Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2024

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)


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

The Hartford Financial Services Group, Inc.

One Hartford Plaza, Hartford, Connecticut 06155

(Address of Principal Executive Offices) (Zip Code)

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

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

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

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

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

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

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


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

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

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

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition

On February 1, 2024, The Hartford Financial Services Group, Inc. (the "Company") issued (i) a news release announcing its financial results for the quarterly period ended December 31, 2023, and (ii) its Investor Financial Supplement (“IFS”) relating to its financial results for the quarterly period ended December 31, 2023. Copies of the news release and the IFS are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

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


Item 9.01			Financial Statements and Exhibits


Exhibit No.

99.1			New s Release of The Hartford Financial Services Group, Inc. dated February 1 , 2024

99.2			Investor Financial Supplement of The Hartford Financial Services Group, Inc. for the quarterly period ended December 31 , 2023

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

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

SIGNATURE

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


Date:	February 1, 2024	By:	/s/ Allison G. Niderno
		Name:	Allison G. Niderno
		Title:	Senior Vice President and Controller

NEWS RELEASE

The Hartford Announces Outstanding Fourth Quarter And Full Year 2023 Financial Results

•Fourth quarter 2023 net income available to common stockholders of $766 million ($2.51 per diluted share) increased 30% from $587 million ($1.82 per diluted share) over the same period in 2022. Core earnings* of $935 million ($3.06 core earnings per diluted share*) increased 25% from $749 million ($2.32 core earnings per diluted share) over the same period in 2022.

•Full year 2023 net income available to common stockholders of $2.5 billion ($7.97 per diluted share) and core earnings of $2.8 billion ($8.88 core earnings per diluted share).

•Net income ROE of 17.5% and core earnings ROE* of 15.8%.

•Property & Casualty (P&C) written premiums rose 10% in fourth quarter and full year 2023, driven by Commercial Lines and Personal Lines premium growth of 9% and 12% in the quarter, respectively, and 10% and 8% in the full year, respectively. Group Benefits fully insured ongoing premium growth of 6% in fourth quarter and 7% in the full year.

•Commercial Lines fourth quarter combined ratio of 84.7 and underlying combined ratio* of 86.6. Full year 2023 combined ratio of 89.6 and underlying combined ratio of 87.8.

•Group Benefits fourth quarter net income margin of 9.9% and core earnings margin* of 9.8%. Full year net income margin of 7.7% and core earnings margin of 8.1%.

•Returned $479 million to stockholders in the fourth quarter, including $350 million of shares repurchased and $129 million in common stockholder dividends paid. For the full year, returned $1.9 billion to stockholders, including $1.4 billion of shares repurchased and $528 million in common stockholder dividends paid.

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

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

HARTFORD, Conn., Feb. 1, 2024 – The Hartford (NYSE: HIG) today announced financial results for the fourth quarter and year ended Dec. 31, 2023.

“Fourth quarter and full year 2023 results were simply outstanding, demonstrating the effectiveness of our strategy, and our ability to consistently execute,” said The Hartford’s Chairman and CEO Christopher Swift. “Our 2023 core earnings ROE of 15.8 percent reflects exceptional underwriting in Commercial Lines, record core earnings from Group Benefits, and continued solid performance from our investment portfolio.”

The Hartford's Chief Financial Officer Beth Costello said, “Commercial Lines had a superb quarter with an underlying combined ratio of 86.6. Personal Lines achieved sustained double-digit written pricing increases with acceleration in auto to 21.9 percent in the quarter, responding to the dynamic loss cost environment. Group Benefits continues to deliver excellent results driven by 6 percent growth in fully insured ongoing premiums and a core earnings margin of 9.8 percent. Our investment performance remains strong benefiting from attractive new money yields and a diversified portfolio of assets. We are actively managing our capital and returned $479 million through repurchases and dividends in the quarter contributing to total capital return of $6.2 billion to shareholders over the last three years.”

Swift continued, “Building on another quarter and full year of exceptional performance, we are well positioned to sustain these results in 2024. Our diverse yet complementary portfolio of businesses, coupled with our ongoing investments in growth and innovation, give me great confidence in our ability to deliver for customers and sustain industry leading core earnings ROEs anchored at 15 percent.”

CONSOLIDATED RESULTS:


	Three Months Ended			Twelve Months Ended
($ in millions except per share data)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net income available to common stockholders	$766	$587	30%	$2,483	$1,798	38%
Net income available to common stockholders per diluted share1	$2.51	$1.82	38%	$7.97	$5.46	46%

Core earnings	$935	$749	25%	$2,767	$2,496	11%
Core earnings per diluted share	$3.06	$2.32	32%	$8.88	$7.58	17%

Book value per diluted share				$49.43	$41.67	19%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2				$58.83	$53.66	10%

Net income available to common stockholders' return on equity (ROE)3, last 12-months				17.5%	11.7%	5.8
Core earnings ROE3, last 12-months				15.8%	14.5%	1.3

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

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

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

Fourth quarter 2023 net income available to common stockholders of $766 million, or $2.51 per diluted share, improved compared with $587 million in fourth quarter 2022, primarily due to a higher P&C underwriting gain, including strong premium growth in Commercial Lines, and improvement in the Group Benefits loss ratio, with premium growth in both group life and disability, partially offset by a change to net realized losses in the 2023 period compared to net realized gains in the 2022 period. Included in the fourth quarter 2023 net income was a charge for a deferred gain on retroactive reinsurance of $194 million, before tax, related to asbestos and environmental reserves compared to a charge of $229 million, before tax, in fourth quarter 2022.

Fourth quarter 2023 core earnings of $935 million, or $3.06 per diluted share, compared with $749 million of core earnings in fourth quarter 2022. Contributing to the results were:

•An increase in earnings generated by 9% growth in P&C earned premium and 6% growth in Group Benefits fully insured ongoing premium.

•Net favorable prior accident year development (PYD) in core earnings of $102 million, before tax, in 2023, compared with net favorable PYD of $46 million in core earnings in 2022. Among other changes, net favorable PYD in 2023 primarily included reserve reductions in workers' compensation, catastrophes, and bond, partially offset by reserve increases in assumed reinsurance and commercial auto liability.

•Group Benefits loss ratio of 69.9% improved 3.5 points compared with 73.4% primarily due to improved mortality and favorable long-term disability recoveries.

•P&C current accident year (CAY) catastrophe (CAT) losses of $81 million, before tax, in fourth quarter 2023, compared with CAY CAT losses of $135 million in fourth quarter 2022.

•Commercial Lines loss and loss adjustment expense ratio of 54.2 improved 3.2 points compared with 57.4 in fourth quarter 2022, including 2.1 points of lower CATs, and 1.4 points of more favorable PYD. Underlying loss and loss adjustment expense ratio*

increased 0.4 points, to 56.1 in fourth quarter 2023 from 55.7 in fourth quarter 2022, primarily due to a slightly higher loss ratio in workers' compensation, auto, and environmental, partially offset by lower net non-CAT property losses driven by Small Commercial.

•Personal Lines loss and loss adjustment expense ratio of 76.6 compared with 74.4 in fourth quarter 2022, including a change from unfavorable PYD of 0.1 points in fourth quarter 2022 to favorable PYD of 0.9 points in fourth quarter 2023, and 0.2 points of lower CATs. Underlying loss and loss adjustment expense ratio of 74.9 in fourth quarter 2023 compared with 71.5 in fourth quarter 2022, with the increase largely due to higher severity in auto liability and physical damage, partially offset by double-digit earned pricing increases benefiting both auto and homeowners.

•The expense ratios improved across P&C and Group Benefits from fourth quarter 2022, driven by the impact of higher earned premium, lower incentive compensation, and incremental savings from Hartford Next initiatives, partially offset by investments in technology and higher staffing costs.

•Net investment income of $653 million, before tax, compared with $640 million in fourth quarter 2022, driven by higher yields on the fixed income portfolio, partially offset by a decrease of $87 million in income from limited partnerships and other alternative investments (LPs).

Full year 2023 net income available to common stockholders of $2.5 billion, or $7.97 per diluted share, compared with $1.8 billion in the 2022 period, primarily due to lower net realized losses, improvements in both the group life and disability loss ratios, as well as an increase in earned premiums, higher net investment income, and a higher P&C underwriting gain. Included in 2023 net income was a charge for a deferred gain on retroactive reinsurance of $194 million, before tax, related to asbestos and environmental reserves compared to a charge of $229 million, before tax, in 2022.

Full year 2023 core earnings of $2.8 billion, or $8.88 per diluted share, compared with $2.5 billion of core earnings in the 2022 period. Contributing to the results were:

•An increase in earnings generated by 9% growth in P&C earned premium and a 7% increase in Group Benefits fully insured ongoing premium.

•Net investment income of $2.3 billion, before tax, compared with $2.2 billion in 2022, driven by higher yields on the fixed income portfolio, partially offset by a decrease of $303 million in income from LPs.

•Group Benefits loss ratio of 71.8% improved 2.7 points compared with 74.5% primarily due to improved mortality and favorable long-term disability claim incidence and recoveries.

•Net favorable PYD in core earnings of $184 million, before tax, in 2023, compared with net favorable PYD of $193 million in core earnings in 2022. Among other changes, net favorable PYD in 2023 primarily included reserve reductions in workers' compensation, catastrophes, bond, and package business, partially offset by reserve increases in general liability and assumed reinsurance.

•Commercial Lines loss and loss adjustment expense ratio of 58.3 compared with 58.4 in 2022, including lower CATs of 0.5 points and less favorable PYD of 0.3 points. Underlying loss and loss adjustment expense ratio of 56.5 in 2023 compared with 56.4 in 2022, driven by a slightly higher loss ratio in workers' compensation, as expected, offset by lower non-CAT property losses in Middle & Large Commercial.

•Personal Lines loss and loss adjustment expense ratio of 82.2 compared with 73.4 in 2022, including a 0.8 point change from favorable PYD in 2022 to unfavorable PYD in

2023 and 0.7 points of higher CATs. Underlying loss and loss adjustment expense ratio of 74.1 in 2023 compared with 66.8 in 2022, with the increase largely due to higher severity in auto liability and physical damage, and higher non-CAT homeowners losses, partially offset by double-digit earned pricing increases benefiting both auto and homeowners.

•The expense ratios improved across P&C and Group Benefits, driven by the impact of higher earned premium, lower incentive compensation, incremental savings from Hartford Next initiatives and lower marketing expense in Personal Lines, partially offset by investments in technology and higher staffing costs.

•P&C CAY CAT losses of $676 million, before tax, in 2023, compared with $649 million in 2022.

Dec. 31, 2023, book value per diluted share of $49.43 increased 18.6%, from $41.67 at Dec. 31, 2022, principally due to net income in excess of stockholder dividends through Dec. 31, 2023, and improved net unrealized losses on investments within AOCI driven by tighter credit spreads, partially offset by the dilutive effect of share repurchases.

Book value per diluted share (excluding AOCI) of $58.83 as of Dec. 31, 2023, increased 9.6%, from $53.66 at Dec. 31, 2022, as the impact from net income in excess of stockholder dividends through Dec. 31, 2023 was partially offset by the dilutive effect of share repurchases.

Net income available to common stockholders' ROE (net income ROE) for the 12-month period ending Dec. 31, 2023, was 17.5%, an increase of 5.8 points from fourth quarter 2022, primarily due to an increase in 12-month trailing net income available to common stockholders, and an increase in average net unrealized losses on investments in AOCI.

Core earnings ROE for the 12-month period ending Dec. 31, 2023, was 15.8%, an increase of 1.3 points from fourth quarter 2022 due to higher trailing 12-month core earnings.

BUSINESS RESULTS:

Commercial Lines


	Three Months Ended			Twelve Months Ended
($ in millions, unless otherwise noted)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net income	$687	$566	21%	$2,085	$1,624	28%
Core earnings	$723	$562	29%	$2,194	$1,925	14%
Written premiums	$2,990	$2,733	9%	$12,279	$11,158	10%
Underwriting gain1	$466	$304	53%	$1,212	$1,032	17%
Underlying underwriting gain1	$408	$350	17%	$1,423	$1,242	15%
Losses and loss adjustment expense ratio
Current accident year before catastrophes	56.1	55.7	0.4	56.5	56.4	0.1
Current accident year catastrophes	2.0	4.1	(2.1)	3.7	4.2	(0.5)
Favorable prior accident year development	(3.9)	(2.5)	(1.4)	(1.9)	(2.2)	0.3
Expenses	30.2	31.3	(1.1)	31.0	31.6	(0.6)
Policyholder dividends	0.3	0.3	—	0.3	0.3	—

Combined ratio	84.7	89.0	(4.3)	89.6	90.2	(0.6)
Impact of catastrophes and PYD on combined ratio	1.9	(1.6)	3.5	(1.8)	(2.0)	0.2

Underlying combined ratio	86.6	87.4	(0.8)	87.8	88.3	(0.5)

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

Fourth quarter 2023 net income of $687 million compared with net income of $566 million in fourth quarter 2022, principally due to a higher underwriting gain driven by the impact of earned premium growth, lower CAY CAT losses, and more favorable PYD, as well as higher net investment income, partially offset by greater net realized losses.

Commercial Lines core earnings of $723 million in fourth quarter 2023 compared with $562 million in fourth quarter 2022. Contributing to the results were:

•10% growth in earned premium.

•CAY CAT losses of $60 million, before tax, in fourth quarter 2023, primarily from tornado, wind and hail events across several regions of the United States, down from CAY CAT losses of $114 million in fourth quarter 2022, which included $151 million from Winter Storm Elliott and $56 million of favorable development on prior quarter catastrophes.

•Net favorable PYD within core earnings of $118 million, before tax, in fourth quarter 2023, compared with $68 million of net favorable PYD within core earnings in fourth quarter 2022. The net favorable PYD in fourth quarter 2023 primarily includes reserve reductions in workers’ compensation, catastrophes and bond, partially offset by reserve increases in assumed reinsurance and auto liability.

•An underlying loss and loss adjustment expense ratio of 56.1, in fourth quarter 2023 compared with 55.7 in fourth quarter 2022, principally due to a slightly higher loss ratio in workers' compensation, auto, and environmental, partially offset by lower net non-CAT property losses driven by Small Commercial.

•Net investment income of $435 million, before tax, compared with $411 million in fourth quarter 2022.

Combined ratio of 84.7 in fourth quarter 2023, improved 4.3 points compared with 89.0 in fourth quarter 2022, primarily due to 2.1 points of lower CAY CAT losses, 1.4 points of more favorable PYD, and a 0.8 point decrease in the underlying combined ratio. Underlying combined ratio of 86.6 improved from 87.4 in fourth quarter 2022 primarily due to a 1.1 point decrease in the expense ratio, partially offset by a 0.4 point increase in the underlying loss and loss adjustment expense ratio.

•Small Commercial combined ratio of 84.0 compared with 89.4 in fourth quarter 2022, including 2.9 points of lower CAY CATs and 0.7 points of more favorable PYD. Underlying combined ratio of 85.8 compared with 87.5 in fourth quarter 2022, primarily due to lower non-CAT property losses and a lower expense ratio, partially offset by higher loss ratios in workers' compensation.

•Middle & Large Commercial combined ratio of 89.3 compared with 91.8 in fourth quarter 2022, including 3.0 points of lower CAY CATs, partially offset by 0.3 points of less favorable PYD. Underlying combined ratio of 90.3, a slight increase of 0.1 points from 90.2 in fourth quarter 2022, due to an increase in the loss ratio for commercial auto and higher non-CAT property losses, largely offset by a lower expense ratio.

•Global Specialty combined ratio of 79.6 improved from 84.1 in fourth quarter 2022, benefiting from a 4.6 point increase in favorable PYD. The underlying combined ratio of 82.9 improved 0.1 points from fourth quarter 2022, primarily due to a lower loss ratio in U.S. wholesale and a lower expense ratio, partially offset by a higher loss ratio in environmental.

•The Commercial Lines expense ratio of 30.2 improved 1.1 points from fourth quarter 2022, driven by the impact of higher earned premium, lower incentive compensation and

incremental savings from Hartford Next initiatives, partially offset by investments in technology.

Fourth quarter 2023 written premiums of $3.0 billion were up 9% from fourth quarter 2022, with increases across the segment, including continued expansion in property lines, strong growth in new business, including a 28% increase in Middle & Large Commercial, and the effect of renewal written price increases, as well as growth in assumed reinsurance.

Personal Lines


	Three Months Ended			Twelve Months Ended
($ in millions, unless otherwise noted)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net income (loss)	$34	$44	(23%)	($39)	$91	NM
Core earnings (loss)	$36	$42	(14%)	($29)	$119	NM
Written premiums	$780	$695	12%	$3,198	$2,961	8%
Underwriting gain (loss)	$(10)	$7	NM	$(230)	$(9)	NM
Underlying underwriting gain	$4	$29	(86%)	$21	$186	(89%)
Losses and loss adjustment expense ratio
Current accident year before catastrophes	74.9	71.5	3.4	74.1	66.8	7.3
Current accident year catastrophes	2.6	2.8	(0.2)	7.8	7.1	0.7
Unfavorable (favorable) prior accident year development	(0.9)	0.1	(1.0)	0.4	(0.4)	0.8
Expenses	24.6	24.7	(0.1)	25.2	26.9	(1.7)
Combined ratio	101.2	99.1	2.1	107.5	100.3	7.2
Impact of catastrophes and PYD on combined ratio	(1.7)	(2.9)	1.2	(8.2)	(6.7)	(1.5)
Underlying combined ratio	99.5	96.2	3.3	99.3	93.7	5.6

Net income of $34 million in fourth quarter 2023 compared with net income of $44 million in fourth quarter 2022, driven by lower underwriting results, and a change from net realized gains to net realized losses, partially offset by an increase in net investment income.

Personal Lines core earnings of $36 million compared with $42 million of core earnings in fourth quarter 2022. Contributing to the results were:

•An underlying loss and loss adjustment expense ratio of 74.9 in fourth quarter 2023 compared with 71.5 in fourth quarter 2022, with the increase primarily driven by higher severity in auto liability and physical damage, partially offset by double-digit earned pricing increases in auto and homeowners.

•Net investment income of $52 million, before tax, in fourth quarter 2023 compared with $41 million in fourth quarter 2022.

•$7 million, before tax, of favorable PYD in fourth quarter of 2023, compared with $1 million unfavorable PYD in fourth quarter 2022. The net favorable PYD in fourth quarter 2023 is driven by a reserve reduction in homeowners.

Combined ratio of 101.2 in fourth quarter 2023, compared with 99.1 in fourth quarter 2022, primarily due to a 3.4 point increase in the underlying loss and loss adjustment expense ratio, partially offset by a 1.0 point change from unfavorable PYD in fourth quarter 2022 to favorable in fourth quarter 2023, and a 0.2 point decrease in the CAY CAT ratio. Underlying combined ratio of 99.5 compared with 96.2 in fourth quarter 2022, primarily due to an increase in the underlying loss and loss adjustment expense ratio in auto, partially offset by a lower non-CAT CAY homeowners loss ratio, and a slight improvement in the expense ratio.

•Auto combined ratio of 113.7 compared with 108.6 in fourth quarter 2022. The underlying combined ratio of 113.5 increased from 108.9 in fourth quarter 2022, primarily due to an increase in auto liability and physical damage severity, partially offset by an increase in earned pricing.

•Homeowners combined ratio of 72.7 compared with 78.1 in fourth quarter 2022. The underlying combined ratio of 67.3 improved from 68.3 in fourth quarter 2022, primarily due to a lower expense ratio, and the effect of double-digit earned pricing increases which more than offset the change in weather and non-weather loss costs.

The expense ratio of 24.6 improved 0.1 points from fourth quarter 2022, primarily driven by the impact of higher earned premium, partially offset by higher direct marketing costs.

Written premiums in fourth quarter 2023 were $780 million compared with $695 million in fourth quarter 2022 with:

•Renewal written price increases in auto and homeowners of 21.9% and 14.7%, respectively, in response to increased loss cost trends.

•An increase in new business in both auto and homeowners. Auto new business premium increased $24 million, or 59%, over fourth quarter 2022.

•Modestly lower effective policy count retention, driven by renewal written price increases.

Group Benefits


	Three Months Ended			Twelve Months Ended
($ in millions, unless otherwise noted)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net income	$176	$143	23%	$535	$327	64%
Core earnings	$174	$144	21%	$567	$430	32%
Fully insured ongoing premiums	$1,590	$1,498	6%	$6,290	$5,858	7%
Loss ratio	69.9%	73.4%	(3.5)	71.8%	74.5%	(2.7)
Expense ratio	24.2%	25.0%	(0.8)	24.3%	25.3%	(1.0)
Net income margin	9.9%	8.4%	1.5	7.7%	5.1%	2.6
Core earnings margin	9.8%	8.5%	1.3	8.1%	6.5%	1.6

Net income of $176 million in fourth quarter 2023 increased from $143 million in fourth quarter 2022, largely driven by improved group life and disability loss ratios, a lower expense ratio, and earnings generated from growth in fully insured ongoing premium, partially offset by lower net investment income. Core earnings were $174 million, up from $144 million in fourth quarter 2022, consistent with the growth in net income.

Fully insured ongoing premiums were up 6% compared with fourth quarter 2022, driven by strong persistency and new business sales as well as an increase in exposure on existing accounts. Fully insured ongoing sales were $71 million in fourth quarter 2023, compared to $102 million in fourth quarter 2022, due to a decrease in large account sales.

Loss ratio of 69.9% decreased 3.5 points from fourth quarter 2022.

•Group life loss ratio of 83.0% improved 6.1 points largely driven by a lower level of mortality.

•Group disability loss ratio was 63.6% compared with 65.5% in fourth quarter 2022 primarily due to continued strong long-term disability claim recoveries, partially offset by higher short-term disability and Paid Family Leave loss incidence.

Expense ratio of 24.2 improved 0.8 points from fourth quarter 2022, primarily due to the effect of higher earned premiums, incremental expense savings from Hartford Next, and lower incentive compensation, partially offset by higher staffing costs.

Net investment income of $125 million, before tax, compared with $154 million in fourth quarter 2022, primarily driven by lower income from LPs, partially offset by higher yields on the fixed income portfolio.

Hartford Funds


	Three Months Ended			Twelve Months Ended
($ in millions, unless otherwise noted)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net income	$47	$45	4%	$174	$162	7%
Core earnings	$39	$39	0%	$165	$180	(8)%
Daily average Hartford Funds AUM	$124,676	$124,087	0%	$127,019	$135,124	(6)%
Mutual Funds and exchange-traded funds (ETF) net flows	$(2,963)	$(3,293)	10%	$(7,027)	$(7,951)	12%
Total Hartford Funds AUM	$131,025	$124,107	6%	$131,025	$124,107	6%

Fourth quarter 2023 net income of $47 million, compared to $45 million in fourth quarter 2022, primarily resulting from higher net investment income and an increase in net realized gains, partially offset by a slight increase in expenses.

Core earnings of $39 million was flat compared with fourth quarter 2022.

Daily average AUM of $125 billion in fourth quarter 2023 was relatively flat with a $0.6 billion increase from fourth quarter 2022.

Mutual fund and ETF net outflows totaled $3.0 billion in fourth quarter 2023, compared with net outflows of $3.3 billion in fourth quarter 2022.

Corporate


	Three Months Ended			Twelve Months Ended
($ in millions, unless otherwise noted)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net loss	$(19)	$(22)	14%	$(121)	$(195)	38%
Net loss available to common stockholders	$(24)	$(27)	11%	$(142)	$(216)	34%
Core loss	$(36)	$(33)	(9)%	$(158)	$(161)	2%
Other revenue	$0	$0	—%	$2	$1	100%
Net investment income, before tax	$17	$13	31%	$47	$26	81%


Interest expense and preferred dividends, before tax	$54	$55	(2)%	$220	$234	(6)%

Net loss available to common stockholders of $24 million in fourth quarter 2023 compared with $27 million in fourth quarter 2022, primarily driven by an increase in net realized gains and net investment income.

Fourth quarter 2023 core loss of $36 million compared with a fourth quarter 2022 core loss of $33 million, primarily due to lower fee income and an increase in operating expenses, partially offset by an increase in net investment income.

INVESTMENT INCOME AND PORTFOLIO DATA:


	Three Months Ended			Twelve Months Ended
($ in millions, unless otherwise noted)	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change

Net investment income, before tax	$653	$640	2%	$2,305	$2,177	6%
Annualized investment yield, before tax	4.5%	4.6%	(0.1)	4.1%	3.9%	0.2
Annualized investment yield, before tax, excluding LPs1	4.3%	3.7%	0.6	4.0%	3.2%	0.8
Annualized LP yield, before tax	7.0%	16.8%	(9.8)	4.8%	14.4%	(9.6)
Annualized investment yield, after tax	3.7%	3.7%	0.0	3.3%	3.2%	0.1

Fourth quarter 2023 consolidated net investment income of $653 million compared with $640 million in fourth quarter 2022, largely driven by higher yields on the fixed income portfolio, partially offset by lower income from LPs.

Fourth quarter 2023 included $82 million, before tax, of LP income as compared with $169 million in fourth quarter 2022. Annualized LP yield, before tax, of 7.0% compared to 16.8% in fourth quarter 2022. The change is due to lower income from sales of underlying real estate properties in fourth quarter 2023 compared with the 2022 period.

Net realized losses of $27 million, before tax, in fourth quarter 2023 compared to net realized gains of $22 million, before tax, in fourth quarter 2022 primarily due to lower net gains on equity securities.

Total invested assets of $55.9 billion increased $3.4 billion from Dec. 31, 2022, primarily due to an increase in fixed maturities, available-for-sale, at fair value and LPs, partially offset by a decrease in equity securities, at fair value.

CONFERENCE CALL

The Hartford will discuss its fourth quarter and full year 2023 financial results on a webcast at 9:00 a.m. EST on Friday, Feb. 2, 2024. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.

More detailed financial information can be found in The Hartford's Investor Financial Supplement for Dec. 31, 2023, and the fourth quarter 2023 Financial Results Presentation, both of which are available at https://ir.thehartford.com.

About The Hartford

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

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read https://www.thehartford.com/legal-notice.

HIG-F

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

Media Contacts: Investor Contact:

Michelle Loxton Susan Spivak Bernstein

860-547-7413 860-547-6233

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

Matthew Sturdevant

860-547-8664

matthew.sturdevant@thehartford.com


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended December 31, 2023
($ in millions)
	Commercial Lines		Personal Lines		P&C Other Ops		Group Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	3,038	$	804	$	—	$	1,591	$	—	$	—	$	5,433
Fee income	10		8		—		56		240		9		323
Net investment income	435		52		18		125		6		17		653
Net realized gains (losses)	(48)		(5)		(1)		—		8		19		(27)
Other revenue	1		17		—		—		—		—		18
Total revenues	3,436		876		17		1,772		254		45		6,400
Benefits, losses, and loss adjustment expenses	1,646		616		217		1,152		—		2		3,633
Amortization of DAC	468		58		—		8		—		—		534
Insurance operating costs and other expenses	464		160		(4)		381		196		17		1,214
Restructuring and other costs	—		—		—		—		—		2		2

Interest expense	—		—		—		—		—		49		49
Amortization of other intangible assets	8		—		—		10		—		—		18
Total benefits, losses and expenses	2,586		834		213		1,551		196		70		5,450
Income (loss) before income taxes	850		42		(196)		221		58		(25)		950
Income tax expense (benefit)	163		8		(42)		45		11		(6)		179

Net income (loss)	687		34		(154)		176		47		(19)		771
Preferred stock dividends	—		—		—		—		—		5		5
Net income (loss) available to common stockholders	687		34		(154)		176		47		(24)		766
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax	41		3		1		(2)		(8)		(19)		16

Restructuring and other costs, before tax											2		2
Integration and other non-recurring M&A costs, before tax	1		—		—		1		—		—		2
Change in deferred gain on retroactive reinsurance, before tax	—		—		194		—		—		—		194
Income tax expense (benefit)	(6)		(1)		(42)		(1)		—		5		(45)
Core earnings (loss)	$	723	$	36	$	(1)	$	174	$	39	$	(36)	$	935


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended December 31, 2022
($ in millions)
	Commercial Lines		Personal Lines		P&C Other Ops		Group Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	2,767	$	754	$	—	$	1,498	$	—	$	—	$	5,019
Fee income	10		7		—		48		241		12		318
Net investment income	411		41		17		154		4		13		640
Net realized gains (losses)	(1)		3		1		1		7		11		22
Other revenue	—		17		—		—		—		—		17
Total revenues	3,187		822		18		1,701		252		36		6,016
Benefits, losses, and loss adjustment expenses	1,588		561		250		1,135		—		3		3,537
Amortization of DAC	408		58		—		7		—		—		473
Insurance operating costs and other expenses	471		148		2		371		195		13		1,200


Restructuring and other costs	—		—		—		—		—		3		3
Interest expense	—		—		—		—		—		50		50
Amortization of other intangible assets	8		—		—		10		—		—		18
Total benefits, losses and expenses	2,475		767		252		1,523		195		69		5,281
Income (loss) before income taxes	712		55		(234)		178		57		(33)		735
Income tax expense (benefit)	146		11		(50)		35		12		(11)		143


Net income (loss)	566		44		(184)		143		45		(22)		592
Preferred stock dividends	—		—		—		—		—		5		5
Net income (loss) available to common stockholders	566		44		(184)		143		45		(27)		587
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax	1		(3)		(1)		(2)		(7)		(10)		(22)


Restructuring and other costs	—		—		—		—		—		3		3
Integration and other non-recurring M&A costs, before tax	3		—		—		2		—		—		5
Change in deferred gain on retroactive reinsurance, before tax	—		—		229		—		—		—		229

Income tax expense (benefit)	(8)		1		(49)		1		1		1		(53)

Core earnings (loss)	$	562	$	42	$	(5)	$	144	$	39	$	(33)	$	749


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Year Ended December 31, 2023
($ in millions)
	Commercial Lines		Personal Lines		P&C Other Ops		Group Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	11,641	$	3,087	$	—	$	6,298	$	—	$	—	$	21,026
Fee income	41		30		—		217		973		39		1,300
Net investment income	1,532		171		69		469		17		47		2,305
Net realized gains (losses)	(156)		(16)		(7)		(45)		10		26		(188)
Other revenue	1		81		—		—		—		2		84
Total revenues	13,059		3,353		62		6,939		1,000		114		24,527
Benefits, losses, and loss adjustment expenses	6,786		2,538		224		4,683		—		7		14,238
Amortization of DAC	1,779		231		—		34		—		—		2,044
Insurance operating costs and other expenses	1,878		636		4		1,514		781		68		4,881


Restructuring and other costs	—		—		—		—		—		6		6
Interest expense	—		—		—		—		—		199		199
Amortization of other intangible assets	29		2		—		40		—		—		71
Total benefits and expenses	10,472		3,407		228		6,271		781		280		21,439
Income (loss) before income taxes	2,587		(54)		(166)		668		219		(166)		3,088
Income tax expense (benefit)	502		(15)		(36)		133		45		(45)		584


Net income (loss)	2,085		(39)		(130)		535		174		(121)		2,504
Preferred stock dividends	—		—		—		—		—		21		21
Net Income (loss) available to common stockholders	2,085		(39)		(130)		535		174		(142)		2,483
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax	132		13		6		37		(10)		(26)		152


Restructuring costs, before tax	—		—		—		—		—		6		6
Integration and other non-recurring M&A costs, before tax	4		—		—		4		—		—		8

Change in deferred gain on retroactive reinsurance, before tax	—		—		194		—		—		—		194
Income tax expense (benefit)	(27)		(3)		(42)		(9)		1		4		(76)

Core earnings (loss)	$	2,194	$	(29)	$	28	$	567	$	165	$	(158)	$	2,767


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Year Ended December 31, 2022
($ in millions)
	Commercial Lines		Personal Lines		P&C Other Ops		Group Benefits		Hartford Funds		Corporate		Consolidated
Earned premiums	$	10,571	$	2,949	$	—	$	5,870	$	—	$	—	$	19,390
Fee income	39		30		—		187		1,044		49		1,349
Net investment income	1,415		140		63		524		9		26		2,177
Net realized losses	(385)		(35)		(16)		(122)		(24)		(45)		(627)
Other revenue (loss)	(1)		73		—		—		—		1		73
Total revenues	11,639		3,157		47		6,459		1,029		31		22,362
Benefits, losses, and loss adjustment expenses	6,169		2,164		280		4,517		—		8		13,138
Amortization of DAC	1,563		228		—		33		—		—		1,824
Insurance operating costs and other expenses	1,828		650		9		1,467		826		61		4,841

Restructuring and other costs	—		—		—		—		—		13		13
Interest expense	—		—		—		—		—		213		213
Amortization of other intangible assets	29		2		—		40		—		—		71
Total benefits and expenses	9,589		3,044		289		6,057		826		295		20,100
Income (loss) before income taxes	2,050		113		(242)		402		203		(264)		2,262
Income tax expense (benefit)	426		22		(52)		75		41		(69)		443


Net income (loss)	1,624		91		(190)		327		162		(195)		1,819
Preferred stock dividends	—		—		—		—		—		21		21
Net income (loss) available to common stockholders	1,624		91		(190)		327		162		(216)		1,798
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax	383		35		16		122		24		46		626
Loss on extinguishment of debt, before tax	—		—		—		—		—		9		9

Restructuring costs, before tax	—		—		—		—		—		13		13
Integration and other non-recurring M&A costs, before tax	13		—		—		8		—		—		21

Change in deferred gain on retroactive reinsurance, before tax	—		—		229		—		—		—		229
Income tax expense (benefit)	(95)		(7)		(52)		(27)		(6)		(13)		(200)

Core earnings (loss)	$	1,925	$	119	$	3	$	430	$	180	$	(161)	$	2,496

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

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

The Hartford uses non-GAAP financial measures in this news release to assist investors in analyzing the company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this news release can be found below and in The Hartford's Investor Financial Supplement for fourth quarter 2023, which is available on The Hartford's website, https://ir.thehartford.com.

Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Group Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure. A reconciliation of the annualized investment yield to annualized investment yield excluding limited partnerships and other alternatives investments for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022 is provided in the table below.


	Three Months Ended
	Dec 31 2023		Dec 31 2022
	Consolidated
Annualized investment yield	4.5	%	4.6	%
Adjustment for income from limited partnerships and other alternative investments	(0.2)	%	(0.9)	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.3	%	3.7	%


	Twelve Months Ended
	Dec 31 2023		Dec 31 2022
	Consolidated
Annualized investment yield, before tax	4.1	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	(0.1)	%	(0.7)	%
Annualized investment yield excluding limited partnerships and other alternative investments, before tax	4.0	%	3.2	%

Book value per diluted share (excluding AOCI) - This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. A reconciliation of book value per diluted share to book value per diluted share (excluding AOCI) is provided in the table below.


	As of
	Dec 31 2023	Dec 31 2022	Change
Book value per diluted share	$49.43	$41.67	19%
Per diluted share impact of AOCI	$9.40	$11.99	(22%)
Book value per diluted share (excluding AOCI)	$58.83	$53.66	10%

Core earnings - The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:

•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.

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

•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.

•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.

•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.

•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.

•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.

•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.

•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.

In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.

Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.

A reconciliation of net income (loss) to core earnings for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022, is included in this news release. A reconciliation of net income (loss) to core earnings for individual reporting segments can be found in this news release under the heading "The Hartford Financial Services Group, Inc. Consolidating Income Statements" and in The Hartford's Investor Financial Supplement for the quarter ended Dec. 31, 2023.

Core earnings margin - The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022, is set forth below.


	Three Months Ended			Twelve Months Ended
Margin	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Net income margin	9.9%	8.4%	1.5	7.7%	5.1%	2.6
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax	(0.1)%	(0.1)%	—	0.4%	1.8%	(1.4)
Integration and other non-recurring M&A costs, before tax	0.1%	0.1%	—	0.1%	0.1%	—
Income tax expense (benefit) on items excluded from core earnings	(0.1)%	0.1%	(0.2)	(0.1)%	(0.5)%	0.4

Core earnings margin	9.8%	8.5%	1.3	8.1%	6.5%	1.6

Core earnings per diluted share - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted common share to core earnings per diluted share for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022 is provided in the table below.


	Three Months Ended			Twelve Months Ended
	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
PER SHARE DATA
Diluted earnings per common share:
Net income available to common stockholders per share1	$2.51	$1.82	38%	$7.97	$5.46	46%


Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses, excluded from core earnings, before tax	0.05	(0.07)	NM	0.49	1.90	(74)%




Restructuring and other costs, before tax	0.01	0.01	—%	0.02	0.04	(50)%
Loss on extinguishment of debt, before tax	—	—	—%	—	0.03	(100)%
Integration and other non-recurring M&A costs, before tax	0.01	0.02	(50)%	0.03	0.06	(50)%
Change in deferred gain on retroactive reinsurance, before tax	0.64	0.71	(10)%	0.62	0.69	(10)%

Income tax benefit on items excluded from core earnings	(0.16)	(0.17)	6%	(0.25)	(0.60)	58%
Core earnings per diluted share	$3.06	$2.32	32%	$8.88	$7.58	17%
[1] Net income available to common stockholders includes dilutive potential common shares

Core Earnings Return on Equity - The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A quantitative reconciliation of net income available to common stockholders ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized gains and losses, which typically vary substantially from period to period.

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


	Last Twelve Months Ended
	Dec 31 2023	Dec 31 2022
Net income available to common stockholders ROE	17.5%	11.7%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:

Net realized losses excluded from core earnings, before tax	1.1%	4.1%
Restructuring and other costs, before tax	—%	0.1%

Loss on extinguishment of debt, before tax	—%	0.1%


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

Change in deferred gain on retroactive reinsurance, before tax	1.4%	1.5%
Income tax benefit on items not included in core earnings	(0.5)%	(1.3)%

Impact of AOCI, excluded from denominator of core earnings ROE	(3.8)%	(1.8)%
Core earnings ROE	15.8%	14.5%

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

SMALL COMMERCIAL


	Three Months Ended
	Dec 31 2023	Dec 31 2022	Change
Combined ratio	84.0	89.4	(5.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.4)	(6.3)	2.9
Prior accident year development	5.2	4.5	0.7
Underlying combined ratio	85.8	87.5	(1.7)

MIDDLE & LARGE COMMERCIAL


	Three Months Ended
	Dec 31 2023	Dec 31 2022	Change
Combined ratio	89.3	91.8	(2.5)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(0.1)	(3.1)	3.0
Prior accident year development	1.2	1.5	(0.3)
Underlying combined ratio	90.3	90.2	0.1

GLOBAL SPECIALTY


	Three Months Ended
	Dec 31 2023	Dec 31 2022	Change
Combined ratio	79.6	84.1	(4.5)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(2.0)	(1.9)	(0.1)
Prior accident year development	5.3	0.7	4.6
Underlying combined ratio	82.9	83.0	(0.1)

PERSONAL LINES AUTO


	Three Months Ended
	Dec 31 2023	Dec 31 2022	Change
Combined ratio	113.7	108.6	5.1
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(0.2)	(0.1)	(0.1)
Prior accident year development	0.1	0.3	(0.2)
Underlying combined ratio	113.5	108.9	4.6

PERSONAL LINES HOMEOWNERS


	Three Months Ended
	Dec 31 2023	Dec 31 2022	Change
Combined ratio	72.7	78.1	(5.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(8.0)	(8.8)	0.8
Prior accident year development	2.7	(1.0)	3.7
Underlying combined ratio	67.3	68.3	(1.0)

Underwriting gain (loss) - The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. A reconciliation of net income to underwriting gain (loss) for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022, is set forth below.

Underlying underwriting gain (loss) - This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of net income (loss) to underlying underwriting gain (loss) for individual reporting segments for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022, is set forth below.

COMMERCIAL LINES


	Three Months Ended				Twelve Months Ended
	Dec 31 2023		Dec 31 2022		Dec 31 2023		Dec 31 2022
Net income	$	687	$	566	$	2,085	$	1,624
Adjustments to reconcile net income to underwriting gain:

Net investment income	(435)		(411)		(1,532)		(1,415)
Net realized losses	48		1		156		385

Other expense	3		2		1		12

Income tax expense	163		146		502		426
Underwriting gain	466		304		1,212		1,032
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes	60		114		436		441
Prior accident year development	(118)		(68)		(225)		(231)

Underlying underwriting gain	$	408	$	350	$	1,423	$	1,242

PERSONAL LINES


	Three Months Ended				Twelve Months Ended
	Dec 31 2023		Dec 31 2022		Dec 31 2023		Dec 31 2022
Net income (loss)	$	34	$	44	$	(39)	$	91
Adjustments to reconcile net loss to underwriting loss:

Net investment income	(52)		(41)		(171)		(140)
Net realized losses (gains)	5		(3)		16		35
Net servicing and other income	(5)		(4)		(21)		(17)
Income tax expense (benefit)	8		11		(15)		22
Underwriting gain (loss)	(10)		7		(230)		(9)
Adjustments to reconcile underwriting gain (loss) to underlying underwriting gain:
Current accident year catastrophes	21		21		240		208
Prior accident year development	(7)		1		11		(13)
Underlying underwriting gain	$	4	$	29	$	21	$	186

Underlying loss and loss adjustment expense ratio - This non-GAAP financial measure of the loss and loss adjustment expense ratio for Commercial Lines and Personal Lines represents the loss and loss adjustment expense ratio before catastrophes and prior accident year development. The loss and loss adjustment expense ratio is the most directly comparable GAAP measure. The underlying loss and loss adjustment expense ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year reserve development. A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods and twelve months ended Dec. 31, 2023 and 2022, is set forth below.

COMMERCIAL LINES


	Three Months Ended		Twelve Months Ended
	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Loss and loss adjustment expense ratio
Total losses and loss adjustment expenses	54.2	57.4	(3.2)	58.3	58.4	(0.1)
Current accident year catastrophes	(2.0)	(4.1)	2.1	(3.7)	(4.2)	0.5
Prior accident year development	3.9	2.5	1.4	1.9	2.2	(0.3)
Underlying loss and loss adjustment expense ratio	56.1	55.7	0.4	56.5	56.4	0.1

PERSONAL LINES


	Three Months Ended		Twelve Months Ended
	Dec 31 2023	Dec 31 2022	Change	Dec 31 2023	Dec 31 2022	Change
Loss and loss adjustment expense ratio
Total losses and loss adjustment expenses	76.6	74.4	2.2	82.2	73.4	8.8
Current accident year catastrophes	(2.6)	(2.8)	0.2	(7.8)	(7.1)	(0.7)
Prior accident year development	0.9	(0.1)	1.0	(0.4)	0.4	(0.8)
Underlying loss and loss adjustment expense ratio	74.9	71.5	3.4	74.1	66.8	7.3

SAFE HARBOR STATEMENT

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

Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Financial Services Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2022 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission.

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

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

products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses; the ongoing effects of COVID-19, including exposure to COVID-19 business interruption property claims and the possibility of a resurgence of COVID-19 related losses in Group Benefits;

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

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

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

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

Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The

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

INVESTOR FINANCIAL SUPPLEMENT

December 31, 2023

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

As of January 31, 2024

Address:

One Hartford Plaza

A.M. Best

Standard & Poor’s

Moody’s

Hartford, CT 06155

Insurance Financial Strength Ratings:

Hartford Fire Insurance Company

A+

Hartford Life and Accident Insurance Company

A+

Navigators Insurance Company

A+

- Hartford Fire Insurance Company and Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Moody’s, and Standard and Poor’s

Internet address:

- Navigators Insurance Company ratings are on stable outlook at A.M. Best and Standard and Poor's

http://www.thehartford.com

NR - Not Rated

Other Ratings:

Contact:

Senior debt

BBB+

Baa1

Susan Spivak Bernstein

Junior subordinated debentures

bbb

BBB-

Baa2

Senior Vice President

Preferred stock

bbb

BBB-

Baa3

Investor Relations

Phone (860) 547-6233

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

TRANSFER AGENT

Stockholder correspondence should be mailed to:

Overnight correspondence should be mailed to:

Computershare

P.O. Box 505000

462 South 4th Street, Suite 1600

Louisville, KY 40233

Louisville, KY 40202

Common stock and preferred stock of The Hartford Financial Services Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

On January 1, 2023, the Company adopted the Financial Accounting Standards Board's ("FASB") long-duration targeted improvements ("LDTI") guidance, which was applied on a modified retrospective basis as of January 1, 2021. Impacted prior periods in this document have been restated to reflect the adoption of LDTI. For additional information refer to Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements in the Company's most recent Quarterly Report on Form 10-Q.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTOR FINANCIAL SUPPLEMENT

TABLE OF CONTENTS


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

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

GROUP BENEFITS	Income Statements	21
	Supplemental Data	22

HARTFORD FUNDS	Income Statements	23
	Asset Value Rollforward - Assets Under Management By Asset Class	24


CORPORATE	Income Statements	25


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

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED FINANCIAL RESULTS


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023		Dec 31 2022
HIGHLIGHTS
Net income	$	771		$	651		$	547		$	535		$	592		$	340		$	444		$	443		$	2,504	$	1,819
Net income available to common stockholders [1]	$	766		$	645		$	542		$	530		$	587		$	334		$	439		$	438		$	2,483	$	1,798
Core earnings*	$	935		$	708		$	588		$	536		$	749		$	472		$	716		$	559		$	2,767	$	2,496
Total revenues	$	6,400		$	6,168		$	6,049		$	5,910		$	6,016		$	5,580		$	5,373		$	5,393		$	24,527	$	22,362
Total assets	$	76,780		$	74,516		$	73,895		$	74,249		$	73,008		$	71,786		$	72,395		$	75,255
PER SHARE AND SHARES DATA
Basic earnings per common share

Net income available to common stockholders	$	2.55		$	2.12		$	1.75		$	1.69		$	1.85		$	1.04		$	1.34		$	1.32		$	8.09	$	5.54
Core earnings*	$	3.11		$	2.32		$	1.90		$	1.71		$	2.36		$	1.47		$	2.19		$	1.68		$	9.01	$	7.68
Diluted earnings per common share

Net income available to common stockholders	$	2.51		$	2.09		$	1.73		$	1.66		$	1.82		$	1.02		$	1.32		$	1.30		$	7.97	$	5.46
Core earnings*	$	3.06		$	2.29		$	1.88		$	1.68		$	2.32		$	1.45		$	2.16		$	1.66		$	8.88	$	7.58
Weighted average common shares outstanding (basic)	300.3			304.6			309.4			314.0			317.5			322.1			327.4			332.3			307.1		324.8
Dilutive effect of stock compensation	4.8			4.4			3.9			4.6			5.1			4.2			4.4			5.0			4.4		4.7
Weighted average common shares outstanding and dilutive potential common shares (diluted)	305.1			309.0			313.3			318.6			322.6			326.3			331.8			337.3			311.5		329.5
Common shares outstanding	298.5			302.4			307.1			311.8			315.1			319.5			324.7			330.7
Book value per common share	$	50.23		$	44.13		$	45.00		$	44.92		$	42.34		$	39.64		$	42.84		$	47.04
Per common share impact of accumulated other comprehensive income [2]	9.54			13.82			11.47			10.44			12.19			13.70			10.01			5.17
Book value per common share (excluding AOCI)*	$	59.77		$	57.95		$	56.47		$	55.36		$	54.53		$	53.34		$	52.85		$	52.21
Book value per diluted share	$	49.43		$	43.50		$	44.43		$	44.27		$	41.67		$	39.13		$	42.27		$	46.34
Per diluted share impact of AOCI	9.40			13.62			11.33			10.28			11.99			13.52			9.87			5.09
Book value per diluted share (excluding AOCI)*	$	58.83		$	57.12		$	55.76		$	54.55		$	53.66		$	52.65		$	52.14		$	51.43
Common shares outstanding and dilutive potential common shares	303.3			306.8			311.0			316.4			320.2			323.7			329.1			335.7
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")	17.5		%	17.7		%	14.4		%	12.8		%	11.7		%	12.8		%	13.1		%	15.5		%
Core earnings ROE*	15.8		%	14.9		%	13.6		%	14.3		%	14.5		%	14.3		%	14.0		%	14.8		%

[1]Net income available to common stockholders includes the impact of preferred stock dividends.

[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.

[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Earned premiums	$	5,433	$	5,310	$	5,220	$	5,063	$	5,019	$	4,910	$	4,810	$	4,651	$	21,026	$	19,390
Fee income	323		330		328		319		318		328		341		362		1,300		1,349
Net investment income	653		597		540		515		640		487		541		509		2,305		2,177
Net realized gains (losses)	(27)		(90)		(64)		(7)		22		(166)		(338)		(145)		(188)		(627)
Other revenues	18		21		25		20		17		21		19		16		84		73
Total revenues	6,400		6,168		6,049		5,910		6,016		5,580		5,373		5,393		24,527		22,362
Benefits, losses and loss adjustment expenses	3,633		3,543		3,580		3,482		3,537		3,407		3,074		3,120		14,238		13,138
Amortization of deferred policy acquisition costs ("DAC")	534		517		502		491		473		464		450		437		2,044		1,824
Insurance operating costs and other expenses	1,214		1,226		1,225		1,216		1,200		1,206		1,225		1,210		4,881		4,841

Interest expense	49		50		50		50		50		50		51		62		199		213
Amortization of other intangible assets	18		18		17		18		18		18		17		18		71		71
Restructuring and other costs [1]	2		1		3		—		3		3		2		5		6		13
Total benefits, losses and expenses	5,450		5,355		5,377		5,257		5,281		5,148		4,819		4,852		21,439		20,100
Income before income taxes	950		813		672		653		735		432		554		541		3,088		2,262
Income tax expense	179		162		125		118		143		92		110		98		584		443


Net income [2]	771		651		547		535		592		340		444		443		2,504		1,819
Preferred stock dividends	5		6		5		5		5		6		5		5		21		21
Net income available to common stockholders	766		645		542		530		587		334		439		438		2,483		1,798
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	16		76		53		7		(22)		166		336		146		152		626
Restructuring and other costs, before tax [1]	2		1		3		—		3		3		2		5		6		13
Loss on extinguishment of debt, before tax	—		—		—		—		—		—		9		—		—		9
Integration and other non-recurring M&A costs, before tax [3]	2		2		2		2		5		5		6		5		8		21

Change in deferred gain on retroactive reinsurance, before tax	194		—		—		—		229		—		—		—		194		229
Income tax benefit [4]	(45)		(16)		(12)		(3)		(53)		(36)		(76)		(35)		(76)		(200)

Core earnings [2]	$	935	$	708	$	588	$	536	$	749	$	472	$	716	$	559	$	2,767	$	2,496

[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.

[2]Adopting LDTI resulted in an after tax increase (decrease) to net income and core earnings of $3, $1, $2 and $(2) for the three months ended December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

[3]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

OPERATING RESULTS BY SEGMENT


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net income (loss):
Commercial Lines	$	687	$	519	$	458	$	421	$	566	$	286	$	389	$	383	$	2,085	$	1,624
Personal Lines	34		(12)		(60)		(1)		44		(36)		6		77		(39)		91
Property & Casualty Other Operations ("P&C Other Operations")	(154)		9		9		6		(184)		6		(20)		8		(130)		(190)
Property & Casualty ("P&C")	567		516		407		426		426		256		375		468		1,916		1,525
Group Benefits	176		146		121		92		143		86		106		(8)		535		327
Hartford Funds	47		41		45		41		45		41		34		42		174		162
Sub-total	790		703		573		559		614		383		515		502		2,625		2,014
Corporate	(19)		(52)		(26)		(24)		(22)		(43)		(71)		(59)		(121)		(195)
Net income	771		651		547		535		592		340		444		443		2,504		1,819
Preferred stock dividends	5		6		5		5		5		6		5		5		21		21
Net income available to common stockholders	$	766	$	645	$	542	$	530	$	587	$	334	$	439	$	438	$	2,483	$	1,798

Core earnings (loss):
Commercial Lines	$	723	$	542	$	493	$	436	$	562	$	363	$	544	$	456	$	2,194	$	1,925
Personal Lines	36		(8)		(57)		—		42		(28)		21		84		(29)		119
P&C Other Operations	(1)		11		10		8		(5)		10		(13)		11		28		3
P&C	758		545		446		444		599		345		552		551		2,193		2,047
Group Benefits	174		170		133		90		144		117		163		6		567		430
Hartford Funds	39		45		44		37		39		47		44		50		165		180
Sub-total	971		760		623		571		782		509		759		607		2,925		2,657
Corporate	(36)		(52)		(35)		(35)		(33)		(37)		(43)		(48)		(158)		(161)
Core earnings	$	935	$	708	$	588	$	536	$	749	$	472	$	716	$	559	$	2,767	$	2,496

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATING BALANCE SHEETS


	PROPERTY & CASUALTY				GROUP BENEFITS				HARTFORD FUNDS				CORPORATE [1]				CONSOLIDATED
	Dec 31 2023		Dec 31 2022		Dec 31 2023		Dec 31 2022		Dec 31 2023		Dec 31 2022		Dec 31 2023		Dec 31 2022		Dec 31 2023		Dec 31 2022
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value	$	31,408	$	28,222	$	8,222	$	7,736	$	—	$	—	$	188	$	273	$	39,818	$	36,231
Fixed maturities, at fair value using the fair value option	272		275		55		58		—		—		—		—		327		333
Equity securities, at fair value	456		1,194		99		308		121		115		188		184		864		1,801
Mortgage loans, net	4,493		4,346		1,594		1,654		—		—		—		—		6,087		6,000
Limited partnerships and other alternative investments	3,770		3,311		1,015		866		—		—		—		—		4,785		4,177
Other investments	162		137		8		7		21		15		—		—		191		159
Short-term investments	2,127		2,475		382		325		243		202		1,098		857		3,850		3,859
Total investments	42,688		39,960		11,375		10,954		385		332		1,474		1,314		55,922		52,560
Cash	106		193		12		27		7		6		1		3		126		229
Restricted cash	52		104		11		11		—		—		—		—		63		115
Accrued investment income	313		284		89		85		1		—		1		3		404		372
Premiums receivable and agents’ balances, net	4,973		4,369		634		580		—		—		—		—		5,607		4,949
Reinsurance recoverables, net [2]	6,602		6,455		260		250		—		—		242		259		7,104		6,964
Deferred policy acquisition costs ("DAC")	1,078		966		35		32		—		—		—		—		1,113		998
Deferred income taxes	681		902		13		58		4		8		475		469		1,173		1,437
Goodwill	778		778		723		723		181		181		229		229		1,911		1,911
Property and equipment, net	784		808		57		57		8		9		47		53		896		927
Other intangible assets	340		370		357		398		10		10		—		—		707		778
Other assets	1,130		1,072		131		103		88		89		405		504		1,754		1,768
Total assets	$	59,525	$	56,261	$	13,697	$	13,278	$	684	$	635	$	2,874	$	2,834	$	76,780	$	73,008
Unpaid losses and loss adjustment expenses	$	34,044	$	33,083	$	8,274	$	8,160	$	—	$	—	$	—	$	—	$	42,318	$	41,243
Reserves for future policy benefits [2]	—		—		312		319		—		—		172		183		484		502
Other policyholder funds and benefits payable [2]	—		—		408		419		—		—		230		239		638		658
Unearned premiums	8,561		7,779		38		36		—		—		—		—		8,599		7,815
Debt	—		—		—		—		—		—		4,362		4,357		4,362		4,357
Other liabilities	2,754		2,434		220		254		150		143		1,928		1,926		5,052		4,757
Total liabilities	45,359		43,296		9,252		9,188		150		143		6,692		6,705		61,453		59,332
Common stockholders' equity, excluding AOCI*	15,322		14,977		4,752		4,623		534		492		(2,766)		(2,909)		17,842		17,183
Preferred stock	—		—		—		—		—		—		334		334		334		334
AOCI, net of tax	(1,156)		(2,012)		(307)		(533)		—		—		(1,386)		(1,296)		(2,849)		(3,841)
Total stockholders' equity	14,166		12,965		4,445		4,090		534		492		(3,818)		(3,871)		15,327		13,676
Total liabilities and stockholders' equity	$	59,525	$	56,261	$	13,697	$	13,278	$	684	$	635	$	2,874	$	2,834	$	76,780	$	73,008

[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.1 billion and $1.0 billion as of December 31, 2023 and December 31, 2022, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.

[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CAPITAL STRUCTURE


	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022
DEBT
Short-term debt	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	591
Senior notes	3,863			3,862			3,861			3,859			3,858			$	3,857		$	3,856		$	3,855
Junior subordinated debentures	499			499			499			499			499			499			499			499
Total debt	$	4,362		$	4,361		$	4,360		$	4,358		$	4,357		$	4,356		$	4,355		$	4,945
STOCKHOLDERS’ EQUITY
Total stockholders’ equity	$	15,327		$	13,679		$	14,152		$	14,340		$	13,676		$	12,999		$	14,245		$	15,890
Less: Preferred stock	334			334			334			334			334			334			334			334
Less: AOCI	(2,849)			(4,178)			(3,524)			(3,254)			(3,841)			(4,377)			(3,249)			(1,710)
Common stockholders' equity, excluding AOCI	$	17,842		$	17,523		$	17,342		$	17,260		$	17,183		$	17,042		$	17,160		$	17,266
CAPITALIZATION
Total capitalization, including AOCI, net of tax	$	19,689		$	18,040		$	18,512		$	18,698		$	18,033		$	17,355		$	18,600		$	20,835
Total capitalization, excluding AOCI, net of tax*	$	22,538		$	22,218		$	22,036		$	21,952		$	21,874		$	21,732		$	21,849		$	22,545
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI	22.2		%	24.2		%	23.6		%	23.3		%	24.2		%	25.1		%	23.4		%	23.7		%
Total debt to capitalization, excluding AOCI*	19.4		%	19.6		%	19.8		%	19.9		%	19.9		%	20.0		%	19.9		%	21.9		%
Total debt and preferred stock to capitalization, including AOCI	23.9		%	26.0		%	25.4		%	25.1		%	26.0		%	27.0		%	25.2		%	25.3		%
Total debt and preferred stock to capitalization, excluding AOCI*	20.8		%	21.1		%	21.3		%	21.4		%	21.4		%	21.6		%	21.5		%	23.4		%
Total rating agency adjusted debt to capitalization [1] [2]	23.7		%	25.7		%	25.0		%	24.7		%	25.7		%	27.4		%	25.7		%	25.1		%
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]	14.6:1			13.6:1			12.8:1			12.6:1			10.1:1			8.9:1			8.9:1			8.0:1

[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of December 31, 2023 and 2022.

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

[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION

DECEMBER 31, 2023


	P&C		GROUP BENEFITS
U.S. statutory net income [1][2]	$	1,887	$	592
U.S. statutory capital [2][3][4]	$	12,549	$	2,748
U.S. GAAP adjustments [2]:
DAC	1,039		35
Non-admitted deferred tax assets [5]	222		153
Deferred taxes [6]	(215)		(301)
Goodwill	142		723
Other intangible assets	41		357
Non-admitted assets other than deferred taxes	896		76
Asset valuation and interest maintenance reserve	—		303
Benefit reserves	(69)		355
Unrealized gains (losses) on investments	(1,460)		(761)
Deferred gain on retroactive reinsurance agreements [7]	(956)		—
Other, net	931		757
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]	13,120		4,445
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group	1,046		—
Total U.S. GAAP stockholders’ equity	$	14,166	$	4,445

[1]Statutory net income is for the year ended December 31, 2023.

[2]Excludes insurance operations based in the U.K.

[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."

[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.

[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").

[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.

[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and asbestos and environmental adverse development cover ("A&E ADC") agreements that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	AS OF
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022
Net unrealized gain (loss) on fixed maturities, AFS [1]	$	(1,482)	$	(2,948)	$	(2,277)	$	(2,008)	$	(2,594)	$	(3,038)	$	(1,858)	$	(261)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")	(8)		(9)		(10)		(13)		(7)		(7)		(2)		(2)
Net gains on cash flow hedging instruments	21		27		31		48		40		69		30		5
Total net unrealized gain (loss)	(1,469)		(2,930)		(2,256)		(1,973)		(2,561)		(2,976)		$	(1,830)	$	(258)
Foreign currency translation adjustments	37		35		36		33		31		14		33		41
Liability for future policy benefits adjustments [1]	25		47		32		27		35		37		13		(16)
Pension and other postretirement plan adjustments	(1,442)		(1,330)		(1,336)		(1,341)		(1,346)		(1,452)		(1,465)		(1,477)
Total AOCI [1]	$	(2,849)	$	(4,178)	$	(3,524)	$	(3,254)	$	(3,841)	$	(4,377)	$	(3,249)	$	(1,710)

[1]Adopting LDTI, including removing shadow adjustments formerly reported in net unrealized gain (loss) on fixed maturities, AFS as well as the liability for future policy benefits adjustments, resulted in an after tax increase (decrease) to total AOCI of $35, $37, $13 and $(11) as of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

INCOME STATEMENTS


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023		Dec 31 2022
Written premiums	$	3,770		$	3,872		$	3,979		$	3,856		$	3,428		$	3,583		$	3,592		$	3,516		$	15,477	$	14,119
Change in unearned premium reserve	(72)			137			333			351			(93)			131			251			310			749		599
Earned premiums	3,842			3,735			3,646			3,505			3,521			3,452			3,341			3,206			14,728		13,520
Fee income	18			18			17			18			17			18			17			17			71		69
Losses and loss adjustment expenses
Current accident year before catastrophes	2,306			2,255			2,216			2,085			2,081			2,070			1,944			1,833			8,862		7,928
Current accident year catastrophes [1]	81			184			226			185			135			293			123			98			676		649
Prior accident year development [2]	92			(43)			(39)			—			183			(53)			(58)			(36)			10		36
Total losses and loss adjustment expenses	2,479			2,396			2,403			2,270			2,399			2,310			2,009			1,895			9,548		8,613
Amortization of DAC	526			509			493			482			466			456			441			428			2,010		1,791
Underwriting expenses	596			601			616			604			598			610			606			577			2,417		2,391
Amortization of other intangible assets	8			8			7			8			8			8			7			8			31		31
Dividends to policyholders	8			16			7			8			8			7			7			7			39		29
Underwriting gain*	243			223			137			151			59			79			288			308			754		734
Net investment income	505			460			415			392			469			360			407			382			1,772		1,618
Net realized gains (losses)	(54)			(45)			(57)			(23)			3			(110)			(225)			(104)			(179)		(436)
Net servicing and other income (expense)	2			5			7			6			2			3			2			(2)			20		5
Income before income taxes	696			643			502			526			533			332			472			584			2,367		1,921
Income tax expense	129			127			95			100			107			76			97			116			451		396


Net income	567			516			407			426			426			256			375			468			1,916		1,525
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	45			35			48			23			(3)			109			222			106			151		434

Integration and other non-recurring M&A costs, before tax	1			1			2			—			3			3			4			3			4		13

Change in deferred gain on retroactive reinsurance, before tax [2]	194			—			—			—			229			—			—			—			194		229
Income tax benefit [3]	(49)			(7)			(11)			(5)			(56)			(23)			(49)			(26)			(72)		(154)
Core earnings	$	758		$	545		$	446		$	444		$	599		$	345		$	552		$	551		$	2,193	$	2,047
ROE
Net income available to common stockholders [4]	17.5		%	17.6		%	13.8		%	12.8		%	12.7		%	15.2		%	15.7		%	18.4		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	1.5		%	1.1		%	1.8		%	3.3		%	4.0		%	2.8		%	1.2		%	(1.3		%)

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

Change in deferred gain on retroactive reinsurance, before tax [2]	1.9		%	2.5		%	2.3		%	2.2		%	2.1		%	1.6		%	1.8		%	2.1		%
Income tax expense (benefit) [3]	(0.7		%)	(0.8		%)	(0.9		%)	(1.3		%)	(1.4		%)	(1.0		%)	(0.7		%)	(0.3		%)

Impact of AOCI, excluded from core earnings ROE	(2.9		%)	(4.3		%)	(2.6		%)	(1.6		%)	(0.9		%)	(1.0		%)	(0.2)		%	0.6		%
Core earnings [4]	17.3		%	16.2		%	14.5		%	15.5		%	16.6		%	17.7		%	17.9		%	19.6		%

[1]The three months ended December 31, 2022 included $167 of net losses from Winter Storm Elliott, including $151 in Commercial Lines and $16 in Personal Lines. The $167 of losses is before recoveries under the Company's per occurrence catastrophe treaty. Net of the treaty, losses from Winter Storm Elliott in the three months ended December 31, 2022 were $132. The three months ended September 30,2022 included $214 of losses, net of reinsurance, from Hurricane Ian, including $133 in Commercial Lines and $81 in Personal Lines.

[2]Prior accident year development does not include a benefit for the portion of ceded losses in excess of ceded premium paid under ADC agreements, which is recognized as a deferred gain under retroactive reinsurance accounting.

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

[4]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

INCOME STATEMENTS (CONTINUED)

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


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Workers’ compensation	$	(62)	$	(61)	$	(52)	$	(61)	$	(61)	$	(58)	$	(40)	$	(45)	$	(236)	$	(204)
Workers' compensation discount accretion	10		10		11		11		9		9		9		9		42		36
General liability	2		11		16		12		23		—		21		12		41		56
Marine	(1)		—		(2)		1		—		5		(3)		—		(2)		2
Package business	(6)		(10)		(3)		(5)		(4)		(11)		(13)		(11)		(24)		(39)
Commercial property	(9)		2		(5)		5		6		4		(6)		(15)		(7)		(11)
Professional liability	1		—		(3)		—		(2)		—		(9)		—		(2)		(11)
Bond	(39)		—		12		—		(28)		—		(4)		—		(27)		(32)
Assumed reinsurance	15		2		15		2		7		—		—		12		34		19
Automobile liability - Commercial Lines	14		—		6		—		15		11		12		—		20		38
Automobile liability - Personal Lines	—		—		—		—		—		(9)		—		(5)		—		(14)
Homeowners	(7)		—		2		(1)		1		(2)		—		—		(6)		(1)
Net asbestos and environmental reserves [1]	—		—		—		—		—		—		—		—		—		—
Catastrophes	(43)		—		(44)		—		(30)		(2)		(27)		(3)		(87)		(62)
Uncollectible reinsurance	—		1		4		8		—		(3)		6		—		13		3
Other reserve re-estimates [2]	23		2		4		28		18		3		(4)		10		57		27
Prior accident year development before change in deferred gain	(102)		(43)		(39)		—		(46)		(53)		(58)		(36)		(184)		(193)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	194		—		—		—		229		—		—		—		194		229
Total prior accident year development	$	92	$	(43)	$	(39)	$	—	$	183	$	(53)	$	(58)	$	(36)	$	10	$	36

[1]A&E reserves were reviewed in fourth quarter 2023 and 2022, resulting in an increase in reserves before ADC reinsurance of $194 and $229, respectively, which were ceded to the A&E ADC resulting in a deferred gain on retroactive reinsurance. For 2023 and 2022, this included an increase in asbestos reserves of $156 and $162, respectively, and an increase in environmental reserves of $38 and $67, respectively. As of December 31, 2023 the Company has incurred $1,438 in cumulative adverse development on A&E reserves that have been ceded under the A&E ADC treaty with $62 of available limit remaining. The Company has recorded a cumulative deferred gain of $788 as of December 31, 2023 within other liabilities, representing the amount of losses ceded to the ADC in excess of ceded premium paid.

[2]Other reserve re-estimates for the three months ended December 31, 2023 and 2022 primarily included increases in unallocated loss adjustment expense ("ULAE") reserves of $23 and $22, respectively, within P&C Other Operations driven by the increase in gross A&E reserves discussed in [1] above. The year ended December 31, 2023 also included a $22 increase in automobile physical damage reserves within Personal Lines.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

UNDERWRITING RATIOS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
UNDERWRITING GAIN	$	243	$	223	$	137	$	151	$	59	$	79	$	288	$	308	$	754	$	734
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes	60.0		60.4		60.8		59.5		59.1		60.0		58.2		57.2		60.2		58.6
Current accident year catastrophes	2.1		4.9		6.2		5.3		3.8		8.5		3.7		3.1		4.6		4.8
Prior accident year development [1]	2.4		(1.2)		(1.1)		—		5.2		(1.5)		(1.7)		(1.1)		0.1		0.3
Total loss and loss adjustment expense ratio	64.5		64.1		65.9		64.8		68.1		66.9		60.1		59.1		64.8		63.7
Expense ratio [2]	28.9		29.5		30.1		30.7		30.0		30.6		31.0		31.1		29.8		30.7
Policyholder dividend ratio	0.2		0.4		0.2		0.2		0.2		0.2		0.2		0.2		0.3		0.2
Combined ratio	93.7		94.0		96.2		95.7		98.3		97.7		91.4		90.4		94.9		94.6
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(4.5)		(3.7)		(5.1)		(5.3)		(9.0)		(7.0)		(2.0)		(2.0)		(4.7)		(5.1)
Underlying combined ratio *	89.2		90.3		91.1		90.4		89.3		90.8		89.4		88.5		90.2		89.5

[1]See [1] on page 9 for discussion related to the deferred gain on retroactive reinsurance.

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

INCOME STATEMENTS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Written premiums	$	2,990	$	3,003	$	3,177	$	3,109	$	2,733	$	2,780	$	2,836	$	2,809	$	12,279	$	11,158
Change in unearned premium reserve	(48)		52		291		343		(34)		77		221		323		638		587
Earned premiums	3,038		2,951		2,886		2,766		2,767		2,703		2,615		2,486		11,641		10,571
Fee income	10		11		10		10		10		10		10		9		41		39
Losses and loss adjustment expenses
Current accident year before catastrophes	1,704		1,669		1,638		1,564		1,542		1,555		1,467		1,395		6,575		5,959
Current accident year catastrophes [1]	60		115		123		138		114		179		67		81		436		441
Prior accident year development [2]	(118)		(46)		(38)		(23)		(68)		(42)		(88)		(33)		(225)		(231)
Total losses and loss adjustment expenses	1,646		1,738		1,723		1,679		1,588		1,692		1,446		1,443		6,786		6,169
Amortization of DAC	468		451		436		424		408		399		385		371		1,779		1,563
Underwriting expenses	452		460		469		456		461		455		447		425		1,837		1,788
Amortization of other intangible assets	8		7		7		7		8		7		7		7		29		29
Dividends to policyholders	8		16		7		8		8		7		7		7		39		29
Underwriting gain	466		290		254		202		304		153		333		242		1,212		1,032

Net investment income	435		395		364		338		411		315		356		333		1,532		1,415
Net realized losses	(48)		(38)		(51)		(19)		(1)		(95)		(198)		(91)		(156)		(385)

Other income (expense) [3]	(3)		2		—		—		(2)		(3)		(1)		(6)		(1)		(12)
Income before income taxes	850		649		567		521		712		370		490		478		2,587		2,050
Income tax expense	163		130		109		100		146		84		101		95		502		426


Net income	687		519		458		421		566		286		389		383		2,085		1,624
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax	41		29		43		19		1		95		194		93		132		383
Integration and other non-recurring M&A costs, before tax [3]	1		1		2		—		3		3		4		3		4		13




Income tax benefit [4]	(6)		(7)		(10)		(4)		(8)		(21)		(43)		(23)		(27)		(95)
Core earnings	$	723	$	542	$	493	$	436	$	562	$	363	$	544	$	456	$	2,194	$	1,925

[1]Refer to [1] on page 8 for information about catastrophe losses related to Winter Storm Elliott in the three months ended December 31, 2022 and Hurricane Ian for the three months ended September 30, 2022.

[2]Refer to [1] on page 9 for discussion related to the deferred gain on retroactive reinsurance.

[3]Includes Navigators Group integration costs.

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

INCOME STATEMENTS (CONTINUED)

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


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Workers’ compensation	$	(62)	$	(61)	$	(52)	$	(61)	$	(61)	$	(58)	$	(40)	$	(45)	$	(236)	$	(204)
Workers' compensation discount accretion	10		10		11		11		9		9		9		9		42		36
General liability	2		11		16		12		23		—		(10)		12		41		25
Marine	(1)		—		(2)		1		—		5		(3)		—		(2)		2
Package business	(6)		(10)		(3)		(5)		(4)		(11)		(13)		(11)		(24)		(39)
Commercial property	(9)		2		(5)		5		6		4		(6)		(15)		(7)		(11)
Professional liability	1		—		(3)		—		(2)		—		(9)		—		(2)		(11)
Bond	(39)		—		12		—		(28)		—		(4)		—		(27)		(32)
Assumed reinsurance	15		2		15		2		7		—		—		12		34		19
Automobile liability	14		—		6		—		15		11		12		—		20		38

Catastrophes	(43)		—		(40)		—		(29)		(2)		(26)		(3)		(83)		(60)
Uncollectible reinsurance	—		(2)		4		5		—		(1)		—		—		7		(1)
Other reserve re-estimates	—		2		3		7		(4)		1		2		8		12		7


Total prior accident year development	$	(118)	$	(46)	$	(38)	$	(23)	$	(68)	$	(42)	$	(88)	$	(33)	$	(225)	$	(231)

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

UNDERWRITING RATIOS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
UNDERWRITING GAIN	$	466	$	290	$	254	$	202	$	304	$	153	$	333	$	242	$	1,212	$	1,032
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes	56.1		56.6		56.8		56.5		55.7		57.5		56.1		56.1		56.5		56.4
Current accident year catastrophes	2.0		3.9		4.3		5.0		4.1		6.6		2.6		3.3		3.7		4.2
Prior accident year development	(3.9)		(1.6)		(1.3)		(0.8)		(2.5)		(1.6)		(3.4)		(1.3)		(1.9)		(2.2)
Total loss and loss adjustment expense ratio	54.2		58.9		59.7		60.7		57.4		62.6		55.3		58.0		58.3		58.4
Expense ratio [1]	30.2		30.7		31.3		31.7		31.3		31.5		31.7		31.9		31.0		31.6
Policyholder dividend ratio	0.3		0.5		0.2		0.3		0.3		0.3		0.3		0.3		0.3		0.3
Combined ratio	84.7		90.2		91.2		92.7		89.0		94.3		87.3		90.3		89.6		90.2
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	1.9		(2.3)		(3.0)		(4.2)		(1.6)		(5.0)		0.8		(2.0)		(1.8)		(2.0)

Underlying combined ratio	86.6		87.8		88.3		88.5		87.4		89.3		88.1		88.3		87.8		88.3

COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio	84.0		87.7		90.8		90.8		89.4		89.3		85.2		82.9		88.2		86.8
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(3.4)		(3.2)		(5.7)		(6.2)		(6.3)		(5.3)		(3.0)		(1.9)		(4.6)		(4.2)
Prior accident year development	5.2		5.2		4.5		4.9		4.5		4.4		4.7		4.9		5.0		4.6
Underlying combined ratio	85.8		89.7		89.7		89.5		87.5		88.5		86.9		85.9		88.6		87.2
MIDDLE & LARGE COMMERCIAL
Combined ratio	89.3		94.5		93.6		97.6		91.8		100.7		95.6		94.6		93.7		95.7
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(0.1)		(4.5)		(3.8)		(5.0)		(3.1)		(6.6)		(2.0)		(2.3)		(3.3)		(3.5)
Prior accident year development	1.2		(1.8)		(1.1)		(2.7)		1.5		(0.4)		(0.8)		(0.9)		(1.1)		(0.1)
Underlying combined ratio	90.3		88.1		88.7		89.9		90.2		93.7		92.9		91.5		89.3		92.1
GLOBAL SPECIALTY
Combined ratio	79.6		88.9		87.3		88.7		84.1		94.2		85.0		96.9		86.0		89.9
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(2.0)		(4.3)		(2.6)		(3.1)		(1.9)		(9.0)		(2.8)		(6.9)		(3.0)		(5.1)
Prior accident year development	5.3		(0.3)		0.3		(0.4)		0.7		(0.6)		0.9		(1.8)		1.3		(0.2)
Underlying combined ratio	82.9		84.3		85.0		85.2		83.0		84.5		83.1		88.2		84.3		84.6

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

SUPPLEMENTAL DATA


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
WRITTEN PREMIUMS
Small Commercial	$	1,220		$	1,228		$	1,266		$	1,319		$	1,130		$	1,131		$	1,145		$	1,180		$	5,033		$	4,586
Middle & Large Commercial	1,010			1,031			1,013			935			911			979			907			853			3,989			3,650
Middle Market	860			900			881			796			773			856			785			724			3,437			3,138
National Accounts and Other	150			131			132			139			138			123			122			129			552			512
Global Specialty [1]	748			730			885			842			681			659			772			764			3,205			2,876
U.S.	495			500			551			468			466			466			516			466			2,014			1,914
International	122			96			121			99			110			92			103			91			438			396
Global Re	131			134			213			275			105			101			153			207			753			566
Other	12			14			13			13			11			11			12			12			52			46
Total	$	2,990		$	3,003		$	3,177		$	3,109		$	2,733		$	2,780		$	2,836		$	2,809		$	12,279		$	11,158
EARNED PREMIUMS
Small Commercial	$	1,251		$	1,221		$	1,190		$	1,139		$	1,147		$	1,117		$	1,081		$	1,034		$	4,801		$	4,379
Middle & Large Commercial	989			955			948			914			915			896			855			828			3,806			3,494
Middle Market	851			829			806			785			788			774			733			717			3,271			3,012
National Accounts and Other	138			126			142			129			127			122			122			111			535			482
Global Specialty [1]	786			761			735			700			695			678			666			613			2,982			2,652
U.S.	500			501			484			463			472			460			450			426			1,948			1,808
International	108			104			108			99			93			99			98			87			419			377
Global Re	178			156			143			138			130			119			118			100			615			467
Other	12			14			13			13			10			12			13			11			52			46
Total	$	3,038		$	2,951		$	2,886		$	2,766		$	2,767		$	2,703		$	2,615		$	2,486		$	11,641		$	10,571

COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium	$	216		$	220		$	237		$	242		$	191		$	190		$	201		$	186		$	915		$	768
Renewal Written Price Increases	5.4		%	4.7		%	4.3		%	3.8		%	4.7		%	4.0		%	3.4		%	3.1		%	4.6		%	3.8		%


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

Policies in Force (in thousands)	1,492			1,479			1,461			1,439			1,421			1,411			1,395			1,378
Middle Market [2]
Net New Business Premium	$	168		$	137		$	164		$	148		$	131		$	150		$	130		$	120		$	617		$	531
Renewal Written Price Increases	7.6		%	7.8		%	7.3		%	6.6		%	6.1		%	6.1		%	5.1		%	5.0		%	7.3		%	5.6		%

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



Global Specialty
Gross New Business Premium [3]	$	230		$	216		$	246		$	191		$	192		$	201		$	226		$	206		$	883		$	825
Renewal Written Price Increases [4]	4.8		%	3.8		%	5.1		%	3.8		%	4.5		%	4.3		%	6.6		%	9.3		%	4.4		%	6.1		%

[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.

[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.

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

[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

INCOME STATEMENTS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Written premiums	$	780	$	869	$	802	$	747	$	695	$	803	$	756	$	707	$	3,198	$	2,961
Change in unearned premium reserve	(24)		85		42		8		(59)		54		30		(13)		111		12
Earned premiums	804		784		760		739		754		749		726		720		3,087		2,949
Fee income	8		7		7		8		7		8		7		8		30		30
Losses and loss adjustment expenses
Current accident year before catastrophes	602		586		578		521		539		515		477		438		2,287		1,969
Current accident year catastrophes [1]	21		69		103		47		21		114		56		17		240		208
Prior accident year development	(7)		1		(3)		20		1		(11)		—		(3)		11		(13)
Total losses and loss adjustment expenses	616		656		678		588		561		618		533		452		2,538		2,164
Amortization of DAC	58		58		57		58		58		57		56		57		231		228
Underwriting expenses	148		138		145		145		135		153		157		149		576		594
Amortization of other intangible assets	—		1		—		1		—		1		—		1		2		2
Underwriting gain (loss)	(10)		(62)		(113)		(45)		7		(72)		(13)		69		(230)		(9)

Net investment income	52		47		34		38		41		31		35		33		171		140
Net realized gains (losses)	(5)		(5)		(5)		(1)		3		(11)		(18)		(9)		(16)		(35)

Net servicing and other income (expense)	5		3		7		6		4		6		3		4		21		17
Income (loss) before income taxes	42		(17)		(77)		(2)		55		(46)		7		97		(54)		113
Income tax expense (benefit)	8		(5)		(17)		(1)		11		(10)		1		20		(15)		22
Net income (loss)	34		(12)		(60)		(1)		44		(36)		6		77		(39)		91
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax	3		5		4		1		(3)		10		19		9		13		35
Income tax expense (benefit) [2]	(1)		(1)		(1)		—		1		(2)		(4)		(2)		(3)		(7)
Core earnings (loss)	$	36	$	(8)	$	(57)	$	—	$	42	$	(28)	$	21	$	84	$	(29)	$	119

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

INCOME STATEMENTS (CONTINUED)

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


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Automobile liability	$	—	$	—	$	—	$	—	$	—	$	(9)	$	—	$	(5)	$	—	$	(14)
Homeowners	(7)		—		2		(1)		1		(2)		—		—		(6)		(1)
Catastrophes	—		—		(4)		—		(1)		—		(1)		—		(4)		(2)
Uncollectible reinsurance	—		1		—		—		—		(2)		—		—		1		(2)
Other reserve re-estimates, net [1]	—		—		(1)		21		1		2		1		2		20		6
Total prior accident year development	$	(7)	$	1	$	(3)	$	20	$	1	$	(11)	$	—	$	(3)	$	11	$	(13)

[1]Other reserve re-estimates, net for the year ended December 31, 2023 includes a $22 increase in automobile physical damage reserves.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

UNDERWRITING RATIOS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
UNDERWRITING GAIN (LOSS)	$	(10)	$	(62)	$	(113)	$	(45)	$	7	$	(72)	$	(13)	$	69	$	(230)	$	(9)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes	74.9		74.7		76.1		70.5		71.5		68.8		65.7		60.8		74.1		66.8
Current accident year catastrophes	2.6		8.8		13.6		6.4		2.8		15.2		7.7		2.4		7.8		7.1
Prior accident year development	(0.9)		0.1		(0.4)		2.7		0.1		(1.5)		—		(0.4)		0.4		(0.4)
Total loss and loss adjustment expense ratio	76.6		83.7		89.2		79.6		74.4		82.5		73.4		62.8		82.2		73.4
Expense ratio	24.6		24.2		25.7		26.5		24.7		27.1		28.4		27.6		25.2		26.9
Combined ratio	101.2		107.9		114.9		106.1		99.1		109.6		101.8		90.4		107.5		100.3
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(1.7)		(8.9)		(13.2)		(9.1)		(2.9)		(13.7)		(7.7)		(2.0)		(8.2)		(6.7)
Underlying combined ratio	99.5		99.0		101.7		97.0		96.2		95.9		94.1		88.5		99.3		93.7
PRODUCT
Automobile
Combined ratio	113.7		110.8		116.4		110.2		108.6		113.2		101.2		92.8		112.8		104.1
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(0.2)		(2.3)		(3.8)		(1.1)		(0.1)		(11.9)		(1.4)		(0.3)		(1.8)		(3.5)
Prior accident year development	0.1		—		(0.8)		(4.0)		0.3		1.4		0.2		0.9		(1.1)		0.7
Underlying combined ratio	113.5		108.5		111.8		105.1		108.9		102.6		100.0		93.3		109.8		101.3
Homeowners
Combined ratio	72.7		101.4		115.1		96.8		78.1		102.6		103.1		85.2		96.4		92.2
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(8.0)		(23.1)		(35.5)		(17.8)		(8.8)		(22.6)		(21.2)		(7.0)		(21.1)		(14.9)
Prior accident year development	2.7		(0.3)		(0.1)		(0.1)		(1.0)		0.4		0.1		(0.8)		0.6		(0.3)
Underlying combined ratio	67.3		78.1		79.6		78.9		68.3		80.4		82.0		77.4		75.9		77.0

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

SUPPLEMENTAL DATA


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct	$	663	$	754	$	698	$	648	$	596	$	698	$	655	$	610	$	2,763	$	2,559
AARP Agency	60		57		52		50		50		50		50		48		219		198
Other Agency	52		53		48		44		44		48		46		43		197		181
Other	5		5		4		5		5		7		5		6		19		23
Total	$	780	$	869	$	802	$	747	$	695	$	803	$	756	$	707	$	3,198	$	2,961
EARNED PREMIUMS
AARP Direct	$	697	$	681	$	659	$	640	$	653	$	645	$	625	$	617	$	2,677	$	2,540
AARP Agency	55		50		51		49		50		50		50		50		205		200
Other Agency	47		47		45		45		45		46		46		47		184		184
Other	5		6		5		5		6		8		5		6		21		25
Total	$	804	$	784	$	760	$	739	$	754	$	749	$	726	$	720	$	3,087	$	2,949
PRODUCT LINE
WRITTEN PREMIUMS
Automobile	$	545	$	596	$	543	$	529	$	473	$	541	$	509	$	497	$	2,213	$	2,020
Homeowners	235		273		259		218		222		262		247		210		985		941
Total	$	780	$	869	$	802	$	747	$	695	$	803	$	756	$	707	$	3,198	$	2,961
EARNED PREMIUMS
Automobile	$	561	$	541	$	523	$	509	$	519	$	516	$	497	$	493	$	2,134	$	2,025
Homeowners	243		243		237		230		235		233		229		227		953		924
Total	$	804	$	784	$	760	$	739	$	754	$	749	$	726	$	720	$	3,087	$	2,949

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

SUPPLEMENTAL DATA (CONTINUED)


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile	$	65		$	61		$	52		$	46		$	41		$	71		$	57		$	58		$	224		$	227
Homeowners	$	25		$	25		$	22		$	21		$	18		$	22		$	19		$	15		$	93		$	74
Renewal Written Price Increases
Automobile	21.9		%	19.6		%	13.7		%	9.9		%	6.2		%	5.0		%	4.0		%	2.9		%	16.3		%	4.5		%
Homeowners	14.7		%	14.0		%	14.4		%	13.9		%	13.3		%	11.7		%	9.0		%	8.8		%	14.2		%	10.7		%



Policy Count Retention [1]
Automobile	85		%	85		%	86		%	85		%	85		%	85		%	84		%	84		%	85		%	84		%
Homeowners	85		%	84		%	84		%	84		%	84		%	84		%	84		%	84		%	84		%	84		%






Effective Policy Count Retention [1]
Automobile	83		%	83		%	83		%	85		%	86		%	86		%	85		%	85		%	84		%	86		%
Homeowners	84		%	84		%	84		%	84		%	85		%	85		%	85		%	85		%	84		%	85		%
Policies in Force (in thousands)
Automobile	1,257			1,270			1,287			1,305			1,323			1,331			1,315			1,315
Homeowners	704			712			723			731			740			749			756			765

[1]Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period. Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

P&C OTHER OPERATIONS

INCOME STATEMENTS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022



Losses and loss adjustment expenses
Prior accident year development [1] [2]	$	217	$	2	$	2	$	3	$	250	$	—	$	30	$	—	$	224	$	280
Total losses and loss adjustment expenses	217		2		2		3		250		—		30		—		224		280
Underwriting expenses	(4)		3		2		3		2		2		2		3		4		9
Underwriting loss	(213)		(5)		(4)		(6)		(252)		(2)		(32)		(3)		(228)		(289)
Net investment income	18		18		17		16		17		14		16		16		69		63
Net realized gains (losses)	(1)		(2)		(1)		(3)		1		(4)		(9)		(4)		(7)		(16)

Income (loss) before income taxes	(196)		11		12		7		(234)		8		(25)		9		(166)		(242)
Income tax expense (benefit)	(42)		2		3		1		(50)		2		(5)		1		(36)		(52)
Net income (loss)	(154)		9		9		6		(184)		6		(20)		8		(130)		(190)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax	1		1		1		3		(1)		4		9		4		6		16

Change in deferred gain on retroactive reinsurance, before tax	194		—		—		—		229		—		—		—		194		229
Income tax expense (benefit) [3]	(42)		1		—		(1)		(49)		—		(2)		(1)		(42)		(52)
Core earnings (loss)	$	(1)	$	11	$	10	$	8	$	(5)	$	10	$	(13)	$	11	$	28	$	3

[1]See [1] on page 9 for discussion related to prior year development and the deferred gain on retroactive reinsurance for the three months ended December 31, 2023 and 2022.

[2]Refer to note [2] on page 9 for a discussion of an increase in ULAE reserves in the three months ended December 31, 2023 and 2022.

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

GROUP BENEFITS

INCOME STATEMENTS


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
Earned premiums	$	1,591		$	1,575		$	1,574		$	1,558		$	1,498		$	1,458		$	1,469		$	1,445		$	6,298		$	5,870
Fee income	56			54			56			51			48			46			48			45			217			187
Net investment income	125			121			113			110			154			117			130			123			469			524
Net realized gains (losses)	—			(31)			(19)			5			1			(37)			(70)			(16)			(45)			(122)
Total revenues	1,772			1,719			1,724			1,724			1,701			1,584			1,577			1,597			6,939			6,459
Benefits, losses and loss adjustment expenses	1,152			1,146			1,175			1,210			1,135			1,096			1,063			1,223			4,683			4,517
Amortization of DAC	8			8			9			9			7			8			9			9			34			33
Insurance operating costs and other expenses	381			372			381			380			371			364			365			367			1,514			1,467
Amortization of other intangible assets	10			10			10			10			10			10			10			10			40			40
Total benefits, losses and expenses	1,551			1,536			1,575			1,609			1,523			1,478			1,447			1,609			6,271			6,057
Income (loss) before income taxes	221			183			149			115			178			106			130			(12)			668			402
Income tax expense (benefit)	45			37			28			23			35			20			24			(4)			133			75
Net income (loss) [1]	176			146			121			92			143			86			106			(8)			535			327
Adjustments to reconcile net income (loss) to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	(2)			28			16			(5)			(2)			38			70			16			37			122
Integration and other non-recurring M&A costs, before tax	1			1			—			2			2			2			2			2			4			8
Income tax expense (benefit) [2]	(1)			(5)			(4)			1			1			(9)			(15)			(4)			(9)			(27)
Core earnings [1]	$	174		$	170		$	133		$	90		$	144		$	117		$	163		$	6		$	567		$	430
Margin
Net income margin	9.9		%	8.5		%	7.0		%	5.3		%	8.4		%	5.4		%	6.7		%	(0.5		%)	7.7		%	5.1		%
Core earnings margin*	9.8		%	9.8		%	7.6		%	5.2		%	8.5		%	7.2		%	9.9		%	0.4		%	8.1		%	6.5		%
ROE
Net income available to common stockholders [3]	15.4		%	15.9		%	13.0		%	11.9		%	8.3		%	5.3		%	3.4		%	5.1		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	1.2		%	1.3		%	1.5		%	3.1		%	3.6		%	1.6		%	0.1		%	(2.6		%)
Integration and other non-recurring M&A costs, before tax	0.1		%	0.2		%	0.2		%	0.2		%	0.2		%	0.2		%	0.2		%	0.2		%
Income tax expense (benefit) [2]	(0.3		%)	(0.2		%)	(0.4		%)	(0.7		%)	(0.8		%)	(0.4		%)	—		%	0.5		%
Impact of AOCI, excluded from core earnings ROE	(2.1		%)	(3.4		%)	(1.8		%)	(0.9		%)	(0.3		%)	(0.1		%)	0.1		%	0.3		%
Core earnings [3]	14.3		%	13.8		%	12.5		%	13.6		%	11.0		%	6.6		%	3.8		%	3.5		%

[1]Adopting LDTI resulted in an after tax increase (decrease) to net income and core earnings of $3, $0, $2 and $(2) for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022, respectively.

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

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

GROUP BENEFITS

SUPPLEMENTAL DATA


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
PREMIUMS
Fully insured ongoing premiums
Group disability	$	845		$	827		$	822		$	814		$	805		$	772		$	780		$	754		$	3,308		$	3,111
Group life	647			640			650			643			604			593			599			597			2,580			2,393
Other [1]	98			102			102			100			89			88			90			87			402			354
Total fully insured ongoing premiums	1,590			1,569			1,574			1,557			1,498			1,453			1,469			1,438			6,290			5,858
Total buyouts [2]	1			6			—			1			—			5			—			7			8			12
Total premiums	$	1,591		$	1,575		$	1,574		$	1,558		$	1,498		$	1,458		$	1,469		$	1,445		$	6,298		$	5,870
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability	$	43		$	83		$	77		$	209		$	67		$	51		$	123		$	222		$	412		$	463
Group life	21			45			60			227			21			41			70			125			353			257
Other [1]	7			15			14			38			14			14			11			42			74			81
Total fully insured ongoing sales	71			143			151			474			102			106			204			389			839			801
Total buyouts [2]	1			6			—			1			—			5			—			7			8			12
Total sales	$	72		$	149		$	151		$	475		$	102		$	111		$	204		$	396		$	847		$	813
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio	63.6		%	67.3		%	67.0		%	70.4		%	65.5		%	68.4		%	66.3		%	73.2		%	67.1		%	68.3		%
Group life loss ratio	83.0		%	80.2		%	84.1		%	86.7		%	89.1		%	83.1		%	78.6		%	98.7		%	83.5		%	87.4		%
Total loss ratio	69.9		%	70.2		%	72.1		%	75.2		%	73.4		%	72.8		%	70.1		%	82.0		%	71.8		%	74.5		%
Expense ratio [3]	24.2		%	24.0		%	24.5		%	24.7		%	25.0		%	25.4		%	25.2		%	25.9		%	24.3		%	25.3		%

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

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

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

HARTFORD FUNDS

INCOME STATEMENTS


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023		Dec 31 2022
Investment management fees	$	183		$	189		$	186		$	182		$	183		$	190		$	198		$	216		$	740	$	787
Shareowner servicing fees	21			21			21			21			21			21			23			25			84		90
Other revenue	42			42			41			41			41			45			43			47			166		176
Net realized gains (losses)	8			(4)			1			5			7			(9)			(13)			(9)			10		(24)
Total revenues	254			248			249			249			252			247			251			279			1,000		1,029
Sub-advisory expense	67			67			66			65			65			68			71			78			265		282
Employee compensation and benefits	30			28			29			34			29			27			31			36			121		123
Distribution and service	70			73			73			73			72			75			81			87			289		315
General, administrative and other	29			27			24			26			29			25			24			28			106		106
Total expenses	196			195			192			198			195			195			207			229			781		826
Income before income taxes	58			53			57			51			57			52			44			50			219		203
Income tax expense	11			12			12			10			12			11			10			8			45		41
Net income	47			41			45			41			45			41			34			42			174		162
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax	(8)			4			(1)			(5)			(7)			9			13			9			(10)		24
Income tax expense (benefit) [1]	—			—			—			1			1			(3)			(3)			(1)			1		(6)
Core earnings	$	39		$	45		$	44		$	37		$	39		$	47		$	44		$	50		$	165	$	180
Daily average Hartford Funds AUM	$	124,676		$	128,786		$	127,540		$	127,084		$	124,087		$	129,782		$	136,841		$	150,131		$	127,019	$	135,124
Return on assets (bps, net of tax) [2]
Net income	15.1			12.7			14.1			12.9			14.5			12.6			9.9			11.2			13.7		12.0
Core earnings*	12.5			14.0			13.8			11.6			12.6			14.5			12.9			13.3			13.0		13.3
ROE
Net income available to common stockholders [3]	43.9		%	44.9		%	44.9		%	42.7		%	42.4		%	48.2		%	51.9		%	58.0		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains) excluded from core earnings, before tax	(2.6		%)	(2.4		%)	(1.1		%)	2.7		%	6.5		%	7.8		%	6.0		%	2.0		%
Income tax expense (benefit) [1]	0.3		%	0.5		%	(0.3		%)	(1.1		%)	(1.6		%)	(1.7		%)	(1.1		%)	—		%
Impact of AOCI, excluded from core earnings ROE	(1.8		%)	(2.5		%)	(1.9		%)	(1.5		%)	(1.2		%)	(1.5		%)	(0.9		%)	(0.6		%)
Core earnings [3]	39.8		%	40.5		%	41.6		%	42.8		%	46.1		%	52.8		%	55.9		%	59.4		%

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

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

HARTFORD FUNDS

ASSET VALUE ROLLFORWARD

ASSETS UNDER MANAGEMENT BY ASSET CLASS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Equity Funds
Beginning balance	$	74,306	$	78,951	$	76,132	$	73,782	$	69,128	$	74,891	$	89,282	$	95,703	$	73,782	$	95,703
Sales	3,077		3,096		3,447		4,202		4,200		4,257		5,631		6,856		13,822		20,944
Redemptions	(5,303)		(4,366)		(4,145)		(5,221)		(6,505)		(5,178)		(6,795)		(6,965)		(19,035)		(25,443)
Net flows	(2,226)		(1,270)		(698)		(1,019)		(2,305)		(921)		(1,164)		(109)		(5,213)		(4,499)
Change in market value and other	7,272		(3,375)		3,517		3,369		6,959		(4,842)		(13,227)		(6,312)		10,783		(17,422)
Ending balance	$	79,352	$	74,306	$	78,951	$	76,132	$	73,782	$	69,128	$	74,891	$	89,282	$	79,352	$	73,782
Fixed Income Funds
Beginning balance	$	15,941	$	16,149	$	16,399	$	15,861	$	16,018	$	17,388	$	18,889	$	20,113	$	15,861	$	20,113
Sales	1,553		1,160		1,216		1,521		1,852		1,084		1,736		1,900		5,450		6,572
Redemptions	(1,692)		(1,127)		(1,468)		(1,372)		(2,471)		(2,071)		(2,306)		(2,254)		(5,659)		(9,102)
Net flows	(139)		33		(252)		149		(619)		(987)		(570)		(354)		(209)		(2,530)
Change in market value and other	971		(241)		2		389		462		(383)		(931)		(870)		1,121		(1,722)
Ending balance	$	16,773	$	15,941	$	16,149	$	16,399	$	15,861	$	16,018	$	17,388	$	18,889	$	16,773	$	15,861
Multi-Strategy Investments Funds [1]
Beginning balance	$	18,573	$	19,764	$	19,941	$	19,975	$	19,028	$	20,362	$	22,603	$	23,610	$	19,975	$	23,610
Sales	416		354		402		516		530		467		598		722		1,688		2,317
Redemptions	(1,134)		(968)		(918)		(892)		(959)		(810)		(841)		(826)		(3,912)		(3,436)
Net flows	(718)		(614)		(516)		(376)		(429)		(343)		(243)		(104)		(2,224)		(1,119)
Change in market value and other	1,437		(577)		339		342		1,376		(991)		(1,998)		(903)		1,541		(2,516)
Ending balance	$	19,292	$	18,573	$	19,764	$	19,941	$	19,975	$	19,028	$	20,362	$	22,603	$	19,292	$	19,975
Exchange-Traded Funds ("ETF") AUM
Beginning balance	$	3,362	$	3,243	$	3,036	$	2,854	$	2,590	$	2,765	$	3,211	$	3,206	$	2,854	$	3,206
Net flows	120		222		210		67		60		28		(34)		143		619		197
Change in market value and other	417		(103)		(3)		115		204		(203)		(412)		(138)		426		(549)
Ending balance	$	3,899	$	3,362	$	3,243	$	3,036	$	2,854	$	2,590	$	2,765	$	3,211	$	3,899	$	2,854
Mutual Fund and ETF AUM
Beginning balance	$	112,182	$	118,107	$	115,508	$	112,472	$	106,764	$	115,406	$	133,985	$	142,632	$	112,472	$	142,632
Sales - mutual fund	5,046		4,610		5,065		6,239		6,582		5,808		7,965		9,478		20,960		29,833
Redemptions - mutual fund	(8,129)		(6,461)		(6,531)		(7,485)		(9,935)		(8,059)		(9,942)		(10,045)		(28,606)		(37,981)
Net flows - ETF	120		222		210		67		60		28		(34)		143		619		197
Net flows - mutual fund and ETF	(2,963)		(1,629)		(1,256)		(1,179)		(3,293)		(2,223)		(2,011)		(424)		(7,027)		(7,951)
Change in market value and other	10,097		(4,296)		3,855		4,215		9,001		(6,419)		(16,568)		(8,223)		13,871		(22,209)
Ending balance	119,316		112,182		118,107		115,508		112,472		106,764		115,406		133,985		119,316		112,472
Third-party life and annuity separate account AUM	11,709		11,011		11,799		11,672		11,635		11,063		11,992		14,061		11,709		11,635
Hartford Funds AUM	$	131,025	$	123,193	$	129,906	$	127,180	$	124,107	$	117,827	$	127,398	$	148,046	$	131,025	$	124,107

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CORPORATE

INCOME STATEMENTS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Fee income [1]	$	9	$	10	$	11	$	9	$	12	$	11	$	13	$	13	$	39	$	49

Other revenue	—		1		—		1		—		—		—		1		2		1
Net investment income	17		12		8		10		13		7		3		3		47		26
Net realized gains (losses)	19		(10)		11		6		11		(10)		(30)		(16)		26		(45)
Total revenues (losses)	45		13		30		26		36		8		(14)		1		114		31
Benefits, losses and loss adjustment expenses [2]	2		1		2		2		3		1		2		2		7		8
Insurance operating costs and other expenses [1][3]	17		27		11		13		13		12		23		13		68		61

Interest expense	49		50		50		50		50		50		51		62		199		213
Restructuring and other costs	2		1		3		—		3		3		2		5		6		13
Total expenses	70		79		66		65		69		66		78		82		280		295
Loss before income taxes	(25)		(66)		(36)		(39)		(33)		(58)		(92)		(81)		(166)		(264)
Income tax benefit	(6)		(14)		(10)		(15)		(11)		(15)		(21)		(22)		(45)		(69)


Net loss [4]	(19)		(52)		(26)		(24)		(22)		(43)		(71)		(59)		(121)		(195)
Preferred stock dividends	5		6		5		5		5		6		5		5		21		21
Net loss available to common stockholders	(24)		(58)		(31)		(29)		(27)		(49)		(76)		(64)		(142)		(216)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax	(19)		9		(10)		(6)		(10)		10		31		15		(26)		46

Restructuring and other costs, before tax	2		1		3		—		3		3		2		5		6		13
Loss on extinguishment of debt, before tax	—		—		—		—		—		—		9		—		—		9


Income tax expense (benefit) [5]	5		(4)		3		—		1		(1)		(9)		(4)		4		(13)

Core loss [4]	$	(36)	$	(52)	$	(35)	$	(35)	$	(33)	$	(37)	$	(43)	$	(48)	$	(158)	$	(161)

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

[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.

[3]Insurance operating costs and other expenses for the twelve months ended December 31, 2023, includes a $14 capital-based state tax expense covering several years recorded in the 2023 period related to recently released guidance, and for the twelve months ended December 31, 2022, includes a $9 loss on extinguishment of debt related to The Hartford's redemption of its 7.875% junior subordinated loans on April 15, 2022.

[4]Adopting LDTI resulted in an after tax decrease to net loss and core loss of $1 for the three months ended September 30, 2022. There were no impacts to the other periods presented in the table above.

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

CONSOLIDATED


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	466		$	433		$	411		$	395		$	365		$	323		$	290		$	275		$	1,705		$	1,253
Tax-exempt	44			47			49			50			51			53			56			56			190			216
Total fixed maturities	510			480			460			445			416			376			346			331			1,895			1,469
Equity securities	14			9			9			13			17			15			13			12			45			57
Mortgage loans	61			59			58			57			55			53			53			50			235			211
Limited partnerships and other alternative investments [2]	82			72			32			26			169			62			158			126			212			515
Other [3]	8			(1)			4			(2)			4			(1)			(7)			9			9			5
Subtotal	675			619			563			539			661			505			563			528			2,396			2,257
Investment expense	(22)			(22)			(23)			(24)			(21)			(18)			(22)			(19)			(91)			(80)
Total net investment income	$	653		$	597		$	540		$	515		$	640		$	487		$	541		$	509		$	2,305		$	2,177
Annualized investment yield, before tax [4]	4.5		%	4.2		%	3.9		%	3.7		%	4.6		%	3.5		%	3.9		%	3.6		%	4.1		%	3.9		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	7.0		%	6.3		%	2.9		%	2.5		%	16.8		%	6.3		%	17.3		%	14.6		%	4.8		%	14.4		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*	4.3		%	4.1		%	4.0		%	3.8		%	3.7		%	3.3		%	3.0		%	2.9		%	4.0		%	3.2		%
Annualized investment yield, net of tax [4]	3.7		%	3.4		%	3.1		%	3.0		%	3.7		%	2.8		%	3.2		%	2.9		%	3.3		%	3.2		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*	3.5		%	3.3		%	3.2		%	3.0		%	3.0		%	2.7		%	2.4		%	2.4		%	3.2		%	2.6		%
Average reinvestment rate [5]	6.3		%	6.0		%	5.3		%	5.8		%	6.0		%	4.9		%	4.5		%	3.3		%	5.8		%	4.4		%
Average sales/maturities yield [6]	4.8		%	4.5		%	4.1		%	4.2		%	4.2		%	3.7		%	3.6		%	3.0		%	4.4		%	3.6		%
Portfolio duration (in years) [7]	3.8			4.1			4.0			4.0			4.0			4.0			4.3			4.4			3.8			4.0

[1]Includes income on short-term investments.

[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.

[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

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

[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.

[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.

[7]Excludes certain short-term investments.

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

PROPERTY & CASUALTY


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	359		$	333		$	316		$	304		$	276		$	243		$	219		$	207		$	1,312		$	945
Tax-exempt	33			34			37			37			38			40			43			41			141			162
Total fixed maturities	392			367			353			341			314			283			262			248			1,453			1,107
Equity securities	6			6			7			9			9			10			10			9			28			38
Mortgage loans	45			43			42			41			39			38			38			36			171			151
Limited partnerships and other alternative investments [2]	71			60			26			21			119			44			123			97			178			383
Other [3]	9			—			5			(2)			4			(2)			(9)			6			12			(1)
Subtotal	523			476			433			410			485			373			424			396			1,842			1,678
Investment expense	(18)			(16)			(18)			(18)			(16)			(13)			(17)			(14)			(70)			(60)
Total net investment income	$	505		$	460		$	415		$	392		$	469		$	360		$	407		$	382		$	1,772		$	1,618
Annualized investment yield, before tax [4]	4.6		%	4.3		%	3.9		%	3.6		%	4.4		%	3.4		%	3.9		%	3.7		%	4.1		%	3.9		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	7.7		%	6.7		%	3.0		%	2.5		%	14.8		%	5.7		%	16.7		%	14.1		%	5.1		%	13.4		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]	4.3		%	4.0		%	4.0		%	3.7		%	3.6		%	3.3		%	2.9		%	2.9		%	4.0		%	3.2		%
Annualized investment yield, net of tax [4]	3.7		%	3.5		%	3.1		%	3.0		%	3.6		%	2.7		%	3.1		%	3.0		%	3.3		%	3.1		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]	3.5		%	3.2		%	3.2		%	3.0		%	2.9		%	2.6		%	2.4		%	2.4		%	3.2		%	2.6		%
Average reinvestment rate [5]	6.3		%	6.0		%	5.3		%	5.8		%	6.1		%	4.9		%	4.4		%	3.2		%	5.8		%	4.4		%
Average sales/maturities yield [6]	4.9		%	4.5		%	4.1		%	4.2		%	4.1		%	3.7		%	3.6		%	2.9		%	4.4		%	3.5		%
Portfolio duration (in years) [7]	3.6			3.9			3.8			3.9			3.8			3.9			4.2			4.3			3.6			3.8

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

GROUP BENEFITS


	THREE MONTHS ENDED																								YEAR ENDED
	Dec 31 2023			Sept 30 2023			Jun 30 2023			Mar 31 2023			Dec 31 2022			Sept 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2023			Dec 31 2022
Net Investment Income (Loss)
Fixed maturities [1]
Taxable	$	92		$	86		$	85		$	81		$	79		$	75		$	69		$	67		$	344		$	290
Tax-exempt	10			10			11			12			12			11			12			13			43			48
Total fixed maturities	102			96			96			93			91			86			81			80			387			338
Equity securities	1			3			1			2			2			3			2			2			7			9
Mortgage loans	16			16			16			16			16			15			15			14			64			60
Limited partnerships and other alternative investments [2]	11			12			6			5			50			18			35			29			34			132
Other [3]	(1)			—			(1)			—			—			—			2			3			(2)			5
Subtotal	129			127			118			116			159			122			135			128			490			544
Investment expense	(4)			(6)			(5)			(6)			(5)			(5)			(5)			(5)			(21)			(20)
Total net investment income	$	125		$	121		$	113		$	110		$	154		$	117		$	130		$	123		$	469		$	524
Annualized investment yield, before tax [4]	4.2		%	4.1		%	3.9		%	3.8		%	5.3		%	4.0		%	4.4		%	4.2		%	4.0		%	4.5		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	4.4		%	4.8		%	2.5		%	2.5		%	24.5		%	8.7		%	19.4		%	16.7		%	3.7		%	18.5		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]	4.2		%	4.1		%	4.0		%	3.9		%	3.8		%	3.6		%	3.4		%	3.4		%	4.0		%	3.6		%
Annualized investment yield, net of tax [4]	3.4		%	3.3		%	3.1		%	3.0		%	4.2		%	3.2		%	3.6		%	3.4		%	3.2		%	3.6		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]	3.4		%	3.3		%	3.2		%	3.1		%	3.1		%	2.9		%	2.8		%	2.8		%	3.3		%	2.9		%
Average reinvestment rate [5]	6.2		%	5.9		%	5.3		%	6.0		%	5.9		%	4.8		%	4.7		%	3.6		%	5.9		%	4.6		%
Average sales/maturities yield [6]	4.6		%	4.8		%	4.3		%	4.4		%	4.3		%	4.0		%	3.8		%	3.3		%	4.5		%	3.8		%
Portfolio duration (in years) [7]	4.9			5.1			4.9			4.8			4.8			4.8			5.0			5.2			4.9			4.8

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

NET INVESTMENT INCOME

CONSOLIDATED


	THREE MONTHS ENDED																YEAR ENDED
Net Investment Income by Segment	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net Investment Income
Commercial Lines	$	435	$	395	$	364	$	338	$	411	$	315	$	356	$	333	$	1,532	$	1,415
Personal Lines	52		47		34		38		41		31		35		33		171		140
P&C Other Operations	18		18		17		16		17		14		16		16		69		63
Total Property & Casualty	505		460		415		392		469		360		407		382		1,772		1,618
Group Benefits	125		121		113		110		154		117		130		123		469		524
Hartford Funds	6		4		4		3		4		3		1		1		17		9
Corporate	17		12		8		10		13		7		3		3		47		26
Total net investment income by segment	$	653	$	597	$	540	$	515	$	640	$	487	$	541	$	509	$	2,305	$	2,177


	THREE MONTHS ENDED																YEAR ENDED
Net Investment Income from Limited Partnerships and Other Alternative Investments	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Total Property & Casualty	$	71	$	60	$	26	$	21	$	119	$	44	$	123	$	97	$	178	$	383
Group Benefits	11		12		6		5		50		18		35		29		34		132
Total net investment income from limited partnerships and other alternative investments [1]	$	82	$	72	$	32	$	26	$	169	$	62	$	158	$	126	$	212	$	515

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

Table of Contents

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPONENTS OF NET REALIZED GAINS (LOSSES)

CONSOLIDATED


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities	$	4	$	6	$	3	$	17	$	3	$	16	$	15	$	23	$	30	$	57
Gross losses on sales of fixed maturities	(62)		(27)		(21)		(39)		(59)		(81)		(80)		(95)		(149)		(315)
Equity securities [1]	46		(13)		10		35		101		(81)		(262)		(107)		78		(349)
Net credit losses on fixed maturities, AFS	(1)		(5)		(3)		(5)		(3)		(3)		—		(12)		(14)		(18)
Change in ACL on mortgage loans	(5)		(5)		(5)		—		—		—		(5)		(2)		(15)		(7)
Intent-to-sell impairments	—		—		—		—		(1)		(2)		—		(3)		—		(6)
Other net gains (losses) [2]	(9)		(46)		(48)		(15)		(19)		(15)		(6)		51		(118)		11



Total net realized gains (losses)	(27)		(90)		(64)		(7)		22		(166)		(338)		(145)		(188)		(627)
Net realized losses (gains), included in core earnings, before tax [3]	11		14		11		—		—		—		2		(1)		36		1
Total net gains (losses) excluded from core earnings, before tax	(16)		(76)		(53)		(7)		22		(166)		(336)		(146)		(152)		(626)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings	5		15		10		3		4		34		73		29		33		140
Total net realized gains (losses) excluded from core earnings, after tax	$	(11)	$	(61)	$	(43)	$	(4)	$	26	$	(132)	$	(263)	$	(117)	$	(119)	$	(486)

[1]Includes all changes in fair value and trading gains and losses for equity securities.

[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and commodity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.

[3]Represents net periodic settlements on credit derivatives.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPOSITION OF INVESTED ASSETS

CONSOLIDATED


	Dec 31 2023				Sept 30 2023				Jun 30 2023				Mar 31 2023				Dec 31 2022
	Amount [1]		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount [1]		Percent
Total investments	$	55,922	100.0	%	$	53,320	100.0	%	$	52,668	100.0	%	$	53,667	100.0	%	$	52,560	100.0	%
Asset-backed securities	$	3,320	8.3	%	$	3,130	8.2	%	$	2,685	7.2	%	$	2,181	5.8	%	$	1,941	5.4	%
Collateralized loan obligations	3,090		7.8	%	3,043		8.0	%	2,981		8.0	%	3,013		8.0	%	2,941		8.1	%
Commercial mortgage-backed securities	3,125		7.8	%	3,124		8.2	%	3,227		8.6	%	3,329		8.9	%	3,368		9.3	%
Corporate	17,866		44.9	%	16,651		43.9	%	16,096		42.9	%	16,210		43.3	%	15,233		42.0	%
Foreign government/government agencies	562		1.4	%	567		1.5	%	539		1.4	%	549		1.5	%	547		1.5	%
Municipal	6,039		15.2	%	5,686		15.0	%	6,226		16.6	%	6,365		17.0	%	6,296		17.4	%
Residential mortgage-backed securities	4,287		10.8	%	3,827		10.1	%	3,729		9.9	%	3,737		10.0	%	3,708		10.2	%
U.S. Treasuries	1,529		3.8	%	1,934		5.1	%	2,014		5.4	%	2,060		5.5	%	2,197		6.1	%
Total fixed maturities, AFS [2]	$	39,818	100.0	%	$	37,962	100.0	%	$	37,497	100.0	%	$	37,444	100.0	%	$	36,231	100.0	%
U.S. government/government agencies	$	4,776	12.0	%	$	4,747	12.5	%	$	4,790	12.8	%	$	4,904	13.1	%	$	5,025	13.9	%
AAA	7,055		17.7	%	6,733		17.8	%	6,752		18.0	%	6,047		16.1	%	5,824		16.1	%
AA	7,270		18.3	%	6,959		18.3	%	6,782		18.1	%	6,879		18.4	%	6,650		18.4	%
A	9,828		24.7	%	9,273		24.4	%	9,295		24.8	%	9,275		24.8	%	8,968		24.7	%
BBB	9,198		23.1	%	8,561		22.6	%	8,143		21.7	%	8,559		22.9	%	7,973		22.0	%
BB	1,139		2.9	%	1,115		2.9	%	1,130		3.0	%	1,189		3.2	%	1,235		3.4	%
B	539		1.3	%	565		1.5	%	595		1.6	%	576		1.5	%	535		1.5	%
CCC	12		—	%	8		—	%	9		—	%	14		—	%	19		—	%
CC & below	1		—	%	1		—	%	1		—	%	1		—	%	2		—	%
Total fixed maturities, AFS [2]	$	39,818	100.0	%	$	37,962	100.0	%	$	37,497	100.0	%	$	37,444	100.0	%	$	36,231	100.0	%

[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).

[2]Fixed maturities, at fair value using the fair value option are not included.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTED ASSET EXPOSURES

DECEMBER 31, 2023



	Cost or Amortized Cost		Fair Value		Percent of Total Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services	$	5,901	$	5,648	10.1	%
Technology and communications	2,474		2,376		4.3	%
Consumer non-cyclical	2,232		2,136		3.8	%
Utilities	2,177		2,051		3.7	%
Capital goods	1,630		1,582		2.8	%
Consumer cyclical	1,332		1,293		2.3	%
Energy	1,266		1,222		2.2	%
Basic industry	977		945		1.7	%
Transportation	803		751		1.3	%
Other	763		726		1.3	%
Total	$	19,555	$	18,730	33.5	%
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.	$	253	$	246	0.4	%
Government of Canada	201		199		0.4	%
Morgan Stanley	201		192		0.4	%
UBS Group AG	200		190		0.3	%
Goldman Sachs Group Inc.	196		177		0.3	%
Penske Corporation	175		174		0.3	%
Toronto Dominion Bank	183		172		0.3	%
Eversource Energy	174		171		0.3	%
Mitsubishi UFJ Financial Group Inc.	164		162		0.3	%
Hyundai Motor Company	173		160		0.3	%
Total	$	1,920	$	1,843	3.3	%

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

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.

APPENDIX

BASIS OF PRESENTATION AND DEFINITIONS

All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.

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

Property & Casualty ("P&C") businesses consist of three reporting segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock, accident and health, and reinsurance to businesses in the United States ("U.S.") and internationally. Commercial Lines generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Lines provides automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and represent approximately 95% of the Company's asbestos and environmental exposures, before considering losses ceded to the A&E ADC.

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

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

The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reporting segments. Corporate also includes investment management fees and expenses related to managing third party assets.

Certain operating and statistical measures for P&C Commercial Lines and Personal Lines have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, premium retention, and policies in-force.

•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.

•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.

•Renewal written price increases for Commercial Lines represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Lines, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.

•Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.

•Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.

•Premium retention for middle and large commercial, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.

•Policies-in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in force is a growth measure used for Personal Lines and standard commercial lines (small commercial and middle market lines within middle & large commercial) and is affected by both new business growth and policy count retention.

The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.

A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses and, consistent with that definition, incurred losses arising from the Ukraine conflict have been accounted for as catastrophe losses. The Company does not treat incurred benefits and losses arising from the COVID-19 pandemic as catastrophe losses.

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The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Group Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.

The Hartford Funds segment provides supplemental data on sales, redemptions, net flows and account value that indicate current trends in that segment.

DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES

The Company uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP and other financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.

Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:

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

Core earnings per share-This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.

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BASIC EARNINGS PER SHARE


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net Income available to common stockholders per share	$	2.55	$	2.12	$	1.75	$	1.69	$	1.85	$	1.04	$	1.34	$	1.32	$	8.09	$	5.54


Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses (gains), excluded from core earnings, before tax	0.05		0.25		0.17		0.02		(0.07)		0.52		1.03		0.44		0.49		1.93
Restructuring and other costs, before tax	0.01		—		0.01		—		0.01		0.01		0.01		0.02		0.02		0.04
Loss on extinguishment of debt, before tax	—		—		—		—		—		—		0.03		—		—		0.03
Integration and other non-recurring M&A costs, before tax	0.01		0.01		0.01		0.01		0.02		0.02		0.02		0.02		0.03		0.06

Change in deferred gain on retroactive reinsurance, before tax	0.65		—		—		—		0.72		—		—		—		0.63		0.71
Income tax benefit on items excluded from core earnings	(0.16)		(0.06)		(0.04)		(0.01)		(0.17)		(0.12)		(0.24)		(0.12)		(0.25)		(0.63)
Core earnings per share	$	3.11	$	2.32	$	1.90	$	1.71	$	2.36	$	1.47	$	2.19	$	1.68	$	9.01	$	7.68

Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.

DILUTED EARNINGS PER SHARE


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net Income available to common stockholders per diluted share	$	2.51	$	2.09	$	1.73	$	1.66	$	1.82	$	1.02	$	1.32	$	1.30	$	7.97	$	5.46


Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax	0.05		0.25		0.17		0.02		(0.07)		0.51		1.01		0.43		0.49		1.90
Restructuring and other costs, before tax	0.01		—		0.01		—		0.01		0.01		0.01		0.01		0.02		0.04
Loss on extinguishment of debt, before tax	—		—		—		—		—		—		0.03		—		—		0.03

Integration and other non-recurring M&A costs, before tax	0.01		0.01		0.01		0.01		0.02		0.02		0.02		0.01		0.03		0.06

Change in deferred gain on retroactive reinsurance, before tax	0.64		—		—		—		0.71		—		—		—		0.62		0.69
Income tax benefit on items excluded from core earnings	(0.16)		(0.06)		(0.04)		(0.01)		(0.17)		(0.11)		(0.23)		(0.09)		(0.25)		(0.60)
Core earnings per diluted share	$	3.06	$	2.29	$	1.88	$	1.68	$	2.32	$	1.45	$	2.16	$	1.66	$	8.88	$	7.58

Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:

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	LAST TWELVE MONTHS ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022
Net income ROE	17.5	%	17.7	%	14.4	%	12.8	%	11.7	%	12.8	%	13.1	%	15.5	%

Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses (gains) excluded from core earnings, before tax	1.1	%	0.9	%	1.5	%	3.3	%	4.1	%	2.9	%	1.3	%	(1.7)	%

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


Integration and other non-recurring M&A costs, before tax	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.2	%	0.3	%

Change in deferred gain on retroactive reinsurance, before tax	1.4	%	1.8	%	1.7	%	1.5	%	1.5	%	1.1	%	1.3	%	1.5	%
Income tax benefit on items not included in core earnings	(0.5	%)	(0.6	%)	(0.8	%)	(1.1	%)	(1.3	%)	(0.9	%)	(0.6	%)	(0.1	%)


Impact of AOCI, excluded from denominator of core earnings ROE	(3.8	%)	(5.1	%)	(3.4	%)	(2.5	%)	(1.8	%)	(1.9	%)	(1.4	%)	(0.7	%)
Core earnings ROE	15.8	%	14.9	%	13.6	%	14.3	%	14.5	%	14.3	%	14.0	%	14.8	%

Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable GAAP measure, total stockholders' equity, is set forth on page 5.

Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

Underwriting gain (loss)- The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.

Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.

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PROPERTY & CASUALTY


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net income	$	567	$	516	$	407	$	426	$	426	$	256	$	375	$	468	$	1,916	$	1,525
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income	(505)		(460)		(415)		(392)		(469)		(360)		(407)		(382)		(1,772)		(1,618)
Net realized losses (gains)	54		45		57		23		(3)		110		225		104		179		436
Net servicing and other expense (income)	(2)		(5)		(7)		(6)		(2)		(3)		(2)		2		(20)		(5)

Income tax expense	129		127		95		100		107		76		97		116		451		396
Underwriting gain	243		223		137		151		59		79		288		308		754		734
Current accident year catastrophes	81		184		226		185		135		293		123		98		676		649
Prior accident year development	92		(43)		(39)		—		183		(53)		(58)		(36)		10		36

Underlying underwriting gain	$	416	$	364	$	324	$	336	$	377	$	319	$	353	$	370	$	1,440	$	1,419

COMMERCIAL LINES


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net income	$	687	$	519	$	458	$	421	$	566	$	286	$	389	$	383	$	2,085	$	1,624
Adjustments to reconcile net income to underlying underwriting gain:

Net investment income	(435)		(395)		(364)		(338)		(411)		(315)		(356)		(333)		(1,532)		(1,415)
Net realized losses	48		38		51		19		1		95		198		91		156		385


Other expense (income)	3		(2)		—		—		2		3		1		6		1		12
Income tax expense	163		130		109		100		146		84		101		95		502		426
Underwriting gain	466		290		254		202		304		153		333		242		1,212		1,032
Current accident year catastrophes	60		115		123		138		114		179		67		81		436		441
Prior accident year development	(118)		(46)		(38)		(23)		(68)		(42)		(88)		(33)		(225)		(231)

Underlying underwriting gain	$	408	$	359	$	339	$	317	$	350	$	290	$	312	$	290	$	1,423	$	1,242

Table of Contents

PERSONAL LINES


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net income (loss)	$	34	$	(12)	$	(60)	$	(1)	$	44	$	(36)	$	6	$	77	$	(39)	$	91
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):

Net investment income	(52)		(47)		(34)		(38)		(41)		(31)		(35)		(33)		(171)		(140)
Net realized losses (gains)	5		5		5		1		(3)		11		18		9		16		35

Net servicing and other expense (income)	(5)		(3)		(7)		(6)		(4)		(6)		(3)		(4)		(21)		(17)
Income tax expense (benefit)	8		(5)		(17)		(1)		11		(10)		1		20		(15)		22
Underwriting gain (loss)	(10)		(62)		(113)		(45)		7		(72)		(13)		69		(230)		(9)
Current accident year catastrophes	21		69		103		47		21		114		56		17		240		208
Prior accident year development	(7)		1		(3)		20		1		(11)		—		(3)		11		(13)
Underlying underwriting gain (loss)	$	4	$	8	$	(13)	$	22	$	29	$	31	$	43	$	83	$	21	$	186

P&C OTHER OPERATIONS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net income (loss)	$	(154)	$	9	$	9	$	6	$	(184)	$	6	$	(20)	$	8	$	(130)	$	(190)
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income	(18)		(18)		(17)		(16)		(17)		(14)		(16)		(16)		(69)		(63)
Net realized losses (gains)	1		2		1		3		(1)		4		9		4		7		16


Income tax expense (benefit)	(42)		2		3		1		(50)		2		(5)		1		(36)		(52)
Underwriting loss	(213)		(5)		(4)		(6)		(252)		(2)		(32)		(3)		(228)		(289)

Prior accident year development	217		2		2		3		250		—		30		—		224		280
Underlying underwriting loss	$	4	$	(3)	$	(2)	$	(3)	$	(2)	$	(2)	$	(2)	$	(3)	$	(4)	$	(9)

Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth on pages 10, 13 and 17, respectively.

Table of Contents

Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Net income margin	9.9	%	8.5	%	7.0	%	5.3	%	8.4	%	5.4	%	6.7	%	(0.5)	%	7.7	%	5.1	%
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax	(0.1)	%	1.5	%	0.8	%	(0.3)	%	(0.1)	%	2.3	%	4.1	%	1.0	%	0.4	%	1.8	%
Integration and other non-recurring M&A costs, before tax	0.1	%	0.1	%	—	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%
Income tax expense (benefit)	(0.1)	%	(0.3)	%	(0.2)	%	0.1	%	0.1	%	(0.6)	%	(1.0)	%	(0.2)	%	(0.1)	%	(0.5)	%

Core earnings margin	9.8	%	9.8	%	7.6	%	5.2	%	8.5	%	7.2	%	9.9	%	0.4	%	8.1	%	6.5	%

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


	THREE MONTHS ENDED								YEAR ENDED
	Dec 31 2023	Sept 30 2023	Jun 30 2023	Mar 31 2023	Dec 31 2022	Sept 30 2022	Jun 30 2022	Mar 31 2022	Dec 31 2023	Dec 31 2022
Return on Assets ("ROA")	15.1	12.7	14.1	12.9	14.5	12.6	9.9	11.2	13.7	12.0
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax	(2.6)	1.3	(0.3)	(1.6)	(2.2)	2.8	3.9	2.4	(0.8)	1.7
Effect of income tax expense (benefit)	—	—	—	0.3	0.3	(0.9)	(0.9)	(0.3)	0.1	(0.4)
Return on Assets ("ROA"), core earnings	12.5	14.0	13.8	11.6	12.6	14.5	12.9	13.3	13.0	13.3

Table of Contents

Net investment income, excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Group Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative instruments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative instruments. Net investment income is the most directly comparable GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.

CONSOLIDATED


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Total net investment income	$	653	$	597	$	540	$	515	$	640	$	487	$	541	$	509	$	2,305	$	2,177
Adjustment for income from limited partnerships and other alternative investments	(82)		(72)		(32)		(26)		(169)		(62)		(158)		(126)		(212)		(515)
Net investment income excluding limited partnerships and other alternative investments	$	571	$	525	$	508	$	489	$	471	$	425	$	383	$	383	$	2,093	$	1,662

PROPERTY & CASUALTY


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Total net investment income	$	505	$	460	$	415	$	392	$	469	$	360	$	407	$	382	$	1,772	$	1,618
Adjustment for income from limited partnerships and other alternative investments	(71)		(60)		(26)		(21)		(119)		(44)		(123)		(97)		(178)		(383)
Net investment income excluding limited partnerships and other alternative investments	$	434	$	400	$	389	$	371	$	350	$	316	$	284	$	285	$	1,594	$	1,235

GROUP BENEFITS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Total net investment income	$	125	$	121	$	113	$	110	$	154	$	117	$	130	$	123	$	469	$	524
Adjustment for income from limited partnerships and other alternative investments	(11)		(12)		(6)		(5)		(50)		(18)		(35)		(29)		(34)		(132)
Net investment income excluding limited partnerships and other alternative investments	$	114	$	109	$	107	$	105	$	104	$	99	$	95	$	94	$	435	$	392

Table of Contents

Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Group Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.

CONSOLIDATED


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Annualized investment yield	4.5	%	4.2	%	3.9	%	3.7	%	4.6	%	3.5	%	3.9	%	3.6	%	4.1	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	(0.2)	%	(0.1)	%	0.1	%	0.1	%	(0.9)	%	(0.2)	%	(0.9)	%	(0.7)	%	(0.1)	%	(0.7)	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.3	%	4.1	%	4.0	%	3.8	%	3.7	%	3.3	%	3.0	%	2.9	%	4.0	%	3.2	%

PROPERTY & CASUALTY


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Annualized investment yield	4.6	%	4.3	%	3.9	%	3.6	%	4.4	%	3.4	%	3.9	%	3.7	%	4.1	%	3.9	%
Adjustment for income from limited partnerships and other alternative investments	(0.3)	%	(0.3)	%	0.1	%	0.1	%	(0.8)	%	(0.1)	%	(1.0)	%	(0.8)	%	(0.1)	%	(0.7)	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.3	%	4.0	%	4.0	%	3.7	%	3.6	%	3.3	%	2.9	%	2.9	%	4.0	%	3.2	%

GROUP BENEFITS


	THREE MONTHS ENDED																YEAR ENDED
	Dec 31 2023		Sept 30 2023		Jun 30 2023		Mar 31 2023		Dec 31 2022		Sept 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2023		Dec 31 2022
Annualized investment yield	4.2	%	4.1	%	3.9	%	3.8	%	5.3	%	4.0	%	4.4	%	4.2	%	4.0	%	4.5	%
Adjustment for income from limited partnerships and other alternative investments	—	%	—	%	0.1	%	0.1	%	(1.5)	%	(0.4)	%	(1.0)	%	(0.8)	%	—	%	(0.9)	%
Annualized investment yield excluding limited partnerships and other alternative investments	4.2	%	4.1	%	4.0	%	3.9	%	3.8	%	3.6	%	3.4	%	3.4	%	4.0	%	3.6	%

Cover Document and Entity information	Feb. 01, 2024
Document Type	8-K
Document Period End Date	Feb. 01, 2024
Entity Registrant Name	THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-13958
Entity Tax Identification Number	13-3317783
Entity Address, Address Line One	One Hartford Plaza
Entity Address, City or Town	Hartford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06155
City Area Code	860
Local Phone Number	547-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000874766
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HIG
Security Exchange Name	NYSE
6.10% Notes due October 1, 2041
Title of 12(b) Security	6.10% Notes due October 1, 2041
Trading Symbol	HIG 41
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/1,00th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Trading Symbol	HIG PR G
Security Exchange Name	NYSE

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