EX-99.2 3 ex992ifs9302024.htm EX-99.2 Document


投資者財務補充資料
2024年9月30日
thehartfordlogoa.jpg

這些基本報表和展示中使用的衡量標準，若不是基於廣泛接受的會計原則（「非GAAP」），則在本文件中首次出現時會用星號（*）標示。這些衡量標準在非GAAP和其他部分中有定義，並會與本文件中最直接可比的廣泛接受的會計原則（「GAAP」）的衡量標準進行調和。 討論非GAAP和其他財務衡量標準一節 並將這些衡量標準與本文中最直接可比的廣泛接受的會計原則（「GAAP」）衡量標準進行調和。


哈特福德金融服務集團股份有限公司。
截至2024年10月23日
地址：
One Hartford Plaza  A.m. 最佳  標準普爾公司  穆迪
Connecticut哈特福德市06155保險財務實力評級：      
哈特福德火災保險公司  A+  A+  A1
哈特福德人壽及意外保險公司  A+  A+  A1
導航者保險公司A+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
其他評級:      
聯繫人：優先債務  a-BBB +Baa1
蘇珊·斯皮瓦克·伯恩施坦次優先抵押債券bbbBBb-Baa2
高級副總裁優先股bbbBBb-Baa3
投資者關係
電話 (860) 547-6233- 哈特福德金融集團有限公司的高級債務、次級次順位債券和優先股在 A.m. Best、標準普爾和穆迪看法為積極。
轉移代理
股東通函應郵寄至：過夜通函應郵寄至：
ComputershareComputershare
郵箱505000位於南四街462號，1600套房。
肯塔基州路易斯維爾，郵遞區號40233肯塔基州路易斯維爾，郵遞區號40202
    
哈特福德金融集團的普通股和優先股分別在紐約證券交易所以“HIG”和"HIG PR G"符號進行交易。此報告僅供參考，應與哈特福德金融集團向美國證券交易委員會提交的文件一同閱讀，包括但不限於最新的10-K表格年度報告和10-Q表格季度報告。


哈特福德金融服務集團，INC。
投資者財務補充資料
目 錄


哈特福德金融服務集團股份有限公司。
綜合財務結果
截至六月三十日，2024年為止六個月九個月結束時
2024年9月30日2024年6月30日2024年3月31日2023年12月31日2023年9月30日2023年6月30日2023年3月31日2024年9月30日2023年9月30日
重點亮點
凈利潤$767 $738 $753 $771 $651 $547 $535 $2,258 $1,733 
凈利潤可供普通股股東分配[1]$761 $733 $748 $766 $645 $542 $530 $2,242 $1,717 
核心收益*$752 $750 $709 $935 $708 $588 $536 $2,211 $1,832 
總收益$6,751 $6,486 $6,419 $6,400 $6,168 $6,049 $5,910 $19,656 $18,127 
資產總額$81,219 $79,046 $77,710 $76,780 $74,516 $73,895 $74,249 
每股及股份資料
基本每股收益
可供普通股股東使用的凈利潤$2.60 $2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $7.59 $5.55 
核心收益*$2.57 $2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $7.48 $5.92 
普通股每股稀釋盈利
可供普通股股東使用的凈利潤$2.56 $2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $7.47 $5.48 
核心收益*$2.53 $2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $7.37 $5.84 
加權平均普通股股份（基本）292.6 295.5 298.1 300.3 304.6 309.4 314.0 295.4 309.3 
員工股份酬勞的稀釋效應4.9 4.4 4.5 4.8 4.4 3.9 4.6 4.6 4.3 
加權平均普通股股份和稀釋潛在普通股股份（稀釋）297.5 299.9 302.6 305.1 309.0 313.3 318.6 300.0 313.6 
普通股份已發行290.8 294.0 296.8 298.5 302.4 307.1 311.8 
每股普通股的帳面價值$57.34 $52.20 $50.99 $50.23 $44.13 $45.00 $44.92 
每普通股對累積其他綜合收益的影響[2]6.89 10.43 10.10 9.54 13.82 11.47 10.44 
每普通股的帳面價值（不包括AOCI）*$64.23 $62.63 $61.09 $59.77 $57.95 $56.47 $55.36 
每股帳面價值$56.39 $51.43 $50.23 $49.43 $43.50 $44.43 $44.27 
每股影響AOCI公允價值6.78 10.28 9.95 9.40 13.62 11.33 10.28 
每股淨資產價值（不含AOCI）*$63.17 $61.71 $60.18 $58.83 $57.12 $55.76 $54.55 
普通股股份總數及稀釋潛在普通股股份295.7 298.4 301.3 303.3 306.8 311.0 316.4 
普通股東權益的股東回報率（"roe"）[3]
普通股東淨利潤roe（"凈利潤roe"）20.0 %19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
核心收益roe*17.4 %17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
[1]普通股股東可得的凈利潤包括優先股股息的影響。
[2]累计其他全面收益（"AOCI"）代表未实现的净税后收益（损失）的固定到期赔付的净收益（损失），现金流对冲工具的净收益（损失），外汇翻译调整，未来政策责任调整，以及养老金和其他离退休福利计划调整。
[3]有關將凈利潤roe調解成核心盈利roe的詳情，請參見附錄，起始於第頁。 33.

1
哈特福德金融服務集團股份有限公司。
綜合營運狀況表
 截至六月三十日，2024年為止六個月九個月結束
 2024年9月30日2024年6月30日2024年3月31日2023年12月31日2023年9月30日2023年6月30日2023年3月31日2024年9月30日2023年9月30日
已賺取保險費$5,734 $5,578 $5,446 $5,433 $5,310 $5,220 $5,063 $16,758 $15,593 
收費收入347 339 333 323 330 328 319 1,019 977 
淨投資收益659 602 593 653 597 540 515 1,854 1,652 
凈實現收益（損失） (13)(59)28 (27)(90)(64)(7)(44)(161)
其他收入24 26 19 18 21 25 20 69 66 
客戶總收入 6,751 6,486 6,419 6,400 6,168 6,049 5,910 19,656 18,127 
利益、損失和損失調整費用3,823 3,661 3,611 3,633 3,543 3,580 3,482 11,095 10,605 
推遲的保險政策取得成本攤銷（"DAC")585 561 545 534 517 502 491 1,691 1,510 
保險經營成本和其他費用 1,323 1,285 1,283 1,214 1,226 1,225 1,216 3,891 3,667 
利息費用49 50 50 49 50 50 50 149 150 
其他無形資產攤銷18 17 18 18 18 17 18 53 53 
重組和其他成本 [1]1 — 1 2 1 3 — 2 4 
福利、損失和費用總額5,799 5,574 5,508 5,450 5,355 5,377 5,257 16,881 15,989 
稅前收入952 912 911 950 813 672 653 2,775 2,138 
所得稅支出185 174 158 179 162 125 118 517 405 
凈利潤767 738 753 771 651 547 535 2,258 1,733 
優先股令股息 6 5 5 5 6 5 5 16 16 
可供普通股股東使用的凈利潤761 733 748 766 645 542 530 2,242 1,717 
調整以將凈利潤可供普通股東閒置的金額調和為核心收益：
凈實現虧損（收益），在核心收益之外，稅前12 58 (30)16 76 53 7 40 136 
重組及其他成本，稅前 [1]1 — 1 2 1 3 — 2 4 
整合及其他非經常性併購成本，在稅前[2]2 2 2 2 2 2 2 6 6 
退保重保精算逆延獲利變動，在稅前[3](26)(37)(24)194 — — — (87)— 
所得稅費用（利益）[4]2 (6)12 (45)(16)(12)(3)8 (31)
核心盈利$752 $750 $709 $935 $708 $588 $536 $2,211 $1,832 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.
[3]During 2024, the Company collected recoveries from National Indemnity Company ("NICO”), a subsidiary of Berkshire Hathaway Inc. related to the Navigators adverse development cover ("Navigators ADC") and as a result amortized $26, and $87 of the deferred gain within benefits, losses and loss adjustment expenses in the three and nine month periods ended September 30, 2024, respectively. As of September 30, 2024 and December 31, 2023, the deferred gain under retroactive reinsurance accounting on the Navigators ADC was $122 and $209, respectively, and is included in other liabilities on the Consolidating Balance Sheets.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OPERATING RESULTS BY SEGMENT
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net income (loss):
Commercial Lines$528 $540 $573 $687 $519 $458 $421 $1,641 $1,398 
Personal Lines31 (11)34 34 (12)(60)(1)54 (73)
Property & Casualty Other Operations ("P&C Other Operations")10 11 8 (154)9 9 6 29 24 
Property & Casualty ("P&C")569 540 615 567 516 407 426 1,724 1,349 
Group Benefits156 171 108 176 146 121 92 435 359 
Hartford Funds54 44 45 47 41 45 41 143 127 
Sub-total779 755 768 790 703 573 559 2,302 1,835 
Corporate (12)(17)(15)(19)(52)(26)(24)(44)(102)
Net income 767 738 753 771 651 547 535 2,258 1,733 
Preferred stock dividends6 5 5 5 6 5 5 16 16 
Net income available to common stockholders$761 $733 $748 $766 $645 $542 $530 $2,242 $1,717 
Core earnings (loss):
Commercial Lines$534 $551 $546 $723 $542 $493 $436 $1,631 $1,471 
Personal Lines33 (4)33 36 (8)(57)— 62 (65)
P&C Other Operations10 14 7 (1)11 10 8 31 29 
P&C577 561 586 758 545 446 444 1,724 1,435 
Group Benefits154 178 107 174 170 133 90 439 393 
Hartford Funds47 43 41 39 45 44 37 131 126 
Sub-total778 782 734 971 760 623 571 2,294 1,954 
Corporate (26)(32)(25)(36)(52)(35)(35)(83)(122)
Core earnings$752 $750 $709 $935 $708 $588 $536 $2,211 $1,832 



3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
 PROPERTY & CASUALTYGROUP BENEFITSHARTFORD
FUNDS		CORPORATE [1]CONSOLIDATED
Sept 30 2024Dec 31 2023Sept 30 2024Dec 31 2023Sept 30 2024Dec 31 2023Sept 30 2024Dec 31 2023Sept 30 2024Dec 31 2023
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$34,371 $31,408 $8,223 $8,222 $— $— $199 $188 $42,793 $39,818 
Fixed maturities, at fair value using the fair value option220 272 43 55 — — — — 263 327 
Equity securities, at fair value268 456 49 99 87 121 230 188 634 864 
Mortgage loans, net4,764 4,493 1,651 1,594 — — — — 6,415 6,087 
Limited partnerships and other alternative investments3,951 3,770 1,068 1,015 — — — — 5,019 4,785 
Other investments166 162 8 8 86 21 2 — 262 191 
Short-term investments2,225 2,127 264 382 272 243 1,203 1,098 3,964 3,850 
Total investments45,965 42,688 11,306 11,375 445 385 1,634 1,474 59,350 55,922 
Cash184 106 30 12 9 7 — 1 223 126 
Restricted cash55 52 3 11 — — — — 58 63 
Accrued investment income348 313 95 89 — 1 2 1 445 404 
Premiums receivable and agents’ balances, net5,532 4,973 619 634 — — — — 6,151 5,607 
Reinsurance recoverables, net [2]6,540 6,602 286 260 — — 226 242 7,052 7,104 
Deferred policy acquisition costs ("DAC")1,238 1,078 32 35 — — — — 1,270 1,113 
Deferred income taxes 551 681 (21)13 1 4 445 475 976 1,173 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net759 784 61 57 7 8 44 47 871 896 
Other intangible assets317 340 327 357 10 10 — — 654 707 
Other assets1,575 1,130 157 131 106 88 420 405 2,258 1,754 
Total assets$63,842 $59,525 $13,618 $13,697 $759 $684 $3,000 $2,874 $81,219 $76,780 
Unpaid losses and loss adjustment expenses$35,695 $34,044 $8,186 $8,274 $— $— $— $— $43,881 $42,318 
Reserves for future policy benefits [2]— — 304 312 — — 166 172 470 484 
Other policyholder funds and benefits payable [2]— — 397 408 — — 216 230 613 638 
Unearned premiums9,550 8,561 49 38 — — — — 9,599 8,599 
Debt— — — — — — 4,365 4,362 4,365 4,362 
Other liabilities3,026 2,754 193 220 181 150 1,883 1,928 5,283 5,052 
Total liabilities48,271 45,359 9,129 9,252 181 150 6,630 6,692 64,211 61,453 
Common stockholders' equity, excluding AOCI*16,039 15,322 4,654 4,752 578 534 (2,592)(2,766)18,679 17,842 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(468)(1,156)(165)(307)— — (1,372)(1,386)(2,005)(2,849)
Total stockholders' equity15,571 14,166 4,489 4,445 578 534 (3,630)(3,818)17,008 15,327 
Total liabilities and stockholders' equity$63,842 $59,525 $13,618 $13,697 $759 $684 $3,000 $2,874 $81,219 $76,780 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.2 billion and $1.1 billion as of September 30, 2024 and December 31, 2023, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

4
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
DEBT
Senior notes$3,866 $3,865 $3,864 $3,863 $3,862 $3,861 $3,859 
Junior subordinated debentures499 499 499 499 499 499 499 
Total debt $4,365 $4,364 $4,363 $4,362 $4,361 $4,360 $4,358 
STOCKHOLDERS’ EQUITY
Total stockholders’ equity$17,008 $15,680 $15,468 $15,327 $13,679 $14,152 $14,340 
Less: Preferred stock334 334 334 334 334 334 334 
Less: AOCI(2,005)(3,068)(2,997)(2,849)(4,178)(3,524)(3,254)
Common stockholders' equity, excluding AOCI$18,679 $18,414 $18,131 $17,842 $17,523 $17,342 $17,260 
CAPITALIZATION
Total capitalization, including AOCI, net of tax$21,373 $20,044 $19,831 $19,689 $18,040 $18,512 $18,698 
Total capitalization, excluding AOCI, net of tax*$23,378 $23,112 $22,828 $22,538 $22,218 $22,036 $21,952 
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI20.4 %21.8 %22.0 %22.2 %24.2 %23.6 %23.3 %
Total debt to capitalization, excluding AOCI*18.7 %18.9 %19.1 %19.4 %19.6 %19.8 %19.9 %
Total debt and preferred stock to capitalization, including AOCI22.0 %23.4 %23.7 %23.9 %26.0 %25.4 %25.1 %
Total debt and preferred stock to capitalization, excluding AOCI*20.1 %20.3 %20.6 %20.8 %21.1 %21.3 %21.4 %
Total rating agency adjusted debt to capitalization [1] [2]21.3 %22.7 %22.9 %23.7 %25.7 %25.0 %24.7 %
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]17.3:117.1:117.1:114.6:113.6:112.8:112.6:1
[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 September 30, 2024 and 2023.
[2]2024 results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology. 2023 results reflect 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

5
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION
SEPTEMBER 30, 2024

P&C GROUP BENEFITS
U.S. statutory net income [1][2]$1,397 $445 
U.S. statutory capital [2][3][4]$13,049 $2,633 
U.S. GAAP adjustments [2]:
DAC1,191 32 
Non-admitted deferred tax assets [5]257 158 
Deferred taxes [6](414)(345)
Goodwill109 723 
Other intangible assets21 327 
Non-admitted assets other than deferred taxes878 114 
Asset valuation and interest maintenance reserve— 285 
Benefit reserves(64)371 
Unrealized gains (losses) on investments(642)(455)
Deferred gain on retroactive reinsurance agreements [7](886)— 
Other, net966 646 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]14,465 4,489 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,106 — 
Total U.S. GAAP stockholders’ equity$15,571 $4,489 
[1]Statutory net income is for the nine months ended September 30, 2024.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and asbestos and environmental adverse development cover ("A&E ADC") agreements that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
 AS OF
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net unrealized gain (loss) on fixed maturities, AFS$(671)$(1,732)$(1,642)$(1,482)$(2,948)$(2,277)$(2,008)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(5)(7)(7)(8)(9)(10)(13)
Net gains on cash flow hedging instruments33 30 21 21 27 31 48 
Total net unrealized gain (loss)(643)(1,709)(1,628)(1,469)(2,930)(2,256)$(1,973)
Foreign currency translation adjustments41 35 36 37 35 36 33 
Liability for future policy benefits adjustments19 35 30 25 47 32 27 
Pension and other postretirement plan adjustments(1,422)(1,429)(1,435)(1,442)(1,330)(1,336)(1,341)
Total AOCI$(2,005)$(3,068)$(2,997)$(2,849)$(4,178)$(3,524)$(3,254)


7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS
THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Written premiums
$4,245 $4,453 $4,206 $3,770 $3,872 $3,979 $3,856 $12,904 $11,707 
Change in unearned premium reserve111 483 345 (72)137 333 351 939 821 
Earned premiums 4,134 3,970 3,861 3,842 3,735 3,646 3,505 11,965 10,886 
Fee income 19 19 19 18 18 17 18 57 53 
Losses and loss adjustment expenses
Current accident year before catastrophes2,464 2,347 2,300 2,306 2,255 2,216 2,085 7,111 6,556 
Current accident year catastrophes [1]247 280 161 81 184 226 185 688 595 
Prior accident year development [2](50)(115)(56)92 (43)(39)— (221)(82)
Total losses and loss adjustment expenses2,661 2,512 2,405 2,479 2,396 2,403 2,270 7,578 7,069 
Amortization of DAC577 552 536 526 509 493 482 1,665 1,484 
Underwriting expenses669 655 642 596 601 616 604 1,966 1,821 
Amortization of other intangible assets8 7 8 8 8 7 8 23 23 
Dividends to policyholders 10 9 10 8 16 7 8 29 31 
Underwriting gain*228 254 279 243 223 137 151 761 511 
Net investment income518 471 459 505 460 415 392 1,448 1,267 
Net realized gains (losses)(34)(61)13 (54)(45)(57)(23)(82)(125)
Net servicing and other income (expense)— 5 2 2 5 7 6 7 18 
Income before income taxes712 669 753 696 643 502 526 2,134 1,671 
Income tax expense143 129 138 129 127 95 100 410 322 
Net income569 540 615 567 516 407 426 1,724 1,349 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax33 62 (15)45 35 48 23 80 106 
Integration and other non-recurring M&A costs, before tax2 2 2 1 1 2 — 6 3 
Change in deferred gain on retroactive reinsurance, before tax [2](26)(37)(24)194 — — — (87)— 
Income tax expense (benefit) [3](1)(6)8 (49)(7)(11)(5)1 (23)
Core earnings$577 $561 $586 $758 $545 $446 $444 $1,724 $1,435 
ROE
Net income available to common stockholders [4] 19.9 %19.9 %18.5 %17.5 %17.6 %13.8 %12.8 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax1.1 %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 %
Change in deferred gain on retroactive reinsurance, before tax [2]1.0 %1.3 %1.6 %1.9 %2.5 %2.3 %2.2 %
Income tax benefit [3](0.4 %)(0.5 %)(0.6 %)(0.7 %)(0.8 %)(0.9 %)(1.3 %)
Impact of AOCI, excluded from core earnings ROE(2.7 %)(3.1 %)(2.6 %)(2.9 %)(4.3 %)(2.6 %)(1.6 %)
Core earnings [4]19.0 %18.9 %18.1 %17.3 %16.2 %14.5 %15.5 %
[1]The three months ended September 30, 2024 included $104 of losses, net of reinsurance, from Hurricane Helene, including $55 in Commercial Lines and $49 in Personal Lines.
[2]Prior accident year development for the three and nine months ended September 30, 2024, includes a $26 and $87 benefit, respectively, for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators ADC as the Company collected recoveries of the ceded losses from NICO during 2024. See [3] on page 2 for more information.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[4]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

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 ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Workers’ compensation$(69)$(52)$(67)$(62)$(61)$(52)$(61)$(188)$(174)
Workers' compensation discount accretion11 11 12 10 10 11 11 34 32 
General liability32 32 17 2 11 16 12 81 39 
Marine— (8)7 (1)— (2)1 (1)(1)
Package business(5)(1)— (6)(10)(3)(5)(6)(18)
Commercial property(2)(2)(3)(9)2 (5)5 (7)2 
Professional liability— (2)(5)1 — (3)— (7)(3)
Bond— (22)— (39)— 12 — (22)12 
Assumed reinsurance— 15 9 15 2 15 2 24 19 
Automobile liability - Commercial Lines16 10 — 14 — 6 — 26 6 
Automobile liability - Personal Lines— (13)— — — — — (13)— 
Homeowners(5)(10)— (7)— 2 (1)(15)1 
Net asbestos and environmental reserves — — — — — — — — — 
Catastrophes— (38)— (43)— (44)— (38)(44)
Uncollectible reinsurance— — — — 1 4 8 — 13 
Other reserve re-estimates, net [1](2)2 (2)23 2 4 28 (2)34 
Prior accident year development before change in deferred gain(24)(78)(32)(102)(43)(39)— (134)(82)
Change in deferred gain on retroactive reinsurance included in other liabilities [2](26)(37)(24)194 — — — (87)— 
Total prior accident year development$(50)$(115)$(56)$92 $(43)$(39)$— $(221)$(82)
[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves within Personal Lines of $(10) and $(24) for the three and nine months ended September 30, 2024 and $0 and $22 for the three and nine months ended September 30, 2023, respectively.
[2]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.


9
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
UNDERWRITING RATIOS
THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
UNDERWRITING GAIN$228 $254 $279 $243 $223 $137 $151 $761 $511 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 59.6 59.1 59.6 60.0 60.4 60.8 59.5 59.4 60.2 
Current accident year catastrophes6.0 7.1 4.2 2.1 4.9 6.2 5.3 5.8 5.5 
Prior accident year development [1](1.2)(2.9)(1.5)2.4 (1.2)(1.1)— (1.8)(0.8)
Total loss and loss adjustment expense ratio64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.3 64.9 
Expense ratio [2]29.9 30.1 30.2 28.9 29.5 30.1 30.7 30.1 30.1 
Policyholder dividend ratio0.2 0.2 0.3 0.2 0.4 0.2 0.2 0.2 0.3 
Combined ratio94.5 93.6 92.8 93.7 94.0 96.2 95.7 93.6 95.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(4.8)(4.2)(2.7)(4.5)(3.7)(5.1)(5.3)(4.0)(4.7)
Underlying combined ratio *89.7 89.5 90.1 89.2 90.3 91.1 90.4 89.7 90.6 
[1]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.
[2]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.



10
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS
THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Written premiums$3,275 $3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $10,177 $9,289 
Change in unearned premium reserve26 419 314 (48)52 291 343 759 686 
Earned premiums 3,249 3,121 3,048 3,038 2,951 2,886 2,766 9,418 8,603 
Fee income11 11 11 10 11 10 10 33 31 
Losses and loss adjustment expenses
Current accident year before catastrophes1,862 1,750 1,725 1,704 1,669 1,638 1,564 5,337 4,871 
Current accident year catastrophes [1]155 155 109 60 115 123 138 419 376 
Prior accident year development [2](36)(81)(56)(118)(46)(38)(23)(173)(107)
Total losses and loss adjustment expenses1,981 1,824 1,778 1,646 1,738 1,723 1,679 5,583 5,140 
Amortization of DAC512 489 476 468 451 436 424 1,477 1,311 
Underwriting expenses 497 484 487 452 460 469 456 1,468 1,385 
Amortization of other intangible assets7 7 7 8 7 7 7 21 21 
Dividends to policyholders10 9 10 8 16 7 8 29 31 
Underwriting gain253 319 301 466 290 254 202 873 746 
Net investment income442 402 391 435 395 364 338 1,235 1,097 
Net realized gains (losses)(32)(50)12 (48)(38)(51)(19)(70)(108)
Other income (expense) [3](1)(1)(2)(3)2 — — (4)2 
Income before income taxes662 670 702 850 649 567 521 2,034 1,737 
Income tax expense134 130 129 163 130 109 100 393 339 
Net income528 540 573 687 519 458 421 1,641 1,398 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax31 50 (13)41 29 43 19 68 91 
Integration and other non-recurring M&A costs, before tax [3]2 2 2 1 1 2 — 6 3 
Change in deferred gain on retroactive reinsurance, before tax [2](26)(37)(24)— — — — (87)— 
Income tax expense (benefit) [4](1)(4)8 (6)(7)(10)(4)3 (21)
Core earnings$534 $551 $546 $723 $542 $493 $436 $1,631 $1,471 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Helene.
[2]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.
[3]Includes Navigators Group integration costs.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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 ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Workers’ compensation$(69)$(52)$(67)$(62)$(61)$(52)$(61)$(188)$(174)
Workers' compensation discount accretion11 11 12 10 10 11 11 34 32 
General liability32 32 17 2 11 16 12 81 39 
Marine— (8)7 (1)— (2)1 (1)(1)
Package business(5)(1)— (6)(10)(3)(5)(6)(18)
Commercial property(2)(2)(3)(9)2 (5)5 (7)2 
Professional liability— (2)(5)1 — (3)— (7)(3)
Bond— (22)— (39)— 12 — (22)12 
Assumed reinsurance— 15 9 15 2 15 2 24 19 
Automobile liability16 10 — 14 — 6 — 26 6 
Catastrophes— (33)— (43)— (40)— (33)(40)
Uncollectible reinsurance— — (7)— (2)4 5 (7)7 
Other reserve re-estimates, net7 8 5 — 2 3 7 20 12 
Prior accident year development before change in deferred gain(10)(44)(32)(118)(46)(38)(23)(86)(107)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](26)(37)(24)— — — — (87)— 
Total prior accident year development$(36)$(81)$(56)$(118)$(46)$(38)$(23)$(173)$(107)
[1]Refer to [2] on page 8 for information about the change in deferred gain on retroactive reinsurance.


12
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
UNDERWRITING RATIOS 
THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
UNDERWRITING GAIN$253 $319 $301 $466 $290 $254 $202 $873 $746 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 57.3 56.1 56.6 56.1 56.6 56.8 56.5 56.7 56.6 
Current accident year catastrophes4.8 5.0 3.6 2.0 3.9 4.3 5.0 4.4 4.4 
Prior accident year development(1.1)(2.6)(1.8)(3.9)(1.6)(1.3)(0.8)(1.8)(1.2)
Total loss and loss adjustment expense ratio61.0 58.4 58.3 54.2 58.9 59.7 60.7 59.3 59.7 
Expense ratio [1]30.9 31.1 31.5 30.2 30.7 31.3 31.7 31.2 31.2 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.5 0.2 0.3 0.3 0.4 
Combined ratio [2]92.2 89.8 90.1 84.7 90.2 91.2 92.7 90.7 91.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(3.7)(2.4)(1.8)1.9 (2.3)(3.0)(4.2)(2.6)(3.2)
Underlying combined ratio 88.6 87.4 88.4 86.6 87.8 88.3 88.5 88.1 88.2 
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio91.6 88.7 89.0 84.0 87.7 90.8 90.8 89.8 89.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(6.4)(6.1)(3.8)(3.4)(3.2)(5.7)(6.2)(5.4)(5.0)
Prior accident year development4.1 4.2 4.3 5.2 5.2 4.5 4.9 4.2 4.9 
Underlying combined ratio 89.3 86.8 89.6 85.8 89.7 89.7 89.5 88.5 89.6 
MIDDLE & LARGE COMMERCIAL
Combined ratio97.0 95.9 94.0 89.3 94.5 93.6 97.6 95.6 95.2 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.5)(4.8)(3.6)(0.1)(4.5)(3.8)(5.0)(4.0)(4.4)
Prior accident year development(3.3)(1.4)(1.2)1.2 (1.8)(1.1)(2.7)(2.0)(1.9)
Underlying combined ratio90.2 89.6 89.2 90.3 88.1 88.7 89.9 89.7 88.9 
GLOBAL SPECIALTY
Combined ratio [2]87.4 83.4 87.8 79.6 88.9 87.3 88.7 86.2 88.3 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.8)(3.5)(3.3)(2.0)(4.3)(2.6)(3.1)(3.5)(3.3)
Prior accident year development1.7 5.3 0.7 5.3 (0.3)0.3 (0.4)2.6 (0.1)
Underlying combined ratio85.3 85.2 85.3 82.9 84.3 85.0 85.2 85.3 84.8 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]The three and nine months ended September 30, 2024 included a change in deferred gain on retroactive reinsurance related to the Navigators ADC of $26 and $87 representing a benefit of 0.8 and 0.9 points for the Commercial Lines combined ratio and 2.9 and 3.4 points for the global specialty combined ratio for the three and nine month periods, respectively.

13
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
SUPPLEMENTAL DATA
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
WRITTEN PREMIUMS
Small Commercial$1,347 $1,373 $1,425 $1,220 $1,228 $1,266 $1,319 $4,145 $3,813 
Middle & Large Commercial1,117 1,140 1,016 1,010 1,031 1,013 935 3,273 2,979 
Middle Market962 993 872 860 900 881 796 2,827 2,577 
National Accounts and Other155 147 144 150 131 132 139 446 402 
Global Specialty [1]797 1,013 907 748 730 885 842 2,717 2,457 
U.S.544 595 505 495 500 551 468 1,644 1,519 
International102 125 106 122 96 121 99 333 316 
Global Re151 293 296 131 134 213 275 740 622 
Other14 14 14 12 14 13 13 42 40 
Total$3,275 $3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $10,177 $9,289 
EARNED PREMIUMS
Small Commercial$1,323 $1,284 $1,248 $1,251 $1,221 $1,190 $1,139 $3,855 $3,550 
Middle & Large Commercial1,065 1,021 996 989 955 948 914 3,082 2,817 
Middle Market921 879 864 851 829 806 785 2,664 2,420 
National Accounts and Other144 142 132 138 126 142 129 418 397 
Global Specialty [1]847 802 789 786 761 735 700 2,438 2,196 
U.S.540 514 503 500 501 484 463 1,557 1,448 
International113 108 105 108 104 108 99 326 311 
Global Re194 180 181 178 156 143 138 555 437 
Other14 14 15 12 14 13 13 43 40 
Total$3,249 $3,121 $3,048 $3,038 $2,951 $2,886 $2,766 $9,418 $8,603 
COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium$278 $291 $268 $216 $220 $237 $242 $837 $699 
Renewal Written Price Increases6.4 %6.5 %5.8 %5.8 %4.8 %4.3 %3.8 %6.2 %4.3 %
Policy Count Retention84 %84 %85 %85 %85 %85 %86 %84 %85 %
Policies in Force (in thousands)1,558 1,537 1,512 1,492 1,479 1,461 1,439 
Middle Market [2]
Net New Business Premium$176 $187 $174 $168 $137 $164 $148 $537 $449 
Renewal Written Price Increases6.9 %7.0 %7.2 %7.4 %7.8 %7.1 %6.5 %7.0 %7.1 %
Premium Retention83 %85 %83 %84 %82 %83 %82 %84 %83 %
Global Specialty
Gross New Business Premium [3]
$233 $264 $223 $230 $216 $246 $191 $720 $653 
Renewal Written Price Increases [4]5.8 %6.2 %5.8 %4.7 %3.8 %5.0 %3.7 %5.9 %4.2 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

14
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS
 THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Written premiums$970 $913 $844 $780 $869 $802 $747 $2,727 $2,418 
Change in unearned premium reserve85 64 31 (24)85 42 8 180 135 
Earned premiums885 849 813 804 784 760 739 2,547 2,283 
Fee income 8 8 8 8 7 7 8 24 22 
Losses and loss adjustment expenses
Current accident year before catastrophes602 597 575 602 586 578 521 1,774 1,685 
Current accident year catastrophes [1]92 125 52 21 69 103 47 269 219 
Prior accident year development (14)(34)(7)(7)1 (3)20 (55)18 
Total losses and loss adjustment expenses680 688 620 616 656 678 588 1,988 1,922 
Amortization of DAC65 63 60 58 58 57 58 188 173 
Underwriting expenses169 169 153 148 138 145 145 491 428 
Amortization of other intangible assets1 — 1 — 1 — 1 2 2 
Underwriting loss(22)(63)(13)(10)(62)(113)(45)(98)(220)
Net investment income58 50 50 52 47 34 38 158 119 
Net realized gains (losses)(2)(8)1 (5)(5)(5)(1)(9)(11)
Net servicing and other income (expense)5 6 4 5 3 7 6 15 16 
Income (loss) before income taxes39 (15)42 42 (17)(77)(2)66 (96)
Income tax expense (benefit)8 (4)8 8 (5)(17)(1)12 (23)
Net income (loss)31 (11)34 34 (12)(60)(1)54 (73)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax2 9 (2)3 5 4 1 9 10 
Income tax expense (benefit) [2]— (2)1 (1)(1)(1)— (1)(2)
Core earnings (loss)$33 $(4)$33 $36 $(8)$(57)$— $62 $(65)
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Helene.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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 ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Automobile liability$— $(13)$— $— $— $— $— $(13)$— 
Homeowners(5)(10)— (7)— 2 (1)(15)1 
Catastrophes— (5)— — — (4)— (5)(4)
Uncollectible reinsurance— — — — 1 — — — 1 
Other reserve re-estimates, net [1](9)(6)(7)— — (1)21 (22)20 
Total prior accident year development$(14)$(34)$(7)$(7)$1 $(3)$20 $(55)$18 
[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves of $(10) and $(24) for the three and nine months ended September 30, 2024 and $0 and $22 for the three and nine months ended September 30, 2023, respectively.

16
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
UNDERWRITING RATIOS
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
UNDERWRITING LOSS$(22)$(63)$(13)$(10)$(62)$(113)$(45)$(98)$(220)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes68.0 70.3 70.7 74.9 74.7 76.1 70.5 69.7 73.8 
Current accident year catastrophes10.4 14.7 6.4 2.6 8.8 13.6 6.4 10.6 9.6 
Prior accident year development(1.6)(4.0)(0.9)(0.9)0.1 (0.4)2.7 (2.2)0.8 
Total loss and loss adjustment expense ratio76.8 81.0 76.3 76.6 83.7 89.2 79.6 78.1 84.2 
Expense ratio25.6 26.4 25.3 24.6 24.2 25.7 26.5 25.8 25.4 
Combined ratio102.5 107.4 101.6 101.2 107.9 114.9 106.1 103.8 109.6 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development
(8.8)(10.7)(5.5)(1.7)(8.9)(13.2)(9.1)(8.4)(10.4)
Underlying combined ratio93.7 96.7 96.1 99.5 99.0 101.7 97.0 95.4 99.3 
PRODUCT
Automobile
Combined ratio105.7 105.4 103.9 113.7 110.8 116.4 110.2 105.0 112.5 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(5.8)(3.6)(1.0)(0.2)(2.3)(3.8)(1.1)(3.5)(2.4)
Prior accident year development1.6 3.1 1.6 0.1 — (0.8)(4.0)2.1 (1.5)
Underlying combined ratio101.5 104.9 104.4 113.5 108.5 111.8 105.1 103.6 108.5 
Homeowners
Combined ratio94.7 114.5 96.2 72.7 101.4 115.1 96.8 101.8 104.5 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(21.0)(40.4)(18.7)(8.0)(23.1)(35.5)(17.8)(26.7)(25.5)
Prior accident year development1.7 3.7 (0.5)2.7 (0.3)(0.1)(0.1)1.7 (0.1)
Underlying combined ratio75.4 77.8 77.0 67.3 78.1 79.6 78.9 76.7 78.8 


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

 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct$811 $776 $724 $663 $754 $698 $648 $2,311 $2,100 
AARP Agency73 63 61 60 57 52 50 197 159 
Other Agency82 70 55 52 53 48 44 207 145 
Other4 4 4 5 5 4 5 12 14 
Total$970 $913 $844 $780 $869 $802 $747 $2,727 $2,418 
EARNED PREMIUMS
AARP Direct$755 $730 $702 $697 $681 $659 $640 $2,187 $1,980 
AARP Agency62 58 56 55 50 51 49 176 150 
Other Agency62 56 51 47 47 45 45 169 137 
Other6 5 4 5 6 5 5 15 16 
Total$885 $849 $813 $804 $784 $760 $739 $2,547 $2,283 
PRODUCT LINE
WRITTEN PREMIUMS
Automobile$649 $617 $600 $545 $596 $543 $529 $1,866 $1,668 
Homeowners321 296 244 235 273 259 218 861 750 
Total$970 $913 $844 $780 $869 $802 $747 $2,727 $2,418 
EARNED PREMIUMS
Automobile$616 $592 $566 $561 $541 $523 $509 $1,774 $1,573 
Homeowners269 257 247 243 243 237 230 773 710 
Total$885 $849 $813 $804 $784 $760 $739 $2,547 $2,283 


18
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA (CONTINUED)
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile$83 $82 $72 $65 $61 $52 $46 $237 $159 
Homeowners$60 $47 $34 $25 $25 $22 $21 $141 $68 
Renewal Written Price Increases
Automobile20.8 %23.4 %25.5 %21.8 %19.6 %13.7 %9.9 %23.1 %14.6 %
Homeowners15.2 %14.9 %15.2 %14.6 %14.0 %14.4 %13.9 %15.1 %14.1 %
Policy Count Retention
Automobile81 %83 %84 %85 %85 %86 %85 %83 %85 %
Homeowners83 %84 %84 %85 %84 %84 %84 %84 %84 %
Effective Policy Count Retention
Automobile80 %79 %79 %81 %82 %83 %84 %80 %83 %
Homeowners83 %83 %83 %84 %83 %84 %84 %83 %84 %
Policies in Force (in thousands)
Automobile1,193 1,214 1,233 1,257 1,270 1,287 1,305 
Homeowners707 702 701 704 712 723 731 



19
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
P&C OTHER OPERATIONS
INCOME STATEMENTS
 
THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Losses and loss adjustment expenses
Prior accident year development$— $— $7 $217 $2 $2 $3 $7 $7 
Total losses and loss adjustment expenses— — 7 217 2 2 3 7 7 
Underwriting expenses3 2 2 (4)3 2 3 7 8 
Underwriting loss(3)(2)(9)(213)(5)(4)(6)(14)(15)
Net investment income18 19 18 18 18 17 16 55 51 
Net realized losses— (3)— (1)(2)(1)(3)(3)(6)
Other expense(4)— — — — — — (4)— 
Income (loss) before income taxes11 14 9 (196)11 12 7 34 30 
Income tax expense (benefit)1 3 1 (42)2 3 1 5 6 
Net income (loss)10 11 8 (154)9 9 6 29 24 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax— 3 — 1 1 1 3 3 5 
Change in deferred gain on retroactive reinsurance, before tax— — — 194 — — — — — 
Income tax expense (benefit) [1]— — (1)(42)1 — (1)(1)— 
Core earnings (loss)$10 $14 $7 $(1)$11 $10 $8 $31 $29 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
INCOME STATEMENTS
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Earned premiums$1,600 $1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $4,793 $4,707 
Fee income55 57 54 56 54 56 51 166 161 
Net investment income119 112 114 125 121 113 110 345 344 
Net realized gains (losses)— (9)1 — (31)(19)5 (8)(45)
Total revenues1,774 1,768 1,754 1,772 1,719 1,724 1,724 5,296 5,167 
Benefits, losses and loss adjustment expenses1,161 1,147 1,204 1,152 1,146 1,175 1,210 3,512 3,531 
Amortization of DAC8 9 9 8 8 9 9 26 26 
Insurance operating costs and other expenses401 387 397 381 372 381 380 1,185 1,133 
Amortization of other intangible assets10 10 10 10 10 10 10 30 30 
Total benefits, losses and expenses1,580 1,553 1,620 1,551 1,536 1,575 1,609 4,753 4,720 
Income before income taxes194 215 134 221 183 149 115 543 447 
Income tax expense38 44 26 45 37 28 23 108 88 
Net income156 171 108 176 146 121 92 435 359 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(1)9 (1)(2)28 16 (5)7 39 
Integration and other non-recurring M&A costs, before tax— — — 1 1 — 2 — 3 
Income tax expense (benefit) [1](1)(2)— (1)(5)(4)1 (3)(8)
Core earnings$154 $178 $107 $174 $170 $133 $90 $439 $393 
Margin
Net income margin8.8 %9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %8.2 %6.9 %
Core earnings margin*8.7 %10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.3 %7.6 %
ROE
Net income available to common stockholders [2]17.7 %18.0 %16.1 %15.4 %15.9 %13.0 %11.9 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax0.2 %1.1 %1.3 %1.2 %1.3 %1.5 %3.1 %
Integration and other non-recurring M&A costs, before tax— %0.1 %0.1 %0.1 %0.2 %0.2 %0.2 %
Income tax expense (benefit) [1](0.1 %)(0.3 %)(0.3 %)(0.3 %)(0.2 %)(0.4 %)(0.7 %)
Impact of AOCI, excluded from core earnings ROE(2.2 %)(2.5 %)(2.1 %)(2.1 %)(3.4 %)(1.8 %)(0.9 %)
Core earnings [2]15.6 %16.4 %15.1 %14.3 %13.8 %12.5 %13.6 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Group Benefits.

21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
SUPPLEMENTAL DATA
 
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
PREMIUMS
Fully insured ongoing premiums
Group disability$835 $837 $836 $845 $827 $822 $814 $2,508 $2,463 
Group life 658 663 645 647 640 650 643 1,966 1,933 
Other [1]107 107 104 98 102 102 100 318 304 
Total fully insured ongoing premiums1,600 1,607 1,585 1,590 1,569 1,574 1,557 4,792 4,700 
Total buyouts [2]— 1 — 1 6 — 1 1 7 
Total premiums$1,600 $1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $4,793 $4,707 
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability$53 $37 $247 $43 $83 $77 $209 $337 $369 
Group life32 51 154 21 45 60 227 237 332 
Other [1]20 13 43 7 15 14 38 76 67 
Total fully insured ongoing sales105 101 444 71 143 151 474 650 768 
Total buyouts [2]— 1 — 1 6 — 1 1 7 
Total sales$105 $102 $444 $72 $149 $151 $475 $651 $775 
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio67.9 %67.1 %70.1 %63.6 %67.3 %67.0 %70.4 %68.4 %68.2 %
Group life loss ratio77.5 %74.9 %82.6 %83.0 %80.2 %84.1 %86.7 %78.3 %83.7 %
Total loss ratio70.2 %68.9 %73.5 %69.9 %70.2 %72.1 %75.2 %70.8 %72.5 %
Expense ratio [3]25.3 %24.4 %25.4 %24.2 %24.0 %24.5 %24.7 %25.0 %24.4 %
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.
[3]Integration and transaction costs related to the acquisition of Aetna's U.S. group life and disability business are not included in the expense ratio.

22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
INCOME STATEMENTS
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Investment management fees $202 $195 $191 $183 $189 $186 $182 $588 $557 
Shareowner servicing fees 23 21 21 21 21 21 21 65 63 
Other revenue43 42 42 42 42 41 41 127 124 
Net realized gains (losses)7 3 5 8 (4)1 5 15 2 
Total revenues 275 261 259 254 248 249 249 795 746 
Sub-advisory expense73 71 69 67 67 66 65 213 198 
Employee compensation and benefits31 32 35 30 28 29 34 98 91 
Distribution and service75 74 73 70 73 73 73 222 219 
General, administrative and other29 26 26 29 27 24 26 81 77 
Total expenses 208 203 203 196 195 192 198 614 585 
Income before income taxes67 58 56 58 53 57 51 181 161 
Income tax expense13 14 11 11 12 12 10 38 34 
Net income54 44 45 47 41 45 41 143 127 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(7)(3)(5)(8)4 (1)(5)(15)(2)
Income tax expense [1]— 2 1 — — — 1 3 1 
Core earnings$47 $43 $41 $39 $45 $44 $37 $131 $126 
Daily average Hartford Funds AUM$137,888 $134,064 $131,648 $124,676 $128,786 $127,540 $127,084 $134,546 $127,810 
Return on assets (bps, net of tax) [2]
Net income15.7 13.1 13.7 15.1 12.7 14.1 12.9 14.2 13.2 
Core earnings*13.6 12.8 12.5 12.5 14.0 13.8 11.6 13.0 13.1 
ROE
Net income available to common stockholders [3]44.1 %42.2 %43.6 %43.9 %44.9 %44.9 %42.7 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(5.5 %)(2.9 %)(2.5 %)(2.6 %)(2.4 %)(1.1 %)2.7 %
Income tax expense [1]0.7 %0.7 %0.3 %0.3 %0.5 %(0.3 %)(1.1 %)
Impact of AOCI, excluded from core earnings ROE(1.5 %)(1.6 %)(1.7 %)(1.8 %)(2.5 %)(1.9 %)(1.5 %)
Core earnings [3]37.8 %38.4 %39.7 %39.8 %40.5 %41.6 %42.8 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
ASSET VALUE ROLLFORWARD
ASSETS UNDER MANAGEMENT BY ASSET CLASS
THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Equity Funds
Beginning balance $83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $73,782 $79,352 $73,782 
Sales3,364 3,612 3,428 3,077 3,096 3,447 4,202 10,404 10,745 
Redemptions(4,298)(4,831)(5,488)(5,303)(4,366)(4,145)(5,221)(14,617)(13,732)
Net flows(934)(1,219)(2,060)(2,226)(1,270)(698)(1,019)(4,213)(2,987)
Change in market value and other 4,993 1,094 6,045 7,272 (3,375)3,517 3,369 12,132 3,511 
Ending balance$87,271 $83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $87,271 $74,306 
Fixed Income Funds
Beginning balance $17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $15,861 $16,773 $15,861 
Sales1,905 1,569 1,822 1,553 1,160 1,216 1,521 5,296 3,897 
Redemptions(1,150)(1,080)(1,497)(1,692)(1,127)(1,468)(1,372)(3,727)(3,967)
Net flows755 489 325 (139)33 (252)149 1,569 (70)
Change in market value and other 767 135 103 971 (241)2 389 1,005 150 
Ending balance$19,347 $17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $19,347 $15,941 
Multi-Strategy Investments Funds [1]
Beginning balance$18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $19,975 $19,292 $19,975 
Sales400 472 387 416 354 402 516 1,259 1,272 
Redemptions(902)(930)(954)(1,134)(968)(918)(892)(2,786)(2,778)
Net flows(502)(458)(567)(718)(614)(516)(376)(1,527)(1,506)
Change in market value and other 1,120 (3)543 1,437 (577)339 342 1,660 104 
Ending balance$19,425 $18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $19,425 $18,573 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $2,854 $3,899 $2,854 
Net flows256 103 (209)120 222 210 67 150 499 
Change in market value and other225 (14)63 417 (103)(3)115 274 9 
Ending balance$4,323 $3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $4,323 $3,362 
Mutual Fund and ETF AUM
Beginning balance$123,686 $123,559 $119,316 $112,182 $118,107 $115,508 $112,472 $119,316 $112,472 
Sales - mutual fund5,669 5,653 5,637 5,046 4,610 5,065 6,239 16,959 15,914 
Redemptions - mutual fund(6,350)(6,841)(7,939)(8,129)(6,461)(6,531)(7,485)(21,130)(20,477)
Net flows - ETF256 103 (209)120 222 210 67 150 499 
Net flows - mutual fund and ETF(425)(1,085)(2,511)(2,963)(1,629)(1,256)(1,179)(4,021)(4,064)
Change in market value and other 7,105 1,212 6,754 10,097 (4,296)3,855 4,215 15,071 3,774 
Ending balance130,366 123,686 123,559 119,316 112,182 118,107 115,508 130,366 112,182 
Third-party life and annuity separate account AUM12,073 11,832 12,083 11,709 11,011 11,799 11,672 12,073 11,011 
Hartford Funds AUM$142,439 $135,518 $135,642 $131,025 $123,193 $129,906 $127,180 $142,439 $123,193 
[1]Includes balanced, allocation, and alternative investment products.

24

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CORPORATE
INCOME STATEMENTS 
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Fee income [1]$10 $10 $10 $9 $10 $11 $9 $30 $30 
Other revenue1 1 — — 1 — 1 2 2 
Net investment income17 14 16 17 12 8 10 47 30 
Net realized gains (losses)14 8 9 19 (10)11 6 31 7 
Total revenues42 33 35 45 13 30 26 110 69 
Benefits, losses and loss adjustment expenses [2]1 2 2 2 1 2 2 5 5 
Insurance operating costs and other expenses [1] [3]12 11 14 17 27 11 13 37 51 
Interest expense49 50 50 49 50 50 50 149 150 
Restructuring and other costs1 — 1 2 1 3 — 2 4 
Total expenses63 63 67 70 79 66 65 193 210 
Loss before income taxes(21)(30)(32)(25)(66)(36)(39)(83)(141)
Income tax benefit(9)(13)(17)(6)(14)(10)(15)(39)(39)
Net loss(12)(17)(15)(19)(52)(26)(24)(44)(102)
Preferred stock dividends6 5 5 5 6 5 5 16 16 
Net loss available to common stockholders(18)(22)(20)(24)(58)(31)(29)(60)(118)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(13)(10)(9)(19)9 (10)(6)(32)(7)
Restructuring and other costs, before tax1 — 1 2 1 3 — 2 4 
Income tax expense (benefit) [4]4 — 3 5 (4)3 — 7 (1)
Core loss$(26)$(32)$(25)$(36)$(52)$(35)$(35)$(83)$(122)
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.
[3]Insurance operating costs and other expenses for the three and nine months ended September 30, 2023, includes a $14 capital-based state tax expense covering several years recorded in the 2023 period.
[4]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


25

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
CONSOLIDATED
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$533 $496 $483 $466 $433 $411 $395 $1,512 $1,239 
Tax-exempt37 41 43 44 47 49 50 121 146 
Total fixed maturities570 537 526 510 480 460 445 1,633 1,385 
Equity securities5 6 9 14 9 9 13 20 31 
Mortgage loans68 65 63 61 59 58 57 196 174 
Limited partnerships and other alternative investments [2]37 16 16 82 72 32 26 69 130 
Other [3]1 1 6 8 (1)4 (2)8 1 
Subtotal681 625 620 675 619 563 539 1,926 1,721 
Investment expense(22)(23)(27)(22)(22)(23)(24)(72)(69)
Total net investment income$659 $602 $593 $653 $597 $540 $515 $1,854 $1,652 
Annualized investment yield, before tax [4]4.4 %4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.2 %3.9 %
Annualized limited partnerships and other alternative investment yield, before tax [4]3.0 %1.3 %1.3 %7.0 %6.3 %2.9 %2.5 %1.9 %4.0 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.5 %4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.4 %3.9 %
Annualized investment yield, net of tax [4]3.5 %3.3 %3.3 %3.7 %3.4 %3.1 %3.0 %3.4 %3.2 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.6 %3.5 %3.5 %3.5 %3.3 %3.2 %3.0 %3.5 %3.2 %
Average reinvestment rate [5]5.5 %6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %6.0 %5.7 %
Average sales/maturities yield [6]4.4 %4.9 %5.0 %4.8 %4.5 %4.1 %4.2 %4.7 %4.2 %
Portfolio duration (in years) [7]3.9 3.9 4.0 3.8 4.1 4.0 4.0 3.9 4.1 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

26
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
PROPERTY & CASUALTY
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$420 $389 $373 $359 $333 $316 $304 $1,182 $953 
Tax-exempt28 29 32 33 34 37 37 89 108 
Total fixed maturities448 418 405 392 367 353 341 1,271 1,061 
Equity securities3 3 6 6 6 7 9 12 22 
Mortgage loans51 49 46 45 43 42 41 146 126 
Limited partnerships and other alternative investments [2]31 16 15 71 60 26 21 62 107 
Other [3]2 2 8 9 — 5 (2)12 3 
Subtotal535 488 480 523 476 433 410 1,503 1,319 
Investment expense(17)(17)(21)(18)(16)(18)(18)(55)(52)
Total net investment income$518 $471 $459 $505 $460 $415 $392 $1,448 $1,267 
Annualized investment yield, before tax [4]4.5 %4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.2 %3.9 %
Annualized limited partnerships and other alternative investment yield, before tax [4]3.2 %1.6 %1.6 %7.7 %6.7 %3.0 %2.5 %2.2 %4.2 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.6 %4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.4 %3.9 %
Annualized investment yield, net of tax [4]3.6 %3.4 %3.3 %3.7 %3.5 %3.1 %3.0 %3.4 %3.2 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.7 %3.5 %3.5 %3.5 %3.2 %3.2 %3.0 %3.6 %3.2 %
Average reinvestment rate [5]5.5 %6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %6.0 %5.7 %
Average sales/maturities yield [6]4.5 %4.9 %4.9 %4.9 %4.5 %4.1 %4.2 %4.8 %4.2 %
Portfolio duration (in years) [7]3.7 3.8 3.8 3.6 3.9 3.8 3.9 3.7 3.9 
Footnotes [1] through [7] are explained on page 26.

27
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
GROUP BENEFITS
 THREE MONTHS ENDEDNINE MONTHS ENDED
 Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$94 $92 $93 $92 $86 $85 $81 $279 $252 
Tax-exempt7 10 10 10 10 11 12 27 33 
Total fixed maturities101 102 103 102 96 96 93 306 285 
Equity securities1 1 1 1 3 1 2 3 6 
Mortgage loans17 16 17 16 16 16 16 50 48 
Limited partnerships and other alternative investments [2]6 — 1 11 12 6 5 7 23 
Other [3](1)(1)(2)(1)— (1)— (4)(1)
Subtotal124 118 120 129 127 118 116 362 361 
Investment expense(5)(6)(6)(4)(6)(5)(6)(17)(17)
Total net investment income$119 $112 $114 $125 $121 $113 $110 $345 $344 
Annualized investment yield, before tax [4]4.1 %3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %3.9 %3.9 %
Annualized limited partnerships and other alternative investment yield, before tax [4]2.3 %— %0.4 %4.4 %4.8 %2.5 %2.5 %0.9 %3.3 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.3 %4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.2 %4.0 %
Annualized investment yield, net of tax [4]3.3 %3.1 %3.1 %3.4 %3.3 %3.1 %3.0 %3.2 %3.2 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.4 %3.4 %3.4 %3.4 %3.3 %3.2 %3.1 %3.4 %3.2 %
Average reinvestment rate [5]5.9 %6.6 %6.4 %6.2 %5.9 %5.3 %6.0 %6.3 %5.7 %
Average sales/maturities yield [6]4.3 %4.8 %5.2 %4.6 %4.8 %4.3 %4.4 %4.7 %4.5 %
Portfolio duration (in years) [7]5.0 4.9 5.1 4.9 5.1 4.9 4.8 5.0 5.1 
Footnotes [1] through [7] are explained on page 26.

28
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NET INVESTMENT INCOME
CONSOLIDATED
THREE MONTHS ENDEDNINE MONTHS ENDED
Net Investment Income by SegmentSept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Investment Income
Commercial Lines$442 $402 $391 $435 $395 $364 $338 $1,235 $1,097 
Personal Lines58 50 50 52 47 34 38 158 119 
P&C Other Operations18 19 18 18 18 17 16 55 51 
Total Property & Casualty518 471 459 505 460 415 392 1,448 1,267 
Group Benefits119 112 114 125 121 113 110 345 344 
Hartford Funds5 5 4 6 4 4 3 14 11 
Corporate17 14 16 17 12 8 10 47 30 
Total net investment income by segment$659 $602 $593 $653 $597 $540 $515 $1,854 $1,652 
THREE MONTHS ENDEDNINE MONTHS ENDED
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsSept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Total Property & Casualty$31 $16 $15 $71 $60 $26 $21 $62 $107 
Group Benefits6 — 1 11 12 6 5 7 23 
Total net investment income from limited partnerships and other alternative investments [1]$37 $16 $16 $82 $72 $32 $26 $69 $130 
[1]Amounts are included above in total net investment income by segment.


29
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPONENTS OF NET REALIZED GAINS (LOSSES)
CONSOLIDATED
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities
$12 $6 $5 $4 $6 $3 $17 $23 $26 
Gross losses on sales of fixed maturities
(62)(75)(11)(62)(27)(21)(39)(148)(87)
Equity securities [1]27 14 35 46 (13)10 35 76 32 
Net credit losses on fixed maturities, AFS— (1)(1)(1)(5)(3)(5)(2)(13)
Change in ACL on mortgage loans— — 3 (5)(5)(5)— 3 (10)
Other net gains (losses) [2]10 (3)(3)(9)(46)(48)(15)4 (109)
 Total net realized gains (losses)(13)(59)28 (27)(90)(64)(7)(44)(161)
Net realized losses (gains), included in core earnings, before tax [3]1 1 2 11 14 11 — 4 25 
 Total net gains (losses) excluded from core earnings, before tax(12)(58)30 (16)(76)(53)(7)(40)(136)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings4 12 (7)5 15 10 3 9 28 
 Total net realized gains (losses) excluded from core earnings, after tax$(8)$(46)$23 $(11)$(61)$(43)$(4)$(31)$(108)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and equity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

30
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
CONSOLIDATED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023
 Amount [1]PercentAmountPercentAmountPercentAmount [1]PercentAmountPercent
Total investments$59,350 100.0 %$56,890 100.0 %$56,107 100.0 %$55,922 100.0 %$53,320 100.0 %
Asset-backed securities$3,512 8.2 %$3,014 7.4 %$3,499 8.5 %$3,320 8.3 %$3,130 8.2 %
Collateralized loan obligations3,563 8.3 %3,514 8.6 %3,168 7.8 %3,090 7.8 %3,043 8.0 %
Commercial mortgage-backed securities2,857 6.7 %2,942 7.2 %3,050 7.4 %3,125 7.8 %3,124 8.2 %
Corporate20,558 48.0 %19,493 47.8 %18,657 45.7 %17,866 44.9 %16,651 43.9 %
Foreign government/government agencies541 1.3 %546 1.3 %548 1.3 %562 1.4 %567 1.5 %
Municipal5,654 13.2 %5,294 13.0 %5,941 14.6 %6,039 15.2 %5,686 15.0 %
Residential mortgage-backed securities5,123 12.0 %4,787 11.7 %4,473 11.0 %4,287 10.8 %3,827 10.1 %
U.S. Treasuries985 2.3 %1,224 3.0 %1,504 3.7 %1,529 3.8 %1,934 5.1 %
Total fixed maturities, AFS [2]$42,793 100.0 %$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %$37,962 100.0 %
U.S. government/government agencies$4,815 11.2 %$4,770 11.7 %$4,846 11.9 %$4,776 12.0 %$4,747 12.5 %
AAA7,127 16.7 %6,413 15.7 %6,838 16.7 %7,055 17.7 %6,733 17.8 %
AA7,713 18.0 %7,283 17.8 %7,578 18.5 %7,270 18.3 %6,959 18.3 %
A10,994 25.7 %10,785 26.4 %10,488 25.7 %9,828 24.7 %9,273 24.4 %
BBB9,677 22.6 %9,204 22.6 %9,264 22.7 %9,198 23.1 %8,561 22.6 %
BB1,768 4.2 %1,649 4.1 %1,234 3.0 %1,139 2.9 %1,115 2.9 %
B693 1.6 %701 1.7 %580 1.5 %539 1.3 %565 1.5 %
CCC5 — %8 — %11 — %12 — %8 — %
CC & below1 — %1 — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$42,793 100.0 %$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %$37,962 100.0 %
[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).
[2]Fixed maturities, at fair value using the fair value option are not included.

31
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTED ASSET EXPOSURES
SEPTEMBER 30, 2024
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$6,106 $6,015 10.1 %
Technology and communications2,773 2,728 4.6 %
Consumer non-cyclical2,593 2,568 4.3 %
Utilities2,488 2,421 4.1 %
Capital goods1,690 1,686 2.9 %
Consumer cyclical1,617 1,613 2.7 %
Energy1,497 1,490 2.5 %
Basic industry1,082 1,076 1.8 %
Transportation896 869 1.5 %
Other742 726 1.2 %
Total$21,484 $21,192 35.7 %
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.$228 $223 0.4 %
Morgan Stanley204 201 0.3 %
Toronto Dominion Bank194 188 0.3 %
Hyundai Motor Company193 186 0.3 %
NBN Co Limited170 171 0.3 %
Penske Corporation170 171 0.3 %
Goldman Sachs Group Inc.182 170 0.3 %
Eversource Energy167 169 0.3 %
Government of Canada160 161 0.3 %
SPCC Funding I LLC156 156 0.2 %
Total$1,824 $1,796 3.0 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

32

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
APPENDIX
BASIS OF PRESENTATION AND DEFINITIONS
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Financial Services Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reportable segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations ("P&C Other Operations"), Group Benefits and Hartford Funds, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reportable segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock, accident and health, and reinsurance to businesses in the United States ("U.S.") and internationally. Commercial Lines generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Lines provides automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and represent approximately 95% of the Company's asbestos and environmental exposures, before considering losses ceded to the A&E ADC.
Group Benefits provides group life, accident and disability coverage, group retiree health and voluntary benefits to individual members of employer groups and associations. Group Benefits offers disability underwriting, administration, claims processing and reinsurance to other insurers and self-funded employer plans.
Hartford Funds provides investment management, administration, distribution and related services to investors through investment products in domestic markets. Mutual fund and exchange-traded funds are sold primarily through retail, bank trust and registered investment advisor channels.
The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
Certain operating and statistical measures for P&C Commercial Lines and Personal Lines have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Commercial Lines represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Lines, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle and large commercial, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies-in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in force is a growth measure used for Personal Lines as well as small commercial within Commercial Lines and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.
A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses and, consistent with that definition, incurred losses arising from the Ukraine conflict have been accounted for as catastrophe losses. The Company does not treat incurred benefits and losses arising from the COVID-19 pandemic as catastrophe losses.

33

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.

34

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 ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Income available to common stockholders per share
$2.60 $2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $7.59 $5.55 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses (gains), excluded from core earnings, before tax
0.04 0.20 (0.10)0.05 0.25 0.17 0.02 0.14 0.44 
Restructuring and other costs, before tax— — — 0.01 — 0.01 — 0.01 0.01 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 
Change in deferred gain on retroactive reinsurance, before tax
(0.09)(0.13)(0.08)0.65 — — — (0.29)— 
Income tax expense (benefit) on items excluded from core earnings
0.01 (0.02)0.04 (0.16)(0.06)(0.04)(0.01)0.01 (0.10)
Core earnings per share$2.57 $2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $7.48 $5.92 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
DILUTED EARNINGS PER SHARE
THREE MONTHS ENDED
NINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net Income available to common stockholders per diluted share$2.56 $2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $7.47 $5.48 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax0.04 0.19 (0.10)0.05 0.25 0.17 0.02 0.13 0.43 
Restructuring and other costs, before tax— — — 0.01 — 0.01 — 0.01 0.01 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 
Change in deferred gain on retroactive reinsurance, before tax
(0.09)(0.12)(0.08)0.64 — — — (0.29)— 
Income tax expense (benefit) on items excluded from core earnings
0.01 (0.02)0.04 (0.16)(0.06)(0.04)(0.01)0.03 (0.10)
Core earnings per diluted share
$2.53 $2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $7.37 $5.84 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

35

Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
LAST TWELVE MONTHS ENDED
 
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income ROE20.0 %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 %0.8 %0.8 %1.1 %0.9 %1.5 %3.3 %
Restructuring and other costs, before tax— %— %— %— %0.1 %0.1 %0.1 %
Loss on extinguishment of debt, before tax
— %— %— %— %— %— %0.1 %
Integration and other non-recurring M&A costs, before tax
0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax0.7 %0.9 %1.2 %1.4 %1.8 %1.7 %1.5 %
Income tax benefit on items not included in core earnings(0.2 %)(0.4 %)(0.4 %)(0.5 %)(0.6 %)(0.8 %)(1.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE(3.6 %)(3.8 %)(3.6 %)(3.8 %)(5.1 %)(3.4 %)(2.5 %)
Core earnings ROE17.4 %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.

36

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 ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net income$569 $540 $615 $567 $516 $407 $426 $1,724 $1,349 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(518)(471)(459)(505)(460)(415)(392)(1,448)(1,267)
Net realized losses (gains)34 61 (13)54 45 57 23 82 125 
Net servicing and other income— (5)(2)(2)(5)(7)(6)(7)(18)
Income tax expense 143 129 138 129 127 95 100 410 322 
Underwriting gain228 254 279 243 223 137 151 761 511 
Current accident year catastrophes247 280 161 81 184 226 185 688 595 
Prior accident year development(50)(115)(56)92 (43)(39)— (221)(82)
Underlying underwriting gain$425 $419 $384 $416 $364 $324 $336 $1,228 $1,024 
COMMERCIAL LINES
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net income$528 $540 $573 $687 $519 $458 $421 $1,641 $1,398 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(442)(402)(391)(435)(395)(364)(338)(1,235)(1,097)
Net realized losses (gains)32 50 (12)48 38 51 19 70 108 
Other expense (income)1 1 2 3 (2)— — 4 (2)
Income tax expense134 130 129 163 130 109 100 393 339 
Underwriting gain253 319 301 466 290 254 202 873 746 
Current accident year catastrophes155 155 109 60 115 123 138 419 376 
Prior accident year development(36)(81)(56)(118)(46)(38)(23)(173)(107)
Underlying underwriting gain$372 $393 $354 $408 $359 $339 $317 $1,119 $1,015 


37
PERSONAL LINES
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net income (loss)$31 $(11)$34 $34 $(12)$(60)$(1)$54 $(73)
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(58)(50)(50)(52)(47)(34)(38)(158)(119)
Net realized losses (gains)2 8 (1)5 5 5 1 9 11 
Net servicing and other income(5)(6)(4)(5)(3)(7)(6)(15)(16)
Income tax expense (benefit)8 (4)8 8 (5)(17)(1)12 (23)
Underwriting loss(22)(63)(13)(10)(62)(113)(45)(98)(220)
Current accident year catastrophes92 125 52 21 69 103 47 269 219 
Prior accident year development(14)(34)(7)(7)1 (3)20 (55)18 
Underlying underwriting gain (loss)$56 $28 $32 $4 $8 $(13)$22 $116 $17 
P&C OTHER OPERATIONS
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net income (loss)$10 $11 $8 $(154)$9 $9 $6 $29 $24 
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(18)(19)(18)(18)(18)(17)(16)(55)(51)
Net realized losses— 3 — 1 2 1 3 3 6 
Other expense4 — — — — — — 4 — 
Income tax expense (benefit)1 3 1 (42)2 3 1 5 6 
Underwriting loss(3)(2)(9)(213)(5)(4)(6)(14)(15)
Prior accident year development— — 7 217 2 2 3 7 7 
Underlying underwriting gain (loss)$(3)$(2)$(2)$4 $(3)$(2)$(3)$(7)$(8)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth on pages 10, 13 and 17, respectively.

38

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 ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Net income margin8.8 %9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %8.2 %6.9 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax(0.1 %)0.4 %(0.1 %)(0.1 %)1.5 %0.8 %(0.3 %)0.2 %0.8 %
Integration and other non-recurring M&A costs, before tax— %— %— %0.1 %0.1 %— %0.1 %— %0.1 %
Income tax expense (benefit)— %(0.1 %)— %(0.1 %)(0.3 %)(0.2 %)0.1 %(0.1 %)(0.2 %)
Core earnings margin8.7 %10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.3 %7.6 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Return on Assets ("ROA") 15.7 13.1 13.7 15.1 12.7 14.1 12.9 14.2 13.2 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax(2.1)(0.9)(1.5)(2.6)1.3 (0.3)(1.6)(1.5)(0.2)
Effect of income tax expense— 0.6 0.3 — — — 0.3 0.3 0.1 
Return on Assets ("ROA"), core earnings 13.6 12.8 12.5 12.5 14.0 13.8 11.6 13.0 13.1 


39

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 ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Total net investment income$659 $602 $593 $653 $597 $540 $515 $1,854 $1,652 
Adjustment for income from limited partnerships and other alternative investments(37)(16)(16)(82)(72)(32)(26)(69)(130)
Net investment income excluding limited partnerships and other alternative investments$622 $586 $577 $571 $525 $508 $489 $1,785 $1,522 
PROPERTY & CASUALTY
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Total net investment income$518 $471 $459 $505 $460 $415 $392 $1,448 $1,267 
Adjustment for income from limited partnerships and other alternative investments(31)(16)(15)(71)(60)(26)(21)(62)(107)
Net investment income excluding limited partnerships and other alternative investments$487 $455 $444 $434 $400 $389 $371 $1,386 $1,160 
GROUP BENEFITS
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Total net investment income$119 $112 $114 $125 $121 $113 $110 $345 $344 
Adjustment for income from limited partnerships and other alternative investments(6)— (1)(11)(12)(6)(5)(7)(23)
Net investment income excluding limited partnerships and other alternative investments$113 $112 $113 $114 $109 $107 $105 $338 $321 

40

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 ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Annualized investment yield4.4 %4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.2 %3.9 %
Adjustment for income from limited partnerships and other alternative investments0.1 %0.3 %0.2 %(0.2 %)(0.1 %)0.1 %0.1 %0.2 %— %
Annualized investment yield excluding limited partnerships and other alternative investments4.5 %4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.4 %3.9 %
PROPERTY & CASUALTY
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Annualized investment yield4.5 %4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.2 %3.9 %
Adjustment for income from limited partnerships and other alternative investments0.1 %0.2 %0.2 %(0.3 %)(0.3 %)0.1 %0.1 %0.2 %— %
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.4 %3.9 %
GROUP BENEFITS
THREE MONTHS ENDEDNINE MONTHS ENDED
Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Sept 30 2024Sept 30 2023
Annualized investment yield4.1 %3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %3.9 %3.9 %
Adjustment for income from limited partnerships and other alternative investments0.2 %0.4 %0.3 %— %— %0.1 %0.1 %0.3 %0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments4.3 %4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.2 %4.0 %

41