edged up to $222 million, modestly pressuring underwriting results.

Filing Explained

Hartford Funds is held for sale and excluded from core earnings, while the new four-point-two-billion-dollar buyback remains authorization, not completed repurchases.

The 8-K reports second-quarter results for the period ended June 30, 2026 and furnishes the release and investor supplement; the structural change is that Hartford Funds is held for sale and its results are presented as discontinued operations, outside core earnings.

As an Item 2.02 earnings-results filing, the exhibits are furnished rather than filed under Section 18, so this submission communicates the results without making those exhibits subject to that section’s filing liabilities.

The new $4.2 billion repurchase program is authorized for August 1, 2026 through the end of 2028; it is future authorization, distinct from the repurchases already reported.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income to common, Q2 2026 $1.3 billion Net income available to common stockholders for the second quarter 2026
Core earnings, Q2 2026 $945 million Core earnings for the second quarter 2026
Diluted EPS, Q2 2026 $4.68 Net income available to common stockholders per diluted share, Q2 2026
Net investment income, Q2 2026 $800 million Consolidated net investment income before tax in the second quarter 2026
Net income ROE, trailing 12 months 23.8% Return on equity based on net income available to common stockholders
Core earnings ROE, trailing 12 months 18.7% Return on equity based on core earnings, excluding AOCI
New share repurchase authorization $4.2 billion Board‑authorized share repurchase program effective Aug. 1, 2026 through 2028
Book value per diluted share (ex. AOCI) $78.91 Book value per diluted share excluding AOCI as of June 30, 2026
core earnings financial
"Core earnings* of $945 million ($3.42 core earnings per diluted share*)"
Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.
underlying combined ratio financial
"Business Insurance second quarter 2026 combined ratio of 91.4 and an underlying combined ratio* of 89.3."
The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.
prior year accident year development (PYD) financial
"including 2.9 points of less favorable prior year accident year development (PYD)"
current accident year catastrophes (CAY CATs) financial
"0.2 points of higher current accident year catastrophe losses (CAY CATs)."
accumulated other comprehensive income (AOCI) financial
"Book value per diluted share (ex. accumulated other comprehensive income (AOCI)) 2 | $78.91"
Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.
limited partnerships and other alternative investments financial
"increased income from limited partnerships and other alternative investments (LPs)"
Net income available to common stockholders $1.3 billion up from $990 million in Q2 2025 (31% increase)
Diluted EPS $4.68 up from $3.44 in Q2 2025 (36% increase)
Core earnings $945 million up from $932 million in Q2 2025 (1% increase)
Net investment income $800 million up from $658 million in Q2 2025 (22% increase)
Net income ROE (trailing 12 months) 23.8% up 4.0 points from 19.8% a year earlier
Core earnings ROE (trailing 12 months) 18.7% up 2.7 points from 16.0% a year earlier

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did The Hartford (HIG) perform financially in Q2 2026?
The Hartford reported Q2 2026 net income available to common stockholders of $1.3 billion, or $4.68 per diluted share, up from $990 million, or $3.44. Core earnings were $945 million, or $3.42 per diluted share, slightly above $932 million a year earlier.

What were The Hartford (HIG) core earnings and ROE for Q2 2026?
Core earnings in Q2 2026 were $945 million, or $3.42 per diluted share. Trailing 12‑month core earnings ROE was 18.7%, compared with 16.0% a year earlier, while net income ROE reached 23.8%, reflecting stronger overall profitability.

How did The Hartford’s (HIG) insurance segments perform in Q2 2026?
Business Insurance generated net income of $704 million with a combined ratio of 91.4. Personal Insurance net income rose to $130 million and its combined ratio improved to 90.1. Employee Benefits delivered $147 million of net income and a 7.7% net income margin.

What is The Hartford’s (HIG) new share repurchase authorization?
The board authorized a new $4.2 billion share repurchase program, effective from August 1, 2026 through year‑end 2028, a 27% increase over the prior authorization. In Q2 2026 the company returned $615 million via buybacks and dividends.

How did investment income affect The Hartford (HIG) in Q2 2026?
Consolidated net investment income rose to $800 million from $658 million in Q2 2025, helped by stronger limited partnership returns of $114 million. Annualized pre‑tax investment yield increased to 4.9%, while yield excluding LPs was 4.7%.

What impact did the Hartford Funds sale have on HIG’s Q2 2026 results?
The pending sale of Hartford Funds produced income from discontinued operations of $318 million in Q2 2026, including a $251 million income tax benefit from the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds.

How did catastrophes and prior‑year development affect HIG in Q2 2026?
P&C current accident year catastrophe losses were $222 million, up from $212 million. Net favorable prior‑year development was $111 million, down from $187 million, reducing the favorable reserve impact compared with Q2 2025.
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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): July 23, 2026
 
The Hartford Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware001-1395813-3317783
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
The Hartford Insurance 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHIGThe New York Stock Exchange
6.10% Senior Notes due October 1, 2041HIG 41The 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 shareHIG PR GThe 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 2.02Results of Operations and Financial Condition
On July 23, 2026, The Hartford Insurance Group, Inc. (the "Company") issued (i) a news release announcing its financial results for the quarterly period ended June 30, 2026, and (ii) its Investor Financial Supplement (“IFS”) relating to its financial results for the quarterly period ended June 30, 2026. 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 9.01Financial Statements and Exhibits

Exhibit No.
  
99.1 
News Release of The Hartford Insurance Group, Inc. dated July 23, 2026
99.2 
Investor Financial Supplement of The Hartford Insurance Group, Inc. for the quarterly period ended June 30, 2026
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:July 23, 2026By:/s/ Allison G. Niderno
Name:Allison G. Niderno
Title:Senior Vice President and Controller


    
NEWS RELEASE            thehartford_logoxhorizontaa.jpg


The Hartford Reports Strong Second Quarter 2026 Financial Results
Board authorized new $4.2 billion share repurchase program, representing a 27% increase from the prior authorization

•Second quarter 2026 net income available to common stockholders of $1.3 billion ($4.68 per diluted share) increased 31% from $990 million ($3.44 per diluted share) over the same period in 2025. Core earnings* of $945 million ($3.42 core earnings per diluted share*) increased 1% from $932 million ($3.24 core earnings per diluted share) over the same period in 2025.
•Net income ROE for the trailing 12 months of 23.8% and core earnings ROE* of 18.7%.
•Property & Casualty (P&C) written premiums increased by 3% in the second quarter of 2026, driven by Business Insurance premium growth of 5%.
•Employee Benefits fully insured ongoing premium growth of 5% in the second quarter of 2026.
•Business Insurance second quarter 2026 combined ratio of 91.4 and an underlying combined ratio* of 89.3.
•Personal Insurance second quarter 2026 combined ratio of 90.1 and an underlying combined ratio* of 86.3.
•Employee Benefits second quarter 2026 net income margin of 7.7% and a core earnings margin* of 7.4%.
•Returned $615 million to stockholders in the second quarter, including $450 million of shares repurchased and $165 million in common stockholder dividends paid. The company's Board of Directors authorized a new $4.2 billion share repurchase program, effective from Aug. 1, 2026, through the end of 2028.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures.
** All amounts and percentages set forth in this news release are approximate unless otherwise noted.
1

HARTFORD, Conn., July 23, 2026 – The Hartford (NYSE: HIG) today announced financial results for the second quarter ended June 30, 2026.

“The Hartford delivered another quarter of strong results, reflecting the strength of our franchise, the breadth of our distribution relationships and our commitment to a superior customer experience,” said The Hartford’s Chairman and CEO Christopher Swift. “Supported by market-leading positions and differentiated capabilities across Property and Casualty and Employee Benefits, we continue to execute with discipline while investing in technology, data, artificial intelligence and customer-focused risk insights that strengthen our competitive position and further differentiate The Hartford in the marketplace.”

The Hartford’s Chief Financial Officer Beth Costello said, “Business Insurance delivered another strong quarter, with 5 percent written premium growth and an underlying combined ratio of 89.3. In Personal Insurance, the underlying combined ratio improved 1.7 points, while growth was impacted by a competitive market. Employee Benefits generated fully insured ongoing premium growth of 5 percent with a core earnings margin of 7.4 percent. Investment income remained strong, supported by our diversified portfolio and attractive new money yields."

Swift continued, “The recently announced new $4.2 billion share repurchase authorization demonstrates our disciplined approach to capital management. With strong execution across the enterprise, we remain well positioned to deliver outstanding ROEs and attractive returns for shareholders."



2

CONSOLIDATED RESULTS:
Three Months Ended

($ in millions except per share data)
Jun 30 2026Jun 30 2025
Change
Income from continuing operations, net of tax$980$9384%
Income from continuing operations, net of tax per diluted share$3.53$3.249%
Net income available to common stockholders$1,293$99031%
Net income available to common stockholders per diluted share1
$4.68$3.4436%
Core earnings$945$9321%
Core earnings per diluted share$3.42$3.246%
Book value per diluted share$70.28$60.0217%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2
$78.91$68.3515%
Net income available to common stockholders' return on equity (ROE)3, last 12-months
23.8%19.8%4.0
Core earnings ROE3, last 12-months
18.7%16.0%2.7
[1]Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends
[2]Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
[3]Return on equity (ROE) is calculated based on last 12 months of net income available to common stockholders and core earnings, respectively; for net income ROE, the denominator is common stockholders’ equity including AOCI; for core earnings ROE, the denominator is common stockholders’ equity excluding AOCI

Second quarter 2026 net income available to common stockholders of $1.3 billion, or $4.68 per diluted share, improved from $990 million in second quarter 2025. Contributing to the results were:
•An increase in earnings driven by 5% growth in P&C earned premium and 5% fully insured ongoing premium growth in Employee Benefits.
•Business Insurance loss and loss adjustment expense ratio of 60.4 increased from 56.1 in second quarter 2025, including 2.9 points of less favorable prior year accident year development (PYD) and 0.2 points of higher current accident year catastrophe losses (CAY CATs). Underlying loss and loss adjustment expense ratio* of 58.3 increased from 57.0 in second quarter 2025.
•Personal Insurance loss and loss adjustment expense ratio of 63.8 improved from 69.0 in second quarter 2025, including 2.1 points of more favorable PYD and 0.2 points of lower CAY CATs. Underlying loss and loss adjustment expense ratio of 60.0 improved 2.8 points from second quarter 2025.
•Net favorable PYD of $111 million, before tax, in 2026 declined from net favorable PYD of $187 million in core earnings in 2025. Net favorable PYD in second quarter 2026 was primarily driven by reserve reductions in workers’ compensation, catastrophes, Personal Insurance, and bond, partially offset by an increase in general liability and commercial automobile reserves.
•P&C CAY CAT losses of $222 million, before tax, in second quarter 2026, primarily from tornado, wind and hail events, increased from CAY CAT losses of $212 million in second quarter 2025.
•The P&C expense ratio of 29.9 increased from 29.5 in second quarter 2025, primarily driven by an increase in the Personal Insurance expense ratio.
3

•Employee Benefits loss ratio of 72.5 increased from 69.1 in second quarter 2025, driven by an increase in the group disability loss ratio.
•The Employee Benefits expense ratio of 25.2 improved from 25.7 in second quarter 2025, driven by the impact of earned premium growth and lower commissions, partially offset by higher technology costs.
•Net investment income of $800 million, before tax, increased from $658 million in second quarter 2025, primarily driven by increased income from limited partnerships and other alternative investments (LPs) and a higher level of invested assets.
•Net realized gains of $64 million, before tax, in second quarter 2026 compared with net realized losses of $19 million, before tax, in second quarter 2025.
•Income from discontinued operations of $318 million, before tax, increased from $57 million in second quarter 2025, due to a $251 million income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and the U.S. GAAP carrying value of Hartford Funds.
Second quarter 2026 core earnings of $945 million, or $3.42 per diluted share, increased from $932 million of core earnings in second quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains and losses and income from discontinued operations.
June 30, 2026 book value per diluted share of $70.28 increased 6.0%, from $66.31 at Dec. 31, 2025, principally due to net income in excess of stockholder dividends through June 30, 2026, including income from discontinued operations related to the sale of Hartford Funds, partially offset by the dilutive effect of share repurchases, and a decrease in AOCI, primarily driven by an increase in net unrealized losses on available-for-sale (AFS) securities.
Book value per diluted share (excluding AOCI) of $78.91 as of June 30, 2026, increased 7.2%, from $73.62 at Dec. 31, 2025, as the impact from net income in excess of stockholder dividends through June 30, 2026, was partially offset by the dilutive effect of share repurchases.
Net income available to common stockholders' ROE (net income ROE) for the trailing 12-month period ending June 30, 2026, was 23.8%, increasing 4.0 points from June 30, 2025, primarily due to an increase in net income available to common stockholders.
Core earnings ROE for the trailing 12-month period ending June 30, 2026, was 18.7%, increasing 2.7 points from June 30, 2025, primarily due to an increase in core earnings.
4

BUSINESS RESULTS:
Business Insurance
Three Months Ended
($ in millions, unless otherwise noted)Jun 30 2026Jun 30 2025
Change
Net income $704$6961%
Core earnings $695$697—%
Written premiums$4,022$3,8165%
Underwriting gain1
$316$444(29%)
Underlying underwriting gain1
$393$412(5%)
Losses and loss adjustment expense ratio60.456.14.3
Expenses30.730.60.1
Policyholder dividends0.30.3—
Combined ratio91.487.04.4
Impact of catastrophes and PYD on combined ratio(2.1)1.0(3.1)
Underlying combined ratio89.388.01.3
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio58.357.01.3
Current accident year catastrophes3.53.30.2
Prior accident year development(1.4)(4.3)2.9
Total Losses and loss adjustment expense ratio60.456.14.3
[1]Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures

Second quarter 2026 net income of $704 million increased from net income of $696 million in second quarter 2025. Contributing to the results were:
•7% growth in earned premium.
•An underlying loss and loss adjustment expense ratio of 58.3 in second quarter 2026 increased from 57.0 in second quarter 2025.
•Net favorable PYD of $52 million, before tax, in second quarter 2026, declined from $146 million in second quarter 2025. The net favorable PYD in second quarter 2026 primarily includes reserve reductions in workers’ compensation, catastrophes, and bond, partially offset by an increase in general liability and commercial auto liability reserves. Net PYD in the 2025 period includes a $24 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC.
•CAY CAT losses of $129 million, before tax, in second quarter 2026, primarily from tornado, wind and hail events, increased from CAY CAT losses of $114 million in second quarter 2025.
•Net investment income of $556 million, before tax, increased from $449 million in second quarter 2025.
•Net realized gains of $12 million, before tax, in second quarter 2026 compared with net realized losses of $20 million, before tax, in second quarter 2025.
Business Insurance core earnings of $695 million in second quarter 2026 declined slightly from $697 million in second quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains and losses.
Combined ratio of 91.4 increased from 87.0 in second quarter 2025, primarily due to 2.9 points of less favorable net PYD and 0.2 points of higher CAY CATs. Underlying combined ratio of 89.3
5

increased from 88.0 in second quarter 2025, primarily due to a 1.3 point increase in the underlying loss and loss adjustment expense ratio.
•Small Business combined ratio of 85.9 improved from 89.7 in second quarter 2025, including 1.3 points of lower CAY CATs, partially offset by 0.1 points of less favorable PYD. Underlying combined ratio of 86.5 improved from 89.0 in second quarter 2025, primarily due to lower non-CAT property losses and the impact of earned premium growth on the expense ratio.
•Middle & Large Business combined ratio of 101.9 increased from 86.6 in second quarter 2025, including a change from favorable to unfavorable PYD and 2.0 points of higher CAY CATs. Underlying combined ratio of 95.3 increased from 89.1 in second quarter 2025, including higher non-CAT property losses and a change in business mix.
•Global Specialty combined ratio of 89.5 increased from 85.9 in second quarter 2025, including 2.1 points of less favorable PYD and 0.4 points of higher CAY CATs. The 2025 combined ratio included 2.6 points of more favorable PYD due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 85.8 increased from 84.8 in second quarter 2025, primarily due to an increase in the international loss ratio and a higher expense ratio, driven by technology costs.
•The Business Insurance expense ratio of 30.7 was generally consistent with the second quarter of 2025.
Second quarter 2026 written premiums of $4.0 billion were up 5% from second quarter 2025, with growth across the segment. Small Business delivered a 7% increase in written premiums, supported by double‑digit new business growth, while Middle & Large and Global Specialty each reported single‑digit written premium growth.

Personal Insurance
Three Months Ended

($ in millions, unless otherwise noted)
Jun 30 2026Jun 30 2025Change
Net income$130$9143%
Core earnings$128$9436%
Written premiums$915$980(7%)
Underwriting gain$90$5564%
Underlying underwriting gain$124$11211%
Losses and loss adjustment expense ratio63.869.0(5.2)
Expenses26.325.11.2
Combined ratio90.194.1(4.0)
Impact of catastrophes and PYD on combined ratio(3.8)(6.1)2.3
Underlying combined ratio86.388.0(1.7)
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio60.062.8(2.8)
Current accident year catastrophes10.310.5(0.2)
Prior accident year development(6.5)(4.4)(2.1)
Total Losses and loss adjustment expense ratio63.869.0(5.2)
Net income of $130 million in second quarter 2026 increased from net income of $91 million in second quarter 2025. Contributing to the results were:
•3% decline in earned premium largely driven by a competitive market environment that continues to pressure new business growth, partially offset by modest improvement in automobile policy retention as the pace of renewal written price increases moderated.
•An underlying loss and loss adjustment expense ratio of 60.0 in second quarter 2026, which improved 2.8 points from 62.8 in second quarter 2025, driven by the impact of earned pricing increases outpacing loss cost trends.
•$59 million, before tax, of favorable PYD in second quarter 2026 increased from $41 million of favorable PYD in second quarter 2025. The net favorable PYD in second quarter 2026 includes reserve reductions in both automobile and homeowners.
•CAY CAT losses of $93 million, before tax, in second quarter 2026, including losses from tornado, wind and hail events, decreased from $98 million of CAY CAT losses in second quarter 2025.
•Net investment income of $67 million, before tax, in second quarter 2026 increased from $58 million in second quarter 2025.
•Net realized gains of $4 million, before tax, in second quarter 2026 compared with net realized losses of $4 million, before tax, in second quarter 2025.
Personal Insurance core earnings of $128 million increased from core earnings of $94 million in second quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains and losses.
Combined ratio of 90.1 in second quarter 2026 improved from 94.1 in second quarter 2025, primarily due to a 5.2 point improvement in the loss and loss adjustment expense ratio, including a 2.8 point improvement in the underlying loss and loss adjustment expense ratio, 2.1 points of more favorable PYD, and 0.2 points of lower CAY CAT losses. Underlying combined ratio of 86.3 improved 1.7 points from 88.0 in second quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratios in both automobile and homeowners.
•Personal Automobile combined ratio of 88.5 improved 5.5 points from 94.0 in second quarter 2025, including 3.2 points of more favorable PYD and 0.4 points of lower CAY CATs. The underlying combined ratio of 93.3 improved 1.9 points from 95.2 in second quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases outpacing loss cost trends, partially offset by an increase in the expense ratio.
•Homeowners combined ratio of 92.6 improved 1.8 points from 94.4 in second quarter 2025, including 2.2 points of lower CAY CATs and 0.1 points of more favorable PYD. The underlying combined ratio of 73.3 increased 0.6 points from 72.7 in second quarter 2025, primarily due to an increase in the expense ratio, partially offset by improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases outpacing loss cost trends.
•The Personal Insurance expense ratio of 26.3 increased from 25.1 in second quarter 2025, primarily due to the impact of lower earned premiums and increased premium mix towards agency, driving higher commissions.
Written premiums in second quarter 2026 of $915 million decreased from $980 million in second quarter 2025, with:
•Renewal written price increases in automobile and homeowners of 5.5% and 10.4%, respectively.
•Effective policy count retention improving slightly in automobile and remaining relatively stable in homeowners.
6

Employee Benefits
Three Months Ended

($ in millions, unless otherwise noted)
Jun 30 2026Jun 30 2025
Change
Net income$147$150(2%)
Core earnings$139$163(15%)
Fully insured ongoing premiums$1,676$1,6025%
Loss ratio72.5%69.1%3.4
Expense ratio25.2%25.7%(0.5)
Net income margin7.7%8.5%(0.8)
Core earnings margin7.4%9.2%(1.8)
Net income of $147 million in second quarter 2026 decreased from $150 million in second quarter 2025, primarily due to an increase in the group disability loss ratio, partially offset by a change from net realized losses to net realized gains, increased net investment income, and a lower expense ratio.
Core earnings of $139 million decreased from $163 million in second quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains and losses.
Fully insured ongoing premiums were up 5% compared with second quarter 2025, including increased new business sales across all products, an increase in exposure on existing accounts and persistency in excess of 90%. Fully insured ongoing sales were up 31% in second quarter 2026, compared with second quarter 2025, driven by higher group disability and group life sales.
Loss ratio of 72.5 increased from 69.1 in second quarter 2025.
•Group life loss ratio of 74.2 was relatively consistent with 2025 at 74.3.
•Group disability loss ratio of 74.8 increased 6.3 points from 68.5 driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries although in line with long-term expectations.
Expense ratio of 25.2 improved 0.5 points from 25.7 in second quarter 2025, driven by the impact of earned premium growth and a lower commission ratio, partially offset by higher technology costs.
Net investment income of $137 million, before tax, increased from $118 million in second quarter 2025.
Corporate
Three Months Ended

($ in millions, unless otherwise noted)
Jun 30 2026Jun 30 2025Change
Net income$300$45NM
Net income available to common stockholders$295$40NM
Core loss$(34)$(36)6%
Net investment income, before tax$18$1429%
Interest expense and preferred dividends, before tax$55$55—%
On June 3, 2026, The Hartford entered into an agreement to sell Hartford Funds Management, Inc. ("Hartford Funds"). Effective in second quarter 2026 and for all periods presented in The Hartford's financial statements, Hartford Funds is reported as discontinued operations in Corporate and its results are included in net income, but not in core earnings.
Net income available to common stockholders of $295 million in second quarter 2026 increased from $40 million in second quarter 2025, driven by higher income from discontinued operations,
7

net of tax, including a $251 million income tax benefit related to the agreement to sell Hartford Funds.
Second quarter 2026 core loss of $34 million was relatively consistent with $36 million in second quarter 2025.
INVESTMENT INCOME AND PORTFOLIO DATA:
Three Months Ended

($ in millions, unless otherwise noted)
Jun 30 2026Jun 30 2025
Change
Net investment income, before tax$800$65822%
Annualized investment yield, before tax4.9%4.3%0.6
Annualized investment yield, before tax, excluding LPs1
4.7%4.6%0.1
Annualized LP yield, before tax7.6%1.0%6.6
Annualized investment yield, after tax3.9%3.5%0.4
[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
Second quarter 2026 consolidated net investment income of $800 million increased from $658 million in second quarter 2025, primarily driven by increased income from LPs and a higher level of invested assets.
Second quarter 2026 net investment income, excluding LPs*, of $686 million, before tax, compared to $645 million in second quarter 2025, a 6% increase, primarily driven by a higher level of invested assets.
Second quarter 2026 included $114 million, before tax, of LP income which increased from $13 million in second quarter 2025, primarily driven by sales of underlying investments within real estate joint ventures and higher returns on infrastructure and energy transition funds within other funds. Annualized LP yield, before tax, of 7.6% increased from 1.0% in second quarter 2025.
Net realized gains of $64 million, before tax, in second quarter 2026 compared with net realized losses of $19 million, before tax, in second quarter 2025.
Total invested assets of $64.0 billion increased $0.5 billion from Dec. 31, 2025, primarily due to increases within mortgage loans and LPs, partially offset by lower valuations on fixed maturities driven by higher interest rates.
8

CONFERENCE CALL
The Hartford will discuss its second quarter 2026 financial results on a webcast at 9:00 a.m. EDT on Friday, July 24, 2026. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.
More detailed financial information can be found in The Hartford's Investor Financial Supplement for June 30, 2026, and the second quarter 2026 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 and employee benefits. By anticipating challenges and reducing risks our customers face, the company helps people and businesses thrive with confidence. Built on a foundation of trust, The Hartford is committed to strong performance, exceptional customer experiences and bold innovation, hallmarks of its sustained success since 1810.
The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. More information on the company and its financial performance is available at https://www.thehartford.com. 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     Kate Jorens
860-547-7413     860-547-4066
michelle.loxton@thehartford.com     kate.jorens@thehartford.com

Matthew Sturdevant
860-547-8664
matthew.sturdevant@thehartford.com


9

THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended June 30, 2026
($ in millions)
Business InsurancePersonal InsuranceP&C
Other Ops		Employee BenefitsCorporateConsolidated
Earned premiums$3,663 $905 $— $1,711 $— $6,279 
Fee income12 7 — 56 11 86 
Net investment income556 67 22 137 18 800 
Net realized gains12 4 1 9 38 64 
Other revenue 1 25 — — 8 34 
Total revenues4,244 1,008 23 1,913 75 7,263 
Benefits, losses, and loss adjustment expenses2,211 577 — 1,291 2 4,081 
Amortization of DAC590 70 — 9 — 669 
Insurance operating costs and other expenses553 198 2 417 45 1,215 
Interest expense— — — — 50 50 
Amortization of other intangible assets7 — — 10 — 17 
Total benefits, losses and expenses3,361 845 2 1,727 97 6,032 
Income (loss) from continuing operations before income taxes883 163 21 186 (22)1,231 
 Income tax expense (benefit)179 33 4 39 (4)251 
Income (loss) from continuing operations, net of tax704 130 17 147 (18)980 
Income from discontinued operations, after tax — — — — 318 318 
Net income704 130 17 147 300 1,298 
Preferred stock dividends— — — — 5 5 
Net income available to common stockholders704 130 17 147 295 1,293 
Adjustments to reconcile net income available to common stockholders to core earnings (loss)
Net realized gains, excluded from core earnings, before tax(14)(4)(1)(10)(11)(40)
Integration and other non-recurring M&A costs, before tax3 — — — — 3 
Change in deferred gain on retroactive reinsurance, before tax— — — — — — 
Income tax expense2 2 1 2 — 7 
Income from discontinued operations, net of tax— — — — (318)(318)
Core earnings (loss)$695 $128 $17 $139 $(34)$945 



10

THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended June 30, 2025
($ in millions)
Business InsurancePersonal InsuranceP&C
Other Ops		Employee BenefitsCorporateConsolidated
Earned premiums$3,424 $931 $— $1,606 $— $5,961 
Fee income11 8 — 57 10 86 
Net investment income449 58 19 118 14 658 
Net realized losses(20)(4)(2)(16)23 (19)
Other revenue1 24 — — 5 30 
Total revenues3,865 1,017 17 1,765 52 6,716 
Benefits, losses, and loss adjustment expenses1,920 642 — 1,150 — 3,712 
Amortization of DAC546 70 — 9 — 625 
Insurance operating costs and other expenses520 191 2 407 18 1,138 
Interest expense— — — — 50 50 
Amortization of other intangible assets7 — — 10 — 17 
Total benefits, losses and expenses2,993 903 2 1,576 68 5,542 
Income (loss) from continuing operations before income taxes872 114 15 189 (16)1,174 
 Income tax expense (benefit)176 23 2 39 (4)236 
Income (loss) from continuing operations, net of tax696 91 13 150 (12)938 
Income from discontinued operations, net of tax — — — — 57 57 
Net income696 91 13 150 45 995 
Preferred stock dividends— — — — 5 5 
Net income available to common stockholders696 91 13 150 40 990 
Adjustments to reconcile net income available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax23 3 2 15 (24)19 
Integration and other non-recurring M&A costs, before tax2 — — — — 2 
Change in deferred gain on retroactive reinsurance, before tax(24)— — — — (24)
Income tax expense (benefit)— — (1)(2)5 2 
Income from discontinued operations, net of tax — — — — (57)(57)
Core earnings (loss)$697 $94 $14 $163 $(36)$932 


11

The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Hartford uses non-GAAP financial measures in this news release to assist investors in analyzing the Company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this news release can be found below and in The Hartford's Investor Financial Supplement for second quarter 2026, which is available on the investor relations section of The Hartford's website, https://ir.thehartford.com.
Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable U.S GAAP measure. A reconciliation of annualized investment yield to annualized investment yield excluding limited partnerships and other alternative investments for the quarterly periods ended June 30, 2026 and 2025 is provided in the table below.
Three Months Ended
Jun 30 2026Jun 30 2025
Annualized investment yield4.9 %4.3 %
Adjustment for income from limited partnerships and other alternative investments(0.2)%0.3 %
Annualized investment yield excluding limited partnerships and other alternative investments4.7 %4.6 %
​
12

Net investment income, excluding limited partnerships and other alternative investments-This non-GAAP measure is the amount of net investment income earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments for the quarterly periods ended June 30, 2026 and 2025 is provided in the table below.
Three Months Ended
Jun 30 2026Jun 30 2025
Total net investment income$800 $658 
Adjustment for income from limited partnerships and other alternative investments$(114)$(13)
Net investment income excluding limited partnerships and other alternative investments$686 $645 
​
​
13

Book value per diluted share (excluding AOCI) - This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. A reconciliation of book value per diluted share to book value per diluted share (excluding AOCI) is provided in the table below.
As of
Jun 30 2026Dec 31 2025
Change
Book value per diluted share$70.28$66.316.0%
Per diluted share impact of AOCI$8.63$7.3118.1%
Book value per diluted share (excluding AOCI)$78.91$73.627.2%
As of
Jun 30 2026Jun 30 2025
Change
Book value per diluted share$70.28$60.0217.1%
Per diluted share impact of AOCI$8.63$8.333.6%
Book value per diluted share (excluding AOCI)$78.91$68.3515.4%

14

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 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 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.
15

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 (loss) for the quarterly periods ended June 30, 2026 and 2025, for individual reporting segments can be found in this news release under the heading "The Hartford Insurance Group, Inc. Consolidating Income Statements."
Core earnings margin - The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized (gains) losses. Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized (gains) losses as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin for the quarterly periods ended June 30, 2026 and 2025, is set forth below.
Three Months Ended
Jun 30 2026Jun 30 2025Change
Net income margin7.7%8.5%(0.8)
Adjustments to reconcile net income margin to core earnings margin:
Net realized (gains) losses, before tax(0.5%)0.8%(1.3)
Income tax expense (benefit) on items excluded from core earnings0.1%(0.1%)0.2
Impact of excluding buyouts from denominator of core earnings margin0.1%—%0.1
Core earnings margin7.4%9.2%(1.8)



16

Core earnings per diluted share - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable U.S. GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share for the quarterly periods ended June 30, 2026 and 2025 is provided in the table below.
Three Months Ended
Jun 30 2026Jun 30 2025Change
Per Share Data
Diluted earnings per common share:
Net income available to common stockholders per share1
$4.68$3.4436%
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized (gains) losses, excluded from core earnings, before tax(0.14)0.07NM
Integration and other non-recurring M&A costs, before tax0.010.01—%
Change in deferred gain on retroactive reinsurance, before tax—(0.08)100%
Income tax expense on items excluded from core earnings0.02—NM
Income from discontinued operations, net of tax(1.15)(0.20)NM
Core earnings per diluted share$3.42$3.246%
[1] Net income available to common stockholders includes dilutive potential common shares
17

Core Earnings Return on Equity - The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A quantitative reconciliation of net income available to common stockholders ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized gains and losses, which typically vary substantially from period to period.
A reconciliation of consolidated net income available to common stockholders ROE to consolidated core earnings ROE is set forth below.
Three Months Ended
Jun 30 2026Jun 30 2025
Net income available to common stockholders ROE23.8%19.8%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:
Net realized (gains) losses excluded from core earnings, before tax0.3%0.6%
Integration and other non-recurring M&A costs, before tax—%—%
Change in deferred gain on retroactive reinsurance, before tax(0.2)%(0.5)%
Income tax benefit on items not included in core earnings—%—%
Impact of AOCI, excluded from denominator of core earnings ROE(2.7)%(2.8%)
Income from discontinued operations, net of tax(2.5)%(1.1%)
Core earnings ROE18.7%16.0%

18

Underlying combined ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for individual reporting segments can be found in this news release under the heading "Business Results" for "Business Insurance" and "Personal Insurance". A reconciliation of the combined ratio to underlying combined ratio for lines of business within the Company's P&C reporting segments is set forth below.

SMALL BUSINESS
Three Months Ended
Jun 30 2026Jun 30 2025Change
Combined ratio85.9 89.7 (3.8)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.8)(5.1)1.3 
Prior accident year development4.4 4.5 (0.1)
Underlying combined ratio86.5 89.0 (2.5)


MIDDLE & LARGE BUSINESS
Three Months Ended
Jun 30 2026Jun 30 2025Change
Combined ratio101.9 86.6 15.3 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.1)(1.1)(2.0)
Prior accident year development(3.5)3.6 (7.1)
Underlying combined ratio95.3 89.1 6.2 

19

GLOBAL SPECIALTY
Three Months Ended
Jun 30 2026Jun 30 2025Change
Combined ratio89.5 85.9 3.6 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.6)(3.2)(0.4)
Prior accident year development— 2.1 (2.1)
Underlying combined ratio85.8 84.8 1.0 


PERSONAL AUTOMOBILE
Three Months Ended
Jun 30 2026Jun 30 2025Change
Combined ratio88.5 94.0 (5.5)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.4)(1.8)0.4 
Prior accident year development6.2 3.0 3.2 
Underlying combined ratio93.3 95.2 (1.9)


HOMEOWNERS
Three Months Ended
Jun 30 2026Jun 30 2025Change
Combined ratio92.6 94.4 (1.8)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(26.6)(28.8)2.2 
Prior accident year development7.2 7.1 0.1 
Underlying combined ratio73.3 72.7 0.6 
20

Underwriting gain (loss) -This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the quarterly periods ended June 30, 2026 and 2025, is set forth below.
Underlying underwriting gain (loss) - This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable U.S GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliations of net income (loss) to underlying underwriting gain for individual reporting segments for the quarterly periods ended June 30, 2026 and 2025, is set forth below.
​

BUSINESS INSURANCE
Three Months
Ended
Jun 30 2026Jun 30 2025
Net income$704 $696 
Adjustments to reconcile net income to underwriting gain:
Net investment income(556)(449)
Net realized (gains) losses(12)20 
Other (income) expense 1 1 
Income tax expense179 176 
Underwriting gain316 444 
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes129 114 
Prior accident year development(52)(146)
Underlying underwriting gain$393 $412 

21

PERSONAL INSURANCE
Three Months
Ended
Jun 30 2026Jun 30 2025
Net income$130 $91 
Adjustments to reconcile net income to underwriting gain (loss):
Net investment income(67)(58)
Net realized (gains) losses(4)4 
Net servicing and other (income) expense
(2)(5)
Income tax expense
33 23 
Underwriting gain90 55 
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes93 98 
Prior accident year development(59)(41)
Underlying underwriting gain$124 $112 

22

Underlying loss and loss adjustment expense ratio - This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). Reconciliations of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods ended June 30, 2026 and 2025, is set forth below.
PROPERTY & CASUALTY
Three Months Ended
Jun 30 2026Jun 30 2025Change
Loss and loss adjustment expense ratio61.0 58.82.2 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(2.5)(0.6)(1.9)
Underlying loss and loss adjustment expense ratio58.6 58.3 0.3 

BUSINESS INSURANCE
Three Months Ended
Jun 30 2026Jun 30 2025Change
Loss and loss adjustment expense ratio60.4 56.14.3 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(2.1)1.0 (3.1)
Underlying loss and loss adjustment expense ratio58.3 57.0 1.3 

PERSONAL INSURANCE
Three Months Ended
Jun 30 2026Jun 30 2025Change
Loss and loss adjustment expense ratio63.8 69.0(5.2)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(3.8)(6.1)2.3 
Underlying loss and loss adjustment expense ratio60.0 62.8 (2.8)

23

PERSONAL INSURANCE - AUTOMOBILE
Three Months Ended
Jun 30 2026Jun 30 2025Change
Loss and loss adjustment expense ratio63.2 69.4(6.2)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development4.7 1.4 3.3 
Underlying loss and loss adjustment expense ratio67.9 70.8 (2.9)



PERSONAL INSURANCE - HOMEOWNERS
Three Months Ended
Jun 30 2026Jun 30 2025Change
Loss and loss adjustment expense ratio64.6 67.8(3.2)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(19.4)(21.7)2.3 
Underlying loss and loss adjustment expense ratio45.3 46.1 (0.8)
24

SAFE HARBOR STATEMENT
Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.
Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Insurance Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2025 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 could provide our competitors with a competitive advantage and could impact the rate and severity of claims, as well as the demand for our products; the
25

Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses;
Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
Risks Relating to Estimates, Assumptions and Valuations: risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill;
Strategic and Operational Risks: the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber breach or other information security incident, technology failure or other unanticipated event; the potential for difficulties arising from outsourcing, including vendors 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
26

Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
27

realifsq226.jpg

On June 3, 2026, The Hartford entered into an agreement to sell Hartford Funds Management, Inc. ("Hartford Funds"). As a result, the assets and liabilities of this business will now be accounted for as held for sale and operating results of the Hartford Funds business are now included in discontinued operations within the Corporate category for all periods presented. This change has the effect of reducing previously reported core earnings.



The Hartford Insurance Group, Inc.
As of July 22, 2026
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  AA-  Aa3
Hartford Life and Accident Insurance Company  A+  AA-  A1
Navigators Insurance CompanyA+AA-NR
- Hartford Fire Insurance Company and Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Standard and Poor's and Moody's
- Navigators Insurance Company ratings are on stable outlook at A.M. Best and Standard and Poor's
Internet address:NR - Not Rated
http://www.thehartford.com
Other Ratings:      
Contact:Senior debt  aA-A3
Kate JorensJunior subordinated debenturesbbb+BBBBaa1
SVP, Treasurer & Head of Investor RelationsPreferred stockbbb+BBBBaa2
Phone (860) 547-4066
-The Hartford Insurance Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on stable outlook at A.M. Best, Standard and Poor’s and Moody’s
Transfer Agent
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Insurance Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Insurance Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


The Hartford Insurance Group, Inc.
Investor Financial Supplement
Table of Contents
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 U.S. GAAP Stockholders’ Equity Reconciliation
6
Accumulated Other Comprehensive Income (Loss)
7
Property & Casualty
Property & Casualty Income Statements
8
Property & Casualty Income Statements (Continued)
9
Property & Casualty Underwriting Ratios
10
Business Insurance Income Statements
11
Business Insurance Income Statements (Continued)
12
Business Insurance Underwriting Ratios
13
Business Insurance Supplemental Data
14
Personal Insurance Income Statements
15
Personal Insurance Income Statements (Continued)
16
Personal Insurance Underwriting Ratios
17
Personal Insurance Supplemental Data
18
Personal Insurance Supplemental Data (Continued)
19
P&C Other Operations Income Statements
20
Employee Benefits
Income Statements
21
Supplemental Data
22
Corporate
Income Statements
23
Investments
Investment Income Before Tax - Consolidated
24
Investment Income Before Tax - Property & Casualty
25
Investment Income Before Tax - Employee Benefits
26
Net Investment Income
27
Components of Net Realized Gains (Losses)
28
Composition of Invested Assets
29
Invested Asset Exposures
30
Appendix
Basis of Presentation and Definitions
31
Discussion of Non-GAAP Financial Measures
32


Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Financial Results
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Highlights
Net income$1,298 $856 $1,131 $1,080 $995 $630 $2,154 $1,625 
Net income available to common stockholders [1]$1,293 $851 $1,126 $1,074 $990 $625 $2,144 $1,615 
Core earnings*$945 $812 $1,087 $1,022 $932 $592 $1,757 $1,524 
Total revenues$7,263 $6,941 $7,047 $6,946 $6,716 $6,546 $14,204 $13,262 
Total assets$87,983 $86,356 $86,029 $85,027 $83,671 $82,339 
Per Share and Shares Data
Basic earnings per common share
Income from continuing operations, net of tax, available to common stockholders$3.57 $2.89 $3.83 $3.61 $3.29 $2.02 $6.45 $5.30 
Net income available to common stockholders$4.73 $3.08 $4.05 $3.82 $3.49 $2.18 $7.80 $5.66 
Core earnings*$3.46 $2.94 $3.91 $3.64 $3.29 $2.07 $6.40 $5.35 
Diluted earnings per common share
Income from continuing operations, net of tax, available to common stockholders$3.53 $2.85 $3.76 $3.56 $3.24 $1.99 $6.38 $5.22 
Net income available to common stockholders $4.68 $3.04 $3.98 $3.77 $3.44 $2.15 $7.71 $5.58 
Core earnings* $3.42 $2.90 $3.85 $3.59 $3.24 $2.04 $6.32 $5.27 
Weighted average common shares outstanding (basic)273.3 276.1 278.3 280.9 283.7 286.6 274.7 285.1 
Dilutive effect of stock compensation3.0 3.8 4.3 4.1 4.0 4.2 3.4 4.1 
Weighted average common shares outstanding and dilutive potential common shares (diluted)276.3 279.9 282.6 285.0 287.7 290.8 278.1 289.2 
Common shares outstanding271.6 274.9 276.9 279.6 282.3 285.1 
Book value per common share$71.06 $67.50 $67.33 $64.79 $60.87 $57.91 
Per common share impact of accumulated other comprehensive income [2]8.73 8.79 7.43 7.17 8.45 9.05 
Book value per common share (excluding AOCI)*$79.79 $76.29 $74.76 $71.96 $69.32 $66.96 
Book value per diluted share$70.28 $66.58 $66.31 $63.86 $60.02 $57.07 
Per diluted share impact of AOCI8.63 8.67 7.31 7.06 8.33 8.92 
Book value per diluted share (excluding AOCI)*$78.91 $75.25 $73.62 $70.92 $68.35 $65.99 
Common shares outstanding and dilutive potential common shares274.6 278.7 281.2 283.7 286.3 289.3 
Return on Common Stockholders' Equity ("ROE")
Net income available to common stockholders' ROE ("Net income ROE")23.8%23.0%22.0%20.3%19.8%18.8%
Core earnings ROE*18.7%19.2%18.3%17.3%16.0%15.1%
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.

1
Table of Contents
The Hartford Insurance Group, Inc.
Consolidated Statements of Operations
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Earned premiums$6,279 $6,145 $6,141 $6,093 $5,961 $5,835 $12,424 $11,796 
Fee income86 87 84 84 86 86 173 172 
Net investment income800 734 825 755 658 652 1,534 1,310 
Net realized gains (losses) 64 (52)(30)(17)(19)(49)12 (68)
Other revenues34 27 27 31 30 22 61 52 
Total revenues 7,263 6,941 7,047 6,946 6,716 6,546 14,204 13,262 
Benefits, losses and loss adjustment expenses4,081 3,998 3,733 3,793 3,712 4,000 8,079 7,712 
Amortization of deferred policy acquisition costs ("DAC")669 656 645 639 625 607 1,325 1,232 
Insurance operating costs and other expenses [1]1,215 1,228 1,267 1,203 1,138 1,147 2,443 2,285 
Interest expense50 50 49 50 50 50 100 100 
Amortization of other intangible assets17 18 18 18 17 18 35 35 
Total benefits, losses and expenses6,032 5,950 5,712 5,703 5,542 5,822 11,982 11,364 
Income from continuing operations before income taxes1,231 991 1,335 1,243 1,174 724 2,222 1,898 
Income tax expense251 187 266 222 236 140 438 376 
Income from continuing operations, net of tax980 804 1,069 1,021 938 584 1,784 1,522 
Income from discontinued operations, net of tax318 52 62 59 57 46 370 103 
Net income1,298 856 1,131 1,080 995 630 2,154 1,625 
Preferred stock dividends 5 5 5 6 5 5 10 10 
Net income available to common stockholders1,293 851 1,126 1,074 990 625 2,144 1,615 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax [1](40)51 30 15 19 47 11 66 
Integration and other non-recurring M&A costs, before tax [2]3 1 1 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax— (36)— (8)(24)(32)(36)(56)
Income tax expense (benefit) [3]7 (3)(8)(2)2 (4)4 (2)
Income from discontinued operations, net of tax(318)(52)(62)(59)(57)(46)(370)(103)
Core earnings$945 $812 $1,087 $1,022 $932 $592 $1,757 $1,524 
[1]Includes a loss on disposal of real estate, which was reported in insurance operating costs and other expenses and sold during the second quarter of 2026.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
Table of Contents
The Hartford Insurance Group, Inc.
Operating Results By Segment
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net income (loss):
Business Insurance$704 $536 $897 $710 $696 $477 $1,240 $1,173 
Personal Insurance130 139 212 139 91 5 269 96 
Property & Casualty Other Operations ("P&C Other Operations")17 42 (141)12 13 13 59 26 
Property & Casualty ("P&C")851 717 968 861 800 495 1,568 1,295 
Employee Benefits147 118 130 144 150 133 265 283 
Sub-total998 835 1,098 1,005 950 628 1,833 1,578 
Corporate [1]300 21 33 75 45 2 321 47 
Net income 1,298 856 1,131 1,080 995 630 2,154 1,625 
Preferred stock dividends5 5 5 6 5 5 10 10 
Net income available to common stockholders$1,293 $851 $1,126 $1,074 $990 $625 $2,144 $1,615 
Core earnings (loss):
Business Insurance$695 $551 $915 $723 $697 $471 $1,246 $1,168 
Personal Insurance128 141 214 143 94 6 269 100 
P&C Other Operations17 14 (140)14 14 13 31 27 
P&C840 706 989 880 805 490 1,546 1,295 
Employee Benefits139 127 138 149 163 136 266 299 
Sub-total979 833 1,127 1,029 968 626 1,812 1,594 
Corporate(34)(21)(40)(7)(36)(34)(55)(70)
Core earnings$945 $812 $1,087 $1,022 $932 $592 $1,757 $1,524 
[1] For all periods presented, includes income from discontinued operations from the Company's Hartford Funds business accounted for as held for sale.


3
Table of Contents
The Hartford Insurance Group, Inc.
Consolidating Balance Sheets
 Property & CasualtyEmployee BenefitsCorporate [1] [2]Consolidated
Jun 30 2026Dec 31 2025Jun 30 2026Dec 31 2025Jun 30 2026Dec 31 2025Jun 30 2026Dec 31 2025
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$37,878 $37,689 $7,749 $8,157 $197 $195 $45,824 $46,041 
Fixed maturities, at fair value using the fair value option95 127 30 41 — — 125 168 
Equity securities, at fair value205 121 49 23 306 278 560 422 
Mortgage loans, net5,705 5,263 1,557 1,574 — — 7,262 6,837 
Limited partnerships and other alternative investments4,803 4,503 1,217 1,186 115 115 6,135 5,804 
Other investments221 212 6 6 — — 227 218 
Short-term investments1,614 2,104 360 365 1,892 1,535 3,866 4,004 
Total investments50,521 50,019 10,968 11,352 2,510 2,123 63,999 63,494 
Cash106 117 13 — 6 5 125 122 
Restricted cash76 42 2 2 — — 78 44 
Accrued investment income391 378 93 94 3 1 487 473 
Premiums receivable and agents’ balances, net6,369 5,727 640 589 — — 7,009 6,316 
Reinsurance recoverables, net [4]6,517 6,684 310 294 210 213 7,037 7,191 
Deferred policy acquisition costs ("DAC")1,425 1,309 39 38 — — 1,464 1,347 
Deferred income taxes [3]522 485 (37)(32)722 484 1,207 937 
Goodwill778 778 723 723 138 138 1,639 1,639 
Property and equipment, net800 822 55 59 12 43 867 924 
Other intangible assets265 280 256 276 — — 521 556 
Other assets2,034 1,626 199 169 416 327 2,649 2,122 
Assets held for sale— — — — 901 864 901 864 
Total assets$69,804 $68,267 $13,261 $13,564 $4,918 $4,198 $87,983 $86,029 
Unpaid losses and loss adjustment expenses$38,981 $38,155 $8,165 $8,113 $— $— $47,146 $46,268 
Reserves for future policy benefits [4]— — 294 291 153 153 447 444 
Other policyholder funds and benefits payable [4]— — 412 409 194 203 606 612 
Unearned premiums10,804 10,012 32 41 — — 10,836 10,053 
Debt— — — — 4,374 4,371 4,374 4,371 
Other liabilities2,876 3,060 96 227 1,789 1,839 4,761 5,126 
Liabilities held for sale— — — — 180 176 180 176 
Total liabilities52,661 51,227 8,999 9,081 6,690 6,742 68,350 67,050 
Common stockholders' equity, excluding AOCI*17,836 17,450 4,505 4,678 (671)(1,426)21,670 20,702 
Preferred stock— — — — 334 334 334 334 
AOCI, net of tax(693)(410)(243)(195)(1,435)(1,452)(2,371)(2,057)
Total stockholders' equity17,143 17,040 4,262 4,483 (1,772)(2,544)19,633 18,979 
Total liabilities and stockholders' equity$69,804 $68,267 $13,261 $13,564 $4,918 $4,198 $87,983 $86,029 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.9 billion and $1.5 billion as of June 30, 2026 and December 31, 2025, respectively, held by the holding company of The Hartford Insurance Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes discontinued operations from the Company's Hartford Funds business accounted for as held for sale.
[3]As of June 30, 2026, Corporate deferred income taxes includes a deferred tax asset of $251, related to an income tax benefit representing the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds.
[4]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.



4
Table of Contents
The Hartford Insurance Group, Inc.
Capital Structure
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Debt
Senior notes$3,875 $3,873 $3,872 $3,871 $3,870 $3,869 
Junior subordinated debentures499 499 499 499 499 499 
Total debt $4,374 $4,372 $4,371 $4,370 $4,369 $4,368 
Stockholders' Equity
Total stockholders’ equity$19,633 $18,889 $18,979 $18,450 $17,518 $16,844 
Less: Preferred stock334 334 334 334 334 334 
Less: AOCI(2,371)(2,416)(2,057)(2,003)(2,384)(2,580)
Common stockholders' equity, excluding AOCI$21,670 $20,971 $20,702 $20,119 $19,568 $19,090 
Capitalization
Total capitalization, including AOCI, net of tax$24,007 $23,261 $23,350 $22,820 $21,887 $21,212 
Total capitalization, excluding AOCI, net of tax*$26,378 $25,677 $25,407 $24,823 $24,271 $23,792 
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI18.2%18.8%18.7%19.1%20.0%20.6%
Total debt to capitalization, excluding AOCI*16.6%17.0%17.2%17.6%18.0%18.4%
Total debt and preferred stock to capitalization, including AOCI19.6%20.2%20.1%20.6%21.5%22.2%
Total debt and preferred stock to capitalization, excluding AOCI*17.8%18.3%18.5%19.0%19.4%19.8%
Total rating agency adjusted debt to capitalization [1] [2]19.0%19.6%19.5%20.0%20.8%21.5%
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3]20.5:119.5:121.6:120.3:118.8:114.7:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of both June 30, 2026 and 2025.
[2]Results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

5
Table of Contents
The Hartford Insurance Group, Inc.
Statutory Capital To U.S. GAAP Stockholders' Equity Reconciliation
June 30, 2026
P&C Employee Benefits
U.S. statutory net income [1][2]$1,402 $285 
U.S. statutory capital [2][3][4]$14,780 $2,502 
U.S. GAAP adjustments [2]:
DAC1,369 39 
Non-admitted deferred tax assets [5]219 140 
Deferred taxes [6](434)(338)
Goodwill156 723 
Other intangible assets20 256 
Non-admitted assets other than deferred taxes887 121 
Asset valuation and interest maintenance reserve— 264 
Benefit reserves(58)433 
Unrealized losses on investments(859)(546)
Deferred gain on retroactive reinsurance agreements [7](850)— 
Other, net753 668 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]15,983 4,262 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,160 — 
Total U.S. GAAP stockholders’ equity$17,143 $4,262 
[1]Statutory net income is for the six months ended June 30, 2026.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the asbestos and environmental adverse development cover ("A&E ADC") agreement that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
Table of Contents
The Hartford Insurance Group, Inc.
Accumulated Other Comprehensive Income (Loss) 
 As Of
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net unrealized loss on fixed maturities, AFS$(942)$(1,011)$(641)$(656)$(1,029)$(1,237)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(3)(3)(3)(3)(5)(6)
Net gains on cash flow hedging instruments(16)13 16 15 6 40 
Total net unrealized gain (loss)(961)(1,001)(628)(644)(1,028)(1,203)
Foreign currency translation adjustments42 43 42 43 45 29 
Liability for future policy benefits adjustments26 28 24 22 29 30 
Pension and other postretirement plan adjustments(1,478)(1,486)(1,495)(1,424)(1,430)(1,436)
Total AOCI$(2,371)$(2,416)$(2,057)$(2,003)$(2,384)$(2,580)

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Table of Contents

The Hartford Insurance Group, Inc.
Property & Casualty
Income Statements
Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Written premiums
$4,937 $4,766 $4,231 $4,560 $4,796 $4,599 $9,703 $9,395 
Change in unearned premium reserve369 287 (309)70 441 376 656 817 
Earned premiums 4,568 4,479 4,540 4,490 4,355 4,223 9,047 8,578 
Fee income 19 20 20 19 19 19 39 38 
Losses and loss adjustment expenses
Current accident year before catastrophes2,677 2,570 2,564 2,661 2,537 2,454 5,247 4,991 
Current accident year catastrophes222 230 (1)70 212 467 452 679 
Prior accident year development(111)(41)(12)(103)(187)(122)(152)(309)
Total losses and loss adjustment expenses2,788 2,759 2,551 2,628 2,562 2,799 5,547 5,361 
Amortization of DAC660 648 637 631 616 599 1,308 1,215 
Insurance operating costs716 740 767 728 681 696 1,456 1,377 
Amortization of other intangible assets7 8 8 8 7 8 15 15 
Dividends to policyholders 12 12 11 12 11 10 24 21 
Underwriting gain*404 332 586 502 497 130 736 627 
Net investment income645 587 656 605 526 512 1,232 1,038 
Net realized gains (losses)17 (24)(25)(30)(26)(26)(7)(52)
Net servicing and other income (expense)1 4 2 3 4 4 5 8 
Income before income taxes1,067 899 1,219 1,080 1,001 620 1,966 1,621 
Income tax expense216 182 251 219 201 125 398 326 
Net income851 717 968 861 800 495 1,568 1,295 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax(19)23 24 28 28 24 4 52 
Integration and other non-recurring M&A costs, before tax3 1 1 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax— (36)— (8)(24)(32)(36)(56)
Income tax expense (benefit) [1]5 1 (4)(3)(1)1 6 — 
Core earnings$840 $706 $989 $880 $805 $490 $1,546 $1,295 
ROE
Net income available to common stockholders [2] 24.8%25.3%23.7%21.5%20.6%18.8%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax0.4%0.8%0.8%0.7%0.8%1.1%
Integration and other non-recurring M&A costs, before tax0.1%—%0.1%0.1%0.1%0.1%
Change in deferred gain on retroactive reinsurance, before tax(0.3%)(0.5%)(0.5%)(0.5%)(0.7%)(0.8%)
Income tax expense (benefit) [1]—%(0.1%)(0.1%)(0.1%)—%(0.1%)
Impact of AOCI, excluded from core earnings ROE(1.6%)(1.8%)(1.6%)(1.0%)(2.0%)(1.8%)
Core earnings [2]23.4 %23.7 %22.4 %20.7 %18.8 %17.3 %
[1]Primarily 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 Property & Casualty.

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


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Workers’ compensation$(51)$(59)$(67)$(62)$(61)$(65)$(110)$(126)
Workers' compensation discount accretion11 12 11 11 11 12 23 23 
General liability46 70 — — — — 116 — 
Marine— 4 — — — — 4 — 
Commercial property(11)(4)(14)(5)(20)(3)(15)(23)
Professional liability— (4)(6)— (11)— (4)(11)
Bond(32)— (49)— (22)— (32)(22)
Assumed reinsurance— 5 — — — — 5 — 
Commercial automobile liability26 — 12 — — — 26 — 
Personal automobile liability(24)(15)(32)(33)(10)(12)(39)(22)
Homeowners(14)(15)(7)(5)(13)(18)(29)(31)
Net asbestos and environmental reserves— — 165 — — — — — 
Catastrophes(50)— (45)— (39)— (50)(39)
Uncollectible reinsurance— — — 6 — — — — 
Other reserve re-estimates, net [1](12)1 20 (7)2 (4)(11)(2)
Prior accident year development before change in deferred gain(111)(5)(12)(95)(163)(90)(116)(253)
Change in deferred gain on retroactive reinsurance included in other liabilities — (36)— (8)(24)(32)(36)(56)
Total prior accident year development$(111)$(41)$(12)$(103)$(187)$(122)$(152)$(309)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves within Personal Insurance of $(10) and $(15), for the three and six months ended June 30, 2026 and $(8) and $(20) for the three and six months ended June 30, 2025, respectively.


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Table of Contents
The Hartford Insurance Group, Inc.
Property & Casualty
Underwriting Ratios
Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Underwriting Gain$404 $332 $586 $502 $497 $130 $736 $627 
Underwriting Ratios
Loss and loss adjustment expense ratio61.0 61.6 56.2 58.5 58.8 66.3 61.3 62.5 
Expense ratio [1]29.9 30.7 30.7 30.0 29.5 30.4 30.3 29.9 
Policyholder dividend ratio0.3 0.3 0.2 0.3 0.3 0.2 0.3 0.2 
Combined ratio91.2 92.6 87.1 88.8 88.6 96.9 91.9 92.7 
Current accident year catastrophes and prior accident year development(2.5)(4.2)0.3 0.7 (0.6)(8.2)(3.3)(4.3)
Underlying combined ratio*88.7 88.4 87.4 89.6 88.0 88.8 88.6 88.4 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*58.6 57.4 56.5 59.3 58.3 58.1 58.0 58.2 
Current accident year catastrophes4.9 5.1 — 1.6 4.9 11.1 5.0 7.9 
Prior accident year development(2.4)(0.9)(0.3)(2.3)(4.3)(2.9)(1.7)(3.6)
Total loss and loss adjustment expense ratio61.0 61.6 56.2 58.5 58.8 66.3 61.3 62.5 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.



10
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Income Statements
Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Written premiums$4,022 $3,904 $3,381 $3,573 $3,816 $3,686 $7,926 $7,502 
Change in unearned premium reserve359 332 (214)33 392 362 691 754 
Earned premiums 3,663 3,572 3,595 3,540 3,424 3,324 7,235 6,748 
Fee income12 12 12 11 11 11 24 22 
Losses and loss adjustment expenses
Current accident year before catastrophes2,134 2,044 2,015 2,051 1,952 1,891 4,178 3,843 
Current accident year catastrophes129 171 (12)39 114 280 300 394 
Prior accident year development(52)30 (152)(60)(146)(83)(22)(229)
Total losses and loss adjustment expenses2,211 2,245 1,851 2,030 1,920 2,088 4,456 4,008 
Amortization of DAC590 577 565 559 546 531 1,167 1,077 
Insurance operating costs 539 558 581 546 507 512 1,097 1,019 
Amortization of other intangible assets7 7 8 7 7 7 14 14 
Dividends to policyholders12 12 11 12 11 10 24 21 
Underwriting gain316 185 591 397 444 187 501 631 
Net investment income556 505 562 519 449 437 1,061 886 
Net realized gains (losses)12 (19)(21)(26)(20)(24)(7)(44)
Other income (expense) [1](1)1 (1)— (1)(1)— (2)
Income before income taxes883 672 1,131 890 872 599 1,555 1,471 
Income tax expense179 136 234 180 176 122 315 298 
Net income704 536 897 710 696 477 1,240 1,173 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax(14)18 21 23 23 22 4 45 
Integration and other non-recurring M&A costs, before tax [1]3 1 1 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax— — — (8)(24)(32)— (56)
Income tax expense (benefit) [2]2 (4)(4)(4)— 2 (2)2 
Core earnings$695 $551 $915 $723 $697 $471 $1,246 $1,168 
[1]Includes Navigators Group integration costs.
[2]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Workers’ compensation$(51)$(59)$(67)$(62)$(61)$(65)$(110)$(126)
Workers' compensation discount accretion11 12 11 11 11 12 23 23 
General liability46 70 — — — — 116 — 
Marine— 4 — — — — 4 — 
Commercial property(11)(4)(14)(5)(20)(3)(15)(23)
Professional liability— (4)(6)— (11)— (4)(11)
Bond(32)— (49)— (22)— (32)(22)
Assumed reinsurance— 5 — — — — 5 — 
Automobile liability26 — 12 — — — 26 — 
Catastrophes(37)— (35)— (28)— (37)(28)
Other reserve re-estimates, net(4)6 (4)4 9 5 2 14 
Prior accident year development before change in deferred gain(52)30 (152)(52)(122)(51)(22)(173)
Change in deferred gain on retroactive reinsurance included in other liabilities— — — (8)(24)(32)— (56)
Total prior accident year development$(52)$30 $(152)$(60)$(146)$(83)$(22)$(229)



12
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Underwriting Ratios 
Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Underwriting Gain$316 $185 $591 $397 $444 $187 $501 $631 
Underwriting Ratios
Loss and loss adjustment expense ratio60.4 62.8 51.5 57.3 56.1 62.8 61.6 59.4 
Expense ratio [1]30.7 31.6 31.8 31.1 30.6 31.3 31.2 30.9 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 
Combined ratio91.4 94.8 83.6 88.8 87.0 94.4 93.1 90.6 
Current accident year catastrophes and prior accident year development(2.1)(5.6)4.5 0.6 1.0 (5.9)(3.8)(2.4)
Underlying combined ratio 89.3 89.2 88.1 89.4 88.0 88.4 89.2 88.2 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio58.3 57.2 56.1 57.9 57.0 56.9 57.7 57.0 
Current accident year catastrophes3.5 4.8 (0.3)1.1 3.3 8.4 4.1 5.8 
Prior accident year development(1.4)0.8 (4.2)(1.7)(4.3)(2.5)(0.3)(3.4)
Total loss and loss adjustment expense ratio60.4 62.8 51.5 57.3 56.1 62.8 61.6 59.4 
Combined Ratios by Line of Business
Small Business
Combined ratio85.9 91.9 80.8 87.9 89.7 93.3 88.9 91.5 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.8)(6.5)0.2 (1.3)(5.1)(8.0)(5.1)(6.5)
Prior accident year development4.4 4.0 6.4 3.2 4.5 4.1 4.2 4.3 
Underlying combined ratio 86.5 89.4 87.3 89.8 89.0 89.4 87.9 89.2 
Middle & Large Business
Combined ratio101.9 95.6 91.1 90.8 86.6 99.8 98.8 93.1 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.1)(3.7)(0.7)— (1.1)(8.9)(3.4)(5.0)
Prior accident year development(3.5)(0.7)(1.0)0.6 3.6 (0.3)(2.1)1.7 
Underlying combined ratio95.3 91.3 89.4 91.4 89.1 90.6 93.3 89.8 
Global Specialty
Combined ratio89.5 90.7 78.1 86.9 85.9 89.3 90.1 87.5 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.6)(3.4)2.0 (2.2)(3.2)(8.7)(3.5)(5.9)
Prior accident year development— (1.2)7.5 1.1 2.1 3.4 (0.6)2.8 
Underlying combined ratio85.8 86.1 87.6 85.8 84.8 84.0 86.0 84.4 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

13
Table of Contents
The Hartford Insurance Group, Inc.
Business Insurance
Supplemental Data
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Written Premiums
Small Business$1,612 $1,675 $1,444 $1,490 $1,503 $1,553 $3,287 $3,056 
Middle & Large Business1,250 1,170 1,116 1,231 1,197 1,111 2,420 2,308 
Middle Market1,076 961 936 1,054 1,039 931 2,037 1,970 
National Accounts and Other174 209 180 177 158 180 383 338 
Global Specialty [1]1,142 1,041 805 836 1,100 1,006 2,183 2,106 
U.S.651 553 541 551 619 559 1,204 1,178 
International146 118 134 114 142 113 264 255 
Global Re345 370 130 171 339 334 715 673 
Other18 18 16 16 16 16 36 32 
Total$4,022 $3,904 $3,381 $3,573 $3,816 $3,686 $7,926 $7,502 
Earned Premiums
Small Business$1,537 $1,485 $1,497 $1,465 $1,418 $1,360 $3,022 $2,778 
Middle & Large Business1,174 1,158 1,164 1,144 1,100 1,075 2,332 2,175 
Middle Market995 981 992 976 942 924 1,976 1,866 
National Accounts and Other179 177 172 168 158 151 356 309 
Global Specialty [1]934 911 918 915 890 873 1,845 1,763 
U.S.574 557 574 568 549 540 1,131 1,089 
International124 124 121 122 119 113 248 232 
Global Re236 230 223 225 222 220 466 442 
Other18 18 16 16 16 16 36 32 
Total$3,663 $3,572 $3,595 $3,540 $3,424 $3,324 $7,235 $6,748 
Business Insurance Statistical Premium Information
Small Business
Net New Business Premium$334 $333 $295 $308 $305 $298 $667 $603 
Renewal Written Price Increases4.1%3.9%4.5%5.4%6.0%6.5%4.0%6.2%
Policy Count Retention83%84%84%84%83%84%84%84%
Policies In-Force (in thousands)1,708 1,683 1,657 1,640 1,615 1,591 
Middle Market [2]
Net New Business Premium$203 $187 $176 $211 $190 $188 $390 $378 
Renewal Written Price Increases3.5%4.5%4.5%5.5%6.1%7.0%4.0%6.5%
Premium Retention81%84%83%84%82%81%82%82%
Global Specialty
Gross New Business Premium [3]
$274 $233 $249 $238 $278 $225 $507 $503 
Renewal Written Price Increases [4]5.5%4.9%4.1%3.2%5.1%5.9%5.2%5.5%
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

14
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Income Statements
 Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Written premiums$915 $862 $850 $987 $980 $913 $1,777 $1,893 
Change in unearned premium reserve10 (45)(95)37 49 14 (35)63 
Earned premiums905 907 945 950 931 899 1,812 1,830 
Fee income 7 8 8 8 8 8 15 16 
Losses and loss adjustment expenses
Current accident year before catastrophes543 526 549 610 585 563 1,069 1,148 
Current accident year catastrophes93 59 11 31 98 187 152 285 
Prior accident year development (59)(35)(56)(43)(41)(39)(94)(80)
Total losses and loss adjustment expenses577 550 504 598 642 711 1,127 1,353 
Amortization of DAC70 71 72 72 70 68 141 138 
Insurance operating costs175 180 184 180 172 182 355 354 
Amortization of other intangible assets— 1 — 1 — 1 1 1 
Underwriting gain (loss)90 113 193 107 55 (55)203 — 
Net investment income67 62 74 67 58 57 129 115 
Net realized gains (losses)4 (4)(3)(4)(4)(2)— (6)
Net servicing and other income (expense)2 3 3 4 5 5 5 10 
Income before income taxes163 174 267 174 114 5 337 119 
Income tax expense33 35 55 35 23 — 68 23 
Net income130 139 212 139 91 5 269 96 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax(4)4 2 5 3 2 — 5 
Income tax expense (benefit) [1]2 (2)— (1)— (1)— (1)
Core earnings$128 $141 $214 $143 $94 $6 $269 $100 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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


Prior accident year development included the following unfavorable (favorable) reserve development:
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Automobile liability$(24)$(15)$(32)$(33)$(10)$(12)$(39)$(22)
Homeowners(14)(15)(7)(5)(13)(18)(29)(31)
Catastrophes(13)— (10)— (11)— (13)(11)
Other reserve re-estimates, net [1](8)(5)(7)(5)(7)(9)(13)(16)
Total prior accident year development$(59)$(35)$(56)$(43)$(41)$(39)$(94)$(80)
[1]Other reserve re-estimates, net includes a favorable change in automobile physical damage reserves of $(10) and $(15) for the three and six months ended June 30, 2026 and $(8) and $(20) for the three and six months ended June 30, 2025, respectively.

16
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Underwriting Ratios
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Underwriting Gain (Loss)$90 $113 $193 $107 $55 $(55)$203 $— 
Underwriting Ratios
Loss and loss adjustment expense ratio63.8 60.6 53.3 62.9 69.0 79.1 62.2 73.9 
Expense ratio26.3 27.0 26.2 25.8 25.1 27.0 26.7 26.1 
Combined ratio90.1 87.7 79.6 88.7 94.1 106.1 88.9 100.0 
Current accident year catastrophes and prior accident year development(3.8)(2.6)4.7 1.2 (6.1)(16.5)(3.2)(11.2)
Underlying combined ratio86.3 85.0 84.3 90.0 88.0 89.7 85.7 88.8 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio60.0 58.0 58.1 64.2 62.8 62.6 59.0 62.7 
Current accident year catastrophes10.3 6.5 1.2 3.3 10.5 20.8 8.4 15.6 
Prior accident year development(6.5)(3.9)(5.9)(4.5)(4.4)(4.3)(5.2)(4.4)
Total loss and loss adjustment expense ratio63.8 60.6 53.3 62.9 69.0 79.1 62.2 73.9 
Combined Ratios by Product
Automobile
Combined ratio88.5 89.6 92.7 92.5 94.0 93.5 89.1 93.8 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.4)(0.7)(0.3)(0.6)(1.8)(1.2)(1.1)(1.5)
Prior accident year development6.2 3.3 6.5 6.0 3.0 3.8 4.8 3.4 
Underlying combined ratio93.3 92.2 98.9 97.9 95.2 96.1 92.8 95.7 
Homeowners
Combined ratio92.6 83.8 53.7 81.2 94.4 133.2 88.2 113.1 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(26.6)(17.6)(3.0)(8.3)(28.8)(63.7)(22.1)(45.6)
Prior accident year development7.2 4.8 4.8 1.6 7.1 5.6 6.0 6.4 
Underlying combined ratio73.3 71.0 55.5 74.4 72.7 75.1 72.1 73.9 


17
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Distribution
Written Premiums
Direct$718 $693 $672 $798 $796 $758 $1,411 $1,554 
Agency197 169 178 189 184 155 366 339 
Total$915 $862 $850 $987 $980 $913 $1,777 $1,893 
Earned Premiums
Direct$724 $734 $768 $781 $776 $757 $1,458 $1,533 
Agency181 173 177 169 155 142 354 297 
Total$905 $907 $945 $950 $931 $899 $1,812 $1,830 
Product Line
Written Premiums
Automobile$567 $565 $551 $633 $633 $627 $1,132 $1,260 
Homeowners348 297 299 354 347 286 645 633 
Total$915 $862 $850 $987 $980 $913 $1,777 $1,893 
Earned Premiums
Automobile$587 $593 $625 $634 $628 $618 $1,180 $1,246 
Homeowners318 314 320 316 303 281 632 584 
Total$905 $907 $945 $950 $931 $899 $1,812 $1,830 


18
Table of Contents
The Hartford Insurance Group, Inc.
Personal Insurance
Supplemental Data (Continued)
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Statistical Premium Information (Year Over Year)
Net New Business Premium
Automobile$51 $53 $52 $71 $81 $81 $104 $162 
Homeowners$52 $43 $45 $59 $69 $62 $95 $131 
Renewal Written Price Increases
Automobile5.5%6.8%10.3%11.3%13.9%15.7%6.1%14.8%
Homeowners10.4%11.8%11.8%12.6%12.6%12.3%11.0%12.5%
Effective Policy Count Retention
Automobile81%80%80%80%79%79%80%79%
Homeowners82%82%82%83%83%83%82%83%
Policies In-Force (in thousands)
Automobile990 1,020 1,054 1,091 1,121 1,146 
Homeowners703 709 716 723 724 719 



19
Table of Contents
The Hartford Insurance Group, Inc.
P&C Other Operations
Income Statements
Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Losses and loss adjustment expenses
Prior accident year development$— $(36)$196 $— $— $— $(36)$— 
Total losses and loss adjustment expenses— (36)196 — — — (36)— 
Insurance operating costs2 2 2 2 2 2 4 4 
Underwriting income (loss)(2)34 (198)(2)(2)(2)32 (4)
Net investment income22 20 20 19 19 18 42 37 
Net realized gains (losses)1 (1)(1)— (2)— — (2)
Other expense— — — (1)— — — — 
Income (loss) before income taxes21 53 (179)16 15 16 74 31 
Income tax expense (benefit)4 11 (38)4 2 3 15 5 
Net income (loss)17 42 (141)12 13 13 59 26 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized (gains) losses excluded from core earnings, before tax(1)1 1 — 2 — — 2 
Change in deferred gain on retroactive reinsurance, before tax— (36)— — — — (36)— 
Income tax expense (benefit) [1]1 7 — 2 (1)— 8 (1)
Core earnings (loss)$17 $14 $(140)$14 $14 $13 $31 $27 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

20
Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Income Statements
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Earned premiums$1,711 $1,666 $1,601 $1,603 $1,606 $1,612 $3,377 $3,218 
Fee income56 57 55 55 57 56 113 113 
Net investment income137 131 153 136 118 126 268 244 
Net realized gains (losses)9 (11)(10)(8)(16)(4)(2)(20)
Total revenues1,913 1,843 1,799 1,786 1,765 1,790 3,756 3,555 
Benefits, losses and loss adjustment expenses1,291 1,238 1,180 1,163 1,150 1,199 2,529 2,349 
Amortization of DAC9 8 8 8 9 8 17 17 
Insurance operating costs and other expenses417 439 437 425 407 406 856 813 
Amortization of other intangible assets10 10 10 10 10 10 20 20 
Total benefits, losses and expenses1,727 1,695 1,635 1,606 1,576 1,623 3,422 3,199 
Income before income taxes186 148 164 180 189 167 334 356 
Income tax expense39 30 34 36 39 34 69 73 
Net income147 118 130 144 150 133 265 283 
Adjustments to reconcile net income to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax(10)11 9 8 15 4 1 19 
Income tax expense (benefit) [1]2 (2)(1)(3)(2)(1)— (3)
Core earnings$139 $127 $138 $149 $163 $136 $266 $299 
Margin
Net income margin7.7%6.4%7.2%8.1%8.5%7.4%7.1%8.0%
Core earnings margin*7.4%6.9%7.6%8.3%9.2%7.6%7.2%8.4%
ROE
Net income available to common stockholders [2]14.9%14.9%15.0%14.7%16.1%16.6%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized (gains) losses, excluded from core earnings, before tax0.5%1.3%1.0%1.2%1.0%0.8%
Income tax benefit [1](0.1%)(0.2%)(0.2%)(0.2%)(0.2%)(0.2%)
Impact of AOCI, excluded from core earnings ROE(1.2%)(1.4%)(1.2%)(0.9%)(1.6%)(1.7%)
Core earnings [2]14.1%14.6%14.6%14.8%15.3%15.5%
[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 Employee Benefits.


21
Table of Contents

The Hartford Insurance Group, Inc.
Employee Benefits
Supplemental Data 
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Premiums
Fully insured ongoing premiums
Group disability$889 $870 $840 $835 $838 $844 $1,759 $1,682 
Group life 652 649 640 648 644 650 1,301 1,294 
Other [1]135 135 121 120 120 118 270 238 
Total fully insured ongoing premiums1,676 1,654 1,601 1,603 1,602 1,612 3,330 3,214 
Total buyouts [2]35 12 — — 4 — 47 4 
Total premiums$1,711 $1,666 $1,601 $1,603 $1,606 $1,612 $3,377 $3,218 
Sales (Gross Annualized New Premiums)
Fully insured ongoing sales
Group disability$77 $279 $31 $53 $48 $162 $356 $210 
Group life47 229 19 33 44 163 276 207 
Other [1]16 74 9 19 15 56 90 71 
Total fully insured ongoing sales140 582 59 105 107 381 722 488 
Total buyouts [2]35 12 — — 4 — 47 4 
Total sales$175 $594 $59 $105 $111 $381 $769 $492 
Ratios, Excluding Buyouts
Group disability loss ratio74.8%72.7%70.5%70.6%68.5%69.0%73.7%68.8%
Group life loss ratio74.2%73.2%76.9%74.2%74.3%79.9%73.7%77.1%
Total loss ratio72.5%71.7%71.3%70.1%69.1%71.9%72.1%70.5%
Expense ratio25.2%26.7%27.5%26.7%25.7%25.4%25.9%25.5%
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.


22
Table of Contents

The Hartford Insurance Group, Inc.
Corporate
Income Statements
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Fee income [1]$11 $10 $9 $10 $10 $11 $21 $21 
Other revenue8 5 7 6 5 1 13 6 
Net investment income18 16 16 14 14 14 34 28 
Net realized gains (losses)38 (17)5 21 23 (19)21 4 
Total revenues75 14 37 51 52 7 89 59 
Benefits, losses and loss adjustment expenses [2]2 1 2 2 — 2 3 2 
Insurance operating costs and other expenses [1] [3]45 19 34 16 18 18 64 36 
Interest expense50 50 49 50 50 50 100 100 
Total expenses97 70 85 68 68 70 167 138 
Loss from continuing operations before income taxes(22)(56)(48)(17)(16)(63)(78)(79)
Income tax benefit(4)(25)(19)(33)(4)(19)(29)(23)
Income (loss) from continuing operations, net of tax(18)(31)(29)16 (12)(44)(49)(56)
Income from discontinued operations, net of tax [4]318 52 62 59 57 46 370 103 
Net income300 21 33 75 45 2 321 47 
Preferred stock dividends5 5 5 6 5 5 10 10 
Net income (loss) available to common stockholders295 16 28 69 40 (3)311 37 
Adjustments to reconcile net income (loss) available to common stockholders to core loss:
Net realized (gains) losses, excluded from core earnings, before tax [3](11)17 (3)(21)(24)19 6 (5)
Income tax expense (benefit) [5]— (2)(3)4 5 (4)(2)1 
Income from discontinued operations, net of tax(318)(52)(62)(59)(57)(46)(370)(103)
Core loss$(34)$(21)$(40)$(7)$(36)$(34)$(55)$(70)
[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]Refer to [1] on page 2 for more information about a loss on disposal of real estate included within this line item.
[4]The three and six months ended June 30, 2026 includes $251 of income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds.
[5]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


23
Table of Contents

The Hartford Insurance Group, Inc.
Investment Income Before Tax
Consolidated
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$583 $582 $575 $570 $550 $534 $1,165 $1,084 
Tax-exempt24 25 27 29 31 36 49 67 
Total fixed maturities607 607 602 599 581 570 1,214 1,151 
Equity securities5 5 5 4 3 4 10 7 
Mortgage loans83 80 78 76 72 70 163 142 
Limited partnerships and other alternative investments [2]114 75 160 91 13 39 189 52 
Other [3]16 (4)5 8 12 (3)12 9 
Subtotal825 763 850 778 681 680 1,588 1,361 
Investment expense(25)(29)(25)(23)(23)(28)(54)(51)
Total net investment income$800 $734 $825 $755 $658 $652 $1,534 $1,310 
Annualized investment yield, before tax [4]4.9%4.5%5.2%4.8%4.3%4.3%4.7%4.3%
Annualized limited partnerships and other alternative investment yield, before tax [4]7.6%5.1%11.4%6.7%1.0%3.1%6.4%2.1%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.7%4.5%4.6%4.6%4.6%4.4%4.6%4.5%
Annualized investment yield, net of tax [4]3.9%3.6%4.1%3.9%3.5%3.4%3.8%3.4%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.7%3.6%3.7%3.7%3.7%3.5%3.6%3.6%
Average reinvestment rate [5]5.4%5.3%5.4%5.7%5.9%5.6%5.4%5.7%
Average sales/maturities yield [6]4.8%4.9%5.3%5.2%4.6%4.9%4.8%4.7%
Portfolio duration (in years) [7]4.1 4.1 3.9 3.8 3.9 3.9 4.1 3.9 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

24
Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Property & Casualty
Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$467 $466 $462 $458 $440 $426 $933 $866 
Tax-exempt18 20 21 23 24 27 38 51 
Total fixed maturities485 486 483 481 464 453 971 917 
Equity securities3 2 2 3 1 2 5 3 
Mortgage loans66 63 59 59 54 53 129 107 
Limited partnerships and other alternative investments [2]94 62 125 71 11 28 156 39 
Other [3]16 (3)6 9 13 (2)13 11 
Subtotal664 610 675 623 543 534 1,274 1,077 
Investment expense(19)(23)(19)(18)(17)(22)(42)(39)
Total net investment income$645 $587 $656 $605 $526 $512 $1,232 $1,038 
Annualized investment yield, before tax [4]5.0%4.6%5.2%4.9%4.4%4.3%4.8%4.3%
Annualized limited partnerships and other alternative investment yield, before tax [4]8.1%5.4%11.5%6.8%1.1%2.8%6.8%2.0%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.7%4.5%4.6%4.7%4.7%4.4%4.6%4.5%
Annualized investment yield, net of tax [4]4.0%3.6%4.2%3.9%3.5%3.4%3.8%3.5%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.7%3.6%3.7%3.8%3.7%3.5%3.7%3.6%
Average reinvestment rate [5]5.4%5.3%5.4%5.6%5.8%5.6%5.3%5.7%
Average sales/maturities yield [6]4.8%4.9%5.3%5.2%4.7%4.9%4.9%4.8%
Portfolio duration (in years) [7]4.0 4.1 3.7 3.7 3.8 3.7 4.0 3.8 
Footnotes [1] through [7] are explained on page 24.

25
Table of Contents
The Hartford Insurance Group, Inc.
Investment Income Before Tax
Employee Benefits
 Three Months EndedSix Months Ended
 Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$101 $104 $102 $100 $98 $97 $205 $195 
Tax-exempt4 4 4 5 6 7 8 13 
Total fixed maturities105 108 106 105 104 104 213 208 
Equity securities1 — — — 1 1 1 2 
Mortgage loans17 17 19 17 18 17 34 35 
Limited partnerships and other alternative investments [2]20 13 35 20 2 11 33 13 
Other [3]— (1)(1)(1)(1)(1)(1)(2)
Subtotal143 137 159 141 124 132 280 256 
Investment expense(6)(6)(6)(5)(6)(6)(12)(12)
Total net investment income$137 $131 $153 $136 $118 $126 $268 $244 
Annualized investment yield, before tax [4]4.8%4.5%5.3%4.8%4.1%4.3%4.7%4.2%
Annualized limited partnerships and other alternative investment yield, before tax [4]6.6%4.3%12.4%7.1%0.8%4.1%5.5%2.5%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.6%4.6%4.5%4.5%4.4%4.4%4.6%4.4%
Annualized investment yield, net of tax [4]3.8%3.6%4.2%3.8%3.3%3.5%3.7%3.4%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.6%3.6%3.6%3.6%3.5%3.5%3.6%3.5%
Average reinvestment rate [5]5.8%5.6%5.6%5.9%6.1%5.8%5.7%6.0%
Average sales/maturities yield [6]4.7%4.9%5.0%5.1%4.3%4.7%4.8%4.5%
Portfolio duration (in years) [7]5.2 5.2 5.0 4.9 5.0 5.0 5.2 5.0 
Footnotes [1] through [7] are explained on page 24.

26
Table of Contents
The Hartford Insurance Group, Inc.
Net Investment Income
Consolidated
Three Months EndedSix Months Ended
Net Investment Income by SegmentJun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Investment Income
Business Insurance$556 $505 $562 $519 $449 $437 $1,061 $886 
Personal Insurance67 62 74 67 58 57 129 115 
P&C Other Operations22 20 20 19 19 18 42 37 
Total Property & Casualty645 587 656 605 526 512 1,232 1,038 
Employee Benefits137 131 153 136 118 126 268 244 
Corporate18 16 16 14 14 14 34 28 
Total net investment income by segment$800 $734 $825 $755 $658 $652 $1,534 $1,310 
Three Months EndedSix Months Ended
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsJun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Total Property & Casualty$94 $62 $125 $71 $11 $28 $156 $39 
Employee Benefits20 13 35 20 2 11 33 13 
Total net investment income from limited partnerships and other alternative investments [1]$114 $75 $160 $91 $13 $39 $189 $52 
[1]Amounts are included above in total net investment income by segment.


27
Table of Contents
The Hartford Insurance Group, Inc.
Components of Net Realized Gains (Losses)
Consolidated
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities$10 $18 $12 $17 $19 $13 $28 $32 
Gross losses on sales of fixed maturities(36)(30)(21)(38)(45)(25)(66)(70)
Equity securities [1]121 (17)4 22 27 (12)104 15 
Net credit losses on fixed maturities, AFS— — (2)— — 2 — 2 
Change in ACL on mortgage loans— — — (6)— — — — 
 Other net losses [1] [3](31)(23)(23)(12)(20)(27)(54)(47)
Total net realized gains (losses)64 (52)(30)(17)(19)(49)12 (68)
Net realized gains (losses), included in core earnings, before tax [3] [4](24)1 — 2 — 2 (23)2 
Total net gains (losses) excluded from core earnings, before tax40 (51)(30)(15)(19)(47)(11)(66)
Income tax expense (benefit) related to net realized losses excluded from core earnings(8)11 6 2 2 11 3 13 
Total net realized gains (losses) excluded from core earnings, after tax$32 $(40)$(24)$(13)$(17)$(36)$(8)$(53)
[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.
[4]Refer to [1] on page 2 for more information about a loss on disposal of real estate included within this line item.

28
Table of Contents
The Hartford Insurance Group, Inc.
Composition of Invested Assets
Consolidated
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025
 Amount [1]PercentAmountPercentAmount [1]PercentAmountPercentAmountPercent
Total investments$63,999 100.0 %$63,300 100.0 %$63,494 100.0 %$62,113 100.0 %$60,491 100.0 %
Asset-backed securities$4,783 10.4 %$4,668 10.2 %$4,663 10.1 %$4,506 10.0 %$4,376 9.8 %
Collateralized loan obligations3,360 7.3 %3,330 7.3 %3,316 7.2 %3,379 7.5 %3,393 7.6 %
Commercial mortgage-backed securities1,822 3.9 %2,232 4.8 %2,328 5.1 %2,498 5.5 %2,585 5.8 %
Corporate23,868 52.2 %23,305 51.1 %23,076 50.1 %23,079 51.0 %22,525 50.6 %
Foreign government/government agencies454 1.0 %436 1.0 %447 1.0 %409 0.9 %455 1.0 %
Municipal4,105 9.0 %4,255 9.3 %4,652 10.1 %4,481 9.9 %4,650 10.4 %
Residential mortgage-backed securities5,787 12.6 %6,092 13.4 %6,178 13.4 %5,778 12.8 %5,513 12.4 %
U.S. Treasuries1,645 3.6 %1,314 2.9 %1,381 3.0 %1,073 2.4 %1,061 2.4 %
Total fixed maturities, AFS [2]$45,824 100.0 %$45,632 100.0 %$46,041 100.0 %$45,203 100.0 %$44,558 100.0 %
U.S. government/government agencies$5,713 12.5 %$5,694 12.5 %$5,929 12.9 %$5,277 11.7 %$5,130 11.5 %
AAA7,264 15.8 %7,406 16.2 %7,751 16.8 %7,482 16.6 %7,333 16.4 %
AA7,772 17.0 %7,381 16.2 %7,340 15.9 %7,313 16.2 %7,439 16.7 %
A12,305 26.9 %12,517 27.4 %12,470 27.1 %12,628 27.9 %12,239 27.5 %
BBB10,501 22.9 %10,375 22.7 %10,250 22.3 %10,179 22.5 %10,070 22.6 %
BB1,798 3.9 %1,755 3.9 %1,818 4.0 %1,778 3.9 %1,726 3.9 %
B452 1.0 %492 1.1 %470 1.0 %534 1.2 %609 1.4 %
CCC19 — %12 — %13 — %12 — %12 — %
Total fixed maturities, AFS [2]$45,824 100.0 %$45,632 100.0 %$46,041 100.0 %$45,203 100.0 %$44,558 100.0 %
[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.

29
Table of Contents
The Hartford Insurance Group, Inc.
Invested Asset Exposures
June 30, 2026
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$7,272 $7,153 11.2 %
Technology and communications3,799 3,671 5.7 %
Consumer non-cyclical3,291 3,212 5.0 %
Utilities2,794 2,684 4.2 %
Capital goods1,784 1,775 2.8 %
Consumer cyclical1,681 1,662 2.6 %
Energy1,521 1,501 2.4 %
Basic industry1,254 1,241 1.9 %
Transportation852 821 1.3 %
Other713 708 1.1 %
Total$24,961 $24,428 38.2 %
Top Ten Exposures by Issuer [1]
TPG Partners X$304 $304 0.5 %
26N Private Equity Partners I280 280 0.4 %
Goldman Sachs Group Inc.221 210 0.3 %
TPG AG ABC Structured Note189 188 0.3 %
Hyundai Motor Company182 178 0.3 %
Entergy Corporation185 176 0.3 %
Duke Energy Corporation168 169 0.3 %
Government of Canada170 169 0.3 %
The Toronto-Dominion Bank176 169 0.2 %
Bank of America Corporation171 168 0.2 %
Total$2,046 $2,011 3.1 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, equity securities excluding mutual funds, and short-term investments excluding reverse repurchase agreements.

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

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

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Core earnings per share- This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the U.S GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.
Basic Earnings Per Share
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Income available to common stockholders per share
$4.73 $3.08 $4.05 $3.82 $3.49 $2.18 $7.80 $5.66 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized (gains) losses, excluded from core earnings, before tax
(0.15)0.18 0.11 0.05 0.07 0.16 0.04 0.23 
Integration and other non-recurring M&A costs, before tax
0.01 — — 0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
— (0.13)— (0.03)(0.08)(0.11)(0.13)(0.20)
Income tax benefit on items excluded from core earnings
0.03 — (0.03)— — (0.01)0.03 0.01 
Income from discontinued operations, net of tax(1.16)(0.19)(0.22)(0.21)(0.20)(0.16)(1.35)(0.36)
Core earnings per share$3.46 $2.94 $3.91 $3.64 $3.29 $2.07 $6.40 $5.35 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable U.S. GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
Diluted Earnings Per Share
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net Income available to common stockholders per diluted share$4.68 $3.04 $3.98 $3.77 $3.44 $2.15 $7.71 $5.58 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized (gains) losses, excluded from core earnings, before tax(0.14)0.18 0.11 0.05 0.07 0.16 0.04 0.23 
Integration and other non-recurring M&A costs, before tax
0.01 — — 0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
— (0.13)— (0.03)(0.08)(0.11)(0.13)(0.19)
Income tax expense (benefit) on items excluded from core earnings
0.02 — (0.02)— — (0.01)0.02 — 
Income from discontinued operations, net of tax(1.15)(0.19)(0.22)(0.21)(0.20)(0.16)(1.33)(0.36)
Core earnings per diluted share
$3.42 $2.90 $3.85 $3.59 $3.24 $2.04 $6.32 $5.27 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

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Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
Last Twelve Months Ended
 
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025
Net income ROE23.8%23.0%22.0%20.3%19.8%18.8%
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized (gains) losses, excluded from core earnings, before tax0.3%0.7%0.6%0.5%0.6%0.9%
Integration and other non-recurring M&A costs, before tax
—%—%—%—%—%0.1%
Change in deferred gain on retroactive reinsurance, before tax(0.2%)(0.4%)(0.4%)(0.3%)(0.5%)(0.6%)
Income tax expense (benefit) on items not included in core earnings—%(0.1%)(0.1%)—%—%(0.1%)
Impact of AOCI, excluded from denominator of core earnings ROE(2.7%)(2.9%)(2.7%)(2.1%)(2.8%)(2.8%)
Income from discontinued operations, net of tax(2.5%)(1.1%)(1.1%)(1.1%)(1.1%)(1.2%)
Core earnings ROE18.7%19.2%18.3%17.3%16.0%15.1%
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable U.S. GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable U.S. GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable U.S. GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

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Underwriting gain (loss)-This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable U.S GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net income$851 $717 $968 $861 $800 $495 $1,568 $1,295 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(645)(587)(656)(605)(526)(512)(1,232)(1,038)
Net realized (gains) losses(17)24 25 30 26 26 7 52 
Net servicing and other (income) expense(1)(4)(2)(3)(4)(4)(5)(8)
Income tax expense 216 182 251 219 201 125 398 326 
Underwriting gain404 332 586 502 497 130 736 627 
Current accident year catastrophes222 230 (1)70 212 467 452 679 
Prior accident year development(111)(41)(12)(103)(187)(122)(152)(309)
Underlying underwriting gain$515 $521 $573 $469 $522 $475 $1,036 $997 
Business Insurance
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net income$704 $536 $897 $710 $696 $477 $1,240 $1,173 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(556)(505)(562)(519)(449)(437)(1,061)(886)
Net realized (gains) losses(12)19 21 26 20 24 7 44 
Other expense (income)1 (1)1 — 1 1 — 2 
Income tax expense179 136 234 180 176 122 315 298 
Underwriting gain316 185 591 397 444 187 501 631 
Current accident year catastrophes129 171 (12)39 114 280 300 394 
Prior accident year development(52)30 (152)(60)(146)(83)(22)(229)
Underlying underwriting gain$393 $386 $427 $376 $412 $384 $779 $796 


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Personal Insurance
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net income$130 $139 $212 $139 $91 $5 $269 $96 
Adjustments to reconcile net income to underlying underwriting gain (loss):
Net investment income(67)(62)(74)(67)(58)(57)(129)(115)
Net realized (gains) losses(4)4 3 4 4 2 — 6 
Net servicing and other (income) expense(2)(3)(3)(4)(5)(5)(5)(10)
Income tax expense33 35 55 35 23 — 68 23 
Underwriting gain (loss)90 113 193 107 55 (55)203 — 
Current accident year catastrophes93 59 11 31 98 187 152 285 
Prior accident year development(59)(35)(56)(43)(41)(39)(94)(80)
Underlying underwriting gain$124 $137 $148 $95 $112 $93 $261 $205 
P&C Other Operations
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net income (loss)$17 $42 $(141)$12 $13 $13 $59 $26 
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(22)(20)(20)(19)(19)(18)(42)(37)
Net realized (gains) losses(1)1 1 — 2 — — 2 
Other expense— — — 1 — — — — 
Income tax expense (benefit)4 11 (38)4 2 3 15 5 
Underwriting gain (loss)(2)34 (198)(2)(2)(2)32 (4)
Prior accident year development— (36)196 — — — (36)— 
Underlying underwriting loss$(2)$(2)$(2)$(2)$(2)$(2)$(4)$(4)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth on pages 10, 13 and 17, respectively.

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Underlying loss and loss adjustment expense ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for Property & Casualty, Business Insurance, and Personal Insurance is set forth below.
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Loss and loss adjustment expense ratio61.0 61.6 56.2 58.5 58.8 66.3 61.3 62.5 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(2.5)(4.2)0.3 0.7 (0.6)(8.2)(3.3)(4.3)
Underlying loss and loss adjustment expense ratio58.6 57.4 56.5 59.3 58.3 58.1 58.0 58.2 
Business Insurance
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Loss and loss adjustment expense ratio60.4 62.8 51.5 57.3 56.1 62.8 61.6 59.4 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(2.1)(5.6)4.5 0.6 1.0 (5.9)(3.8)(2.4)
Underlying loss and loss adjustment expense ratio58.3 57.2 56.1 57.9 57.0 56.9 57.7 57.0 
Personal Insurance
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Loss and loss adjustment expense ratio63.8 60.6 53.3 62.9 69.0 79.1 62.2 73.9 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(3.8)(2.6)4.7 1.2 (6.1)(16.5)(3.2)(11.2)
Underlying loss and loss adjustment expense ratio60.0 58.0 58.1 64.2 62.8 62.6 59.0 62.7 

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Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized (gains) losses. Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized (gains) losses as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Net income margin7.7 %6.4 %7.2 %8.1 %8.5 %7.4 %7.1%8.0%
Adjustments to reconcile net income margin to core earnings margin:
Net realized (gains) losses, before tax(0.5%)0.6%0.5%0.4%0.8%0.3%—%0.5%
Income tax expense (benefit)0.1%(0.1%)(0.1%)(0.2%)(0.1%)(0.1%)—%(0.1%)
Impact of excluding buyouts from denominator of core earnings margin0.1 %— %— %— %— %— %0.1 %— %
Core earnings margin7.4 %6.9 %7.6 %8.3 %9.2 %7.6 %7.2 %8.4 %
Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Employee Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Total net investment income$800 $734 $825 $755 $658 $652 $1,534 $1,310 
Adjustment for income from limited partnerships and other alternative investments(114)(75)(160)(91)(13)(39)(189)(52)
Net investment income excluding limited partnerships and other alternative investments$686 $659 $665 $664 $645 $613 $1,345 $1,258 
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Total net investment income$645 $587 $656 $605 $526 $512 $1,232 $1,038 
Adjustment for income from limited partnerships and other alternative investments(94)(62)(125)(71)(11)(28)(156)(39)
Net investment income excluding limited partnerships and other alternative investments$551 $525 $531 $534 $515 $484 $1,076 $999 
Employee Benefits
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Total net investment income$137 $131 $153 $136 $118 $126 $268 $244 
Adjustment for income from limited partnerships and other alternative investments(20)(13)(35)(20)(2)(11)(33)(13)
Net investment income excluding limited partnerships and other alternative investments$117 $118 $118 $116 $116 $115 $235 $231 

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Table of Contents

Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Employee Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable U.S GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.
Consolidated
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Annualized investment yield4.9%4.5%5.2%4.8%4.3%4.3%4.7%4.3%
Adjustment for income from limited partnerships and other alternative investments(0.2%)—%(0.6%)(0.2%)0.3%0.1%(0.1%)0.2%
Annualized investment yield excluding limited partnerships and other alternative investments4.7%4.5%4.6%4.6%4.6%4.4%4.6%4.5%
Property & Casualty
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Annualized investment yield5.0%4.6%5.2%4.9%4.4%4.3%4.8%4.3%
Adjustment for income from limited partnerships and other alternative investments(0.3%)(0.1%)(0.6%)(0.2%)0.3%0.1%(0.2%)0.2%
Annualized investment yield excluding limited partnerships and other alternative investments4.7%4.5%4.6%4.7%4.7%4.4%4.6%4.5%
Employee Benefits
Three Months EndedSix Months Ended
Jun 30 2026Mar 31 2026Dec 31 2025Sept 30 2025Jun 30 2025Mar 31 2025Jun 30 2026Jun 30 2025
Annualized investment yield4.8%4.5%5.3%4.8%4.1%4.3%4.7%4.2%
Adjustment for income from limited partnerships and other alternative investments(0.2%)0.1%(0.8%)(0.3%)0.3%0.1%(0.1%)0.2%
Annualized investment yield excluding limited partnerships and other alternative investments4.6%4.6%4.5%4.5%4.4%4.4%4.6%4.4%

39

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