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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2025
 
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
(Exact name of registrant as specified in its charter)
 
Delaware001-1395813-3317783
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
The Hartford 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHIGThe New York Stock Exchange
6.10% Senior Notes due October 1, 2041HIG 41The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per shareHIG PR GThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02Results of Operations and Financial Condition
On January 30, 2025, The Hartford Financial Services Group, Inc. (the "Company") issued (i) a news release announcing its financial results for the quarterly period ended December 31, 2024, and (ii) its Investor Financial Supplement (“IFS”) relating to its financial results for the quarterly period ended December 31, 2024. Copies of the news release and the IFS are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The Company is also announcing property and casualty reserve development for the fourth quarter of 2024 as set forth below.
Property and Casualty Reserves
(Dollar amounts in millions and before tax)

Unfavorable (Favorable) Prior Accident Year DevelopmentFor the three months ended December 31, 2024
Workers’ compensation$(70)
Workers’ compensation discount accretion10 
General liability130 
Marine— 
Package business— 
Commercial property— 
Professional liability(20)
Bond(34)
Assumed reinsurance— 
Automobile liability - Commercial Lines21 
Automobile liability - Personal Lines(17)
Homeowners(13)
Net asbestos and environmental ("A&E") reserves141 
Catastrophes(49)
Uncollectible reinsurance(19)
Other reserve re-estimates, net 17 
Prior accident year development, including full benefit for the adverse development cover ("ADC") cession
97 
Change in deferred gain on retroactive reinsurance included in other liabilities [1]4 
Total prior accident year development$101 
[1] Change in deferred gain on retroactive reinsurance for the three months ended December 31, 2024, included a benefit for amortization of the Navigators ADC deferred gain of $58. The change in deferred gain for the three months ended December 31, 2024, also included $62 of adverse development on A&E reserves in excess of ceded premium paid.
Workers’ compensation reserves were decreased primarily for accident years 2020 and prior, driven by lower than anticipated claim severity.
General liability reserves were increased in the 2015 to 2018 accident years primarily in response to higher than expected construction defects claims activity in those years. In addition, the incurred but not reported reserves for more recent accident years were increased as management has observed an increase in severity on reported claims above expectations and anticipates a higher claim severity trend on unreported claims.
Professional liability reserves decreased due to favorable development on directors and officers claims driven by the 2020 to 2022 accident years combined with favorable errors and omissions experience in the 2018 accident year, partially offset by deterioration in older accident years.
Bond reserves decreased due to favorable development on commercial and contract surety and fidelity bonds, driven primarily by accident years 2019 and prior.
Automobile liability reserves – Commercial Lines increased primarily due to adverse loss development within accident years 2022 and 2023, driven by higher severity than estimated.
Automobile liability reserves – Personal Lines were decreased primarily in response to better than anticipated accident years 2021 and 2022 claim severity for bodily injury liability claims.
Homeowners reserves were decreased primarily due to favorable severity impacting accident years 2022 and 2023.


Asbestos and environmental reserves were reviewed in fourth quarter 2024 resulting in a $203 increase in reserves before ADC reinsurance, including $167 for asbestos and $36 for environmental. The Company ceded to the A&E ADC $62, which is accounted for as a deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid and up to the cumulative limit of the A&E ADC of $1.5 billion, resulting in adverse development of $141 net of the ADC reinsurance.
Catastrophe reserves were decreased primarily within Commercial Lines driven by a reduction in reserves in accident years 2020 to 2022 related to favorable emergence related to various hail events, as well as favorable
development in both Commercial Lines and Personal Lines in accident year 2022 related to Hurricane Ian.
Uncollectible Reinsurance was decreased related to the reduction in a previously established reserve for an A&E reinsurer that entered into liquidation proceedings.
Other reserve re-estimates, net were increased primarily due to an increase in unallocated loss and loss adjustment expense ("ULAE") reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves, partially offset by a decrease in reserves due to lower severity than expected on Personal Lines automobile physical damage for accident year 2023.
The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01Financial Statements and Exhibits

Exhibit No.
  
99.1 
99.2 
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:January 30, 2025By:/s/ Allison G. Niderno
Name:Allison G. Niderno
Title:Senior Vice President and Controller



    thehartfordlogorgba08a.jpg
NEWS RELEASE

The Hartford Announces Outstanding Results For The Fourth Quarter and Full Year 2024
•Fourth quarter 2024 net income available to common stockholders of $848 million ($2.88 per diluted share) increased 11% from $766 million ($2.51 per diluted share) over the same period in 2023. Core earnings* of $865 million ($2.94 core earnings per diluted share*) decreased 7% from $935 million ($3.06 core earnings per diluted share) over the same period in 2023.
•Full year 2024 net income available to common stockholders of $3.1 billion ($10.35 per diluted share) increased 24% from $2.5 billion ($7.97 per diluted share) and core earnings of $3.1 billion ($10.30 core earnings per diluted share) increased 11% from $2.8 billion ($8.88 core earnings per diluted share) over the same period in 2023.
•Net income ROE for the year of 19.9% and core earnings ROE* of 16.7%.
•Property & Casualty (P&C) written premiums increased by 7% in the fourth quarter of 2024 compared to the same period in 2023, and by 10% for the full year, driven by Commercial Lines and Personal Lines premium growth of 6% and 12% in the fourth quarter, and 9% and 13% for the full year, respectively.
•Commercial Lines fourth quarter 2024 combined ratio of 87.4 and underlying combined ratio* of 87.1. Full year 2024 combined ratio of 89.9 and underlying combined ratio of 87.9.
•Personal Lines fourth quarter 2024 combined ratio of 85.8 improved 15.4 points, and underlying combined ratio* of 90.2 improved 9.3 points compared with the 2023 period. Full year 2024 combined ratio of 99.1 improved 8.4 points, and underlying combined ratio of 94.1 improved 5.2 points from the 2023 period.
•Group Benefits fourth quarter net income margin of 7.1% and core earnings margin* of 7.8%. Full year net income margin of 7.9% and core earnings margin of 8.2%.
•Returned $537 million to stockholders in the fourth quarter, including $400 million of shares repurchased and $137 million in common stockholder dividends paid. For the full year, returned $2.1 billion to stockholders, including $1.5 billion of shares repurchased and $556 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.
1

HARTFORD, Conn., Jan. 30, 2025 – The Hartford (NYSE: HIG) today announced financial results for the fourth quarter and year ended Dec. 31, 2024.

“The Hartford delivered an outstanding year with a core earnings ROE of 16.7 percent,” said The Hartford’s Chairman and CEO Christopher Swift. “Results were driven by sustained momentum in Commercial Lines, which once again generated strong top-line growth at highly profitable margins, significant progress in Personal Lines toward restoring target profitability in auto, continued strong margins in Group Benefits, and a higher investment portfolio yield.”

The Hartford's Chief Financial Officer Beth Costello said, “Commercial Lines had a strong quarter with top-line growth of 6 percent and an underlying combined ratio of 87.1. Pricing, excluding workers’ compensation, accelerated to 9.7 percent in the quarter and remains above loss cost trends. Personal Lines achieved 9.3 points of underlying combined ratio improvement in the quarter, including over 10 points in auto. Group Benefits continued to outperform with a core earnings margin of 7.8 percent, led by strong life and disability results."

Swift continued, “Our outstanding results demonstrate the strength of our franchise, particularly our exceptional underwriting execution, extensive distribution relationships, and an unparalleled customer experience. With these capabilities and our high quality talent, we are well positioned to sustain our momentum, delivering profitable growth at industry-leading ROEs in 2025 and beyond."



2

CONSOLIDATED RESULTS:
Three Months EndedYear Ended

($ in millions except per share data)
Dec 31 2024Dec 31 2023
Change		Dec 31 2024Dec 31 2023Change
Net income available to common stockholders$848$76611%$3,090$2,48324%
Net income available to common stockholders per diluted share1
$2.88$2.5115%$10.35$7.9730%
Core earnings$865$935(7)%$3,076$2,76711%
Core earnings per diluted share$2.94$3.06(4)%$10.30$8.8816%
Book value per diluted share$55.09$49.4311%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2
$64.95$58.8310%
Net income available to common stockholders' return on equity (ROE)3, last 12-months
19.9%17.5%2.4
Core earnings ROE3, last 12-months
16.7%15.8%0.9
[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 2024 net income available to common stockholders of $848 million, or $2.88 per diluted share, improved from $766 million in fourth quarter 2023, primarily driven by improvement in the P&C loss and loss adjustment expense ratio, earned premium growth in both Commercial and Personal Lines, and higher net investment income, partially offset by a higher expense ratio.
Included in the fourth quarter 2024 net income was a benefit of $58 million, before tax, from amortization of a deferred gain on retroactive reinsurance related to an adverse development cover for Navigators pertaining to 2018 and prior accident years (Navigator’s ADC). Additionally, there was a charge for adverse development of $203 million, before tax, related to asbestos and environmental (A&E) reserves, for which $62 million, before tax, was ceded to the retroactive reinsurance treaty for A&E reserves (A&E ADC) and recognized as a deferred gain on retroactive reinsurance, which exhausts the treaty limit. This compares to a charge of $194 million, before tax, in the fourth quarter of 2023, all of which was ceded to the A&E ADC and recognized as a deferred gain on retroactive reinsurance.
Fourth quarter 2024 core earnings of $865 million, or $2.94 per diluted share, compared with $935 million of core earnings in fourth quarter 2023. Contributing to the results were:
•Net unfavorable prior accident year development (PYD) in core earnings of $97 million, before tax, in 2024 compared with net favorable PYD of $102 million in core earnings in 2023. Net unfavorable PYD included in core earnings in fourth quarter 2024 was primarily driven by an increase of $141 million related to A&E reserves after ADC reinsurance. Excluding the A&E reserve development, prior accident year reserve development was favorable by $44 million and included reserve reductions in workers’ compensation, catastrophes, bond, professional liability, and personal auto, partially offset by reserve increases in general liability and commercial auto liability.
•Personal Lines loss and loss adjustment expense ratio of 59.3 improved 17.3 points compared with 76.6 in fourth quarter 2023, including 4.9 points of more favorable PYD and 1.2 points of lower CATs. Underlying loss and loss adjustment expense ratio* of 63.7
3

improved 11.2 points from fourth quarter 2023, largely due to the impact of earned pricing increases, lower frequency in auto physical damage and lower frequency in homeowners.
•Commercial Lines loss and loss adjustment expense ratio of 56.3 compared with 54.2 in fourth quarter 2023, including 2.1 points of less favorable PYD. Underlying loss and loss adjustment expense ratio of 56.0 compared with 56.1 in fourth quarter 2023.
•The expense ratios increased across P&C and Group Benefits from fourth quarter 2023, primarily driven by higher staffing costs, higher commissions and higher direct marketing costs in Personal Lines, and increased investments in technology in Group Benefits.
•Group Benefits loss ratio of 70.6 increased 0.7 points compared with 69.9 in fourth quarter 2023, primarily driven by a higher group disability loss ratio, partially offset by improvement in the group life loss ratio.
•An increase in earnings generated by 10% growth in P&C earned premium.
•Net investment income of $714 million, before tax, compared with $653 million in fourth quarter 2023, primarily driven by a higher level of invested assets and higher yields on our fixed income portfolio.
•P&C CAY CAT losses of $80 million, before tax, in fourth quarter 2024, driven by hurricanes and tropical storms, including $68 million from Hurricane Milton, primarily in the Southeast region, as well as net reductions for CATs incurred earlier in the year of $18 million, compared with CAY CAT losses of $81 million in fourth quarter 2023.

Full year 2024 net income available to common stockholders of $3.1 billion, or $10.35 per diluted share, compared with $2.5 billion in the 2023 period, primarily due to a higher P&C underwriting gain*, driven by earned premium growth across all lines of business as well as 9.1 points of improvement in the Personal Lines loss and loss adjustment expense ratio, higher net investment income, lower net realized losses, and improvement in the group life loss ratio, partially offset by a higher expense ratio and higher loss ratios on group disability and supplemental health products.
Included in full year 2024 net income was a benefit of $145 million, before tax, from amortization of a deferred gain on retroactive reinsurance related to the Navigator’s ADC. Additionally, there was a charge for adverse development of $203 million, before tax, related to A&E reserves, for which $62 million, before tax, was ceded to the A&E ADC and recognized as a deferred gain on retroactive reinsurance, which exhausts the treaty limit. This compares to a charge of $194 million, before tax, in the fourth quarter of 2023, all of which was ceded to the A&E ADC and recognized as a deferred gain on retroactive reinsurance.

Full year 2024 core earnings of $3.1 billion, or $10.30 per diluted share, compared with $2.8 billion of core earnings in the 2023 period. Contributing to the results were:
•An increase in earnings generated by 10% growth in P&C earned premium and a 2% increase in Group Benefits fully insured ongoing premium.
•Personal Lines loss and loss adjustment expense ratio of 73.1 compared with 82.2 in 2023, including a change from unfavorable PYD in 2023 to favorable PYD in 2024 and 0.4 points of higher CATs. Underlying loss and loss adjustment expense ratio of 68.1 in 2024 compared with 74.1 in 2023, with the improvement largely due to the impact of earned pricing increases and lower frequency in auto physical damage and in homeowners.
•Net investment income of $2.6 billion, before tax, compared with $2.3 billion in 2023, primarily driven by a higher level of invested assets and higher yields on our fixed income portfolio.
4

•Group Benefits loss ratio of 70.8 improved 1.0 points compared with 71.8, primarily driven by a lower group life loss ratio, partially offset by a higher loss ratio in disability and supplemental health products.
•Net favorable PYD in core earnings of $37 million, before tax, in 2024, compared with net favorable PYD of $184 million in core earnings in 2023. Net favorable core PYD in 2024 included an increase of $141 million related to A&E reserves after ADC reinsurance. Excluding the A&E reserve development, prior accident year reserve development was favorable by $178 million and included reserve reductions in workers' compensation, catastrophes, bond, personal auto, homeowners, and professional liability, partially offset by reserve increases in general liability and commercial auto liability.
•The Group Benefits expense ratio increased by 1.1 points, driven by higher staffing costs and increased investments in technology.
•Commercial Lines loss and loss adjustment expense ratio of 58.5 compared with 58.3 in 2023, including slightly higher CATs of 0.1 points and slightly less favorable PYD of 0.1 points. Underlying loss and loss adjustment expense ratio of 56.5 in 2024 was flat with 2023.
•P&C CAY CAT losses of $768 million, before tax, in 2024, driven by tornado, wind and hail events across several regions of the United States, as well as hurricanes and tropical storms primarily in the Southeast, South, and Mid-Atlantic regions, compared with $676 million in 2023.

Dec. 31, 2024, book value per diluted share of $55.09 increased 11.5%, from $49.43 at Dec. 31, 2023, principally due to net income in excess of stockholder dividends through Dec. 31, 2024, partially offset by the dilutive effect of share repurchases.
Book value per diluted share (excluding AOCI) of $64.95 as of Dec. 31, 2024, increased 10%, from $58.83 at Dec. 31, 2023, as the impact from net income in excess of stockholder dividends through Dec. 31, 2024, was partially offset by the dilutive effect of share repurchases.
Net income available to common stockholders' ROE (net income ROE) for the year ending Dec. 31, 2024, was 19.9%, an increase of 2.4 points from Dec. 31, 2023, primarily due to an increase in net income available to common stockholders.
Core earnings ROE for the year ending Dec. 31, 2024, was 16.7%, an increase of 0.9 points from Dec. 31, 2023, due to higher core earnings.
5

BUSINESS RESULTS:
Commercial Lines
Three Months EndedYear Ended
($ in millions, unless otherwise noted)Dec 31 2024Dec 31 2023
Change		Dec 31 2024Dec 31 2023
Change
Net income $708$6873%$2,349$2,08513%
Core earnings $665$723(8%)$2,296$2,1945%
Written premiums$3,174$2,9906%$13,351$12,2799%
Underwriting gain1
$416$466(11%)$1,289$1,2126%
Underlying underwriting gain1
$425$4084%$1,544$1,4239%
Losses and loss adjustment expense ratio56.354.22.158.558.30.2
Expenses30.830.20.631.131.00.1
Policyholder dividends0.30.3—0.30.3—
Combined ratio87.484.72.789.989.60.3
Impact of catastrophes and PYD on combined ratio(0.2)1.9(2.1)(2.0)(1.8)(0.2)
Underlying combined ratio87.186.60.587.987.80.1
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio56.056.1(0.1)56.556.5—
Current accident year catastrophes2.02.0—3.83.70.1
Favorable prior accident year development(1.8)(3.9)2.1(1.8)(1.9)0.1
Total Losses and loss adjustment expense ratio56.354.22.158.558.30.2
[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures

Fourth quarter 2024 net income of $708 million compared with net income of $687 million in fourth quarter 2023, principally due to the impact of earned premium growth, higher net investment income, and lower net realized losses, partially offset by less favorable PYD. PYD includes a $58 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC.
Commercial Lines core earnings of $665 million in fourth quarter 2024 compared with $723 million in fourth quarter 2023. Contributing to the results were:
•9% growth in earned premium.
•Net investment income of $479 million, before tax, compared with $435 million in fourth quarter 2023.
•Net PYD within core earnings of $0 million, before tax, in fourth quarter 2024, compared with $118 million of net favorable PYD within core earnings in fourth quarter 2023. The net PYD in fourth quarter 2024 primarily includes reserve reductions in workers’ compensation, catastrophes, bond, and professional liability, partially offset by increases in general liability and auto liability.
•An underlying loss and loss adjustment expense ratio of 56.0 in fourth quarter 2024 compared with 56.1 in fourth quarter 2023.
•CAY CAT losses of $67 million, before tax, in fourth quarter 2024, primarily from hurricanes and tropical storms, including $55 million from Hurricane Milton, primarily in the Southeast region, as well as net reductions for CATs incurred earlier in the year of $7 million, up from CAY CAT losses of $60 million, before tax, in fourth quarter 2023.
6

Combined ratio of 87.4 compared with 84.7 in fourth quarter 2023, primarily due to a 2.1 point increase in the loss and loss adjustment expense ratio, including 2.1 points of less favorable PYD (including 1.8 points of favorable development related to the amortization of the deferred gain) and a 0.6 point increase in the expense ratio. Underlying combined ratio of 87.1 compared with 86.6 in fourth quarter 2023, primarily due to a 0.6 point increase in the expense ratio, partially offset by a 0.1 point improvement in the underlying loss and loss adjustment expense ratio.
•Small Commercial combined ratio of 83.8 compared with 84.0 in fourth quarter 2023, including 2.2 points of lower CAY CATs and 1.1 points of less favorable PYD. Underlying combined ratio of 86.7 compared with 85.8 in fourth quarter 2023, primarily due to a higher loss ratio in general liability and a higher expense ratio, partially offset by favorable non-CAT property losses.
•Middle & Large Commercial combined ratio of 93.9 compared with 89.3 in fourth quarter 2023, including a change from favorable to unfavorable PYD and 0.4 points of higher CAY CATs. Underlying combined ratio of 90.2 compared with 90.3 in fourth quarter 2023, improved primarily due to favorable non-CAT property losses, largely offset by a higher loss ratio in general liability and a higher expense ratio.
•Global Specialty combined ratio of 84.7 compared with 79.6 in fourth quarter 2023, including 3.4 points of higher CAY CATs and 1.0 points of less favorable PYD. The combined ratio included 6.3 points of favorable development due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 83.6 compared with 82.9 in fourth quarter 2023, primarily due to a higher expense ratio and a higher loss ratio in primary and excess casualty lines, partially offset by a lower loss ratio in environmental.
•The Commercial Lines expense ratio of 30.8 increased 0.6 points from fourth quarter 2023, primarily due to a doubtful account reserve reduction in the 2023 period and higher staffing costs, partially offset by the impact of higher earned premium.
Fourth quarter 2024 written premiums of $3.2 billion were up 6% from fourth quarter 2023, with increases across the segment, strong double-digit new business growth in Small Commercial, and the effect of renewal written price increases.

7

Personal Lines
Three Months EndedYear Ended

($ in millions, unless otherwise noted)
Dec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
Net income (loss)$154$34NM$208$(39)NM
Core earnings (loss)$155$36NM$217$(29)NM
Written premiums$871$78012%$3,598$3,19813%
Underwriting gain (loss)$129$(10)NM$31$(230)NM
Underlying underwriting gain$89$4NM$205$21NM
Losses and loss adjustment expense ratio59.376.6(17.3)73.182.2(9.1)
Expenses26.524.61.926.025.20.8
Combined ratio85.8101.2(15.4)99.1107.5(8.4)
Impact of catastrophes and PYD on combined ratio4.4(1.7)6.1(5.1)(8.2)3.1
Underlying combined ratio90.299.5(9.3)94.199.3(5.2)
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio63.774.9(11.2)68.174.1(6.0)
Current accident year catastrophes1.42.6(1.2)8.27.80.4
Favorable prior accident year development(5.8)(0.9)(4.9)(3.1)0.4(3.5)
Total Losses and loss adjustment expense ratio59.376.6(17.3)73.182.2(9.1)
Net income of $154 million in fourth quarter 2024 improved from net income of $34 million in fourth quarter 2023, primarily driven by improved underwriting results and, to a lesser extent, an increase in net investment income. Contributing to the improved underwriting results was a lower loss and loss adjustment expense ratio of 59.3, improving by 17.3 points compared with 76.6 in fourth quarter 2023, and the impact of higher earned premium, partially offset by a higher expense ratio.
Personal Lines core earnings of $155 million improved from core earnings of $36 million in fourth quarter 2023. Contributing to the results were:
•An underlying loss and loss adjustment expense ratio of 63.7 in fourth quarter 2024, which improved 11.2 points from 74.9 in fourth quarter 2023, primarily driven by the impact of earned pricing increases and improvement in auto physical damage frequency and homeowners frequency.
•$53 million, before tax, of favorable PYD in fourth quarter of 2024, compared with $7 million of favorable PYD in fourth quarter 2023. The net favorable PYD in fourth quarter 2024 primarily includes reserve reductions in auto liability and physical damage, catastrophes, and homeowners.
•13% growth in earned premium.
•Net investment income of $64 million, before tax, in fourth quarter 2024 compared with $52 million in fourth quarter 2023.
•CAY CAT losses of $13 million, before tax, in fourth quarter 2024, primarily from Hurricane Milton losses of $13 million, as well as net reductions for CATs incurred earlier in the year of $11 million, down from $21 million of CAY CAT losses in fourth quarter 2023.
Combined ratio of 85.8 in fourth quarter 2024, improved from 101.2 in fourth quarter 2023, primarily due to a 17.3 point improvement in the loss and loss adjustment expense ratio, including an 11.2 point improvement in the underlying loss and loss adjustment expense ratio, more favorable PYD of 4.9 points, and 1.2 points of lower CAY CAT losses, partially offset by a higher expense ratio. Underlying combined ratio of 90.2 improved 9.3 points from 99.5 in fourth
8

quarter 2023, primarily due to improvement in the underlying loss and loss adjustment expense ratio in auto and homeowners, partially offset by a 1.9 point increase in the expense ratio, largely driven by higher commissions and marketing expenses.
•Auto combined ratio of 98.3 improved 15.4 points from 113.7 in fourth quarter 2023. The underlying combined ratio of 103.0 improved 10.5 points from 113.5 in fourth quarter 2023, primarily due to improvement in the underlying loss and loss adjustment expense ratio driven by the impact of double-digit earned pricing increases as well as lower physical damage claim frequency, partially offset by higher auto claim severities. The auto physical damage claim severity trend has moderated from the prior year. The auto liability severity increases continue to recognize the inflationary effects and higher attorney representation rates on bodily injury claims.
•Homeowners combined ratio of 57.8 improved 14.9 points from 72.7 in fourth quarter 2023. The underlying combined ratio of 61.7 improved 5.6 points from 67.3 in fourth quarter 2023, primarily due to improvement in the underlying loss and loss adjustment expense ratio driven by the impact of double-digit earned pricing and lower claim frequency, partially offset by higher claim severities. Contributing to the higher homeowners severity was the effect of higher rebuilding costs.
•The expense ratio of 26.5 increased 1.9 points from fourth quarter 2023, primarily driven by higher direct marketing costs, higher staffing costs, and higher commissions, partially offset by the impact of higher earned premium.
Written premiums in fourth quarter 2024 were $871 million compared with $780 million in fourth quarter 2023 with:
•Renewal written price increases in auto and homeowners of 19.1% and 13.9%, respectively, in response to elevated loss cost trends.
•An increase in new business in both homeowners and auto from the fourth quarter of 2023, with homeowners more than doubling to $59 million and auto increasing by 18% to $77 million.
•Slightly lower effective policy count retention in auto and home due to renewal written price increases.

Group Benefits
Three Months EndedYear Ended

($ in millions, unless otherwise noted)
Dec 31 2024Dec 31 2023
Change		Dec 31 2024Dec 31 2023Change
Net income$126$176(28)%$561$5355%
Core earnings$139$174(20%)$578$5672%
Fully insured ongoing premiums$1,600$1,5901%$6,392$6,2902%
Loss ratio70.6%69.9%0.770.8%71.8%(1.0)
Expense ratio26.7%24.2%2.525.4%24.3%1.1
Net income margin7.1%9.9%(2.8)7.9%7.7%0.2
Core earnings margin7.8%9.8%(2.0)8.2%8.1%0.1
Net income of $126 million in fourth quarter 2024 decreased from $176 million in fourth quarter 2023, primarily driven by a higher group disability loss ratio, a higher expense ratio, and net realized losses in 2024, partially offset by improvement in the group life loss ratio, the impact of higher fully insured premiums, and higher net investment income.
9

Core earnings of $139 million compared with $174 million in fourth quarter 2023, primarily driven by a higher group disability loss ratio and a higher expense ratio, partially offset by improvement in the group life loss ratio, higher fully insured premiums, and higher net investment income.
Fully insured ongoing premiums were up 1% compared with fourth quarter 2023, including an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%, though slightly below the prior year period. Fully insured ongoing sales were $68 million in fourth quarter 2024, compared with $71 million in fourth quarter 2023, driven by lower group disability sales.
Loss ratio of 70.6 increased 0.7 points from fourth quarter 2023.
•Group life loss ratio of 79.9 improved 3.1 points largely driven by lower mortality.
•Group disability loss ratio of 66.9 compared with 63.6 in fourth quarter 2023, driven by a higher loss ratio in paid family and medical leave products and the emergence of higher long-term disability incidence in 2024, after two years of all-time historically low incidence, partially offset by favorable long-term disability claim recoveries.
Expense ratio of 26.7 increased 2.5 points compared with 24.2 in fourth quarter 2023, primarily due to higher staffing costs and increased investments in technology.
Net investment income of $130 million, before tax, compared with $125 million in fourth quarter 2023.

Hartford Funds
Three Months EndedYear Ended

($ in millions, unless otherwise noted)
Dec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
Net income$49$474%$192$17410%
Core earnings$51$3931%$182$16510%
Daily average Hartford Funds AUM$142,230$124,67614%$136,477$127,0197%
Mutual Funds and exchange-traded funds (ETF) net flows$796$(2,963)127%$(3,225)$(7,027)54%
Total Hartford Funds AUM$139,598$131,0257%$139,598$131,0257%
Fourth quarter 2024 net income of $49 million compared with $47 million in fourth quarter 2023, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average Hartford Funds AUM, partially offset by a change from net realized gains to net realized losses.
Core earnings of $51 million compared with $39 million in fourth quarter 2023, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average Hartford Funds AUM.
Daily average AUM of $142 billion in fourth quarter 2024 increased 14% from fourth quarter 2023.
Mutual fund and ETF net inflows totaled $796 million in fourth quarter 2024, compared with net outflows of $3.0 billion in fourth quarter 2023.

10

Corporate
Three Months EndedYear Ended

($ in millions, unless otherwise noted)
Dec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
Net loss$(28)$(19)(47)%$(72)$(121)40%
Net loss available to common stockholders$(33)$(24)(38)%$(93)$(142)35%
Core loss$(39)$(36)(8)%$(122)$(158)23%
Net investment income, before tax$16$17(6)%$63$4734%
Interest expense and preferred dividends, before tax$55$542%$220$220—%
Net loss available to common stockholders of $33 million in fourth quarter 2024 compared with $24 million in fourth quarter 2023, primarily driven by a decrease in net realized gains, partially offset by a decrease in restructuring and other costs.
Fourth quarter 2024 core loss of $39 million compared with a fourth quarter 2023 core loss of $36 million.

INVESTMENT INCOME AND PORTFOLIO DATA:
Three Months EndedTwelve Months Ended

($ in millions, unless otherwise noted)
Dec 31 2024Dec 31 2023
Change		Dec 31 2024Dec 31 2023Change
Net investment income, before tax$714$6539%$2,568$2,30511%
Annualized investment yield, before tax4.7%4.5%0.24.3%4.1%0.2
Annualized investment yield, before tax, excluding LPs1
4.6%4.3%0.34.4%4.0%0.4
Annualized LP yield, before tax6.4%7.0%(0.6)3.0%4.8%(1.8)
Annualized investment yield, after tax3.8%3.7%0.13.5%3.3%0.2
[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
Fourth quarter 2024 consolidated net investment income of $714 million compared with $653 million in fourth quarter 2023, primarily due to the impact of a higher level of invested assets and reinvesting at higher rates.
Fourth quarter 2024 net investment income, excluding limited partnerships and other alternative investments* (LPs), of $635 million, before tax, compared to $571 million in fourth quarter 2023, an 11% increase driven by a higher level of invested assets combined with a 0.3 point increase in annualized yield.
Fourth quarter 2024 included $79 million, before tax, of LP income as compared with $82 million in fourth quarter 2023. Annualized LP yield, before tax, of 6.4% compared to 7.0% in fourth quarter 2023.
Net realized losses of $17 million, before tax, in fourth quarter 2024 compared with net realized losses of $27 million, before tax, in fourth quarter 2023.
Total invested assets of $59.2 billion increased $3.3 billion from Dec. 31, 2023, primarily due to a net increase in book value.
11

CONFERENCE CALL
The Hartford will discuss its fourth quarter and full year 2024 financial results on a webcast at 9:00 a.m. EST on Friday, Jan. 31, 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, 2024, and the fourth quarter 2024 Financial Results Presentation, both of which are available at https://ir.thehartford.com.

About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read https://www.thehartford.com/legal-notice.

HIG-F

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

Media Contacts:    Investor Contact:
Michelle Loxton     Susan Spivak Bernstein
860-547-7413     860-547-6233
michelle.loxton@thehartford.com     susan.spivak@thehartford.com

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


12

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended December 31, 2024
($ in millions)
Commercial LinesPersonal LinesP&C
Other Ops		Group BenefitsHartford FundsCorporateConsolidated
Earned premiums$3,303 $906 $— $1,600 $— $— $5,809 
Fee income10 9 — 56 269 10 354 
Net investment income479 64 19 130 6 16 714 
Net realized gains (losses)(3)(5)(1)(16)(3)11 (17)
Other revenue — 19 — — — — 19 
Total revenues3,789 993 18 1,770 272 37 6,879 
Benefits, losses, and loss adjustment expenses1,858 537 212 1,169 — 3 3,779 
Amortization of DAC516 67 — 8 — — 591 
Insurance operating costs and other expenses516 198 2 424 210 17 1,367 
Interest expense— — — — — 50 50 
Amortization of other intangible assets8 — — 10 — — 18 
Total benefits, losses and expenses2,898 802 214 1,611 210 70 5,805 
Income (loss) before income taxes891 191 (196)159 62 (33)1,074 
 Income tax expense (benefit)183 37 (40)33 13 (5)221 
Net income (loss)708 154 (156)126 49 (28)853 
Preferred stock dividends— — — — — 5 5 
Net income (loss) available to common stockholders708 154 (156)126 49 (33)848 
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax2 3 1 15 3 (8)16 
Integration and other non-recurring M&A costs, before tax2 — — — — — 2 
Change in deferred gain on retroactive reinsurance, before tax(58)— 62 — — — 4 
Income tax expense (benefit)11 (2)(13)(2)(1)2 (5)
Core earnings (loss)$665 $155 $(106)$139 $51 $(39)$865 



13

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended December 31, 2023
($ in millions)
Commercial LinesPersonal LinesP&C
Other Ops		Group BenefitsHartford FundsCorporateConsolidated
Earned premiums$3,038 $804 $— $1,591 $— $— $5,433 
Fee income10 8 — 56 240 9 323 
Net investment income435 52 18 125 6 17 653 
Net realized gains (losses)(48)(5)(1)— 8 19 (27)
Other revenue1 17 — — — — 18 
Total revenues3,436 876 17 1,772 254 45 6,400 
Benefits, losses, and loss adjustment expenses1,646 616 217 1,152 — 2 3,633 
Amortization of DAC468 58 — 8 — — 534 
Insurance operating costs and other expenses464 160 (4)381 196 17 1,214 
Restructuring and other costs— — — — — 2 2 
Interest expense— — — — — 49 49 
Amortization of other intangible assets8 — — 10 — — 18 
Total benefits, losses and expenses2,586 834 213 1,551 196 70 5,450 
Income (loss) before income taxes850 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 stockholders687 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 tax41 3 1 (2)(8)(19)16 
Restructuring and other costs— — — — — 2 2 
Integration and other non-recurring M&A costs, before tax1 — — 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 


14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Year Ended December 31, 2024
($ in millions)
Commercial LinesPersonal LinesP&C
Other Ops		Group BenefitsHartford FundsCorporateConsolidated
Earned premiums$12,721 $3,453 $— $6,393 $— $— $22,567 
Fee income43 33 — 222 1,035 40 1,373 
Net investment income1,714 222 74 475 20 63 2,568 
Net realized gains (losses)(73)(14)(4)(24)12 42 (61)
Other revenue1 85 — — — 2 88 
Total revenues14,406 3,779 70 7,066 1,067 147 26,535 
Benefits, losses, and loss adjustment expenses7,441 2,525 219 4,681 — 8 14,874 
Amortization of DAC1,993 255 — 34 — — 2,282 
Insurance operating costs and other expenses2,018 740 13 1,609 824 54 5,258 
Restructuring and other costs— — — — — 2 2 
Interest expense— — — — — 199 199 
Amortization of other intangible assets29 2 — 40 — — 71 
Total benefits and expenses11,481 3,522 232 6,364 824 263 22,686 
Income (loss) before income taxes2,925 257 (162)702 243 (116)3,849 
Income tax expense (benefit)576 49 (35)141 51 (44)738 
Net income (loss)2,349 208 (127)561 192 (72)3,111 
Preferred stock dividends — — — — — 21 21 
Net Income (loss) available to common stockholders2,349 208 (127)561 192 (93)3,090 
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax70 12 4 22 (12)(40)56 
Restructuring costs, before tax— — — — — 2 2 
Integration and other non-recurring M&A costs, before tax8 — — — — — 8 
Change in deferred gain on retroactive reinsurance, before tax(145)— 62 — — — (83)
Income tax expense (benefit)14 (3)(14)(5)2 9 3 
Core earnings (loss)$2,296 $217 $(75)$578 $182 $(122)$3,076 
15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Year Ended December 31, 2023
($ in millions)
Commercial LinesPersonal LinesP&C
Other Ops		Group BenefitsHartford FundsCorporateConsolidated
Earned premiums$11,641 $3,087 $— $6,298 $— $— $21,026 
Fee income41 30 — 217 973 39 1,300 
Net investment income1,532 171 69 469 17 47 2,305 
Net realized losses(156)(16)(7)(45)10 26 (188)
Other revenue (loss)1 81 — — — 2 84 
Total revenues13,059 3,353 62 6,939 1,000 114 24,527 
Benefits, losses, and loss adjustment expenses6,786 2,538 224 4,683 — 7 14,238 
Amortization of DAC1,779 231 — 34 — — 2,044 
Insurance operating costs and other expenses1,878 636 4 1,514 781 68 4,881 
Restructuring and other costs— — — — — 6 6 
Interest expense— — — — — 199 199 
Amortization of other intangible assets29 2 — 40 — — 71 
Total benefits and expenses10,472 3,407 228 6,271 781 280 21,439 
Income (loss) before income taxes2,587 (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 stockholders2,085 (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 tax132 13 6 37 (10)(26)152 
Restructuring costs, before tax— — — — — 6 6 
Integration and other non-recurring M&A costs, before tax4 — — 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 

16

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 2024, which is available on The Hartford's website, https://ir.thehartford.com.
Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Group Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure. A reconciliation of annualized investment yield to annualized investment yield excluding limited partnerships and other alternative investments for the quarterly and twelve month periods ended December 31, 2024 and 2023 is provided in the table below.
Three Months Ended
Dec 31 2024Dec 31 2023
Consolidated
Annualized investment yield4.7 %4.5 %
Adjustment for income from limited partnerships and other alternative investments(0.1)%(0.2)%
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.3 %
Twelve Months Ended
Dec 31 2024Dec 31 2023
Consolidated
Annualized investment yield, before tax4.3 %4.1 %
Adjustment for income from limited partnerships and other alternative investments0.1 %(0.1)%
Annualized investment yield excluding limited partnerships and other alternative investments, before tax4.4 %4.0 %
17

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 2024Dec 31 2023
Change
Book value per diluted share$55.09$49.4311.5%
Per diluted share impact of AOCI$9.86$9.404.9%
Book value per diluted share (excluding AOCI)$64.95$58.8310.4%
18

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.
19

Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.
A reconciliation of net income (loss) to core earnings for the quarterly periods ended December 31, 2024 and 2023, for individual reporting segments can be found in this news release under the heading "The Hartford Financial Services Group, Inc. Consolidating Income Statements."
Core earnings margin - The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin for the quarterly periods and twelve months ended December 31, 2024 and 2023, is set forth below.
Three Months EndedTwelve Months Ended
MarginDec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
Net income margin7.1%9.9%(2.8)7.9%7.7%0.2
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax0.8%(0.1)%0.90.4%0.4%—
Integration and other non-recurring M&A costs, before tax—%0.1%(0.1)—%0.1%(0.1)
Income tax (benefit) on items excluded from core earnings(0.1)%(0.1)%—(0.1)%(0.1)%—
Core earnings margin7.8%9.8%(2.0)8.2%8.1%0.1



20

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 December 31, 2024 and 2023 is provided in the table below.
Three Months EndedTwelve Months Ended
Dec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
PER SHARE DATA
Diluted earnings per common share:
Net income available to common stockholders per share1
$2.88$2.5115%$10.35$7.9730%
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 tax0.050.05—%0.190.49(61)%
Restructuring and other costs, before tax—0.01(100)%0.010.02(50)%
Integration and other non-recurring M&A costs, before tax0.010.01—%0.030.03—%
Change in deferred gain on retroactive reinsurance, before tax0.010.64(98)%(0.28)0.62NM
Income tax (benefit) on items excluded from core earnings(0.01)(0.16)94%—(0.25)100%
Core earnings per diluted share$2.94$3.06(4)%$10.30$8.8816%
[1] Net income available to common stockholders includes dilutive potential common shares
21

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 2024Dec 31 2023
Net income available to common stockholders ROE19.9%17.5%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax0.4%1.1%
Integration and other non-recurring M&A costs, before tax0.1%0.1%
Change in deferred gain on retroactive reinsurance, before tax(0.5)%1.4%
Income tax (benefit) on items not included in core earnings—%(0.5)%
Impact of AOCI, excluded from denominator of core earnings ROE(3.2)%(3.8)%
Core earnings ROE16.7%15.8%

22

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 2024Dec 31 2023Change
Combined ratio83.8 84.0 (0.2)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.2)(3.4)2.2 
Prior accident year development4.1 5.2 (1.1)
Underlying combined ratio86.7 85.8 0.9 


MIDDLE & LARGE COMMERCIAL
Three Months Ended
Dec 31 2024Dec 31 2023Change
Combined ratio93.9 89.3 4.6 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.5)(0.1)(0.4)
Prior accident year development(3.3)1.2 (4.5)
Underlying combined ratio90.2 90.3 (0.1)

23

GLOBAL SPECIALTY
Three Months Ended
Dec 31 2024Dec 31 2023Change
Combined ratio84.7 79.6 5.1 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(5.4)(2.0)(3.4)
Prior accident year development4.3 5.3 (1.0)
Underlying combined ratio83.6 82.9 0.7 


PERSONAL LINES AUTO
Three Months Ended
Dec 31 2024Dec 31 2023Change
Combined ratio98.3 113.7 (15.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes— (0.2)0.2 
Prior accident year development4.7 0.1 4.6 
Underlying combined ratio103.0 113.5 (10.5)


PERSONAL LINES HOMEOWNERS
Three Months Ended
Dec 31 2024Dec 31 2023Change
Combined ratio57.8 72.7 (14.9)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(4.8)(8.0)3.2 
Prior accident year development8.6 2.7 5.9 
Underlying combined ratio61.7 67.3 (5.6)
24

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 (loss) to underwriting gain (loss) for the quarterly periods and twelve months ended December 31, 2024 and 2023, is set forth below.
Underlying underwriting gain (loss) - This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of net income (loss) to underlying underwriting gain for individual reporting segments for the quarterly periods and twelve months ended December 31, 2024 and 2023, is set forth below.


COMMERCIAL LINES
Three Months EndedTwelve Months Ended
Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023
Net income$708 $687 $2,349 $2,085 
Adjustments to reconcile net income to underwriting gain:
Net investment income(479)(435)(1,714)(1,532)
Net realized losses3 48 73 156 
Other (expense) income 1 3 5 1 
Income tax expense183 163 576 502 
Underwriting gain416 466 1,289 1,212 
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes67 60 486 436 
Prior accident year development(58)(118)(231)(225)
Underlying underwriting gain$425 $408 $1,544 $1,423 

25

PERSONAL LINES
Three Months EndedTwelve Months Ended
Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023
Net income (loss)$154 $34 $208 $(39)
Adjustments to reconcile net income (loss) to underwriting loss:
Net investment income(64)(52)(222)(171)
Net realized losses
5 5 14 16 
Net servicing and other income(3)(5)(18)(21)
Income tax expense (benefit)37 8 49 (15)
Underwriting gain (loss)129 (10)31 (230)
Adjustments to reconcile underwriting loss to underlying underwriting gain:
Current accident year catastrophes13 21 282 240 
Prior accident year development(53)(7)(108)11 
Underlying underwriting gain$89 $4 $205 $21 

Underlying loss and loss adjustment expense ratio - This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods and twelve months ended December 31, 2024 and 2023, is set forth below.

COMMERCIAL LINES
Three Months EndedTwelve Months Ended
Dec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
Loss and loss adjustment expense ratio56.354.22.1 58.558.30.2 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(0.2)1.9 (2.1)(2.0)(1.8)(0.2)
Underlying loss and loss adjustment expense ratio56.0 56.1 (0.1)56.5 56.5 — 
26

PERSONAL LINES
Three Months EndedTwelve Months Ended
Dec 31 2024Dec 31 2023ChangeDec 31 2024Dec 31 2023Change
Loss and loss adjustment expense ratio59.376.6(17.3)73.182.2(9.1)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development4.4 (1.7)6.1 (5.1)(8.2)3.1 
Underlying loss and loss adjustment expense ratio63.7 74.9 (11.2)68.1 74.1 (6.0)
27

Net investment income, excluding limited partnerships and other alternative investments -This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Group Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative instruments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative instruments. Net investment income is the most directly comparable GAAP measure. A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments for the quarterly periods ended December 31, 2024 and 2023 is provided in the table below.
Three Months Ended
Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023
ConsolidatedP&CGroup Benefits
Total net investment income$714 $653 $562 $505 $130 $125 
Adjustment for income from limited partnerships and other alternative investments(79)(82)(65)(71)(14)(11)
Net investment income excluding limited partnerships and other alternative investments$635 $571 $497 $434 $116 $114 
28

SAFE HARBOR STATEMENT
Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.
Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Financial Services Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2023 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission.
◦Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;
◦Insurance Industry and Product-Related Risks: the possibility of unfavorable loss development, including with respect to long-tailed exposures; the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims; the possibility of a pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses; weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns; the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws; the Company’s ability to effectively price its products and policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines; actions by competitors that may be larger or have greater financial resources than we do; technological changes, including usage-based methods of determining premiums, advancements in certain emerging technologies, including machine learning, predictive analytics, “big data” analysis or other artificial intelligence functions, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing; the Company's ability to market, distribute and provide insurance
29

products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses;
Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
Risks Relating to Estimates, Assumptions and Valuations: risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill;
Strategic and Operational Risks: the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber breach or other information security incident, technology failure or other unanticipated event; the potential for difficulties arising from outsourcing and similar third-party relationships; the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions; risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; the Company’s ability to protect its intellectual property and defend against claims of infringement;
Regulatory and Legal Risks: the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels; unfavorable judicial or legislative developments; the impact of changes in federal, state or foreign tax laws; regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and the impact of potential changes in accounting principles and related financial reporting requirements.
Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The
30

Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
31


INVESTOR FINANCIAL SUPPLEMENT
December 31, 2024
thehartfordlogo.jpg

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 29, 2025
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  A+  A1
Hartford Life and Accident Insurance Company  A+  A+  A1
Navigators Insurance CompanyA+A+NR
- Hartford Fire Insurance Company ratings are on positive outlook at Standard and Poor's and Moody's and on stable outlook at A.M. Best
- Hartford Life and Accident Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best and Moody’s
Internet address:- Navigators Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best
http://www.thehartford.comNR - Not Rated
Other Ratings:      
Contact:Senior debt  a-BBB+Baa1
Susan Spivak BernsteinJunior subordinated debenturesbbbBBB-Baa2
Senior Vice PresidentPreferred stockbbbBBB-Baa3
Investor Relations
Phone (860) 547-6233- The Hartford Financial Services Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on positive outlook at A.M. Best, Standard and Poor’s and Moody’s
TRANSFER AGENT
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Financial Services Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTOR FINANCIAL SUPPLEMENT
TABLE OF CONTENTS


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
HIGHLIGHTS
Net income$853 $767 $738 $753 $771 $651 $547 $535 $3,111 $2,504 
Net income available to common stockholders [1]$848 $761 $733 $748 $766 $645 $542 $530 $3,090 $2,483 
Core earnings*$865 $752 $750 $709 $935 $708 $588 $536 $3,076 $2,767 
Total revenues$6,879 $6,751 $6,486 $6,419 $6,400 $6,168 $6,049 $5,910 $26,535 $24,527 
Total assets$80,917 $81,219 $79,046 $77,710 $76,780 $74,516 $73,895 $74,249 
PER SHARE AND SHARES DATA
Basic earnings per common share
Net income available to common stockholders$2.93 $2.60 $2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $10.51 $8.09 
Core earnings*$2.99 $2.57 $2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $10.47 $9.01 
Diluted earnings per common share
Net income available to common stockholders$2.88 $2.56 $2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $10.35 $7.97 
Core earnings*$2.94 $2.53 $2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $10.30 $8.88 
Weighted average common shares outstanding (basic)289.3 292.6 295.5 298.1 300.3 304.6 309.4 314.0 293.9 307.1 
Dilutive effect of stock compensation4.9 4.9 4.4 4.5 4.8 4.4 3.9 4.6 4.7 4.4 
Weighted average common shares outstanding and dilutive potential common shares (diluted)294.2 297.5 299.9 302.6 305.1 309.0 313.3 318.6 298.6 311.5 
Common shares outstanding287.6 290.8 294.0 296.8 298.5 302.4 307.1 311.8 
Book value per common share$56.03 $57.34 $52.20 $50.99 $50.23 $44.13 $45.00 $44.92 
Per common share impact of accumulated other comprehensive income [2]10.03 6.89 10.43 10.10 9.54 13.82 11.47 10.44 
Book value per common share (excluding AOCI)*$66.06 $64.23 $62.63 $61.09 $59.77 $57.95 $56.47 $55.36 
Book value per diluted share$55.09 $56.39 $51.43 $50.23 $49.43 $43.50 $44.43 $44.27 
Per diluted share impact of AOCI9.86 6.78 10.28 9.95 9.40 13.62 11.33 10.28 
Book value per diluted share (excluding AOCI)*$64.95 $63.17 $61.71 $60.18 $58.83 $57.12 $55.76 $54.55 
Common shares outstanding and dilutive potential common shares292.5 295.7 298.4 301.3 303.3 306.8 311.0 316.4 
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")19.9 %20.0 %19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
Core earnings ROE*16.7 %17.4 %17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

1
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Earned premiums$5,809 $5,734 $5,578 $5,446 $5,433 $5,310 $5,220 $5,063 $22,567 $21,026 
Fee income354 347 339 333 323 330 328 319 1,373 1,300 
Net investment income714 659 602 593 653 597 540 515 2,568 2,305 
Net realized gains (losses) (17)(13)(59)28 (27)(90)(64)(7)(61)(188)
Other revenues19 24 26 19 18 21 25 20 88 84 
Total revenues 6,879 6,751 6,486 6,419 6,400 6,168 6,049 5,910 26,535 24,527 
Benefits, losses and loss adjustment expenses3,779 3,823 3,661 3,611 3,633 3,543 3,580 3,482 14,874 14,238 
Amortization of deferred policy acquisition costs ("DAC")591 585 561 545 534 517 502 491 2,282 2,044 
Insurance operating costs and other expenses 1,367 1,323 1,285 1,283 1,214 1,226 1,225 1,216 5,258 4,881 
Interest expense50 49 50 50 49 50 50 50 199 199 
Amortization of other intangible assets18 18 17 18 18 18 17 18 71 71 
Restructuring and other costs [1]— 1 — 1 2 1 3 — 2 6 
Total benefits, losses and expenses5,805 5,799 5,574 5,508 5,450 5,355 5,377 5,257 22,686 21,439 
Income before income taxes1,074 952 912 911 950 813 672 653 3,849 3,088 
Income tax expense221 185 174 158 179 162 125 118 738 584 
Net income853 767 738 753 771 651 547 535 3,111 2,504 
Preferred stock dividends 5 6 5 5 5 6 5 5 21 21 
Net income available to common stockholders848 761 733 748 766 645 542 530 3,090 2,483 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax16 12 58 (30)16 76 53 7 56 152 
Restructuring and other costs, before tax [1]— 1 — 1 2 1 3 — 2 6 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 2 2 2 8 8 
Change in deferred gain on retroactive reinsurance, before tax [3]4 (26)(37)(24)194 — — — (83)194 
Income tax expense (benefit) [4](5)2 (6)12 (45)(16)(12)(3)3 (76)
Core earnings$865 $752 $750 $709 $935 $708 $588 $536 $3,076 $2,767 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.
[3]For the three and twelve months ended December 31, 2024, the Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $58 and $145, respectively. In addition, for the three and twelve month periods ended December 31, 2024, the Company ceded, $62 of losses under the asbestos and environmental adverse development cover ("A&E ADC"), which was reflected as an increase to the deferred gain.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OPERATING RESULTS BY SEGMENT
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income (loss):
Commercial Lines$708 $528 $540 $573 $687 $519 $458 $421 $2,349 $2,085 
Personal Lines154 31 (11)34 34 (12)(60)(1)208 (39)
Property & Casualty Other Operations ("P&C Other Operations")(156)10 11 8 (154)9 9 6 (127)(130)
Property & Casualty ("P&C")706 569 540 615 567 516 407 426 2,430 1,916 
Group Benefits126 156 171 108 176 146 121 92 561 535 
Hartford Funds49 54 44 45 47 41 45 41 192 174 
Sub-total881 779 755 768 790 703 573 559 3,183 2,625 
Corporate (28)(12)(17)(15)(19)(52)(26)(24)(72)(121)
Net income 853 767 738 753 771 651 547 535 3,111 2,504 
Preferred stock dividends5 6 5 5 5 6 5 5 21 21 
Net income available to common stockholders$848 $761 $733 $748 $766 $645 $542 $530 $3,090 $2,483 
Core earnings (loss):
Commercial Lines$665 $534 $551 $546 $723 $542 $493 $436 $2,296 $2,194 
Personal Lines155 33 (4)33 36 (8)(57)— 217 (29)
P&C Other Operations(106)10 14 7 (1)11 10 8 (75)28 
P&C714 577 561 586 758 545 446 444 2,438 2,193 
Group Benefits139 154 178 107 174 170 133 90 578 567 
Hartford Funds51 47 43 41 39 45 44 37 182 165 
Sub-total904 778 782 734 971 760 623 571 3,198 2,925 
Corporate (39)(26)(32)(25)(36)(52)(35)(35)(122)(158)
Core earnings$865 $752 $750 $709 $935 $708 $588 $536 $3,076 $2,767 



3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
 PROPERTY & CASUALTYGROUP BENEFITSHARTFORD
FUNDS		CORPORATE [1]CONSOLIDATED
Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$34,421 $31,408 $7,959 $8,222 $— $— $187 $188 $42,567 $39,818 
Fixed maturities, at fair value using the fair value option254 272 54 55 — — — — 308 327 
Equity securities, at fair value212 456 46 99 109 121 236 188 603 864 
Mortgage loans, net4,751 4,493 1,645 1,594 — — — — 6,396 6,087 
Limited partnerships and other alternative investments3,974 3,770 1,068 1,015 — — — — 5,042 4,785 
Other investments168 162 6 8 52 21 — — 226 191 
Short-term investments2,075 2,127 389 382 291 243 1,313 1,098 4,068 3,850 
Total investments45,855 42,688 11,167 11,375 452 385 1,736 1,474 59,210 55,922 
Cash148 106 26 12 9 7 — 1 183 126 
Restricted cash42 52 9 11 — — — — 51 63 
Accrued investment income352 313 92 89 1 1 5 1 450 404 
Premiums receivable and agents’ balances, net5,390 4,973 608 634 — — — — 5,998 5,607 
Reinsurance recoverables, net [2]6,626 6,602 290 260 — — 224 242 7,140 7,104 
Deferred policy acquisition costs ("DAC")1,206 1,078 33 35 — — — — 1,239 1,113 
Deferred income taxes 746 681 33 13 2 4 448 475 1,229 1,173 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net778 784 62 57 6 8 42 47 888 896 
Other intangible assets310 340 317 357 10 10 — — 637 707 
Other assets1,411 1,130 142 131 100 88 328 405 1,981 1,754 
Total assets$63,642 $59,525 $13,502 $13,697 $761 $684 $3,012 $2,874 $80,917 $76,780 
Unpaid losses and loss adjustment expenses$36,404 $34,044 $8,206 $8,274 $— $— $— $— $44,610 $42,318 
Reserves for future policy benefits [2]— — 290 312 — — 158 172 448 484 
Other policyholder funds and benefits payable [2]— — 401 408 — — 213 230 614 638 
Unearned premiums9,368 8,561 40 38 — — — — 9,408 8,599 
Debt— — — — — — 4,366 4,362 4,366 4,362 
Other liabilities2,796 2,754 219 220 173 150 1,836 1,928 5,024 5,052 
Total liabilities48,568 45,359 9,156 9,252 173 150 6,573 6,692 64,470 61,453 
Common stockholders' equity, excluding AOCI*16,206 15,322 4,706 4,752 588 534 (2,501)(2,766)18,999 17,842 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(1,132)(1,156)(360)(307)— — (1,394)(1,386)(2,886)(2,849)
Total stockholders' equity15,074 14,166 4,346 4,445 588 534 (3,561)(3,818)16,447 15,327 
Total liabilities and stockholders' equity$63,642 $59,525 $13,502 $13,697 $761 $684 $3,012 $2,874 $80,917 $76,780 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.3 billion and $1.1 billion as of December 31, 2024 and December 31, 2023, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

4
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
DEBT
Senior notes$3,867 $3,866 $3,865 $3,864 $3,863 $3,862 $3,861 $3,859 
Junior subordinated debentures499 499 499 499 499 499 499 499 
Total debt $4,366 $4,365 $4,364 $4,363 $4,362 $4,361 $4,360 $4,358 
STOCKHOLDERS’ EQUITY
Total stockholders’ equity$16,447 $17,008 $15,680 $15,468 $15,327 $13,679 $14,152 $14,340 
Less: Preferred stock334 334 334 334 334 334 334 334 
Less: AOCI(2,886)(2,005)(3,068)(2,997)(2,849)(4,178)(3,524)(3,254)
Common stockholders' equity, excluding AOCI$18,999 $18,679 $18,414 $18,131 $17,842 $17,523 $17,342 $17,260 
CAPITALIZATION
Total capitalization, including AOCI, net of tax$20,813 $21,373 $20,044 $19,831 $19,689 $18,040 $18,512 $18,698 
Total capitalization, excluding AOCI, net of tax*$23,699 $23,378 $23,112 $22,828 $22,538 $22,218 $22,036 $21,952 
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI21.0 %20.4 %21.8 %22.0 %22.2 %24.2 %23.6 %23.3 %
Total debt to capitalization, excluding AOCI*18.4 %18.7 %18.9 %19.1 %19.4 %19.6 %19.8 %19.9 %
Total debt and preferred stock to capitalization, including AOCI22.6 %22.0 %23.4 %23.7 %23.9 %26.0 %25.4 %25.1 %
Total debt and preferred stock to capitalization, excluding AOCI*19.8 %20.1 %20.3 %20.6 %20.8 %21.1 %21.3 %21.4 %
Total rating agency adjusted debt to capitalization [1] [2]21.8 %21.3 %22.7 %22.9 %23.7 %25.7 %25.0 %24.7 %
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]17.9:117.3:117.1:117.1:114.6:113.6:112.8:112.6:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of December 31, 2024 and 2023.
[2]2024 results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology. 2023 results reflect 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

5
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION
DECEMBER 31, 2024

P&C GROUP BENEFITS
U.S. statutory net income [1][2]$2,112 $576 
U.S. statutory capital [2][3][4]$13,294 $2,708 
U.S. GAAP adjustments [2]:
DAC1,158 33 
Non-admitted deferred tax assets [5]231 154 
Deferred taxes [6](225)(297)
Goodwill111 723 
Other intangible assets20 317 
Non-admitted assets other than deferred taxes805 108 
Asset valuation and interest maintenance reserve— 259 
Benefit reserves(65)417 
Unrealized gains (losses) on investments(1,390)(871)
Deferred gain on retroactive reinsurance agreements [7](901)— 
Other, net922 795 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]13,960 4,346 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,114 — 
Total U.S. GAAP stockholders’ equity$15,074 $4,346 
[1]Statutory net income is for the year ended December 31, 2024.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and A&E ADCs that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
 AS OF
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net unrealized gain (loss) on fixed maturities, AFS$(1,539)$(671)$(1,732)$(1,642)$(1,482)$(2,948)$(2,277)$(2,008)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(6)(5)(7)(7)(8)(9)(10)(13)
Net gains on cash flow hedging instruments40 33 30 21 21 27 31 48 
Total net unrealized gain (loss)(1,505)(643)(1,709)(1,628)(1,469)(2,930)$(2,256)$(1,973)
Foreign currency translation adjustments29 41 35 36 37 35 36 33 
Liability for future policy benefits adjustments33 19 35 30 25 47 32 27 
Pension and other postretirement plan adjustments(1,443)(1,422)(1,429)(1,435)(1,442)(1,330)(1,336)(1,341)
Total AOCI$(2,886)$(2,005)$(3,068)$(2,997)$(2,849)$(4,178)$(3,524)$(3,254)


7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Written premiums
$4,045 $4,245 $4,453 $4,206 $3,770 $3,872 $3,979 $3,856 $16,949 $15,477 
Change in unearned premium reserve(164)111 483 345 (72)137 333 351 775 749 
Earned premiums 4,209 4,134 3,970 3,861 3,842 3,735 3,646 3,505 16,174 14,728 
Fee income 19 19 19 19 18 18 17 18 76 71 
Losses and loss adjustment expenses
Current accident year before catastrophes2,426 2,464 2,347 2,300 2,306 2,255 2,216 2,085 9,537 8,862 
Current accident year catastrophes [1]80 247 280 161 81 184 226 185 768 676 
Prior accident year development [2]101 (50)(115)(56)92 (43)(39)— (120)10 
Total losses and loss adjustment expenses2,607 2,661 2,512 2,405 2,479 2,396 2,403 2,270 10,185 9,548 
Amortization of DAC583 577 552 536 526 509 493 482 2,248 2,010 
Insurance operating costs689 669 655 642 596 601 616 604 2,655 2,417 
Amortization of other intangible assets8 8 7 8 8 8 7 8 31 31 
Dividends to policyholders 10 10 9 10 8 16 7 8 39 39 
Underwriting gain*331 228 254 279 243 223 137 151 1,092 754 
Net investment income562 518 471 459 505 460 415 392 2,010 1,772 
Net realized gains (losses)(9)(34)(61)13 (54)(45)(57)(23)(91)(179)
Net servicing and other income (expense)2 — 5 2 2 5 7 6 9 20 
Income before income taxes886 712 669 753 696 643 502 526 3,020 2,367 
Income tax expense180 143 129 138 129 127 95 100 590 451 
Net income706 569 540 615 567 516 407 426 2,430 1,916 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax6 33 62 (15)45 35 48 23 86 151 
Integration and other non-recurring M&A costs, before tax2 2 2 2 1 1 2 — 8 4 
Change in deferred gain on retroactive reinsurance, before tax [2]4 (26)(37)(24)194 — — — (83)194 
Income tax expense (benefit) [3](4)(1)(6)8 (49)(7)(11)(5)(3)(72)
Core earnings$714 $577 $561 $586 $758 $545 $446 $444 $2,438 $2,193 
ROE
Net income available to common stockholders [4] 20.5 %19.9 %19.9 %18.5 %17.5 %17.6 %13.8 %12.8 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax0.8 %1.1 %1.2 %1.1 %1.5 %1.1 %1.8 %3.3 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %0.1 %0.1 %— %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax [2](0.7 %)1.0 %1.3 %1.6 %1.9 %2.5 %2.3 %2.2 %
Income tax benefit [3]— %(0.4 %)(0.5 %)(0.6 %)(0.7 %)(0.8 %)(0.9 %)(1.3 %)
Impact of AOCI, excluded from core earnings ROE(2.3 %)(2.7 %)(3.1 %)(2.6 %)(2.9 %)(4.3 %)(2.6 %)(1.6)%
Core earnings [4]18.4 %19.0 %18.9 %18.1 %17.3 %16.2 %14.5 %15.5 %
[1]The three months ended December 31, 2024 included $68 of losses, net of reinsurance, from Hurricane Milton, including $55 in Commercial Lines and $13 in Personal Lines. The year ended December 31, 2024 included $121 of losses, net of reinsurance, from Hurricane Helene, including $79 in Commercial Lines and $42 in Personal Lines.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[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.

8
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS (CONTINUED)


Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Workers’ compensation$(70)$(69)$(52)$(67)$(62)$(61)$(52)$(61)$(258)$(236)
Workers' compensation discount accretion10 11 11 12 10 10 11 11 44 42 
General liability130 32 32 17 2 11 16 12 211 41 
Marine— — (8)7 (1)— (2)1 (1)(2)
Package business— (5)(1)— (6)(10)(3)(5)(6)(24)
Commercial property— (2)(2)(3)(9)2 (5)5 (7)(7)
Professional liability(20)— (2)(5)1 — (3)— (27)(2)
Bond(34)— (22)— (39)— 12 — (56)(27)
Assumed reinsurance— — 15 9 15 2 15 2 24 34 
Automobile liability - Commercial Lines21 16 10 — 14 — 6 — 47 20 
Automobile liability - Personal Lines(17)— (13)— — — — — (30)— 
Homeowners(13)(5)(10)— (7)— 2 (1)(28)(6)
Net asbestos and environmental reserves [1]141 — — — — — — — 141 — 
Catastrophes(49)— (38)— (43)— (44)— (87)(87)
Uncollectible reinsurance(19)— — — — 1 4 8 (19)13 
Other reserve re-estimates, net [2]17 (2)2 (2)23 2 4 28 15 57 
Prior accident year development before change in deferred gain97 (24)(78)(32)(102)(43)(39)— (37)(184)
Change in deferred gain on retroactive reinsurance included in other liabilities [1][3] 4 (26)(37)(24)194 — — — (83)194 
Total prior accident year development$101 $(50)$(115)$(56)$92 $(43)$(39)$— $(120)$10 
[1]A&E reserves were reviewed in fourth quarter 2024 and 2023, resulting in an increase in reserves before ADC reinsurance of $203 and $194, respectively, for which $62 and $194 was recorded as a deferred gain on retroactive reinsurance and not included in the Company’s core earnings. Any net adverse loss development above the treaty limit, including $141 recognized in the three months ended December 31, 2024, is reflected in the Company's core earnings. For 2024 and 2023, the total A&E reserve development included an increase in asbestos reserves of $167 and $156, respectively, and an increase in environmental reserves of $36 and $38, respectively.
[2]Other reserve re-estimates for the three months ended December 31, 2024 and 2023 primarily included increases in unallocated loss adjustment expense ("ULAE") reserves of $28 and $23, respectively, within P&C Other Operations driven by the increase in gross A&E reserves discussed in [1] above. The years ended December 31, 2024 and 2023 also included an increase (decrease) of $(32) and $22, respectively, in automobile physical damage reserves within Personal Lines.
[3]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.


9
'THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
UNDERWRITING RATIOS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
UNDERWRITING GAIN$331 $228 $254 $279 $243 $223 $137 $151 $1,092 $754 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio61.9 64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.0 64.8 
Expense ratio [1]29.9 29.9 30.1 30.2 28.9 29.5 30.1 30.7 30.0 29.8 
Policyholder dividend ratio0.2 0.2 0.2 0.3 0.2 0.4 0.2 0.2 0.2 0.3 
Combined ratio92.1 94.5 93.6 92.8 93.7 94.0 96.2 95.7 93.2 94.9 
Current accident year catastrophes and prior accident year development(4.3)(4.8)(4.2)(2.7)(4.5)(3.7)(5.1)(5.3)(4.0)(4.7)
Underlying combined ratio*87.8 89.7 89.5 90.1 89.2 90.3 91.1 90.4 89.2 90.2 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*57.6 59.6 59.1 59.6 60.0 60.4 60.8 59.5 59.0 60.2 
Current accident year catastrophes1.9 6.0 7.1 4.2 2.1 4.9 6.2 5.3 4.7 4.6 
Prior accident year development [2]2.4 (1.2)(2.9)(1.5)2.4 (1.2)(1.1)— (0.7)0.1 
Total loss and loss adjustment expense ratio61.9 64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.0 64.8 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.



10
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Written premiums$3,174 $3,275 $3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $13,351 $12,279 
Change in unearned premium reserve(129)26 419 314 (48)52 291 343 630 638 
Earned premiums 3,303 3,249 3,121 3,048 3,038 2,951 2,886 2,766 12,721 11,641 
Fee income10 11 11 11 10 11 10 10 43 41 
Losses and loss adjustment expenses
Current accident year before catastrophes1,849 1,862 1,750 1,725 1,704 1,669 1,638 1,564 7,186 6,575 
Current accident year catastrophes [1]67 155 155 109 60 115 123 138 486 436 
Prior accident year development [2](58)(36)(81)(56)(118)(46)(38)(23)(231)(225)
Total losses and loss adjustment expenses1,858 1,981 1,824 1,778 1,646 1,738 1,723 1,679 7,441 6,786 
Amortization of DAC516 512 489 476 468 451 436 424 1,993 1,779 
Insurance operating costs 505 497 484 487 452 460 469 456 1,973 1,837 
Amortization of other intangible assets8 7 7 7 8 7 7 7 29 29 
Dividends to policyholders10 10 9 10 8 16 7 8 39 39 
Underwriting gain416 253 319 301 466 290 254 202 1,289 1,212 
Net investment income479 442 402 391 435 395 364 338 1,714 1,532 
Net realized gains (losses)(3)(32)(50)12 (48)(38)(51)(19)(73)(156)
Other income (expense) [3](1)(1)(1)(2)(3)2 — — (5)(1)
Income before income taxes891 662 670 702 850 649 567 521 2,925 2,587 
Income tax expense183 134 130 129 163 130 109 100 576 502 
Net income708 528 540 573 687 519 458 421 2,349 2,085 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax2 31 50 (13)41 29 43 19 70 132 
Integration and other non-recurring M&A costs, before tax [3]2 2 2 2 1 1 2 — 8 4 
Change in deferred gain on retroactive reinsurance, before tax [2](58)(26)(37)(24)— — — — (145)— 
Income tax expense (benefit) [4]11 (1)(4)8 (6)(7)(10)(4)14 (27)
Core earnings$665 $534 $551 $546 $723 $542 $493 $436 $2,296 $2,194 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Milton and Hurricane Helene.
[2]Refer to [3] on page 2 for information about the change in deferred gain on retroactive reinsurance on the Navigators ADC.
[3]Includes Navigators Group integration costs.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

11
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS (CONTINUED)



Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Workers’ compensation$(70)$(69)$(52)$(67)$(62)$(61)$(52)$(61)$(258)$(236)
Workers' compensation discount accretion10 11 11 12 10 10 11 11 44 42 
General liability130 32 32 17 2 11 16 12 211 41 
Marine— — (8)7 (1)— (2)1 (1)(2)
Package business— (5)(1)— (6)(10)(3)(5)(6)(24)
Commercial property— (2)(2)(3)(9)2 (5)5 (7)(7)
Professional liability(20)— (2)(5)1 — (3)— (27)(2)
Bond(34)— (22)— (39)— 12 — (56)(27)
Assumed reinsurance— — 15 9 15 2 15 2 24 34 
Automobile liability21 16 10 — 14 — 6 — 47 20 
Catastrophes(34)— (33)— (43)— (40)— (67)(83)
Uncollectible reinsurance— — — (7)— (2)4 5 (7)7 
Other reserve re-estimates, net(3)7 8 5 — 2 3 7 17 12 
Prior accident year development before change in deferred gain— (10)(44)(32)(118)(46)(38)(23)(86)(225)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](58)(26)(37)(24)— — — — (145)— 
Total prior accident year development$(58)$(36)$(81)$(56)$(118)$(46)$(38)$(23)$(231)$(225)
[1]Includes amortization of the deferred gain on retroactive reinsurance related to the Navigators ADC.


12
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
UNDERWRITING RATIOS 
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
UNDERWRITING GAIN$416 $253 $319 $301 $466 $290 $254 $202 $1,289 $1,212 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio56.3 61.0 58.4 58.3 54.2 58.9 59.7 60.7 58.5 58.3 
Expense ratio [1]30.8 30.9 31.1 31.5 30.2 30.7 31.3 31.7 31.1 31.0 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 0.5 0.2 0.3 0.3 0.3 
Combined ratio [2]87.4 92.2 89.8 90.1 84.7 90.2 91.2 92.7 89.9 89.6 
Current accident year catastrophes and prior accident year development(0.2)(3.7)(2.4)(1.8)1.9 (2.3)(3.0)(4.2)(2.0)(1.8)
Underlying combined ratio 87.1 88.6 87.4 88.4 86.6 87.8 88.3 88.5 87.9 87.8 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio56.0 57.3 56.1 56.6 56.1 56.6 56.8 56.5 56.5 56.5 
Current accident year catastrophes2.0 4.8 5.0 3.6 2.0 3.9 4.3 5.0 3.8 3.7 
Prior accident year development(1.8)(1.1)(2.6)(1.8)(3.9)(1.6)(1.3)(0.8)(1.8)(1.9)
Total loss and loss adjustment expense ratio56.3 61.0 58.4 58.3 54.2 58.9 59.7 60.7 58.5 58.3 
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio83.8 91.6 88.7 89.0 84.0 87.7 90.8 90.8 88.2 88.2 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.2)(6.4)(6.1)(3.8)(3.4)(3.2)(5.7)(6.2)(4.3)(4.6)
Prior accident year development4.1 4.1 4.2 4.3 5.2 5.2 4.5 4.9 4.2 5.0 
Underlying combined ratio 86.7 89.3 86.8 89.6 85.8 89.7 89.7 89.5 88.1 88.6 
MIDDLE & LARGE COMMERCIAL
Combined ratio93.9 97.0 95.9 94.0 89.3 94.5 93.6 97.6 95.2 93.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.5)(3.5)(4.8)(3.6)(0.1)(4.5)(3.8)(5.0)(3.1)(3.3)
Prior accident year development(3.3)(3.3)(1.4)(1.2)1.2 (1.8)(1.1)(2.7)(2.3)(1.1)
Underlying combined ratio90.2 90.2 89.6 89.2 90.3 88.1 88.7 89.9 89.8 89.3 
GLOBAL SPECIALTY
Combined ratio [2]84.7 87.4 83.4 87.8 79.6 88.9 87.3 88.7 85.8 86.0 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(5.4)(3.8)(3.5)(3.3)(2.0)(4.3)(2.6)(3.1)(4.0)(3.0)
Prior accident year development4.3 1.7 5.3 0.7 5.3 (0.3)0.3 (0.4)3.0 1.3 
Underlying combined ratio83.6 85.3 85.2 85.3 82.9 84.3 85.0 85.2 84.8 84.3 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]The three and twelve months ended December 31, 2024 included a change in deferred gain on retroactive reinsurance related to the Navigators ADC of $58 and $145 representing a benefit of 1.8 and 1.1 points for the Commercial Lines combined ratio and 6.3 and 4.1 points for the global specialty combined ratio for the three and twelve month periods, respectively.

13
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
SUPPLEMENTAL DATA
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
WRITTEN PREMIUMS
Small Commercial$1,330 $1,347 $1,373 $1,425 $1,220 $1,228 $1,266 $1,319 $5,475 $5,033 
Middle & Large Commercial1,059 1,117 1,140 1,016 1,010 1,031 1,013 935 4,332 3,989 
Middle Market900 962 993 872 860 900 881 796 3,727 3,437 
National Accounts and Other159 155 147 144 150 131 132 139 605 552 
Global Specialty [1]769 797 1,013 907 748 730 885 842 3,486 3,205 
U.S.533 544 595 505 495 500 551 468 2,177 2,014 
International123 102 125 106 122 96 121 99 456 438 
Global Re113 151 293 296 131 134 213 275 853 753 
Other16 14 14 14 12 14 13 13 58 52 
Total$3,174 $3,275 $3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $13,351 $12,279 
EARNED PREMIUMS
Small Commercial$1,355 $1,323 $1,284 $1,248 $1,251 $1,221 $1,190 $1,139 $5,210 $4,801 
Middle & Large Commercial1,069 1,065 1,021 996 989 955 948 914 4,151 3,806 
Middle Market918 921 879 864 851 829 806 785 3,582 3,271 
National Accounts and Other151 144 142 132 138 126 142 129 569 535 
Global Specialty [1]865 847 802 789 786 761 735 700 3,303 2,982 
U.S.547 540 514 503 500 501 484 463 2,104 1,948 
International115 113 108 105 108 104 108 99 441 419 
Global Re203 194 180 181 178 156 143 138 758 615 
Other14 14 14 15 12 14 13 13 57 52 
Total$3,303 $3,249 $3,121 $3,048 $3,038 $2,951 $2,886 $2,766 $12,721 $11,641 
COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium$264 $278 $291 $268 $216 $220 $237 $242 $1,101 $915 
Renewal Written Price Increases7.2 %6.5 %6.4 %5.7 %5.8 %4.8 %4.2 %3.8 %6.4 %4.6 %
Policy Count Retention84 %84 %84 %85 %85 %85 %85 %86 %84 %85 %
Policies in Force (in thousands)1,570 1,558 1,537 1,512 1,492 1,479 1,461 1,439 
Middle Market [2]
Net New Business Premium$180 $176 $187 $174 $168 $137 $164 $148 $717 $617 
Renewal Written Price Increases6.5 %6.9 %6.9 %7.2 %7.4 %7.8 %7.1 %6.5 %6.9 %7.2 %
Premium Retention83 %84 %85 %83 %84 %82 %83 %82 %84 %83 %
Global Specialty
Gross New Business Premium [3]
$224 $233 $264 $223 $230 $216 $246 $191 $944 $883 
Renewal Written Price Increases [4]5.7 %5.6 %6.1 %5.8 %4.7 %3.8 %5.0 %3.9 %5.8 %4.4 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Written premiums$871 $970 $913 $844 $780 $869 $802 $747 $3,598 $3,198 
Change in unearned premium reserve(35)85 64 31 (24)85 42 8 145 111 
Earned premiums906 885 849 813 804 784 760 739 3,453 3,087 
Fee income 9 8 8 8 8 7 7 8 33 30 
Losses and loss adjustment expenses
Current accident year before catastrophes577 602 597 575 602 586 578 521 2,351 2,287 
Current accident year catastrophes [1]13 92 125 52 21 69 103 47 282 240 
Prior accident year development (53)(14)(34)(7)(7)1 (3)20 (108)11 
Total losses and loss adjustment expenses537 680 688 620 616 656 678 588 2,525 2,538 
Amortization of DAC67 65 63 60 58 58 57 58 255 231 
Insurance operating costs182 169 169 153 148 138 145 145 673 576 
Amortization of other intangible assets— 1 — 1 — 1 — 1 2 2 
Underwriting gain (loss)129 (22)(63)(13)(10)(62)(113)(45)31 (230)
Net investment income64 58 50 50 52 47 34 38 222 171 
Net realized gains (losses)(5)(2)(8)1 (5)(5)(5)(1)(14)(16)
Net servicing and other income (expense)3 5 6 4 5 3 7 6 18 21 
Income (loss) before income taxes191 39 (15)42 42 (17)(77)(2)257 (54)
Income tax expense (benefit)37 8 (4)8 8 (5)(17)(1)49 (15)
Net income (loss)154 31 (11)34 34 (12)(60)(1)208 (39)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax3 2 9 (2)3 5 4 1 12 13 
Income tax expense (benefit) [2](2)— (2)1 (1)(1)(1)— (3)(3)
Core earnings (loss)$155 $33 $(4)$33 $36 $(8)$(57)$— $217 $(29)
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Milton and Hurricane Helene.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

15
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS (CONTINUED)


Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Automobile liability$(17)$— $(13)$— $— $— $— $— $(30)$— 
Homeowners(13)(5)(10)— (7)— 2 (1)(28)(6)
Catastrophes(15)— (5)— — — (4)— (20)(4)
Uncollectible reinsurance— — — — — 1 — — — 1 
Other reserve re-estimates, net [1](8)(9)(6)(7)— — (1)21 (30)20 
Total prior accident year development$(53)$(14)$(34)$(7)$(7)$1 $(3)$20 $(108)$11 
[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves of $(8) and $(32) for the three and twelve months ended December 31, 2024 and $0 and $22 for the three and twelve months ended December 31, 2023, respectively.

16
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
UNDERWRITING RATIOS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
UNDERWRITING GAIN (LOSS)$129 $(22)$(63)$(13)$(10)$(62)$(113)$(45)$31 $(230)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio59.3 76.8 81.0 76.3 76.6 83.7 89.2 79.6 73.1 82.2 
Expense ratio26.5 25.6 26.4 25.3 24.6 24.2 25.7 26.5 26.0 25.2 
Combined ratio85.8 102.5 107.4 101.6 101.2 107.9 114.9 106.1 99.1 107.5 
Current accident year catastrophes and prior accident year development4.4 (8.8)(10.7)(5.5)(1.7)(8.9)(13.2)(9.1)(5.1)(8.2)
Underlying combined ratio90.2 93.7 96.7 96.1 99.5 99.0 101.7 97.0 94.1 99.3 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio63.7 68.0 70.3 70.7 74.9 74.7 76.1 70.5 68.1 74.1 
Current accident year catastrophes1.4 10.4 14.7 6.4 2.6 8.8 13.6 6.4 8.2 7.8 
Prior accident year development(5.8)(1.6)(4.0)(0.9)(0.9)0.1 (0.4)2.7 (3.1)0.4 
Total loss and loss adjustment expense ratio59.3 76.8 81.0 76.3 76.6 83.7 89.2 79.6 73.1 82.2 
PRODUCT
Automobile
Combined ratio98.3 105.7 105.4 103.9 113.7 110.8 116.4 110.2 103.3 112.8 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes— (5.8)(3.6)(1.0)(0.2)(2.3)(3.8)(1.1)(2.6)(1.8)
Prior accident year development4.7 1.6 3.1 1.6 0.1 — (0.8)(4.0)2.8 (1.1)
Underlying combined ratio103.0 101.5 104.9 104.4 113.5 108.5 111.8 105.1 103.4 109.8 
Homeowners
Combined ratio57.8 94.7 114.5 96.2 72.7 101.4 115.1 96.8 90.1 96.4 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(4.8)(21.0)(40.4)(18.7)(8.0)(23.1)(35.5)(17.8)(20.9)(21.1)
Prior accident year development8.6 1.7 3.7 (0.5)2.7 (0.3)(0.1)(0.1)3.5 0.6 
Underlying combined ratio61.7 75.4 77.8 77.0 67.3 78.1 79.6 78.9 72.7 75.9 


17
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA

 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct$711 $811 $776 $724 $663 $754 $698 $648 $3,022 $2,763 
AARP Agency75 73 63 61 60 57 52 50 272 219 
Other Agency80 82 70 55 52 53 48 44 287 197 
Other5 4 4 4 5 5 4 5 17 19 
Total$871 $970 $913 $844 $780 $869 $802 $747 $3,598 $3,198 
EARNED PREMIUMS
AARP Direct$767 $755 $730 $702 $697 $681 $659 $640 $2,954 $2,677 
AARP Agency68 62 58 56 55 50 51 49 244 205 
Other Agency69 62 56 51 47 47 45 45 238 184 
Other2 6 5 4 5 6 5 5 17 21 
Total$906 $885 $849 $813 $804 $784 $760 $739 $3,453 $3,087 
PRODUCT LINE
WRITTEN PREMIUMS
Automobile$590 $649 $617 $600 $545 $596 $543 $529 $2,456 $2,213 
Homeowners281 321 296 244 235 273 259 218 1,142 985 
Total$871 $970 $913 $844 $780 $869 $802 $747 $3,598 $3,198 
EARNED PREMIUMS
Automobile$627 $616 $592 $566 $561 $541 $523 $509 $2,401 $2,134 
Homeowners279 269 257 247 243 243 237 230 1,052 953 
Total$906 $885 $849 $813 $804 $784 $760 $739 $3,453 $3,087 


18
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA (CONTINUED)
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile$77 $83 $82 $72 $65 $61 $52 $46 $314 $224 
Homeowners$59 $60 $47 $34 $25 $25 $22 $21 $200 $93 
Renewal Written Price Increases
Automobile19.1 %20.7 %23.4 %25.5 %21.8 %19.6 %13.7 %9.9 %22.1 %16.3 %
Homeowners13.9 %15.1 %14.9 %15.2 %14.6 %14.0 %14.4 %13.9 %14.8 %14.2 %
Policy Count Retention
Automobile81 %81 %83 %84 %85 %85 %86 %85 %83 %85 %
Homeowners83 %83 %84 %84 %85 %84 %84 %84 %84 %84 %
Effective Policy Count Retention
Automobile80 %80 %79 %79 %81 %82 %83 %84 %80 %83 %
Homeowners83 %83 %83 %83 %84 %83 %84 %84 %83 %84 %
Policies in Force (in thousands)
Automobile1,171 1,193 1,214 1,233 1,257 1,270 1,287 1,305 
Homeowners712 707 702 701 704 712 723 731 



19
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
P&C OTHER OPERATIONS
INCOME STATEMENTS
 
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Losses and loss adjustment expenses
Prior accident year development [1] [2]$212 $— $— $7 $217 $2 $2 $3 $219 $224 
Total losses and loss adjustment expenses212 — — 7 217 2 2 3 219 224 
Insurance operating costs2 3 2 2 (4)3 2 3 9 4 
Underwriting loss(214)(3)(2)(9)(213)(5)(4)(6)(228)(228)
Net investment income19 18 19 18 18 18 17 16 74 69 
Net realized losses(1)— (3)— (1)(2)(1)(3)(4)(7)
Other expense— (4)— — — — — — (4)— 
Income (loss) before income taxes(196)11 14 9 (196)11 12 7 (162)(166)
Income tax expense (benefit)(40)1 3 1 (42)2 3 1 (35)(36)
Net income (loss)(156)10 11 8 (154)9 9 6 (127)(130)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax1 — 3 — 1 1 1 3 4 6 
Change in deferred gain on retroactive reinsurance, before tax62 — — — 194 — — — 62 194 
Income tax expense (benefit) [3](13)— — (1)(42)1 — (1)(14)(42)
Core earnings (loss)$(106)$10 $14 $7 $(1)$11 $10 $8 $(75)$28 
[1]Refer to [1] on page 9 for discussion related to prior year development on A&E reserves and the related deferred gain on retroactive reinsurance for the three months ended December 31, 2024 and 2023.
[2]Refer to [2] on page 9 for a discussion of an increase in ULAE reserves for the three months ended December 31, 2024 and 2023.
[3]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Earned premiums$1,600 $1,600 $1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $6,393 $6,298 
Fee income56 55 57 54 56 54 56 51 222 217 
Net investment income130 119 112 114 125 121 113 110 475 469 
Net realized gains (losses)(16)— (9)1 — (31)(19)5 (24)(45)
Total revenues1,770 1,774 1,768 1,754 1,772 1,719 1,724 1,724 7,066 6,939 
Benefits, losses and loss adjustment expenses1,169 1,161 1,147 1,204 1,152 1,146 1,175 1,210 4,681 4,683 
Amortization of DAC8 8 9 9 8 8 9 9 34 34 
Insurance operating costs and other expenses424 401 387 397 381 372 381 380 1,609 1,514 
Amortization of other intangible assets10 10 10 10 10 10 10 10 40 40 
Total benefits, losses and expenses1,611 1,580 1,553 1,620 1,551 1,536 1,575 1,609 6,364 6,271 
Income before income taxes159 194 215 134 221 183 149 115 702 668 
Income tax expense33 38 44 26 45 37 28 23 141 133 
Net income126 156 171 108 176 146 121 92 561 535 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax15 (1)9 (1)(2)28 16 (5)22 37 
Integration and other non-recurring M&A costs, before tax— — — — 1 1 — 2 — 4 
Income tax expense (benefit) [1](2)(1)(2)— (1)(5)(4)1 (5)(9)
Core earnings$139 $154 $178 $107 $174 $170 $133 $90 $578 $567 
Margin
Net income margin7.1 %8.8 %9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %7.9 %7.7 %
Core earnings margin*7.8 %8.7 %10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.2 %8.1 %
ROE
Net income available to common stockholders [2]15.5 %17.7 %18.0 %16.1 %15.4 %15.9 %13.0 %11.9 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax0.7 %0.2 %1.1 %1.3 %1.2 %1.3 %1.5 %3.1 %
Integration and other non-recurring M&A costs, before tax— %— %0.1 %0.1 %0.1 %0.2 %0.2 %0.2 %
Income tax expense (benefit) [1](0.1 %)(0.1 %)(0.3 %)(0.3 %)(0.3 %)(0.2 %)(0.4 %)(0.7 %)
Impact of AOCI, excluded from core earnings ROE(1.7 %)(2.2 %)(2.5 %)(2.1 %)(2.1 %)(3.4 %)(1.8 %)(0.9 %)
Core earnings [2]14.4 %15.6 %16.4 %15.1 %14.3 %13.8 %12.5 %13.6 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Group Benefits.

21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
SUPPLEMENTAL DATA
 
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
PREMIUMS
Fully insured ongoing premiums
Group disability$845 $835 $837 $836 $845 $827 $822 $814 $3,353 $3,308 
Group life 651 658 663 645 647 640 650 643 2,617 2,580 
Other [1]104 107 107 104 98 102 102 100 422 402 
Total fully insured ongoing premiums1,600 1,600 1,607 1,585 1,590 1,569 1,574 1,557 6,392 6,290 
Total buyouts [2]— — 1 — 1 6 — 1 1 8 
Total premiums$1,600 $1,600 $1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $6,393 $6,298 
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability$37 $53 $37 $247 $43 $83 $77 $209 $374 $412 
Group life23 32 51 154 21 45 60 227 260 353 
Other [1]8 20 13 43 7 15 14 38 84 74 
Total fully insured ongoing sales68 105 101 444 71 143 151 474 718 839 
Total buyouts [2]— — 1 — 1 6 — 1 1 8 
Total sales$68 $105 $102 $444 $72 $149 $151 $475 $719 $847 
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio66.9 %67.9 %67.1 %70.1 %63.6 %67.3 %67.0 %70.4 %68.0 %67.1 %
Group life loss ratio79.9 %77.5 %74.9 %82.6 %83.0 %80.2 %84.1 %86.7 %78.7 %83.5 %
Total loss ratio70.6 %70.2 %68.9 %73.5 %69.9 %70.2 %72.1 %75.2 %70.8 %71.8 %
Expense ratio [3]26.7 %25.3 %24.4 %25.4 %24.2 %24.0 %24.5 %24.7 %25.4 %24.3 %
[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.

22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Investment management fees $208 $202 $195 $191 $183 $189 $186 $182 $796 $740 
Shareowner servicing fees 23 23 21 21 21 21 21 21 88 84 
Other revenue44 43 42 42 42 42 41 41 171 166 
Net realized gains (losses)(3)7 3 5 8 (4)1 5 12 10 
Total revenues 272 275 261 259 254 248 249 249 1,067 1,000 
Sub-advisory expense76 73 71 69 67 67 66 65 289 265 
Employee compensation and benefits33 31 32 35 30 28 29 34 131 121 
Distribution and service77 75 74 73 70 73 73 73 299 289 
General, administrative and other24 29 26 26 29 27 24 26 105 106 
Total expenses 210 208 203 203 196 195 192 198 824 781 
Income before income taxes62 67 58 56 58 53 57 51 243 219 
Income tax expense13 13 14 11 11 12 12 10 51 45 
Net income49 54 44 45 47 41 45 41 192 174 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax3 (7)(3)(5)(8)4 (1)(5)(12)(10)
Income tax expense (benefit) [1](1)— 2 1 — — — 1 2 1 
Core earnings$51 $47 $43 $41 $39 $45 $44 $37 $182 $165 
Daily average Hartford Funds AUM$142,230 $137,888 $134,064 $131,648 $124,676 $128,786 $127,540 $127,084 $136,477 $127,019 
Return on assets (bps, net of tax) [2]
Net income13.8 15.7 13.1 13.7 15.1 12.7 14.1 12.9 14.1 13.7 
Core earnings*14.3 13.6 12.8 12.5 12.5 14.0 13.8 11.6 13.3 13.0 
ROE
Net income available to common stockholders [3]43.4 %44.1 %42.2 %43.6 %43.9 %44.9 %44.9 %42.7 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.8 %)(5.5 %)(2.9 %)(2.5 %)(2.6 %)(2.4 %)(1.1 %)2.7 %
Income tax expense (benefit) [1]0.5 %0.7 %0.7 %0.3 %0.3 %0.5 %(0.3 %)(1.1 %)
Impact of AOCI, excluded from core earnings ROE(1.4 %)(1.5 %)(1.6 %)(1.7 %)(1.8 %)(2.5 %)(1.9 %)(1.5 %)
Core earnings [3]39.7 %37.8 %38.4 %39.7 %39.8 %40.5 %41.6 %42.8 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
ASSET VALUE ROLLFORWARD
ASSETS UNDER MANAGEMENT BY ASSET CLASS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Equity Funds
Beginning balance $87,271 $83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $73,782 $79,352 $73,782 
Sales3,682 3,364 3,612 3,428 3,077 3,096 3,447 4,202 14,086 13,822 
Redemptions(4,787)(4,298)(4,831)(5,488)(5,303)(4,366)(4,145)(5,221)(19,404)(19,035)
Net flows(1,105)(934)(1,219)(2,060)(2,226)(1,270)(698)(1,019)(5,318)(5,213)
Change in market value and other (2,166)4,993 1,094 6,045 7,272 (3,375)3,517 3,369 9,966 10,783 
Ending balance$84,000 $87,271 $83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $84,000 $79,352 
Fixed Income Funds
Beginning balance $19,347 $17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $15,861 $16,773 $15,861 
Sales3,229 1,905 1,569 1,822 1,553 1,160 1,216 1,521 8,525 5,450 
Redemptions(1,290)(1,150)(1,080)(1,497)(1,692)(1,127)(1,468)(1,372)(5,017)(5,659)
Net flows1,939 755 489 325 (139)33 (252)149 3,508 (209)
Change in market value and other (227)767 135 103 971 (241)2 389 778 1,121 
Ending balance$21,059 $19,347 $17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $21,059 $16,773 
Multi-Strategy Investments Funds [1]
Beginning balance$19,425 $18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $19,975 $19,292 $19,975 
Sales455 400 472 387 416 354 402 516 1,714 1,688 
Redemptions(834)(902)(930)(954)(1,134)(968)(918)(892)(3,620)(3,912)
Net flows(379)(502)(458)(567)(718)(614)(516)(376)(1,906)(2,224)
Change in market value and other (534)1,120 (3)543 1,437 (577)339 342 1,126 1,541 
Ending balance$18,512 $19,425 $18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $18,512 $19,292 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$4,323 $3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $2,854 $3,899 $2,854 
Net flows341 256 103 (209)120 222 210 67 491 619 
Change in market value and other(181)225 (14)63 417 (103)(3)115 93 426 
Ending balance$4,483 $4,323 $3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $4,483 $3,899 
Mutual Fund and ETF AUM
Beginning balance$130,366 $123,686 $123,559 $119,316 $112,182 $118,107 $115,508 $112,472 $119,316 $112,472 
Sales - mutual fund7,366 5,669 5,653 5,637 5,046 4,610 5,065 6,239 24,325 20,960 
Redemptions - mutual fund(6,911)(6,350)(6,841)(7,939)(8,129)(6,461)(6,531)(7,485)(28,041)(28,606)
Net flows - ETF341 256 103 (209)120 222 210 67 491 619 
Net flows - mutual fund and ETF796 (425)(1,085)(2,511)(2,963)(1,629)(1,256)(1,179)(3,225)(7,027)
Change in market value and other (3,108)7,105 1,212 6,754 10,097 (4,296)3,855 4,215 11,963 13,871 
Ending balance128,054 130,366 123,686 123,559 119,316 112,182 118,107 115,508 128,054 119,316 
Third-party life and annuity separate account AUM11,544 12,073 11,832 12,083 11,709 11,011 11,799 11,672 11,544 11,709 
Hartford Funds AUM$139,598 $142,439 $135,518 $135,642 $131,025 $123,193 $129,906 $127,180 $139,598 $131,025 
[1]Includes balanced, allocation, and alternative investment products.

24

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CORPORATE
INCOME STATEMENTS 
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Fee income [1]$10 $10 $10 $10 $9 $10 $11 $9 $40 $39 
Other revenue— 1 1 — — 1 — 1 2 2 
Net investment income16 17 14 16 17 12 8 10 63 47 
Net realized gains (losses)11 14 8 9 19 (10)11 6 42 26 
Total revenues37 42 33 35 45 13 30 26 147 114 
Benefits, losses and loss adjustment expenses [2]3 1 2 2 2 1 2 2 8 7 
Insurance operating costs and other expenses [1] [3]17 12 11 14 17 27 11 13 54 68 
Interest expense50 49 50 50 49 50 50 50 199 199 
Restructuring and other costs— 1 — 1 2 1 3 — 2 6 
Total expenses70 63 63 67 70 79 66 65 263 280 
Loss before income taxes(33)(21)(30)(32)(25)(66)(36)(39)(116)(166)
Income tax benefit(5)(9)(13)(17)(6)(14)(10)(15)(44)(45)
Net loss(28)(12)(17)(15)(19)(52)(26)(24)(72)(121)
Preferred stock dividends5 6 5 5 5 6 5 5 21 21 
Net loss available to common stockholders(33)(18)(22)(20)(24)(58)(31)(29)(93)(142)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(8)(13)(10)(9)(19)9 (10)(6)(40)(26)
Restructuring and other costs, before tax— 1 — 1 2 1 3 — 2 6 
Income tax expense (benefit) [4]2 4 — 3 5 (4)3 — 9 4 
Core loss$(39)$(26)$(32)$(25)$(36)$(52)$(35)$(35)$(122)$(158)
[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.
[4]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


25

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
CONSOLIDATED
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$533 $533 $496 $483 $466 $433 $411 $395 $2,045 $1,705 
Tax-exempt38 37 41 43 44 47 49 50 159 190 
Total fixed maturities571 570 537 526 510 480 460 445 2,204 1,895 
Equity securities15 5 6 9 14 9 9 13 35 45 
Mortgage loans70 68 65 63 61 59 58 57 266 235 
Limited partnerships and other alternative investments [2]79 37 16 16 82 72 32 26 148 212 
Other [3]6 1 1 6 8 (1)4 (2)14 9 
Subtotal741 681 625 620 675 619 563 539 2,667 2,396 
Investment expense(27)(22)(23)(27)(22)(22)(23)(24)(99)(91)
Total net investment income$714 $659 $602 $593 $653 $597 $540 $515 $2,568 $2,305 
Annualized investment yield, before tax [4]4.7 %4.4 %4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.3 %4.1 %
Annualized limited partnerships and other alternative investment yield, before tax [4]6.4 %3.0 %1.3 %1.3 %7.0 %6.3 %2.9 %2.5 %3.0 %4.8 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.6 %4.5 %4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.4 %4.0 %
Annualized investment yield, net of tax [4]3.8 %3.5 %3.3 %3.3 %3.7 %3.4 %3.1 %3.0 %3.5 %3.3 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.7 %3.6 %3.5 %3.5 %3.5 %3.3 %3.2 %3.0 %3.6 %3.2 %
Average reinvestment rate [5]5.7 %5.5 %6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %5.9 %5.8 %
Average sales/maturities yield [6]5.4 %4.4 %4.9 %5.0 %4.8 %4.5 %4.1 %4.2 %5.0 %4.4 %
Portfolio duration (in years) [7]3.8 3.9 3.9 4.0 3.8 4.1 4.0 4.0 3.8 3.8 
[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.

26
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
PROPERTY & CASUALTY
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$421 $420 $389 $373 $359 $333 $316 $304 $1,603 $1,312 
Tax-exempt29 28 29 32 33 34 37 37 118 141 
Total fixed maturities450 448 418 405 392 367 353 341 1,721 1,453 
Equity securities8 3 3 6 6 6 7 9 20 28 
Mortgage loans52 51 49 46 45 43 42 41 198 171 
Limited partnerships and other alternative investments [2]65 31 16 15 71 60 26 21 127 178 
Other [3]8 2 2 8 9 — 5 (2)20 12 
Subtotal583 535 488 480 523 476 433 410 2,086 1,842 
Investment expense(21)(17)(17)(21)(18)(16)(18)(18)(76)(70)
Total net investment income$562 $518 $471 $459 $505 $460 $415 $392 $2,010 $1,772 
Annualized investment yield, before tax [4]4.8 %4.5 %4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.4 %4.1 %
Annualized limited partnerships and other alternative investment yield, before tax [4]6.7 %3.2 %1.6 %1.6 %7.7 %6.7 %3.0 %2.5 %3.3 %5.1 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.6 %4.6 %4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.5 %4.0 %
Annualized investment yield, net of tax [4]3.8 %3.6 %3.4 %3.3 %3.7 %3.5 %3.1 %3.0 %3.5 %3.3 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.7 %3.7 %3.5 %3.5 %3.5 %3.2 %3.2 %3.0 %3.6 %3.2 %
Average reinvestment rate [5]5.7 %5.5 %6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %5.9 %5.8 %
Average sales/maturities yield [6]5.6 %4.5 %4.9 %4.9 %4.9 %4.5 %4.1 %4.2 %5.1 %4.4 %
Portfolio duration (in years) [7]3.7 3.7 3.8 3.8 3.6 3.9 3.8 3.9 3.7 3.6 
Footnotes [1] through [7] are explained on page 26.

27
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
GROUP BENEFITS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$96 $94 $92 $93 $92 $86 $85 $81 $375 $344 
Tax-exempt8 7 10 10 10 10 11 12 35 43 
Total fixed maturities104 101 102 103 102 96 96 93 410 387 
Equity securities2 1 1 1 1 3 1 2 5 7 
Mortgage loans18 17 16 17 16 16 16 16 68 64 
Limited partnerships and other alternative investments [2]14 6 — 1 11 12 6 5 21 34 
Other [3](2)(1)(1)(2)(1)— (1)— (6)(2)
Subtotal136 124 118 120 129 127 118 116 498 490 
Investment expense(6)(5)(6)(6)(4)(6)(5)(6)(23)(21)
Total net investment income$130 $119 $112 $114 $125 $121 $113 $110 $475 $469 
Annualized investment yield, before tax [4]4.5 %4.1 %3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %4.1 %4.0 %
Annualized limited partnerships and other alternative investment yield, before tax [4]5.2 %2.3 %— %0.4 %4.4 %4.8 %2.5 %2.5 %2.0 %3.7 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.4 %4.3 %4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.3 %4.0 %
Annualized investment yield, net of tax [4]3.6 %3.3 %3.1 %3.1 %3.4 %3.3 %3.1 %3.0 %3.3 %3.2 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.5 %3.4 %3.4 %3.4 %3.4 %3.3 %3.2 %3.1 %3.4 %3.3 %
Average reinvestment rate [5]5.8 %5.9 %6.6 %6.4 %6.2 %5.9 %5.3 %6.0 %6.1 %5.9 %
Average sales/maturities yield [6]4.8 %4.3 %4.8 %5.2 %4.6 %4.8 %4.3 %4.4 %4.8 %4.5 %
Portfolio duration (in years) [7]4.9 5.0 4.9 5.1 4.9 5.1 4.9 4.8 4.9 4.9 
Footnotes [1] through [7] are explained on page 26.

28
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NET INVESTMENT INCOME
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Net Investment Income by SegmentDec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income
Commercial Lines$479 $442 $402 $391 $435 $395 $364 $338 $1,714 $1,532 
Personal Lines64 58 50 50 52 47 34 38 222 171 
P&C Other Operations19 18 19 18 18 18 17 16 74 69 
Total Property & Casualty562 518 471 459 505 460 415 392 2,010 1,772 
Group Benefits130 119 112 114 125 121 113 110 475 469 
Hartford Funds6 5 5 4 6 4 4 3 20 17 
Corporate16 17 14 16 17 12 8 10 63 47 
Total net investment income by segment$714 $659 $602 $593 $653 $597 $540 $515 $2,568 $2,305 
THREE MONTHS ENDEDYEAR ENDED
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsDec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total Property & Casualty$65 $31 $16 $15 $71 $60 $26 $21 $127 $178 
Group Benefits14 6 — 1 11 12 6 5 21 34 
Total net investment income from limited partnerships and other alternative investments [1]$79 $37 $16 $16 $82 $72 $32 $26 $148 $212 
[1]Amounts are included above in total net investment income by segment.


29
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPONENTS OF NET REALIZED GAINS (LOSSES)
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities
$8 $12 $6 $5 $4 $6 $3 $17 $31 $30 
Gross losses on sales of fixed maturities
(50)(62)(75)(11)(62)(27)(21)(39)(198)(149)
Equity securities [1](3)27 14 35 46 (13)10 35 73 78 
Net credit losses on fixed maturities, AFS— — (1)(1)(1)(5)(3)(5)(2)(14)
Change in ACL on mortgage loans— — — 3 (5)(5)(5)— 3 (15)
Other net gains (losses) [2]28 10 (3)(3)(9)(46)(48)(15)32 (118)
 Total net realized gains (losses)(17)(13)(59)28 (27)(90)(64)(7)(61)(188)
Net realized losses (gains), included in core earnings, before tax [3]1 1 1 2 11 14 11 — 5 36 
 Total net gains (losses) excluded from core earnings, before tax(16)(12)(58)30 (16)(76)(53)(7)(56)(152)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings3 4 12 (7)5 15 10 3 12 33 
 Total net realized gains (losses) excluded from core earnings, after tax$(13)$(8)$(46)$23 $(11)$(61)$(43)$(4)$(44)$(119)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and equity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
CONSOLIDATED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023
 Amount [1]PercentAmountPercentAmountPercentAmountPercentAmount [1]Percent
Total investments$59,210 100.0 %$59,350 100.0 %$56,890 100.0 %$56,107 100.0 %$55,922 100.0 %
Asset-backed securities$3,937 9.3 %$3,512 8.2 %$3,014 7.4 %$3,499 8.5 %$3,320 8.3 %
Collateralized loan obligations3,250 7.6 %3,563 8.3 %3,514 8.6 %3,168 7.8 %3,090 7.8 %
Commercial mortgage-backed securities2,736 6.4 %2,857 6.7 %2,942 7.2 %3,050 7.4 %3,125 7.8 %
Corporate20,636 48.5 %20,558 48.0 %19,493 47.8 %18,657 45.7 %17,866 44.9 %
Foreign government/government agencies480 1.1 %541 1.3 %546 1.3 %548 1.3 %562 1.4 %
Municipal5,304 12.5 %5,654 13.2 %5,294 13.0 %5,941 14.6 %6,039 15.2 %
Residential mortgage-backed securities5,230 12.3 %5,123 12.0 %4,787 11.7 %4,473 11.0 %4,287 10.8 %
U.S. Treasuries994 2.3 %985 2.3 %1,224 3.0 %1,504 3.7 %1,529 3.8 %
Total fixed maturities, AFS [2]$42,567 100.0 %$42,793 100.0 %$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %
U.S. government/government agencies$4,937 11.6 %$4,815 11.2 %$4,770 11.7 %$4,846 11.9 %$4,776 12.0 %
AAA7,166 16.8 %7,127 16.7 %6,413 15.7 %6,838 16.7 %7,055 17.7 %
AA7,484 17.6 %7,713 18.0 %7,283 17.8 %7,578 18.5 %7,270 18.3 %
A10,933 25.7 %10,994 25.7 %10,785 26.4 %10,488 25.7 %9,828 24.7 %
BBB9,722 22.8 %9,677 22.6 %9,204 22.6 %9,264 22.7 %9,198 23.1 %
BB1,777 4.2 %1,768 4.2 %1,649 4.1 %1,234 3.0 %1,139 2.9 %
B542 1.3 %693 1.6 %701 1.7 %580 1.5 %539 1.3 %
CCC5 — %5 — %8 — %11 — %12 — %
CC & below1 — %1 — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$42,567 100.0 %$42,793 100.0 %$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %
[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, 2024
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$6,636 $6,419 10.8 %
Technology and communications2,868 2,718 4.6 %
Consumer non-cyclical2,641 2,518 4.3 %
Utilities2,464 2,305 3.9 %
Capital goods1,769 1,714 2.9 %
Consumer cyclical1,600 1,546 2.6 %
Energy1,400 1,351 2.3 %
Basic industry1,110 1,072 1.8 %
Transportation930 877 1.5 %
Other740 719 1.2 %
Total$22,158 $21,239 35.9 %
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.$252 $242 0.4 %
Morgan Stanley247 239 0.4 %
Government of Canada194 193 0.3 %
Hyundai Motor Company193 183 0.3 %
Entergy Corporation187 173 0.3 %
Penske Corporation171 170 0.3 %
Bank of America Corporation178 169 0.3 %
Goldman Sachs Group Inc.185 168 0.3 %
Enterprise Holdings Inc.168 167 0.3 %
SPCC Funding I LLC160 161 0.3 %
Total$1,935 $1,865 3.2 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
APPENDIX
BASIS OF PRESENTATION AND DEFINITIONS
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Financial Services Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reportable segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations ("P&C Other Operations"), Group Benefits and Hartford Funds, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reportable segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, and assumed 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 standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and includes substantially all of the Company's asbestos and environmental exposures.
Group Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.
Hartford Funds offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services such as product design, implementation and oversight. This business also manages a portion of the mutual funds which support third-party life and annuity separate accounts.
The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
Certain operating and statistical measures for P&C Commercial Lines and Personal Lines have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Commercial Lines represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Lines, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle and large commercial, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies-in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in force is a growth measure used for Personal Lines as well as small commercial within Commercial Lines and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.
A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For

33
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.

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:
•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) available to common stockholders to core earnings is set forth on page 2.

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Core earnings per share- This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.
BASIC EARNINGS PER SHARE
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Income available to common stockholders per share
$2.93 $2.60 $2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $10.51 $8.09 
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
0.06 0.04 0.20 (0.10)0.05 0.25 0.17 0.02 0.19 0.49 
Restructuring and other costs, before tax— — — — 0.01 — 0.01 — 0.01 0.02 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 
Change in deferred gain on retroactive reinsurance, before tax
0.01 (0.09)(0.13)(0.08)0.65 — — — (0.28)0.63 
Income tax expense (benefit) on items excluded from core earnings
(0.02)0.01 (0.02)0.04 (0.16)(0.06)(0.04)(0.01)0.01 (0.25)
Core earnings per share$2.99 $2.57 $2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $10.47 $9.01 
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 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Income available to common stockholders per diluted share$2.88 $2.56 $2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $10.35 $7.97 
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 tax0.05 0.04 0.19 (0.10)0.05 0.25 0.17 0.02 0.19 0.49 
Restructuring and other costs, before tax— — — — 0.01 — 0.01 — 0.01 0.02 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 
Change in deferred gain on retroactive reinsurance, before tax
0.01 (0.09)(0.12)(0.08)0.64 — — — (0.28)0.62 
Income tax expense (benefit) on items excluded from core earnings
(0.01)0.01 (0.02)0.04 (0.16)(0.06)(0.04)(0.01)— (0.25)
Core earnings per diluted share
$2.94 $2.53 $2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $10.30 $8.88 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

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Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
LAST TWELVE MONTHS ENDED
 
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income ROE19.9 %20.0 %19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax0.4 %0.4 %0.8 %0.8 %1.1 %0.9 %1.5 %3.3 %
Restructuring and other costs, before tax— %— %— %— %— %0.1 %0.1 %0.1 %
Loss on extinguishment of debt, before tax
— %— %— %— %— %— %— %0.1 %
Integration and other non-recurring M&A costs, before tax
0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax(0.5 %)0.7 %0.9 %1.2 %1.4 %1.8 %1.7 %1.5 %
Income tax benefit on items not included in core earnings— %(0.2 %)(0.4 %)(0.4 %)(0.5 %)(0.6 %)(0.8 %)(1.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE(3.2 %)(3.6 %)(3.8 %)(3.6 %)(3.8 %)(5.1 %)(3.4 %)(2.5 %)
Core earnings ROE16.7 %17.4 %17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

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Underwriting gain (loss)- The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income$706 $569 $540 $615 $567 $516 $407 $426 $2,430 $1,916 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(562)(518)(471)(459)(505)(460)(415)(392)(2,010)(1,772)
Net realized losses (gains)9 34 61 (13)54 45 57 23 91 179 
Net servicing and other income(2)— (5)(2)(2)(5)(7)(6)(9)(20)
Income tax expense 180 143 129 138 129 127 95 100 590 451 
Underwriting gain331 228 254 279 243 223 137 151 1,092 754 
Current accident year catastrophes80 247 280 161 81 184 226 185 768 676 
Prior accident year development101 (50)(115)(56)92 (43)(39)— (120)10 
Underlying underwriting gain$512 $425 $419 $384 $416 $364 $324 $336 $1,740 $1,440 
COMMERCIAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income$708 $528 $540 $573 $687 $519 $458 $421 $2,349 $2,085 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(479)(442)(402)(391)(435)(395)(364)(338)(1,714)(1,532)
Net realized losses (gains)3 32 50 (12)48 38 51 19 73 156 
Other expense (income)1 1 1 2 3 (2)— — 5 1 
Income tax expense183 134 130 129 163 130 109 100 576 502 
Underwriting gain416 253 319 301 466 290 254 202 1,289 1,212 
Current accident year catastrophes67 155 155 109 60 115 123 138 486 436 
Prior accident year development(58)(36)(81)(56)(118)(46)(38)(23)(231)(225)
Underlying underwriting gain$425 $372 $393 $354 $408 $359 $339 $317 $1,544 $1,423 


37
PERSONAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income (loss)$154 $31 $(11)$34 $34 $(12)$(60)$(1)$208 $(39)
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(64)(58)(50)(50)(52)(47)(34)(38)(222)(171)
Net realized losses (gains)5 2 8 (1)5 5 5 1 14 16 
Net servicing and other income(3)(5)(6)(4)(5)(3)(7)(6)(18)(21)
Income tax expense (benefit)37 8 (4)8 8 (5)(17)(1)49 (15)
Underwriting gain (loss)129 (22)(63)(13)(10)(62)(113)(45)31 (230)
Current accident year catastrophes13 92 125 52 21 69 103 47 282 240 
Prior accident year development(53)(14)(34)(7)(7)1 (3)20 (108)11 
Underlying underwriting gain (loss)$89 $56 $28 $32 $4 $8 $(13)$22 $205 $21 
P&C OTHER OPERATIONS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income (loss)$(156)$10 $11 $8 $(154)$9 $9 $6 $(127)$(130)
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(19)(18)(19)(18)(18)(18)(17)(16)(74)(69)
Net realized losses1 — 3 — 1 2 1 3 4 7 
Other expense— 4 — — — — — — 4 — 
Income tax expense (benefit)(40)1 3 1 (42)2 3 1 (35)(36)
Underwriting loss(214)(3)(2)(9)(213)(5)(4)(6)(228)(228)
Prior accident year development212 — — 7 217 2 2 3 219 224 
Underlying underwriting gain (loss)$(2)$(3)$(2)$(2)$4 $(3)$(2)$(3)$(9)$(4)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable 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.

38
Underlying loss and loss adjustment expense ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth below.
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Loss and loss adjustment expense ratio61.9 64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.0 64.8 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(4.3)(4.8)(4.2)(2.7)(4.5)(3.7)(5.1)(5.3)(4.0)(4.7)
Underlying loss and loss adjustment expense ratio57.6 59.6 59.1 59.6 60.0 60.4 60.8 59.5 59.0 60.2 
COMMERCIAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Loss and loss adjustment expense ratio56.3 61.0 58.4 58.3 54.2 58.9 59.7 60.7 58.5 58.3 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(0.2)(3.7)(2.4)(1.8)1.9 (2.3)(3.0)(4.2)(2.0)(1.8)
Underlying loss and loss adjustment expense ratio56.0 57.3 56.1 56.6 56.1 56.6 56.8 56.5 56.5 56.5 
PERSONAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Loss and loss adjustment expense ratio59.3 76.8 81.0 76.3 76.6 83.7 89.2 79.6 73.1 82.2 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development4.4 (8.8)(10.7)(5.5)(1.7)(8.9)(13.2)(9.1)(5.1)(8.2)
Underlying loss and loss adjustment expense ratio63.7 68.0 70.3 70.7 74.9 74.7 76.1 70.5 68.1 74.1 

39

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 ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income margin7.1 %8.8 %9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %7.9 %7.7 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax0.8 %(0.1 %)0.4 %(0.1 %)(0.1 %)1.5 %0.8 %(0.3 %)0.4 %0.4 %
Integration and other non-recurring M&A costs, before tax— %— %— %— %0.1 %0.1 %— %0.1 %— %0.1 %
Income tax expense (benefit)(0.1 %)— %(0.1 %)— %(0.1 %)(0.3 %)(0.2 %)0.1 %(0.1 %)(0.1 %)
Core earnings margin7.8 %8.7 %10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.2 %8.1 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Return on Assets ("ROA") 13.8 15.7 13.1 13.7 15.1 12.7 14.1 12.9 14.1 13.7 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax0.8 (2.1)(0.9)(1.5)(2.6)1.3 (0.3)(1.6)(0.8)(0.8)
Effect of income tax expense (benefit)(0.3)— 0.6 0.3 — — — 0.3 — 0.1 
Return on Assets ("ROA"), core earnings 14.3 13.6 12.8 12.5 12.5 14.0 13.8 11.6 13.3 13.0 


40

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 ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total net investment income$714 $659 $602 $593 $653 $597 $540 $515 $2,568 $2,305 
Adjustment for income from limited partnerships and other alternative investments(79)(37)(16)(16)(82)(72)(32)(26)(148)(212)
Net investment income excluding limited partnerships and other alternative investments$635 $622 $586 $577 $571 $525 $508 $489 $2,420 $2,093 
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total net investment income$562 $518 $471 $459 $505 $460 $415 $392 $2,010 $1,772 
Adjustment for income from limited partnerships and other alternative investments(65)(31)(16)(15)(71)(60)(26)(21)(127)(178)
Net investment income excluding limited partnerships and other alternative investments$497 $487 $455 $444 $434 $400 $389 $371 $1,883 $1,594 
GROUP BENEFITS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total net investment income$130 $119 $112 $114 $125 $121 $113 $110 $475 $469 
Adjustment for income from limited partnerships and other alternative investments(14)(6)— (1)(11)(12)(6)(5)(21)(34)
Net investment income excluding limited partnerships and other alternative investments$116 $113 $112 $113 $114 $109 $107 $105 $454 $435 

41

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 ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Annualized investment yield4.7 %4.4 %4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.3 %4.1 %
Adjustment for income from limited partnerships and other alternative investments(0.1 %)0.1 %0.3 %0.2 %(0.2 %)(0.1 %)0.1 %0.1 %0.1 %(0.1 %)
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.5 %4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.4 %4.0 %
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Annualized investment yield4.8 %4.5 %4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.4 %4.1 %
Adjustment for income from limited partnerships and other alternative investments(0.2 %)0.1 %0.2 %0.2 %(0.3 %)(0.3 %)0.1 %0.1 %0.1 %(0.1 %)
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.6 %4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.5 %4.0 %
GROUP BENEFITS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Annualized investment yield4.5 %4.1 %3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %4.1 %4.0 %
Adjustment for income from limited partnerships and other alternative investments(0.1 %)0.2 %0.4 %0.3 %— %— %0.1 %0.1 %0.2 %— %
Annualized investment yield excluding limited partnerships and other alternative investments4.4 %4.3 %4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.3 %4.0 %

42
v3.24.4
Cover Document and Entity information
Jan. 30, 2025
Document Type 8-K
Document Period End Date Jan. 30, 2025
Entity Registrant Name THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-13958
Entity Tax Identification Number 13-3317783
Entity Address, Address Line One One Hartford Plaza
Entity Address, City or Town Hartford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06155
City Area Code 860
Local Phone Number 547-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000874766
Common Stock, par value $0.01 per share  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol HIG
Security Exchange Name NYSE
6.10% Notes due October 1, 2041  
Title of 12(b) Security 6.10% Senior Notes due October 1, 2041
Trading Symbol HIG 41
Security Exchange Name NYSE
Depositary Shares, Each Representing a 1/1,00th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share  
Title of 12(b) Security Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Trading Symbol HIG PR G
Security Exchange Name NYSE
v3.24.4
Reserve for Unpaid Losses and Loss Adjustment Expenses
 3 Months Ended
Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure
Property and Casualty Reserves
(Dollar amounts in millions and before tax)

Unfavorable (Favorable) Prior Accident Year DevelopmentFor the three months ended December 31, 2024
Workers’ compensation$(70)
Workers’ compensation discount accretion10 
General liability130 
Marine— 
Package business— 
Commercial property— 
Professional liability(20)
Bond(34)
Assumed reinsurance— 
Automobile liability - Commercial Lines21 
Automobile liability - Personal Lines(17)
Homeowners(13)
Net asbestos and environmental ("A&E") reserves141 
Catastrophes(49)
Uncollectible reinsurance(19)
Other reserve re-estimates, net 17 
Prior accident year development, including full benefit for the adverse development cover ("ADC") cession
97 
Change in deferred gain on retroactive reinsurance included in other liabilities [1]4 
Total prior accident year development$101 
[1] Change in deferred gain on retroactive reinsurance for the three months ended December 31, 2024, included a benefit for amortization of the Navigators ADC deferred gain of $58. The change in deferred gain for the three months ended December 31, 2024, also included $62 of adverse development on A&E reserves in excess of ceded premium paid.
Workers’ compensation reserves were decreased primarily for accident years 2020 and prior, driven by lower than anticipated claim severity.
General liability reserves were increased in the 2015 to 2018 accident years primarily in response to higher than expected construction defects claims activity in those years. In addition, the incurred but not reported reserves for more recent accident years were increased as management has observed an increase in severity on reported claims above expectations and anticipates a higher claim severity trend on unreported claims.
Professional liability reserves decreased due to favorable development on directors and officers claims driven by the 2020 to 2022 accident years combined with favorable errors and omissions experience in the 2018 accident year, partially offset by deterioration in older accident years.
Bond reserves decreased due to favorable development on commercial and contract surety and fidelity bonds, driven primarily by accident years 2019 and prior.
Automobile liability reserves – Commercial Lines increased primarily due to adverse loss development within accident years 2022 and 2023, driven by higher severity than estimated.
Automobile liability reserves – Personal Lines were decreased primarily in response to better than anticipated accident years 2021 and 2022 claim severity for bodily injury liability claims.
Homeowners reserves were decreased primarily due to favorable severity impacting accident years 2022 and 2023.
Asbestos and environmental reserves were reviewed in fourth quarter 2024 resulting in a $203 increase in reserves before ADC reinsurance, including $167 for asbestos and $36 for environmental. The Company ceded to the A&E ADC $62, which is accounted for as a deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid and up to the cumulative limit of the A&E ADC of $1.5 billion, resulting in adverse development of $141 net of the ADC reinsurance.
Catastrophe reserves were decreased primarily within Commercial Lines driven by a reduction in reserves in accident years 2020 to 2022 related to favorable emergence related to various hail events, as well as favorable
development in both Commercial Lines and Personal Lines in accident year 2022 related to Hurricane Ian.
Uncollectible Reinsurance was decreased related to the reduction in a previously established reserve for an A&E reinsurer that entered into liquidation proceedings.
Other reserve re-estimates, net were increased primarily due to an increase in unallocated loss and loss adjustment expense ("ULAE") reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves, partially offset by a decrease in reserves due to lower severity than expected on Personal Lines automobile physical damage for accident year 2023.
v3.24.4
Reserve for Unpaid Losses and Loss Adjustment Expenses (Tables)
 3 Months Ended
Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]
Unfavorable (Favorable) Prior Accident Year DevelopmentFor the three months ended December 31, 2024
Workers’ compensation$(70)
Workers’ compensation discount accretion10 
General liability130 
Marine— 
Package business— 
Commercial property— 
Professional liability(20)
Bond(34)
Assumed reinsurance— 
Automobile liability - Commercial Lines21 
Automobile liability - Personal Lines(17)
Homeowners(13)
Net asbestos and environmental ("A&E") reserves141 
Catastrophes(49)
Uncollectible reinsurance(19)
Other reserve re-estimates, net 17 
Prior accident year development, including full benefit for the adverse development cover ("ADC") cession
97 
Change in deferred gain on retroactive reinsurance included in other liabilities [1]4 
Total prior accident year development$101 
[1] Change in deferred gain on retroactive reinsurance for the three months ended December 31, 2024, included a benefit for amortization of the Navigators ADC deferred gain of $58. The change in deferred gain for the three months ended December 31, 2024, also included $62 of adverse development on A&E reserves in excess of ceded premium paid.
v3.24.4
Reserve for Unpaid Losses and Loss Adjustment Expenses (Details)
$ in Millions
 3 Months Ended
Dec. 31, 2024
USD ($)
Asbestos and Environmental  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Increase (Decrease) in Deferred Revenue $ 62
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease) 203
Asbestos and Environmental | Maximum | Reinsurance Contract [Axis]: Asbestos and Environmental  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Reinsurance, Excess Retention, Amount Reinsured, Per Policy 1,500
Navigator's ADC  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Increase (Decrease) in Deferred Revenue 58
Asbestos Issue  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 167
Environmental Issue  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 36
Property, Liability and Casualty Insurance Product Line  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 101
Supplemental Information for Property Casualty Insurance Underwriters Prior Year Claims and Claims Adjustment Expense, net of retroactive reinsurance benefit 97
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Increase (Decrease) in Deferred Revenue 4
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Catastrophe  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense (49)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Asbestos and Environmental  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 141
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Change in Workers Compensation Discount Including Accretion  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 10
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | General Liability  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 130
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Marine  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 0
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Package Business  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 0
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Property Insurance | P&C Commercial Lines  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 0
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Property Insurance | P&C Personal Lines  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense (13)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Professional Liability Insurance  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense (20)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Surety Product Line  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense (34)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Assumed Reinsurance  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 0
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Automobiles | P&C Commercial Lines  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 21
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Automobiles | P&C Personal Lines  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense (17)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Uncollectible Reinsurance  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense (19)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Insurance, Other  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense 17
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Workers' Compensation  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Prior Year Claims and Claims Adjustment Expense $ (70)
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