8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2019

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-13958	13-3317783
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	The Hartford Financial Services Group, Inc. One Hartford Plaza Hartford, Connecticut	06155
	(Address of Principal Executive Offices)	(Zip Code)

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HIG	The New York Stock Exchange
6.10% Notes due October 1, 2041	HIG 41	The New York Stock Exchange
7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2042	HGH	The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,00th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share	HIG PR G	The New York Stock Exchange

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

[ ] Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition

On August 1, 2019, The Hartford Financial Services Group, Inc. (the "Company") issued (i) a press release announcing its financial results for the quarterly period ended June 30, 2019, and (ii) its Investor Financial Supplement (“IFS”) relating to its financial results for the quarterly period ended June 30, 2019. Copies of the press release and the IFS are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

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

Item 9.01 Financial Statements and Exhibits

Exhibit No.
99.1	Press Release of The Hartford Financial Services Group, Inc. dated August 1, 2019
99.2	Investor Financial Supplement of The Hartford Financial Services Group, Inc. for the quarterly period ended June 30, 2019

SIGNATURE

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

Date:	August 1, 2019	By:	/s/ Scott R. Lewis
		Name:	Scott R. Lewis
		Title:	Senior Vice President and Controller

EX-99.1

NEWS RELEASE

The Hartford Announces Second Quarter 2019 Net Income Of $1.02 Per Diluted Share And Core Earnings Of $1.33 Per Diluted Share

• Net income of $372 million ($1.02 per diluted share) included reinsurance and reserve charges related to the acquisition of The Navigators Group, Inc. ("Navigators"), which closed on May 23, 2019, of $149 million, after tax ($0.41 per diluted share)

• Core earnings* of $485 million and core earnings per diluted share* of $1.33 both rose 18% over second quarter2018 due to better Personal Lines, Group Benefits and Corporate results, partially offset by lower Commercial Lines core earnings

• Net income ROE for the trailing 12-month period ended June 30, 2019, was 11.8% and core earnings ROE* for the same period was 11.7%

• Book value per diluted share was $41.00, up 17% from Dec. 31, 2018; book value per diluted share excluding accumulated other comprehensive income (AOCI)* rose 5% to $41.55

• During the quarter, The Hartford began share repurchases under its $1.0 billion authorization, purchasing 0.5 million common shares for $27 million and paid $107 million in common dividends

• The company also provided a second half 2019 outlook for Commercial Lines combined ratio, which includes Navigators, in a range of 95.0% to 97.0%

HARTFORD, Conn., Aug. 1, 2019 – The Hartford (NYSE: HIG) reported second quarter2019 net income of $372 million, or $1.02 per diluted share, down from $582 million, or $1.60 per diluted share, in second quarter2018. The decrease was principally due to income from discontinued operations, net of tax, of $148 million, in second quarter 2018 related to the company's former run-off annuity business that was sold in May 2018 and second quarter 2019 reinsurance and loss reserve charges related to the May 2019 acquisition of Navigators that totaled $149 million, after tax, which are discussed in the Commercial Lines segment results section of this news release. Excluding these two items, second quarter net income increased principally due to higher net investment income, better margins in Group Benefits, solid underwriting results in Property and Casualty (P&C) businesses and reduced Corporate net loss.

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

1

Core earnings of $485 million in second quarter2019 increased 18% from$412 million in second quarter2018, reflecting better results in Personal Lines, Group Benefits and Corporate offset in part by lower Commercial Lines core earnings. Core earnings per diluted share of $1.33 was up 18% from $1.13 per diluted share, in second quarter2018.

“The Hartford produced strong margins and profitability in the second quarter, including lower catastrophe results, better group disability trends and good investment returns," said The Hartford’s Chairman and CEO Christopher Swift. “We closed the acquisition of Navigators at the end of May, and are excited by the strategic opportunities in Commercial Lines as a result of our combined capabilities. In addition, we commenced share repurchases under the $1.0 billion authorization and returned $134 million to shareholders, through dividends and share repurchases during the quarter.”

"This was another strong quarter for our business units, with solid results on both the top and bottom line," said The Hartford’s President Doug Elliot. “Group Benefits had an outstanding quarter, and Property and Casualty margins were very good, although impacted by the actions we took on acquired reserves from Navigators. Integration activities have begun and are successfully advancing, and the agent and broker marketing program is well underway, as we focus on profitable growth in our combined Commercial Lines operation."

June 30, 2019 book value per diluted share of $41.00 rose 17% from $35.06 at Dec. 31, 2018 due to a 17% increase in common stockholders' equity resulting primarily from the impact of lower market interest rates and tighter credit spreads on AOCI and from first half 2019 net income in excess of common stockholder dividends and share repurchases. Book value per diluted share (excluding AOCI) of $41.55as of June 30, 2019 increased 5% from $39.40 at Dec. 31, 2018 primarily due to first half 2019 net income in excess of common stockholder dividends declared and share repurchases. During first half 2019, the company returned $243 million to shareholders, consisting of $216 million in common stockholder dividends paid and $27 million of common share repurchases.

Second quarter 2019 net income return on equity (ROE)¹, which is based on net income and average shareholder equity over the trailing 12-month period, was 11.8% compared with net loss ROE of 15.4% in second quarter 2018. The second quarter 2018 net loss ROE was principally due to the impact of the $2.7 billion net loss on discontinued operations from the sale of Talcott Resolution, the company's former run-off annuity business, and the fourth quarter 2017 charge of $877 million related to U.S. corporate income tax reform.

Core earnings ROE in second quarter 2019 rose to 11.7%, 3.3 points higher than 8.4% in second quarter 2018, driven by a 31% increase in trailing 12-month core earnings to $1.7 billion in second quarter 2019 from $1.3 billion in second quarter 2018.

[1] Net income ROE represents net income (loss) available to common stockholders ROE

2

FINANCIAL RESULTS SUMMARY

($ in millions except per share data)	Three Months Ended
	Jun 30 2019	Jun 30 2018	Change¹
Net income by segment:
Commercial Lines	$191	$372	(49)%
Personal Lines	62	6	NM
P&C Other Operations	11	5	120%
Property & Casualty	264	383	(31)%
Group Benefits	113	96	18%
Hartford Funds	38	37	3%
Sub-total	415	516	(20)%
Corporate	(43)	66	NM
Net income	$372	$582	(36)%
Adjustment to reconcile net income to income from continuing operations, net of tax:
Income from discontinued operations, net of tax	—	(148)	100%
Income from continuing operations, net of tax	$372	$434	(14)%
Adjustments to reconcile income from continuing operations, net of tax, to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(79)	(50)	(58)%
Loss on extinguishment of debt, before tax	—	6	(100)%
Loss on reinsurance transaction, before tax	91	—	NM
Integration and transaction costs associated with acquired business, before tax	31	11	182%
Change in loss reserves upon acquisition of a business, before tax	97	—	NM
Income tax expense (benefit), including amounts related to before tax items excluded from core earnings	(27)	11	NM
Core earnings	$485	$412	18%
Net income available to common stockholders	$372	$582	(36)%
Weighted average diluted common shares outstanding	365.1	364.2	—%
Income from continuing operations, net of tax, available to common stockholders per diluted share2	$1.02	$1.19	(14)%
Net income available to common stockholders per diluted share2	$1.02	$1.60	(36)%
Core earnings per diluted share2	$1.33	$1.13	18%
Select financial measures:
Common shares outstanding and dilutive potential common shares	364.8	364.3	—%
Book value per diluted share	$41.00	$34.44	19%
Book value per diluted share (excluding AOCI)*	$41.55	$38.15	9%
Net income (loss) available to common stockholders ROE3, last 12-months	11.8%	(15.4)%	27.2
Core earnings ROE3, last 12-months	11.7%	8.4%	3.3

3

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

[2] Includes dilutive potential common shares; for income (loss) from continuing operations, net of tax, available to common stockholders per diluted share, the numerator is income from continuing operations, after tax, less preferred dividends

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

4

SECOND QUARTER 2019 SEGMENT FINANCIAL RESULTS SUMMARY

	Three Months Ended
($ in millions)	Jun 30 2019	Jun 30 2018	Change
Core earnings (losses)
P&C segments:
Commercial Lines	$304	$341	(11)%
Personal Lines	55	2	NM
P&C Other Operations	8	3	167%
Property & Casualty	367	346	6%
Group Benefits	115	104	11%
Hartford Funds	38	38	—%
Sub-total	520	488	7%
Corporate	(35)	(76)	54%
Total	$485	$412	18%
Select business metrics:
Commercial Lines
Combined ratio [1]	100.3	90.1	10.2
Adjustments to reconcile combined ratio to underlying combined ratio:
Impact of catastrophes and PYD on combined ratio	(5.6)	—	(5.6)
Current accident year change in loss reserves upon acquisition of a business	(1.5)	—	(1.5)
Underlying combined ratio	93.2	90.0	3.2
Personal Lines
Combined ratio	97.5	104.9	(7.4)
Adjustments to reconcile combined ratio to underlying combined ratio:
Impact of catastrophes and PYD on combined ratio	(6.5)	(14.5)	8.0
Underlying combined ratio	91.0	90.4	0.6
Group Benefits
Loss ratio	74.6%	75.5%	(0.9)
Expense ratio [2]	23.9%	23.9%	—
Net income margin	7.3%	6.3%	1.0
Core earnings margin*	7.5%	6.9%	0.6
Hartford Funds
Mutual fund and exchange-traded products (ETP) net flows	$(105)	$473	NM
Total Hartford Funds assets under management (AUM)	$121,301	$117,041	4%

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

[2] 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.

5

Commercial Lines

• Effective upon the closing of the acquisition of Navigators on May 23, 2019, the company realigned the Commercial Lines segment lines of business among Small Commercial, Middle & Large Commercial, and Global Specialty (formerly Small Commercial, Middle Market and Specialty Commercial) to reflect the new management reporting structure. The realignment included moving a portion of excess and surplus lines from Small Commercial to Global Specialty, moving livestock business from Middle Market to Global Specialty and moving national accounts and captive programs from Specialty Commercial to Middle & Large Commercial. In addition, financial products and bond business, previously included in Specialty Commercial, are now included in Global Specialty.

• Commercial Lines written premiums of $2.1 billion rose 20% from second quarter2018 with growth from all three businesses; earned premiums rose 14% to $2.0 billion from $1.7 billion in second quarter2018

◦ Small Commercial written premiums increased 6% from second quarter2018 driven by 29% growth in new business, including the Foremost renewal rights agreement, and better retention, partially offset by the impact of lower workers' compensation renewal written pricing

◦ Middle & Large Commercial written premiums increased 15% from second quarter2018 due to 31% growth in new business and higher renewal premium in Middle Market driven by renewal written price increases in most lines and higher retention, partially offset by a modest decline in National Accounts

◦ Global Specialty written premiums increased by $192 million over second quarter2018 to a total of $353 million principally due to increased premium from the acquisition of Navigators, as well as growth in financial products and property

• Commercial Lines net income of $191 million decreased $181 million from $372 million in second quarter2018 principally due to reinsurance and reserve charges of $149 million, after tax, related to the Navigators acquisition. The second quarter 2019 charges were comprised of:

◦ As previously-announced, a $72 million, after tax ($91 million, before tax) charge for the purchase of an aggregate excess of loss reinsurance treaty covering up to $300 million in excess of $100 million of unfavorable development on Navigators loss reserves as of Dec. 31, 2018 for 2018 and prior accident year loss reserves subject to the treaty

◦ A charge for a change in loss reserves upon acquisition of Navigators that totaled $77 million, after tax ($97 million, before tax). This charge consisted of $23 million, after tax ($29 million, before tax), for the 2019 accident year and $54 million, after tax ($68 million, before tax), for prior accident year development (PYD)

▪ As of June 30, 2019, after considering unfavorable development on Navigators 2018 and prior accident years reserves that was incurred since Dec. 31, 2018 and subject to the treaty, the company has approximately $209 million of limit available for future potential unfavorable loss reserve development under the treaty

6

• Core earnings of $304 million, which do not include the Navigators acquisition reinsurance and reserve charges, declined 11% from $341 million in second quarter2018 due to a variety of items including higher current accident year losses and loss adjustment expenses before catastrophes, higher current accident year catastrophe losses, lower net favorable PYD (excluding Navigators) and higher underwriting expenses, partially offset by increased net investment income and the effect of higher earned premiums. Current accident year catastrophe losses of $90 million, before tax, were $16 million higher than $74 million, before tax, in second quarter2018 and net favorable PYD (excluding Navigators) of $46 million, before tax, decreased $27 million compared with $73 million, before tax, in second quarter 2018, principally due to lower net favorable development for prior accident year catastrophe and workers' compensation reserves

◦ Net investment income, before tax, was $281 million, up 16% from second quarter 2018, due to increased asset levels, principally from the Navigators acquisition, and higher returns on limited partnerships and other alternative investments (LPs)

• The underlying underwriting gain* of $136 million decreased 22% from $174 million in second quarter2018 due to a higher number of large inland marine losses in Middle & Large Commercial, higher Small Commercial property losses in second quarter 2019 compared with lower than average fire-related property losses in second quarter 2018, and higher underwriting expenses, including higher commissions and planned investments in technology and other initiatives, partially offset by the impact of higher earned premiums

• The combined ratio of 100.3, which included a 4.9 point impact from Navigators prior and current accident year loss reserve charges, rose 10.2 points from 90.1 in second quarter2018

◦ Excluding Navigators reserve charges, the combined ratio was 5.3 points higher due to a 3.2 point increase in the underlying combined ratio, a 1.9 point increase from less net favorable PYD, and a slightly higher current accident year catastrophe loss ratio

• The underlying combined ratio of 93.2, which does not include the 1.5 point Navigators current accident year loss reserve charge, was 3.2 points higher than second quarter2018, reflecting a 1.8 point increase in the current accident year loss and loss adjustment expense ratio before catastrophes and a 1.3 point increase in the expense ratio

◦ The increase in the current accident year loss and loss adjustment expense ratio before catastrophes was principally due to higher property losses in Small Commercial and in Middle & Large Commercial

◦ The increase in the expense ratio reflected higher commissions, state taxes, and state assessments as well as planned increases in operating and other expenses in Middle & Large Commercial and Small Commercial businesses

◦ Small Commercial underlying combined ratio increased by 2.6 points to 87.8 driven by a higher expense ratio principally due to higher commissions as well as increased expenses related to the 2018 Foremost renewal rights agreement, an increase in the 2019 property loss ratio compared to favorable 2018 experience, and a higher workers' compensation loss ratio due to lower workers' compensation earned pricing levels in 2019

◦ Middle & Large Commercial underlying combined ratio rose by 3.8 points to 100.9 principally due to the impact of a higher number of large inland marine losses on the loss and loss adjustment expense ratio and of higher commissions and planned information technology investments and operations costs on the expense ratio

◦ Global Specialty underlying combined ratio of 90.7 was 2.6 points higher than second quarter 2018 primarily due to the higher underlying combined ratio on the Navigators business, which comprised the majority of the Global Specialty business in second quarter 2019, compared with the lower combined ratio on financial products and bond business, which comprised the majority of the Global Specialty business in second quarter 2018

7

• The company also provided its second half 2019 outlook for the Commercial Lines combined ratios^[1], including Navigators as well as the impact of intangibles amortization of:

◦ Combined ratio of 95.0% to 97.0% for second half 2019, including current accident year catastrophe loss ratio of 2.6%^[2] and unfavorable PYD from accretion of discount on workers' compensation reserves of 0.4%

◦ Underlying combined ratio outlook of 92.0% to 94.0% for second half 2019, with a range of 94.5% to 96.5% for Global Specialty

[1] 2H19 Commercial Lines outlook, incorporating purchase accounting impacts, including intangibles amortization, are management estimates based on business, competitive, capital market, catastrophe and other assumptions. Actual 2019 results are subject to unusual or unpredictable items such as weather or catastrophe losses, change in loss frequency and severity, regulatory changes or assessments, PYD, capital markets or investment results and other factors that are not within management's control. The company has frequently experienced unusual or unpredictable changes in revenues, expenses or other items that were not anticipated in prior outlooks.

[2] 2H19 Commercial Lines actual catastrophes results are likely to be different and will fluctuate quarterly due to seasonal variations.

8

Personal Lines

• Personal Lines written premiums of $824 milliondeclined4% from second quarter2018 as strong new business premium growth, renewal written price increases, and improved policy retention rates did not offset the loss of premium from non-renewals. In second quarter2019, new business premium of $79 million rose $26 million, or 49%, over second quarter2018, reflecting the benefit of increased marketing initiatives. Policy count retention ratios improved to 85% for both auto and homeowners in second quarter 2019 from 82% in auto and 84% in homeowners in second quarter 2018. Premium retention improved for auto to 87% from 86% in second quarter2019 while homeowners' premium retention was down one point to 90%

• Personal Lines net income of $62 million was up $56 million from $6 million in second quarter2018 due to lower current accident year catastrophe losses and, to a lesser extent, higher net investment income

◦ Catastrophe losses decreased 58% from $114 million in second quarter 2018 to $48 million in second quarter 2019

◦ Net investment income rose to $46 million, before tax, from $37 million, before tax, in part due to higher LP returns

• Core earnings of $55 million were up $53 million from $2 million in second quarter2018 principally due to better underwriting results primarily due to lower catastrophe losses and higher net investment income

• The combined ratio of 97.5 decreased from 104.9 in second quarter2018 primarily due to a 7.3 point decrease in the current accident year catastrophe loss ratio and a 0.7 point reduction in unfavorable PYD, partially offset by a 1.1 point increase in the expense ratio; the increase in expense ratio was largely due to planned investments in information technology and marketing expenses

◦ The auto combined ratio of 97.2 was 2.5 points better than second quarter2018 as lower current accident year catastrophe losses, lower current accident year losses and loss adjustment expenses before catastrophes, and higher net favorable PYD were offset in part by a higher expense ratio

◦ The homeowners combined ratio was down 18.5 points to 99.3 from 117.8 in second quarter2018 primarily due to an 18.8 point decline in the current accident year catastrophe loss ratio and a 2.4 point decrease in net unfavorable PYD

• The underlying combined ratio of 91.0 was 0.6 point higher than second quarter2018, as the 1.1 point increase in the expense ratio was partially offset by a 0.6 point improvement in the current accident year loss and loss adjustment expense ratio before catastrophes, mainly due to improvement in auto

◦ The auto underlying combined ratio of 96.7 was 0.2 point higher than in second quarter2018 due to the higher expense ratio partially offset by a lower current accident year loss and loss adjustment expense ratio before catastrophes due to favorable frequency trends

◦ The homeowners underlying combined ratio rose 2.8 points to 79.2 from second quarter2018 primarily due to increased average severity and the increase in the expense ratio

9

Group Benefits

• Fully insured ongoing premiums, excluding buyouts, of $1.4 billion were 2% higher than second quarter2018 due to in-force growth in group disability and voluntary business. Group disability premiums rose 6% while group life premiums decreased 3% from second quarter 2018

• Fully insured ongoing sales, excluding buyouts, of $99 million were up 16% from $85 million in second quarter2018

◦ Group disability sales of $48 million increased 2% from second quarter 2018 while group life sales of $43 million rose 26%

• Group Benefits net income of $113 million rose 18% from $96 million in second quarter2018 and core earnings were $115 million increased 11%, from $104 million over the same period. Both increases were driven by better disability loss results and higher net investment income, while higher net realized capital gains also contributed to the increase in net income

◦ The net income margin rose to 7.3% from 6.3% in second quarter2018

◦ The core earnings margin was 7.5% compared with 6.9% in second quarter2018

• The total loss ratio of 74.6% improved 0.9 point from second quarter2018 due to a better group disability loss ratio, which was partially offset by a slight increase in the group life loss ratio

◦ The 1.4 point decrease in the group disability loss ratio was due primarily to continued favorable incidence trends

◦ The 0.4 point slight increase in the group life loss ratio was within expected mortality trends in 2Q19

• The expense ratio of 23.9% was flat with second quarter2018 due to planned investments in technology and higher commissions, offset by expense synergies and lower amortization of intangible assets from the 2017 acquisition

10

Hartford Funds

• Hartford Funds net income and core earnings of $38 million were flat with second quarter2018

• Hartford Funds AUM at June 30, 2019, rose to $121 billion, up4% from June 30, 2018, and 16% from Dec. 31, 2018, reflecting strong equity market performance in the first half of 2019 offset in part by decreases in Talcott Resolution life and annuity separate account AUM due to the runoff of that business

◦ Mutual fund and ETP net outflows totaled $105 million in second quarter2019, compared with net inflows of $473 million in second quarter2018 primarily due to lower flow into international and emerging market equity funds

• Hartford Funds average daily AUM was $118 billion in second quarter 2019, up 1% from second quarter2018

Corporate

• Net loss of $43 million in second quarter2019 declined from net income of $66 million in second quarter2018 largely due to $148 million of income from discontinued operations, net of tax, in second quarter of 2018, related to the sale of Talcott Resolution, the company's former run-off annuity business

• Corporate core losses declined $41 million, after tax, to $35 million from $76 million in second quarter2018 due to lower interest expense, higher net investment income, and the elimination of stranded costs from the sale of Talcott Resolution

◦ Interest expense of $63 million, before tax, was down $16 million, or 20%, from $79 million, before tax, in second quarter 2018, due to debt management actions

◦ Net investment income of $17 million, before tax, increased 54% from $11 million, before tax, in second quarter2018 mainly due to the increase in short term rates

11

SELECT INVESTMENT INCOME AND PORTFOLIO DATA

($ in millions)	Three Months Ended
	Jun 30 2019	Jun 30 2018	Change
Net investment income	$488	$428	14%
Annualized investment yield, before tax	4.2%	3.9%	0.3
Annualized investment yield, before tax, excluding LPs*	3.8%	3.7%	0.1
Annualized LP yield, before tax	13.9%	9.5%	4.4
Annualized investment yield, after tax	3.4%	3.3%	0.1
P&C net investment income	$348	$301	16%
P&C annualized investment yield, before tax	4.2%	4.0%	0.2
P&C annualized investment yield, before tax, excluding LPs*	3.8%	3.8%	—
P&C annualized investment yield, after tax	3.5%	3.4%	0.1
Group Benefits net investment income	$121	$115	5%
Group Benefits annualized investment yield, before tax	4.2%	4.1%	0.1
Group Benefits annualized investment yield, before tax, excluding LPs*	3.9%	3.9%	—
Group Benefits annualized investment yield, after tax	3.4%	3.4%	—

Second quarter2019 consolidated net investment income rose 14% to $488 million, before tax, from $428 million, before tax, in second quarter2018 due to higher income from fixed maturities as a result of the Navigators acquisition as well as higher income from LPs. Total invested assets rose 9% from Dec. 31, 2018 due principally to the Navigators acquisition. Second quarter 2019 investment income from LPs was $60 million, before tax, up 54% from $39 million, before tax, in second quarter2018. Reflecting a generally benign credit environment, there were no impairment losses in either period.

The annualized investment yield, before tax, was 4.2% for second quarter2019, up 0.3 point from 3.9% in second quarter2018 principally due to higher returns on LPs. The annualized investment yield, after tax, also increased from 3.3% in second quarter2018 to 3.4% in second quarter2019 for the same reason. LPs produced a strong annualized before tax return of 13.9% in second quarter2019 compared with 9.5% in second quarter2018. Excluding LPs, the annualized investment yield, before tax, was 3.8% for second quarter2019, up slightly from 3.7% in second quarter 2018 due to reinvesting maturities at higher rates during the second half of 2018 and increased short term rates.

The P&C annualized investment yield, before tax, was 4.2% in second quarter2019, up 0.2 point from 4.0% in second quarter2018 due principally to higher returns on LPs, which were 13.9% in second quarter 2019 compared with 9.3% in the prior year quarter. The P&C annualized yield, after tax, was 3.5%, up 0.1 point from 3.4% in second quarter2018 due to the impact of LPs. The P&C annualized investment yield, after tax, excluding LPs, was 3.2% in second quarter 2019, flat with the prior year quarter.

The Group Benefits annualized investment yield, before tax, was 4.2% in second quarter2019, up slightly from 4.1% in second quarter2018 principally due to higher returns on LPs, which were 14.0% in second quarter2019, up from 10.6% in second quarter2018. The Group Benefits annualized investment yield, after tax, was 3.4%, flat with second quarter2019. The annualized investment yield, after tax, excluding LPs was 3.2%, slightly down from 3.3% in second quarter 2018 due to a lower allocation to tax-exempt securities.

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CONFERENCE CALL

The Hartford will discuss its second quarter2019 financial results on a webcast at 9 a.m. EDT on Friday, Aug. 2, 2019. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.

More detailed financial information can be found in The Hartford's Investor Financial Supplement for June 30, 2019, and the Second Quarter2019 Financial Results Presentation, both of which are available at https://ir.thehartford.com.

ABOUT THE HARTFORD

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

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

HIG-F

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

Media Contacts	Investor Contact
Michelle Loxton	Sabra Purtill, CFA
860-547-7413	860-547-8691
michelle.loxton@thehartford.com	sabra.purtill@thehartford.com
Matthew Sturdevant	Susan Spivak Bernstein
860-547-8664	860-547-6233
matthew.sturdevant@thehartford.com	susan.spivak@thehartford.com

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended June 30, 2019
($ in millions)
	Commercial Lines			Personal Lines			P&C Other Ops			Group Benefits			Hartford Funds		Corporate			Consolidated
Earned premiums	$	1,987		$	801		$	—		$	1,377		$	—	$	1		$	4,166
Fee income	9			10			—			45			251		11			326
Net investment income	281			46			21			121			2		17			488
Other revenues	—			23			—			—			—		9			32
Net realized capital gains	54			8			4			7			—		7			80
Total revenues	2,331			888			25			1,550			253		45			5,092
Benefits, losses, and loss adjustment expenses	1,291			569			9			1,062			—		3			2,934
Amortization of DAC	310			65			—			14			3		—			392
Insurance operating costs and other expenses	402			176			3			324			203		33			1,141
Loss on reinsurance transaction	91			—			—			—			—		—			91
Interest expense	—			—			—			—			—		63			63
Amortization of other intangible assets	2			2			—			11			—		—			15
Total benefits and expenses	2,096			812			12			1,411			206		99			4,636
Income before income taxes	235			76			13			139			47		(54		)	456
Income tax expense	44			14			2			26			9		(11		)	84
Income from continuing operations, net of tax	191			62			11			113			38		(43		)	372
Net income	191			62			11			113			38		(43		)	372
Preferred stock dividends	—			—			—			—			—		—			—
Net income (loss) available to common stockholders	191			62			11			113			38		(43		)	372
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (losses)
Net realized capital losses, excluded from core earnings, before tax	(54		)	(8		)	(3		)	(6		)	—		(8		)	(79		)
Loss on reinsurance transaction, before tax	91			—			—			—			—		—			91
Integration and transaction costs, before tax	6			—			—			10			—		15			31
Change in loss reserves upon acquisition of a business, before tax	97			—			—			—			—		—			97
Income tax expense	(27		)	1			—			(2		)	—		1			(27		)
Core earnings (losses)	$	304		$	55		$	8		$	115		$	38	$	(35	)	$	485

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended June 30, 2018
($ in millions)
	Commercial Lines			Personal Lines			P&C Other Ops			Group Benefits			Hartford Funds			Corporate			Consolidated
Earned premiums	$	1,745		$	856		$	—		$	1,357		$	—		$	—		$	3,958
Fee income	8			10			—			44			261			4			327
Net investment income	242			37			22			115			1			11			428
Other revenues	(1		)	23			—			—			—			2			24
Net realized capital gains (losses)	42			5			3			2			(1		)	1			52
Total revenues	2,036			931			25			1,518			261			18			4,789
Benefits, losses, and loss adjustment expenses	978			681			16			1,059			—			4			2,738
Amortization of DAC	259			70			—			11			4			—			344
Insurance operating costs and other expenses	343			174			3			317			211			19			1,067
Loss on extinguishment of debt	—			—			—			—			—			6			6
Interest expense	—			—			—			—			—			79			79
Amortization of other intangible assets	1			1			—			16			—			—			18
Total benefits and expenses	1,581			926			19			1,403			215			108			4,252
Income (loss) before income taxes	455			5			6			115			46			(90		)	537
Income tax expense (benefit)	83			(1		)	1			19			9			(8		)	103
Income (loss) from continuing operations, net of tax	372			6			5			96			37			(82		)	434
Income from discontinued operations, net of tax	—			—			—			—			—			148			148
Net income	372			6			5			96			37			66			582
Adjustments to reconcile net income to core earnings (losses)
Net realized capital losses (gains), excluded from core earnings, before tax	(40		)	(6		)	(3		)	—			1			(2		)	(50		)
Loss on extinguishment of debt, before tax	—			—			—			—			—			6			6
Integration and transaction costs, before tax	—			—			—			11			—			—			11
Income tax expense (benefit)	9			2			1			(3		)	—			2			11
Income from discontinued operations, net of tax	—			—			—			—			—			(148		)	(148		)
Core earnings (losses)	$	341		$	2		$	3		$	104		$	38		$	(76	)	$	412

15

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

The Hartford uses non-GAAP financial measures in this press release to assist investors in analyzing the company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this press release can be found below and in The Hartford's Investor Financial Supplement forsecond quarter2019, which is available on The Hartford's website,https://ir.thehartford.com.

Annualized investment yield, excluding limited partnerships and other alternative investmentsis the annualized net investment income on a Consolidated, P&C or Group Benefits level excluding limited partnerships and other alternative investments divided by such monthly average invested assets at amortized cost, excluding repurchase agreement and securities lending collateral, 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.

	Three Months Ended
	Jun 30 2019		Jun 30 2018		Jun 30 2019		Jun 30 2018		Jun 30 2019		Jun 30 2018
	Consolidated				P&C				Group Benefits
Annualized investment yield, before tax	4.2	%	3.9	%	4.2	%	4.0	%	4.2	%	4.1	%
Impact on annualized investment yield of limited partnerships and other alternative investments, before tax	(0.4	)%	(0.2	)%	(0.4	)%	(0.2	)%	(0.3	)%	(0.2	)%
Annualized investment yield excluding limited partnerships and other alternative investments, before tax	3.8	%	3.7	%	3.8	%	3.8	%	3.9	%	3.9	%

Bookvalue per diluted share (excluding AOCI)is calculated based upon non-GAAP financial measures. It 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 it is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. A reconciliation of book value per diluted share, including AOCI to book value per diluted share (excluding AOCI) is set forth below.

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	As of
	Jun 30 2019	Dec 31 2018	Change
Book value per diluted share	$41.00	$35.06	17%
Per diluted share impact of AOCI	$(0.55)	$(4.34)	87%
Book value per diluted share (excluding AOCI)	$41.55	$39.40	5%

Core Earnings: The Hartford uses thenon-GAAP measure core earnings as an important measure of the company’s operating performance. The Hartford believes that the measure 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 realized capital gains and losses, integration and transaction costs in connection with an acquired business, loss on extinguishment of debt, gains and losses on reinsurance transactions, change in loss reserves upon acquisition of a business, income tax benefit from reduction in deferred income tax valuation allowance, and results of discontinued operations. Some realized capital 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 (net of tax) that tend to be highly variable from period to period based on capital market conditions.

The Hartford believes, however, that some realized capital 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. Results from discontinued operations are excluded from core earnings for businesses held for sale because such results could obscure trends in our ongoing businesses that are valuable to our investors' ability to assess the company's financial performance.

Core earnings are net of preferred stock dividends declared since they 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. The changes to loss reserves upon acquisition of a business 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 as such trends are valuable to our investors' ability to assess the Company's financial performance.

Net income (loss), net income (loss) available to common stockholders and income from continuing operations, net of tax, available to common stockholders (during periods when the company reports significant discontinued operations) are the most directly comparable U.S. GAAP measures to core earnings. Income from continuing operations, net of tax, available to common stockholders is net income available to common stockholders, excluding the income (loss) from discontinued operations, net of tax. Core earnings should not be considered as a substitute for net income (loss), net income (loss) available to common stockholders or income (loss) from continuing operations, net of tax, 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, income (loss) from continuing operations, net of tax, available to common stockholders and core earnings when reviewing the company’s performance.

A reconciliation of net income (loss) to core earnings for the quarterly periods ended June 30, 2019 and 2018, is included in this press release. A reconciliation of net income (loss) to core

17

earnings for individual reporting segments can be found in this press release under the heading "The Hartford Financial Services Group, Inc. Consolidating Income Statements" and in The Hartford's Investor Financial Supplement for the quarter ended June 30, 2019.

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 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). Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin for the quarterly periods ended June 30, 2019 and 2018, is set forth below.

	Three Months Ended
Margin	Jun 30 2019	Jun 30 2018	Change
Net income margin	7.3%	6.3%	1.0
Adjustments to reconcile net income margin to core earnings margin
Net realized capital losses (gains) excluded from core earnings, before tax	(0.4)%	—%	(0.4)
Integration and transaction costs associated with acquired business, before tax	0.7%	0.8%	(0.1)
Income tax benefit	(0.1)%	(0.2)%	0.1
Core earnings margin	7.5%	6.9%	0.6

Core earnings per diluted share: Core earnings per diluted share is calculated based on the non-GAAP financial measure core earnings. It is calculated by dividing (a) core earnings, by (b) diluted common shares outstanding. The Hartford believes that the measure 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 and income (loss) from continuing operations, net of tax, available to common stockholders per diluted common share are the most directly comparable GAAP measures. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share or income (loss) from continuing operations, net of tax, available to common stockholders per diluted common share 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) available to common stockholders per diluted common share, income (loss) from continuing operations, net of tax, 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 (loss) available to common stockholders per diluted common share to core earnings per diluted share for the quarterly periods ended June 30, 2019 and 2018 is provided in the table below.

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	Three Months Ended
	Jun 30 2019	Jun 30 2018	Change
PER SHARE DATA
Diluted earnings per common share:
Net income per share1	$1.02	$1.60	(36)%
Preferred stock dividends2	—	—	—%
Net income available to common stockholdersper share1	$1.02	$1.60	(36)%
Income from discontinued operations, after tax	—	(0.41)	100%
Income from continuing operations, net of tax, available to common stockholders	$1.02	$1.19	(14)%
Adjustment made to reconcile income from continuing operations, net of tax, available to common stockholders to core earnings per share
Net realized capital losses (gains), excluded from core earnings, before tax	(0.22)	(0.14)	(57)%
Loss on extinguishment of debt, before tax	—	0.02	(100)%
Loss on reinsurance transactions, before tax	0.25	—	NM
Integration and transaction costs associated with an acquired business, before tax	0.08	0.03	167%
Change in loss reserves upon acquisition of a business, before tax	0.27	—	NM
Income tax expense (benefit) on items excluded from core earnings	(0.07)	0.03	NM
Core earnings per share	$1.33	$1.13	18%

[1] Net income (loss) available to common stockholders includes dilutive potential common shares

[2] The preferred dividend payable in May 2019 was declared in February 2019 and is therefore not reflected in second quarter results

Core Earnings Return on Equity: The company provides different measures of the return on stockholders' equity (“ROE”). Net income (loss) available to common stockholders ROE ("net income (loss) ROE) is calculated by dividing (a) net income (loss) available to common stockholders for the prior four fiscal quarters by (b) average common stockholders' equity, including AOCI. Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) core earnings for the prior four fiscal quarters by (b) 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 measures for the reasons set forth in the related discussion above.

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A reconciliation of consolidated net income (loss) ROE to Consolidated Core earnings ROE is set forth below.

	Last Twelve Months Ended
	Jun 30 2019	Jun 30 2018
Net income (loss) available to common stockholders ROE	11.8%	(15.4)%
Adjustments to reconcile net income (loss) available to common stockholders ROE to core earnings ROE
Net realized capital gains excluded from core earnings, before tax	(0.7)	(0.7)
Loss on reinsurance transactions, before tax	0.7	—
Pension settlement, before tax	—	—
Integration and transaction costs associated with an acquired business, before tax	0.5	0.3
Changes in loss reserves upon acquisition of a business, before tax	0.7	—
Income tax expense (benefit) on items not included in core earnings	(0.5)	6.1
Loss (income) from discontinued operations, after tax	—	18.4
Impact of AOCI, excluded from core earnings ROE	(0.8)	(0.3)
Core earnings ROE	11.7%	8.4%

Net investment income, excluding limited partnerships and other alternative investments:is the amount of net investment income, on a Consolidated, P&C or Group Benefits level earned from such 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.

	Three Months Ended
	Jun 30 2019			Jun 30 2018			Jun 30 2019			Jun 30 2018			Jun 30 2019			Jun 30 2018
	Consolidated						P&C						Group Benefits
Total net investment income		$488			$428			$348			$301			$121			$115
Income from limited partnerships and other alternative assets	(60		)	(39		)	(50		)	(33		)	(10		)	(6		)
Net investment income excluding limited partnerships and other alternative investments		$428			$389			$298			$268			$111			$109

Underlying combined ratio: is a non-GAAP financial measure that 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 combined ratio is the sum of the loss and loss adjustment expense ratio (also known as a loss ratio), the expense ratio and the policyholder dividend ratio. This ratio measures the cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates a positive underwriting result. A combined ratio above 100 indicates a negative underwriting result. A combined ratio above 100 indicates a negative

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underwriting result. The underlying combined ratio represents the combined ratio for the current accident year, excluding the impact of current accident year catastrophes and current accident year change in loss reserves upon acquisition of a business. 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, prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for individual reporting segmentscan be found in this press release under the heading "Second Quarter2019 Segment Financial Results Summary."

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 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 the measure underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the company's investing activities. A reconciliation of net income to underwriting results for the quarterly periods ended June 30, 2019 and 2018, is set forth below.

Underlying underwriting gain (loss): represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of net income (loss) to underlying underwriting gain (loss) for individual reporting segments for the quarterly periods ended June 30, 2019 and 2018, is set forth below:

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PROPERTY & CASUALTY

	Three Months Ended
	Jun 30 2019			Jun 30 2018
Net income	$	264		$	383
Adjustments to reconcile net income to underwriting gain (loss)
Net investment income	(348		)	(301		)
Net realized capital losses (gains)	(66		)	(50		)
Net servicing and other income	2			(3		)
Loss on reinsurance transaction	91			—
Income tax expense	60			83
Underwriting gain (loss)	3			112
Adjustments to reconcile underwriting gain (loss) to underlying underwriting gain
Current accident year catastrophes	138			188
Prior accident year development	35			(47		)
Current accident year change in loss reserves upon acquisition of a business	29			—
Underlying underwriting gain	$	205		$	253

COMMERCIAL LINES

	Three Months Ended
	Jun 30 2019			Jun 30 2018
Net income	$	191		$	372
Adjustments to reconcile net income to underwriting gain
Net servicing loss (income)	(2		)	(1		)
Net investment income	(281		)	(242		)
Net realized capital losses (gains)	(54		)	(42		)
Other expense (income)	6			3
Loss on reinsurance transaction	91			—
Income tax expense	44			83
Underwriting gain	(5		)	173
Adjustments to reconcile underwriting gain to underlying underwriting gain
Current accident year catastrophes	90			74
Prior accident year development	22			(73		)
Current accident year change in loss reserves upon acquisition of a business	29			—
Underlying underwriting gain	$	136		$	174

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PERSONAL LINES

	Three Months Ended
	Jun 30 2019			Jun 30 2018
Net income	$	62		$	6
Adjustments to reconcile net income to underwriting gain
Net servicing income	(4		)	(4		)
Net investment income	(46		)	(37		)
Net realized capital losses (gains)	(8		)	(5		)
Other expense (income)	2			(1		)
Income tax expense (benefit)	14			(1		)
Underwriting gain	20			(42		)
Adjustments to reconcile underwriting gain to underlying underwriting gain
Current accident year catastrophes	48			114
Prior accident year development	4			10
Underlying underwriting gain	$	72		$	82

SAFE HARBOR STATEMENT

Some of the statements in this release should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects” and similar references to the future. Examples of forward-looking statements include, but are not limited to, statements the company makes regarding future results of operations. The Hartford cautions investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include the risks and uncertainties identified below, as well as factors described in such forward-looking statements or in The Hartford's 2018 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings The Hartford makes with the Securities and Exchange Commission.

Risks Relating to Economic, Political and Global Market Conditions: challenges related to the company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; financial risk related to the continued reinvestment of our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;the risks associated with the change in or replacement of the London Inter-Bank Offered Rate (LIBOR) on the securities we hold or may have issued, other financial instruments and any other assets

23

and liabilities whose value is tied to LIBOR; the impacts associated with the withdrawal of the United Kingdom (“U.K.”) from the European Union (“E.U.”) on our international operations in the U.K. and E.U.;

Insurance Industry and Product-Related Risks:the possibility of unfavorable loss development including with respect to long-tailed exposures; the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims; the possibility of a pandemic, earthquake, or other natural or man-made disaster that may adversely affect our businesses; weather and other natural physical events, including the intensity and frequency of storms, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns; the possible occurrence of terrorist attacks and the company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws; the company’s ability to effectively price its property and casualty policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines; actions by competitors that may be larger or have greater financial resources than we do; technological changes, such as usage-based methods of determining premiums, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing, which may alter demand for the company's products, impact the frequency or severity of losses, and/or impact the way the company markets, distributes and underwrites its products; the company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues;

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

Risks Relating to Estimates, Assumptions and Valuations:risk associated with the use of analytical models in making decisions in key areas such as underwriting, capital management, reserving, and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the company’s fair value estimates for its investments and the evaluation of other-than-temporary impairments on available-for-sale securities; the potential for further impairments of our goodwill or the potential for changes in valuation allowances against deferred tax assets;

Strategic and Operational Risks:the company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber or other information security incident or other unanticipated event; the potential for difficulties arising from outsourcing and similar third-party relationships; the risks, challenges and uncertainties

24

associated with capital management plans, expense reduction initiatives and other actions, which may include acquisitions, divestitures or restructurings; risks associated with acquisitions and divestitures including the challenges of integrating acquired companies or businesses or separating from our divested businesses that may result in our not being able to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; and the company’s ability to protect its intellectual property and defend against claims of infringement;

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

Any forward-looking statement made by the company in this release speaks only as of the date of this release. Factors or events that could cause the company's actual results to differ may emerge from time to time, and it is not possible for the company to predict all of them. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

25

EX-99.2

INVESTOR FINANCIAL SUPPLEMENT

June 30, 2019

Effective upon the closing of the acquisition of The Navigators Group, Inc. ("Navigators Group") on May 23, 2019, the Company realigned the Commercial Lines segment lines of business among small commercial, middle & large commercial, and global specialty (formerly small commercial, middle market and specialty commercial) to reflect the Company's management reporting structure. The realignment included moving a portion of excess and surplus lines from small commercial to global specialty, moving livestock business from middle market to global specialty and moving national accounts and captive programs from specialty commercial to middle & large commercial. In addition, financial products and bond business, previously included in specialty commercial, are now included in global specialty.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

	As of July 30, 2019
Address:
One Hartford Plaza		A.M. Best	Standard & Poor’s	Moody’s
Hartford, CT 06155	Insurance Financial Strength Ratings:
	Hartford Fire Insurance Company	A+	A+	A1
	Hartford Life and Accident Insurance Company	A	A+	A2
	Maxum Casualty Insurance Company	A+	Not Rated "NR"	NR
	Maxum Indemnity Company	A+	NR	NR
	Navigators Insurance Company	A	A	NR
	Navigators Specialty Insurance Company	A	A	NR
	Navigators International Insurance Company Ltd.	A	A	NR
	Assurances Continentales – Continentale Verzekeringen NV	NR	A-	NR
	- Hartford Fire Insurance Company ratings are on stable outlook at A.M. Best, Moody’s, and Standard and Poor’s
	- Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Moody’s, and Standard and Poor’s
Internet address:	- Maxum Casualty Insurance Company and Maxum Indemnity Company ratings are on stable outlook at A.M. Best
http://www.thehartford.com	- Navigators Insurance Company and Navigators Specialty Insurance Company, are on positive outlook at A.M. Best and on stable outlook at Standard and Poor's
	- Navigators International Insurance Co. Ltd. is on stable outlook at A.M. Best and Standard and Poor's
	- Assurances Continentales - Continentale Verzekeringen, a Belgium domiciled insurance subsidiary, is on stable outlook at Standard and Poor's
	Other Ratings:
	The Hartford Financial Services Group, Inc.:
	Senior debt	a-	BBB+	Baa1
Contacts:	Commercial paper	AMB-1	A-2	P-2
Sabra Purtill	Preferred stock	bbb	BBB-	Baa3
Senior Vice President	Junior subordinated debentures	bbb	BBB-	Baa2
Investor Relations & Treasurer
Phone (860) 547-8691	The Navigators Group, Inc.:
	Senior debt	bbb+	BBB	NR
Susan Spivak Bernstein
Vice President	- Hartford Financial Services Group, Inc. senior debt and junior subordinated debentures are on stable outlook at A.M. Best, Standard and Poor’s, and Moody's.
Investor Relations	- The Navigators Group, Inc. senior debt has a positive outlook at A.M. best and stable outlook at Standard and Poor’s.
Phone (860) 547-6233
	TRANSFER AGENT
	Stockholder correspondence should be mailed to:	Overnight correspondence should be mailed to:
	Computershare	Computershare
	P.O. Box 505000	462 South 4th Street, Suite 1600
	Louisville, KY 40233	Louisville, KY 40202

Common stock and preferred stock of The Hartford Financial Services Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PS G", respectively.

This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange

Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTOR FINANCIAL SUPPLEMENT

TABLE OF CONTENTS

CONSOLIDATED	Consolidated Financial Results	1
	Consolidated Statements of Operations	2
	Operating Results by Segment	3
	Consolidating Balance Sheets	4
	Capital Structure	5
	Statutory Capital to GAAP Stockholders’ Equity Reconciliation	6
	Accumulated Other Comprehensive Income (Loss)	7
PROPERTY & CASUALTY	Property & Casualty Income Statements	8
	Property & Casualty Underwriting Ratios and Results	9
	Commercial Lines Income Statements	10
	Commercial Lines Underwriting Ratios	12
	Commercial Lines Supplemental Data	13
	Personal Lines Income Statements	14
	Personal Lines Underwriting Ratios	16
	Personal Lines Supplemental Data	17
	P&C Other Operations Income Statements	19
GROUP BENEFITS	Income Statements	20
	Supplemental Data	21
HARTFORD FUNDS	Income Statements	22
	Asset Value Rollforward - Assets Under Management By Asset Class	23
CORPORATE	Income Statements	24
INVESTMENTS	Investment Earnings Before Tax - Consolidated	25
	Investment Earnings Before Tax - Property & Casualty	26
	Investment Earnings Before Tax - Group Benefits	27
	Net Investment Income	28
	Components of Net Realized Capital Gains (Losses)	29
	Composition of Invested Assets	30
	Invested Asset Exposures	31
APPENDIX	Basis of Presentation and Definitions	32
	Discussion of Non-GAAP and Other Financial Measures	33

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED FINANCIAL RESULTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019		Jun 30 2018
HIGHLIGHTS
Income from continuing operations, net of tax, available to common stockholders [1]	$	372		$	625		$	190		$	427		$	434		$	428		$	997	$	862
Net income	$	372		$	630		$	196		$	432		$	582		$	597		$	1,002	$	1,179
Net income available to common stockholders	$	372		$	625		$	190		$	432		$	582		$	597		$	997	$	1,179
Core earnings *	$	485		$	507		$	284		$	418		$	412		$	461		$	992	$	873
Total revenues	$	5,092		$	4,940		$	4,633		$	4,842		$	4,789		$	4,691		$	10,032	$	9,480
Total assets	$69,472			$63,324			$62,307			$61,437			$60,775			$216,666
PER SHARE AND SHARES DATA
Basic earnings per common share
Income from continuing operations, net of tax, available to common stockholders [1]	$	1.03		$	1.74		$	0.53		$	1.19		$	1.21		$	1.20		$	2.76	$	2.41
Net income available to common stockholders	$	1.03		$	1.74		$	0.53		$	1.20		$	1.62		$	1.67		$	2.76	$	3.29
Core earnings*	$	1.34		$	1.41		$	0.79		$	1.17		$	1.15		$	1.29		$	2.75	$	2.44
Diluted earnings per common share
Income from continuing operations, net of tax, available to common stockholders [1]	$	1.02		$	1.71		$	0.52		$	1.17		$	1.19		$	1.18		$	2.73	$	2.37
Net income available to common stockholders	$	1.02		$	1.71		$	0.52		$	1.19		$	1.60		$	1.64		$	2.73	$	3.24
Core earnings*	$	1.33		$	1.39		$	0.78		$	1.15		$	1.13		$	1.27		$	2.72	$	2.40
Weighted average common shares outstanding (basic)	361.4			360.0			359.1			358.6			358.3			357.5			360.7		357.9
Dilutive effect of stock compensation	3.2			3.3			3.2			3.6			4.0			4.4			3.3		4.2
Dilutive effect of warrants [2]	0.5			1.4			1.7			1.9			1.9			2.0			0.9		2.0
Weighted average common shares outstanding and dilutive potential common shares (diluted)	365.1			364.7			364.0			364.1			364.2			363.9			364.9		364.1
Common shares outstanding	361.6			360.9			359.2			358.7			358.4			358.1
Book value per common share	$	41.37		$	38.81		$	35.54		$	35.49		$	35.01		$	36.70
Per common share impact of accumulated other comprehensive income [3]	$	(0.54	)	$	(2.45	)	$	(4.40	)	$	(4.23	)	$	(3.77	)	$	(0.67	)
Book value per common share (excluding AOCI)*	$	41.91		$	41.26		$	39.94		$	39.72		$	38.78		$	37.37
Book value per diluted share	$	41.00		$	38.36		$	35.06		$	34.95		$	34.44		$	36.06
Per diluted share impact of AOCI	$	(0.55	)	$	(2.43	)	$	(4.34	)	$	(4.17	)	$	(3.71	)	$	(0.65	)
Book value per diluted share (excluding AOCI)*	$	41.55		$	40.79		$	39.40		$	39.12		$	38.15		$	36.71
Common shares outstanding and dilutive potential common shares	364.8			365.1			364.1			364.2			364.3			364.5
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [4]
Net income (loss) available to common stockholders' ROE ("Net income (loss) ROE")	11.8		%	13.5		%	13.7		%	(14.0		%)	(15.4		%)	(19.3		%)
Core earnings ROE*	11.7		%	11.5		%	11.6		%	10.3		%	8.4		%	7.8		%

[1] Income from continuing operations, net of tax, available to common stockholders includes the impact of preferred stock dividends.

[2] On June 26, 2019, the Capital Purchase Program warrants issued in 2009 expired.

[3] Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on available-for-sale securities, other than temporary impairment losses recognized in AOCI, net gain (loss) on cash-flow hedging instruments, foreign currency translation adjustments and pension and other postretirement adjustments.

[4] For reconciliation of Net income (loss) ROE to Core earnings ROE, see Appendix, page 33.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Earned premiums	$	4,166		$	3,940		$	3,997		$	3,987		$	3,958		$	3,927		$	8,106		$	7,885
Fee income	326			314			319			344			327			323			640			650
Net investment income	488			470			457			444			428			451			958			879
Realized capital gains (losses):
Total other-than-temporary impairment (“OTTI”) losses	—			(4		)	(1		)	(4		)	—			(2		)	(4		)	(2		)
OTTI losses recognized in other comprehensive income	—			2			1			3			—			2			2			2
Net OTTI losses recognized in earnings	—			(2		)	—			(1		)	—			—			(2		)	—
Other net realized capital gains (losses)	80			165			(172		)	39			52			(30		)	245			22
Total net realized capital gains (losses)	80			163			(172		)	38			52			(30		)	243			22
Other revenues	32			53			32			29			24			20			85			44
Total revenues	5,092			4,940			4,633			4,842			4,789			4,691			10,032			9,480
Benefits, losses and loss adjustment expenses	2,934			2,685			2,946			2,786			2,738			2,695			5,619			5,433
Amortization of deferred acquisition costs ("DAC")	392			355			350			348			344			342			747			686
Insurance operating costs and other expenses	1,141			1,048			1,086			1,091			1,067			1,037			2,189			2,104
Loss on extinguishment of debt	—			—			—			—			6			—			—			6
Loss on reinsurance transaction [1]	91			—			—			—			—			—			91			—
Interest expense	63			64			70			69			79			80			127			159
Amortization of other intangible assets	15			13			14			18			18			18			28			36
Total benefits, losses and expenses	4,636			4,165			4,466			4,312			4,252			4,172			8,801			8,424
Income from continuing operations, before tax	456			775			167			530			537			519			1,231			1,056
Income tax expense (benefit)	84			145			(29		)	103			103			91			229			194
Income from continuing operations, net of tax	372			630			196			427			434			428			1,002			862
Income from discontinued operations, net of tax	—			—			—			5			148			169			—			317
Net income	372			630			196			432			582			597			1,002			1,179
Preferred stock dividends [2]	—			5			6			—			—			—			5			—
Net income available to common stockholders	372			625			190			432			582			597			997			1,179
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(79		)	(160		)	175			(37		)	(50		)	30			(239		)	(20		)
Loss on extinguishment of debt, before tax	—			—			—			—			6			—			—			6
Loss on reinsurance transaction, before tax [1]	91			—			—			—			—			—			91			—
Integration and transaction costs associated with acquired business, before tax [3]	31			10			12			12			11			12			41			23
Change in loss reserves upon acquisition of a business, before tax [4]	97			—			—			—			—			—			97			—
Income tax expense (benefit) [5]	(27		)	32			(93		)	16			11			(9		)	5			2
Income from discontinued operations, net of tax	—			—			—			(5		)	(148		)	(169		)	—			(317		)
Core earnings	$	485		$	507		$	284		$	418		$	412		$	461		$	992		$	873

[1] Immediately after closing on the acquisition of Navigators Group in May 2019, the Company purchased an adverse development cover ("ADC") from National Indemnity Company ("NICO") on behalf of Navigators Insurance Company and certain of its affiliates ("Navigators Insurers") for a ceded premium of $91. The ADC covers $300 of adverse development on 2018 and prior accident year reserves (subject to limited exceptions) that attaches at $100 above Navigators Insurers recorded net reserves as of December 31, 2018.

[2] No preferred stock dividends were declared in second quarter 2019. Preferred stock dividends of $5 were declared on July 18, 2019 and, therefore will be recognized in third quarter 2019. Fourth quarter 2019 will have two quarterly preferred stock dividend declarations.

[3] The three and six month periods ended June 30, 2019 included Navigators Group acquisition transaction expenses of $15, Navigators integration costs of $6 and integration costs related to the 2017 acquisition of Aetna's group benefits business of $10. Periods prior to the second quarter of 2019 represent integration costs related to the 2017 acquisition of Aetna's group benefits business.

[4] Upon acquisition of Navigators Group and a review of Navigators Insurers reserves, the three and six months ended June 30, 2019 included $68 of prior accident year reserve increases and $29 of current accident year reserve increases included in net income.

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

OPERATING RESULTS BY SEGMENT

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net income (loss):
Commercial Lines	$	191		$	363		$	253		$	289		$	372		$	298		$	554		$	670
Personal Lines	62			96			(178		)	51			6			89			158			95
P&C Other Operations	11			23			(16		)	9			5			17			34			22
Property & Casualty ("P&C")	264			482			59			349			383			404			746			787
Group Benefits	113			118			113			77			96			54			231			150
Hartford Funds	38			30			36			41			37			34			68			71
Sub-total	415			630			208			467			516			492			1,045			1,008
Corporate [1]	(43		)	—			(12		)	(35		)	66			105			(43		)	171
Net income	372			630			196			432			582			597			1,002			1,179
Preferred stock dividends	—			5			6			—			—			—			5			—
Net income available to common stockholders	$	372		$	625		$	190		$	432		$	582		$	597		$	997		$	1,179
Core earnings (losses):
Commercial Lines	$	304		$	274		$	337		$	265		$	341		$	302		$	578		$	643
Personal Lines	55			82			(166		)	47			2			89			137			91
P&C Other Operations	8			16			(15		)	8			3			17			24			20
P&C	367			372			156			320			346			408			739			754
Group Benefits	115			122			136			102			104			85			237			189
Hartford Funds	38			28			38			41			38			34			66			72
Sub-total	520			522			330			463			488			527			1,042			1,015
Corporate	(35		)	(15		)	(46		)	(45		)	(76		)	(66		)	(50		)	(142		)
Core earnings	$	485		$	507		$	284		$	418		$	412		$	461		$	992		$	873

[1] For the first three quarters of 2018, includes income (loss) from discontinued operations from the life and annuity business sold in May 2018. For the three months ended June 30, 2019, March 31, 2019 and December 31, 2018, includes $3, $28, and $6, respectively, of before tax income from the Company's retained 9.7% equity interest in the limited partnership that acquired the life and annuity business sold in May 2018.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATING BALANCE SHEETS

	PROPERTY & CASUALTY					GROUP BENEFITS						HARTFORD FUNDS				CORPORATE						CONSOLIDATED
	Jun 30 2019			Dec 31 2018		Jun 30 2019			Dec 31 2018			Jun 30 2019		Dec 31 2018		Jun 30 2019			Dec 31 2018			Jun 30 2019			Dec 31 2018
Investments
Fixed maturities, available-for-sale, at fair value	$	30,200		$	24,763	$	10,393		$	9,876		$	35	$	28	$	538		$	985		$	41,166		$	35,652
Fixed maturities, at fair value using the fair value option	43			16		5			6			—		—		1			—			49			22
Equity securities, at fair value	1,222			920		76			64			38		51		197			179			1,533			1,214
Mortgage loans	2,546			2,603		1,066			1,101			—		—		—			—			3,612			3,704
Limited partnerships and other alternative investments	1,448			1,458		286			265			—		—		—			—			1,734			1,723
Other investments	134			78		7			10			36		—		134			104			311			192
Short-term investments	1,254			1,081		442			398			178		197		490			2,607			2,364			4,283
Total investments [1]	36,847			30,919		12,275			11,720			287		276		1,360			3,875			50,769			46,790
Cash	207			88		7			12			8		7		4			5			226			112
Restricted cash	51			3		6			6			—		—		—			—			57			9
Premiums receivable and agents’ balances	4,263			3,565		463			430			—		—		—			—			4,726			3,995
Reinsurance recoverables [2]	4,825			3,774		243			251			—		—		326			332			5,394			4,357
DAC	663			612		53			52			6		6		—			—			722			670
Deferred income taxes	(146		)	180		(151		)	(26		)	7		7		905			1,087			615			1,248
Goodwill [3]	781			157		723			723			180		180		229			230			1,913			1,290
Property and equipment, net	1,039			826		94			101			14		—		75			79			1,222			1,006
Other intangible assets [3]	642			87		539			559			10		11		—			—			1,191			657
Other assets	1,417			1,013		280			286			91		96		849			778			2,637			2,173
Total assets	$	50,589		$	41,224	$	14,532		$	14,114		$	603	$	583	$	3,748		$	6,386		$	69,472		$	62,307
Unpaid losses and loss adjustment expenses	$	27,748		$	24,584	$	8,356		$	8,445		$	—	$	—	$	—		$	—		$	36,104		$	33,029
Reserves for future policy benefits [2]	—			—		418			427			—		—		226			215			644			642
Other policyholder funds and benefits payable [2]	—			—		486			455			—		—		304			312			790			767
Unearned premiums	6,794			5,239		38			43			—		—		1			—			6,833			5,282
Debt [4]	283			—		—			—			—		—		4,267			4,678			4,550			4,678
Other liabilities	2,484			1,930		475			516			207		203		2,093			2,159			5,259			4,808
Total liabilities	37,309			31,753		9,773			9,886			207		203		6,891			7,364			54,180			49,206
Common stockholders' equity, excluding AOCI	12,287			9,389		4,388			4,303			396		380		(1,915		)	274			15,156			14,346
Preferred stock	—			—		—			—			—		—		334			334			334			334
AOCI, net of tax	993			82		371			(75		)	—		—		(1,562		)	(1,586		)	(198		)	(1,579		)
Total stockholders' equity	13,280			9,471		4,759			4,228			396		380		(3,143		)	(978		)	15,292			13,101
Total liabilities and equity	$	50,589		$	41,224	$	14,532		$	14,114		$	603	$	583	$	3,748		$	6,386		$	69,472		$	62,307

[1] Includes investments classified as part of Corporate that are not fixed maturities or short-term investments held by the holding company of The Hartford Financial Services Group, Inc. ("HFSG Holding Company") which are principally assets held by Hartford Life and Accident Insurance Company (HLA) that support reserves for run-off structured settlement and terminal funding agreement liabilities. Fixed maturities, cash, and short-term investments held by the HFSG Holding Company were $0.8 billion and $3.4 billion as of June 30, 2019 and December 31, 2018, respectively.

[2] Corporate includes reserves and reinsurance recoverables for run-off structured settlement and terminal funding agreement liabilities.

[3] As of June 30, 2019, Property & Casualty includes $623 of goodwill and $560 ($580 as of the May 23, 2019 acquisition date) of intangible assets related to the May 23, 2019 acquisition of Navigators Group.

[4] Property & Casualty debt as of June 30, 2019 represents 5.75% senior notes, par value $265, acquired as part of the Navigators Group acquisition.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CAPITAL STRUCTURE

	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018
DEBT
Short-term debt	$	500		$	499		$	413		$	413		$	413		$	413
Senior notes	2,961			2,678			3,176			3,174			3,173			3,172
Junior subordinated debentures	1,089			1,089			1,089			1,089			1,089			1,583
Total debt	$	4,550		$	4,266		$	4,678		$	4,676		$	4,675		$	5,168
STOCKHOLDERS’ EQUITY
Common stockholders' equity, excluding AOCI	$	15,156		$	14,891		$	14,346		$	14,248		$	13,899		$	13,382
Preferred stock	334			334			334			—			—			—
AOCI	(198		)	(885		)	(1,579		)	(1,519		)	(1,353		)	(239		)
Total stockholders’ equity	$	15,292		$	14,340		$	13,101		$	12,729		$	12,546		$	13,143
CAPITALIZATION
Total capitalization, including AOCI, net of tax	$	19,842		$	18,606		$	17,779		$	17,405		$	17,221		$	18,311
Total capitalization, excluding AOCI, net of tax	$	20,040		$	19,491		$	19,358		$	18,924		$	18,574		$	18,550
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI	22.9		%	22.9		%	26.3		%	26.9		%	27.1		%	28.2		%
Total debt to capitalization, excluding AOCI	22.7		%	21.9		%	24.2		%	24.7		%	25.2		%	27.9		%
Total debt and preferred stock to capitalization, including AOCI	24.6		%	24.7		%	28.2		%	26.9		%	27.1		%	28.2		%
Total debt and preferred stock to capitalization, excluding AOCI	24.4		%	23.6		%	25.9		%	24.7		%	25.2		%	27.9		%
Total rating agency adjusted debt to capitalization [1] [2]	26.6		%	25.7		%	29.2		%	29.4		%	29.7		%	29.9		%
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]	10.1:1			11.9:1			6.4:1			7.6:1			7.4:1			7.1:1

[1] The leverage calculation reflects adjustments related to the Company’s defined benefit plans' unfunded pension liability, the Company's rental expense on operating leases and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.9 billion and $1.0 billion as of June 30, 2019 and 2018, respectively.

[2] Reflects 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock.

[3] Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income from continuing operations 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.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION

JUNE 30, 2019

	P&C			GROUP BENEFITS
U.S. statutory net income [1][5]	$	699		$	260
U.S. statutory capital [2][5]	$	9,338		$	2,533
U.S. GAAP adjustments:
DAC	783			53
Non-admitted deferred tax assets [3]	159			172
Deferred taxes [4]	(858		)	(474		)
Goodwill	118			723
Other intangible assets	82			539
Non-admitted assets other than deferred taxes	668			141
Asset valuation and interest maintenance reserve	—			221
Benefit reserves	(54		)	(19		)
Unrealized gains on investments	1,230			520
Other, net	962			350
U.S. GAAP stockholders’ equity of U.S. insurance entities [5]	12,428			4,759
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group	852			—
Total U.S. GAAP stockholders’ equity	$	13,280		$	4,759

[1] Statutory net income is for the six months endedJune 30, 2019.

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

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

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

[5] Excludes insurance operations in the U.K. and continental Europe.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

	AS OF
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018
Fixed maturities net unrealized gain	$	1,367		$	703		$	24		$	40		$	211		$	1,349
OTTI losses recognized in AOCI	(3		)	(3		)	(4		)	(4		)	(3		)	(5		)
Net gains (losses) on cash flow hedging instruments	11			—			(5		)	(17		)	(12		)	(24		)
Total net unrealized gain	$	1,375		$	700		$	15		$	19		$	196		$	1,320
Foreign currency translation adjustments	34			31			30			34			33			32
Pension and other postretirement plan adjustments	(1,607		)	(1,616		)	(1,624		)	(1,572		)	(1,582		)	(1,591		)
Total AOCI	$	(198	)	$	(885	)	$	(1,579	)	$	(1,519	)	$	(1,353	)	$	(239	)

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Written premiums	$	2,902		$	2,720		$	2,554		$	2,605		$	2,591		$	2,658		$	5,622		$	5,249
Change in unearned premium reserve	114			144			(87		)	(29		)	(10		)	88			258			78
Earned premiums	2,788			2,576			2,641			2,634			2,601			2,570			5,364			5,171
Fee income	19			18			18			19			18			19			37			37
Losses and loss adjustment expenses
Current accident year before catastrophes [1]	1,696			1,537			1,595			1,620			1,534			1,537			3,233			3,071
Current accident year catastrophes	138			104			361			169			188			103			242			291
Prior accident year development [1]	35			(11		)	(28		)	(60		)	(47		)	(32		)	24			(79		)
Total losses and loss adjustment expenses	1,869			1,630			1,928			1,729			1,675			1,608			3,499			3,283
Amortization of DAC	375			339			334			332			329			328			714			657
Underwriting expenses	550			495			516			511			495			470			1,045			965
Amortization of other intangible assets	4			3			2			3			2			1			7			3
Dividends to policyholders	6			6			5			8			6			4			12			10
Underwriting gain (loss) [2]*	3			121			(126		)	70			112			178			124			290
Net investment income	348			323			308			311			301			322			671			623
Net realized capital gains (losses)	66			143			(132		)	37			50			(9		)	209			41
Loss on reinsurance transaction [3]	(91		)	—			—			—			—			—			(91		)	—
Net servicing and other income (expense)	(2		)	2			(1		)	7			3			5			—			8
Income before income taxes	324			589			49			425			466			496			913			962
Income tax expense (benefit)	60			107			(10		)	76			83			92			167			175
Net income	264			482			59			349			383			404			746			787
Adjustments to reconcile net income to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(65		)	(140		)	134			(36		)	(49		)	8			(205		)	(41		)
Loss on reinsurance transaction, before tax [3]	91			—			—			—			—			—			91			—
Integration costs, before tax	6			1			—			—			—			—			7			—
Change in loss reserves upon acquisition of a business, before tax [1]	97			—			—			—			—			—			97			—
Income tax expense (benefit) [4]	(26		)	29			(37		)	7			12			(4		)	3			8
Core earnings	$	367		$	372		$	156		$	320		$	346		$	408		$	739		$	754
ROE
Net income available to common stockholders [5]	11.6		%	15.2		%	15.1		%	15.5		%	12.7		%	11.9		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(1.2		%)	(1.2		%)	0.8		%	(1.7		%)	(1.4		%)	(1.4		%)
Loss on reinsurance transaction, before tax [3]	1.0		%	—		%	—		%	—		%	—		%	—		%
Integration and transaction costs associated with an acquired business, before tax	0.1		%	—		%	—		%	—		%	—		%	—		%
Changes in loss reserves upon acquisition of a business, before tax [1]	1.1		%	—		%	—		%	—		%	—		%	—		%
Income tax expense (benefit) [4]	(0.3		%)	0.1		%	(0.3		%)	1.2		%	1.2		%	1.2		%
Impact of AOCI, excluded from core earnings ROE	0.6		%	0.7		%	0.7		%	0.5		%	0.5		%	0.6		%
Core earnings [5]	12.9		%	14.8		%	16.3		%	15.5		%	13.0		%	12.3		%

[1] See [4] on page 2 for impact of Navigators Group acquisition.

[2] Excluding the non-core change in loss reserves upon acquisition of Navigators Group (see [4] on page 2), underwriting gain for the three and six months ended June 30, 2019 is $100 and $221, respectively.

[3] See [1] on page 2 for impact from Navigators Group acquisition.

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

[5] Net income available to common stockholders ROE and Core earnings ROE assume a portion of debt and interest expense and preferred stock and preferred stock dividends accounted for within Corporate are allocated to Property & Casualty. For further information, see Appendix, page 33.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

UNDERWRITING RATIOS AND RESULTS

	THREE MONTHS ENDED												SIX MONTHS ENDED
	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
UNDERWRITING GAIN (LOSS)	3		121		(126	)	70		112		178		124		290
UNDERWRITING RATIOS
Losses and loss adjustment expenses
Current accident year before catastrophes [1]	60.8		59.7		60.4		61.5		59.0		59.8		60.3		59.4
Current accident year catastrophes	4.9		4.0		13.7		6.4		7.2		4.0		4.5		5.6
Prior accident year development [2][3]	1.3		(0.4	)	(1.1	)	(2.3	)	(1.8	)	(1.2	)	0.4		(1.5	)
Total losses and loss adjustment expenses	67.0		63.3		73.0		65.6		64.4		62.6		65.2		63.5
Expenses [4]	32.6		31.8		31.6		31.4		31.1		30.4		32.2		30.7
Policyholder dividends	0.2		0.2		0.2		0.3		0.2		0.2		0.2		0.2
Combined ratio	99.9		95.3		104.8		97.3		95.7		93.1		97.7		94.4
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development [2]	(6.2	)	(3.6	)	(12.6	)	(4.1	)	(5.4	)	(2.8	)	(4.9	)	(4.1	)
Current accident year change in loss reserves upon acquisition of a business [5]	(1.1	)	—		—		—		—		—		(0.6	)	—
Underlying combined ratio *	92.6		91.7		92.2		93.2		90.3		90.3		92.2		90.3

[1] Includes an increase in loss reserves of $29 upon acquisition of Navigators Group (see [4] on page 2).

[2] Includes an increase in loss reserves of $68 upon acquisition of Navigators Group (see [4] on page 2). This adjustment represents 2.4 points and 1.3 points, respectively, of the combined ratio for the three and six months ended June 30, 2019.

[3] The following table summarizes unfavorable (favorable) prior accident year development.

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

[5] Represents an increase in loss reserves of $29 upon acquisition of Navigators Group (see [4] on page 2).

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Auto liability - Commercial Lines	$	2		$	—		$	—		$	(5	)	$	(5	)	$	(5	)	$	2		$	(10	)
Auto liability - Personal Lines	—			(5		)	(8		)	(10		)	—			—			(5		)	—
Homeowners	—			1			(5		)	(7		)	(1		)	(12		)	1			(13		)
Marine	10			—			—			—			—			—			10			—
Professional liability	33			—			—			(20		)	6			2			33			8
Package business	(14		)	5			(10		)	(9		)	(15		)	8			(9		)	(7		)
General liability	37			6			20			4			20			8			43			28
Bond	—			—			2			—			—			—			—			—
Assumed Reinsurance	3			—			—			—			—			—			3			—
Commercial property	(13		)	(2		)	(2		)	2			1			(13		)	(15		)	(12		)
Workers’ compensation	(30		)	(20		)	(67		)	(24		)	(48		)	(25		)	(50		)	(73		)
Workers' compensation discount accretion	9			8			10			10			10			10			17			20
Catastrophes	(14		)	(8		)	(2		)	(13		)	(31		)	(3		)	(22		)	(34		)
Uncollectible reinsurance	—			—			—			11			11			—			—			11
Other reserve re-estimates	12			4			34			1			5			(2		)	16			3
Total prior accident year development [1]	$	35		$	(11	)	$	(28	)	$	(60	)	$	(47	)	$	(32	)	$	24		$	(79	)

[1] The prior accident year reserve increase of $68 related to the Navigators Group acquisition for the three and six months ended June 30, 2019 (see [4] on page 2) represented increases of $34 for general liability, $25 for professional liability, $10 for marine, $3 for assumed reinsurance and $2 for commercial auto liability, partially offset by a reserve decrease of $6 for commercial property.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Written premiums	$	2,078		$	1,949		$	1,800		$	1,751		$	1,734		$	1,851		$	4,027		$	3,585
Change in unearned premium reserve	91			172			(6		)	(34		)	(11		)	140			263			129
Earned premiums	1,987			1,777			1,806			1,785			1,745			1,711			3,764			3,456
Fee income	9			9			8			9			8			9			18			17
Losses and loss adjustment expenses
Current accident year before catastrophes [1]	1,179			1,037			1,034			1,055			977			971			2,216			1,948
Current accident year catastrophes	90			70			37			95			74			69			160			143
Prior accident year development [1] [2]	22			(10		)	(55		)	(53		)	(73		)	(19		)	12			(92		)
Total losses and loss adjustment expenses	1,291			1,097			1,016			1,097			978			1,021			2,388			1,999
Amortization of DAC [3]	310			274			268			264			259			257			584			516
Underwriting expenses	392			337			356			353			336			324			729			660
Amortization of other intangible assets	2			2			1			2			1			—			4			1
Dividends to policyholders	6			6			5			8			6			4			12			10
Underwriting gain (loss) [4]	(5		)	70			168			70			173			114			65			287
Net servicing income (loss)	2			(1		)	2			(1		)	1			—			1			1
Net investment income	281			259			247			250			242			258			540			500
Net realized capital gains (losses)	54			115			(106		)	29			42			(8		)	169			34
Loss on reinsurance transaction [5]	(91		)	—			—			—			—			—			(91		)	—
Other income (expense)	(6		)	(1		)	(3		)	2			(3		)	2			(7		)	(1		)
Income before income taxes	235			442			308			350			455			366			677			821
Income tax expense	44			79			55			61			83			68			123			151
Net income	191			363			253			289			372			298			554			670
Adjustments to reconcile net income to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(54		)	(113		)	108			(28		)	(40		)	6			(167		)	(34		)
Integration costs, before tax [6]	6			1			—			—			—			—			7			—
Change in loss reserves upon acquisition of a business, before tax [1]	97			—			—			—			—			—			97			—
Loss on reinsurance transaction, before tax [5]	91			—			—			—			—			—			91			—
Income tax expense (benefit) [7]	(27		)	23			(24		)	4			9			(2		)	(4		)	7
Core earnings	$	304		$	274		$	337		$	265		$	341		$	302		$	578		$	643

[1] See [4] on page 2 for impact related to Navigators Group acquisition.

[2] For further information, see Commercial Lines Income Statements (continued), page 11.

[3] Includes amortization of the Value of Business Acquired ("VOBA") intangible asset arising from the acquisition of Navigators Group. The VOBA asset approximates the DAC that had been recognized by Navigators Group prior to the acquisition.

[4] Excluding the non-core change in loss reserves upon acquisition of Navigators Group (see [4] on page 2), underwriting gain for the three and six months ended June 30, 2019 was $92 and $162, respectively.

[5] See [1] on page 2 for impact from Navigators Group acquisition.

[6] The three and six month periods ended June 30, 2019 included Navigators Group integration costs.

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

INCOME STATEMENTS (CONTINUED)

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

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Auto liability	$	2		$	—		$	—		$	(5	)	$	(5	)	$	(5	)	$	2		$	(10	)
Professional liability	33			—			—			(20		)	6			2			33			8
Package business	(14		)	5			(10		)	(9		)	(15		)	8			(9		)	(7		)
General liability	37			6			20			4			20			8			43			28
Marine	10			—			—			—			—			—			10			—
Bond	—			—			2			—			—			—			—			—
Assumed Reinsurance	3			—			—			—			—			—			3			—
Commercial property	(13		)	(2		)	(2		)	2			1			(13		)	(15		)	(12		)
Workers’ compensation	(30		)	(20		)	(67		)	(24		)	(48		)	(25		)	(50		)	(73		)
Workers' compensation discount accretion	9			8			10			10			10			10			17			20
Catastrophes	(16		)	(12		)	(4		)	(11		)	(44		)	(8		)	(28		)	(52		)
Uncollectible reinsurance	—			—			—			—			—			—			—			—
Other reserve re-estimates	1			5			(4		)	—			2			4			6			6
Total prior accident year development	$	22		$	(10	)	$	(55	)	$	(53	)	$	(73	)	$	(19	)	$	12		$	(92	)
Change in loss reserves upon acquisition of Navigators [1]	68			—			—			—			—			—			68			—
Prior accident year development excluding increase in Navigators reserves	$	(46	)	$	(10	)	$	(55	)	$	(53	)	$	(73	)	$	(19	)	$	(56	)	$	(92	)

[1] The prior accident year reserve increase of $68 related to the Navigators Group acquisition for the three and six months ended June 30, 2019 (see [4] on page 2) represented increases of $34 for general liability, $25 for professional liability, $10 for marine, $3 for assumed reinsurance and $2 for commercial auto liability, partially offset by a reserve decrease of $6 for commercial property.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

UNDERWRITING RATIOS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
UNDERWRITING GAIN	$	(5	)	$	70		$	168		$	70		$	173		$	114		$	65		$	287
UNDERWRITING RATIOS
Losses and loss adjustment expenses
Current accident year before catastrophes [1]	59.3			58.4			57.3			59.1			56.0			56.8			58.9			56.4
Current accident year catastrophes	4.5			3.9			2.0			5.3			4.2			4.0			4.3			4.1
Prior accident year development [2]	1.1			(0.6		)	(3.0		)	(3.0		)	(4.2		)	(1.1		)	0.3			(2.7		)
Total losses and loss adjustment expenses	65.0			61.7			56.3			61.5			56.0			59.7			63.4			57.8
Expenses [3]	35.0			34.0			34.2			34.2			33.7			33.4			34.5			33.6
Policyholder dividends	0.3			0.3			0.3			0.4			0.3			0.2			0.3			0.3
Combined ratio	100.3			96.1			90.7			96.1			90.1			93.3			98.3			91.7
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(5.6		)	(3.3		)	1.0			(2.3		)	—			(2.9		)	(4.6		)	(1.4		)
Current accident year change in loss reserves upon acquisition of a business	(1.5		)	—			—			—			—			—			(0.8		)	—
Underlying combined ratio	93.2			92.7			91.7			93.7			90.0			90.4			92.9			90.2
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio	89.2			92.4			83.4			88.3			85.6			88.9			90.7			87.2
Current accident year catastrophes	5.6			3.4			2.1			2.7			5.5			3.5			4.5			4.5
Prior accident year development	(4.3		)	0.1			(4.7		)	(2.8		)	(5.1		)	(2.0		)	(2.1		)	(3.6		)
Underlying combined ratio	87.8			88.9			86.0			88.4			85.2			87.5			88.3			86.3
MIDDLE & LARGE COMMERCIAL
Combined ratio	105.8			103.0			99.0			111.7			97.8			100.7			104.4			99.2
Current accident year catastrophes	4.1			5.0			0.9			10.0			3.3			5.9			4.6			4.5
Prior accident year development [2]	0.7			(0.2		)	(1.8		)	0.4			(2.6		)	(0.2		)	0.3			(1.4		)
Underlying combined ratio	100.9			98.1			99.9			101.2			97.1			95.0			99.5			96.1
GLOBAL SPECIALTY
Combined ratio	120.4			85.7			95.4			69.6			92.1			86.1			109.0			89.2
Current accident year catastrophes	2.3			2.3			6.7			0.4			0.2			—			2.3			0.1
Prior accident year development [2]	18.2			(5.9		)	0.4			(20.6		)	3.8			—			10.3			1.9
Current accident year change in loss reserves upon acquisition of a business [1]	9.1			—			—			—			—			—			6.1			—
Underlying combined ratio [4]	90.7			89.4			88.4			89.8			88.1			86.1			90.3			87.1

[1] The current accident year reserve increases of $29 related to the Navigators Group acquisition for the three and six months ended June 30, 2019 (see [4] on page 2) represented 1.5 points and 0.8 points, respectively, of the Commercial Lines combined ratio and 9.2 points and 6.2 points, respectively, of the global specialty combined ratio.

[2] The prior accident year reserve increases of $68 related to the Navigators Group acquisition for the three and six months ended June 30, 2019 (see [4] on page 2), including $5 in middle & large commercial and $63 in global specialty, represented 3.4 points and 1.8 points, respectively, of the Commercial Lines combined ratio, 0.7 points and 0.3 points, respectively, of the middle & large commercial combined ratio and 20.1 points and 13.5 points, respectively, of the global specialty combined ratio.

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

[4] For the three and six months ended June 30, 2019, included an underlying combined ratio on the business acquired from Navigators Group of 96.3 for the period from the May 23, 2019 acquisition date through June 30, 2019.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMMERCIAL LINES

SUPPLEMENTAL DATA

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
WRITTEN PREMIUMS
Small Commercial	$	960		$	1,010		$	889		$	898		$	906		$	978		$	1,970		$	1,884
Middle & Large Commercial	757			757			742			686			657			716			1,514			1,373
Middle Market [1]	673			641			653			605			569			600			1,314			1,169
National Accounts and Other	84			116			89			81			88			116			200			204
Global Specialty	353			171			156			155			161			145			524			306
U.S. [2]	274			171			156			155			161			145			445			306
International [3]	43			—			—			—			—			—			43			—
Global Re [4]	36			—			—			—			—			—			36			—
Other	8			11			13			12			10			12			19			22
Total	$	2,078		$	1,949		$	1,800		$	1,751		$	1,734		$	1,851		$	4,027		$	3,585
EARNED PREMIUMS
Small Commercial	$	933		$	910		$	930		$	920		$	907		$	894		$	1,843		$	1,801
Middle & Large Commercial	729			703			710			702			675			659			1,432			1,334
Middle Market [1]	637			608			610			598			580			564			1,245			1,144
National Accounts and Other	92			95			100			104			95			95			187			190
Global Specialty	314			153			156			151			152			146			467			298
U.S. [2]	241			153			156			151			152			146			394			298
International [3]	44			—			—			—			—			—			44			—
Global Re [4]	29			—			—			—			—			—			29			—
Other	11			11			10			12			11			12			22			23
Total	$	1,987		$	1,777		$	1,806		$	1,785		$	1,745		$	1,711		$	3,764		$	3,456
U.S. STANDARD COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION [5]
New Business Premium
Small Commercial	$	183		$	175		$	157		$	145		$	142		$	156		$	358		$	298
Middle Market	$	177		$	140		$	136		$	131		$	135		$	138		$	317		$	273
Renewal Price Increases [6]
Standard Commercial Lines - Written	2.2		%	1.7		%	1.7		%	1.8		%	3.1		%	2.8		%	2.0		%	3.0		%
Standard Commercial Lines - Earned	2.2		%	2.4		%	2.6		%	3.0		%	3.3		%	3.3		%	2.3		%	3.3		%
Policy Count Retention [6]
Small Commercial	83		%	84		%	83		%	83		%	82		%	82		%	83		%	82		%
Middle Market	81		%	81		%	79		%	78		%	77		%	78		%	81		%	78		%
Policies in Force (in thousands) [6]
Small Commercial	1,291			1,280			1,271			1,264			1,259			1,258
Middle Market	64			64			64			64			65			65

[1] Included $12 of written premium and $9 of earned premium in the three and six months ended June 30, 2019 related to business acquired from Navigators Group.

[2] U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures ("multinational exposure"). Included $99 of written premium and $80 of earned premium in the three and six months ended June 30, 2019 related to business acquired from Navigators Group.

[3] International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.

[4] Global Re includes accident and health and other assumed premiums previously written by Navigators Re.

[5] Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines.

[6] Excludes certain risk classes of higher hazard general liability in middle market.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Written premiums	$	824		$	771		$	758		$	854		$	857		$	807		$	1,595		$	1,664
Change in unearned premium reserve	23			(28		)	(77		)	5			1			(52		)	(5		)	(51		)
Earned premiums	801			799			835			849			856			859			1,600			1,715
Fee income	10			9			10			10			10			10			19			20
Losses and loss adjustment expenses
Current accident year before catastrophes	517			500			561			565			557			566			1,017			1,123
Current accident year catastrophes	48			34			324			74			114			34			82			148
Prior accident year development [1]	4			(1		)	(11		)	(18		)	10			(13		)	3			(3		)
Total losses and loss adjustment expenses	569			533			874			621			681			587			1,102			1,268
Amortization of DAC	65			65			66			68			70			71			130			141
Underwriting expenses	155			155			157			155			156			143			310			299
Amortization of other intangible assets	2			1			1			1			1			1			3			2
Underwriting gain (loss)	20			54			(253		)	14			(42		)	67			74			25
Net servicing income	4			3			3			5			4			4			7			8
Net investment income	46			42			39			39			37			40			88			77
Net realized capital gains (losses)	8			19			(17		)	5			5			—			27			5
Other income (expense)	(2		)	1			(2		)	1			1			(1		)	(1		)	—
Income (loss) before income taxes	76			119			(230		)	64			5			110			195			115
Income tax expense (benefit)	14			23			(52		)	13			(1		)	21			37			20
Net income (loss)	62			96			(178		)	51			6			89			158			95
Adjustments to reconcile net income (loss) to core earnings (losses):
Net realized capital losses (gains), excluded from core earnings, before tax	(8		)	(18		)	17			(5		)	(6		)	1			(26		)	(5		)
Income tax expense (benefit) [2]	1			4			(5		)	1			2			(1		)	5			1
Core earnings (losses)	$	55		$	82		$	(166	)	$	47		$	2		$	89		$	137		$	91

[1] For further information, see Personal Lines Income Statements (continued), page 15.

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

INCOME STATEMENTS (CONTINUED)

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

	THREE MONTHS ENDED																	SIX MONTHS ENDED
	Jun 30 2019		Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Auto liability	$	—	$	(5	)	$	(8	)	$	(10	)	$	—		$	—		$	(5	)	$	—
Homeowners	—		1			(5		)	(7		)	(1		)	(12		)	1			(13		)
Catastrophes	2		4			2			(2		)	13			5			6			18
Other reserve re-estimates, net	2		(1		)	—			1			(2		)	(6		)	1			(8		)
Total prior accident year development	$	4	$	(1	)	$	(11	)	$	(18	)	$	10		$	(13	)	$	3		$	(3	)

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

UNDERWRITING RATIOS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
UNDERWRITING GAIN (LOSS)	$	20		$	54		$	(253	)	$	14		$	(42	)	$	67		$	74		$	25
UNDERWRITING RATIOS
Losses and loss adjustment expenses
Current accident year before catastrophes	64.5			62.6			67.2			66.5			65.1			65.9			63.6			65.5
Current accident year catastrophes	6.0			4.3			38.8			8.7			13.3			4.0			5.1			8.6
Prior accident year development	0.5			(0.1		)	(1.3		)	(2.1		)	1.2			(1.5		)	0.2			(0.2		)
Total losses and loss adjustment expenses	71.0			66.7			104.7			73.1			79.6			68.3			68.9			73.9
Expenses	26.5			26.5			25.6			25.2			25.4			23.9			26.5			24.6
Combined ratio	97.5			93.2			130.3			98.4			104.9			92.2			95.4			98.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(6.5		)	(4.2		)	(37.5		)	(6.6		)	(14.5		)	(2.5		)	(5.3		)	(8.4		)
Underlying combined ratio	91.0			89.1			92.8			91.8			90.4			89.8			90.1			90.1
PRODUCT
Automobile
Combined ratio	97.2			93.1			102.9			98.9			99.7			93.1			95.2			96.4
Current accident year catastrophes	0.9			0.6			0.9			2.0			3.4			0.5			0.7			1.9
Prior accident year development	(0.5		)	(1.1		)	(1.5		)	(1.7		)	(0.2		)	(1.6		)	(0.8		)	(0.9		)
Underlying combined ratio	96.7			93.6			103.6			98.5			96.5			94.2			95.2			95.4
Homeowners
Combined ratio	99.3			93.1			194.3			96.9			117.8			89.8			96.2			103.8
Current accident year catastrophes	17.6			12.7			126.5			23.6			36.4			12.0			15.1			24.2
Prior accident year development	2.6			2.1			(0.9		)	(3.0		)	5.0			(1.1		)	2.3			2.0
Underlying combined ratio	79.2			78.4			68.7			76.3			76.4			78.9			78.8			77.7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

SUPPLEMENTAL DATA

	THREE MONTHS ENDED												SIX MONTHS ENDED
	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct	$	692	$	643	$	615	$	706	$	704	$	654	$	1,335	$	1,358
AARP Agency	60		62		63		64		67		67		122		134
Other Agency	63		58		71		73		77		77		121		154
Other	9		8		9		11		9		9		17		18
Total	$	824	$	771	$	758	$	854	$	857	$	807	$	1,595	$	1,664
EARNED PREMIUMS
AARP Direct	$	663	$	657	$	681	$	687	$	684	$	681	$	1,320	$	1,365
AARP Agency	63		65		68		71		74		77		128		151
Other Agency	66		68		75		83		86		92		134		178
Other	9		9		11		8		12		9		18		21
Total	$	801	$	799	$	835	$	849	$	856	$	859	$	1,600	$	1,715
PRODUCT LINE
WRITTEN PREMIUMS
Automobile	$	564	$	555	$	523	$	583	$	586	$	581	$	1,119	$	1,167
Homeowners	260		216		235		271		271		226		476		497
Total	$	824	$	771	$	758	$	854	$	857	$	807	$	1,595	$	1,664
EARNED PREMIUMS
Automobile	$	557	$	555	$	582	$	591	$	596	$	600	$	1,112	$	1,196
Homeowners	244		244		253		258		260		259		488		519
Total	$	801	$	799	$	835	$	849	$	856	$	859	$	1,600	$	1,715

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PERSONAL LINES

SUPPLEMENTAL DATA (CONTINUED)

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
New Business Premium
Automobile	$	59		$	56		$	43		$	47		$	42		$	37		$	115		$	79
Homeowners	$	20		$	16		$	14		$	12		$	11		$	9		$	36		$	20
Renewal Written Price Increases
Automobile	4.9		%	5.5		%	5.1		%	6.0		%	8.1		%	9.5		%	5.2		%	8.8		%
Homeowners	7.1		%	7.9		%	9.1		%	9.9		%	10.4		%	9.4		%	7.5		%	10.0		%
Renewal Earned Price Increases
Automobile	5.6		%	6.5		%	7.8		%	9.2		%	10.4		%	10.7		%	6.1		%	10.5		%
Homeowners	8.9		%	9.6		%	9.7		%	9.6		%	9.2		%	8.9		%	9.2		%	9.1		%
Policy Count Retention
Automobile	85		%	85		%	83		%	83		%	82		%	80		%	85		%	81		%
Homeowners	85		%	84		%	84		%	83		%	84		%	82		%	85		%	83		%
Premium Retention
Automobile	87		%	87		%	84		%	85		%	86		%	85		%	87		%	86		%
Homeowners	90		%	89		%	90		%	90		%	91		%	89		%	90		%	90		%
Policies in Force (in thousands)
Automobile	1,465			1,485			1,510			1,547			1,589			1,641
Homeowners	903			913			927			948			978			1,008

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

P&C OTHER OPERATIONS

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Losses and loss adjustment expenses
Prior accident year development	$	9		$	—		$	38		$	11		$	16		—			9			16
Total losses and loss adjustment expenses	9			—			38			11			16			—			9			16
Underwriting expenses	3			3			3			3			3			3			6			6
Underwriting loss	(12		)	(3		)	(41		)	(14		)	(19		)	(3		)	(15		)	(22		)
Net investment income	21			22			22			22			22			24			43			46
Net realized capital gains (losses)	4			9			(9		)	3			3			(1		)	13			2
Other expense	—			—			(1		)	—			—			—			—			—
Income (loss) before income taxes	13			28			(29		)	11			6			20			41			26
Income tax expense (benefit)	2			5			(13		)	2			1			3			7			4
Net income (loss)	11			23			(16		)	9			5			17			34			22
Adjustments to reconcile net income to core earnings (losses):
Net realized capital losses (gains), excluded from core earnings, before tax	(3		)	(9		)	9			(3		)	(3		)	1			(12		)	(2		)
Income tax expense (benefit) [1]	—			2			(8		)	2			1			(1		)	2			—
Core earnings (losses)	$	8		$	16		$	(15	)	$	8		$	3		$	17		$	24		$	20

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

GROUP BENEFITS

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Earned premiums	$	1,377		$	1,364		$	1,356		$	1,353		$	1,357		$	1,357		$	2,741		$	2,714
Fee income	45			45			44			43			44			44			90			88
Net investment income	121			121			121			117			115			121			242			236
Net realized capital gains (losses)	7			5			(21		)	(3		)	2			(25		)	12			(23		)
Total revenues	1,550			1,535			1,500			1,510			1,518			1,497			3,085			3,015
Benefits, losses and loss adjustment expenses	1,062			1,053			1,016			1,054			1,059			1,085			2,115			2,144
Amortization of DAC	14			13			12			12			11			10			27			21
Insurance operating costs and other expenses	324			315			325			319			317			321			639			638
Amortization of other intangible assets	11			10			12			15			16			17			21			33
Total benefits, losses and expenses	1,411			1,391			1,365			1,400			1,403			1,433			2,802			2,836
Income before income taxes	139			144			135			110			115			64			283			179
Income tax expense	26			26			22			33			19			10			52			29
Net income	113			118			113			77			96			54			231			150
Adjustments to reconcile net income to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(6		)	(5		)	22			3			—			26			(11		)	26
Integration and transaction costs associated with acquired business, before tax	10			9			12			12			11			12			19			23
Income tax expense (benefit) [1]	(2		)	—			(11		)	10			(3		)	(7		)	(2		)	(10		)
Core earnings	$	115		$	122		$	136		$	102		$	104		$	85		$	237		$	189
Margin
Net income margin	7.3		%	7.7		%	7.5		%	5.1		%	6.3		%	3.6		%	7.5		%	5.0		%
Core earnings margin*	7.5		%	8.0		%	8.9		%	6.7		%	6.9		%	5.6		%	7.7		%	6.2		%
ROE
Net income available to common stockholders [2]	11.2		%	11.1		%	9.3		%	12.0		%	11.9		%	10.9		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized capital losses, excluded from core earnings, before tax	0.4		%	0.6		%	1.7		%	1.0		%	0.6		%	0.1		%
Integration and transaction costs associated with acquired business, before tax	1.3		%	1.4		%	1.5		%	2.1		%	1.6		%	1.2		%
Income tax benefit [1]	(0.1		%)	(0.1		%)	(0.4		%)	(2.2		%)	(2.6		%)	(2.3		%)
Impact of AOCI, excluded from core earnings ROE	0.5		%	0.3		%	0.2		%	0.2		%	0.4		%	0.4		%
Core earnings [2]	13.3		%	13.3		%	12.3		%	13.1		%	11.9		%	10.3		%

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

[2] Net income ROE and core earnings ROE assume a portion of debt and interest expense and preferred stock and preferred stock dividends accounted for within Corporate are allocated to Group Benefits. For further information, see Appendix, page 33.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

GROUP BENEFITS

SUPPLEMENTAL DATA

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
PREMIUMS
Fully insured ongoing premiums
Group disability	$	679		$	659		$	651		$	641		$	642		$	633		$	1,338		$	1,275
Group life	633			641			643			652			651			664			1,274			1,315
Other [1]	61			62			62			60			59			60			123			119
Total fully insured ongoing premiums	1,373			1,362			1,356			1,353			1,352			1,357			2,735			2,709
Total buyouts [2]	4			2			—			—			5			—			6			5
Total premiums	$	1,377		$	1,364		$	1,356		$	1,353		$	1,357		$	1,357		$	2,741		$	2,714
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability	$	48		$	219		$	37		$	48		$	47		$	260		$	267		$	307
Group life	43			143			21			47			34			160			186			194
Other [1]	8			45			3			9			4			34			53			38
Total fully insured ongoing sales	99			407			61			104			85			454			506			539
Total buyouts [2]	4			2			—			—			5			—			6			5
Total sales	$	103		$	409		$	61		$	104		$	90		$	454		$	512		$	544
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio	72.9		%	69.6		%	67.5		%	75.9		%	74.3		%	74.9		%	71.3		%	74.6		%
Group life loss ratio	77.8		%	81.3		%	78.8		%	76.6		%	77.4		%	80.9		%	79.6		%	79.2		%
Total loss ratio	74.6		%	74.7		%	72.6		%	75.5		%	75.5		%	77.4		%	74.7		%	76.5		%
Expense ratio [3]	23.9		%	23.4		%	24.1		%	23.9		%	23.9		%	24.0		%	23.6		%	23.9		%

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

HARTFORD FUNDS

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Investment management fees	$	180		$	171		$	174		$	188		$	182		$	181		$	351		$	363
Shareholder servicing fees	21			21			21			23			22			21			42			43
Other revenue	52			48			53			57			58			57			100			115
Net realized capital gains (losses)	—			2			(3		)	—			(1		)	—			2			(1		)
Total revenues	253			242			245			268			261			259			495			520
Sub-advisory expense	65			62			64			69			66			66			127			132
Employee compensation and benefits	28			32			29			28			27			29			60			56
Distribution and service	84			81			82			91			91			91			165			182
General, administrative and other	29			30			25			28			31			30			59			61
Total expenses	206			205			200			216			215			216			411			431
Income before income taxes	47			37			45			52			46			43			84			89
Income tax expense	9			7			9			11			9			9			16			18
Net income	$	38		$	30		$	36		$	41		$	37		$	34		$	68		$	71
Adjustments to reconcile net income to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	—			(2		)	3			—			1			—			(2		)	1
Income tax benefit	—			—			(1		)	—			—			—			—			—
Core earnings	$	38		$	28		$	38		$	41		$	38		$	34		$	66		$	72
Daily average Hartford Funds AUM	$117,875			$112,210			$112,097			$119,897			$117,070			$117,301			$	115,058		$	117,184
Return on assets (bps, net of tax) [1]
Net income	12.9			10.9			12.6			13.6			12.6			11.9			11.9			12.2
Core earnings*	12.9			10.3			13.4			13.6			12.8			11.9			11.5			12.4
ROE
Net income available to common stockholders [2]	49.7		%	51.3		%	54.2		%	51.8		%	47.9		%	44.3		%
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized capital losses excluded from core earnings, before tax	0.4		%	0.7		%	1.5		%	0.4		%	0.4		%	—		%
Income tax expense (benefit)	(0.4		%)	(0.4		%)	(0.4		%)	1.5		%	1.5		%	1.6		%
Impact of AOCI, excluded from core earnings ROE	(0.6		%)	(0.4		%)	(0.5		%)	(0.4		%)	(0.3		%)	(0.2		%)
Core earnings [2]	49.1		%	51.2		%	54.8		%	53.3		%	49.5		%	45.7		%

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

[2] Net income ROE and core earnings ROE assume a portion of debt and interest expense and preferred stock and preferred stock dividends accounted for within Corporate are allocated to Hartford Funds. For further information, see Appendix, page 33.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

HARTFORD FUNDS

ASSET VALUE ROLLFORWARD

ASSETS UNDER MANAGEMENT BY ASSET CLASS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Equity Funds
Beginning balance	$	66,158		$	56,986		$	69,463		$	66,285		$	64,702		$	63,740		$	56,986		$	63,740
Sales	3,761			4,358			3,749			3,672			3,452			4,175			8,119			7,627
Redemptions	(4,153		)	(3,893		)	(5,376		)	(3,449		)	(3,116		)	(3,749		)	(8,046		)	(6,865		)
Net flows	(392		)	465			(1,627		)	223			336			426			73			762
Change in market value and other	2,708			8,707			(10,850		)	2,955			1,247			536			11,415			1,783
Ending balance	$	68,474		$	66,158		$	56,986		$	69,463		$	66,285		$	64,702		$	68,474		$	66,285
Fixed Income Funds
Beginning balance	$	15,070		$	14,467		$	14,831		$	14,556		$	14,378		$	14,401		$	14,467		$	14,401
Sales	1,274			1,314			1,222			946			1,119			1,002			2,588			2,121
Redemptions	(1,121		)	(1,138		)	(1,541		)	(772		)	(960		)	(1,030		)	(2,259		)	(1,990		)
Net flows	153			176			(319		)	174			159			(28		)	329			131
Change in market value and other	346			427			(45		)	101			19			5			773			24
Ending balance	$	15,569		$	15,070		$	14,467		$	14,831		$	14,556		$	14,378		$	15,569		$	14,556
Multi-Strategy Investments Funds [1]
Beginning balance	$	19,540		$	18,233		$	20,062		$	19,894		$	20,137		$	20,469		$	18,233		$	20,469
Sales	672			640			622			558			681			1,000			1,312			1,681
Redemptions	(823		)	(869		)	(1,079		)	(971		)	(931		)	(914		)	(1,692		)	(1,845		)
Net flows	(151		)	(229		)	(457		)	(413		)	(250		)	86			(380		)	(164		)
Change in market value and other	706			1,536			(1,372		)	581			7			(418		)	2,242			(411		)
Ending balance	$	20,095		$	19,540		$	18,233		$	20,062		$	19,894		$	20,137		$	20,095		$	19,894
Exchange-traded Products ("ETP") AUM
Beginning balance	$	2,457		$	1,871		$	1,177		$	930		$	666		$	480		$	1,871		$	480
Net flows	285			462			721			261			228			194			747			422
Change in market value and other	9			124			(27		)	(14		)	36			(8		)	133			28
Ending balance	$	2,751		$	2,457		$	1,871		$	1,177		$	930		$	666		$	2,751		$	930
Mutual Fund and ETP AUM
Beginning balance	$	103,225		$	91,557		$	105,533		$	101,665		$	99,883		$	99,090		$	91,557		$	99,090
Sales - mutual fund	5,707			6,312			5,593			5,176			5,252			6,177			12,019			11,429
Redemptions - mutual fund	(6,097		)	(5,900		)	(7,996		)	(5,192		)	(5,007		)	(5,693		)	(11,997		)	(10,700		)
Net flows - ETP	285			462			721			261			228			194			747			422
Net flows - mutual fund and ETP	(105		)	874			(1,682		)	245			473			678			769			1,151
Change in market value and other	3,769			10,794			(12,294		)	3,623			1,309			115			14,563			1,424
Ending balance	106,889			103,225			91,557			105,533			101,665			99,883			106,889			101,665
Talcott Resolution life and annuity separate account AUM [2]	14,412			14,364			13,283			15,543			15,376			15,614			14,412			15,376
Hartford Funds AUM	$	121,301		$	117,589		$	104,840		$	121,076		$	117,041		$	115,497		$	121,301		$	117,041

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

[2] Represents AUM of the the life and annuity business sold in May 2018 that is still managed by the Company's Hartford Funds segment.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CORPORATE

INCOME STATEMENTS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Fee income [1]	$	11		$	13		$	11		$	15		$	4		$	2		$	24		$	6
Other revenue [2]	10			34			13			6			2			—			44			2
Net investment income	17			24			26			15			11			7			41			18
Net realized capital gains (losses)	7			13			(16		)	4			1			4			20			5
Total revenues	45			84			34			40			18			13			129			31
Benefits, losses and loss adjustment expenses [3]	3			2			2			3			4			2			5			6
Insurance operating costs and other expenses	33			13			24			25			19			15			46			34
Loss on extinguishment of debt	—			—			—			—			6			—			—			6
Interest expense	63			64			70			69			79			80			127			159
Total expenses	99			79			96			97			108			97			178			205
Income (loss) from continuing operations before income taxes	(54		)	5			(62		)	(57		)	(90		)	(84		)	(49		)	(174		)
Income tax expense (benefit)	(11		)	5			(50		)	(17		)	(8		)	(20		)	(6		)	(28		)
Loss from continuing operations, net of tax	(43		)	—			(12		)	(40		)	(82		)	(64		)	(43		)	(146		)
Income from discontinued operations, net of tax [4]	—			—			—			5			148			169			—			317
Net income (loss)	(43		)	—			(12		)	(35		)	66			105			(43		)	171
Preferred stock dividends	—			5			6			—			—			—			5			—
Net income (loss) available to common stockholders	(43		)	(5		)	(18		)	(35		)	66			105			(48		)	171
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized capital losses (gains), excluded from core earnings, before tax	(8		)	(13		)	16			(4		)	(2		)	(4		)	(21		)	(6		)
Loss on extinguishment of debt, before tax	—			—			—			—			6			—			—			6
Income tax expense (benefit) [5]	1			3			(44		)	(1		)	2			2			4			4
Income from discontinued operations, net of tax [4]	—			—			—			(5		)	(148		)	(169		)	—			(317		)
Transaction costs, before tax [6]	15			—			—			—			—			—			15			—
Core losses	$	(35	)	$	(15	)	$	(46	)	$	(45	)	$	(76	)	$	(66	)	$	(50	)	$	(142	)

[1] Beginning in June 2018, includes fee income from managing invested assets of the life and annuity business sold in May 2018.

[2] For the three and six months ended June 30, 2019, includes $3 and $31, respectively, of income before tax from the Company's retained 9.7% equity interest in the limited partnership that acquired the life and annuity business sold in May 2018.

[3] Relates to run-off structured settlement and terminal funding agreement liabilities.

[4] The three months ended June 30, 2018 and March 31, 2018, included a reduction in loss on sale of $151 and $62, respectively, related to the life and annuity business sold in May 2018.

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

[6] Related to transaction costs incurred in connection with the acquisition of Navigators Group that are included in insurance operating costs and other expenses.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

CONSOLIDATED

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net Investment Income
Fixed maturities [1]
Taxable	$	296		$	284		$	282		$	269		$	252		$	238		$	580		$	490
Tax-exempt	90			97			100			101			106			111			187			217
Total fixed maturities	386			381			382			370			358			349			767			707
Equity securities	12			7			14			6			6			6			19			12
Mortgage loans	41			40			39			35			34			33			81			67
Limited partnerships and other alternative investments [2]	60			56			48			45			39			73			116			112
Other [3]	7			9			(7		)	10			9			8			16			17
Subtotal	506			493			476			466			446			469			999			915
Investment expense	(18		)	(23		)	(19		)	(22		)	(18		)	(18		)	(41		)	(36		)
Total net investment income	$	488		$	470		$	457		$	444		$	428		$	451		$	958		$	879
Annualized investment yield, before tax [4]	4.2		%	4.1		%	4.0		%	4.0		%	3.9		%	4.2		%	4.1		%	4.1		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	13.9		%	13.4		%	11.6		%	10.6		%	9.5		%	18.6		%	13.9		%	14.3		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*	3.8		%	3.7		%	3.7		%	3.7		%	3.7		%	3.7		%	3.8		%	3.7		%
Annualized investment yield, net of tax [4]	3.4		%	3.4		%	3.3		%	3.3		%	3.3		%	3.5		%	3.4		%	3.4		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*	3.1		%	3.1		%	3.1		%	3.1		%	3.1		%	3.0		%	3.1		%	3.1		%
Average reinvestment rate [5]	3.5		%	4.1		%	4.3		%	4.0		%	4.0		%	3.8		%	3.7		%	3.9		%
Average sales/maturities yield [6]	4.0		%	4.1		%	4.0		%	3.8		%	3.7		%	3.3		%	4.0		%	3.5		%
Portfolio duration (in years) [7]	4.9			4.8			4.7			4.9			4.9			5.1			4.9			4.9

[1] Includes income on short-term bonds.

[2] Other alternative investments include an insurer-owned life insurance policy which is invested in hedge funds and other investments.

[3] Includes 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 repurchase agreement and securities lending collateral, if any, and 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, cash equivalent securities, and repurchase agreement and securities lending collateral, if any.

[6] Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and pay-downs, during the respective period. Excludes U.S. Treasury securities, cash equivalent securities, and repurchase agreement and securities lending collateral, if any.

[7] Excludes certain short-term securities.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

PROPERTY & CASUALTY

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net Investment Income
Fixed maturities [1]
Taxable	$	201		$	182		$	184		$	178		$	168		$	163		$	383		$	331
Tax-exempt	68			73			76			77			79			82			141			161
Total fixed maturities	269			255			260			255			247			245			524			492
Equity securities	8			5			5			5			5			4			13			9
Mortgage loans	28			27			28			24			23			24			55			47
Limited partnerships and other alternative investments [2]	50			46			37			35			33			58			96			91
Other [3]	7			7			(8		)	8			6			4			14			10
Subtotal	362			340			322			327			314			335			702			649
Investment expense	(14		)	(17		)	(14		)	(16		)	(13		)	(13		)	(31		)	(26		)
Total net investment income	$	348		$	323		$	308		$	311		$	301		$	322		$	671		$	623
Annualized investment yield, before tax [4]	4.2		%	4.2		%	4.0		%	4.1		%	4.0		%	4.3		%	4.2		%	4.2		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	13.9		%	13.0		%	10.7		%	9.8		%	9.3		%	17.0		%	13.6		%	13.4		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*	3.8		%	3.8		%	3.7		%	3.8		%	3.8		%	3.7		%	3.8		%	3.7		%
Annualized investment yield, net of tax [4]	3.5		%	3.6		%	3.3		%	3.4		%	3.4		%	3.5		%	3.5		%	3.5		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*	3.2		%	3.2		%	3.0		%	3.2		%	3.2		%	3.1		%	3.2		%	3.1		%
Average reinvestment rate [5]	3.5		%	4.1		%	4.4		%	3.9		%	4.0		%	3.7		%	3.7		%	3.9		%
Average sales/maturities yield [6]	3.9		%	4.1		%	4.1		%	3.8		%	3.9		%	3.7		%	4.0		%	3.8		%
Portfolio duration (in years) [7]	4.8			4.9			4.9			4.9			4.9			4.9			4.8			4.9

Footnotes [1] through [7] are explained on page 25.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT INCOME BEFORE TAX

GROUP BENEFITS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net Investment Income
Fixed maturities [1]
Taxable	$	81		$	81		$	80		$	77		$	75		$	70		$	162		$	145
Tax-exempt	20			22			22			23			25			27			42			52
Total fixed maturities	101			103			102			100			100			97			204			197
Equity securities	1			—			1			—			—			1			1			1
Mortgage loans	13			13			11			11			11			9			26			20
Limited partnerships and other alternative investments [2]	10			10			11			10			6			15			20			21
Other [3]	—			1			1			2			3			4			1			7
Subtotal	125			127			126			123			120			126			252			246
Investment expense	(4		)	(6		)	(5		)	(6		)	(5		)	(5		)	(10		)	(10		)
Total net investment income	$	121		$	121		$	121		$	117		$	115		$	121		$	242		$	236
Annualized investment yield, before tax [4]	4.2		%	4.2		%	4.2		%	4.1		%	4.1		%	4.3		%	4.2		%	4.2		%
Annualized limited partnerships and other alternative investment yield, before tax [4]	14.0		%	15.6		%	17.2		%	15.4		%	10.6		%	28.3		%	15.2		%	19.7		%
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*	3.9		%	3.9		%	3.9		%	3.9		%	3.9		%	3.8		%	3.9		%	3.9		%
Annualized investment yield, net of tax [4]	3.4		%	3.4		%	3.4		%	3.4		%	3.4		%	3.5		%	3.4		%	3.4		%
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*	3.2		%	3.2		%	3.2		%	3.2		%	3.3		%	3.2		%	3.2		%	3.2		%
Average reinvestment rate [5]	3.8		%	4.0		%	4.3		%	4.1		%	4.2		%	3.9		%	3.9		%	4.1		%
Average sales/maturities yield [6]	4.2		%	4.0		%	3.9		%	3.6		%	3.8		%	3.0		%	4.1		%	3.2		%
Portfolio duration (in years) [7]	5.9			5.8			5.7			6.1			6.0			6.1			5.9			6.0

Footnotes [1] through [7] are explained on page 25.

* Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP).

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

NET INVESTMENT INCOME

CONSOLIDATED

	THREE MONTHS ENDED												SIX MONTHS ENDED
Net Investment Income by Segment	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
Net Investment Income
Commercial Lines	$	281	$	259	$	247	$	250	$	242	$	258	$	540	$	500
Personal Lines	46		42		39		39		37		40		88		77
P&C Other Operations	21		22		22		22		22		24		43		46
Total Property & Casualty	$	348	$	323	$	308	$	311	$	301	$	322	$	671	$	623
Group Benefits	121		121		121		117		115		121		242		236
Hartford Funds	2		2		2		1		1		1		4		2
Corporate	17		24		26		15		11		7		41		18
Total net investment income by segment	$	488	$	470	$	457	$	444	$	428	$	451	$	958	$	879
	THREE MONTHS ENDED												SIX MONTHS ENDED
Net Investment Income From Limited Partnerships and Other Alternative Investments	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
Total Property & Casualty	$	50	$	46	$	37	$	35	$	33	$	58	$	96	$	91
Group Benefits	10		10		11		10		6		15		20		21
Total net investment income from limited partnerships and other alternative investments [1]	$	60	$	56	$	48	$	45	$	39	$	73	$	116	$	112

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

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPONENTS OF NET REALIZED CAPITAL GAINS (LOSSES)

CONSOLIDATED

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net Realized Capital Gains (Losses)
Gross gains on sales	$	69		$	44		$	23		$	26		$	46		$	19		$	113		$	65
Gross losses on sales	(19		)	(21		)	(43		)	(41		)	(31		)	(57		)	(40		)	(88		)
Equity securities [1]	30			132			(136		)	46			26			16			162			42
Net impairment losses	—			(2		)	—			(1		)	—			—			(2		)	—
Valuation allowances on mortgage loans	1			—			—			—			—			—			1			—
Transactional foreign currency revaluation	—			—			—			—			—			1			—			1
Non-qualifying foreign currency derivatives	(1		)	1			1			1			4			(3		)	—			1
Other net gains (losses) [2] [3]	—			9			(17		)	7			7			(6		)	9			1
Total net realized capital gains (losses)	80			163			(172		)	38			52			(30		)	243			22
Net realized capital gains, included in core earnings, before tax	(1		)	(3		)	(3		)	(1		)	(2		)	—			(4		)	(2		)
Total net realized capital gains (losses) excluded from core earnings, before tax	79			160			(175		)	37			50			(30		)	239			20
Income tax benefit (expense) related to net realized capital gains (losses) excluded from core earnings	(18		)	(34		)	38			(8		)	(10		)	5			(52		)	(5		)
Total net realized capital gains (losses) excluded from core earnings	$	61		$	126		$	(137	)	$	29		$	40		$	(25	)	$	187		$	15

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

[2] Includes changes in value of non-qualifying derivatives, including credit derivatives and interest rate derivatives used to manage duration.

[3] Includes periodic net coupon settlements on credit derivatives which are included in core earnings.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPOSITION OF INVESTED ASSETS

CONSOLIDATED

	Jun 30 2019				Mar 31 2019				Dec 31 2018				Sept 30 2018				Jun 30 2018
	Amount [1]		Percent		Amount		Percent		Amount [1]		Percent		Amount		Percent		Amount		Percent
Total investments	$	50,769	100.0	%	$	47,895	100.0	%	$	46,790	100.0	%	$	46,134	100.0	%	$	45,648	100.0	%
Asset-backed securities	$	1,029	2.5	%	$	968	2.6	%	$	1,276	3.6	%	$	1,191	3.3	%	$	994	2.7	%
Collateralized loan obligations	1,925		4.7	%	1,438		3.9	%	1,437		4.0	%	1,326		3.7	%	1,089		3.0	%
Commercial mortgage-backed securities	3,905		9.5	%	3,568		9.7	%	3,552		9.9	%	3,657		10.2	%	3,494		9.7	%
Corporate	16,748		40.7	%	14,403		39.1	%	13,398		37.6	%	13,492		37.3	%	13,349		36.9	%
Foreign government/government agencies	1,072		2.6	%	882		2.4	%	847		2.4	%	952		2.6	%	1,133		3.1	%
Municipal [2]	10,278		25.0	%	10,346		28.1	%	10,346		29.1	%	10,602		29.3	%	11,142		30.8	%
Residential mortgage-backed securities	4,566		11.0	%	3,548		9.7	%	3,279		9.2	%	3,118		8.5	%	3,207		8.9	%
U.S. Treasuries	1,643		4.0	%	1,666		4.5	%	1,517		4.2	%	1,828		5.1	%	1,786		4.9	%
Total fixed maturities, available-for-sale	$	41,166	100.0	%	$	36,819	100.0	%	$	35,652	100.0	%	$	36,166	100.0	%	$	36,194	100.0	%
U.S. government/government agencies	$	5,714	13.9	%	$	4,847	13.2	%	$	4,430	12.4	%	$	4,735	13.1	%	$	4,722	13.0	%
AAA	6,214		15.1	%	6,160		16.7	%	6,440		18.1	%	6,379		17.6	%	6,027		16.7	%
AA	7,890		19.1	%	7,016		19.0	%	6,985		19.6	%	7,085		19.6	%	7,096		19.6	%
A	10,552		25.6	%	8,871		24.1	%	8,370		23.5	%	8,543		23.6	%	8,846		24.4	%
BBB	9,246		22.5	%	8,530		23.2	%	8,163		22.9	%	8,232		22.8	%	8,157		22.5	%
BB	1,076		2.6	%	926		2.5	%	794		2.2	%	721		2.0	%	822		2.3	%
B	445		1.1	%	429		1.2	%	448		1.2	%	446		1.2	%	498		1.4	%
CCC	27		0.1	%	29		0.1	%	21		0.1	%	23		0.1	%	23		0.1	%
CC & below	2		—	%	11		—	%	1		—	%	2		—	%	3		—	%
Total fixed maturities, available-for-sale	$	41,166	100.0	%	$	36,819	100.0	%	$	35,652	100.0	%	$	36,166	100.0	%	$	36,194	100.0	%

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

[2] Primarily comprised of $7.6 billion in Property & Casualty, $2.5 billion in Group Benefits, and $0.2 in Corporate as of June 30, 2019.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTED ASSET EXPOSURES

JUNE 30, 2019

	Cost or Amortized Cost		Fair Value		Percent of Total Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services	$	4,127	$	4,253	8.4	%
Technology and communications	2,595		2,736		5.4	%
Consumer non-cyclical	2,432		2,523		5.0	%
Utilities	2,125		2,215		4.3	%
Capital goods	1,557		1,611		3.2	%
Energy [1]	1,432		1,501		2.9	%
Consumer cyclical	1,176		1,213		2.4	%
Basic industry	698		723		1.4	%
Transportation	670		699		1.4	%
Other	799		807		1.6	%
Total	$	17,611	$	18,281	36.0	%
Top Ten Exposures by Issuer [2]
New York State Dormitory Authority	$	249	$	263	0.5	%
Wells Fargo & Company	229		233		0.5	%
New York City Transitional Finance Authority	210		220		0.4	%
Commonwealth of Massachusetts	197		212		0.4	%
Comcast Corporation	190		207		0.4	%
IBM Corporation	198		206		0.4	%
Massachusetts St. Development Finance Agency	182		193		0.4	%
New York City Municipal Water Finance Authority	180		192		0.4	%
Apple Inc.	179		191		0.4	%
Goldman Sachs Group, Inc	183		188		0.3	%
Total	$	1,997	$	2,105	4.1	%

[1] Excludes investments in foreign government, government agency securities or other fixed maturities that are correlated to energy exposure but are not direct obligations of or exposures to energy-related companies.

[2] Excludes U.S. government and government agency securities, mortgage obligations issued by government sponsored agencies, cash equivalent securities, exchange-traded mutual funds, and exposures resulting from derivative transactions.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

APPENDIX

BASIS OF PRESENTATION AND DEFINITIONS

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

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

Property & Casualty ("P&C") businesses consist of three reporting segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock and accident and health reinsurance to businesses in the United States ("U.S.") and internationally. Commercial Lines generally consists of products written for small businesses, middle market companies and national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty 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 90% of the Company's asbestos and environmental exposures.

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 products are sold primarily through retail, bank trust and registered investment advisor channels.

The Company includes in the Corporate category discontinued operations related to the life and annuity business sold in May 2018, reserves for run-off structured settlement and terminal funding agreement liabilities, capital raising activities (including debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, purchase accounting adjustments related to goodwill and other expenses not allocated to the reporting segments. Corporate also includes investment management fees and expenses related to managing third party business, including management of the invested assets of Talcott Resolution Life, Inc. and its subsidiaries ("Talcott Resolution"). Talcott Resolution is the new holding company of the life and annuity business that we sold in May 2018. In addition, Corporate includes a 9.7% ownership interest in the legal entity that acquired the life and annuity business sold.

Certain operating and statistical measures for P&C standard commercial lines (small commercial and middle market lines within middle & large commercial) and for Personal Lines have been incorporated herein to provide supplemental data that indicate current trends in the Company's business. These measures include sales, redemptions, net flows, account value, policies in-force, new business, premium retention, policy count retention and renewal earned and written price increases. Premium retention is defined as renewal premium written in the current period divided by total premium written in the prior period. Policy count retention represents the ratio of the number of policies renewed during the period divided by the number of policies from the previous policy term period. Renewal earned price increases represent the portions of the prior and current period renewal written price increases that have been earned based on the period of time the underlying renewal policies have been in effect. Renewal written price increases for Commercial Lines represent the combined effect of rate changes, amount of insurance and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, renewal written price increases represent the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal 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.

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 (amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, and excluding integration and transaction costs associated with an acquired business) less fee income to earned premiums. 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 catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses 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.

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

A catastrophe is a severe loss, resulting from natural or manmade events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack 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 earnings or 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.

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.

The Company uses the non-GAAP financial measure core earnings as an important measure of the Company's operating performance. The Company believes that core earnings provides investors with a valuable measure of the underlying performance of the Company’s businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain realized capital gains and losses, integration and transaction costs in connection with an acquired business, loss on extinguishment of debt, gains and losses on reinsurance transactions, change in loss reserves upon acquisition of a business, income tax benefit from reduction in deferred income tax valuation allowance, and results of discontinued operations. Some realized capital 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 (net of tax) that tend to be highly variable from period to period based on capital market conditions. The Company believes, however, that some realized capital 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. Core earnings are net of preferred stock dividends declared since they 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. Results from discontinued operations are excluded from core earnings for businesses held for sale because such results could obscure trends in our ongoing businesses that are valuable to our investors' ability to assess the Company's financial performance. Net income (loss), net income (loss) available to common stockholders and income from continuing operations, net of tax, available to common stockholders (during periods when the Company reports significant discontinued operations) are the most directly comparable U.S. GAAP measures to core earnings. Income from continuing operations, net of tax, available to common stockholders is net income (loss) available to common stockholders, excluding the income (loss) from discontinued operations, net of tax. Core earnings should not be considered as a substitute for net income (loss), net income (loss) available to common stockholders or income (loss) from continuing operations, net of tax, available to common stockholders 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), net income (loss) available to common stockholders, income (loss) from continuing operations, net of tax, 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.

Core earnings per share is calculated based on the non-GAAP financial measure core earnings. The Company believes that the measure core earnings per share provides investors with a valuable measure of the Company's operating performance for many of the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share (defined as "net income (loss) per share") and income (loss) from continuing operations, net of tax, available to common stockholders per share are the most directly comparable U.S. GAAP measures. Core earnings per share should not be considered as a substitute for net income (loss) per share or income (loss) from continuing operations, net of tax, 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) per share, income (loss) from continuing operations, net of tax, available to common stockholders per share and core earnings per share when reviewing our performance.

Book value per diluted share is a U.S. GAAP financial measure that represents a per share assessment of the value of a company's equity. It is calculated by dividing (a) common stockholders' equity by (b) common shares outstanding and dilutive potential common shares. The Company provides book value per diluted share to enable investors to assess the value of the Company’s equity. 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.

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) core earnings for the prior four fiscal quarters by (b) average common stockholders' equity, excluding AOCI. Net income (loss) available to common stockholders' ROE ("Net income (loss) ROE") is the most directly comparable U.S. GAAP measure. Net income (loss) ROE is calculated by dividing (a) net income (loss) available to common stockholders for the prior four fiscal quarters by (b) average common stockholders' equity, including AOCI. ROEs at the segment level and for consolidated, represent a levered view of ROE with debt financing and related interest expense attributed to the businesses consistent with the overall average debt to capitalization ratios of the consolidated entity. Similarly, in this levered view of ROE, preferred stock and related preferred dividends are attributed to the businesses. 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 investors with return on equity measures based on its non-GAAP core earnings financial measures for the reasons set forth in the related discussion above.

A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:

	LAST TWELVE MONTHS ENDED
	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018
Net income (loss) ROE	11.8	%	13.5	%	13.7	%	(14.0	%)	(15.4	%)	(19.3	%)
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized capital losses (gains), excluded from core earnings, before tax	(0.7	%)	(0.5	%)	0.9	%	(0.8	%)	(0.7	%)	(0.7	%)
Loss on reinsurance transaction, before tax	0.7	%	—	%	—	%	—	%	—	%	—	%
Pension settlement, before tax	—	%	—	%	—	%	—	%	—	%	5.0	%
Integration and transaction costs associated with an acquired business, before tax	0.5	%	0.3	%	0.4	%	0.3	%	0.3	%	0.2	%
Changes in loss reserves upon acquisition of a business, before tax	0.7	%	—	%	—	%	—	%	—	%	—	%
Income tax expense (benefit) on items not included in core earnings	(0.5	%)	(0.3	%)	(0.6	%)	6.1	%	6.1	%	4.3	%
Loss (income) from discontinued operations, net of tax	—	%	(1.1	%)	(2.5	%)	18.8	%	18.4	%	18.4	%
Impact of AOCI, excluded from denominator of core earnings ROE	(0.8	%)	(0.4	%)	(0.3	%)	(0.1	%)	(0.3	%)	(0.1	%)
Core earnings ROE	11.7	%	11.5	%	11.6	%	10.3	%	8.4	%	7.8	%

The Company evaluates profitability of the individual P&C businesses primarily on the basis of underwriting gain (loss). Underwriting gain (loss) is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses and policyholder dividends. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of the Company's pricing. Underwriting profitability over time is also greatly influenced by the Company's pricing and underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance and its ability to manage its expense ratio, which it accomplishes through its management of acquisition costs and other underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Company believes that underwriting gain (loss) provides investors with a valuable measure of before tax profitability 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) represents underwriting gain (loss) before current accident year catastrophes, prior accident year development 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. The changes to loss reserves upon acquisition of a business are excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of net income (loss) to underlying underwriting gain (loss) for individual reporting segments is set forth below.

PROPERTY & CASUALTY

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net income	$	264		$	482		$	59		$	349		$	383		$	404		$	746		$	787
Adjustments to reconcile net income to underlying underwriting gain (loss):
Net investment income	(348		)	(323		)	(308		)	(311		)	(301		)	(322		)	(671		)	(623		)
Net realized capital losses (gains)	(66		)	(143		)	132			(37		)	(50		)	9			(209		)	(41		)
Net servicing and other expense (income)	2			(2		)	1			(7		)	(3		)	(5		)	—			(8		)
Loss on reinsurance transaction	91			—			—			—			—			—			91			—
Income tax expense (benefit)	60			107			(10		)	76			83			92			167			175
Underwriting gain (loss)	3			121			(126		)	70			112			178			124			290
Current accident year catastrophes	138			104			361			169			188			103			242			291
Prior accident year development	35			(11		)	(28		)	(60		)	(47		)	(32		)	24			(79		)
Current accident year change in loss reserves upon acquisition of a business	29			—			—			—			—			—			29			—
Underlying underwriting gain	$	205		$	214		$	207		$	179		$	253		$	249		$	419		$	502

COMMERCIAL LINES

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net income	$	191		$	363		$	253		$	289		$	372		$	298		$	554		$	670
Adjustments to reconcile net income to underlying underwriting gain (loss):
Net servicing loss (income)	(2		)	1			(2		)	1			(1		)	—			(1		)	(1		)
Net investment income	(281		)	(259		)	(247		)	(250		)	(242		)	(258		)	(540		)	(500		)
Net realized capital losses (gains)	(54		)	(115		)	106			(29		)	(42		)	8			(169		)	(34		)
Other expense (income)	6			1			3			(2		)	3			(2		)	7			1
Loss on reinsurance transaction	91			—			—			—			—			—			91			—
Income tax expense	44			79			55			61			83			68			123			151
Underwriting gain (loss)	(5		)	70			168			70			173			114			65			287
Current accident year catastrophes	90			70			37			95			74			69			160			143
Prior accident year development	22			(10		)	(55		)	(53		)	(73		)	(19		)	12			(92		)
Current accident year change in loss reserves upon acquisition of a business	29			—			—			—			—			—			29			—
Underlying underwriting gain	$	136		$	130		$	150		$	112		$	174		$	164		$	266		$	338

PERSONAL LINES

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Net income (loss)	$	62		$	96		$	(178	)	$	51		$	6		$	89		$	158		$	95
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net servicing income	(4		)	(3		)	(3		)	(5		)	(4		)	(4		)	(7		)	(8		)
Net investment income	(46		)	(42		)	(39		)	(39		)	(37		)	(40		)	(88		)	(77		)
Net realized capital losses (gains)	(8		)	(19		)	17			(5		)	(5		)	—			(27		)	(5		)
Other expense (income)	2			(1		)	2			(1		)	(1		)	1			1			—
Income tax expense (benefit)	14			23			(52		)	13			(1		)	21			37			20
Underwriting gain (loss)	20			54			(253		)	14			(42		)	67			74			25
Current accident year catastrophes	48			34			324			74			114			34			82			148
Prior accident year development	4			(1		)	(11		)	(18		)	10			(13		)	3			(3		)
Underlying underwriting gain	$	72		$	87		$	60		$	70		$	82		$	88		$	159		$	170

Underlying combined ratio is a non-GAAP financial measure that 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, prior accident year loss and loss adjustment expense reserve development and change in loss reserves upon acquisition of a business. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth on pages 9, 12 and 16, respectively.

Core earnings margin is a non-GAAP financial measure that the Company uses to evaluate, and believes is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing (a) core earnings by (b) revenues excluding buyouts and realized gains (losses). Net income margin 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). 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.

Return on Assets ("ROA"), core earnings, is a non-GAAP financial measure that the Company uses to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. 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 businesses that may be obscured by the effect of realized gains (losses). 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, core earnings, and ROA when reviewing the Hartford Funds segment performance. ROA, core earnings is calculated by dividing (a) core earnings by (b) a daily average AUM.

Net investment income, excluding limited partnerships and other alternative investments is the amount of net investment income earned from invested assets excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable GAAP measure.

CONSOLIDATED

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Total net investment income	$	488		$	470		$	457		$	444		$	428		$	451		$	958		$	879
Limited partnerships and other alternative investments ("Limited Partnerships")	(60		)	(56		)	(48		)	(45		)	(39		)	(73		)	(116		)	(112		)
Net investment income excluding limited partnerships and other alternative investments	$	428		$	414		$	409		$	399		$	389		$	378		$	842		$	767

PROPERTY & CASUALTY

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Total net investment income	$	348		$	323		$	308		$	311		$	301		$	322		$	671		$	623
Limited partnerships and other alternative investments	(50		)	(46		)	(37		)	(35		)	(33		)	(58		)	(96		)	(91		)
Net investment income excluding limited partnerships and other alternative investments	$	298		$	277		$	271		$	276		$	268		$	264		$	575		$	532

GROUP BENEFITS

	THREE MONTHS ENDED																		SIX MONTHS ENDED
	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sept 30 2018			Jun 30 2018			Mar 31 2018			Jun 30 2019			Jun 30 2018
Total net investment income	$	121		$	121		$	121		$	117		$	115		$	121		$	242		$	236
Limited partnerships and other alternative investments	(10		)	(10		)	(11		)	(10		)	(6		)	(15		)	(20		)	(21		)
Net investment income excluding limited partnerships and other alternative investments	$	111		$	111		$	110		$	107		$	109		$	106		$	222		$	215

Annualized investment yield, excluding limited partnerships and other alternative investments, is the annualized net investment income excluding limited partnerships and other alternative investments divided by the monthly average invested assets at amortized cost, excluding repurchase agreement and securities lending collateral, derivatives book value, and limited partnership and other alternative invested assets. The company believes that annualized net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure.

CONSOLIDATED

	THREE MONTHS ENDED												SIX MONTHS ENDED
	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
Annualized investment yield	4.2	%	4.1	%	4.0	%	4.0	%	3.9	%	4.2	%	4.1	%	4.1	%
Limited partnerships and other alternative investments	(0.4	)%	(0.4	)%	(0.3	)%	(0.3	)%	(0.2	)%	(0.5	)%	(0.3	)%	(0.4	)%
Annualized investment yield excluding limited partnerships and other alternative investments	3.8	%	3.7	%	3.7	%	3.7	%	3.7	%	3.7	%	3.8	%	3.7	%

PROPERTY & CASUALTY

	THREE MONTHS ENDED												SIX MONTHS ENDED
	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
Annualized investment yield	4.2	%	4.2	%	4.0	%	4.1	%	4.0	%	4.3	%	4.2	%	4.2	%
Limited partnerships and other alternative investments	(0.4	)%	(0.4	)%	(0.3	)%	(0.3	)%	(0.2	)%	(0.6	)%	(0.4	)%	(0.5	)%
Annualized investment yield excluding limited partnerships and other alternative investments	3.8	%	3.8	%	3.7	%	3.8	%	3.8	%	3.7	%	3.8	%	3.7	%

GROUP BENEFITS

	THREE MONTHS ENDED												SIX MONTHS ENDED
	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sept 30 2018		Jun 30 2018		Mar 31 2018		Jun 30 2019		Jun 30 2018
Annualized investment yield	4.2	%	4.2	%	4.2	%	4.1	%	4.1	%	4.3	%	4.2	%	4.2	%
Limited partnerships and other alternative investments	(0.3	)%	(0.3	)%	(0.3	)%	(0.2	)%	(0.2	)%	(0.5	)%	(0.3	)%	(0.3	)%
Annualized investment yield excluding limited partnerships and other alternative investments	3.9	%	3.9	%	3.9	%	3.9	%	3.9	%	3.8	%	3.9	%	3.9	%