hig-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 10-Q

____________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ______________

Commission file number 001-13958

____________________________________

The Hartford Insurance Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware						13-3317783
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Hartford Plaza, Hartford, Connecticut 06155

(Address of principal executive offices) (Zip Code)

(860) 547-5000

(Registrant’s telephone number, including area code)

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


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

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

Indicate by check mark:

• whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☑

☐

• whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☑

☐

• whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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.

☐

•

whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☑

As of July 22, 2026, there were outstanding 270,872,002 shares of Common Stock, $0.01 par value per share, of the registrant.

The Hartford Insurance Group, Inc.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended June 30, 2026

Table of Contents


Item	Description	Page
	Part I. Financial Information
1.	Financial Statements
	Report of Independent Registered Public Accounting Firm	6
	Condensed Consolidated Statements of Operations - For the Three and Six Months Ended June 30 , 2026 and 2025	7
	Condensed Consolidated Statements of Comprehensive Income (Loss) - For the Three and Six Months Ended June 30 , 2026 and 2025	8
	Condensed Consolidated Balance Sheets - As of June 30 , 2026 and December 31, 2025	9
	Condensed Consolidated Statements of Changes in Stockholders' Equity - For the Three and Six Months Ended June 30 , 2026 and 2025	10
	Condensed Consolidated Statements of Cash Flows - For the Six Months Ended June 30 , 2026 and 2025	11
	Notes to Condensed Consolidated Financial Statements	12
	Note 1 - Basis of Presentation and Significant Accounting Policies	12
	Note 2 - Earnings Per Common Share	13
	Note 3 - Segment Information	14
	Note 4 - Fair Value Measurements	18
	Note 5 - Investments	27
	Note 6 - Derivatives	34
	Note 7 - Premiums Receivable and Agents' Balances	39
	Note 8 - Reinsurance	40
	Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses	41
	Note 10 - Reserve for Future Policy Benefits	44
	Note 11 - Other Policyholder Funds and Benefits Payable	45
	Note 12 - Income Taxes	46

	Note 13 - Commitments and Contingencies	46
	Note 14 - Equity	47
	Note 15 - Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)	48
	Note 16 - Employee Benefit Plans	50
	Note 17 - Discontinued Operations	51
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	53
3.	Quantitative and Qualitative Disclosures About Market Risk	[a]
4.	Controls and Procedures	107
	Part II. Other Information
1.	Legal Proceedings	108
1A.	Risk Factors	108
2.	Unregistered Sales of Equity Securities and Use of Proceeds	108
5.	Other Information	108
6.	Exhibits	109
	Signature	110

[a]The information required by this item is set forth in the Enterprise Risk Management section of Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

Forward-looking Statements

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, the Risk Factors of The Hartford's 2025 Form 10-K Annual Report, 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 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 the filing of this Form 10-Q. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.


Table of Contents

Part I - Item 1. Financial Statements

Item 1.

Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of

The Hartford Insurance Group, Inc.

Hartford, Connecticut

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of The Hartford Insurance Group, Inc. and subsidiaries (the "Company") as of June 30, 2026, the related condensed consolidated statements of operations, comprehensive income (loss), and changes in stockholders' equity for the three-month and six-month periods ended June 30, 2026 and 2025, and of cash flows for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 20, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Hartford, Connecticut

July 23, 2026


Table of Contents

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Operations


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(in millions, except for per share data)	(Unaudited)
Revenues
Earned premiums	$	6,279	$	5,961	$	12,424	$	11,796
Fee income	86		86		173		172
Net investment income	800		658		1,534		1,310
Net realized gains (losses)	64		(19)		12		(68)
Other revenues	34		30		61		52
Total revenues	7,263		6,716		14,204		13,262
Benefits, losses and expenses
Benefits, losses and loss adjustment expenses	4,081		3,712		8,079		7,712
Amortization of deferred policy acquisition costs ("DAC")	669		625		1,325		1,232
Insurance operating costs and other expenses	1,215		1,138		2,443		2,285



Interest expense	50		50		100		100
Amortization of other intangible assets	17		17		35		35

Total benefits, losses and expenses	6,032		5,542		11,982		11,364
Income from continuing operations before income taxes	1,231		1,174		2,222		1,898
Income tax expense	251		236		438		376
Income from continuing operations, net of tax	980		938		1,784		1,522
Income from discontinued operations, net of tax	318		57		370		103
Net income	1,298		995		2,154		1,625
Preferred stock dividends	5		5		10		10
Net income available to common stockholders	$	1,293	$	990	$	2,144	$	1,615

Income from continuing operations, net of tax, available to common stockholders per common share
Basic	$	3.57	$	3.29	$	6.45	$	5.30
Diluted	$	3.53	$	3.24	$	6.38	$	5.22
Net income available to common stockholders per common share
Basic	$	4.73	$	3.49	$	7.80	$	5.66
Diluted	$	4.68	$	3.44	$	7.71	$	5.58

See Notes to Condensed Consolidated Financial Statements.


Table of Contents

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(in millions)	(Unaudited)
Net income	$	1,298	$	995	$	2,154	$	1,625
Other comprehensive income (loss) ("OCI"):
Change in net unrealized gain (loss) on fixed maturities, available-for-sale ("AFS")	69		208		(301)		510
Change in unrealized losses on fixed maturities with an allowance for credit losses ("ACL")	—		1		—		1

Change in net gain (loss) on cash flow hedging instruments	(29)		(34)		(32)		(34)
Change in foreign currency translation adjustments	(1)		16		—		16
Change in liability for future policy benefits adjustments	(2)		(1)		2		(4)
Change in pension and other postretirement plan adjustments	8		6		17		13
OCI, net of tax	45		196		(314)		502
Comprehensive income	$	1,343	$	1,191	$	1,840	$	2,127

See Notes to Condensed Consolidated Financial Statements.


Table of Contents

The Hartford Insurance Group, Inc.

Condensed Consolidated Balance Sheets


	June 30, 2026		December 31, 2025
(in millions, except for share and per share data)	(Unaudited)
Assets
Investments:
Fixed maturities, AFS, at fair value (amortized cost of $47,036 and $46,871, and ACL of $16 and $16)	$	45,824	$	46,041
Fixed maturities, at fair value using the fair value option ("FVO Securities")	125		168
Equity securities, at fair value	560		422
Mortgage loans (net of ACL of $49 and $49)	7,262		6,837
Limited partnerships and other alternative investments	6,135		5,804
Other investments	227		218
Short-term investments	3,866		4,004
Total investments	63,999		63,494
Cash	125		122
Restricted cash	78		44
Accrued investment income	487		473
Premiums receivable and agents' balances (net of ACL of $160 and $142)	7,009		6,316
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $70 and $69)	7,037		7,191
Deferred policy acquisition costs	1,464		1,347
Deferred income taxes, net	1,207		937
Goodwill	1,639		1,639
Property and equipment, net	867		924
Other intangible assets, net	521		556
Other assets	2,649		2,122
Assets held for sale	901		864
Total assets	$	87,983	$	86,029
Liabilities
Unpaid losses and loss adjustment expenses	$	47,146	$	46,268
Reserve for future policy benefits	447		444
Other policyholder funds and benefits payable	606		612
Unearned premiums	10,836		10,053

Long-term debt	4,374		4,371
Other liabilities	4,761		5,126
Liabilities held for sale	180		176
Total liabilities	68,350		67,050
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at June 30, 2026 and December 31, 2025, aggregate liquidation preference of $345	334		334
Common stock, $0.01 par value —1,500,000,000 shares authorized, 326,960,228 shares issued at June 30, 2026 and December 31, 2025	3		3
Additional paid-in capital	503		549
Retained earnings	26,553		24,739
Treasury stock, at cost 55,336,594 and 50,036,826 shares	(5,389)		(4,589)
Accumulated other comprehensive income (loss) ("AOCI"), net of tax	(2,371)		(2,057)
Total stockholders’ equity	19,633		18,979
Total liabilities and stockholders’ equity	$	87,983	$	86,029

See Notes to Condensed Consolidated Financial Statements.


Table of Contents

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(in millions, except for share and per share data)	(Unaudited)
Preferred Stock	$	334	$	334	$	334	$	334
Common Stock	3		3		3		3
Additional Paid-in Capital
Additional Paid-in Capital, beginning of period	487		524		549		578
Issuance of shares under incentive and stock compensation plans and other	(6)		(19)		(150)		(149)
Stock-based compensation plans expense	22		22		104		98

Additional Paid-in Capital, end of period	503		527		503		527
Retained Earnings
Retained Earnings, beginning of period	25,424		22,007		24,739		21,531


Net income	1,298		995		2,154		1,625
Dividends declared on preferred stock	(5)		(5)		(10)		(10)
Dividends declared on common stock	(164)		(147)		(330)		(296)
Retained Earnings, end of period	26,553		22,850		26,553		22,850
Treasury Stock, at cost
Treasury Stock, at cost, beginning of period	(4,943)		(3,444)		(4,589)		(3,113)
Treasury stock acquired	(454)		(404)		(909)		(808)

Issuance of shares under incentive and stock compensation plans from treasury stock and other	11		38		184		178
Net shares acquired related to employee incentive and stock compensation plans	(3)		(2)		(75)		(69)

Treasury Stock, at cost, end of period	(5,389)		(3,812)		(5,389)		(3,812)
Accumulated Other Comprehensive Income (Loss), net of tax
Accumulated Other Comprehensive Income (Loss), net of tax, beginning of period	(2,416)		(2,580)		(2,057)		(2,886)


Total other comprehensive income (loss)	45		196		(314)		502
Accumulated Other Comprehensive Income (Loss), net of tax, end of period	(2,371)		(2,384)		(2,371)		(2,384)
Total Stockholders’ Equity	$	19,633	$	17,518	$	19,633	$	17,518

Preferred Shares Outstanding	13,800		13,800		13,800		13,800



Common Shares Outstanding (in thousands)
Common Shares Outstanding, beginning of period	274,902		285,104		276,923		287,556
Treasury stock acquired	(3,366)		(3,240)		(6,663)		(6,755)
Issuance of shares under incentive and stock compensation plans and other	109		429		1,886		2,084
Return of shares under incentive and stock compensation plans to treasury stock	(21)		(18)		(522)		(610)

Common Shares Outstanding, at end of period	271,624		282,275		271,624		282,275
Cash dividends declared per common share	$	0.600	$	0.520	$	1.200	$	1.040
Cash dividends declared per preferred share	$	375.00	$	375.00	$	750.00	$	750.00

See Notes to Condensed Consolidated Financial Statements.


Table of Contents

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Cash Flows


	Six Months Ended June 30,
(in millions)	2026		2025
Operating Activities	(Unaudited)
Net income	$	2,154	$	1,625
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gains) losses	(17)		59
Amortization of deferred policy acquisition costs	1,325		1,232
Additions to deferred policy acquisition costs	(1,442)		(1,355)
Depreciation and amortization	219		186



Other operating activities, net	173		169
Change in assets and liabilities:
Decrease in reinsurance recoverables	153		32
Net change in accrued and deferred income taxes	(381)		(181)
Increase in insurance liabilities	1,657		1,784
Net change in premiums receivable and agents' balances	(749)		(752)
Net change in other assets and other liabilities	(858)		(523)
Net cash provided by operating activities	2,234		2,276
Investing Activities
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, AFS	5,772		4,755
FVO securities	—		109
Equity securities, at fair value	11		125
Mortgage loans	747		733
Limited partnership and other alternative investments	137		115
Payments for the purchase of:
Fixed maturities, AFS	(5,714)		(6,090)
FVO securities	(1)		(8)
Equity securities, at fair value	(83)		(16)
Mortgage loans	(1,154)		(793)
Limited partnership and other alternative investments	(523)		(445)
Net payments for derivatives	(50)		(22)
Net disposals (additions) of property and equipment	84		(78)
Net proceeds from (payments for) short-term investments	(47)		524
Other investing activities, net	(62)		(53)


Net cash used for investing activities	(883)		(1,144)
Financing Activities
Deposits and other additions to investment and universal life-type contracts	79		63
Withdrawals and other deductions from investment and universal life-type contracts	(83)		(57)






Net return of shares under incentive and stock compensation plans, including related excise tax benefit	(35)		(33)
Treasury stock acquired, including related excise tax paid	(916)		(815)
Dividends paid on preferred stock	(10)		(10)
Dividends paid on common stock	(332)		(299)
Net cash used for financing activities	(1,297)		(1,151)
Foreign exchange rate effect on cash	(10)		4
Net increase (decrease) in cash and restricted cash, including cash classified within assets held for sale	44		(15)
Less: Net increase (decrease) in cash classified within assets held for sale	(7)		—
Net increase (decrease) in cash and restricted cash	37		(15)
Cash and restricted cash – beginning of period	166		234
Cash and restricted cash– end of period	$	203	$	219
Supplemental Disclosure of Cash Flow Information



Interest paid	$	101	$	103

See Notes to Condensed Consolidated Financial Statements.


Table of Contents						Note 1 - Basis of Presentation and Significant Accounting Policies

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements

(Dollar amounts in millions, except for per share data, unless otherwise stated)

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The Hartford Insurance Group, Inc. is a holding company for subsidiaries that primarily provide property and casualty insurance, and employee group benefits insurance and services, to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”).

On June 3, 2026, the Company entered into a definitive agreement to sell Hartford Funds Management Group, Inc. ("Hartford Funds"), a subsidiary of Hartford Holdings, Inc. For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2025 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.

The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods.

Consolidation

The Condensed Consolidated Financial Statements include the accounts of The Hartford Insurance Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated.

Discontinued Operations

The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. When a component is identified for discontinued operations reporting, amounts for prior periods are retrospectively reclassified as discontinued operations. Components are identified as discontinued operations if they are a major part of an entity's operations and financial results such as a separate major line of business or a separate major geographical area of operations. Hartford Funds has met the criteria for reporting as discontinued operations and is reported in the Corporate category until closing.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters.

Reclassifications

Certain reclassifications have been made to prior period financial information to conform to the current period presentation. In particular, prior period results of operations associated with the Company's Hartford Funds business have been retrospectively reclassified to discontinued operations and assets and liabilities associated with the Hartford Funds business are classified as assets and liabilities held for sale within the Corporate category.


Table of Contents						Note 2 - Earnings Per Common Share

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

2. Earnings Per Common Share


Computation of Basic and Diluted Earnings per Common Share
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except for per share data)	2026		2025		2026		2025
Earnings
Income from continuing operations, net of tax	$	980	$	938	$	1,784	$	1,522
Income from discontinued operations, net of tax	318		57		370		103
Net income	$	1,298	$	995	$	2,154	$	1,625
Less: Preferred stock dividends	5		$	5	10		$	10




Net income available to common stockholders	$	1,293	$	990	$	2,144	$	1,615
Shares
Weighted average common shares outstanding, basic	273.3		283.7		274.7		285.1

Dilutive effect of stock-based awards under compensation plans	3.0		4.0		3.4		4.1
Weighted average common shares outstanding and dilutive potential common shares	276.3		287.7		278.1		289.2
Net income available to common stockholders per common share



Basic
Income from continuing operations, net of tax, available to common stockholders	$	3.57	$	3.29	$	6.45	$	5.30



Income from discontinued operations, net of tax, available to common stockholders	1.16		0.20		1.35		0.36
Net income available to common stockholders	$	4.73	$	3.49	$	7.80	$	5.66
Diluted
Income from continuing operations, net of tax, available to common stockholders	$	3.53	$	3.24	$	6.38	$	5.22
Income from discontinued operations, net of tax, available to common stockholders	$	1.15	$	0.20	$	1.33	$	0.36
Net income available to common stockholders	$	4.68	$	3.44	$	7.71	$	5.58


Table of Contents						Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

3. Segment Information

The Company currently conducts business principally in four reportable segments including Business Insurance, Personal Insurance, Property & Casualty ("P&C") Other Operations and Employee Benefits, as well as a Corporate category.

Beginning with the second quarter of 2026, Hartford Funds is no longer reported as a separate reportable segment and is included within the Corporate category.


Segment Revenues
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Business Insurance
Workers’ compensation	$	933	$	917	$	1,854	$	1,835
General liability	669		609		1,310		1,193
Marine	73		68		145		137
Package business	718		659		1,424		1,278
Commercial property	383		355		755		694
Professional liability	210		208		425		414
Bond	90		83		173		168
Assumed reinsurance	236		222		466		442
Commercial automobile	363		314		707		609
Business Insurance earned premium and fee income	3,675		3,435		7,259		6,770
Net investment income	556		449		1,061		886
Net realized gains (losses)	12		(20)		(7)		(44)
Other revenue [1]	1		1		1		2
Total Business Insurance	4,244		3,865		8,314		7,614
Personal Insurance
Personal automobile	592		634		1,190		1,258
Homeowners	320		305		637		588
Personal Insurance earned premium and fee income [2]	912		939		1,827		1,846
Net investment income	67		58		129		115
Net realized gains (losses)	4		(4)		—		(6)
Other revenue	25		24		47		44
Total Personal Insurance	1,008		1,017		2,003		1,999
P&C Other Operations
Net investment income	22		19		42		37
Net realized gains (losses)	1		(2)		—		(2)
Total P&C Other Operations	23		17		42		35

Employee Benefits
Group disability	980		899		1,907		1,799
Group life	652		644		1,313		1,294
Other	135		120		270		238
Employee Benefits premium and other considerations	1,767		1,663		3,490		3,331
Net investment income	137		118		268		244
Net realized gains (losses)	9		(16)		(2)		(20)
Total Employee Benefits	1,913		1,765		3,756		3,555







Total segment revenues	$	7,188	$	6,664	$	14,115	$	13,203

[1]Other revenues for Business Insurance includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2]For the three months ended June 30, 2026 and 2025, AARP members accounted for earned premiums of $798 and $841, respectively. For the six months ended June 30, 2026 and 2025, AARP members accounted for earned premiums of $1.60 billion and $1.66 billion


Table of Contents						Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Significant Segment Expenses
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Business Insurance
Current accident year losses and loss adjustment expenses ("LAE") before catastrophes	$	2,134	$	1,952	$	4,178	$	3,843
Current accident year catastrophe losses and LAE	129		114		300		394
Prior accident year development of losses and LAE	(52)		(146)		(22)		(229)
Amortization of DAC	590		546		1,167		1,077
Insurance operating costs	539		507		1,097		1,019
Amortization of other intangible assets	7		7		14		14
Dividends to policyholders	12		11		24		21
Total Business Insurance	3,359		2,991		6,758		6,139
Personal Insurance
Current accident year losses and LAE before catastrophes	543		585		1,069		1,148
Current accident year catastrophe losses and LAE	93		98		152		285
Prior accident year development of losses and LAE	(59)		(41)		(94)		(80)
Amortization of DAC	70		70		141		138
Insurance operating costs	175		172		355		354
Amortization of other intangible assets	—		—		1		1
Total Personal Insurance	822		884		1,624		1,846
P&C Other Operations
Prior accident year development of losses and LAE	—		—		(36)		—
Insurance operating costs	2		2		4		4
Total P&C Other Operations	2		2		(32)		4
Employee Benefits
Group disability losses	741		617		1,415		1,238
Group life losses	484		478		972		997
Group losses - other	66		55		142		114
Amortization of DAC	9		9		17		17
Insurance operating costs and other expenses	417		407		856		813
Amortization of other intangible assets	10		10		20		20
Total Employee Benefits	1,727		1,576		3,422		3,199






Total significant segment expenses	$	5,910	$	5,453	$	11,772	$	11,188


Table of Contents						Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Segment/Category Summary For the Three Months Ended June 30, 2026
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Total Reportable Segments		Corporate		Consolidated


Earned premium and fee income from external customers	$	3,675	$	912	$	—	$	1,767	$	6,354	$	11	$	6,365
Net investment income	556		67		22		137		782		18		800
Net realized gains	12		4		1		9		26		38		64
Other revenue [1]	1		25		—		—		26		8		34
Total Revenues	4,244		1,008		23		1,913		7,188		75		7,263
Significant segment expenses	3,359		822		2		1,727		5,910				5,910
Other segment expenses (income) [2]	2		23		—		—		25				25
Corporate expenses											97		97
Income tax expense (benefit)	179		33		4		39		255		(4)		251
Income (loss) from continuing operations, net of tax	704		130		17		147		998		(18)		980
Income from discontinued operations, net of tax											318		318
Net income	$	704	$	130	$	17	$	147	$	998	$	300	$	1,298


Other segment disclosures:
Amortization of DAC	$	590	$	70	$	—	$	9	$	669	$	—	$	669
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	17	$	—	$	17


Segment/Category Summary For the Six Months Ended June 30, 2026
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Total Reportable Segments		Corporate		Consolidated


Earned premium and fee income from external customers	$	7,259	$	1,827	$	—	$	3,490	$	12,576	$	21	$	12,597
Net investment income	1,061		129		42		268		1,500		34		1,534
Net realized (gains) losses	(7)		—		—		(2)		(9)		21		12
Other revenue [1]	1		47		—		—		48		13		61
Total Revenues	8,314		2,003		42		3,756		14,115		89		14,204
Significant segment expenses	6,758		1,624		(32)		3,422		11,772				11,772
Other segment expenses (income) [2]	1		42		—		—		43				43
Corporate expenses											167		167
Income tax expense (benefit)	315		68		15		69		467		(29)		438
Income (loss) from continuing operations, net of tax	1,240		269		59		265		1,833		(49)		1,784
Income from discontinued operations, net of tax											370		370
Net income	$	1,240	$	269	$	59	$	265	$	1,833	$	321	$	2,154

Other segment disclosures:
Amortization of DAC	$	1,167	$	141	$	—	$	17	$	1,325	$	—	$	1,325
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	35	$	—	$	35


Table of Contents						Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Segment/Category Summary For the Three Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Total Reportable Segments		Corporate		Consolidated


Earned premium and fee income from external customers	$	3,435	$	939	$	—	$	1,663	$	6,037	$	10	$	6,047
Net investment income	449		58		19		118		644		14		658
Net realized gains (losses)	(20)		(4)		(2)		(16)		(42)		23		(19)
Other revenue [1]	1		24		—		—		25		5		30
Total Revenues	3,865		1,017		17		1,765		6,664		52		6,716
Significant segment expenses	2,991		884		2		1,576		5,453				5,453
Other segment expenses [2]	2		19		—		—		21				21
Corporate expenses											68		68
Income tax expense (benefit)	176		23		2		39		240		(4)		236
Income (loss) from continuing operations, net of tax	696		91		13		150		950		(12)		938
Income from discontinued operations, net of tax											57		57
Net income	$	696	$	91	$	13	$	150	$	950	$	45	$	995


Other segment disclosures:
Amortization of DAC	$	546	$	70	$	—	$	9	$	625	$	—	$	625
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	17	$	—	$	17


Segment/Category Summary For the Six Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Total Reportable Segments		Corporate		Consolidated


Earned premium and fee income from external customers	$	6,770	$	1,846	$	—	$	3,331	$	11,947	$	21	$	11,968
Net investment income	886		115		37		244		1,282		28		1,310
Net realized gains (losses)	(44)		(6)		(2)		(20)		(72)		4		(68)
Other revenue [1]	2		44		—		—		46		6		52
Total Revenues	7,614		1,999		35		3,555		13,203		59		13,262
Significant segment expenses	6,139		1,846		4		3,199		11,188				11,188
Other segment expenses [2]	4		34		—		—		38				38
Corporate expenses											138		138
Income tax expense (benefit)	298		23		5		73		399		(23)		376
Income (loss) from continuing operations, net of tax	1,173		96		26		283		1,578		(56)		1,522
Income from discontinued operations, net of tax											103		103
Net income	$	1,173	$	96	$	26	$	283	$	1,578	$	47	$	1,625

Other segment disclosures:
Amortization of DAC	$	1,077	$	138	$	—	$	17	$	1,232	$	—	$	1,232
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	35	$	—	$	35

[1]Other revenues for Business Insurance and Corporate includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2]Other segment expenses (income) primarily consists of integration costs associated with the 2019 acquisition of Navigators Group and other miscellaneous revenue for Business Insurance and servicing expenses for Personal Insurance


Table of Contents						Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Assets
	June 30, 2026		December 31, 2025
Business Insurance	$	59,398	$	57,468
Personal Insurance	6,067		6,445
Property & Casualty Other Operations	4,339		4,354
Employee Benefits	13,261		13,564

Total Reportable Segments	83,065		81,831
Corporate	4,918		4,198
Total assets	$	87,983	$	86,029


Non-Insurance Revenue from Contracts with Customers
		Three Months Ended June 30,				Six Months Ended June 30,
	Revenue Line Item	2026		2025		2026		2025
Business Insurance
Installment billing fees	Fee income	$	12	$	11	$	24	$	22
Personal Insurance
Installment billing fees	Fee income	7		8		15		16
Insurance servicing revenues	Other revenues	25		24		47		44
Employee Benefits
Administrative services	Fee income	56		57		113		113




Corporate
Investment management and other fees	Fee income	11		10		21		21

Total non-insurance revenues with customers		$	111	$	110	$	220	$	216

4. Fair Value Measurements

The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs.

The fair value hierarchy levels are as follows:

Level 1 Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.

Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.

Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.

The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2026
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")	$	4,783	$	—	$	4,608	$	175
Collateralized loan obligations ("CLOs")	3,360		—		3,160		200
Commercial mortgage-backed securities ("CMBS")	1,822		—		1,725		97
Corporate	23,868		—		20,952		2,916
Foreign government/government agencies	454		—		454		—
Municipal	4,105		—		4,105		—
Residential mortgage-backed securities ("RMBS")	5,787		—		5,772		15
U.S. Treasuries	1,645		489		1,156		—
Total fixed maturities, AFS	45,824		489		41,932		3,403
FVO securities	125		—		—		125
Equity securities, at fair value [1]	560		430		6		124
Derivative assets
Credit derivatives	(14)		—		(14)		—

Foreign exchange derivatives	11		—		11		—


Total derivative assets [2]	(3)		—		(3)		—
Short-term investments	3,866		245		2,912		709
Total assets accounted for at fair value on a recurring basis [3]	$	50,372	$	1,164	$	44,847	$	4,361
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	14	$	—	$	14	$	—

Foreign exchange derivatives	6		—		6		—
Interest rate derivatives	(10)		—		(10)		—

Total derivative liabilities [4]	10		—		10		—

Total liabilities accounted for at fair value on a recurring basis	$	10	$	—	$	10	$	—


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2025
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	4,663	$	—	$	4,496	$	167
CLOs	3,316		—		3,099		217
CMBS	2,328		—		2,213		115
Corporate	23,076		—		20,210		2,866
Foreign government/government agencies	447		—		447		—
Municipal	4,652		—		4,652		—
RMBS	6,178		—		6,171		7
U.S. Treasuries	1,381		164		1,217		—
Total fixed maturities, AFS	46,041		164		42,505		3,372
FVO securities	168		—		—		168
Equity securities, at fair value [1]	422		311		5		106
Derivative assets


Foreign exchange derivatives	20		—		20		—

Total derivative assets [2]	20		—		20		—
Short-term investments	4,004		491		3,131		382
Total assets accounted for at fair value on a recurring basis [3]	$	50,655	$	966	$	45,661	$	4,028
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities


Foreign exchange derivatives	$	(17)	$	—	$	(17)	$	—
Interest rate derivatives	(3)		—		(3)		—
Total derivative liabilities [4]	(20)		—		(20)		—

Total liabilities accounted for at fair value on a recurring basis	$	(20)	$	—	$	(20)	$	—

[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.

[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote [3] to this table for derivative liabilities.

[3]Excludes Level 1 assets of $168 and $179 and Level 2 assets of $256 and $240, respectively, that were reclassified to assets held-for-sale as of June 30, 2026 and December 31, 2025.

[4]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

The Company has overseas deposits included in other investments of $84 and $87 as of June 30, 2026 and December 31, 2025, respectively, which are measured at fair value using the net asset value as a practical expedient.

Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives

Valuation Techniques

The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar

instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:

•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.

•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.

•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.

•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. As of June 30, 2026 and December 31, 2025, no significant adjustments were made by the Company to broker prices received.

•Internal valuation models are used when third-party pricing or independent broker quotes are not available. These internally developed models incorporate market-based credit spreads from independent public security indexes reflective of comparable quality, maturity, and sector, adjusted for the non-public nature of the security. These securities are classified as Level 3 since they are not observable in the marketplace.

The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.

Valuation Controls

The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.

Valuation Inputs

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2 Primary Observable Inputs		Level 3 Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
	• Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature Other inputs for less liquid securities or those that trade less actively: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment and default rates, and loss severity
Corporates
	• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for privately traded investments and below investment grade privately placed securities: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S. Treasuries, Municipals, and Foreign government/government agencies
	• Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements	• Credit spreads beyond observable curve • Interest rates beyond observable curve
Equity Securities
	• Quoted prices in markets that are not active	• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable • Private company financials
Short-term Investments
	• Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates	• Independent broker quotes • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
	• Swap yield curve • Credit default swap curves	• Not applicable
Foreign exchange derivatives
	• Swap yield curve • Currency spot and forward rates • Cross currency basis curves	• Not applicable
Interest rate derivatives
	• Swap yield curve	• Not applicable
Equity derivatives
	• Equity index levels	• Not applicable


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Significant Unobservable Inputs for Level 3 - Securities

Assets accounted for at fair value on a recurring basis

Fair
Value

Predominant
Valuation
Technique

Significant Unobservable Input

Minimum

Maximum

Weighted Average [1]

Impact of
Increase in
Input on Fair Value [2]

As of June 30, 2026

ABS

175

Discounted cash flows

Spread

488 bps

902 bps

590 bps

Decrease

CLOs

200

Discounted cash flows

Spread

279 bps

1,007 bps

551 bps

Decrease

CMBS [3]

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

270 bps

1,270 bps

435 bps

Decrease

Corporate [4]

2,796

Discounted cash flows

Spread

97 bps

1,041 bps

283 bps

Decrease

RMBS

Discounted cash flows

Spread [6]

88 bps

184 bps

101 bps

Decrease

Constant prepayment rate [6]

Decrease [5]

Constant default rate [6]

Decrease

Loss severity [6]

35%

55%

48%

Decrease

Equity Securities

Adjusted Cost

Private company financials

N/A

Increase

Discounted cash flows

Spread

1,381 bps

Decrease

Short-term investments

709

Discounted cash flows

Spread

164 bps

238 bps

174 bps

Decrease

As of December 31, 2025

ABS

167

Discounted cash flows

Spread

434 bps

843 bps

530 bps

Decrease

CLOs

217

Discounted cash flows

Spread

270 bps

1,021 bps

544 bps

Decrease

CMBS [3]

115

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

245 bps

1,000 bps

397 bps

Decrease

Corporate [4]

2,765

Discounted cash flows

Spread

88 bps

811 bps

289 bps

Decrease

RMBS

Discounted cash flows

Spread [6]

88 bps

551 bps

172 bps

Decrease

Constant prepayment rate [6]

Decrease [5]

Constant default rate [6]

Decrease

Loss severity [6]

37%

80%

50%

Decrease

Equity Securities

Adjusted Cost

Private company financials

N/A

Increase

Discounted cash flows

Spread

1,370

bps

1,370

bps

1,370

bps

Decrease

Short-term investments

382

Discounted cash flows

Spread

164 bps

186 bps

177 bps

Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.

The table above excludes certain securities for which fair values are predominately based on independent broker quotes. As of June 30, 2026 and December 31, 2025, the fair values of the Company's level 3 derivatives were less than $1 for both periods.


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability.



Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2026
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2026		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2026
Assets
Fixed maturities, AFS
	ABS	$	163	$	—	$	(1)	$	18	$	(5)	$	—	$	—	$	—	$	175
	CLOs	233		—		—		75		—		—		—		(108)		200
	CMBS	116		(7)		5		—		(12)		(7)		2		—		97
	Corporate	2,694		—		2		372		(124)		(5)		—		(23)		2,916


	RMBS	5		—		—		11		(1)		—		—		—		15
Total fixed maturities, AFS		3,211		(7)		6		476		(142)		(12)		2		(131)		3,403
FVO securities		130		(3)		—		—		(2)		—		—		—		125
Equity securities, at fair value		123		(1)		—		12		—		—		—		(10)		124
Short-term investments		688		—		—		626		(518)		(87)		—		—		709
Total Assets		$	4,152	$	(11)	$	6	$	1,114	$	(662)	$	(99)	$	2	$	(141)	$	4,361



Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Six Months Ended June 30, 2026
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2026		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2026
Assets
Fixed maturities, AFS
	ABS	$	167	$	—	$	(3)	$	30	$	(8)	$	—	$	—	$	(11)	$	175
	CLOs	217		—		(1)		182		—		—		—		(198)		200
	CMBS	115		(7)		4		—		(12)		(7)		4		—		97
	Corporate	2,866		—		(33)		469		(355)		(8)		—		(23)		2,916


	RMBS	7		—		—		11		(3)		—		—		—		15
Total fixed maturities, AFS		3,372		(7)		(33)		692		(378)		(15)		4		(232)		3,403
FVO securities		168		(37)		—		1		(7)		—		—		—		125
Equity securities, at fair value		106		(2)		—		30		—		—		—		(10)		124
Short-term investments		382		—		(1)		1,061		(559)		(174)		—		—		709
Total Assets		$	4,028	$	(46)	$	(34)	$	1,784	$	(944)	$	(189)	$	4	$	(242)	$	4,361


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)



Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	56	$	—	$	—	$	39	$	(3)	$	—	$	—	$	—	$	92
	CLOs	233		—		—		20		(18)		—		—		(165)		70
	CMBS	150		(1)		1		—		(13)		(8)		8		—		137
	Corporate	2,401		2		47		460		(109)		(67)		—		—		2,734


	RMBS	39		—		—		—		(3)		—		—		(24)		12
Total fixed maturities, AFS		2,879		1		48		519		(146)		(75)		8		(189)		3,045
FVO securities		195		(13)		—		2		(3)		—		—		—		181
Equity securities, at fair value		91		—		—		2		—		—		—		—		93
Short-term investments		59		—		—		57		—		—		—		—		116
Total Assets		$	3,224	$	(12)	$	48	$	580	$	(149)	$	(75)	$	8	$	(189)	$	3,435


Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Six Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	22	$	—	$	1	$	73	$	(4)	$	—	$	—	$	—	$	92
	CLOs	116		—		—		228		(19)		—		—		(255)		70
	CMBS	167		(1)		4		—		(13)		(10)		43		(53)		137
	Corporate	2,281		3		62		624		(198)		(76)		38		—		2,734


	RMBS	24		—		—		24		(7)		—		—		(29)		12
Total fixed maturities, AFS		2,610		2		67		949		(241)		(86)		81		(337)		3,045
FVO securities		197		(17)		—		8		(7)		—		—		—		181
Equity securities, at fair value		87		(1)		—		10		(3)		—		—		—		93
Short-term investments		98		—		—		67		(49)		—		—		—		116
Total Assets		$	2,992	$	(16)	$	67	$	1,034	$	(300)	$	(86)	$	81	$	(337)	$	3,435

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.


Table of Contents						Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended June 30,								Six Months Ended June 30,
		2026		2025		2026		2025			2026		2025		2026		2025
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]					Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	(1)	$	—		$	—	$	—	$	(3)	$	1
	CLOs	—		—		—		—			$	—	$	—	$	(1)	$	—
	CMBS	—		—		1		1			—		—		—		3
	Corporate	—		—		2		45			—		3		(33)		58



Total fixed maturities, AFS		—		—		2		46			—		3		(37)		62
FVO securities		(3)		(13)		—		—			(37)		(17)		—		—
Equity securities, at fair value		(1)		—		—		—			(2)		—		—		—





Total Assets		$	(4)	$	(13)	$	2	$	46		$	(39)	$	(14)	$	(37)	$	62

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Fair Value Option

The Company has elected the fair value option for certain investments in residual interests of securitizations in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Condensed Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses.

As of June 30, 2026 and December 31, 2025, the fair value of assets using the fair value option was $125 and $168, respectively. For the three and six months ended June 30, 2026, net realized losses related to the change in fair value of assets using the fair value option were $3 and $37, respectively. For the three and six months ended June 30, 2025, net realized losses related to the change in fair value of assets using the fair value option were $13 and $17, respectively.

Financial Instruments Not Carried at Fair Value


Financial Assets and Liabilities Not Carried at Fair Value
	June 30, 2026					December 31, 2025
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	7,262	$	6,993	Level 3	$	6,837	$	6,607
Liabilities
Other policyholder funds and benefits payable	Level 3	$	606	$	606	Level 3	$	612	$	613
Senior notes [2]	Level 2	$	3,875	$	3,468	Level 2	$	3,872	$	3,528
Junior subordinated debentures [2]	Level 2	$	499	$	491	Level 2	$	499	$	473

[1]As of both June 30, 2026 and December 31, 2025, the carrying amount of mortgage loans is net of ACL of $49.

[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

5. Investments


Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Before tax)	2026		2025		2026		2025
Gross gains on sales of fixed maturities	$	10	$	19	$	28	$	32
Gross losses on sales of fixed maturities	(36)		(45)		(66)		(70)
Equity securities [1]
Net realized gains (losses) on sales of equity securities	2		1		4		1
Change in net unrealized gains (losses) of equity securities	119		26		100		14
Net realized and unrealized gains (losses) on equity securities	121		27		104		15
Net credit losses on fixed maturities, AFS	—		—		—		2
Change in ACL on mortgage loans	—		—		—		—

Other, net [2]	(31)		(20)		(54)		(47)



Net realized gains (losses)	$	64	$	(19)	$	12	$	(68)

[1]The change in net unrealized gains on equity securities still held as of June 30, 2026, and included in net realized gains were $121 and $104 for the three and six months ended June 30, 2026, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $27 and $14 for the three and six months ended June 30, 2025, respectively.

[2]For the three and six months ended June 30, 2026, includes losses from transactional foreign currency revaluation of $6 and $3, respectively, and losses on non-qualifying derivatives of $13 and $5 , respectively. For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11 respectively.

Proceeds from the sales of fixed maturities, AFS totaled $1.6 billion and $3.0 billion for the three and six months ended June 30, 2026, respectively, and $1.7 billion and $2.7 billion for the three and six months ended June 30, 2025. Non-cash investing activities for both the three and six months ended June 30, 2026, included $264 related to a reclass from short term to fixed maturities driven by an extension. There were no non-cash investing activities for both the three and six months ended June 30, 2025.

Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans

As of June 30, 2026 and December 31, 2025, the Company reported accrued investment income related to fixed maturities, AFS of $448 and $439, respectively, and accrued investment income related to mortgage loans of $27 and $25, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.

Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS

The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is

more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.

For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.

Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

extent to which the fair value has been less than the amortized cost of the security.

For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.

For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and

projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value.



ACL on Fixed Maturities, AFS by Type
	Three Months Ended June 30,
		2026			2025
(Before tax)			CLOs		CMBS		Total		CMBS		Total
Balance as of beginning of period			$	2	$	14	$	16	$	14	$	14
Credit losses on fixed maturities where an allowance was not previously recorded			—		—		—		—		—





Balance as of end of period			$	2	$	14	$	16	$	14	$	14


ACL on Fixed Maturities, AFS by Type
	Six Months Ended June 30,
		2026			2025
(Before tax)			CLOs			CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period			$	2		$	14	$	16	$	3	$	13	$	16



Net increases (decreases) on fixed maturities where an allowance was previously recorded			—			—		—		(3)		1		(2)

Balance as of end of period			$	2		$	14	$	16	$	—	$	14	$	14

Fixed Maturities, AFS


Fixed Maturities, AFS, by Type
	June 30, 2026										December 31, 2025
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value			Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	4,794	$	—	$	19	$	(30)	$	4,783		$	4,628	$	—	$	51	$	(16)	$	4,663
CLOs	3,360		(2)		5		(3)		3,360			3,310		(2)		9		(1)		3,316
CMBS	1,956		(14)		21		(141)		1,822			2,468		(14)		24		(150)		2,328
Corporate	24,401		—		200		(733)		23,868			23,305		—		375		(604)		23,076
Foreign govt./govt. agencies	453		—		6		(5)		454			440		—		9		(2)		447
Municipal	4,253		—		75		(223)		4,105			4,831		—		89		(268)		4,652
RMBS	6,028		—		22		(263)		5,787			6,372		—		50		(244)		6,178
U.S. Treasuries	1,791		—		1		(147)		1,645			1,517		—		3		(139)		1,381
Total fixed maturities, AFS	$	47,036	$	(16)	$	349	$	(1,545)	$	45,824		$	46,871	$	(16)	$	610	$	(1,424)	$	46,041


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Fixed Maturities, AFS, by Contractual Maturity Year
	June 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,245	$	1,239	$	1,174	$	1,179
Over one year through five years	10,266		10,222		9,725		9,791
Over five years through ten years	8,930		8,803		9,046		9,055
Over ten years	10,457		9,808		10,148		9,531
Subtotal	30,898		30,072		30,093		29,556
Mortgage-backed and asset-backed securities	16,138		15,752		16,778		16,485
Total fixed maturities, AFS	$	47,036	$	45,824	$	46,871	$	46,041

Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.

Concentration of Credit Risk

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of June 30, 2026 or December 31, 2025 other than U.S. government securities and certain U.S. government agencies.

Unrealized Losses on Fixed Maturities, AFS


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2026
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	1,763	$	(17)	$	202	$	(13)	$	1,965	$	(30)
CLOs	649		(3)		—		—		649		(3)
CMBS	86		—		1,412		(141)		1,498		(141)
Corporate	6,936		(110)		6,347		(623)		13,283		(733)
Foreign govt./govt. agencies	186		(2)		23		(3)		209		(5)
Municipal	703		(12)		1,842		(211)		2,545		(223)
RMBS	1,864		(20)		1,993		(243)		3,857		(263)
U.S. Treasuries	980		(10)		595		(137)		1,575		(147)
Total fixed maturities, AFS in an unrealized loss position	$	13,167	$	(174)	$	12,414	$	(1,371)	$	25,581	$	(1,545)


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	405	$	(2)	$	339	$	(14)	$	744	$	(16)
CLOs	496		(1)		—		—		496		(1)
CMBS	119		(3)		1,852		(147)		1,971		(150)
Corporate	2,372		(34)		7,089		(570)		9,461		(604)
Foreign govt./govt. agencies	39		—		38		(2)		77		(2)
Municipal	407		(7)		2,286		(261)		2,693		(268)
RMBS	256		(1)		2,626		(243)		2,882		(244)
U.S. Treasuries	592		(11)		563		(128)		1,155		(139)
Total fixed maturities, AFS in an unrealized loss position	$	4,686	$	(59)	$	14,793	$	(1,365)	$	19,479	$	(1,424)

As of June 30, 2026, fixed maturities, AFS in an unrealized loss position consisted of 3,266 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of June 30, 2026, 95% of these fixed maturities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses during the six months ended June 30, 2026, was primarily attributable to higher interest rates.

Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, RMBS, and municipal bonds, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.

Mortgage Loans

ACL on Mortgage Loans

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.

When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.

There were no mortgage loans held-for-sale as of June 30, 2026 or December 31, 2025. For the three and six months ended June 30, 2026 and 2025, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties.


ACL on Mortgage Loans
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
ACL as of beginning of period	$	49	$	43	$	49	$	44


Current period gross write-offs	—		—		—		(1)

ACL as of June 30,	$	49	$	43	$	49	$	43

The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 56% as of June 30, 2026, while the weighted-average LTV ratio at origination of these loans was 58%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.


Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2026
	2026			2025			2024			2023			2022			2021 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	—	—x	$	—	—x	$	28	1.37x	$	—	—x	$	—	—x	$	160	1.58x	$	188	1.54x
65% - 80%	—		—x	39		1.05x	49		0.95x	16		1.00x	95		1.63x	764		2.33x	963		2.11x
Less than 65%	682		1.77x	1,192		1.74x	607		1.55x	315		1.36x	612		3.03x	2,752		2.81x	6,160		2.31x
Total mortgage loans	$	682	1.77x	$	1,231	1.72x	$	684	1.37x	$	331	1.34x	$	707	2.84x	$	3,676	2.66x	$	7,311	2.27x

[1]Amortized cost of mortgage loans excludes ACL of $49.


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2025
	2025			2024			2023			2022			2021			2020 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	30	1.83x	$	—	—x	$	—	—x	$	—	—x	$	36	0.98x	$	164	1.39x	$	230	1.38x
65% - 80%	56		1.53x	76		1.03x	23		0.83x	95		1.65x	444		2.72x	315		1.96x	1,009		2.14x
Less than 65%	1,123		1.80x	535		1.57x	401		1.40x	645		2.93x	993		3.10x	1,950		2.75x	5,647		2.44x
Total mortgage loans	$	1,209	1.79x	$	611	1.50x	$	424	1.37x	$	740	2.77x	$	1,473	2.93x	$	2,429	2.56x	$	6,886	2.36x

[1]Amortized cost of mortgage loans excludes ACL of $49.


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Mortgage Loans by Region
	June 30, 2026				December 31, 2025
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	459	6.3	%	$	401	5.8	%

Middle Atlantic	275		3.8	%	275		4.0	%
Mountain	892		12.2	%	903		13.1	%
New England	328		4.5	%	351		5.1	%
Pacific	1,424		19.4	%	1,417		20.6	%
South Atlantic	2,158		29.5	%	2,005		29.1	%
West North Central	129		1.8	%	128		1.9	%
West South Central	759		10.4	%	720		10.4	%
Other [1]	887		12.1	%	686		10.0	%
Total mortgage loans	7,311		100.0	%	6,886		100.0	%
ACL	(49)				(49)
Total mortgage loans, net of ACL	$	7,262			$	6,837

[1]Primarily represents loans collateralized by multiple properties in various regions.


Mortgage Loans by Property Type
	June 30, 2026				December 31, 2025
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
Commercial

Industrial	$	3,660	50.1	%	$	3,208	46.6	%

Multifamily	2,207		30.2	%	2,209		32.1	%
Office	373		5.1	%	399		5.8	%
Retail [1]	991		13.5	%	992		14.4	%
Single Family	80		1.1	%	78		1.1	%

Total mortgage loans	7,311		100.0	%	6,886		100.0	%
ACL	(49)				(49)
Total mortgage loans, net of ACL	$	7,262			$	6,837

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Past-Due Mortgage Loans

Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of June 30, 2026, the Company held one commercial mortgage loan that was 60 days past due, with an amortized cost of $8 and an ACL of $4. The loan is on non-accrual status and is not accruing interest income. As of December 31, 2025, the Company held no mortgage loans considered past due.

Mortgage Servicing

The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are

performed. As of June 30, 2026, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.7 billion, of which $4.8 billion was serviced on behalf of third parties and $5.9 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company serviced mortgage loans with a total outstanding principal balance of $10.4 billion, of which $4.8 billion was serviced on behalf of third parties and $5.6 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of June 30, 2026 and December 31, 2025, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIEs") primarily as an investor through normal investment activities or, at times, as an investment manager.

A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements.

Consolidated VIEs

As of June 30, 2026 and December 31, 2025, the Company did not hold any securities for which it is the primary beneficiary.

Non-Consolidated VIEs

The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of June 30, 2026 and December 31, 2025 was limited to the total carrying value of $4.3 billion and $4.0 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of June 30, 2026 and December 31, 2025, the Company has outstanding commitments totaling $2.8 billion and $2.4 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These


Table of Contents						Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2026, the Company recognized amortization of $7 and $13, respectively, and related tax benefits of $10 and $19. For the three and six months ended June 30, 2025, the Company recognized amortization of $4 and $8, respectively, and related tax benefits of $7 and $13, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $166 and $121 as of June 30, 2026, and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, the Company has outstanding commitments related to affordable housing projects of $199 and $259, respectively, that are contingent on various conditions precedent to funding.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

Reverse Repurchase Agreements, Collateral Transactions and Restricted Investments

Reverse Repurchase Agreements

The Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of June 30, 2026 and December 31, 2025, the Company reported $287 and $87, respectively, within short-term investments on the Condensed Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase securities.

Collateral Transactions

For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Other Restricted Investments

The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate").

The following table presents the components of the Company’s exposure to other restricted investments.



	June 30, 2026		December 31, 2025
	Fair Value		Fair Value
Securities on deposit with government agencies	$	2,527	$	2,558
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,167		1,178
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	9		23

Other investments	84		87
Total Other Restricted Investments	$	3,787	$	3,846


Table of Contents						Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

6. Derivatives

The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.

Strategies that Qualify for Hedge Accounting

Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2025 Form 10-K Annual Report. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap.

Cash Flow Hedges

Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 13 - Debt of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.

Foreign currency swaps are used to convert foreign currency denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates.

Non-qualifying Strategies

Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include:

Credit Contracts

Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.

Interest Rate Swaps and Futures

The Company uses interest rate swaps and, to a lesser extent, futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of June 30, 2026 and December 31, 2025, the notional amount of interest rate swaps in offsetting relationships was $333 for both periods.

Foreign Currency Swaps

The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars.

Equity Index Options

The Company may enter into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio.

Derivative Balance Sheet Classification

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which payments or receipts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.


Table of Contents						Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Derivative Balance Sheet Presentation
	Net Derivatives								Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value				Fair Value				Fair Value
Hedge Designation/ Derivative Type	Jun 30, 2026		Dec. 31, 2025		Jun 30, 2026		Dec. 31, 2025		Jun 30, 2026		Dec. 31, 2025		Jun 30, 2026		Dec. 31, 2025
Cash flow hedges
Interest rate swaps	$	6,250	$	3,775	$	(4)	$	(1)	$	—	$	—	$	(4)	$	(1)
Foreign currency swaps	588		588		17		3		41		33		(24)		(30)
Total cash flow hedges	6,838		4,363		13		2		41		33		(28)		(31)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	1,793		333		(6)		(2)		—		—		(6)		(2)
Foreign exchange contracts
Foreign currency swaps	588		588		—		—		—		—		—		—
Credit contracts


Credit derivatives in offsetting positions	977		985		—		—		23		27		(23)		(27)




Total non-qualifying strategies	3,358		1,906		(6)		(2)		23		27		(29)		(29)
Total cash flow hedges and non-qualifying strategies	$	10,196	$	6,269	$	7	$	—	$	64	$	60	$	(57)	$	(60)
Balance Sheet Location
Fixed maturities, AFS	$	588	$	588	$	—	$	—	$	—	$	—	$	—	$	—
Other investments	1,162		1,695		(3)		20		20		55		(23)		(35)
Other liabilities	8,446		3,986		10		(20)		44		5		(34)		(25)
Total derivatives	$	10,196	$	6,269	$	7	$	—	$	64	$	60	$	(57)	$	(60)

Offsetting of Derivative Assets/Liabilities

The following tables present the gross fair value amounts, the offsetting amounts, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP.


Table of Contents						Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Offsetting Derivative Assets and Liabilities
	(i)		(ii)		(iii) = (i) - (ii)				(iv)		(v) = (iii) - (iv)
					Net Amounts Presented in the Statement of Financial Position				Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Derivative Assets [1] (Liabilities) [2]		Accrued Interest and Cash Collateral (Received) [3] Pledged [2]		Financial Collateral (Received) Pledged [4]		Net Amount
As of June 30, 2026
Other investments	$	64	$	54	$	(3)	$	13	$	10	$	—
Other liabilities	$	(57)	$	(33)	$	10	$	(34)	$	(24)	$	—

As of December 31, 2025
Other investments	$	60	$	58	$	20	$	(18)	$	1	$	1
Other liabilities	$	(60)	$	(38)	$	(20)	$	(2)	$	(21)	$	(1)

[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4] Excludes collateral associated with exchange-traded derivative instruments.

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.


Gains (Losses) Recognized in OCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest rate swaps	$	(34)	$	3	$	(52)	$	13
Foreign currency swaps	1		(43)		19		(49)
Total	$	(33)	$	(40)	$	(33)	$	(36)


Gains (Losses) Reclassified from AOCI into Income

	Three months ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense
Interest rate swaps	$	—	$	2	$	(2)	$	3	$	(1)	$	4	$	(4)	$	6
Foreign currency swaps	2		—		2		—		5		—		5		—
Total	$	2	$	2	$	—	$	3	$	4	$	4	$	1	$	6

Total amounts presented on the Condensed Consolidated Statement of Operations	$	800	$	50	$	658	$	50	$	1,534	$	100	$	1,310	$	100


Table of Contents						Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

As of June 30, 2026, the before tax deferred net losses on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $2. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows.

During the three and six months ended June 30, 2026 and 2025, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.

Non-qualifying Strategies

For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses).


Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025





Interest rate contracts
Interest rate swaps and futures	$	(13)	$	(1)	$	(5)	$	(2)



Equity contracts
Equity index options	—		(10)		—		(9)


Total [1]	$	(13)	$	(11)	$	(5)	$	(11)

[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Credit Risk Assumed through Credit Derivatives

The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers.


Table of Contents						Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Credit Risk Assumed Derivatives by Type
						Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
As of June 30, 2026


Basket credit default swaps [4]

Investment grade risk exposure	$	100	$	—	2 years	CMBS Credit	AAA	$	100	$	—
Below investment grade risk exposure	388		22		2 years	Corporate Credit	BB-	388		(22)
Below investment grade risk exposure	1		—		Less than 1 year	CMBS Credit	B-	1		—
Total [5]	$	489	$	22				$	489	$	(22)
As of December 31, 2025


Basket credit default swaps [4]

Investment grade risk exposure	$	100	$	1	3 years	CMBS Credit	AAA	$	100	$	(1)
Below investment grade risk exposure	392		27		2 years	Corporate Credit	B+	392		(27)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	B-	1		1
Total [5]	$	493	$	27				$	493	$	(27)

[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Derivative Collateral Arrangements

The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of June 30, 2026 and December 31, 2025, the Company has pledged cash collateral associated with derivative instruments of $23 and $27, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of June 30, 2026 and December 31, 2025, the Company pledged securities collateral associated with derivative instruments with a fair value of $15 and $22, respectively, which have been included in fixed maturities on the Company's Condensed Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities.

In addition, as of June 30, 2026 and December 31, 2025, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $9 and $7, respectively, which is recorded in other investments or other assets on the Company's Condensed Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $257 and $98, respectively, which are included within fixed maturities on the Company's Condensed Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, the Company accepted cash collateral associated with derivative instruments of $49 and $50, respectively, which was invested and recorded in the Company's Condensed Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral, as of June 30, 2026 and December 31, 2025, with a fair value of $10 and $2, respectively, which the Company has the right to repledge or sell. As of June 30, 2026 and December 31, 2025, the Company had no repledged securities. In addition, as of June 30, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company's Condensed Consolidated Balance Sheets.


Table of Contents						Note 7 - Premiums Receivable and Agents' Balances

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

7. Premiums Receivable and Agents' Balances


Premiums Receivable and Agents' Balances

	As of June 30, 2026		As of December 31, 2025
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")	$	6,674	$	5,948
Receivables for loss sensitive business, by credit quality:

AA	96		98
A	73		76
BBB	194		206
BB	90		89
Below BB	42		41
Total receivables for loss sensitive business	495		510

Total Premiums Receivable and Agents' Balances, Gross	7,169		6,458
ACL	(160)		(142)
Total Premiums Receivable and Agents' Balances, Net of ACL	$	7,009	$	6,316

ACL on Premiums Receivable and Agents' Balances

There have been no material changes to the ACL on premiums receivable and agents' balances in the three and six months ended June 30, 2026 and 2025. For further information regarding the Company's determination of premium receivable ACL, see Note 7 - Premiums Receivable and Agents' Balances of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.



Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended
	June 30, 2026						June 30, 2025
	Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	131	$	22	$	153	$	105	$	21	$	126
Current period provision	23		1		24		24		1		25
Current period write-offs	(18)		—		(18)		(18)		—		(18)
Current period recoveries	1		—		1		2		—		2
Ending ACL	$	137	$	23	$	160	$	113	$	22	$	135


Rollforward of ACL on Premiums Receivable and Agents' Balances for the Six Months Ended
	June 30, 2026						June 30, 2025
	Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	120	$	22	$	142	$	97	$	20	$	117
Current period provision	52		2		54		47		2		49
Current period write-offs	(37)		(1)		(38)		(35)		—		(35)
Current period recoveries	2		—		2		4		—		4
Ending ACL	$	137	$	23	$	160	$	113	$	22	$	135


Table of Contents						Note 8 - Reinsurance

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

8. Reinsurance

Reinsurance Recoverables


Reinsurance Recoverables by Credit Quality Indicator
	As of June 30, 2026								As of December 31, 2025
	P&C		Employee Benefits		Corporate		Total		P&C		Employee Benefits		Corporate		Total
A.M. Best Financial Strength Rating
A++	$	2,118	$	—	$	—	$	2,118	$	2,161	$	—	$	—	$	2,161
A+	2,243		301		210		2,754		2,292		286		213		2,791
A	719		1		—		720		764		1		—		765
A-	588		3		—		591		603		3		2		608
B++	2		—		2		4		2		—		—		2
Below B++	21		—		—		21		21		—		—		21
Total Rated by A.M. Best	5,691		305		212		6,208		5,843		290		215		6,348
Mandatory (Assigned) and Voluntary Risk Pools	195		—		—		195		204		—		—		204
Captives	483		—		—		483		465		—		—		465
Other not rated companies	215		6		—		221		238		5		—		243
Gross Reinsurance Recoverables	6,584		311		212		7,107		6,750		295		215		7,260
Allowance for uncollectible reinsurance	(67)		(1)		(2)		(70)		(66)		(1)		(2)		(69)
Net Reinsurance Recoverables	$	6,517	$	310	$	210	$	7,037	$	6,684	$	294	$	213	$	7,191


Allowance for Uncollectible Reinsurance
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
P&C beginning allowance for uncollectible reinsurance	$	68	$	72	$	66	$	72
Beginning allowance for disputed amounts	46		52		42		48
P&C beginning ACL	22		20		24		24
Current period provision (release)	1		1		(1)		(3)
Current period gross write-offs	—		—		—		—
P&C ending ACL	23		21		23		21
Ending allowance for disputed amounts	44		51		44		51
P&C ending allowance for uncollectible reinsurance	67		72		67		72
Employee Benefits allowance for uncollectible reinsurance	1		1		1		1
Corporate allowance for uncollectible reinsurance	2		2		2		2
Total allowance for uncollectible reinsurance	$	70	$	75	$	70	$	75

There have been no material changes to the allowance for uncollectible reinsurance in the three and six months ended June 30, 2026 and 2025. For further information regarding the Company's determination of reinsurance recoverables and reinsurance allowance for uncollectible reinsurance, see Note 8 - Reinsurance of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.


Table of Contents						Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

9. Reserve for Unpaid Losses and Loss Adjustment Expenses

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the six months ended June 30,
	2026		2025
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	38,155	$	36,404
Reinsurance and other recoverables	6,723		6,753
Beginning liabilities for unpaid losses and loss adjustment expenses, net	31,432		29,651
Provision for unpaid losses and loss adjustment expenses
Current accident year	5,699		5,670
Prior accident year development [1]	(152)		(309)
Total provision for unpaid losses and loss adjustment expenses	5,547		5,361
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	36		56
Payments
Current accident year	(1,065)		(1,175)
Prior accident years	(3,486)		(3,205)
Total payments	(4,551)		(4,380)
Foreign currency adjustment	(6)		39
Ending liabilities for unpaid losses and loss adjustment expenses, net	32,458		30,727
Reinsurance and other recoverables	6,523		6,631
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	38,981	$	37,358

[1] Prior accident year development for the six months ended June 30, 2026 included a $36 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the asbestos and environmental adverse development cover ("A&E ADC"). Prior accident year development for the six months ended June 30, 2025 included a $56 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators Adverse Development Cover (the "Navigators' ADC"). The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the adverse development cover ("ADC") reinsurance agreements, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.


Table of Contents						Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Unfavorable (Favorable) Prior Accident Year Development


	For the six months ended June 30,
		2026		2025
Workers’ compensation		$	(110)	$	(126)
Workers’ compensation discount accretion		23		23
General liability		116		—
Marine		4		—

Commercial property		(15)		(23)
Professional liability		(4)		(11)
Bond		(32)		(22)
Assumed reinsurance		5		—
Commercial automobile liability		26		—
Personal automobile liability		(39)		(22)
Homeowners		(29)		(31)




Catastrophes		(50)		(39)

Other reserve re-estimates, net		(11)		(2)
Prior accident year development before change in deferred gain		(116)		(253)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]		(36)		(56)
Total prior accident year development		$	(152)	$	(309)

[1]The change in deferred gain on retroactive reinsurance for the six months ended June 30, 2026 is comprised of a $36 benefit for amortization of the A&E ADC deferred gain. The change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 is comprised of a $56 benefit for amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreements, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Re-estimates of prior accident year reserves for the six months ended June 30, 2026

Workers’ compensation reserves were decreased within accident years 2017 to 2021, driven by lower than previously estimated claim severity in small business.

General liability reserves were increased for the three months ended March 31, 2026 to reflect legacy sexual molestation and sexual abuse exposures related to polices written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution. In addition, reserves were increased for the three months ended June 30, 2026, primarily to reflect a higher frequency of large losses in excess casualty and umbrella lines across multiple accident years.

Commercial property reserves were decreased within accident years 2021 to 2025 as a result of lower than expected severity.

Bond reserves were decreased primarily due to favorable development on commercial and contract surety and fidelity bonds driven by accident years 2022 and prior.

Commercial automobile liability reserves were increased primarily due to adverse loss development within accident years 2023 and 2024, driven by higher severity than previously estimated.

Personal automobile liability reserves were decreased primarily within accident years 2021 to 2024 as a result of lower than expected severity and lower estimated allocated loss adjustment expenses.

Homeowners reserves were decreased primarily due to favorable severity impacting accident years 2023 to 2025.

Catastrophe reserves were decreased across Business Insurance and Personal Insurance, primarily within accident years 2021 to 2024, driven by lower than expected development on hail and hurricane claims.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2025, partially offset by unfavorable development from participation in involuntary market pools.

Re-estimates of prior accident year reserves for the six months ended June 30, 2025

Workers’ compensation reserves were decreased within the 2016 to 2021 accident years primarily in small business, driven by lower than previously estimated claim severity.

Commercial property reserves were decreased primarily within accident years 2023 and 2024 as a result of lower than expected severity.

Professional liability reserves were decreased due to favorable development on directors and officers ("D&O") claims driven by the 2020 to 2023 accident years, partially offset by deterioration in employment practices liability and errors and omissions ("E&O") claims across multiple accident years.

Bond reserves decreased due primarily to favorable development on commercial and contract surety bonds driven by accident years 2019 to 2021.

Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.

Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.

Catastrophes reserves were decreased across Business Insurance and Personal Insurance primarily driven by a reduction in reserves in accident years 2021 to 2024, including favorable emergence related to various hail events.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.


Table of Contents						Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Change in Deferred Gain on Retroactive Reinsurance

The Company has two ADC reinsurance agreements with National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., both accounted for as retroactive reinsurance. One agreement covered substantially all asbestos and environmental ("A&E") reserve development for accident years prior to 2016 up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years up to an aggregate limit of $300. The Company had previously ceded all available limits under the agreements. As such, no remaining limit was available under the A&E ADC as of December 31, 2025, and no remaining limit was available under the Navigators' ADC as of December 31, 2023.

During the three months ended March 31, 2026, the Company collected recoveries from NICO under the A&E ADC and, as a result, amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses. Subsequently during the first quarter of 2026, NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding. The timing of any resolution or outcome of the arbitration is not yet known and there may be impacts to the Company's cash flows or operating results as a result of the dispute. The deferred gain on the A&E ADC was $814 and $850, as of June 30, 2026 and December 31, 2025, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

During the three and six months ended June 30, 2025, the Company collected recoveries from NICO under the Navigators ADC and, as a result, amortized $24 and $56 of the deferred gain within benefits, losses and loss adjustment expenses. As of September 30, 2025, the deferred gain on the Navigators ADC had been fully amortized and the limit fully collected.

Group Life, Disability and Accident Products

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the six months ended June 30,
	2026		2025
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,113	$	8,206
Reinsurance recoverables	282		282
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,831		7,924

Provision for unpaid losses and loss adjustment expenses
Current incurral year	2,762		2,692
Prior year's discount accretion	112		105
Prior incurral year development [1]	(278)		(377)
Total provision for unpaid losses and loss adjustment expenses [2]	2,596		2,420
Payments
Current incurral year	(1,138)		(1,076)
Prior incurral years	(1,419)		(1,430)
Total payments	(2,557)		(2,506)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,870		7,838
Reinsurance recoverables	295		286
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,165	$	8,124

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses ("ULAE") of $93 and $88 for the six months ended June 30, 2026 and 2025, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations.

Re-estimates of prior incurral years reserves for the six months ended June 30, 2026

Group disability - Prior period reserve estimates decreased by approximately $227 driven by favorable long-term disability claim recoveries and a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver) - Prior period reserve estimates decreased by approximately $55 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.


Table of Contents						Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Re-estimates of prior incurral years reserves for the six months ended June 30, 2025

Group disability- Prior period reserve estimates decreased by approximately $307 driven by strong long-term disability claim recoveries, paid family medical leave incidence lower than prior assumptions, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $69 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

10. Reserve for Future Policy Benefits


Rollforward of Reserve for Future Policy Benefits
	For the six months ended June 30,
	2026						2025
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	43					$	45
Balance, ending of the period			$	41					$	43

Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	123	$	104	$	165	$	128	$	106	$	168
Beginning adjustment for changes in single-A rate	3		(15)		(24)		—		(15)		(33)
Beginning balance at original discount rate	120		119		189		128		121		201
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	2		1		(1)		(2)		3		(1)
Adjusted beginning balance	122		120		188		126		124		200
Issuances	—		4		12		—		—		—
Interest accrual and other	2		8		3		3		11		3
Benefit Payments	(6)		(19)		(10)		(6)		(16)		(12)
Ending balance at original discount rate	118		113		193		123		119		191
Ending adjustment for changes in single-A rate	1		(13)		(25)		1		(15)		(28)
Ending balance at single-A rate	$	119	$	100	$	168	$	124	$	104	$	163

Net reserve for future policy benefits	$	119	$	59	$	168	$	124	$	61	$	163
Weighted-average duration of the reserve for future policy benefits (years)	9.3		10.4		5.8		9.3		11.0		6.5


Net Reserve for Future Policy Benefits
	As of June 30,
	2026		2025
Payout Annuities	$	119	$	124
Life Conversions	59		61
Paid-up Life	168		163
Deferred Profit Liability	16		19
Other	85		76
Total	$	447	$	443


Table of Contents						Note 10 - Reserve for Future Policy Benefits

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of June 30,
	2026		2025
Payout Annuities [1]
Expected future benefit payments	$	232	$	242
Life Conversions
Expected future gross premiums	$	96	$	102
Expected future benefit payments	$	180	$	192
Paid-up Life [1]
Expected future benefit payments	$	246	$	249

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.


Weighted-Average Interest Rates
	As of June 30,
	2026		2025
Payout Annuities
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.5	%	5.4	%
Life Conversions
Interest accretion rate	4.3	%	4.3	%
Current discount rate	5.6	%	5.6	%
Paid-up Life
Interest accretion rate	3.0	%	2.9	%
Current discount rate	5.1	%	5.0	%

Gross premiums and interest accretion recognized on long-duration insurance policies for the six months ended June 30, 2026 and 2025 were immaterial.

11. Other Policyholder Funds and Benefits Payable

Other policyholder funds and benefits payable of $606 and $612 as of June 30, 2026 and 2025 respectively, included universal life long-duration contracts of $188 and $201 as well as policyholder balances related to short-duration contracts of $418

and $411. The universal life long-duration contracts presented in the table below were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013.


Universal Life Long Duration Contracts Rollforward
	For the six months ended June 30,
	2026			2025
Balance, beginning of the period	$	196		$	206
Premiums Received	6			6
Policy Charges	(9)			(9)
Surrenders and Withdrawals	(4)			(3)
Benefit Payments	(6)			(3)
Interest Credited	5			4
Balance, end of the period	$	188		$	201
Weighted-average crediting rate	4.2		%	4.3		%
Net Amount at Risk [1]	$	718		$	791
Cash Surrender Value	$	186		$	199

[1]Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date.

As of June 30, 2026 and 2025, universal life contracts of $187 and $199, respectively, had crediting rates at their guaranteed minimums ranging from 4%-5%.


Table of Contents						Note 12 - Income Taxes

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

12. Income Taxes

The effective tax rate was 20.4% and 19.7% for the three and six months ended June 30, 2026 and 20.1% and 19.8% for the three and six months ended June 30, 2025, respectively. The effective tax rate differs from the U.S. federal statutory tax rate of 21% primarily due to net excess tax benefits on stock-based compensation, tax credits and non-taxable net investment income.

The Company's effective tax rate is based on income from continuing operations. See Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements for information on tax impacts from discontinued operations.

13. Commitments and Contingencies

Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.

Litigation

The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage and benefits claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, and in the following discussion under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford.

The Hartford is also involved in other kinds of individual and class actions, some of which assert claims for substantial amounts. Individual actions may include claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices and may seek punitive damages. In putative class actions, plaintiffs may be seeking certification of a state or national class and have alleged for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.

Run-off Asbestos and Environmental Claims

The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products allegedly containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs.

The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E"). In addition, since 1986, the Company has written A&E exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Business Insurance and Personal Insurance segments, respectively.

Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages.

Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures.

In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, new targets, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply.


Table of Contents						Note 13 - Commitments and Contingencies

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Management believes these issues are not likely to be resolved in the near future.

In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators.

The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves.

It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims.

Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity.

For its Run-off A&E claims, as of June 30, 2026, the Company reported $281 of net A&E reserves, net of the benefit of losses ceded to the A&E ADC with NICO. While the Company believes that its current Run-off A&E reserves are appropriate, significant

uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity. For more information on the A&E ADC, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

Derivative Commitments

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating organizations, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement.

The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of June 30, 2026 was $47 for which the legal entities have posted collateral of $38 in the normal course of business. Based on derivative contractual terms as of June 30, 2026, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities.

14. Equity

Equity Repurchase Program

During the six months ended June 30, 2026 and 2025, the Company repurchased $900 (6.7 million shares) and $800 (6.8 million shares), respectively, of common stock under Board authorized share repurchase programs covering the applicable periods. As of June 30, 2026, the Company has $648 remaining for equity repurchases under the current $3.3 billion share repurchase program, which is effective until December 31, 2026. During the period July 1, 2026 through July 22, 2026, the Company repurchased $109 (0.8 million common shares) under this repurchase program.

In addition to the authorization covering the period from August 1, 2024 to December 31, 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028. The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.


Table of Contents						Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

15. Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)


Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2026
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,011)	$	(3)	$	13	$	43	$	28	$	(1,486)	$	(2,416)


OCI before reclassifications	62		—		(33)		(1)		(3)		—		25
Amounts reclassified from AOCI	26		—		(4)		—		—		10		32
OCI, before tax	88		—		(37)		(1)		(3)		10		57
Income tax benefit (expense)	(19)		—		8		—		1		(2)		(12)
OCI, net of tax	69		—		(29)		(1)		(2)		8		45
Ending balance	$	(942)	$	(3)	$	(16)	$	42	$	26	$	(1,478)	$	(2,371)


Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2026
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(641)	$	(3)	$	16	$	42	$	24	$	(1,495)	$	(2,057)
OCI before reclassifications	(419)		—		(33)		—		3		1		(448)
Amounts reclassified from AOCI	38		—		(8)		—		—		21		51
OCI, before tax	(381)		—		(41)		—		3		22		(397)
Income tax benefit (expense)	80		—		9		—		(1)		(5)		83
OCI, net of tax	(301)		—		(32)		—		2		17		(314)
Ending balance	$	(942)	$	(3)	$	(16)	$	42	$	26	$	(1,478)	$	(2,371)


Table of Contents						Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Reclassifications from AOCI
	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(26)	$	(38)	Net realized losses
	(26)		(38)		Total before tax
	(5)		(8)		Income tax expense
	$	(21)	$	(30)	Net income






Net Gain (Loss) on Cash Flow Hedging Instruments

Interest rate swaps	$	—	$	(1)	Net investment income
Interest rate swaps	2		4		Interest expense
Foreign currency swaps	2		5		Net investment income

	4		8		Total before tax
	1		2		Income tax expense
	$	3	$	6	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	2	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(12)		(24)		Insurance operating costs and other expenses
	(10)		(21)		Total before tax
	(2)		(4)		Income tax expense
	$	(8)	$	(17)	Net income
Total amounts reclassified from AOCI	$	(26)	$	(41)	Net income


Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,237)	$	(6)	$	40	$	29	$	30	$	(1,436)	$	(2,580)
OCI before reclassifications	237		1		(40)		20		(1)		(1)		216
Amounts reclassified from AOCI	26		—		(3)		—		—		9		32
OCI, before tax	263		1		(43)		20		(1)		8		248
Income tax benefit (expense)	(55)		—		9		(4)		—		(2)		(52)
OCI, net of tax	208		1		(34)		16		(1)		6		196
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)


Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,539)	$	(6)	$	40	$	29	$	33	$	(1,443)	$	(2,886)
OCI before reclassifications	610		1		(36)		20		(5)		—		590
Amounts reclassified from AOCI	36		—		(7)		—		—		16		45
OCI, before tax	646		1		(43)		20		(5)		16		635
Income tax benefit (expense)	(136)		—		9		(4)		1		(3)		(133)
OCI, net of tax	510		1		(34)		16		(4)		13		502
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)


Table of Contents						Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Reclassifications from AOCI
	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(26)	$	(36)	Net realized losses
	(26)		(36)		Total before tax
	(5)		(8)		Income tax expense

	$	(21)	$	(28)	Net income





Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(2)	$	(4)	Net investment income
Interest rate swaps	3		6		Interest expense
Foreign currency swaps	2		5		Net investment income



	3		7		Total before tax
	—		1		Income tax expense

	$	3	$	6	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(25)	$	(35)	Net income

16. Employee Benefit Plans

The Company’s employee benefit plans are described in Note 18 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations.

The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2026. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2026 to make this determination.


Net Periodic Cost (Benefit)
	Pension Benefits								Other Postretirement Benefits
	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
Service cost	$	—	$	1	$	1	$	1	$	—	$	—	$	—	$	—
Interest cost	40		43		80		87		2		1		3		3
Expected return on plan assets	(58)		(61)		(116)		(121)		—		—		—		—
Amortization of prior service credit	—		—		—		—		(2)		(1)		(3)		(3)
Amortization of actuarial loss	11		9		22		17		1		1		2		2
Net periodic cost (benefit)	$	(7)	$	(8)	$	(13)	$	(16)	$	1	$	1	$	2	$	2


Table of Contents						Note 17 - Discontinued Operations

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

17. Discontinued Operations

Sale of Hartford Funds Business

On June 3, 2026, the Company and Wellington Management ("Wellington") entered into a definitive agreement under which Wellington will acquire Hartford Funds Management Group, Inc. ("Hartford Funds"), a subsidiary of Hartford Holdings, Inc. This transaction represents an exit from the Company's mutual fund, exchange-traded funds and third-party life and annuity separate account asset management business. Under the terms of the agreement, Wellington will operate Hartford Funds and serve as investment advisor to all funds following closing.

Transaction consideration consists of $300 of cash payable at closing and contingent consideration in the form of quarterly payments representing 95% of after tax available cash generated by the combination of Hartford Funds’ business and Wellington’s business supporting Hartford Funds, including the sale of certain other Wellington-sponsored products in the U.S. wealth market, for an expected period of seven years following closing, which period may be shortened or extended based on specified performance thresholds. Beginning five years after closing, if the net present value ("NPV") of the quarterly cash flows, discounted at 11%, together with the upfront proceeds, equals or exceeds $2.1 billion, quarterly payment obligations will terminate. If, at the end of the initial seven-year period, the NPV of the quarterly cash flows, discounted at 11%, together with the upfront proceeds, is less than $1.5 billion, quarterly payments will continue until the earlier of the quarter in which the $1.5 billion threshold is met or the end of eight additional quarters.

During the term of the contingent consideration, the Company will retain certain limited protective and information rights designed to preserve the value of the contingent payments; however, such rights do not provide the Company with the ability to direct the activities that most significantly impact the economic performance of the business. In addition, the Company expects to provide transition services for a limited period following closing.

Upon being classified as held for sale, the Hartford Funds reporting unit goodwill of $272 was tested for impairment. The

fair value of the reporting unit significantly exceeded its carrying value; therefore, no impairment was recognized. The estimated fair value incorporates multiple inputs into discounted cash flow calculations including assumptions that market participants would make in valuing the reporting unit. Assumptions include projected growth, earnings forecasts, assets under management, and the weighted average cost of capital used for the purposes of discounting.

Upon being classified as held for sale in the second quarter of 2026, the Company recognized a $251 deferred tax asset and related income tax benefit within discontinued operations associated with the transaction representing the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds.

Prior to closing, the Company expects to receive a pre-closing dividend of approximately $170 from Hartford Funds, subject to market and operating performance through closing.

At closing, the Company expects to recognize an estimated after tax realized loss of approximately $150 in discontinued operations, reflecting the difference between the carrying value of Hartford Funds and the cash consideration recognized upon deconsolidation, subject to future operating performance and market conditions. The Company will account for the contingent consideration as a gain contingency, which is not deemed realizable until it is received, and therefore is not recognized on the closing date. Following closing, contingent consideration payments will be made to the Company on a quarterly basis and recognized in net income in the period received.

The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions, including regulatory and fund approvals. Hartford Funds has met the criteria for reporting as discontinued operations and is reported in the Corporate category until closing.


Major Classes of Assets and Liabilities to be Transferred to the Buyer in Connection with the Sale
	Carrying Value as of June 30, 2026		Carrying Value as of December 31, 2025
Assets
Cash and investments	$	515	$	473
Goodwill	272		272
Other assets	114		119
Total assets held for sale	$	901	$	864
Liabilities
Deferred income taxes	$	32	$	32
Other liabilities	148		144

Total liabilities held for sale	$	180	$	176


Table of Contents						Note 17 - Discontinued Operations

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Reconciliation of the Major Line Items Constituting Pretax Profit of Discontinued Operations
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues

Fee income	$	295	$	256	$	578	$	516



Net investment income	5		6		10		10
Net realized gains	7		9		5		9
Total revenues	307		271		593		535
Benefits, losses and expenses


Insurance operating costs and other expenses [1]	222		199		441		404
Total benefits, losses and expenses	222		199		441		404
Income from discontinued operations before income taxes	85		72		152		131
Income tax expense (benefit)	(233)		15		(218)		28
Income from discontinued operations, net of tax	$	318	$	57	$	370	$	103

[1] Corporate allocated overhead has been included in continuing operations.


Cash Flows from Discontinued Operations
	Six Months Ended June 30,
	2026		2025
Net cash provided by operating activities from discontinued operations	$	95	$	86
Net cash used for investing activities from discontinued operations	$	(10)	$	(3)


Table of Contents						Index to MD&A

Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Dollar amounts in millions except for per share data, unless otherwise stated)

The Hartford provides projections and other forward-looking information in the following discussions, which contain many forward-looking statements, particularly relating to the Company’s future financial performance. These forward-looking statements are estimates based on information currently available to the Company, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the cautionary statements set forth on pages 4 and 5 of this Form 10-Q. Actual results are likely to differ, and in the past have differed, materially from those forecast by the Company, depending on the outcome of various factors, including, but not limited to, those set forth in the following discussion; Part I, Item 1A, Risk Factors in The Hartford’s 2025 Form 10-K Annual Report; and our other filings with the Securities and Exchange Commission ("SEC"). The Hartford undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Certain reclassifications have been made to historical financial information presented in Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") to conform to the current period presentation. For discussion of reclassifications and discontinued operations, see Note 1 - Basis of Presentation and Significant Accounting Policies, and Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

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.

Index


Description			Page
Key Performance Measures and Ratios			53
The Hartford's Operations			59
Financial Highlights			60
Consolidated Results of Operations			61
Investment Results			66
Critical Accounting Estimates			69
Business Insurance			74
Personal Insurance			79
Property & Casualty Other Operations			83
Employee Benefits			84

Corporate			86
Enterprise Risk Management			88
Capital Resources and Liquidity			100
Impact of New Accounting Standards			105

Throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations, we use certain terms and abbreviations, the more commonly used are summarized in the Acronyms section.

Key Performance Measures and Ratios

The Company considers the measures and ratios in the following discussion to be key performance indicators for its businesses. Management believes that these ratios and measures are useful in understanding the underlying trends in The Hartford’s businesses. However, these key performance indicators should only be used in conjunction with, and not in lieu of, the results presented in the reportable segment and corporate operating summaries that follow in this MD&A. These ratios and measures may not be comparable to other performance measures used by the Company’s competitors.

Definitions of Non-GAAP and Other Measures and Ratios

Book Value per Diluted Share excluding accumulated other comprehensive income (loss) ("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


Table of Contents						Index to MD&A

Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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.

Combined Ratio- The sum of the loss and loss adjustment expense ("LAE") ratio, the expense ratio and the policyholder dividend ratio. This ratio is a relative measurement that describes the related cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses.

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.


Table of Contents						Index to MD&A

Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Reconciliation of Net Income to Core Earnings
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	1,298	$	995	$	2,154	$	1,625
Preferred stock dividends	5		5		10		10
Net income available to common stockholders	1,293		990		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)		19		11		66



Integration and other non-recurring M&A costs, before tax	3		2		4		4

Change in deferred gain on retroactive reinsurance, before tax [2]	—		(24)		(36)		(56)
Income tax expense (benefit) [3]	7		2		4		(2)
Income from discontinued operations, net of tax	(318)		(57)		(370)		(103)
Core earnings	$	945	$	932	$	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]During first quarter 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”) and as a result amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses in the three months ended March 31, 2026. Subsequently NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding. The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $24 and $56 for the three and six months ended June 30, 2025, respectively. For additional information regarding the adverse development cover ("ADC") reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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

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 in the Results of Operations section within MD&A - Employee Benefits.

Current Accident Year Catastrophe Ratio- A component of the loss and loss adjustment expense ratio, represents the ratio of catastrophe losses incurred in the current accident year ("CAY") (net of reinsurance) to earned premiums. 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 Services office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses. Lloyd's of London is an insurance market-place operating worldwide ("Lloyd's"). Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"). The current accident year catastrophe ratio includes the effect of catastrophe losses, but does not include the effect of reinstatement premiums.

Expense Ratio- For Business Insurance and Personal Insurance is the ratio of underwriting expenses less fee income, to earned premiums. Underwriting expenses include the amortization of deferred policy acquisition costs ("DAC"), amortization of other intangible assets and insurance operating costs and other expenses, including certain centralized services costs and bad debt expense. DAC includes commissions, taxes, licenses and fees and other incremental direct underwriting expenses and are amortized over the policy term.

The expense ratio for Employee Benefits is expressed as the ratio of insurance operating costs and other expenses including amortization of intangibles and amortization of DAC, to premiums and other considerations, excluding buyout premiums.

The expense ratio for Business Insurance, Personal Insurance and Employee Benefits does not include integration and other transaction costs associated with an acquired business.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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.

Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years. Among other factors, the loss and loss adjustment expense ratio needed for the Company to achieve its targeted return on equity ("ROE") fluctuates from year to year based on changes in the expected investment yield over the claim settlement period, the timing of expected claim settlements and the targeted returns set by management based on the competitive environment.

The loss and loss adjustment expense ratio is affected by claim frequency and claim severity, particularly for shorter-tail property lines of business, where the emergence of claim frequency and severity is credible and likely indicative of ultimate losses. Claim frequency represents the percentage change in the average number of reported claims per unit of exposure in the current accident year compared to that of the previous accident year. Claim severity represents the percentage change in the estimated average cost per claim in the current accident year compared to that of the previous accident year. As one of the factors used to determine pricing, the Company’s practice is to first make an overall assumption about claim frequency and severity for a given line of business and then, as part of the rate-making process, adjust the assumption as appropriate for the particular state, product or coverage.

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 is set forth in the Reportable Segment and Corporate Operating Summaries section within MD&A.

Loss Ratio, excluding Buyouts- Utilized for the Employee Benefits segment and is expressed as a ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. Since Employee Benefits occasionally buys a block of claims for a stated premium amount, the Company excludes this buyout from the loss ratio used for evaluating the profitability of the business as buyouts may distort the loss ratio. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.

Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income on a consolidated 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 in the Investment Results section within MD&A.

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.

Policy Count Retention- For small business, represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period. Policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Policy count retention is also affected by advertising and rate actions taken by us and competitors.

Effective Policy Count Retention- For Personal Insurance, 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. Effective policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Effective policy count retention is also affected by advertising and rate actions taken by us and competitors, as well as the effect of subsequent cancellations and non-renewals by customers. Effective policy count retention statistics are subject to change from period to period based on the effect of differences between actual and expected policy cancellations throughout the policy period.

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, small business, and middle market lines within middle & large business and is affected by both new business growth and retention.

Policyholder Dividend Ratio- The ratio of policyholder dividends to earned premium.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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.

Prior Accident Year 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.

Reinstatement Premiums- Represents additional ceded premium paid for the reinstatement of the amount of reinsurance coverage that was reduced as a result of the Company ceding losses to reinsurers.

Renewal Earned Price Increase (Decrease)- Written premiums are earned over the policy term, which is six months for certain personal automobile business and twelve months for substantially all of the remainder of the Company’s Property and Casualty ("P&C") business. Since the Company earns premiums over the six to twelve month term of the policies, renewal earned price increases (decreases) lag renewal written price increases (decreases) by six to twelve months.

Renewal Written Price Increase (Decrease)- For Business Insurance, represents the combined effect of rate changes, and individual risk pricing decisions per unit of exposure on policies that renewed and includes amount of insurance. For Personal Insurance, renewal written price increases represent 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. The rate component represents the change in rate impacting renewal policies as previously filed with and approved by state regulators during the period. Amount of insurance represents the change in the value of the rating base, such as model year/vehicle symbol for automobiles, building replacement costs for property and wage inflation for workers’ compensation. A number of factors affect renewal written price increases (decreases) including expected loss costs as projected by the Company’s pricing actuaries, rate filings approved by state regulators, risk selection decisions made by

the Company’s underwriters and marketplace competition. Renewal written price changes reflect the property and casualty insurance market cycle. Prices tend to increase for a particular line of business when insurance carriers have incurred significant losses in that line of business in the recent past or the industry as a whole commits less of its capital to writing exposures in that line of business. Prices tend to decrease when recent loss experience has been favorable or when competition among insurance carriers increases. Renewal written price statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.

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 combined ratio to underlying combined ratio is set forth in the Results of Operations section within MD&A - Business Insurance and Personal Insurance.

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.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Reconciliation of Net Income to Underwriting Gain (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Business Insurance
Net income	$	704	$	696	$	1,240	$	1,173
Adjustments to reconcile net income to underwriting gain:

Net investment income	(556)		(449)		(1,061)		(886)
Net realized (gains) losses	(12)		20		7		44
Other (income) expense	1		1		—		2


Income tax expense	179		176		315		298
Underwriting gain	$	316	$	444	$	501	$	631
Personal Insurance
Net income	$	130	$	91	$	269	$	96
Adjustments to reconcile net income to underwriting gain:

Net investment income	(67)		(58)		(129)		(115)
Net realized (gains) losses	(4)		4		—		6
Net servicing and other (income) expense	(2)		(5)		(5)		(10)

Income tax expense	33		23		68		23
Underwriting gain	$	90	$	55	$	203	$	—
P&C Other Operations
Net income	$	17	$	13	$	59	$	26
Adjustments to reconcile net income to underwriting gain (loss):
Net investment income	(22)		(19)		(42)		(37)
Net realized (gains) losses	(1)		2		—		2

Income tax expense	4		2		15		5
Underwriting gain (loss)	$	(2)	$	(2)	$	32	$	(4)

Written and Earned Premiums- Written premium represents the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period. Premiums are considered earned and are included in the financial results on a pro rata basis over the policy period. Management believes that written premium is a performance measure that is useful to investors as it reflects current trends in the Company’s sale of property and casualty insurance products. Written and earned premium are recorded net of ceded reinsurance premium.

Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions. Changes in reinsurance programs can also impact written premium growth.

Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability. These premiums together with net investment income earned are used to pay the contractual obligations under these insurance contracts.

Two major factors, sales and persistency, impact premium growth. Sales can increase or decrease in a given year based on a number of factors, including but not limited to, customer demand for the Company’s product offerings, pricing competition, distribution channels and the Company’s reputation and ratings. Persistency refers to the percentage of premium remaining in-force from year-to-year.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The Hartford's Operations

The Hartford conducts business principally in four reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, and Employee Benefits, as well as a Corporate category. The Company includes in the Corporate category discontinued operations of the Company's Hartford Funds business, capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.

The Company derives its revenues principally from: (a) premiums earned for insurance coverage provided to insureds; (b) net investment income; (c) fees earned for services provided to third parties; and (d) net realized gains and losses. Premiums charged for insurance coverage are earned principally on a pro rata basis over the terms of the related policies in-force.

The profitability of the Company's property and casualty insurance businesses over time is greatly influenced by the Company’s underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance, the size of its in-force block, making reliable estimates of actual mortality and morbidity, and its ability to manage its expense ratio which it accomplishes through economies of scale and its management of acquisition costs and other insurance operating costs. Pricing adequacy depends on a number of factors, including the ability to obtain regulatory approval for rate changes, proper evaluation of underwriting risks, the ability to project future loss cost frequency and severity based on historical loss experience adjusted for known trends, the Company’s response to rate actions taken by competitors, its expense levels and expectations about regulatory and legal developments. The Company seeks to price its insurance policies such that insurance premiums and future net investment income earned on premiums received will cover insurance operating costs and the ultimate cost of paying claims reported on the policies and provide for a profit margin. For many of its insurance products, the Company is required to obtain approval for its premium rates from state insurance departments and the Lloyd's Syndicate's ability to write business is subject to Lloyd's approval for its premium capacity each year. Most of Personal Insurance written premium is associated with our exclusive licensing agreement with AARP, which is effective through December 31, 2032. This agreement provides an important competitive advantage given the size of the 50 plus population and the strength of the AARP brand.

Similar to property and casualty, profitability of the Employee Benefits business depends, in large part, on the ability to evaluate and price risks appropriately and make reliable estimates of mortality, morbidity, disability and longevity. To manage the pricing risk, Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms in order to minimize the adverse effect of market trends, loss costs, declining interest rates and other factors.

However, as policies are typically sold with rate guarantees an average of three years, pricing for the Company’s products could prove to be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected at the time the products were sold. For some of its products, the Company is required to obtain approval for its premium rates from state insurance departments. New and renewal business for employee benefits business, particularly for long-term disability ("LTD"), are priced using an assumption about expected investment yields over time. While the Company employs asset-liability duration matching strategies to mitigate risk and may use interest-rate sensitive derivatives to hedge its exposure in the Employee Benefits investment portfolio, cash flow patterns related to the payment of benefits and claims are uncertain and actual investment yields could differ significantly from expected investment yields, affecting profitability of the business. In addition to appropriately evaluating and pricing risks, the profitability of the Employee Benefits business depends on other factors, including the Company’s response to pricing decisions and other actions taken by competitors, its ability to offer voluntary products and self-service capabilities, the persistency of its sold business and its ability to manage its expenses which it seeks to achieve through economies of scale and operating efficiencies.

The investment return, or yield, on invested assets is an important element of the Company’s earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits, losses and loss adjustment expenses are paid. Due to the need to maintain sufficient liquidity to satisfy claim obligations, the majority of the Company’s invested assets have been held in available-for-sale ("AFS") securities, including, among other asset classes, corporate bonds, municipal bonds, government debt, short-term debt, mortgage-backed securities, asset-backed securities ("ABS") and collateralized loan obligations ("CLOs"). The Company also invests in commercial mortgage loans as well as limited partnerships and other alternative investments, which are private investments that are less liquid, but have the potential to generate higher returns. The primary investment objective for the Company is to maximize economic value, consistent with acceptable risk parameters, including the management of credit risk and interest rate sensitivity of invested assets, while generating sufficient net of tax income to meet policyholder and corporate obligations. Investment strategies are developed based on a variety of factors including business needs, regulatory requirements and tax considerations.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Second Quarter Financial Highlights

Net Income Available to Common Stockholders

Net Income Available to Common Stockholders per Diluted Share

Book Value per Diluted Share

Increased $303 or 31%

Increased $1.24 or 36%

Increased $3.97 or 6%

Greater income from discontinued operations

Increase in net income available to common stockholders

Net income in excess of common stockholder dividends

Higher net investment income

Reduction in outstanding shares due to share repurchases

Dilutive effective of share repurchases

A change from net realized losses to net realized gains

A decrease in AOCI, primarily driven by an increase in net unrealized losses on AFS securities

The effect of higher earned premiums

Lower underlying loss and LAE ratio in Personal Insurance

Less favorable P&C prior accident year reserve development

Higher group disability loss ratio

Higher underlying loss and LAE ratio in Business Insurance

Higher expense ratio in P&C

Investment Yield, After Tax

Property & Casualty Combined Ratio

Employee Benefits Net Income Margin

Increased 40 bps

Deteriorated 2.6 points

Decreased 0.8 points

Higher yield on limited partnerships and other alternative investments

Less favorable P&C prior accident year reserve development

Higher group disability loss ratio

A change from net realized losses to net realized gains

Higher underlying loss and LAE ratio in Business Insurance

Higher net investment income

Higher expense ratio in P&C

Lower expense ratio

Lower underlying loss and LAE ratio in Personal Insurance


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Consolidated Results of Operations

The Consolidated Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and the related Notes as well as with the Reportable Segment and Corporate Operating Summaries within the MD&A.

Consolidated Results of Operations


	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Earned premiums	$	6,279	$	5,961	5	%	$	12,424	$	11,796	5	%
Fee income	86		86		—	%	173		172		1	%
Net investment income	800		658		22	%	1,534		1,310		17	%
Net realized gains (losses)	64		(19)		NM		12		(68)		NM
Other revenues	34		30		13	%	61		52		17	%
Total revenues	7,263		6,716		8	%	14,204		13,262		7	%
Benefits, losses and loss adjustment expenses	4,081		3,712		10	%	8,079		7,712		5	%
Amortization of deferred policy acquisition costs	669		625		7	%	1,325		1,232		8	%
Insurance operating costs and other expenses	1,215		1,138		7	%	2,443		2,285		7	%



Interest expense	50		50		—	%	100		100		—	%
Amortization of other intangible assets	17		17		—	%	35		35		—	%

Total benefits, losses and expenses	6,032		5,542		9	%	11,982		11,364		5	%
Income from continuing operations before income taxes	1,231		1,174		5	%	2,222		1,898		17	%
Income tax expense	251		236		6	%	438		376		16	%
Income from continuing operations, net of tax	980		938		4	%	1,784		1,522		17	%
Income from discontinued operations, net of tax	318		57		NM		370		103		NM
Net income	1,298		995		30	%	2,154		1,625		33	%
Preferred stock dividends	5		5		—	%	10		10		—	%
Net income available to common stockholders	$	1,293	$	990	31	%	$	2,144	$	1,615	33	%

Three months ended June 30, 2026 compared to 2025

Net income available to common stockholders increased by $303, primarily driven by:

•A $261 increase in income from discontinued operations, net of tax, primarily due to a $251 income tax benefit associated with establishing a deferred tax asset related to the sale of Hartford Funds. For further information related to the sale of Hartford Funds, refer to Note 17- Discontinued Operations of Notes to Condensed Consolidated Financial Statements; and

•Higher net investment income of $142, before tax, and an increase of $83, before tax, due to a change to net realized gains in the current period from net realized losses in the prior period.

These increases were partially offset by:

•A lower P&C underwriting gain of $93, before tax, primarily driven by a lower level of favorable prior accident year reserve development, a higher underlying loss and LAE ratio in Business Insurance, and a higher expense ratio, partially offset by the effect of earned premium growth in Business Insurance and a lower underlying loss and LAE ratio in Personal Insurance; and

•In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio, partially offset by a lower expense ratio.

For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Revenue

Earned Premiums

Earned premiums increased by $318 or 5%, primarily due to:

•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 3% decrease in Personal Insurance.

–Contributing to the increase in Business Insurance was the effect of earned pricing increases across the majority of lines of business and an increase in new business.

–Personal Insurance declined driven by automobile, as the impact of a decline in policies in-force was partially offset by earned pricing increases, while homeowners increased primarily due to earned pricing increases.

•Employee Benefits earned premium increased primarily due to higher new business sales across all products, an increase in exposure on existing accounts, and persistency in excess of 90%.

Net Investment Income

[1]Limited partnerships and other alternative investments of $13 and $114 for the three months ended June 30, 2025 and 2026 respectively.

Net investment income increased primarily due to higher income from limited partnerships and other alternative investments and the impact of a higher level of invested assets.

Net realized gains compared to net realized losses in the prior year, primarily due to greater appreciation in value of equity securities in the 2026 period, largely driven by a private common stock issuer that completed an initial public offering.

For further discussion of investment results, see MD&A - Investment Results, Net Realized Gains and MD&A - Investment Results, Net Investment Income.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $369 due to:

•An increase in Property & Casualty of $226, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $140, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and

–Less P&C favorable net prior accident year reserve development of $76, with favorable development in the 2026 period of $111, compared to $187 in the prior year period. Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability and physical damage, bond, and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability. Favorable net prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, commercial property, homeowners, and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the three months ended June 30, 2025 was a benefit of $24 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

Losses and LAE Incurred for Employee Benefits

–An increase in CAY catastrophe losses of $10. Catastrophe losses in both the 2026 and 2025 periods primarily included losses from tornado, wind and hail events.

For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

•Employee Benefits losses and LAE increased $141, primarily due to higher short-term and long-term disability loss ratios driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year although in line with long-term expectations.

Amortization of deferred policy acquisition costs increased from the prior year period driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.

Insurance operating costs and other expenses increased due to:

•A loss on disposal of real estate, which was sold during the second quarter of 2026;

•Higher staffing costs, including benefits costs, partly in response to increased business volume;

•Higher technology costs, including increased investment in our businesses; and

•Higher P&C commissions, driven by the impact of increased business volume.

Income tax expense increased primarily due to an increase in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Income from discontinued operations, net of tax increased primarily related to a $251 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. For further discussion of discontinued operations, see Note 17 – Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Six months ended June 30, 2026 compared to 2025

Net income available to common stockholders increased by $529 primarily driven by:

•A $267 increase in income from discontinued operations, net of tax, primarily related to a $251 income tax benefit associated with establishing a deferred tax asset related to the sale of Hartford Funds. For further information related to the sale of Hartford Funds, refer to Note 17- Discontinued Operations of Notes to Condensed Consolidated Financial Statements;

•Higher net investment income of $224, before tax, and an increase of $80, before tax, due to a change to net realized gains in the current period from net realized losses in the prior period; and

•A higher P&C underwriting gain of $109, before tax, primarily driven by lower CAY catastrophe losses, the effect of earned premium growth in Business Insurance, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a lower level of favorable prior accident year reserve development, a higher expense ratio, and a higher underlying loss and LAE ratio in Business Insurance.

These increases were partially offset by:

•In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio and a higher expense ratio, including higher staffing costs and technology costs, partially offset by a lower group life loss ratio.

For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.

Revenue

Earned Premiums

Earned premiums increased by $628, or 5%, primarily due to:

•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 1% decrease in Personal Insurance.

–Contributing to the increase in Business Insurance was the effect of earned pricing increases across the majority of lines of business and an increase in new business.

•Employee Benefits earned premium increased primarily due to higher new business sales across all products, an increase in exposure on existing accounts, and persistency in excess of 90%.


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Net Investment Income

[1]Limited partnerships and other alternative investments of $52 and $189 for the six months ended June 30, 2025 and 2026, respectively.

Net investment income increased due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.

Net realized gains compared to net realized losses in the prior year period, primarily due to greater appreciation in value of equity securities in the 2026 period, predominantly driven by a private common stock issuer that completed an initial public offering.

For further discussion of investment results, see MD&A - Investment Results, Net Realized Gains and MD&A - Investment Results, Net Investment Income.

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $367, due to:

•An increase in Property & Casualty of $186, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $256, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and

–A decline in P&C favorable net prior accident year reserve development of $157, with favorable development in the 2026 period of $152, compared to $309 in the prior year period. Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability, bond and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability. Also included within net prior accident year reserve development for the six months ended June 30, 2026 was a benefit of $36 related to amortization of the A&E ADC deferred gain. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, homeowners, commercial property, bond, and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the six months ended June 30, 2025 was a benefit of $56 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

Partially offset by:

–A decrease in CAY catastrophe losses of $227. Catastrophe losses in the 2026 period primarily included losses from tornado, wind and hail events and winter storms. Catastrophe losses in the 2025 period included $313, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.


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Losses and LAE Incurred for Employee Benefits

For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

•Employee Benefits losses and LAE increased $180, as higher short-term and long-term disability loss ratios were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products. The increase in the disability loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.

Amortization of deferred policy acquisition costs increased from the prior year period driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.

Insurance operating costs and other expenses increased due to:

•Higher staffing costs, including benefits costs, partly in response to increased business volume;

•A loss on disposal of real estate, which was sold during the second quarter of 2026;

•Higher technology costs, including increased investment in our businesses; and

•Higher P&C commissions, driven by the impact of increased business volume.

Income from discontinued operations, net of tax increased primarily due to a $251 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. For further discussion of discontinued operations, see Note 17 – Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Investment Results


Composition of Invested Assets
	June 30, 2026				December 31, 2025
	Amount		Percent		Amount		Percent
Fixed maturities, AFS, at fair value	$	45,824	71.6	%	$	46,041	72.5	%
Fixed maturities, at fair value using the fair value option ("FVO securities")	125		0.2	%	168		0.3	%
Equity securities, at fair value	560		0.9	%	422		0.7	%
Mortgage loans (net of allowance for credit losses ("ACL") of $49 and $49)	7,262		11.3	%	6,837		10.8	%
Limited partnerships and other alternative investments	6,135		9.6	%	5,804		9.1	%
Other investments [1]	227		0.4	%	218		0.3	%
Short-term investments	3,866		6.0	%	4,004		6.3	%
Total investments	$	63,999	100.0	%	$	63,494	100.0	%

[1]Primarily consists of equity fund investments, overseas deposits, and derivative instruments which are carried at fair value.

June 30, 2026 compared to December 31, 2025

Total investments increased primarily due to an increase in mortgage loans and limited partnerships and other alternative investments, partially offset by a decrease in fixed maturities, AFS, at fair value.

Mortgage loans increased primarily due to funding of industrial commercial whole loans.

Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.


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Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.


Net Investment Income
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
(Before tax)	Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]
Fixed maturities [2]	$	607	4.8	%	$	581	4.7	%	$	1,214	4.8	%	$	1,151	4.7	%
Equity securities	5		5.7	%	3		3.4	%	10		5.6	%	7		3.5	%
Mortgage loans	83		4.6	%	72		4.5	%	163		4.6	%	142		4.4	%
Limited partnerships and other alternative investments	114		7.6	%	13		1.0	%	189		6.4	%	52		2.1	%
Other [3]	16				12				12				9
Investment expense	(25)				(23)				(54)				(51)
Total net investment income	800		4.9	%	658		4.3	%	1,534		4.7	%	1,310		4.3	%
Adjustment for net investment income from limited partnerships and other alternative investments	(114)		(0.2)	%	(13)		0.3	%	(189)		(0.1)	%	(52)		0.2	%
Total net investment income excluding limited partnerships and other alternative investments	$	686	4.7	%	$	645	4.6	%	$	1,345	4.6	%	$	1,258	4.5	%

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.

[2]Includes net investment income on short-term investments.

[3]Primarily 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.

Three and six months ended June 30, 2026 compared to 2025

Total net investment income increased primarily due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.

Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased, primarily due to the impact of reinvesting at higher rates.

Average reinvestment rates of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for both the three and six months ended June 30, 2026 was 5.4%, which was above the average yield of sales and maturities of 4.8%. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and six months ended June 30, 2025, were 5.9% and 5.7%, respectively, which were above the average yield of sales and maturities of 4.6% and 4.7%, respectively.

For the 2026 calendar year, we estimate net investment income to increase due to a higher level of invested assets, with the yield on limited partnerships and other alternative investments to be relatively consistent with 2025. Actual net investment income is subject to variability including the impact of evolving market conditions.


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Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Before tax)	2026		2025		2026		2025
Gross gains on sales of fixed maturities	$	10	$	19	$	28	$	32
Gross losses on sales of fixed maturities	(36)		(45)		(66)		(70)
Equity securities [1]	121		27		104		15
Net credit losses on fixed maturities, AFS [2]	—		—		—		2
Change in ACL on mortgage loans [3]	—		—		—		—

Other, net [4]	(31)		(20)		(54)		(47)



Net realized gains (losses)	$	64	$	(19)	$	12	$	(68)

[2]See Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.

[3]See ACL on Mortgage Loans within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.

[4]For the three and six months ended June 30, 2026, includes losses from transactional foreign currency revaluation of $6 and $3, respectively, and losses on non-qualifying derivatives of $13 and $5 , respectively. For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11 respectively.

Three and six months ended June 30, 2026

Gross gains and losses on sales were primarily due to sales of corporate securities, tax-exempt municipals and commercial mortgage-backed securities ("CMBS").

Equity securities net gains were primarily driven by a private common stock issuer that completed an initial public offering, as well an increase in value due to higher equity market levels.

Other, net losses for the three and six month periods ended June 30, 2026, primarily included losses $3 and $37, respectively, on fixed maturities, at fair value using the fair value option due to a decline in valuation, losses of $13 and $5, respectively, on interest rate derivatives primarily driven by changes in interest rates, and losses of $6 and $3, respectively, on transactional foreign currency revaluation.

Three and six months ended June 30, 2025

Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.

Equity securities net gains were primarily driven by an increase in value due to higher equity market levels

Other, net losses for the three and six month periods ended June 30, 2025, primarily included losses of $8 and $18, respectively, on transactional foreign currency revaluation, losses of $13 and $17, respectively, on FVO securities due to a decrease in value, and losses of $10 and $9, respectively, on equity derivatives due to higher equity market levels.


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Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ, and in the past have differed, from those estimates.

The Company has identified the following estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:

•property and casualty insurance product reserves, net of reinsurance;

•group LTD reserves, net of reinsurance;

•evaluation of goodwill for impairment;

•valuation of investments and derivative instruments including evaluation of credit losses on fixed maturities, AFS and ACL on mortgage loans; and

•contingencies relating to corporate litigation and regulatory matters.

In developing these estimates, management makes subjective and complex judgments that are inherently uncertain and subject to material change as facts and circumstances develop. Although variability is inherent in these estimates, management believes the amounts provided are appropriate based upon the facts available upon compilation of the financial statements. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements.

The Company’s critical accounting estimates are discussed in Part II, Item 7 MD&A in the Company’s 2025 Form 10-K Annual Report. In addition, Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates. The following discussion updates certain of the Company’s critical accounting estimates as of June 30, 2026.

Property & Casualty Insurance Product Reserves, Net of Reinsurance

P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of

June 30, 2026

Based on the results of the quarterly reserve review process, the Company determines the appropriate reserve adjustments, if any, to record. Recorded reserve estimates represent the Company's best estimate of the ultimate settlement amount of unpaid losses and loss adjustment expenses. The Company does not use statistical loss distributions or confidence levels in the process of determining its reserve estimate and, as a result, does not disclose reserve ranges. Assumptions used in arriving at the selected actuarial indications consider a number of factors, including the immaturity of emerged claims in recent accident years, emerging trends in the recent past, and the level of volatility within each line of business. In general, adjustments are made more quickly to more mature accident years and less volatile lines of business. Such adjustments of reserves are referred to as “prior accident year development”. Increases in previous estimates of ultimate loss costs are referred to as either an increase in prior accident year reserves or as unfavorable reserve development. Decreases in previous estimates of ultimate loss costs are referred to as either a decrease in prior accident year reserves or as favorable reserve development. Reserve development can influence the comparability of year over year underwriting results and is set forth in the paragraphs and tables that follow.


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Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2026
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	33,175	$	2,275	$	2,705	$	38,155
Reinsurance and other recoverables	4,689		28		2,006		6,723
Beginning liabilities for unpaid losses and loss adjustment expenses, net	28,486		2,247		699		31,432
Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes	4,178		1,069		—		5,247
Current accident year catastrophes	300		152		—		452
Prior accident year development	(22)		(94)		(36)		(152)
Total provision for unpaid losses and loss adjustment expenses	4,456		1,127		(36)		5,547
Change in deferred gain on retroactive reinsurance included in other liabilities	—		—		36		36
Payments	(3,351)		(1,196)		(4)		(4,551)

Foreign currency adjustment	(6)		—		—		(6)
Ending liabilities for unpaid losses and loss adjustment expenses, net	29,585		2,178		695		32,458
Reinsurance and other recoverables	4,620		24		1,879		6,523
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	34,205	$	2,202	$	2,574	$	38,981
Earned premiums and fee income	$	7,259	$	1,827
Loss and loss adjustment expense paid ratio [1]	46.2		65.5
Loss and loss adjustment expense ratio	61.6		62.2
Prior accident year development (pts) [2]	(0.3)		(5.2)

[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.

[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.


Current Accident Year Catastrophe Losses, Net of Reinsurance
	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	Business Insurance		Personal Insurance		Total		Business Insurance		Personal Insurance		Total
Wind and hail	99		92		191		132		130		262
Winter storms	$	(3)	$	—	$	(3)	$	109	$	21	$	130


Other international [1]	16		—		16		16		—		16
Hurricanes and tropical storms	2		1		3		2		1		3




Catastrophes before assumed reinsurance	114		93		207		259		152		411
Global assumed reinsurance business [2]	15		—		15		41		—		41
Total catastrophe losses	$	129	$	93	$	222	$	300	$	152	$	452

[1]Includes catastrophe losses resulting from the Middle East conflict.

[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.


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Unfavorable (Favorable) Prior Accident Year Development for the Three Months Ended June 30, 2026
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(51)	$	—	$	—	$	(51)
Workers’ compensation discount accretion	11		—		—		11
General liability	46		—		—		46


Commercial property	(11)		—		—		(11)

Bond	(32)		—		—		(32)

Automobile liability	26		(24)		—		2
Homeowners	—		(14)		—		(14)



Catastrophes	(37)		(13)		—		(50)

Other reserve re-estimates, net [1]	(4)		(8)		—		(12)
Prior accident year development before change in deferred gain	(52)		(59)		—		(111)
Change in deferred gain on retroactive reinsurance included in other liabilities	—		—		—		—
Total prior accident year development	$	(52)	$	(59)	$	—	$	(111)

[1]Other reserve re-estimates, net for the three months ended June 30, 2026 includes a favorable change of $(10) in personal automobile physical damage reserves.


Unfavorable (Favorable) Prior Accident Year Development for the Six Months Ended June 30, 2026
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(110)	$	—	$	—	$	(110)
Workers’ compensation discount accretion	23		—		—		23
General liability	116		—		—		116
Marine	4		—		—		4

Commercial property	(15)		—		—		(15)
Professional liability	(4)		—		—		(4)
Bond	(32)		—		—		(32)
Assumed reinsurance	5		—		—		5
Automobile liability	26		(39)		—		(13)
Homeowners	—		(29)		—		(29)



Catastrophes	(37)		(13)		—		(50)

Other reserve re-estimates, net [1]	2		(13)		—		(11)
Prior accident year development before change in deferred gain	(22)		(94)		—		(116)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	—		—		(36)		(36)
Total prior accident year development	$	(22)	$	(94)	$	(36)	$	(152)

[1]Other reserve re-estimates, net for the six months ended June 30, 2026 includes a favorable change of $(15) in personal automobile physical damage reserves.

[2]The $36 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2026 is related to amortization of the A&E ADC deferred gain under retroactive reinsurance accounting.

For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2026, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


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Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	31,380	$	2,240	$	2,784	$	36,404
Reinsurance and other recoverables	4,637		20		2,096		6,753
Beginning liabilities for unpaid losses and loss adjustment expenses, net	26,743		2,220		688		29,651

Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes	3,843		1,148		—		4,991
Current accident year catastrophes	394		285		—		679
Prior accident year development	(229)		(80)		—		(309)
Total provision for unpaid losses and loss adjustment expenses	4,008		1,353		—		5,361
Change in deferred gain on retroactive reinsurance included in other liabilities	56		—		—		56
Payments	(3,036)		(1,233)		(111)		(4,380)

Foreign currency adjustment	39		—		—		39
Ending liabilities for unpaid losses and loss adjustment expenses, net	27,810		2,340		577		30,727
Reinsurance and other recoverables	4,519		43		2,069		6,631
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	32,329	$	2,383	$	2,646	$	37,358
Earned premiums and fee income	$	6,770	$	1,846
Loss and loss adjustment expense paid ratio [1]	44.8		66.8
Loss and loss adjustment expense ratio	59.4		73.9
Prior accident year development (pts) [2]	(3.4)		(4.4)

[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.

[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.


Current Accident Year Catastrophe Losses, Net of Reinsurance
	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Total		Business Insurance		Personal Insurance		Total
Wind and hail	$	101	$	101	$	202	145		162		$	307
Wildfires [1]	(8)		(4)		(12)		145		114		259

Winter storms	(2)		1		(1)		15		9		24




Catastrophes before assumed reinsurance	91		98		189		305		285		590
Global assumed reinsurance business [1] [2]	23		—		23		89		—		89
Total catastrophe losses	$	114	$	98	$	212	$	394	$	285	$	679

[1]The three months ended June 30, 2025, included a favorable change in losses of $(12), net of reinsurance, from the January 2025 California Wildfire Event. For six months ended June 30, 2025, catastrophe losses from the January 2025 California Wildfire Event were $313, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.

[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.


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Unfavorable (Favorable) Prior Accident Year Development for the Three Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(61)	$	—	$	—	$	(61)
Workers’ compensation discount accretion	11		—		—		11



Commercial property	(20)		—		—		(20)
Professional liability	(11)		—		—		(11)
Bond	(22)		—		—		(22)

Automobile liability	—		(10)		—		(10)
Homeowners	—		(13)		—		(13)



Catastrophes	(28)		(11)		—		(39)

Other reserve re-estimates, net [1]	9		(7)		—		2
Prior accident year development before change in deferred gain	(122)		(41)		—		(163)
Change in deferred gain on retroactive reinsurance included in other liabilities	(24)		—		—		(24)
Total prior accident year development	$	(146)	$	(41)	$	—	$	(187)

[1]Other reserve re-estimates, net for the three months ended June 30, 2025 includes a favorable change of $(8) in personal automobile physical damage reserves.

[2]The $24 change in deferred gain on retroactive reinsurance for the three months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.


Unfavorable (Favorable) Prior Accident Year Development for the Six Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(126)	$	—	$	—	$	(126)
Workers’ compensation discount accretion	23		—		—		23



Commercial property	(23)		—		—		(23)
Professional liability	(11)		—		—		(11)
Bond	(22)		—		—		(22)

Automobile liability	—		(22)		—		(22)
Homeowners	—		(31)		—		(31)



Catastrophes	(28)		(11)		—		(39)

Other reserve re-estimates, net [1]	14		(16)		—		(2)
Prior accident year development before change in deferred gain	(173)		(80)		—		(253)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(56)		—		—		(56)
Total prior accident year development	$	(229)	$	(80)	$	—	$	(309)

[1]Other reserve re-estimates, net for the six months ended June 30, 2025 includes a favorable change of $(20) in personal automobile physical damage reserves.

[2]The $56 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2025, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Evaluation of Goodwill for Impairment

Goodwill balances are reviewed for impairment at least annually, or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. The recognition and measurement of goodwill impairment is based on the excess of the carrying value of the reporting unit over its estimated fair value, up to the amount of the reporting unit’s goodwill.

The estimated fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations including assumptions that market participants would make in valuing the reporting unit. Assumptions include projected growth, earnings forecasts, assets under management, and the weighted average cost of capital used for the purposes of discounting. Decreases in business growth, decreases in earnings projections, and


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increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease, increasing the possibility of impairment.

Upon being classified as held for sale, the Hartford Funds reporting unit goodwill of $272 was tested for impairment. The fair value of the reporting unit significantly exceeded its carrying value; therefore, no impairment was recognized.

The annual goodwill assessment for the remaining reporting units will be completed as of October 31, 2026, unless a triggering event occurs before then.


Reportable Segment and Corporate Operating Summaries


Business Insurance - Results of Operations

Underwriting Summary


	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Written premiums	$	4,022	$	3,816	5	%	$	7,926	$	7,502	6	%
Change in unearned premium reserve	359		392		(8	%)	691		754		(8)	%
Earned premiums	3,663		3,424		7	%	7,235		6,748		7	%
Fee income	12		11		9	%	24		22		9	%
Losses and loss adjustment expenses
Current accident year before catastrophes	2,134		1,952		9	%	4,178		3,843		9	%
Current accident year catastrophes [1]	129		114		13	%	300		394		(24)	%
Prior accident year development [1]	(52)		(146)		64	%	(22)		(229)		90	%
Total losses and loss adjustment expenses	2,211		1,920		15	%	4,456		4,008		11	%
Amortization of DAC	590		546		8	%	1,167		1,077		8	%
Insurance operating costs	539		507		6	%	1,097		1,019		8	%
Amortization of other intangible assets	7		7		—	%	14		14		—	%
Dividends to policyholders	12		11		9	%	24		21		14	%

Underwriting gain	316		444		(29	%)	501		631		(21)	%

Net investment income [2]	556		449		24	%	1,061		886		20	%
Net realized gains (losses) [2]	12		(20)		160	%	(7)		(44)		84	%

Other income (expense) [3]	(1)		(1)		—	%	—		(2)		100	%

Income before income taxes	883		872		1	%	1,555		1,471		6	%
Income tax expense [4]	179		176		2	%	315		298		6	%
Net income	$	704	$	696	1	%	$	1,240	$	1,173	6	%

[1]For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]Includes integration costs in connection with the 2019 acquisition of Navigators Group.

[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Premium Measures


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Small Business:
Net new business premium	$	334		$	305		$	667		$	603
Policy count retention	83		%	83		%	84		%	84		%

Renewal written price increases	4.1		%	6.0		%	4.0		%	6.2		%
Renewal earned price increases	5.3		%	7.5		%	5.6		%	7.4		%
Policies in-force as of end of period (in thousands)	1,708			1,615
Middle Market [1]:
Net new business premium	$	203		$	190		$	390		$	378

Premium retention	81		%	82		%	82		%	82		%
Renewal written price increases	3.5		%	6.1		%	4.0		%	6.5		%
Renewal earned price increases	5.4		%	7.1		%	5.7		%	7.1		%


Global Specialty:
Global specialty gross new business premium [2]	$	274		$	278		$	507		$	503
Renewal written price increases [3]	5.5		%	5.1		%	5.2		%	5.5		%

Renewal earned price increases [3]	4.8		%	6.3		%	4.8		%	6.4		%

[1]Except for net new business premium, metrics for middle market exclude loss sensitive and programs businesses.

[2]Excludes Global Re and is before ceded reinsurance.

[3]Excludes Global Re, offshore energy policies, credit and political risk insurance ("CPRI") policies, political violence and terrorism ("PV&T") policies, and any business under which the managing agent of our Lloyd's Syndicate delegates underwriting authority to coverholders and other third parties.

Underwriting Ratios


	Three Months Ended June 30,			Six Months Ended June 30,
	2026	2025	Change	2026	2025	Change
Loss and loss adjustment expense ratio	60.4	56.1	4.3	61.6	59.4	2.2
Expense ratio	30.7	30.6	0.1	31.2	30.9	0.3
Policyholder dividend ratio	0.3	0.3	—	0.3	0.3	—
Combined ratio	91.4	87.0	4.4	93.1	90.6	2.5
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(2.1)	1.0	(3.1)	(3.8)	(2.4)	(1.4)
Underlying combined ratio	89.3	88.0	1.3	89.2	88.2	1.0

Underlying loss and loss adjustment expense ratio	58.3	57.0	1.3	57.7	57.0	0.7
Current accident year catastrophes	3.5	3.3	0.2	4.1	5.8	(1.7)
Prior accident year development	(1.4)	(4.3)	2.9	(0.3)	(3.4)	3.1
Total loss and loss adjustment expense ratio	60.4	56.1	4.3	61.6	59.4	2.2

Loss and loss adjustment expense ratio	60.4	56.1	4.3	61.6	59.4	2.2
Adjustments 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)	(3.8)	(2.4)	(1.4)
Underlying loss and loss adjustment expense ratio	58.3	57.0	1.3	57.7	57.0	0.7


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Net Income

Three and six months ended June 30, 2026 compared to 2025

Net income for the three and six month periods increased primarily due to higher net investment income, and for the three month period, a change from net realized losses to net realized gains. The six month period also included lower net realized losses. For both periods, these favorable impacts were partially offset by lower underwriting gains. For further discussion of investment results, see MD&A - Investment Results.

Underwriting Gain

Three and six months ended June 30, 2026 compared to 2025

Underwriting gain for the three and six month periods decreased due to less favorable prior accident year development in the current year, higher underwriting expenses, and a higher underlying loss and LAE ratio, partially offset by earned premium growth. For the six month period, these unfavorable impacts were also partially offset by lower CAY catastrophe losses.

Expense ratio for the three and six months ended June 30, 2026 is generally consistent with the prior year, with higher commissions expenses, staffing costs, and technology investments in our business being partially offset by the impact of earned premium growth.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Earned Premiums

[1]Other earned premiums of $16 and $18 for the three months ended June 30, 2025, and 2026, respectively and $32 and $36 for the six months ended June 30, 2025, and 2026, respectively.

Written Premiums

[1]Other written premiums of $16 and $18 for the three months ended June 30, 2025, and 2026, respectively and $32 and $36 for the six months ended June 30, 2025, and 2026, respectively.

Three and six months ended June 30, 2026 compared to 2025

Earned premiums for the three and six months ended June 30, 2026 increased due to written premium increases over the prior twelve months.

Written premiums for the three and six months ended June 30, 2026 increased driven by growth across small business, middle & large business and global specialty.

•Small business written premium increased driven by renewal written price increases in almost all lines, as well as higher new business premium. Written premium grew across all lines of business.

•Middle & large business written premium increased driven by renewal written price increases in almost all lines. Written premium grew across industry verticals and the large and complex lines, and for the three months ended, general industries and large property. For the six months ended, premium growth was partially offset by decreases in general industries and large property.

•Global specialty written premium increased primarily driven by written price increases across most U.S. Insurance lines. Written premiums also grew in global reinsurance, primarily in specialty casualty, and for the six months ended, credit risk.

Renewal written price increases were recognized in most lines for both the three and six months ended June 30, 2026, though have moderated from the prior year.

•In small business, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in package business and automobile. Workers' compensation pricing was slightly negative.

•In middle market, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in automobile and general liability lines and low single-digit price increases in property. Workers' compensation pricing was positive.

•In global specialty, for the three month period, renewal written price increases were higher than prior year levels, and for the six month period, were lower than prior year levels. Price increases were in the mid single-digits overall with US wholesale in the low double-digits.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Underlying Loss and Loss Adjustment Expense Ratio

Three and six months ended June 30, 2026 compared to 2025

Underlying Loss and Loss Adjustment Expense Ratio for the three and six months ended June 30, 2026 increased primarily due to higher non-cat property losses and a change in business mix.

Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

Three and six months ended June 30, 2026 compared to 2025

Current accident year catastrophe losses increased for the three month period and decreased for the six month period. CAY catastrophe losses for both the three and six months ended June 30, 2026, primarily included losses from tornado, wind and hail events, as well as winter storms for the six month period.

CAY catastrophe losses for the three months ended June 30, 2025 primarily included losses from tornado, wind and hail events. CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $199, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.

Prior accident year development was net favorable for the three and six months ended June 30, 2026 and included reserve decreases related to workers' compensation, catastrophes, and bond, partially offset by an increase in reserves for general liability and commercial automobile liability. For additional information, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Prior accident year development was net favorable for the three and six months ended June 30, 2025 and primarily included reserve decreases for workers' compensation, catastrophes, commercial property and bond. Also included are benefits of $24 and $56 related to amortization of the Navigators ADC deferred gain for the three and six month periods, respectively. The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the Navigators ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Personal Insurance - Results of Operations

Underwriting Summary


	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Written premiums	$	915	$	980	(7	%)	$	1,777	$	1,893	(6)	%
Change in unearned premium reserve	10		49		(80	%)	(35)		63		NM
Earned premiums	905		931		(3	%)	1,812		1,830		(1)	%
Fee income	7		8		(13	%)	15		16		(6)	%
Losses and loss adjustment expenses
Current accident year before catastrophes	543		585		(7	%)	1,069		1,148		(7)	%
Current accident year catastrophes [1]	93		98		(5	%)	152		285		(47)	%
Prior accident year development [1]	(59)		(41)		(44	%)	(94)		(80)		(18)	%
Total losses and loss adjustment expenses	577		642		(10	%)	1,127		1,353		(17)	%
Amortization of DAC	70		70		—	%	141		138		2	%
Insurance operating costs	175		172		2	%	355		354		—	%
Amortization of other intangible assets	—		—		—	%	1		1		—	%
Underwriting gain	90		55		64	%	203		—		NM

Net investment income [2]	67		58		16	%	129		115		12	%
Net realized gains (losses) [2]	4		(4)		NM		—		(6)		100	%
Net servicing and other income (expense) [3]	2		5		(60	%)	5		10		(50)	%

Income before income taxes	163		114		43	%	337		119		183	%
Income tax expense [4]	33		23		43	%	68		23		196	%
Net income	$	130	$	91	43	%	$	269	$	96	180	%

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]Includes servicing revenues of $25 and $24 for the three months ended June 30, 2026 and 2025, respectively, and $47 and $44 for the six months ended June 30, 2026 and 2025, respectively. Includes servicing expenses of $21 and $19 for the three months ended June 30, 2026 and 2025, respectively, and $39 and $35 for the six months ended June 30, 2026 and 2025, respectively .

[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

Written and Earned Premiums


	Three Months Ended June 30,						Six Months Ended June 30,
Written Premiums	2026		2025		Change		2026		2025		Change
Product Line
Automobile	$	567	$	633	(10	%)	$	1,132	$	1,260	(10	%)
Homeowners	348		347		—	%	645		633		2	%
Total	$	915	$	980	(7	%)	$	1,777	$	1,893	(6	%)
Earned Premiums
Product Line
Automobile	$	587	$	628	(7	%)	$	1,180	$	1,246	(5	%)
Homeowners	318		303		5	%	632		584		8	%
Total	$	905	$	931	(3	%)	$	1,812	$	1,830	(1	%)


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Premium Measures


	Three Months Ended June 30,						Six Months Ended June 30,
Premium Measures	2026			2025			2026			2025
Policies in-force end of period (in thousands)
Automobile	990			1,121
Homeowners	703			724
Net new business premium
Automobile	$	51		$	81		$	104		$	162
Homeowners	$	52		$	69		$	95		$	131



Effective Policy Count Retention
Automobile	81		%	79		%	80		%	79		%
Homeowners	82		%	83		%	82		%	83		%
Renewal written price increase
Automobile	5.5		%	13.9		%	6.1		%	14.8		%
Homeowners	10.4		%	12.6		%	11.0		%	12.5		%
Renewal earned price increase
Automobile	9.1		%	17.4		%	10.2		%	18.7		%
Homeowners	12.0		%	13.7		%	12.1		%	14.1		%

Underwriting Ratios


	Three Months Ended June 30,			Six Months Ended June 30,
Underwriting Ratios	2026	2025	Change	2026	2025	Change
Loss and loss adjustment expense ratio	63.8	69.0	(5.2)	62.2	73.9	(11.7)
Expense Ratio	26.3	25.1	1.2	26.7	26.1	0.6
Combined Ratio	90.1	94.1	(4.0)	88.9	100.0	(11.1)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior year development	(3.8)	(6.1)	2.3	(3.2)	(11.2)	8.0
Underlying combined ratio	86.3	88.0	(1.7)	85.7	88.8	(3.1)

Underlying loss and loss adjustment expense ratio	60.0	62.8	(2.8)	59.0	62.7	(3.7)
Current accident year catastrophes	10.3	10.5	(0.2)	8.4	15.6	(7.2)
Prior accident year development	(6.5)	(4.4)	(2.1)	(5.2)	(4.4)	(0.8)
Total loss and loss adjustment expense ratio	63.8	69.0	(5.2)	62.2	73.9	(11.7)

Loss and loss adjustment expense ratio	63.8	69.0	(5.2)	62.2	73.9	(11.7)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior year development	(3.8)	(6.1)	2.3	(3.2)	(11.2)	8.0
Underlying loss and loss adjustment expense ratio	60.0	62.8	(2.8)	59.0	62.7	(3.7)


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Product Combined Ratios


	Three Months Ended June 30,			Six Months Ended June 30,
	2026	2025	Change	2026	2025	Change
Automobile
Combined ratio	88.5	94.0	(5.5)	89.1	93.8	(4.7)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(1.4)	(1.8)	0.4	(1.1)	(1.5)	0.4
Prior accident year development	6.2	3.0	3.2	4.8	3.4	1.4
Underlying combined ratio	93.3	95.2	(1.9)	92.8	95.7	(2.9)

Homeowners
Combined ratio	92.6	94.4	(1.8)	88.2	113.1	(24.9)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(26.6)	(28.8)	2.2	(22.1)	(45.6)	23.5
Prior accident year development	7.2	7.1	0.1	6.0	6.4	(0.4)
Underlying combined ratio	73.3	72.7	0.6	72.1	73.9	(1.8)

Net income

Three and six months ended June 30, 2026 compared to 2025

Net income increased for the three and six month periods, largely driven by an increase in underwriting gain, as well as higher net investment income and, in the three month period, a change from net realized capital losses to net realized capital gains.

Underwriting gain

Three and six months ended June 30, 2026 compared to 2025

Underwriting gain increased for the three and six month periods due to lower CAY catastrophe losses, more favorable prior year development, and an improvement in the underlying loss and LAE ratio.

Expense ratio increased for the three and six months ended June 30, 2026 due to the effect of a decrease in earned premium, as well as a higher commission ratio primarily due to business mix.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Earned Premiums

Written Premiums

Three and six months ended June 30, 2026 compared to 2025

Earned premiums decreased in both the three and six month periods due to lower earned premiums in automobile, partially offset by higher earned premiums in homeowners.

Written premiums decreased in both three and six month periods due to lower written premiums in automobile, partially offset by higher written premiums in homeowners.

Renewal written pricing moderated for both automobile and homeowners in both the three and six months ended June 30, 2026, primarily in response to moderating loss cost trends.

Effective Policy count retention increased for automobile and was relatively stable for homeowners in both the three and six months ended June 30, 2026, in response to moderating renewal written pricing increases.

Policies in-force as of June 30, 2026 compared to June 30, 2025 declined for automobile and for homeowners, reflecting the level of new business in relation to non-renewed policies.

Underlying Loss and Loss Adjustment Expense Ratio

Three and six months ended June 30, 2026 compared to 2025

Underlying loss and LAE ratio decreased for both automobile and homeowners in both the three and six months ended June 30, 2026, primarily due to the impact of earned pricing increases outpacing loss cost trends, which moderated slightly compared to prior year. The automobile loss cost trend continues to recognize higher attorney representation rates.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

Three and six months ended June 30, 2026 compared to 2025

Current accident year catastrophe losses decreased in both the three and six months ended June 30, 2026. CAY catastrophe losses for both the three and six months ended June 30, 2026, primarily included losses from tornado, wind and hail events, as well as winter storms for the six month period.

CAY catastrophe losses for the three months ended June 30, 2025 included losses from tornado, wind and hail events. CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $114, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.

Prior accident year development was favorable for both the three and six months ended June 30, 2026, primarily driven by lower estimated severity on automobile liability, homeowners, and automobile physical damage and lower estimated allocated loss adjustment expenses. Prior accident year development was favorable for the three and six months ended June 30, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, automobile liability and catastrophes.


Property & Casualty Other Operations - Results of Operations

Underwriting Summary


	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Losses and loss adjustment expenses
Prior accident year development [1]	$	—	$	—	—	%	$	(36)	$	—	NM
Total losses and loss adjustment expenses	—		—		—	%	(36)		—		NM
Insurance operating costs	2		2		—	%	4		4		—	%
Underwriting gain (loss)	(2)		(2)		—	%	32		(4)		NM
Net investment income [2]	22		19		16	%	42		37		14	%
Net realized gains (losses) [2]	1		(2)		150	%	—		(2)		100	%

Income before income taxes	21		15		40	%	74		31		139	%
Income tax expense [3]	4		2		100	%	15		5		NM
Net income	$	17	$	13	31	%	$	59	$	26	127	%

[1]For additional information on prior accident year development, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Net Income

Three and six months ended June 30, 2026 compared to 2025

Net income increased for the three month period, driven by an increase in net investment income and a change from net realized losses to net realized gains. Net income increased for the six month period, driven by a change from an underwriting loss to an underwriting gain and an increase in net investment income.

Underwriting gain (loss) remained unchanged for the three month period, and changed from a loss to a gain for the six month period due to a benefit of $36 related to amortization of the A&E ADC deferred gain. For additional information regarding the ADC reinsurance agreement refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


Employee Benefits - Results of Operations


Operating Summary
	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Premiums and other considerations	$	1,767	$	1,663	6	%	$	3,490	$	3,331	5	%
Net investment income [1]	137		118		16	%	268		244		10	%
Net realized gains (losses) [1]	9		(16)		156	%	(2)		(20)		90	%
Total revenues	1,913		1,765		8	%	3,756		3,555		6	%
Benefits, losses and loss adjustment expenses	1,291		1,150		12	%	2,529		2,349		8	%
Amortization of DAC	9		9		—	%	17		17		—	%
Insurance operating costs and other expenses	417		407		2	%	856		813		5	%
Amortization of other intangible assets	10		10		—	%	20		20		—	%
Total benefits, losses and expenses	1,727		1,576		10	%	3,422		3,199		7	%
Income before income taxes	186		189		(2	%)	334		356		(6)	%
Income tax expense [2]	39		39		—	%	69		73		(5)	%
Net income	$	147	$	150	(2	%)	$	265	$	283	(6)	%

[1]For discussion of consolidated investment results, see MD&A - Investment Results.

[2]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


Premiums and Other Considerations
	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Fully insured – ongoing premiums	$	1,676	$	1,602	5	%	$	3,330	$	3,214	4	%
Buyout premiums	35		4		NM		47		4		NM
Fee income	56		57		(2	%)	113		113		—	%
Total premiums and other considerations	$	1,767	$	1,663	6	%	$	3,490	$	3,331	5	%
Fully insured ongoing sales	$	140	$	107	31	%	$	722	$	488	48	%


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Ratios, Excluding Buyouts
	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025		Change	2026		2025		Change
Group disability loss ratio	74.8	%	68.5	%	6.3	73.7	%	68.8	%	4.9
Group life loss ratio	74.2	%	74.3	%	(0.1)	73.7	%	77.1	%	(3.4)
Total loss ratio	72.5	%	69.1	%	3.4	72.1	%	70.5	%	1.6
Expense ratio	25.2	%	25.7	%	(0.5)	25.9	%	25.5	%	0.4


Margin
	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025		Change	2026		2025		Change
Net income margin	7.7	%	8.5	%	(0.8)	7.1	%	8.0	%	(0.9)
Adjustments to reconcile net income margin to core earnings margin:
Net realized (gains) losses, before tax	(0.5	%)	0.8	%	(1.3)	—	%	0.5	%	(0.5)

Income tax expense (benefit)	0.1	%	(0.1	%)	0.2	—	%	(0.1	%)	0.1
Impact of excluding buyouts from denominator of core earnings margin	0.1	%	—	%	0.1	0.1	%	—	%	0.1
Core earnings margin	7.4	%	9.2	%	(1.8)	7.2	%	8.4	%	(1.2)

Net Income

Three and six months ended June 30, 2026 compared to 2025

Net income decreased in the three month period primarily due to a higher 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. For the six month period, net income decreased due to a higher group disability loss ratio, a higher expense ratio, partially offset by a lower group life loss ratio, increased net investment income, and lower net realized losses.

Insurance operating costs and other expenses increased in the three and six month periods due to the impact from higher fully insured ongoing premium, including higher staffing costs, and an increase in technology costs.

Fully Insured Ongoing Premiums

[1]Other of $120 and $135 for the three months ended June 30, 2025 and 2026 respectively, and $238 and $270 six months ended June 30, 2025 and 2026, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Three and six months ended June 30, 2026 compared to 2025

Fully insured ongoing premiums in the three and six month periods increased due to higher new business sales across all products, an increase in exposure on existing accounts, and persistency in excess of 90%.

Fully insured ongoing sales increased in the three and six month periods, driven by higher group life, group disability, and supplemental health sales. Group disability sales include the results of three new states implementing paid family and medical leave coverage in 2026.


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Ratios

Three and six months ended June 30, 2026 compared to 2025

Loss ratio increased 3.4 points and 1.6 points for the three months and six months ended June 30, 2026, respectively, compared to the prior year period primarily driven by a higher group disability ratio, partially offset by a lower group life loss ratio. The group disability loss ratio increased 6.3 points for the three month period, driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year although in line with long-term expectations. The group disability ratio increased 4.9 points for the six month period, driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions. The group life loss ratio decreased 0.1 points and 3.4 points for the three month and six month periods, respectively, due to lower mortality across both term and accidental life products.

Expense ratio decreased for the three months ended June 30, 2026 driven by the impact of earned premium growth and a lower commission ratio, partially offset by higher technology costs. For the six months ended June 30, 2026, the increase reflects higher staffing and technology costs.


Corporate - Results of Operations

Operating Summary


	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Fee income [1]	$	11	$	10	10	%	$	21	$	21	—	%


Other revenue	8		5		60	%	13		6		117	%
Net investment income [2]	18		14		29	%	34		28		21	%
Net realized gains [2]	38		23		65	%	21		4		NM
Total revenues	75		52		44	%	89		59		51	%
Benefits, losses and loss adjustment expenses [3]	2		—		NM		3		2		50	%

Insurance operating costs and other expenses [1]	45		18		150	%	64		36		78	%



Interest expense [4]	50		50		—	%	100		100		—	%

Total benefits, losses and expenses	97		68		43	%	167		138		21	%
Loss from continuing operations before income taxes	(22)		(16)		(38	%)	(78)		(79)		1	%
Income tax benefit [5]	(4)		(4)		—	%	(29)		(23)		(26	%)
Loss from continuing operations, net of tax	(18)		(12)		(50	%)	(49)		(56)		13	%
Income from discontinued operations, net of tax	318		57		NM		370		103		NM
Net income	300		45		NM		321		47		NM
Preferred stock dividends	5		5		—	%	10		10		—	%
Net income available to common stockholders	$	295	$	40	NM		$	311	$	37	NM

[1]Includes investment management fees and expenses related to managing third-party assets.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]Includes benefits expense on life and annuity business previously underwritten by the Company.

[4]For discussion of debt, see Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.

[5]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


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Net income available to common stockholders

Three and six months ended June 30, 2026 compared to 2025

Net income available to common stockholders increased for the three and six months ended June 30, 2026, primarily driven by increased income from discontinued operations, net of tax, partially offset by a loss on disposal of real estate reported in insurance operating costs and other expenses.

Income from discontinued operations, net of tax increased for the three and six months ended June 30, 2026, due to a $251 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. For further discussion of discontinued operations, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.


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Enterprise Risk Management

The Company’s Board of Directors has ultimate responsibility for risk oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s risks.

The Company manages and monitors risk through risk policies, controls and limits. At the senior management level, an Enterprise Risk and Capital Committee (“ERCC”) oversees the risk profile and risk management practices of the Company.

The Company's enterprise risk management ("ERM") function supports the ERCC and functional committees, and is tasked with, among other things:

•risk identification and assessment;

•the development of risk appetites, tolerances, and limits;

•risk monitoring; and

•internal and external risk reporting.

The Company categorizes its main risks as insurance risk, operational risk and financial risk. Insurance risk and financial risk are described in more detail below. Operational risk, including cybersecurity, and specific risk tolerances for natural catastrophes, terrorism and pandemic risk are described in the ERM section of the MD&A in The Hartford’s 2025 Form 10-K Annual Report.

Insurance Risk

Insurance risk is the risk of losses of both a catastrophic and non-catastrophic nature on the P&C and Employee Benefits products the Company has sold. Catastrophe insurance risk is the exposure arising from both natural catastrophes (e.g., weather, earthquakes, wildfires, pandemics) and man-made catastrophes (e.g., terrorism, cyber-attacks) that create a concentration or aggregation of loss across the Company's insurance or asset portfolios.

Sources of Insurance Risk Non-catastrophe insurance risks exist within each of the Company's segments and include:

•Property- Risk of loss to personal or commercial property from automobile related accidents, weather, explosions, smoke, shaking, fire, theft, vandalism, inadequate installation, faulty equipment, collisions and falling objects, and/or machinery mechanical breakdown resulting in physical damage, losses from PV&T and other covered perils.

•Liability- Risk of loss from automobile related accidents, uninsured and under-insured drivers, lawsuits from accidents, defective products, breach of warranty, negligent acts by professional practitioners, environmental claims, latent exposures, fraud, coercion, forgery, failure to fulfill obligations per contract surety, liability from errors and omissions, losses from CPRI coverages, losses from derivative lawsuits, and other securities actions and covered perils.

•Mortality- Risk of loss from unexpected trends in insured deaths impacting timing of payouts from group life insurance, personal or commercial automobile related accidents, and death of employees or executives during the course of employment, while on disability, or while collecting workers compensation benefits.

•Morbidity- Risk of loss to an insured from illness incurred during the course of employment or illness from other covered perils.

•Disability- Risk of loss incurred from personal or commercial automobile related losses, accidents arising outside of the workplace, injuries or accidents incurred during the course of employment, or from equipment, with each loss resulting in short-term or long-term disability payments.

•Longevity- Risk of loss from increased life expectancy trends among policyholders receiving long-term benefit payments.

•Cyber Insurance- Risk of loss to property, breach of data and business interruption from various types of cyber-attacks.

Catastrophe risk primarily arises in the property, automobile, workers' compensation, casualty, group life, and group disability lines of business but could also arise from other coverages such as losses under PV&T and CPRI policies. See the term Current Accident Year Catastrophe Ratio within the Key Performance Measures and Ratios section of MD&A for an explanation of how the Company defines catastrophe losses in its financial reporting.

Impact Non-catastrophe insurance risk can arise from unexpected loss experience, underpriced business and/or underestimation of loss reserves and can have significant effects on the Company’s earnings. Catastrophe insurance risk can arise from various unpredictable events and can have significant effects on the Company's earnings and may result in losses that could constrain its liquidity.

Management The Company's policies and procedures for managing these risks include disciplined underwriting protocols, exposure controls, sophisticated risk-based pricing, risk modeling, risk transfer, and capital management strategies. The Company has established underwriting guidelines for both individual risks, including individual policy limits, and risks in the aggregate, including aggregate exposure limits by geographic zone and peril. The Company uses both internal and third-party models to estimate the potential loss resulting from various catastrophe events and the potential financial impact those events would have on the Company's financial position and results of operations across its businesses.

The Hartford closely monitors scientific literature on climate change to help identify climate change risks impacting our business. We use data from the scientific community and other outside experts including partnerships with third-party catastrophe modeling firms to inform our risk management activities and stay abreast of potential implications of climate-related impacts that we incorporate into our risk assessment. We regularly study these climate change implications and incorporate these risks into our catastrophe risk assessment


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and management strategy through product pricing, underwriting and management of aggregate risk to manage implications of severe weather and climate change in our insurance portfolio.

In addition, certain insurance products offered by The Hartford provide coverage for losses incurred due to cyber events and the Company has assessed and modeled how those products would respond to different events in order to manage its aggregate exposure to losses incurred under the insurance policies we sell. The Company models numerous deterministic scenarios including losses caused by malware, data breach, distributed denial of service attacks, intrusions of cloud environments and attacks of power grids.

Among specific risk tolerances set by the Company, risk limits are set for natural catastrophes, terrorism risk and pandemic risk.

Reinsurance as a Risk Management Strategy

The Company uses reinsurance to transfer certain risks to reinsurance companies based on specific geographic or risk concentrations. A variety of traditional reinsurance products are used as part of the Company's risk management strategy, including excess of loss occurrence-based products that reinsure property and workers' compensation exposures, and individual risk (including facultative reinsurance) or quota share arrangements that reinsure losses from specific classes or lines of business. The Company has no significant finite risk contracts in place and the statutory surplus benefit from all such prior year contracts is immaterial. The Hartford also participates in governmentally administered reinsurance facilities such as the Florida Hurricane Catastrophe Fund (“FHCF”), the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA") and other reinsurance programs relating to particular risks or specific lines of business.

Reinsurance for Catastrophes- The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, catastrophe bonds, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business. The occurrence property catastrophe treaty and workers’ compensation catastrophe treaties beginning with the January 1, 2021 renewal do not cover pandemic losses, as most industry reinsurance programs exclude communicable disease. The Company has reinsurance in place to cover individual group life losses in excess of $1.25 per person.


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Primary Catastrophe Treaty Reinsurance Coverages as of June 30, 2026 [1]


	Portion of losses reinsured	Portion of losses retained by The Hartford
Per Occurrence Property Catastrophe Treaty from 1/1/2026 to 12/31/2026 [1] [2]
Losses of $0 to $200	None	100% retained
Losses of $200 to $350 for earthquakes and named hurricanes and tropical storms [3]	None	100% retained
Losses of $200 to $350 from one event other than earthquakes and named hurricanes and tropical storms [3]	40% of $150 in excess of $200	60% co-participation
Losses of $350 to $500 from one event (all perils)	75% of $150 in excess of $350	25% co-participation
Losses of $500 to $1.30 billion from one event [4] (all perils)	90% of $800 in excess of $500	10% co-participation
Per Occurrence Property Catastrophe Bonds from 1/1/2026 to 12/31/2026 [5]
Losses of $1.29 billion to $1.62 billion for tropical cyclone and earthquake events [6]	60.79% of $329 in excess of $1.29 billion	39.21% of $329 in excess of $1.29 billion
Losses of $1.60 billion to $1.90 billion for tropical cyclone and earthquake events [6]	90% of $300 in excess of $1.60 billion	10% of $300 in excess of $1.60 billion
Aggregate Property Catastrophe Treaty for 1/1/2026 to 12/31/2026 [7]
$0 to $750 of aggregate losses	None	100% Retained
$750 to $950 of aggregate losses	100%	None
Workers' Compensation Catastrophe Treaty for 1/1/2026 to 12/31/2026
Losses of $0 to $100 from one event	None	100% Retained
Losses of $100 to $450 from one event [8]	80% of $350 in excess of $100	20% co-participation

[1]These agreements do not cover the assumed reinsurance business which purchases its own retrocessional coverage.

[2]In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2026. Retention and coverage varies by writing company. For the 2026 - 2027 period, the writing company with the largest coverage under FHCF is Hartford Insurance Company of the Midwest, with coverage of $41 in per event losses in excess of a $26 retention (estimates are based on best available information at this time and are periodically updated as information is made available by Florida).

[3]Named hurricanes and tropical storms are defined as any storm or storm system declared to be a hurricane or tropical storm by the US National Hurricane Center, US Weather Prediction Center, or their successor organizations (being divisions of the US National Weather Service).

[4]Portions of this layer of coverage extend beyond a traditional one year term.

[5] For further information on the Company's catastrophe bond, see MD&A - Enterprise Risk Management, Insurance Risk included in the Company's 2025 Form 10-K Annual report.

[6] Tropical cyclones are defined as a storm or storm system that has been declared by National Weather Service or any division or agency thereof (including the National Hurricane Center or the Weather Prediction Center) or any of their successors to be a hurricane, tropical storm, or tropical depression.

[7] The aggregate treaty is not limited to a single event; rather, it is designed to provide reinsurance protection for the aggregate of all catastrophe events (up to $350 per event), either designated by the Property Claim Services office of Verisk or, for international business, net losses arising from two or more risks involved in the same loss occurrence totaling at least $500 thousand. All catastrophe losses, except assumed reinsurance business losses, apply toward satisfying the $750 attachment point under the aggregate treaty.

[8] In addition to the limits shown, the workers' compensation reinsurance includes a non-catastrophe, industrial accident layer, providing coverage for 80% of $25 in per event losses in excess of a $25 retention.

In addition to the property catastrophe reinsurance coverage described in the above table, the Company has other reinsurance agreements that cover property catastrophe losses, some of which provide for reinstatement of limits in the event of a loss with reinstatement provisions varying depending on the layer of coverage. The Per Occurrence Property Catastrophe Treaty, and Workers' Compensation Catastrophe Treaty include a provision to reinstate one limit in the event that a catastrophe loss exhausts limits on one or more layers under the treaties.

Reinsurance for Terrorism- For the risk of terrorism, private sector catastrophe reinsurance capacity is generally limited and largely unavailable for terrorism losses caused by nuclear, biological, chemical or radiological attacks. As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027.

TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the Secretary of the Treasury, in consultation with the Secretary of

Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200. Under the program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion. The federal government pays 80% of the losses. The Company's estimated deductible under the program is $2.4 billion for 2026. If an act of terrorism or acts of terrorism result in covered losses exceeding the $100 billion annual industry aggregate limit, Congress would be responsible for determining how additional losses in excess of $100 billion will be paid.

Reinsurance for Asbestos and Environmental ("A&E") Reserve Development - The Company has an ADC reinsurance agreement in place with NICO, a subsidiary of Berkshire Hathaway Inc., accounted for as retroactive reinsurance. The agreement covered substantially all A&E reserve development for accident years prior to 2016 up to an aggregate limit of $1.5


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billion. The Company had previously ceded all available limits under the agreements. As such, no remaining limit was available under the A&E ADC as of December 31, 2025, and no remaining limit was available under the Navigators' ADC as of December 31, 2023.

As of December 31, 2025, the Company had paid A&E ADC claims in excess of the $1.7 billion attachment point. During the three months ended March 31, 2026, the Company collected recoveries from NICO under the A&E ADC and as a result, amortized $36 of the $850 deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations. Subsequently during the first quarter of 2026, NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding. The timing of any resolution or outcome of the arbitration is not yet known and there may be impacts to the Company's cash flows or operating results as a result of the dispute. As of June 30, 2026 and December 31, 2025, the deferred gain on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

For more information on the A&E ADC, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.

Financial Risk

Financial risks include direct and indirect risks to the Company's financial objectives from events that impact financial market conditions and the value of financial assets. Some events may cause correlated movement in multiple risk factors. The primary sources of financial risks are the Company's invested assets.

Consistent with its risk appetite, the Company establishes financial risk limits to control potential loss on a U.S. GAAP, statutory, and economic basis. Exposures are actively monitored and managed, with risks mitigated where appropriate. The Company uses various risk management strategies, including limiting aggregation of risk, portfolio re-balancing and hedging with over-the-counter ("OTC") and exchange-traded derivatives with counterparties meeting the appropriate regulatory and due diligence requirements. Derivatives may be used to achieve the following Company-approved objectives: (1) hedging risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; (2) managing liquidity; (3) controlling transaction costs; and (4) engaging in income generation covered call transactions and synthetic replication transactions. Derivative activities are monitored and evaluated by the Company’s compliance and risk management teams and reviewed by senior management. The Company identifies different categories of financial risk, including liquidity, credit, interest rate, equity, and foreign currency exchange.

Liquidity Risk

Liquidity risk is the risk to current or prospective earnings or capital arising from the Company's inability or perceived inability to meet its contractual funding obligations as they come due.

Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market

liquidity risk resulting from differences in the amount and timing of sources and uses of cash as well as company-specific and general market conditions. Stressed market conditions may impact the ability to sell assets or otherwise transact business and may result in a significant loss in value of the investment portfolio.

Impact Inadequate capital resources and liquidity could negatively affect the Company’s overall financial strength and its ability to generate cash flows from its businesses, borrow funds at competitive rates, and raise new capital to meet operating and growth needs.

Management The Company has defined ongoing monitoring and reporting requirements to assess liquidity across the enterprise under both current and stressed market conditions. The Company measures and manages liquidity risk exposures and funding needs within prescribed limits across legal entities, taking into account legal, regulatory and operational limitations to the transferability of liquid assets among legal entities. The Company also monitors internal and external conditions, and identifies material risk changes and emerging risks that may impact operating cash flows or liquid assets. The liquidity requirements of The Hartford Insurance Group, Inc. ("HIG Holding Company") have been and will continue to be met by the HIG Holding Company's fixed maturities, short-term investments and cash, and dividends from its subsidiaries, principally from its insurance operations, as well as the issuance of common stock, debt or other capital securities and borrowings from its credit facilities, as needed. The Company maintains multiple sources of contingent liquidity including a revolving credit facility, an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates, and access to collateralized advances from the Federal Home Loan Bank of Boston ("FHLBB") for certain affiliates. The Company's CFO has primary responsibility for liquidity risk.

Credit Risk and Counterparty Risk

Credit risk is the risk to earnings or capital due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with contractually agreed upon terms. Credit risk is comprised of three major factors: the risk of change in credit quality, or credit migration risk; the risk of default; and the risk of a change in value due to changes in credit spreads.

Sources of Credit Risk The majority of the Company’s credit risk is concentrated in its investment holdings and use of derivatives, but it is also present in the Company’s ceded reinsurance activities, bond insurance, and certain aspects of Business Insurance products.

Impact A decline in creditworthiness is typically reflected as an increase in an investment’s credit spread and an associated decline in the investment's fair value, potentially resulting in recording an ACL and an increased probability of a realized loss upon sale. In certain instances, counterparties may default on their obligations and the Company may realize a loss on default. Premiums receivable, including premiums for retrospectively rated plans, reinsurance recoverable and deductible losses recoverable are also subject to credit risk based on the counterparty’s inability to pay.


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Management The objective of the Company’s enterprise credit risk management strategy is to identify, quantify and manage credit risk in aggregate and to limit potential losses in accordance with the Company's credit risk management policy. The Company manages its credit risk by managing aggregations of risk, holding a diversified mix of issuers and counterparties across its investment, reinsurance and insurance portfolios and limiting exposure to any specific reinsurer or counterparty. Potential credit losses can be mitigated through diversification (e.g., geographic regions, asset types, industry sectors), hedging and the use of collateral to reduce net credit exposure.

The Company manages credit risk through the use of various surveillance, analyses and governance processes. The investment and reinsurance areas have formal policies and procedures for counterparty approvals and authorizations, which establish criteria defining minimum levels of creditworthiness and financial stability for eligible counterparties. Potential investments are subject to underwriting reviews and management approval. Mitigation strategies vary across the three sources of credit risk, but may include:

•Investing in a portfolio of high-quality and diverse securities;

•Selling investments subject to heightened credit risk;

•Hedging through use of credit default swaps;

•Clearing derivative transactions through central clearing houses that require daily variation margin;

•Entering into derivative and reinsurance contracts only with strong creditworthy institutions;

•Requiring collateral; and

•Non-renewing policies/contracts or reinsurance treaties.

The Company has developed credit exposure thresholds which are based upon counterparty ratings. Aggregate counterparty credit quality and exposure are monitored on a daily basis utilizing an enterprise-wide credit exposure information system that contains data on issuers, ratings, exposures, and credit limits. Exposures are tracked on a current and potential basis and aggregated by ultimate parent of the counterparty across investments, reinsurance receivables, insurance products with credit risk, and derivatives.

As of June 30, 2026, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S. government and certain U.S. government agencies. For further discussion of concentration of credit risk in the investment portfolio, see the Concentration of Credit Risk section in Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

Credit Risk of Derivatives

The Company uses various derivative counterparties in executing its derivative transactions. The use of counterparties creates credit risk that the counterparty may not perform in accordance with the terms of the derivative transaction.

Downgrades to the credit ratings of the Company’s insurance operating companies may have adverse implications for its use of derivatives. In some cases, downgrades may give derivative counterparties for OTC derivatives and clearing brokers for OTC-cleared derivatives the right to cancel and settle

outstanding derivative trades or require additional collateral to be posted. In addition, downgrades may result in counterparties and clearing brokers becoming unwilling to engage in or clear additional derivatives or may require additional collateralization before entering into any new trades.

The Company also has derivative counterparty exposure policies which limit the Company’s exposure to credit risk. Credit exposures are generally quantified based on the prior business day’s net fair value, including income accruals, of all derivative positions transacted with a single counterparty for each separate legal entity. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not necessarily reflective of credit risk. The Company enters into collateral arrangements in connection with its derivatives positions and collateral is pledged to or held by, or on behalf of, the Company to the extent the exposure is greater than zero, subject to minimum transfer thresholds, if applicable. In accordance with industry standards and the contractual requirements, collateral is typically settled on the same business day. For further discussion, see the Derivative Commitments section of Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

Use of Credit Derivatives

The Company may also use credit default swaps to manage credit exposure or to assume credit risk to enhance yield.

Credit Risk Reduced Through Credit Derivatives

The Company may use credit derivatives to purchase credit protection with respect to a single entity or referenced index. The Company may purchase credit protection through credit default swaps to economically hedge and manage credit risk of certain fixed maturity investments across multiple sectors of the investment portfolio.

Credit Risk Assumed Through Credit Derivatives

The Company may also enter into credit default swaps that assume credit risk as part of replication transactions. Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. These swaps primarily reference investment grade single corporate issuers and indexes.

For further information on credit derivatives, see Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Credit Risk of Business Operations

A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of


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operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.

Interest Rate Risk

Interest rate risk is the risk of financial loss due to adverse changes in the value of assets and liabilities arising from movements in interest rates. Interest rate risk encompasses exposures with respect to changes in the level of interest rates, the shape of the term structure of rates and the volatility of interest rates. Interest rate risk does not include exposure to changes in credit spreads.

Sources of Interest Rate Risk The Company has exposure to interest rate risk arising from investments in fixed maturities and commercial mortgage loans, issuances by the Company of debt securities, preferred stock and similar securities, discount rate assumptions associated with the Company’s claim reserves and pension and other postretirement benefit obligations, and assets that support the Company's pension plans.

Impact Changes in interest rates from current levels can have both favorable and unfavorable effects for the Company.

Management The Company primarily manages its exposure to interest rate risk by constructing investment portfolios that seek to protect the Company from the economic impact associated with changes in interest rates by setting portfolio duration targets that are aligned with the duration of the liabilities that they support. The Company analyzes interest rate risk using various models including parametric models and cash flow simulation under various market scenarios of the liabilities and their supporting investment portfolios. Key metrics that the Company uses to quantify its exposure to interest rate risk inherent in its invested assets and the associated liabilities include duration, convexity and key rate duration.

The Company may also use interest rate swaps and, to a lesser extent, futures to mitigate interest rate risk associated with its investment portfolio or liabilities and to manage portfolio duration.

Equity Risk

Equity risk is the risk of financial loss due to changes in the value of global equities or equity indices.

Sources of Equity Risk The Company has exposure to equity risk from invested assets and assets that support the Company’s pension plans.

Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives, which could negatively impact the Company's reported

earnings. In addition, investments in limited partnerships and other alternative investments generally have a level of correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline; however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay. For assets supporting pension plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value.

Management The Company uses various approaches in managing its equity exposure, including limits on the proportion of assets invested in equities, diversification of the equity portfolio, and, at times, hedging of changes in equity indices. For assets supporting pension plans, the asset allocation mix is reviewed on a periodic basis. In order to minimize risk, the pension plans maintain a listing of permissible and prohibited investments and impose concentration limits and investment quality requirements on permissible investment options.

Foreign Currency Exchange Risk

Foreign currency exchange risk is the risk of financial loss due to changes in the relative value between currencies.

Sources of Currency Risk The Company has foreign currency exchange risk in non-U.S. dollar denominated cash, fixed maturities, and derivative instruments. In addition, the Company has non-U.S. subsidiaries, some with functional currencies other than U.S. dollar, and which transact business in multiple currencies resulting in assets and liabilities denominated in foreign currencies.

Impact Changes in relative values between currencies can create variability in cash flows and realized or unrealized gains and losses on changes in the fair value of assets and liabilities.

Management The Company manages its foreign currency exchange risk primarily through asset-liability matching and through the use of derivative instruments. However, legal entity capital is invested in local currencies in order to satisfy regulatory requirements and to support local insurance operations. The foreign currency exposure of non-U.S. dollar denominated investments will most commonly be reduced through the sale of the assets or through hedges using foreign currency swaps and forwards.

Investment Portfolio Risk

The credit ratings referenced throughout this section are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. Accrued investment income related to fixed maturities is not included in the amortized cost or fair value of the fixed maturities. For further information refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.


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Fixed Maturities, AFS by Type
	June 30, 2026												December 31, 2025
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Percent of Total Fair Value		Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Percent of Total Fair Value
ABS

Consumer loans	$	3,522	$	—	$	16	$	(10)	$	3,528	7.7	%	$	3,375	$	—	$	41	$	(2)	$	3,414	7.4	%

Other	1,272		—		3		(20)		1,255		2.7	%	1,253		—		10		(14)		1,249		2.7	%

CLOs	3,360		(2)		5		(3)		3,360		7.3	%	3,310		(2)		9		(1)		3,316		7.2	%



CMBS
Agency [1]	1,069		(14)		18		(88)		985		2.1	%	1,192		(14)		19		(87)		1,110		2.4	%
Bonds	827		—		—		(51)		776		1.7	%	1,206		—		1		(61)		1,146		2.5	%
Interest only	60		—		3		(2)		61		0.1	%	70		—		4		(2)		72		0.2	%
Corporate
Basic industry	1,236		—		9		(22)		1,223		2.7	%	1,232		—		18		(19)		1,231		2.7	%
Capital goods	1,784		—		28		(37)		1,775		3.9	%	1,757		—		44		(30)		1,771		3.8	%
Consumer cyclical	1,681		—		18		(37)		1,662		3.6	%	1,667		—		36		(37)		1,666		3.6	%
Consumer non-cyclical	3,291		—		35		(114)		3,212		7.0	%	2,860		—		54		(84)		2,830		6.2	%
Energy	1,515		—		20		(40)		1,495		3.3	%	1,452		—		27		(38)		1,441		3.1	%
Financial services	7,179		—		35		(154)		7,060		15.4	%	6,952		—		87		(125)		6,914		15.0	%
Tech./comm.	3,799		—		28		(156)		3,671		8.0	%	3,400		—		55		(114)		3,341		7.3	%
Transportation	852		—		5		(36)		821		1.8	%	862		—		12		(34)		840		1.8	%
Utilities	2,794		—		20		(130)		2,684		5.9	%	2,793		—		39		(116)		2,716		5.9	%
Real estate investment trusts ("REITs")	270		—		2		(7)		265		0.6	%	330		—		3		(7)		326		0.7	%
Foreign govt./govt. agencies	453		—		6		(5)		454		1.0	%	440		—		9		(2)		447		1.0	%
Municipal bonds
Taxable	1,643		—		13		(90)		1,566		3.4	%	1,685		—		19		(92)		1,612		3.5	%
Tax-exempt	2,610		—		62		(133)		2,539		5.6	%	3,146		—		70		(176)		3,040		6.6	%
Residential Mortgage-Backed Securities ("RMBS")
Agency	3,220		—		16		(153)		3,083		6.7	%	3,544		—		33		(139)		3,438		7.5	%
Non-agency	2,808		—		6		(110)		2,704		5.9	%	2,828		—		17		(105)		2,740		5.9	%



U.S. Treasuries	1,791		—		1		(147)		1,645		3.6	%	1,517		—		3		(139)		1,381		3.0	%
Total fixed maturities, AFS	$	47,036	$	(16)	$	349	$	(1,545)	$	45,824	100.0	%	$	46,871	$	(16)	$	610	$	(1,424)	$	46,041	100.0	%
FVO securities									$	125											$	168

[1]Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.


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Fixed Maturities, AFS by Credit Quality
	June 30, 2026						December 31, 2025
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
United States Government/Government agencies	$	6,080	$	5,713	12.5	%	$	6,253	$	5,929	12.9	%
AAA	7,370		7,264		15.8	%	7,819		7,751		16.8	%
AA	7,934		7,772		17.0	%	7,484		7,340		15.9	%
A	12,614		12,305		26.9	%	12,653		12,470		27.1	%
BBB	10,748		10,501		22.9	%	10,377		10,250		22.3	%
BB & below	2,290		2,269		4.9	%	2,285		2,301		5.0	%
Total fixed maturities, AFS [1]	$	47,036	$	45,824	100.0	%	$	46,871	$	46,041	100.0	%

[1]Excludes FVO securities. For further discussion on FVO securities, see Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

The fair value of fixed maturities, AFS decreased as compared to December 31, 2025, primarily due to lower valuations as a result of higher interest rates.

Commercial & Residential Real Estate

The following tables present the Company's exposure to CMBS and RMBS by credit quality included in the preceding Fixed Maturities, AFS by Type table.


Exposure to CMBS & RMBS Bonds by Credit Quality as of June 30, 2026
	AAA				AA				A				BBB				BB and Below				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
CMBS
Agency [1]	$	9	$	9	$	1,060	$	976	$	—	$	—	$	—	$	—	$	—	$	—	$	1,069	$	985
Bonds	180		172		302		287		137		127		115		107		93		83		827		776
Interest Only	32		32		19		20		5		5		4		4		—		—		60		61
Total CMBS	221		213		1,381		1,283		142		132		119		111		93		83		1,956		1,822
RMBS
Agency	—		—		3,220		3,083		—		—		—		—		—		—		3,220		3,083
Non-Agency	1,820		1,747		731		707		215		209		40		39		2		2		2,808		2,704



Total RMBS	1,820		1,747		3,951		3,790		215		209		40		39		2		2		6,028		5,787
Total CMBS & RMBS	$	2,041	$	1,960	$	5,332	$	5,073	$	357	$	341	$	159	$	150	$	95	$	85	$	7,984	$	7,609


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Exposure to CMBS & RMBS Bonds by Credit Quality as of December 31, 2025
	AAA				AA				A				BBB				BB and Below				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
CMBS
Agency [1]	$	11	$	10	$	1,181	$	1,100	$	—	$	—	$	—	$	—	$	—	$	—	$	1,192	$	1,110
Bonds	418		408		365		349		171		157		137		132		115		100		1,206		1,146
Interest Only	37		38		22		23		6		6		5		4		—		1		70		72
Total CMBS	466		456		1,568		1,472		177		163		142		136		115		101		2,468		2,328
RMBS
Agency	—		—		3,544		3,438		—		—		—		—		—		—		3,544		3,438
Non-Agency	1,741		1,682		770		746		257		253		53		52		7		7		2,828		2,740



Total RMBS	1,741		1,682		4,314		4,184		257		253		53		52		7		7		6,372		6,178
Total CMBS & RMBS	$	2,207	$	2,138	$	5,882	$	5,656	$	434	$	416	$	195	$	188	$	122	$	108	$	8,840	$	8,506

[1]Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.

The Company also has exposure to commercial mortgage loans. These loans are collateralized by real estate properties that are diversified both geographically throughout the United States and by property type. These commercial mortgage loans are originated by the Company as high quality whole loans, and the Company may sell participation interests in one or more loans to third parties. A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.

As of June 30, 2026, mortgage loans had an amortized cost of $7.3 billion and carrying value of $7.3 billion, with an ACL of $49. As of December 31, 2025, mortgage loans had an amortized cost of $6.9 billion and carrying value of $6.8 billion, with an ACL of $49.

The Company funded $783 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“LTV”) ratio of 58% and a weighted average yield of 5.6% during the six months ended June 30, 2026. The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios. There were no mortgage loans held for sale as of June 30, 2026, or December 31, 2025.


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Municipal Bonds


Available-For-Sale Investments in Municipal Bonds
	June 30, 2026					December 31, 2025
	Amortized Cost		Fair Value		Weighted Average Credit Quality	Amortized Cost		Fair Value		Weighted Average Credit Quality
General Obligation	$	749	$	745	AA	$	798	$	800	AA
Pre-Refunded [1]	26		25		AA+	46		46		AA+
Revenue
Transportation	892		869		A+	985		951		A+
Health Care	905		854		A+	939		880		A+
Leasing [2]	451		427		AA	543		517		AA
Education	294		285		AA	370		358		AA
Water & Sewer	242		227		AA	249		231		AA
Sales Tax	160		163		AA	165		165		AA
Power	113		108		AA-	137		130		A+
Housing	96		94		AA+	163		159		AA
Other	325		308		A+	436		415		A+
Total Revenue	3,478		3,335		AA-	3,987		3,806		AA-
Total Municipal	$	4,253	$	4,105	AA-	$	4,831	$	4,652	AA-

[1]Pre-refunded bonds are bonds for which an irrevocable trust containing sufficient U.S. treasury, agency, or other securities has been established to fund the remaining payments of principal and interest.

[2]Leasing revenue bonds are generally the obligations of a financing authority established by the municipality that leases facilities back to a municipality. The notes are typically secured by lease payments made by the municipality that is leasing the facilities financed by the issue. Lease payments may be subject to annual appropriation by the municipality, or the municipality may be obligated to appropriate general tax revenues to make lease payments.

As of June 30, 2026, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. As of December 31, 2025, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. In total, municipal bonds make up 6% of the fair value of the Company's investment portfolio.

Limited Partnerships and Other Alternative Investments

The following table presents the Company’s investments in limited partnerships and other alternative investments which include real estate joint ventures, real estate funds, private equity funds, other funds, and other alternative investments. Private equity funds primarily consist of investments in funds whose assets typically consist of a diversified pool of investments in small to mid-sized non-public businesses with high growth potential and strong owner sponsorship, as well as limited exposure to public markets. Other funds consist of investments in infrastructure and energy transition funds and, to a lesser extent, funds across a diverse mix of strategies.

Income or losses on investments in limited partnerships and other alternative investments are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.


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Limited Partnerships and Other Alternative Investments - Net Investment Income
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]
Real estate joint ventures and funds	$	64	12.6	%	$	(14)	(3.1	%)	$	42	4.1	%	$	(22)	(2.4	%)
Private equity funds	(15)		(2.5	%)	(1)		(0.1	%)	20		1.7	%	39		3.9	%
Other funds	58		23.0	%	19		11.7	%	117		25.1	%	26		8.0	%
Other alternative investments [2]	7		5.4	%	9		6.5	%	10		3.6	%	9		3.4	%
Total	$	114	7.6	%	$	13	1.0	%	$	189	6.4	%	$	52	2.1	%

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets.

[2]Consists of an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.


Investments in Limited Partnerships and Other Alternative Investments
	June 30, 2026				December 31, 2025
	Amount		Percent		Amount		Percent
Real estate joint ventures and funds	$	2,064	33.7	%	$	1,986	34.2	%
Private equity funds	2,436		39.7	%	2,327		40.1	%
Other funds	1,044		17.0	%	910		15.7	%
Other alternative investments [1]	591		9.6	%	581		10.0	%
Total	$	6,135	100.0	%	$	5,804	100.0	%

[1]Consists of an insurer-owned life insurance policy which is primarily invested in private equity funds and fixed income.

Fixed Maturities, AFS — Unrealized Loss Aging

The total gross unrealized losses were $1.5 billion as of June 30, 2026, and have increased $121 since December 31, 2025, primarily due to higher interest rates. As of June 30, 2026, $1.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost. The remaining $0.3 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%. The fixed maturities, AFS depressed more than 20% primarily related to corporate fixed maturities, municipal bonds, and U.S. Treasuries, that are mainly depressed because current interest rates are higher than at the respective purchase dates.

As part of the Company’s ongoing investment monitoring process, the Company has reviewed its fixed maturities, AFS in an unrealized loss position and concluded that these fixed maturities are temporarily depressed and are expected to recover in value as the investments approach maturity or as market spreads tighten. For these fixed maturities in an unrealized loss position where an ACL has not been recorded, the Company’s best estimate of expected future cash flows are sufficient to recover the amortized cost basis of the investment. Furthermore, the Company neither has an intention to sell nor does it expect to be required to sell these investments. For further information regarding the Company’s ACL analysis, see the Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments section below.


Unrealized Loss Aging for Fixed Maturities, AFS Securities
	June 30, 2026									December 31, 2025
Consecutive Months	Items	Amortized Cost		ACL		Unrealized Loss		Fair Value		Items	Amortized Cost		ACL		Unrealized Loss		Fair Value
Three months or less	520	$	4,477	$	—	$	(19)	$	4,458	253	$	3,629	$	—	$	(31)	$	3,598
Greater than three to six months	686	8,024		(2)		(122)		7,900		56	441		—		(4)		437
Greater than six to nine months	67	787		—		(31)		756		16	311		—		(12)		299
Greater than nine to eleven months	15	55		—		(2)		53		55	364		—		(12)		352
Twelve months or more	1,978	13,797		(12)		(1,371)		12,414		2,279	16,172		(14)		(1,365)		14,793
Total	3,266	$	27,140	$	(14)	$	(1,545)	$	25,581	2,659	$	20,917	$	(14)	$	(1,424)	$	19,479


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Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%
	June 30, 2026									December 31, 2025
Consecutive Months	Items	Amortized Cost		ACL		Unrealized Loss		Fair Value		Items	Amortized Cost		ACL		Unrealized Loss		Fair Value
Three months or less	8	$	34	$	—	$	(7)	$	27	29	$	159	$	—	$	(34)	$	125
Greater than three to six months	40	269		—		(60)		209		—	—		—		—		—
Greater than six to nine months	3	12		—		(3)		9		2	9		—		(2)		7
Greater than nine to eleven months	—	—		—		—		—		10	70		—		(16)		54
Twelve months or more	98	899		(1)		(270)		628		110	997		(1)		(290)		706
Total	149	$	1,214	$	(1)	$	(340)	$	873	151	$	1,235	$	(1)	$	(342)	$	892

Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments

Three and six months ended June 30, 2026

For the three and six months ended June 30, 2026, the Company recorded no credit losses. For both periods, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI"). For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

There were no intent-to-sell impairments.

The Company incorporates its best estimate of future performance using internal assumptions and judgments that are informed by economic and industry specific trends, as well as our expectations with respect to security specific developments.

Future intent-to-sell impairments or credit losses may develop as the result of changes in our intent to sell specific securities that are in an unrealized loss position or if modeling assumptions, such as macroeconomic factors or security specific developments, change unfavorably from our current modeling assumptions, resulting in lower cash flow expectations.

Three and six months ended June 30, 2025

For the three months ended June 30, 2025, the Company recorded no credit losses. For the six months ended June 30, 2025, the Company recorded a net credit loss reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS. For the three and six months ended June 30, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.

There were no intent-to-sell impairments.

ACL on Mortgage Loans

Three and six months ended June 30, 2026 and June 30, 2025

There were no credit loss adjustments on mortgage loans.


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Capital Resources and Liquidity

The following section discusses the overall financial strength of The Hartford and its insurance operations including their ability to generate cash flows from each of their business segments, borrow funds at competitive rates and raise new capital to meet operating and growth needs.

Summary of Capital Resources and Liquidity

Capital available to the HIG Holding Company as of June 30, 2026:

•Approximately $1.9 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;

•A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030. As of June 30, 2026, there were no borrowings outstanding; and

•An intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. As of June 30, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.

Dividends and other sources of capital for the six months ended June 30, 2026:

The future payment of dividends from our subsidiaries is dependent on several factors including the business results, capital position and liquidity of our subsidiaries.

•P&C - HIG Holding Company received $1.1 billion of net dividends from the Company's property and casualty insurance subsidiaries through June 30, 2026;

•Employee Benefits - HIG Holding Company received $439 in dividends from Hartford Life and Accident Insurance Company ("HLA") through June 30, 2026;

•Hartford Funds - HIG Holding Company received $85 in dividends from Hartford Funds through June 30, 2026.

Expected liquidity requirements for the next twelve months as of June 30, 2026:

•$195 of interest on debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.

•$21 dividends on preferred stock, subject to the discretion of the Board of Directors; and

•$655 of common stockholders' dividends, subject to the discretion of the Board of Directors and before share repurchases.

Expected liquidity requirements for beyond the next twelve months as of June 30, 2026:

•Interest on and repayments of debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report; and

•Preferred stock and common stock dividends, subject to the discretion of the Board of Directors.

Equity repurchase program:

During the six months ended June 30, 2026, the Company repurchased 6.7 million common shares for $900 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026. As of June 30, 2026, the Company has $648 remaining for equity repurchases under the current share repurchase program. During the period July 1, 2026 through July 22, 2026, the Company repurchased 0.8 million common shares for $109.

In addition to the authorization covering the period from August 1, 2024 to December 31, 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028. While the Company has the flexibility to use a portion of the new authorization in 2026, it expects to use the vast majority of the new authorization in 2027 and 2028. The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.

Liquidity Requirements and Sources of Capital

The HIG Holding Company

The liquidity requirements of the HIG Holding Company will primarily be met by HIG Holding Company's fixed maturities; short-term investments and cash; and dividends from its subsidiaries, principally its insurance operations. The Company maintains sufficient liquidity and has a variety of contingent liquidity resources to manage liquidity across a range of economic scenarios.

The HIG Holding Company expects to continue to receive dividends from its operating subsidiaries in the future and manages capital in its operating subsidiaries to be sufficient under significant economic stress scenarios. Dividends from subsidiaries and other sources of funds at the holding company may be used to repurchase shares under the authorized share repurchase program at the discretion of management.

100


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Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB. The Company could also choose to have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.

Dividends

The Hartford's Board of Directors declared the following quarterly dividends since April 1, 2026:

Common Stock Dividends


Declared	Record	Payable	Amount per share
May 20, 2026	June 1, 2026	July 2, 2026	$	0.600
July 15, 2026	September 1, 2026	October 2, 2026	$	0.600

Preferred Stock Dividends

Declared

Record

Payable

Amount per share

May 20, 2026

August 3, 2026

August 17, 2026

375.00

July 15, 2026

November 2, 2026

November 16, 2026

375.00

There are no current restrictions on the HIG Holding Company's ability to pay dividends to its stockholders.

For a discussion of restrictions on dividends to the HIG Holding Company from its insurance subsidiaries, see the following "Dividends From Subsidiaries" discussion. For a discussion of potential restrictions on the HIG Holding Company's ability to pay dividends, see the risk factor "Our ability to declare and pay dividends is subject to limitations" in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Dividends From Subsidiaries

Dividends to HIG Holding Company from its insurance subsidiaries are restricted by insurance regulation. For a discussion of restrictions on dividends to HIG Holding Company from its insurance subsidiaries see Part II, Item 7, MD&A – Capital Resources and Liquidity - Dividends from Subsidiaries in The Hartford’s 2025 Form 10-K Annual Report.

Through the first six months of 2026, HIG Holding Company received $1.6 billion of net dividends from its subsidiaries, including $439 from HLA, $85 from Hartford Funds and $1.1 billion from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $82 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.

Other Sources of Capital for the HIG Holding Company

The Hartford endeavors to maintain a capital structure that provides financial and operational flexibility to its insurance subsidiaries, ratings that support its competitive position in the financial services marketplace (see the "Ratings" section below for further discussion), and stockholder returns. As a result, the Company may from time to time raise capital from the issuance of debt, common equity, preferred stock, equity-related debt or other capital securities and is continuously evaluating strategic opportunities. The issuance of debt, common equity, equity-related debt or other capital securities could result in the dilution of stockholder interests or reduced net income to common stockholders due to additional interest expense or preferred stock dividends.

Shelf Registrations

The Hartford filed an automatic shelf registration statement with the Securities and Exchange Commission on September 23, 2024 that permits it to offer and sell debt and equity securities during the three-year life of the registration statement.

For further information regarding shelf registrations, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

Revolving Credit Facility

The Hartford has a $750 senior unsecured revolving credit facility, including $100 available to support letters of credit (the "Credit Facility"). On September 24, 2025, The Hartford amended and restated the Credit Facility, which, among other changes, extends the term of the facility through September 24, 2030. As of June 30, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants. For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Intercompany Liquidity Agreements

The Company has $2.0 billion available under an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. The Connecticut Insurance Department ("CID") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.

As of June 30, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.

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Collateralized Advances with Federal Home Loan Bank of Boston

The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the FHLBB. Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates. Advances may be used to support general corporate purposes, which would be presented as short- or long-term debt, or to earn incremental investment income, which would be presented in other liabilities consistent with other collateralized financing transactions. The Company’s pledge capacity is subject to FHLBB’s collateral eligibility requirements, which may be amended at their discretion. Based on these requirements, the Company estimates that Hartford Fire can pledge up to $2.5 billion and HLA can pledge up to $2.1 billion to secure FHLBB advances. As of June 30, 2026, there were no advances outstanding.

For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

Lloyd's Letter of Credit Facility

The Hartford has a committed credit facility agreement with a syndicate of lenders (the "Lloyd's Facility"). On October 21, 2024, The Hartford amended and restated its Lloyd’s Facility agreement. The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($98 as of June 30, 2026) commitment. As of June 30, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.

Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage. As of June 30, 2026, The Hartford was in compliance with all financial covenants of the facility.

For further information regarding the Lloyd's Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Sale of Hartford Funds

As a result of the June 3, 2026, announced sale of Hartford Funds and expected closing in first quarter of 2027, the Company expects a change in the nature and timing of its cash flows. Prior to closing, the Company expects to receive dividends totaling $85 for the remainder of the year from Hartford Funds and will receive an additional pre-closing dividend of approximately $170, subject to market and operating performance through closing. At closing, the Company expects to receive $300 of cash proceeds. Following the closing, the Company will receive contingent consideration in the form of quarterly payments. For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Pension Plans and Other Postretirement Benefits

The Company does not have a 2026 required minimum funding contribution for the U.S. qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial. The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2026. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2026 to make this determination. For further discussion of pension and other postretirement benefit obligations, see Note 16 - Employee Benefit Plans of Notes to Condensed Consolidated Financial Statements.

Derivative Commitments

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating organizations, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could terminate agreements and demand immediate settlement of the outstanding net derivative positions transacted under each agreement. For further information, refer to Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

As of June 30, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings. This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.

Insurance Operations

While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands.

The principal sources of operating funds are premiums, fees earned from insurance and administrative service agreements and investment income, while investing cash flows primarily originate from maturities and sales of invested assets.

The Company’s insurance operations consist of property and casualty insurance products (collectively referred to as “Property & Casualty Operations”) and Employee Benefits products.

The Company's insurance operations hold fixed maturity securities, including a significant short-term investment position (securities with maturities of one year or less at the time of purchase), to meet liquidity needs. Liquidity requirements that are unable to be funded by the Company's insurance operations' short-term investments would be satisfied with current operating funds, including premiums or investing cash flows, which includes proceeds received through the sale of invested assets. A sale of invested assets could result in significant realized losses.

The following tables represent the fixed maturity holdings, including the aforementioned cash and short-term investments

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available to meet liquidity needs, for each of the Company’s insurance operations.


Property & Casualty Operations
	As of June 30, 2026
Fixed maturities	$	37,973
Short-term investments	1,614
Cash	106
Less: Derivative collateral	50
Total	$	39,643

Property & Casualty operations invested assets also include $205 in equity securities, $5.7 billion in mortgage loans and $4.8 billion in limited partnerships and other alternative investments.


Employee Benefits Operations
	As of June 30, 2026
Fixed maturities	$	7,779
Short-term investments	360
Cash	13
Less: Derivative collateral	14
Total	$	8,138

Employee Benefits operations invested assets also include $49 in equity securities, $1.6 billion in mortgage loans and $1.2 billion in limited partnerships and other alternative investments.

The primary uses of funds are to pay claims, claim adjustment expenses, commissions and other underwriting and insurance operating costs, to pay taxes, to purchase new investments and to make dividend payments to the HIG Holding Company.

Property & Casualty reserves for unpaid losses and loss adjustment expenses as of June 30, 2026 were $39.0 billion and net of reinsurance and other recoverables were $32.5 billion. Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported ("IBNR") reserves. The ultimate amount to be paid to settle both case and IBNR reserves is an estimate, subject to significant uncertainty. The actual amount to be paid is not finally determined until the Company reaches a settlement with the claimant. Final claim settlements may vary significantly from the present estimates, particularly since many claims will not be settled until well into the future. For a discussion of The Hartford’s judgment in estimating reserves for Property & Casualty see Part II, Item 7, MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance, in the Company's 2025 Form 10-K Annual Report, and for historical payments by reserve line net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. The timing of future payments for the next twelve months and for beyond twelve months could vary materially from historical payment patterns due to, among other things, changes in claim reporting and payment patterns and large unanticipated settlements. In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.

Employee Benefits reserves as of June 30, 2026 were $8.9 billion and net of reinsurance were $8.6 billion. Group life

and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends. For a discussion of The Hartford’s judgment in estimating LTD reserves for Employee Benefits see Part II, Item 7, MD&A - Critical Accounting Estimates, Employee Benefit LTD Reserves, Net of Reinsurance, in the Company’s 2025 Form 10-K Annual Report. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements. For historical payments by reserve line, net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. Due to the significance of the assumptions used, payments for the next twelve months and beyond twelve months could materially differ from historical patterns.

Corporate reserves as of June 30, 2026 were $347 and net of reinsurance were $137. These reserves related to retained run-off liabilities of its former life and annuity business. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements.

Purchase and Other Obligations

The Hartford’s unfunded commitments to purchase investments in limited partnerships and other alternative investments, mortgage loans, private debt and equity securities, as well as tax credits are disclosed in Note 14 - Commitments and Contingencies of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these unfunded commitments will be funded through the Company’s normal operating and investing activities.

In the normal course of business, the Company enters into contractual commitments to purchase various goods and services such as maintenance, human resources, and information technology. The Company’s operating lease commitments are disclosed in Note 20 - Leases of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these purchase commitments and operating lease obligations will be funded through the Company’s normal operating and investing activities.

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Capitalization


Capital Structure
	June 30, 2026			December 31, 2025			Change

Long-term debt	$	4,374		$	4,371		—	%
Total debt	4,374			4,371			—	%
Common stockholders' equity excluding AOCI, net of tax	21,670			20,702			5	%
Preferred stock	334			334			—	%
AOCI, net of tax	(2,371)			(2,057)			(15)	%
Total stockholders’ equity	$	19,633		$	18,979		3	%
Total capitalization	$	24,007		$	23,350		3	%
Debt to stockholders’ equity	22		%	23		%
Debt to capitalization	18		%	19		%

Total capitalization increased $657 as of June 30, 2026 compared to December 31, 2025 primarily due to net income in excess of common stockholder dividends in the period, partially offset by share repurchases and an increase in net unrealized losses on fixed maturities, AFS.

For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 15 - Changes

In and Reclassifications From Accumulated Other Comprehensive Income (Loss) and Note 5 - Investments of Notes to Condensed Consolidated Financial Statements. For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2025 Form 10-K Annual Report.

Cash Flow [1]


	Six Months Ended June 30,
	2026		2025
Net cash provided by operating activities	$	2,234	$	2,276
Net cash used for investing activities	$	(883)	$	(1,144)
Net cash used for financing activities	$	(1,297)	$	(1,151)
Cash and restricted cash– end of period	$	203	$	219

[1] Cash activities include cash flows from Discontinued Operations; see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements for information on cash flows from Discontinued Operations

Cash provided by operating activities decreased in 2026 as compared to the prior year period primarily driven by higher operating expenses, including increased commissions and staffing costs, and an increase in P&C loss and loss adjustment expenses paid, partially offset by an increase in P&C and Employee Benefits premiums received.

Cash used for investing activities decreased in 2026 due to more cash used in financing activities and lower cash generated from operating activities.

Cash used for financing activities increased in 2026 as compared to the prior year period primarily driven by an increase in treasury stock acquired through share repurchases and an increase in dividends paid on common stock.

Operating cash flows for the six months ended June 30, 2026 has been adequate to meet liquidity requirements.

Equity Markets

For a discussion of the potential impact of the equity markets on capital and liquidity, see the Financial Risk section in this MD&A and the Financial Risk on Statutory Capital section of the MD&A in the Company's 2025 Form 10-K Annual Report.

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Ratings

Ratings are an important factor in establishing a competitive position in the insurance marketplace and impact the Company's ability to access financing and its cost of borrowing. There can be no assurance that the Company’s ratings will continue for any given period of time, or that they will not be changed. In the event the Company’s ratings are downgraded, the Company’s competitive position, ability to access financing, and its cost of borrowing, may be adversely impacted.

These ratings are not a recommendation to buy, sell or hold any of The Hartford's securities and they may be revised or withdrawn at any time at the discretion of the rating organization. Each agency's rating should be evaluated independently of any other agency's rating. The system and the number of rating categories can vary across rating agencies.

Among other factors, rating agencies consider the level of statutory capital and surplus of our U.S. insurance subsidiaries as well as the level of U.S. GAAP capital held by the Company in determining the Company's financial strength and credit ratings. Rating agencies may implement changes to their capital

formulas that have the effect of increasing the amount of capital we must hold in order to maintain our current ratings. See Risk Factors disclosed in Item 1A of Part I of the Company's 2025 Form 10-K Annual Report.


Insurance Financial Strength Ratings as of July 22, 2026
	A.M. Best	Standard & Poor’s	Moody’s
Hartford Fire Insurance Company	A+	AA-	Aa3
Hartford Life and Accident Insurance Company	A+	AA-	A1
Navigators Insurance Company	A+	AA-	Not Rated
Other Ratings:

The Hartford Insurance Group, Inc. senior debt	a	A-	A3

Statutory Capital


U.S. Statutory Capital Rollforward for the Company's Insurance Subsidiaries
	Property and Casualty Insurance Subsidiaries [1] [2]		Employee Benefits Insurance Subsidiary		Total
U.S statutory capital at January 1, 2026	$	14,437	$	2,674	$	17,111
Statutory income	1,402		285		1,687
Dividends to parent	(1,084)		(439)		(1,523)
Other items	25		(18)		7
Net change to U.S. statutory capital	343		(172)		171
U.S statutory capital at June 30, 2026	$	14,780	$	2,502	$	17,282

[1]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by HHI to Hartford Fire Insurance Company.

[2]Excludes insurance operations in the U.K.

Contingencies

Legal Proceedings

For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.

Legislative and Regulatory Developments

For a discussion regarding legislative and regulatory developments, see Part II, Item 7, MD&A - Capital Resources and Liquidity, Contingencies in the Company’s 2025 Form 10-K Annual Report.

Impact of New Accounting Standards

For a discussion of accounting standards, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report.

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Acronyms

A&E

Asbestos and Environmental

HIMCO

Hartford Investment Management Company

ABS

Asset-Backed Securities

HLA

Hartford Life and Accident Insurance Company

ACL

Allowance for Credit Losses

IBNR

Incurred But Not Reported

ADC

Adverse Development Cover

Information Technology

AFS

Available-For-Sale

LAE

Loss Adjustment Expense

ALAE

Allocated Loss Adjustment Expenses

LCL

Liability for Credit Losses

AOCI

Accumulated Other Comprehensive Income (Loss)

LTD

Long-Term Disability

CAY

Current Accident Year

LTV

Loan-to-Value

CLOs

Collateralized Loan Obligations

MD&A

Management's Discussion and Analysis of Financial Conditions and Results of Operations

CMBS

Commercial Mortgage-Backed Securities

NAIC

National Association of Insurance Commissioners

CODM

Chief Operating Decision Maker

NICO

National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. (“Berkshire”)

CPRI

Credit and Political Risk Insurance

Not Meaningful

DAC

Deferred Policy Acquisition Costs

OCI

Other Comprehensive Income

DLR

Disabled Life Reserve

OTC

Over-the-Counter

D&O

Directors and Officers

P&C

Property and Casualty

DSCR

Debt Service Coverage Ratio

PV&T

Political Violence and Terrorism

ERCC

Enterprise Risk and Capital Committee

PYD

Prior Accident Year Development

ESPP

The Hartford Employee Stock Purchase Plan

RBC

Risk-Based Capital

FASB

Financial Accounting Standards Board

RMBS

Residential Mortgage-Backed Securities

FHCF

Florida Hurricane Catastrophe Fund

ROE

Return on Equity

FHLBB

Federal Home Loan Bank of Boston

SEC

Securities and Exchange Commission

FVO

Fair Value Option

SOFR

Secured Overnight Financing Rate

GAAP

Generally Accepted Accounting Principles

TRIPRA

Terrorism Risk Insurance Program Reauthorization Act

HHI

Hartford Holdings, Inc.

ULAE

Unallocated Loss Adjustment Expenses

HIG

The Hartford Insurance Group, Inc.

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Part I - Item 4. Controls and Procedures

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s principal executive officer and its principal financial officer, based on their evaluation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) have concluded that the Company’s disclosure controls and procedures are effective for the purposes set forth in the definition thereof in Exchange Act Rule 13a-15(e) as of June 30, 2026.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting that occurred during the Company's current fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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Part II - Item 1. Legal Proceedings

Item 1.

Legal Proceedings

For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.

Item 1A.

Risk Factors

Investing in The Hartford involves risk. In deciding whether to invest in The Hartford, you should carefully consider the risk factors disclosed in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, (collectively the "Company's Risk Factors" or individually, the "Company's Risk Factor"), which is incorporated herein by

reference, any of which could have a significant or material adverse effect on the business, financial condition, operating results or liquidity of The Hartford. This information should be considered carefully together with the other information contained in this report and the other reports and materials filed by The Hartford with the SEC.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer

Repurchases of common stock by the Company during the quarter ended June 30, 2026 are set forth below. During the period from July 1, 2026 to July 22, 2026, the Company repurchased 0.8 million common shares for $109.


Repurchases of Common Stock by the Issuer for the Three Months Ended June 30, 2026
Period	Total Number of Shares Purchased [1]	Average Price Paid Per Share [2]		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs [3]
					(in millions)
April 1, 2026 - April 30, 2026	1,156,215	$	139.22	1,152,972	$	939
May 1, 2026 - May 31, 2026	1,363,019	$	134.96	1,348,242	$	759
June 1, 2026 - June 30, 2026	867,852	$	129.60	864,940	$	648
Total	3,387,086	$	135.04	3,366,154

[1]Includes 20,932 shares in net settlement of employee tax withholding obligations related to equity awards under the Company's incentive stock plans, which were not part of publicly announced share repurchase authorizations. The Company paid an average price per share of $137.05 in employee tax withholding obligations related to net share settlements in the three months ended June 30, 2026.

[2]Average price paid per share includes the purchase price of shares acquired and direct costs to acquire shares, including commissions and accrued 1% excise taxes.

[3]On July 25, 2024, the Board of Directors approved a share repurchase authorization for up to $3.3 billion effective from August 1, 2024 to December 31, 2026. In addition, on July 23, 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028, which is not reflected in the table above. The timing of any repurchases is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations. Share repurchase authorization does not include commissions or 1% excise tax costs.

Item 5.

Other Information

The Rule 10b5-1 trading arrangement adopted by Adin M. Tooker, President, on August 25, 2025 became fully exercised and therefore terminated on May 27, 2026.

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Part II - Item 6. Exhibits

Item 6.

Exhibits

The Hartford Insurance Group, Inc.

For the Quarter Ended June 30, 2026

Form 10-Q

Exhibits Index

Exhibit No.

Description

Form

File No.

Exhibit No.

Filing Date

3.1

Amended and Restated Certificate of Incorporation of The Hartford Insurance Group, Inc. ("The Hartford"), as filed with the Delaware Secretary of State on February 6, 2025.

8-K

001-13958

3.1

02/06/2025

3.2

Amended and Restated By-laws of The Hartford, effective February 6, 2025.

8-K

001-13958

3.1

02/06/2025

15.01

Deloitte & Touche LLP Letter of Awareness.**

31.01

Certification of Christopher J. Swift pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

31.02

Certification of Beth A. Costello pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

32.01

Certification of Christopher J. Swift pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

32.02

Certification of Beth A. Costello pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema.**

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase.**

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase.**

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase.**

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase.**

104

The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL.

Filed with the Securities and Exchange Commission as an exhibit to this report.

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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.

The Hartford Insurance Group, Inc.

(Registrant)

Date:

July 23, 2026

/s/ Allison G. Niderno

Allison G. Niderno

Senior Vice President and Controller

(Chief accounting officer and duly
authorized signatory)

110

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-15.01