EX-99.2 3 ex992ifs12312023.htm EX-99.2 Document


INVESTOR FINANCIAL SUPPLEMENT
December 31, 2023
thehartfordlogo.jpg

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


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
As of January 31, 2024
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  A+  A1
Hartford Life and Accident Insurance Company  A+  A+  A1
Navigators Insurance CompanyA+A+NR
- Hartford Fire Insurance Company and Hartford Life and Accident Insurance Company ratings are on stable outlook at A.M. Best, Moody’s, and Standard and Poor’s
Internet address:- Navigators Insurance Company ratings are on stable outlook at A.M. Best and Standard and Poor's
http://www.thehartford.comNR - Not Rated
Other Ratings:      
Contact:Senior debt  a-BBB+Baa1
Susan Spivak BernsteinJunior subordinated debenturesbbbBBB-Baa2
Senior Vice PresidentPreferred stockbbbBBB-Baa3
Investor Relations
Phone (860) 547-6233- The Hartford Financial Services Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on stable outlook at A.M. Best, Standard and Poor’s, and Moody's.
TRANSFER AGENT
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Financial Services Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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


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


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
HIGHLIGHTS
Net income$771 $651 $547 $535 $592 $340 $444 $443 $2,504 $1,819 
Net income available to common stockholders [1]$766 $645 $542 $530 $587 $334 $439 $438 $2,483 $1,798 
Core earnings*$935 $708 $588 $536 $749 $472 $716 $559 $2,767 $2,496 
Total revenues$6,400 $6,168 $6,049 $5,910 $6,016 $5,580 $5,373 $5,393 $24,527 $22,362 
Total assets$76,780 $74,516 $73,895 $74,249 $73,008 $71,786 $72,395 $75,255 
PER SHARE AND SHARES DATA
Basic earnings per common share
Net income available to common stockholders$2.55 $2.12 $1.75 $1.69 $1.85 $1.04 $1.34 $1.32 $8.09 $5.54 
Core earnings*$3.11 $2.32 $1.90 $1.71 $2.36 $1.47 $2.19 $1.68 $9.01 $7.68 
Diluted earnings per common share
Net income available to common stockholders$2.51 $2.09 $1.73 $1.66 $1.82 $1.02 $1.32 $1.30 $7.97 $5.46 
Core earnings*$3.06 $2.29 $1.88 $1.68 $2.32 $1.45 $2.16 $1.66 $8.88 $7.58 
Weighted average common shares outstanding (basic)300.3 304.6 309.4 314.0 317.5 322.1 327.4 332.3 307.1 324.8 
Dilutive effect of stock compensation4.8 4.4 3.9 4.6 5.1 4.2 4.4 5.0 4.4 4.7 
Weighted average common shares outstanding and dilutive potential common shares (diluted)305.1 309.0 313.3 318.6 322.6 326.3 331.8 337.3 311.5 329.5 
Common shares outstanding298.5 302.4 307.1 311.8 315.1 319.5 324.7 330.7 
Book value per common share$50.23 $44.13 $45.00 $44.92 $42.34 $39.64 $42.84 $47.04 
Per common share impact of accumulated other comprehensive income [2]9.54 13.82 11.47 10.44 12.19 13.70 10.01 5.17 
Book value per common share (excluding AOCI)*$59.77 $57.95 $56.47 $55.36 $54.53 $53.34 $52.85 $52.21 
Book value per diluted share$49.43 $43.50 $44.43 $44.27 $41.67 $39.13 $42.27 $46.34 
Per diluted share impact of AOCI9.40 13.62 11.33 10.28 11.99 13.52 9.87 5.09 
Book value per diluted share (excluding AOCI)*$58.83 $57.12 $55.76 $54.55 $53.66 $52.65 $52.14 $51.43 
Common shares outstanding and dilutive potential common shares303.3 306.8 311.0 316.4 320.2 323.7 329.1 335.7 
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")17.5 %17.7 %14.4 %12.8 %11.7 %12.8 %13.1 %15.5 %
Core earnings ROE*15.8 %14.9 %13.6 %14.3 %14.5 %14.3 %14.0 %14.8 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

1
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Earned premiums$5,433 $5,310 $5,220 $5,063 $5,019 $4,910 $4,810 $4,651 $21,026 $19,390 
Fee income323 330 328 319 318 328 341 362 1,300 1,349 
Net investment income653 597 540 515 640 487 541 509 2,305 2,177 
Net realized gains (losses) (27)(90)(64)(7)22 (166)(338)(145)(188)(627)
Other revenues18 21 25 20 17 21 19 16 84 73 
Total revenues 6,400 6,168 6,049 5,910 6,016 5,580 5,373 5,393 24,527 22,362 
Benefits, losses and loss adjustment expenses3,633 3,543 3,580 3,482 3,537 3,407 3,074 3,120 14,238 13,138 
Amortization of deferred policy acquisition costs ("DAC")534 517 502 491 473 464 450 437 2,044 1,824 
Insurance operating costs and other expenses 1,214 1,226 1,225 1,216 1,200 1,206 1,225 1,210 4,881 4,841 
Interest expense49 50 50 50 50 50 51 62 199 213 
Amortization of other intangible assets18 18 17 18 18 18 17 18 71 71 
Restructuring and other costs [1]2 1 3 — 3 3 2 5 6 13 
Total benefits, losses and expenses5,450 5,355 5,377 5,257 5,281 5,148 4,819 4,852 21,439 20,100 
Income before income taxes950 813 672 653 735 432 554 541 3,088 2,262 
Income tax expense179 162 125 118 143 92 110 98 584 443 
Net income [2]771 651 547 535 592 340 444 443 2,504 1,819 
Preferred stock dividends 5 6 5 5 5 6 5 5 21 21 
Net income available to common stockholders766 645 542 530 587 334 439 438 2,483 1,798 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax16 76 53 7 (22)166 336 146 152 626 
Restructuring and other costs, before tax [1]2 1 3 — 3 3 2 5 6 13 
Loss on extinguishment of debt, before tax— — — — — — 9 — — 9 
Integration and other non-recurring M&A costs, before tax [3]2 2 2 2 5 5 6 5 8 21 
Change in deferred gain on retroactive reinsurance, before tax 194 — — — 229 — — — 194 229 
Income tax benefit [4](45)(16)(12)(3)(53)(36)(76)(35)(76)(200)
Core earnings [2]$935 $708 $588 $536 $749 $472 $716 $559 $2,767 $2,496 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Adopting LDTI resulted in an after tax increase (decrease) to net income and core earnings of $3, $1, $2 and $(2) for the three months ended December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
[3]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OPERATING RESULTS BY SEGMENT
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net income (loss):
Commercial Lines$687 $519 $458 $421 $566 $286 $389 $383 $2,085 $1,624 
Personal Lines34 (12)(60)(1)44 (36)6 77 (39)91 
Property & Casualty Other Operations ("P&C Other Operations")(154)9 9 6 (184)6 (20)8 (130)(190)
Property & Casualty ("P&C")567 516 407 426 426 256 375 468 1,916 1,525 
Group Benefits176 146 121 92 143 86 106 (8)535 327 
Hartford Funds47 41 45 41 45 41 34 42 174 162 
Sub-total790 703 573 559 614 383 515 502 2,625 2,014 
Corporate (19)(52)(26)(24)(22)(43)(71)(59)(121)(195)
Net income 771 651 547 535 592 340 444 443 2,504 1,819 
Preferred stock dividends5 6 5 5 5 6 5 5 21 21 
Net income available to common stockholders$766 $645 $542 $530 $587 $334 $439 $438 $2,483 $1,798 
Core earnings (loss):
Commercial Lines$723 $542 $493 $436 $562 $363 $544 $456 $2,194 $1,925 
Personal Lines36 (8)(57)— 42 (28)21 84 (29)119 
P&C Other Operations(1)11 10 8 (5)10 (13)11 28 3 
P&C758 545 446 444 599 345 552 551 2,193 2,047 
Group Benefits174 170 133 90 144 117 163 6 567 430 
Hartford Funds39 45 44 37 39 47 44 50 165 180 
Sub-total971 760 623 571 782 509 759 607 2,925 2,657 
Corporate (36)(52)(35)(35)(33)(37)(43)(48)(158)(161)
Core earnings$935 $708 $588 $536 $749 $472 $716 $559 $2,767 $2,496 



3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
 PROPERTY & CASUALTYGROUP BENEFITSHARTFORD
FUNDS		CORPORATE [1]CONSOLIDATED
Dec 31 2023Dec 31 2022Dec 31 2023Dec 31 2022Dec 31 2023Dec 31 2022Dec 31 2023Dec 31 2022Dec 31 2023Dec 31 2022
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$31,408 $28,222 $8,222 $7,736 $— $— $188 $273 $39,818 $36,231 
Fixed maturities, at fair value using the fair value option272 275 55 58 — — — — 327 333 
Equity securities, at fair value456 1,194 99 308 121 115 188 184 864 1,801 
Mortgage loans, net4,493 4,346 1,594 1,654 — — — — 6,087 6,000 
Limited partnerships and other alternative investments3,770 3,311 1,015 866 — — — — 4,785 4,177 
Other investments162 137 8 7 21 15 — — 191 159 
Short-term investments2,127 2,475 382 325 243 202 1,098 857 3,850 3,859 
Total investments42,688 39,960 11,375 10,954 385 332 1,474 1,314 55,922 52,560 
Cash106 193 12 27 7 6 1 3 126 229 
Restricted cash52 104 11 11 — — — — 63 115 
Accrued investment income313 284 89 85 1 — 1 3 404 372 
Premiums receivable and agents’ balances, net4,973 4,369 634 580 — — — — 5,607 4,949 
Reinsurance recoverables, net [2]6,602 6,455 260 250 — — 242 259 7,104 6,964 
Deferred policy acquisition costs ("DAC")1,078 966 35 32 — — — — 1,113 998 
Deferred income taxes 681 902 13 58 4 8 475 469 1,173 1,437 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net784 808 57 57 8 9 47 53 896 927 
Other intangible assets340 370 357 398 10 10 — — 707 778 
Other assets1,130 1,072 131 103 88 89 405 504 1,754 1,768 
Total assets$59,525 $56,261 $13,697 $13,278 $684 $635 $2,874 $2,834 $76,780 $73,008 
Unpaid losses and loss adjustment expenses$34,044 $33,083 $8,274 $8,160 $— $— $— $— $42,318 $41,243 
Reserves for future policy benefits [2]— — 312 319 — — 172 183 484 502 
Other policyholder funds and benefits payable [2]— — 408 419 — — 230 239 638 658 
Unearned premiums8,561 7,779 38 36 — — — — 8,599 7,815 
Debt— — — — — — 4,362 4,357 4,362 4,357 
Other liabilities2,754 2,434 220 254 150 143 1,928 1,926 5,052 4,757 
Total liabilities45,359 43,296 9,252 9,188 150 143 6,692 6,705 61,453 59,332 
Common stockholders' equity, excluding AOCI*15,322 14,977 4,752 4,623 534 492 (2,766)(2,909)17,842 17,183 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(1,156)(2,012)(307)(533)— — (1,386)(1,296)(2,849)(3,841)
Total stockholders' equity14,166 12,965 4,445 4,090 534 492 (3,818)(3,871)15,327 13,676 
Total liabilities and stockholders' equity$59,525 $56,261 $13,697 $13,278 $684 $635 $2,874 $2,834 $76,780 $73,008 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.1 billion and $1.0 billion as of December 31, 2023 and December 31, 2022, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

4
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022
DEBT
Short-term debt $— $— $— $— $— $— $— $591 
Senior notes3,863 3,862 3,861 3,859 3,858 $3,857 $3,856 $3,855 
Junior subordinated debentures499 499 499 499 499 499 499 499 
Total debt $4,362 $4,361 $4,360 $4,358 $4,357 $4,356 $4,355 $4,945 
STOCKHOLDERS’ EQUITY
Total stockholders’ equity$15,327 $13,679 $14,152 $14,340 $13,676 $12,999 $14,245 $15,890 
Less: Preferred stock334 334 334 334 334 334 334 334 
Less: AOCI(2,849)(4,178)(3,524)(3,254)(3,841)(4,377)(3,249)(1,710)
Common stockholders' equity, excluding AOCI$17,842 $17,523 $17,342 $17,260 $17,183 $17,042 $17,160 $17,266 
CAPITALIZATION
Total capitalization, including AOCI, net of tax$19,689 $18,040 $18,512 $18,698 $18,033 $17,355 $18,600 $20,835 
Total capitalization, excluding AOCI, net of tax*$22,538 $22,218 $22,036 $21,952 $21,874 $21,732 $21,849 $22,545 
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI22.2 %24.2 %23.6 %23.3 %24.2 %25.1 %23.4 %23.7 %
Total debt to capitalization, excluding AOCI*19.4 %19.6 %19.8 %19.9 %19.9 %20.0 %19.9 %21.9 %
Total debt and preferred stock to capitalization, including AOCI23.9 %26.0 %25.4 %25.1 %26.0 %27.0 %25.2 %25.3 %
Total debt and preferred stock to capitalization, excluding AOCI*20.8 %21.1 %21.3 %21.4 %21.4 %21.6 %21.5 %23.4 %
Total rating agency adjusted debt to capitalization [1] [2]23.7 %25.7 %25.0 %24.7 %25.7 %27.4 %25.7 %25.1 %
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]14.6:113.6:112.8:112.6:110.1:18.9:18.9:18.0:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of December 31, 2023 and 2022.
[2]Reflects 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

5
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION
DECEMBER 31, 2023

P&C GROUP BENEFITS
U.S. statutory net income [1][2]$1,887 $592 
U.S. statutory capital [2][3][4]$12,549 $2,748 
U.S. GAAP adjustments [2]:
DAC1,039 35 
Non-admitted deferred tax assets [5]222 153 
Deferred taxes [6](215)(301)
Goodwill142 723 
Other intangible assets41 357 
Non-admitted assets other than deferred taxes896 76 
Asset valuation and interest maintenance reserve— 303 
Benefit reserves(69)355 
Unrealized gains (losses) on investments(1,460)(761)
Deferred gain on retroactive reinsurance agreements [7](956)— 
Other, net931 757 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]13,120 4,445 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,046 — 
Total U.S. GAAP stockholders’ equity$14,166 $4,445 
[1]Statutory net income is for the year ended December 31, 2023.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and asbestos and environmental adverse development cover ("A&E ADC") agreements that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
 AS OF
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022
Net unrealized gain (loss) on fixed maturities, AFS [1]$(1,482)$(2,948)$(2,277)$(2,008)$(2,594)$(3,038)$(1,858)$(261)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(8)(9)(10)(13)(7)(7)(2)(2)
Net gains on cash flow hedging instruments21 27 31 48 40 69 30 5 
Total net unrealized gain (loss)(1,469)(2,930)(2,256)(1,973)(2,561)(2,976)$(1,830)$(258)
Foreign currency translation adjustments37 35 36 33 31 14 33 41 
Liability for future policy benefits adjustments [1]25 47 32 27 35 37 13 (16)
Pension and other postretirement plan adjustments(1,442)(1,330)(1,336)(1,341)(1,346)(1,452)(1,465)(1,477)
Total AOCI [1]$(2,849)$(4,178)$(3,524)$(3,254)$(3,841)$(4,377)$(3,249)$(1,710)
[1]Adopting LDTI, including removing shadow adjustments formerly reported in net unrealized gain (loss) on fixed maturities, AFS as well as the liability for future policy benefits adjustments, resulted in an after tax increase (decrease) to total AOCI of $35, $37, $13 and $(11) as of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Written premiums
$3,770 $3,872 $3,979 $3,856 $3,428 $3,583 $3,592 $3,516 $15,477 $14,119 
Change in unearned premium reserve(72)137 333 351 (93)131 251 310 749 599 
Earned premiums 3,842 3,735 3,646 3,505 3,521 3,452 3,341 3,206 14,728 13,520 
Fee income 18 18 17 18 17 18 17 17 71 69 
Losses and loss adjustment expenses
Current accident year before catastrophes2,306 2,255 2,216 2,085 2,081 2,070 1,944 1,833 8,862 7,928 
Current accident year catastrophes [1]81 184 226 185 135 293 123 98 676 649 
Prior accident year development [2]92 (43)(39)— 183 (53)(58)(36)10 36 
Total losses and loss adjustment expenses2,479 2,396 2,403 2,270 2,399 2,310 2,009 1,895 9,548 8,613 
Amortization of DAC526 509 493 482 466 456 441 428 2,010 1,791 
Underwriting expenses596 601 616 604 598 610 606 577 2,417 2,391 
Amortization of other intangible assets8 8 7 8 8 8 7 8 31 31 
Dividends to policyholders 8 16 7 8 8 7 7 7 39 29 
Underwriting gain*243 223 137 151 59 79 288 308 754 734 
Net investment income505 460 415 392 469 360 407 382 1,772 1,618 
Net realized gains (losses)(54)(45)(57)(23)3 (110)(225)(104)(179)(436)
Net servicing and other income (expense)2 5 7 6 2 3 2 (2)20 5 
Income before income taxes696 643 502 526 533 332 472 584 2,367 1,921 
Income tax expense129 127 95 100 107 76 97 116 451 396 
Net income567 516 407 426 426 256 375 468 1,916 1,525 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax45 35 48 23 (3)109 222 106 151 434 
Integration and other non-recurring M&A costs, before tax1 1 2 — 3 3 4 3 4 13 
Change in deferred gain on retroactive reinsurance, before tax [2]194 — — — 229 — — — 194 229 
Income tax benefit [3](49)(7)(11)(5)(56)(23)(49)(26)(72)(154)
Core earnings$758 $545 $446 $444 $599 $345 $552 $551 $2,193 $2,047 
ROE
Net income available to common stockholders [4] 17.5 %17.6 %13.8 %12.8 %12.7 %15.2 %15.7 %18.4 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax1.5 %1.1 %1.8 %3.3 %4.0 %2.8 %1.2 %(1.3 %)
Integration and other non-recurring M&A costs, before tax— %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax [2]1.9 %2.5 %2.3 %2.2 %2.1 %1.6 %1.8 %2.1 %
Income tax expense (benefit) [3](0.7 %)(0.8 %)(0.9 %)(1.3 %)(1.4 %)(1.0 %)(0.7 %)(0.3 %)
Impact of AOCI, excluded from core earnings ROE(2.9 %)(4.3 %)(2.6 %)(1.6 %)(0.9 %)(1.0 %)(0.2)%0.6 %
Core earnings [4]17.3 %16.2 %14.5 %15.5 %16.6 %17.7 %17.9 %19.6 %
[1]The three months ended December 31, 2022 included $167 of net losses from Winter Storm Elliott, including $151 in Commercial Lines and $16 in Personal Lines. The $167 of losses is before recoveries under the Company's per occurrence catastrophe treaty. Net of the treaty, losses from Winter Storm Elliott in the three months ended December 31, 2022 were $132. The three months ended September 30,2022 included $214 of losses, net of reinsurance, from Hurricane Ian, including $133 in Commercial Lines and $81 in Personal Lines.
[2]Prior accident year development does not include a benefit for the portion of ceded losses in excess of ceded premium paid under ADC agreements, which is recognized as a deferred gain under retroactive reinsurance accounting.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[4]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

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


Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Workers’ compensation$(62)$(61)$(52)$(61)$(61)$(58)$(40)$(45)$(236)$(204)
Workers' compensation discount accretion10 10 11 11 9 9 9 9 42 36 
General liability2 11 16 12 23 — 21 12 41 56 
Marine(1)— (2)1 — 5 (3)— (2)2 
Package business(6)(10)(3)(5)(4)(11)(13)(11)(24)(39)
Commercial property(9)2 (5)5 6 4 (6)(15)(7)(11)
Professional liability1 — (3)— (2)— (9)— (2)(11)
Bond(39)— 12 — (28)— (4)— (27)(32)
Assumed reinsurance15 2 15 2 7 — — 12 34 19 
Automobile liability - Commercial Lines14 — 6 — 15 11 12 — 20 38 
Automobile liability - Personal Lines— — — — — (9)— (5)— (14)
Homeowners(7)— 2 (1)1 (2)— — (6)(1)
Net asbestos and environmental reserves [1]— — — — — — — — — — 
Catastrophes(43)— (44)— (30)(2)(27)(3)(87)(62)
Uncollectible reinsurance— 1 4 8 — (3)6 — 13 3 
Other reserve re-estimates [2]23 2 4 28 18 3 (4)10 57 27 
Prior accident year development before change in deferred gain(102)(43)(39)— (46)(53)(58)(36)(184)(193)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]194 — — — 229 — — — 194 229 
Total prior accident year development$92 $(43)$(39)$— $183 $(53)$(58)$(36)$10 $36 
[1]A&E reserves were reviewed in fourth quarter 2023 and 2022, resulting in an increase in reserves before ADC reinsurance of $194 and $229, respectively, which were ceded to the A&E ADC resulting in a deferred gain on retroactive reinsurance. For 2023 and 2022, this included an increase in asbestos reserves of $156 and $162, respectively, and an increase in environmental reserves of $38 and $67, respectively. As of December 31, 2023 the Company has incurred $1,438 in cumulative adverse development on A&E reserves that have been ceded under the A&E ADC treaty with $62 of available limit remaining. The Company has recorded a cumulative deferred gain of $788 as of December 31, 2023 within other liabilities, representing the amount of losses ceded to the ADC in excess of ceded premium paid.
[2]Other reserve re-estimates for the three months ended December 31, 2023 and 2022 primarily included increases in unallocated loss adjustment expense ("ULAE") reserves of $23 and $22, respectively, within P&C Other Operations driven by the increase in gross A&E reserves discussed in [1] above. The year ended December 31, 2023 also included a $22 increase in automobile physical damage reserves within Personal Lines.

9
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
UNDERWRITING RATIOS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
UNDERWRITING GAIN$243 $223 $137 $151 $59 $79 $288 $308 $754 $734 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 60.0 60.4 60.8 59.5 59.1 60.0 58.2 57.2 60.2 58.6 
Current accident year catastrophes2.1 4.9 6.2 5.3 3.8 8.5 3.7 3.1 4.6 4.8 
Prior accident year development [1]2.4 (1.2)(1.1)— 5.2 (1.5)(1.7)(1.1)0.1 0.3 
Total loss and loss adjustment expense ratio64.5 64.1 65.9 64.8 68.1 66.9 60.1 59.1 64.8 63.7 
Expense ratio [2]28.9 29.5 30.1 30.7 30.0 30.6 31.0 31.1 29.8 30.7 
Policyholder dividend ratio0.2 0.4 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 
Combined ratio93.7 94.0 96.2 95.7 98.3 97.7 91.4 90.4 94.9 94.6 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(4.5)(3.7)(5.1)(5.3)(9.0)(7.0)(2.0)(2.0)(4.7)(5.1)
Underlying combined ratio *89.2 90.3 91.1 90.4 89.3 90.8 89.4 88.5 90.2 89.5 
[1]See [1] on page 9 for discussion related to the deferred gain on retroactive reinsurance.
[2]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.


10
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Written premiums$2,990 $3,003 $3,177 $3,109 $2,733 $2,780 $2,836 $2,809 $12,279 $11,158 
Change in unearned premium reserve(48)52 291 343 (34)77 221 323 638 587 
Earned premiums 3,038 2,951 2,886 2,766 2,767 2,703 2,615 2,486 11,641 10,571 
Fee income10 11 10 10 10 10 10 9 41 39 
Losses and loss adjustment expenses
Current accident year before catastrophes1,704 1,669 1,638 1,564 1,542 1,555 1,467 1,395 6,575 5,959 
Current accident year catastrophes [1]60 115 123 138 114 179 67 81 436 441 
Prior accident year development [2](118)(46)(38)(23)(68)(42)(88)(33)(225)(231)
Total losses and loss adjustment expenses1,646 1,738 1,723 1,679 1,588 1,692 1,446 1,443 6,786 6,169 
Amortization of DAC468 451 436 424 408 399 385 371 1,779 1,563 
Underwriting expenses 452 460 469 456 461 455 447 425 1,837 1,788 
Amortization of other intangible assets8 7 7 7 8 7 7 7 29 29 
Dividends to policyholders8 16 7 8 8 7 7 7 39 29 
Underwriting gain466 290 254 202 304 153 333 242 1,212 1,032 
Net investment income435 395 364 338 411 315 356 333 1,532 1,415 
Net realized losses(48)(38)(51)(19)(1)(95)(198)(91)(156)(385)
Other income (expense) [3](3)2 — — (2)(3)(1)(6)(1)(12)
Income before income taxes850 649 567 521 712 370 490 478 2,587 2,050 
Income tax expense163 130 109 100 146 84 101 95 502 426 
Net income687 519 458 421 566 286 389 383 2,085 1,624 
Adjustments to reconcile net income to core earnings:
Net realized losses, excluded from core earnings, before tax41 29 43 19 1 95 194 93 132 383 
Integration and other non-recurring M&A costs, before tax [3]1 1 2 — 3 3 4 3 4 13 
Income tax benefit [4](6)(7)(10)(4)(8)(21)(43)(23)(27)(95)
Core earnings$723 $542 $493 $436 $562 $363 $544 $456 $2,194 $1,925 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Winter Storm Elliott in the three months ended December 31, 2022 and Hurricane Ian for the three months ended September 30, 2022.
[2]Refer to [1] on page 9 for discussion related to the deferred gain on retroactive reinsurance.
[3]Includes Navigators Group integration costs.
[4]Primarily represents federal income tax benefit related to before tax items not included in core earnings.

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



Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Workers’ compensation$(62)$(61)$(52)$(61)$(61)$(58)$(40)$(45)$(236)$(204)
Workers' compensation discount accretion10 10 11 11 9 9 9 9 42 36 
General liability2 11 16 12 23 — (10)12 41 25 
Marine(1)— (2)1 — 5 (3)— (2)2 
Package business(6)(10)(3)(5)(4)(11)(13)(11)(24)(39)
Commercial property(9)2 (5)5 6 4 (6)(15)(7)(11)
Professional liability1 — (3)— (2)— (9)— (2)(11)
Bond(39)— 12 — (28)— (4)— (27)(32)
Assumed reinsurance15 2 15 2 7 — — 12 34 19 
Automobile liability14 — 6 — 15 11 12 — 20 38 
Catastrophes(43)— (40)— (29)(2)(26)(3)(83)(60)
Uncollectible reinsurance— (2)4 5 — (1)— — 7 (1)
Other reserve re-estimates— 2 3 7 (4)1 2 8 12 7 
Total prior accident year development$(118)$(46)$(38)$(23)$(68)$(42)$(88)$(33)$(225)$(231)


12
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
UNDERWRITING RATIOS 
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
UNDERWRITING GAIN$466 $290 $254 $202 $304 $153 $333 $242 $1,212 $1,032 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 56.1 56.6 56.8 56.5 55.7 57.5 56.1 56.1 56.5 56.4 
Current accident year catastrophes2.0 3.9 4.3 5.0 4.1 6.6 2.6 3.3 3.7 4.2 
Prior accident year development(3.9)(1.6)(1.3)(0.8)(2.5)(1.6)(3.4)(1.3)(1.9)(2.2)
Total loss and loss adjustment expense ratio54.2 58.9 59.7 60.7 57.4 62.6 55.3 58.0 58.3 58.4 
Expense ratio [1]30.2 30.7 31.3 31.7 31.3 31.5 31.7 31.9 31.0 31.6 
Policyholder dividend ratio0.3 0.5 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 
Combined ratio84.7 90.2 91.2 92.7 89.0 94.3 87.3 90.3 89.6 90.2 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development1.9 (2.3)(3.0)(4.2)(1.6)(5.0)0.8 (2.0)(1.8)(2.0)
Underlying combined ratio 86.6 87.8 88.3 88.5 87.4 89.3 88.1 88.3 87.8 88.3 
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio84.0 87.7 90.8 90.8 89.4 89.3 85.2 82.9 88.2 86.8 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.4)(3.2)(5.7)(6.2)(6.3)(5.3)(3.0)(1.9)(4.6)(4.2)
Prior accident year development5.2 5.2 4.5 4.9 4.5 4.4 4.7 4.9 5.0 4.6 
Underlying combined ratio 85.8 89.7 89.7 89.5 87.5 88.5 86.9 85.9 88.6 87.2 
MIDDLE & LARGE COMMERCIAL
Combined ratio89.3 94.5 93.6 97.6 91.8 100.7 95.6 94.6 93.7 95.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.1)(4.5)(3.8)(5.0)(3.1)(6.6)(2.0)(2.3)(3.3)(3.5)
Prior accident year development1.2 (1.8)(1.1)(2.7)1.5 (0.4)(0.8)(0.9)(1.1)(0.1)
Underlying combined ratio90.3 88.1 88.7 89.9 90.2 93.7 92.9 91.5 89.3 92.1 
GLOBAL SPECIALTY
Combined ratio79.6 88.9 87.3 88.7 84.1 94.2 85.0 96.9 86.0 89.9 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(2.0)(4.3)(2.6)(3.1)(1.9)(9.0)(2.8)(6.9)(3.0)(5.1)
Prior accident year development5.3 (0.3)0.3 (0.4)0.7 (0.6)0.9 (1.8)1.3 (0.2)
Underlying combined ratio82.9 84.3 85.0 85.2 83.0 84.5 83.1 88.2 84.3 84.6 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.

13
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
SUPPLEMENTAL DATA
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
WRITTEN PREMIUMS
Small Commercial$1,220 $1,228 $1,266 $1,319 $1,130 $1,131 $1,145 $1,180 $5,033 $4,586 
Middle & Large Commercial1,010 1,031 1,013 935 911 979 907 853 3,989 3,650 
Middle Market860 900 881 796 773 856 785 724 3,437 3,138 
National Accounts and Other150 131 132 139 138 123 122 129 552 512 
Global Specialty [1]748 730 885 842 681 659 772 764 3,205 2,876 
U.S.495 500 551 468 466 466 516 466 2,014 1,914 
International122 96 121 99 110 92 103 91 438 396 
Global Re131 134 213 275 105 101 153 207 753 566 
Other12 14 13 13 11 11 12 12 52 46 
Total$2,990 $3,003 $3,177 $3,109 $2,733 $2,780 $2,836 $2,809 $12,279 $11,158 
EARNED PREMIUMS
Small Commercial$1,251 $1,221 $1,190 $1,139 $1,147 $1,117 $1,081 $1,034 $4,801 $4,379 
Middle & Large Commercial989 955 948 914 915 896 855 828 3,806 3,494 
Middle Market851 829 806 785 788 774 733 717 3,271 3,012 
National Accounts and Other138 126 142 129 127 122 122 111 535 482 
Global Specialty [1]786 761 735 700 695 678 666 613 2,982 2,652 
U.S.500 501 484 463 472 460 450 426 1,948 1,808 
International108 104 108 99 93 99 98 87 419 377 
Global Re178 156 143 138 130 119 118 100 615 467 
Other12 14 13 13 10 12 13 11 52 46 
Total$3,038 $2,951 $2,886 $2,766 $2,767 $2,703 $2,615 $2,486 $11,641 $10,571 
COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium$216 $220 $237 $242 $191 $190 $201 $186 $915 $768 
Renewal Written Price Increases5.4 %4.7 %4.3 %3.8 %4.7 %4.0 %3.4 %3.1 %4.6 %3.8 %
Policy Count Retention85 %85 %85 %86 %86 %86 %85 %86 %85 %86 %
Policies in Force (in thousands)1,492 1,479 1,461 1,439 1,421 1,411 1,395 1,378 
Middle Market [2]
Net New Business Premium$168 $137 $164 $148 $131 $150 $130 $120 $617 $531 
Renewal Written Price Increases7.6 %7.8 %7.3 %6.6 %6.1 %6.1 %5.1 %5.0 %7.3 %5.6 %
Premium Retention84 %82 %83 %82 %83 %84 %82 %82 %83 %83 %
Global Specialty
Gross New Business Premium [3]
$230 $216 $246 $191 $192 $201 $226 $206 $883 $825 
Renewal Written Price Increases [4]4.8 %3.8 %5.1 %3.8 %4.5 %4.3 %6.6 %9.3 %4.4 %6.1 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

14
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Written premiums$780 $869 $802 $747 $695 $803 $756 $707 $3,198 $2,961 
Change in unearned premium reserve(24)85 42 8 (59)54 30 (13)111 12 
Earned premiums804 784 760 739 754 749 726 720 3,087 2,949 
Fee income 8 7 7 8 7 8 7 8 30 30 
Losses and loss adjustment expenses
Current accident year before catastrophes602 586 578 521 539 515 477 438 2,287 1,969 
Current accident year catastrophes [1]21 69 103 47 21 114 56 17 240 208 
Prior accident year development (7)1 (3)20 1 (11)— (3)11 (13)
Total losses and loss adjustment expenses616 656 678 588 561 618 533 452 2,538 2,164 
Amortization of DAC58 58 57 58 58 57 56 57 231 228 
Underwriting expenses148 138 145 145 135 153 157 149 576 594 
Amortization of other intangible assets— 1 — 1 — 1 — 1 2 2 
Underwriting gain (loss)(10)(62)(113)(45)7 (72)(13)69 (230)(9)
Net investment income52 47 34 38 41 31 35 33 171 140 
Net realized gains (losses)(5)(5)(5)(1)3 (11)(18)(9)(16)(35)
Net servicing and other income (expense)5 3 7 6 4 6 3 4 21 17 
Income (loss) before income taxes42 (17)(77)(2)55 (46)7 97 (54)113 
Income tax expense (benefit)8 (5)(17)(1)11 (10)1 20 (15)22 
Net income (loss)34 (12)(60)(1)44 (36)6 77 (39)91 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax3 5 4 1 (3)10 19 9 13 35 
Income tax expense (benefit) [2](1)(1)(1)— 1 (2)(4)(2)(3)(7)
Core earnings (loss)$36 $(8)$(57)$— $42 $(28)$21 $84 $(29)$119 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Winter Storm Elliott in the three months ended December 31, 2022 and Hurricane Ian for the three months ended September 30, 2022.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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


Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Automobile liability$— $— $— $— $— $(9)$— $(5)$— $(14)
Homeowners(7)— 2 (1)1 (2)— — (6)(1)
Catastrophes— — (4)— (1)— (1)— (4)(2)
Uncollectible reinsurance— 1 — — — (2)— — 1 (2)
Other reserve re-estimates, net [1]— — (1)21 1 2 1 2 20 6 
Total prior accident year development$(7)$1 $(3)$20 $1 $(11)$— $(3)$11 $(13)
[1]Other reserve re-estimates, net for the year ended December 31, 2023 includes a $22 increase in automobile physical damage reserves.

16
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
UNDERWRITING RATIOS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
UNDERWRITING GAIN (LOSS)$(10)$(62)$(113)$(45)$7 $(72)$(13)$69 $(230)$(9)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes74.9 74.7 76.1 70.5 71.5 68.8 65.7 60.8 74.1 66.8 
Current accident year catastrophes2.6 8.8 13.6 6.4 2.8 15.2 7.7 2.4 7.8 7.1 
Prior accident year development(0.9)0.1 (0.4)2.7 0.1 (1.5)— (0.4)0.4 (0.4)
Total loss and loss adjustment expense ratio76.6 83.7 89.2 79.6 74.4 82.5 73.4 62.8 82.2 73.4 
Expense ratio24.6 24.2 25.7 26.5 24.7 27.1 28.4 27.6 25.2 26.9 
Combined ratio101.2 107.9 114.9 106.1 99.1 109.6 101.8 90.4 107.5 100.3 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development
(1.7)(8.9)(13.2)(9.1)(2.9)(13.7)(7.7)(2.0)(8.2)(6.7)
Underlying combined ratio99.5 99.0 101.7 97.0 96.2 95.9 94.1 88.5 99.3 93.7 
PRODUCT
Automobile
Combined ratio113.7 110.8 116.4 110.2 108.6 113.2 101.2 92.8 112.8 104.1 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.2)(2.3)(3.8)(1.1)(0.1)(11.9)(1.4)(0.3)(1.8)(3.5)
Prior accident year development0.1 — (0.8)(4.0)0.3 1.4 0.2 0.9 (1.1)0.7 
Underlying combined ratio113.5 108.5 111.8 105.1 108.9 102.6 100.0 93.3 109.8 101.3 
Homeowners
Combined ratio72.7 101.4 115.1 96.8 78.1 102.6 103.1 85.2 96.4 92.2 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(8.0)(23.1)(35.5)(17.8)(8.8)(22.6)(21.2)(7.0)(21.1)(14.9)
Prior accident year development2.7 (0.3)(0.1)(0.1)(1.0)0.4 0.1 (0.8)0.6 (0.3)
Underlying combined ratio67.3 78.1 79.6 78.9 68.3 80.4 82.0 77.4 75.9 77.0 


17

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

 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct$663 $754 $698 $648 $596 $698 $655 $610 $2,763 $2,559 
AARP Agency60 57 52 50 50 50 50 48 219 198 
Other Agency52 53 48 44 44 48 46 43 197 181 
Other5 5 4 5 5 7 5 6 19 23 
Total$780 $869 $802 $747 $695 $803 $756 $707 $3,198 $2,961 
EARNED PREMIUMS
AARP Direct$697 $681 $659 $640 $653 $645 $625 $617 $2,677 $2,540 
AARP Agency55 50 51 49 50 50 50 50 205 200 
Other Agency47 47 45 45 45 46 46 47 184 184 
Other5 6 5 5 6 8 5 6 21 25 
Total$804 $784 $760 $739 $754 $749 $726 $720 $3,087 $2,949 
PRODUCT LINE
WRITTEN PREMIUMS
Automobile$545 $596 $543 $529 $473 $541 $509 $497 $2,213 $2,020 
Homeowners235 273 259 218 222 262 247 210 985 941 
Total$780 $869 $802 $747 $695 $803 $756 $707 $3,198 $2,961 
EARNED PREMIUMS
Automobile$561 $541 $523 $509 $519 $516 $497 $493 $2,134 $2,025 
Homeowners243 243 237 230 235 233 229 227 953 924 
Total$804 $784 $760 $739 $754 $749 $726 $720 $3,087 $2,949 


18
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA (CONTINUED)
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile$65 $61 $52 $46 $41 $71 $57 $58 $224 $227 
Homeowners$25 $25 $22 $21 $18 $22 $19 $15 $93 $74 
Renewal Written Price Increases
Automobile21.9 %19.6 %13.7 %9.9 %6.2 %5.0 %4.0 %2.9 %16.3 %4.5 %
Homeowners14.7 %14.0 %14.4 %13.9 %13.3 %11.7 %9.0 %8.8 %14.2 %10.7 %
Policy Count Retention [1]
Automobile85 %85 %86 %85 %85 %85 %84 %84 %85 %84 %
Homeowners85 %84 %84 %84 %84 %84 %84 %84 %84 %84 %
Effective Policy Count Retention [1]
Automobile83 %83 %83 %85 %86 %86 %85 %85 %84 %86 %
Homeowners84 %84 %84 %84 %85 %85 %85 %85 %84 %85 %
Policies in Force (in thousands)
Automobile1,257 1,270 1,287 1,305 1,323 1,331 1,315 1,315 
Homeowners704 712 723 731 740 749 756 765 
[1]Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period. Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.


19
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
P&C OTHER OPERATIONS
INCOME STATEMENTS
 
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Losses and loss adjustment expenses
Prior accident year development [1] [2]$217 $2 $2 $3 $250 $— $30 $— $224 $280 
Total losses and loss adjustment expenses217 2 2 3 250 — 30 — 224 280 
Underwriting expenses(4)3 2 3 2 2 2 3 4 9 
Underwriting loss(213)(5)(4)(6)(252)(2)(32)(3)(228)(289)
Net investment income18 18 17 16 17 14 16 16 69 63 
Net realized gains (losses)(1)(2)(1)(3)1 (4)(9)(4)(7)(16)
Income (loss) before income taxes(196)11 12 7 (234)8 (25)9 (166)(242)
Income tax expense (benefit)(42)2 3 1 (50)2 (5)1 (36)(52)
Net income (loss)(154)9 9 6 (184)6 (20)8 (130)(190)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax1 1 1 3 (1)4 9 4 6 16 
Change in deferred gain on retroactive reinsurance, before tax194 — — — 229 — — — 194 229 
Income tax expense (benefit) [3](42)1 — (1)(49)— (2)(1)(42)(52)
Core earnings (loss)$(1)$11 $10 $8 $(5)$10 $(13)$11 $28 $3 
[1]See [1] on page 9 for discussion related to prior year development and the deferred gain on retroactive reinsurance for the three months ended December 31, 2023 and 2022.
[2]Refer to note [2] on page 9 for a discussion of an increase in ULAE reserves in the three months ended December 31, 2023 and 2022.
[3]Represents federal income tax benefit related to before tax items not included in core earnings (loss).























20
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Earned premiums$1,591 $1,575 $1,574 $1,558 $1,498 $1,458 $1,469 $1,445 $6,298 $5,870 
Fee income56 54 56 51 48 46 48 45 217 187 
Net investment income125 121 113 110 154 117 130 123 469 524 
Net realized gains (losses)— (31)(19)5 1 (37)(70)(16)(45)(122)
Total revenues1,772 1,719 1,724 1,724 1,701 1,584 1,577 1,597 6,939 6,459 
Benefits, losses and loss adjustment expenses1,152 1,146 1,175 1,210 1,135 1,096 1,063 1,223 4,683 4,517 
Amortization of DAC8 8 9 9 7 8 9 9 34 33 
Insurance operating costs and other expenses381 372 381 380 371 364 365 367 1,514 1,467 
Amortization of other intangible assets10 10 10 10 10 10 10 10 40 40 
Total benefits, losses and expenses1,551 1,536 1,575 1,609 1,523 1,478 1,447 1,609 6,271 6,057 
Income (loss) before income taxes221 183 149 115 178 106 130 (12)668 402 
Income tax expense (benefit)45 37 28 23 35 20 24 (4)133 75 
Net income (loss) [1]176 146 121 92 143 86 106 (8)535 327 
Adjustments to reconcile net income (loss) to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2)28 16 (5)(2)38 70 16 37 122 
Integration and other non-recurring M&A costs, before tax1 1 — 2 2 2 2 2 4 8 
Income tax expense (benefit) [2](1)(5)(4)1 1 (9)(15)(4)(9)(27)
Core earnings [1]$174 $170 $133 $90 $144 $117 $163 $6 $567 $430 
Margin
Net income margin9.9 %8.5 %7.0 %5.3 %8.4 %5.4 %6.7 %(0.5 %)7.7 %5.1 %
Core earnings margin*9.8 %9.8 %7.6 %5.2 %8.5 %7.2 %9.9 %0.4 %8.1 %6.5 %
ROE
Net income available to common stockholders [3]15.4 %15.9 %13.0 %11.9 %8.3 %5.3 %3.4 %5.1 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax1.2 %1.3 %1.5 %3.1 %3.6 %1.6 %0.1 %(2.6 %)
Integration and other non-recurring M&A costs, before tax0.1 %0.2 %0.2 %0.2 %0.2 %0.2 %0.2 %0.2 %
Income tax expense (benefit) [2](0.3 %)(0.2 %)(0.4 %)(0.7 %)(0.8 %)(0.4 %)— %0.5 %
Impact of AOCI, excluded from core earnings ROE(2.1 %)(3.4 %)(1.8 %)(0.9 %)(0.3 %)(0.1 %)0.1 %0.3 %
Core earnings [3]14.3 %13.8 %12.5 %13.6 %11.0 %6.6 %3.8 %3.5 %
[1]Adopting LDTI resulted in an after tax increase (decrease) to net income and core earnings of $3, $0, $2 and $(2) for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022, respectively.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Group Benefits.

21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
SUPPLEMENTAL DATA
 
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
PREMIUMS
Fully insured ongoing premiums
Group disability$845 $827 $822 $814 $805 $772 $780 $754 $3,308 $3,111 
Group life 647 640 650 643 604 593 599 597 2,580 2,393 
Other [1]98 102 102 100 89 88 90 87 402 354 
Total fully insured ongoing premiums1,590 1,569 1,574 1,557 1,498 1,453 1,469 1,438 6,290 5,858 
Total buyouts [2]1 6 — 1 — 5 — 7 8 12 
Total premiums$1,591 $1,575 $1,574 $1,558 $1,498 $1,458 $1,469 $1,445 $6,298 $5,870 
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability$43 $83 $77 $209 $67 $51 $123 $222 $412 $463 
Group life21 45 60 227 21 41 70 125 353 257 
Other [1]7 15 14 38 14 14 11 42 74 81 
Total fully insured ongoing sales71 143 151 474 102 106 204 389 839 801 
Total buyouts [2]1 6 — 1 — 5 — 7 8 12 
Total sales$72 $149 $151 $475 $102 $111 $204 $396 $847 $813 
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio63.6 %67.3 %67.0 %70.4 %65.5 %68.4 %66.3 %73.2 %67.1 %68.3 %
Group life loss ratio83.0 %80.2 %84.1 %86.7 %89.1 %83.1 %78.6 %98.7 %83.5 %87.4 %
Total loss ratio69.9 %70.2 %72.1 %75.2 %73.4 %72.8 %70.1 %82.0 %71.8 %74.5 %
Expense ratio [3]24.2 %24.0 %24.5 %24.7 %25.0 %25.4 %25.2 %25.9 %24.3 %25.3 %
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.
[3]Integration and transaction costs related to the acquisition of Aetna's U.S. group life and disability business are not included in the expense ratio.


22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Investment management fees $183 $189 $186 $182 $183 $190 $198 $216 $740 $787 
Shareowner servicing fees 21 21 21 21 21 21 23 25 84 90 
Other revenue42 42 41 41 41 45 43 47 166 176 
Net realized gains (losses)8 (4)1 5 7 (9)(13)(9)10 (24)
Total revenues 254 248 249 249 252 247 251 279 1,000 1,029 
Sub-advisory expense67 67 66 65 65 68 71 78 265 282 
Employee compensation and benefits30 28 29 34 29 27 31 36 121 123 
Distribution and service70 73 73 73 72 75 81 87 289 315 
General, administrative and other29 27 24 26 29 25 24 28 106 106 
Total expenses 196 195 192 198 195 195 207 229 781 826 
Income before income taxes58 53 57 51 57 52 44 50 219 203 
Income tax expense11 12 12 10 12 11 10 8 45 41 
Net income47 41 45 41 45 41 34 42 174 162 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(8)4 (1)(5)(7)9 13 9 (10)24 
Income tax expense (benefit) [1]— — — 1 1 (3)(3)(1)1 (6)
Core earnings$39 $45 $44 $37 $39 $47 $44 $50 $165 $180 
Daily average Hartford Funds AUM$124,676 $128,786 $127,540 $127,084 $124,087 $129,782 $136,841 $150,131 $127,019 $135,124 
Return on assets (bps, net of tax) [2]
Net income15.1 12.7 14.1 12.9 14.5 12.6 9.9 11.2 13.7 12.0 
Core earnings*12.5 14.0 13.8 11.6 12.6 14.5 12.9 13.3 13.0 13.3 
ROE
Net income available to common stockholders [3]43.9 %44.9 %44.9 %42.7 %42.4 %48.2 %51.9 %58.0 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains) excluded from core earnings, before tax(2.6 %)(2.4 %)(1.1 %)2.7 %6.5 %7.8 %6.0 %2.0 %
Income tax expense (benefit) [1]0.3 %0.5 %(0.3 %)(1.1 %)(1.6 %)(1.7 %)(1.1 %)— %
Impact of AOCI, excluded from core earnings ROE(1.8 %)(2.5 %)(1.9 %)(1.5 %)(1.2 %)(1.5 %)(0.9 %)(0.6 %)
Core earnings [3]39.8 %40.5 %41.6 %42.8 %46.1 %52.8 %55.9 %59.4 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
ASSET VALUE ROLLFORWARD
ASSETS UNDER MANAGEMENT BY ASSET CLASS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Equity Funds
Beginning balance $74,306 $78,951 $76,132 $73,782 $69,128 $74,891 $89,282 $95,703 $73,782 $95,703 
Sales3,077 3,096 3,447 4,202 4,200 4,257 5,631 6,856 13,822 20,944 
Redemptions(5,303)(4,366)(4,145)(5,221)(6,505)(5,178)(6,795)(6,965)(19,035)(25,443)
Net flows(2,226)(1,270)(698)(1,019)(2,305)(921)(1,164)(109)(5,213)(4,499)
Change in market value and other 7,272 (3,375)3,517 3,369 6,959 (4,842)(13,227)(6,312)10,783 (17,422)
Ending balance$79,352 $74,306 $78,951 $76,132 $73,782 $69,128 $74,891 $89,282 $79,352 $73,782 
Fixed Income Funds
Beginning balance $15,941 $16,149 $16,399 $15,861 $16,018 $17,388 $18,889 $20,113 $15,861 $20,113 
Sales1,553 1,160 1,216 1,521 1,852 1,084 1,736 1,900 5,450 6,572 
Redemptions(1,692)(1,127)(1,468)(1,372)(2,471)(2,071)(2,306)(2,254)(5,659)(9,102)
Net flows(139)33 (252)149 (619)(987)(570)(354)(209)(2,530)
Change in market value and other 971 (241)2 389 462 (383)(931)(870)1,121 (1,722)
Ending balance$16,773 $15,941 $16,149 $16,399 $15,861 $16,018 $17,388 $18,889 $16,773 $15,861 
Multi-Strategy Investments Funds [1]
Beginning balance$18,573 $19,764 $19,941 $19,975 $19,028 $20,362 $22,603 $23,610 $19,975 $23,610 
Sales416 354 402 516 530 467 598 722 1,688 2,317 
Redemptions(1,134)(968)(918)(892)(959)(810)(841)(826)(3,912)(3,436)
Net flows(718)(614)(516)(376)(429)(343)(243)(104)(2,224)(1,119)
Change in market value and other 1,437 (577)339 342 1,376 (991)(1,998)(903)1,541 (2,516)
Ending balance$19,292 $18,573 $19,764 $19,941 $19,975 $19,028 $20,362 $22,603 $19,292 $19,975 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$3,362 $3,243 $3,036 $2,854 $2,590 $2,765 $3,211 $3,206 $2,854 $3,206 
Net flows120 222 210 67 60 28 (34)143 619 197 
Change in market value and other417 (103)(3)115 204 (203)(412)(138)426 (549)
Ending balance$3,899 $3,362 $3,243 $3,036 $2,854 $2,590 $2,765 $3,211 $3,899 $2,854 
Mutual Fund and ETF AUM
Beginning balance$112,182 $118,107 $115,508 $112,472 $106,764 $115,406 $133,985 $142,632 $112,472 $142,632 
Sales - mutual fund5,046 4,610 5,065 6,239 6,582 5,808 7,965 9,478 20,960 29,833 
Redemptions - mutual fund(8,129)(6,461)(6,531)(7,485)(9,935)(8,059)(9,942)(10,045)(28,606)(37,981)
Net flows - ETF120 222 210 67 60 28 (34)143 619 197 
Net flows - mutual fund and ETF(2,963)(1,629)(1,256)(1,179)(3,293)(2,223)(2,011)(424)(7,027)(7,951)
Change in market value and other 10,097 (4,296)3,855 4,215 9,001 (6,419)(16,568)(8,223)13,871 (22,209)
Ending balance
119,316 112,182 118,107 115,508 112,472 106,764 115,406 133,985 119,316 112,472 
Third-party life and annuity separate account AUM11,709 11,011 11,799 11,672 11,635 11,063 11,992 14,061 11,709 11,635 
Hartford Funds AUM$131,025 $123,193 $129,906 $127,180 $124,107 $117,827 $127,398 $148,046 $131,025 $124,107 
[1]Includes balanced, allocation, and alternative investment products.

24

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CORPORATE
INCOME STATEMENTS 
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Fee income [1]$9 $10 $11 $9 $12 $11 $13 $13 $39 $49 
Other revenue— 1 — 1 — — — 1 2 1 
Net investment income17 12 8 10 13 7 3 3 47 26 
Net realized gains (losses)19 (10)11 6 11 (10)(30)(16)26 (45)
Total revenues (losses)45 13 30 26 36 8 (14)1 114 31 
Benefits, losses and loss adjustment expenses [2]2 1 2 2 3 1 2 2 7 8 
Insurance operating costs and other expenses [1][3]17 27 11 13 13 12 23 13 68 61 
Interest expense49 50 50 50 50 50 51 62 199 213 
Restructuring and other costs2 1 3 — 3 3 2 5 6 13 
Total expenses70 79 66 65 69 66 78 82 280 295 
Loss before income taxes(25)(66)(36)(39)(33)(58)(92)(81)(166)(264)
Income tax benefit(6)(14)(10)(15)(11)(15)(21)(22)(45)(69)
Net loss [4](19)(52)(26)(24)(22)(43)(71)(59)(121)(195)
Preferred stock dividends5 6 5 5 5 6 5 5 21 21 
Net loss available to common stockholders(24)(58)(31)(29)(27)(49)(76)(64)(142)(216)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(19)9 (10)(6)(10)10 31 15 (26)46 
Restructuring and other costs, before tax2 1 3 — 3 3 2 5 6 13 
Loss on extinguishment of debt, before tax— — — — — — 9 — — 9 
Income tax expense (benefit) [5]5 (4)3 — 1 (1)(9)(4)4 (13)
Core loss [4]$(36)$(52)$(35)$(35)$(33)$(37)$(43)$(48)$(158)$(161)
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.
[3]Insurance operating costs and other expenses for the twelve months ended December 31, 2023, includes a $14 capital-based state tax expense covering several years recorded in the 2023 period related to recently released guidance, and for the twelve months ended December 31, 2022, includes a $9 loss on extinguishment of debt related to The Hartford's redemption of its 7.875% junior subordinated loans on April 15, 2022.
[4]Adopting LDTI resulted in an after tax decrease to net loss and core loss of $1 for the three months ended September 30, 2022. There were no impacts to the other periods presented in the table above.
[5]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


25

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
CONSOLIDATED
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$466 $433 $411 $395 $365 $323 $290 $275 $1,705 $1,253 
Tax-exempt44 47 49 50 51 53 56 56 190 216 
Total fixed maturities510 480 460 445 416 376 346 331 1,895 1,469 
Equity securities14 9 9 13 17 15 13 12 45 57 
Mortgage loans61 59 58 57 55 53 53 50 235 211 
Limited partnerships and other alternative investments [2]82 72 32 26 169 62 158 126 212 515 
Other [3]8 (1)4 (2)4 (1)(7)9 9 5 
Subtotal675 619 563 539 661 505 563 528 2,396 2,257 
Investment expense(22)(22)(23)(24)(21)(18)(22)(19)(91)(80)
Total net investment income$653 $597 $540 $515 $640 $487 $541 $509 $2,305 $2,177 
Annualized investment yield, before tax [4]4.5 %4.2 %3.9 %3.7 %4.6 %3.5 %3.9 %3.6 %4.1 %3.9 %
Annualized limited partnerships and other alternative investment yield, before tax [4]7.0 %6.3 %2.9 %2.5 %16.8 %6.3 %17.3 %14.6 %4.8 %14.4 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.3 %4.1 %4.0 %3.8 %3.7 %3.3 %3.0 %2.9 %4.0 %3.2 %
Annualized investment yield, net of tax [4]3.7 %3.4 %3.1 %3.0 %3.7 %2.8 %3.2 %2.9 %3.3 %3.2 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.5 %3.3 %3.2 %3.0 %3.0 %2.7 %2.4 %2.4 %3.2 %2.6 %
Average reinvestment rate [5]6.3 %6.0 %5.3 %5.8 %6.0 %4.9 %4.5 %3.3 %5.8 %4.4 %
Average sales/maturities yield [6]4.8 %4.5 %4.1 %4.2 %4.2 %3.7 %3.6 %3.0 %4.4 %3.6 %
Portfolio duration (in years) [7]3.8 4.1 4.0 4.0 4.0 4.0 4.3 4.4 3.8 4.0 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

26
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
PROPERTY & CASUALTY
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$359 $333 $316 $304 $276 $243 $219 $207 $1,312 $945 
Tax-exempt33 34 37 37 38 40 43 41 141 162 
Total fixed maturities392 367 353 341 314 283 262 248 1,453 1,107 
Equity securities6 6 7 9 9 10 10 9 28 38 
Mortgage loans45 43 42 41 39 38 38 36 171 151 
Limited partnerships and other alternative investments [2]71 60 26 21 119 44 123 97 178 383 
Other [3]9 — 5 (2)4 (2)(9)6 12 (1)
Subtotal523 476 433 410 485 373 424 396 1,842 1,678 
Investment expense(18)(16)(18)(18)(16)(13)(17)(14)(70)(60)
Total net investment income$505 $460 $415 $392 $469 $360 $407 $382 $1,772 $1,618 
Annualized investment yield, before tax [4]4.6 %4.3 %3.9 %3.6 %4.4 %3.4 %3.9 %3.7 %4.1 %3.9 %
Annualized limited partnerships and other alternative investment yield, before tax [4]7.7 %6.7 %3.0 %2.5 %14.8 %5.7 %16.7 %14.1 %5.1 %13.4 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.3 %4.0 %4.0 %3.7 %3.6 %3.3 %2.9 %2.9 %4.0 %3.2 %
Annualized investment yield, net of tax [4]3.7 %3.5 %3.1 %3.0 %3.6 %2.7 %3.1 %3.0 %3.3 %3.1 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.5 %3.2 %3.2 %3.0 %2.9 %2.6 %2.4 %2.4 %3.2 %2.6 %
Average reinvestment rate [5]6.3 %6.0 %5.3 %5.8 %6.1 %4.9 %4.4 %3.2 %5.8 %4.4 %
Average sales/maturities yield [6]4.9 %4.5 %4.1 %4.2 %4.1 %3.7 %3.6 %2.9 %4.4 %3.5 %
Portfolio duration (in years) [7]3.6 3.9 3.8 3.9 3.8 3.9 4.2 4.3 3.6 3.8 
Footnotes [1] through [7] are explained on page 26.

27
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
GROUP BENEFITS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$92 $86 $85 $81 $79 $75 $69 $67 $344 $290 
Tax-exempt10 10 11 12 12 11 12 13 43 48 
Total fixed maturities102 96 96 93 91 86 81 80 387 338 
Equity securities1 3 1 2 2 3 2 2 7 9 
Mortgage loans16 16 16 16 16 15 15 14 64 60 
Limited partnerships and other alternative investments [2]11 12 6 5 50 18 35 29 34 132 
Other [3](1)— (1)— — — 2 3 (2)5 
Subtotal129 127 118 116 159 122 135 128 490 544 
Investment expense(4)(6)(5)(6)(5)(5)(5)(5)(21)(20)
Total net investment income$125 $121 $113 $110 $154 $117 $130 $123 $469 $524 
Annualized investment yield, before tax [4]4.2 %4.1 %3.9 %3.8 %5.3 %4.0 %4.4 %4.2 %4.0 %4.5 %
Annualized limited partnerships and other alternative investment yield, before tax [4]4.4 %4.8 %2.5 %2.5 %24.5 %8.7 %19.4 %16.7 %3.7 %18.5 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.2 %4.1 %4.0 %3.9 %3.8 %3.6 %3.4 %3.4 %4.0 %3.6 %
Annualized investment yield, net of tax [4]3.4 %3.3 %3.1 %3.0 %4.2 %3.2 %3.6 %3.4 %3.2 %3.6 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.4 %3.3 %3.2 %3.1 %3.1 %2.9 %2.8 %2.8 %3.3 %2.9 %
Average reinvestment rate [5]6.2 %5.9 %5.3 %6.0 %5.9 %4.8 %4.7 %3.6 %5.9 %4.6 %
Average sales/maturities yield [6]4.6 %4.8 %4.3 %4.4 %4.3 %4.0 %3.8 %3.3 %4.5 %3.8 %
Portfolio duration (in years) [7]4.9 5.1 4.9 4.8 4.8 4.8 5.0 5.2 4.9 4.8 
Footnotes [1] through [7] are explained on page 26.

28
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NET INVESTMENT INCOME
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Net Investment Income by SegmentDec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Investment Income
Commercial Lines$435 $395 $364 $338 $411 $315 $356 $333 $1,532 $1,415 
Personal Lines52 47 34 38 41 31 35 33 171 140 
P&C Other Operations18 18 17 16 17 14 16 16 69 63 
Total Property & Casualty505 460 415 392 469 360 407 382 1,772 1,618 
Group Benefits125 121 113 110 154 117 130 123 469 524 
Hartford Funds6 4 4 3 4 3 1 1 17 9 
Corporate17 12 8 10 13 7 3 3 47 26 
Total net investment income by segment$653 $597 $540 $515 $640 $487 $541 $509 $2,305 $2,177 
THREE MONTHS ENDEDYEAR ENDED
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsDec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Total Property & Casualty$71 $60 $26 $21 $119 $44 $123 $97 $178 $383 
Group Benefits11 12 6 5 50 18 35 29 34 132 
Total net investment income from limited partnerships and other alternative investments [1]$82 $72 $32 $26 $169 $62 $158 $126 $212 $515 
[1]Amounts are included above in total net investment income by segment.


29
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPONENTS OF NET REALIZED GAINS (LOSSES)
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities
$4 $6 $3 $17 $3 $16 $15 $23 $30 $57 
Gross losses on sales of fixed maturities
(62)(27)(21)(39)(59)(81)(80)(95)(149)(315)
Equity securities [1]46 (13)10 35 101 (81)(262)(107)78 (349)
Net credit losses on fixed maturities, AFS(1)(5)(3)(5)(3)(3)— (12)(14)(18)
Change in ACL on mortgage loans(5)(5)(5)— — — (5)(2)(15)(7)
Intent-to-sell impairments— — — — (1)(2)— (3)— (6)
Other net gains (losses) [2](9)(46)(48)(15)(19)(15)(6)51 (118)11 
 Total net realized gains (losses)(27)(90)(64)(7)22 (166)(338)(145)(188)(627)
Net realized losses (gains), included in core earnings, before tax [3]11 14 11 — — — 2 (1)36 1 
 Total net gains (losses) excluded from core earnings, before tax(16)(76)(53)(7)22 (166)(336)(146)(152)(626)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings5 15 10 3 4 34 73 29 33 140 
 Total net realized gains (losses) excluded from core earnings, after tax$(11)$(61)$(43)$(4)$26 $(132)$(263)$(117)$(119)$(486)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and commodity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

30
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
CONSOLIDATED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022
 Amount [1]PercentAmountPercentAmountPercentAmountPercentAmount [1]Percent
Total investments$55,922 100.0 %$53,320 100.0 %$52,668 100.0 %$53,667 100.0 %$52,560 100.0 %
Asset-backed securities$3,320 8.3 %$3,130 8.2 %$2,685 7.2 %$2,181 5.8 %$1,941 5.4 %
Collateralized loan obligations3,090 7.8 %3,043 8.0 %2,981 8.0 %3,013 8.0 %2,941 8.1 %
Commercial mortgage-backed securities3,125 7.8 %3,124 8.2 %3,227 8.6 %3,329 8.9 %3,368 9.3 %
Corporate17,866 44.9 %16,651 43.9 %16,096 42.9 %16,210 43.3 %15,233 42.0 %
Foreign government/government agencies562 1.4 %567 1.5 %539 1.4 %549 1.5 %547 1.5 %
Municipal6,039 15.2 %5,686 15.0 %6,226 16.6 %6,365 17.0 %6,296 17.4 %
Residential mortgage-backed securities4,287 10.8 %3,827 10.1 %3,729 9.9 %3,737 10.0 %3,708 10.2 %
U.S. Treasuries1,529 3.8 %1,934 5.1 %2,014 5.4 %2,060 5.5 %2,197 6.1 %
Total fixed maturities, AFS [2]$39,818 100.0 %$37,962 100.0 %$37,497 100.0 %$37,444 100.0 %$36,231 100.0 %
U.S. government/government agencies$4,776 12.0 %$4,747 12.5 %$4,790 12.8 %$4,904 13.1 %$5,025 13.9 %
AAA7,055 17.7 %6,733 17.8 %6,752 18.0 %6,047 16.1 %5,824 16.1 %
AA7,270 18.3 %6,959 18.3 %6,782 18.1 %6,879 18.4 %6,650 18.4 %
A9,828 24.7 %9,273 24.4 %9,295 24.8 %9,275 24.8 %8,968 24.7 %
BBB9,198 23.1 %8,561 22.6 %8,143 21.7 %8,559 22.9 %7,973 22.0 %
BB1,139 2.9 %1,115 2.9 %1,130 3.0 %1,189 3.2 %1,235 3.4 %
B539 1.3 %565 1.5 %595 1.6 %576 1.5 %535 1.5 %
CCC12 — %8 — %9 — %14 — %19 — %
CC & below1 — %1 — %1 — %1 — %2 — %
Total fixed maturities, AFS [2]$39,818 100.0 %$37,962 100.0 %$37,497 100.0 %$37,444 100.0 %$36,231 100.0 %
[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).
[2]Fixed maturities, at fair value using the fair value option are not included.

31
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTED ASSET EXPOSURES
DECEMBER 31, 2023
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$5,901 $5,648 10.1 %
Technology and communications2,474 2,376 4.3 %
Consumer non-cyclical2,232 2,136 3.8 %
Utilities2,177 2,051 3.7 %
Capital goods1,630 1,582 2.8 %
Consumer cyclical1,332 1,293 2.3 %
Energy1,266 1,222 2.2 %
Basic industry977 945 1.7 %
Transportation803 751 1.3 %
Other763 726 1.3 %
Total$19,555 $18,730 33.5 %
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.$253 $246 0.4 %
Government of Canada201 199 0.4 %
Morgan Stanley201 192 0.4 %
UBS Group AG200 190 0.3 %
Goldman Sachs Group Inc.196 177 0.3 %
Penske Corporation175 174 0.3 %
Toronto Dominion Bank183 172 0.3 %
Eversource Energy174 171 0.3 %
Mitsubishi UFJ Financial Group Inc.164 162 0.3 %
Hyundai Motor Company173 160 0.3 %
Total$1,920 $1,843 3.3 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

32

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
APPENDIX
BASIS OF PRESENTATION AND DEFINITIONS
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Financial Services Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reporting segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations ("P&C Other Operations"), Group Benefits and Hartford Funds, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reporting segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock, accident and health, and reinsurance to businesses in the United States ("U.S.") and internationally. Commercial Lines generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Lines provides automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and represent approximately 95% of the Company's asbestos and environmental exposures, before considering losses ceded to the A&E ADC.
Group Benefits provides group life, accident and disability coverage, group retiree health and voluntary benefits to individual members of employer groups and associations. Group Benefits offers disability underwriting, administration, claims processing and reinsurance to other insurers and self-funded employer plans.
Hartford Funds provides investment management, administration, distribution and related services to investors through investment products in domestic markets. Mutual fund and exchange-traded funds are sold primarily through retail, bank trust and registered investment advisor channels.
The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reporting segments. Corporate also includes investment management fees and expenses related to managing third party assets.
Certain operating and statistical measures for P&C Commercial Lines and Personal Lines have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Commercial Lines represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Lines, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle and large commercial, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies-in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in force is a growth measure used for Personal Lines and standard commercial lines (small commercial and middle market lines within middle & large commercial) and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.
A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses and, consistent with that definition, incurred losses arising from the Ukraine conflict have been accounted for as catastrophe losses. The Company does not treat incurred benefits and losses arising from the COVID-19 pandemic as catastrophe losses.
33
The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Group Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
The Hartford Funds segment provides supplemental data on sales, redemptions, net flows and account value that indicate current trends in that segment.
DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES
The Company uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP and other financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.
Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance. A reconciliation of net income (loss) available to common stockholders to core earnings is set forth on page 2.
Core earnings per share-This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.

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BASIC EARNINGS PER SHARE
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Income available to common stockholders per share
$2.55 $2.12 $1.75 $1.69 $1.85 $1.04 $1.34 $1.32 $8.09 $5.54 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses (gains), excluded from core earnings, before tax
0.05 0.25 0.17 0.02 (0.07)0.52 1.03 0.44 0.49 1.93 
Restructuring and other costs, before tax0.01 — 0.01 — 0.01 0.01 0.01 0.02 0.02 0.04 
Loss on extinguishment of debt, before tax— — — — — — 0.03 — — 0.03 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.06 
Change in deferred gain on retroactive reinsurance, before tax
0.65 — — — 0.72 — — — 0.63 0.71 
Income tax benefit on items excluded from core earnings
(0.16)(0.06)(0.04)(0.01)(0.17)(0.12)(0.24)(0.12)(0.25)(0.63)
Core earnings per share$3.11 $2.32 $1.90 $1.71 $2.36 $1.47 $2.19 $1.68 $9.01 $7.68 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
DILUTED EARNINGS PER SHARE
THREE MONTHS ENDED
YEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net Income available to common stockholders per diluted share$2.51 $2.09 $1.73 $1.66 $1.82 $1.02 $1.32 $1.30 $7.97 $5.46 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax0.05 0.25 0.17 0.02 (0.07)0.51 1.01 0.43 0.49 1.90 
Restructuring and other costs, before tax0.01 — 0.01 — 0.01 0.01 0.01 0.01 0.02 0.04 
Loss on extinguishment of debt, before tax
— — — — — — 0.03 — — 0.03 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.03 0.06 
Change in deferred gain on retroactive reinsurance, before tax
0.64 — — — 0.71 — — — 0.62 0.69 
Income tax benefit on items excluded from core earnings
(0.16)(0.06)(0.04)(0.01)(0.17)(0.11)(0.23)(0.09)(0.25)(0.60)
Core earnings per diluted share
$3.06 $2.29 $1.88 $1.68 $2.32 $1.45 $2.16 $1.66 $8.88 $7.58 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.
Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:




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LAST TWELVE MONTHS ENDED
 
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022
Net income ROE17.5 %17.7 %14.4 %12.8 %11.7 %12.8 %13.1 %15.5 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses (gains) excluded from core earnings, before tax1.1 %0.9 %1.5 %3.3 %4.1 %2.9 %1.3 %(1.7)%
Restructuring and other costs, before tax— %0.1 %0.1 %0.1 %0.1 %0.1 %— %— %
Loss on extinguishment of debt, before tax
— %— %— %0.1 %0.1 %0.1 %0.1 %— %
Integration and other non-recurring M&A costs, before tax
0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.2 %0.3 %
Change in deferred gain on retroactive reinsurance, before tax1.4 %1.8 %1.7 %1.5 %1.5 %1.1 %1.3 %1.5 %
Income tax benefit on items not included in core earnings(0.5 %)(0.6 %)(0.8 %)(1.1 %)(1.3 %)(0.9 %)(0.6 %)(0.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE(3.8 %)(5.1 %)(3.4 %)(2.5 %)(1.8 %)(1.9 %)(1.4 %)(0.7 %)
Core earnings ROE15.8 %14.9 %13.6 %14.3 %14.5 %14.3 %14.0 %14.8 %
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.
Underwriting gain (loss)- The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.

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PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net income$567 $516 $407 $426 $426 $256 $375 $468 $1,916 $1,525 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(505)(460)(415)(392)(469)(360)(407)(382)(1,772)(1,618)
Net realized losses (gains)54 45 57 23 (3)110 225 104 179 436 
Net servicing and other expense (income)(2)(5)(7)(6)(2)(3)(2)2 (20)(5)
Income tax expense 129 127 95 100 107 76 97 116 451 396 
Underwriting gain243 223 137 151 59 79 288 308 754 734 
Current accident year catastrophes81 184 226 185 135 293 123 98 676 649 
Prior accident year development92 (43)(39)— 183 (53)(58)(36)10 36 
Underlying underwriting gain$416 $364 $324 $336 $377 $319 $353 $370 $1,440 $1,419 
COMMERCIAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net income$687 $519 $458 $421 $566 $286 $389 $383 $2,085 $1,624 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(435)(395)(364)(338)(411)(315)(356)(333)(1,532)(1,415)
Net realized losses48 38 51 19 1 95 198 91 156 385 
Other expense (income)3 (2)— — 2 3 1 6 1 12 
Income tax expense163 130 109 100 146 84 101 95 502 426 
Underwriting gain466 290 254 202 304 153 333 242 1,212 1,032 
Current accident year catastrophes60 115 123 138 114 179 67 81 436 441 
Prior accident year development(118)(46)(38)(23)(68)(42)(88)(33)(225)(231)
Underlying underwriting gain$408 $359 $339 $317 $350 $290 $312 $290 $1,423 $1,242 







37

PERSONAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net income (loss)$34 $(12)$(60)$(1)$44 $(36)$6 $77 $(39)$91 
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(52)(47)(34)(38)(41)(31)(35)(33)(171)(140)
Net realized losses (gains)5 5 5 1 (3)11 18 9 16 35 
Net servicing and other expense (income)(5)(3)(7)(6)(4)(6)(3)(4)(21)(17)
Income tax expense (benefit)8 (5)(17)(1)11 (10)1 20 (15)22 
Underwriting gain (loss)(10)(62)(113)(45)7 (72)(13)69 (230)(9)
Current accident year catastrophes21 69 103 47 21 114 56 17 240 208 
Prior accident year development(7)1 (3)20 1 (11)— (3)11 (13)
Underlying underwriting gain (loss)$4 $8 $(13)$22 $29 $31 $43 $83 $21 $186 
P&C OTHER OPERATIONS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net income (loss)$(154)$9 $9 $6 $(184)$6 $(20)$8 $(130)$(190)
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(18)(18)(17)(16)(17)(14)(16)(16)(69)(63)
Net realized losses (gains)1 2 1 3 (1)4 9 4 7 16 
Income tax expense (benefit)(42)2 3 1 (50)2 (5)1 (36)(52)
Underwriting loss(213)(5)(4)(6)(252)(2)(32)(3)(228)(289)
Prior accident year development217 2 2 3 250 — 30 — 224 280 
Underlying underwriting loss$4 $(3)$(2)$(3)$(2)$(2)$(2)$(3)$(4)$(9)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth on pages 10, 13 and 17, respectively.

38

Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Net income margin9.9 %8.5 %7.0 %5.3 %8.4 %5.4 %6.7 %(0.5)%7.7 %5.1 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax(0.1)%1.5 %0.8 %(0.3)%(0.1)%2.3 %4.1 %1.0 %0.4 %1.8 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %— %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Income tax expense (benefit)(0.1)%(0.3)%(0.2)%0.1 %0.1 %(0.6)%(1.0)%(0.2)%(0.1)%(0.5)%
Core earnings margin9.8 %9.8 %7.6 %5.2 %8.5 %7.2 %9.9 %0.4 %8.1 %6.5 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Return on Assets ("ROA") 15.1 12.7 14.1 12.9 14.5 12.6 9.9 11.2 13.7 12.0 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax(2.6)1.3 (0.3)(1.6)(2.2)2.8 3.9 2.4 (0.8)1.7 
Effect of income tax expense (benefit)— — — 0.3 0.3 (0.9)(0.9)(0.3)0.1 (0.4)
Return on Assets ("ROA"), core earnings 12.5 14.0 13.8 11.6 12.6 14.5 12.9 13.3 13.0 13.3 













39


Net investment income, excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Group Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative instruments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative instruments. Net investment income is the most directly comparable GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Total net investment income$653 $597 $540 $515 $640 $487 $541 $509 $2,305 $2,177 
Adjustment for income from limited partnerships and other alternative investments(82)(72)(32)(26)(169)(62)(158)(126)(212)(515)
Net investment income excluding limited partnerships and other alternative investments$571 $525 $508 $489 $471 $425 $383 $383 $2,093 $1,662 
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Total net investment income$505 $460 $415 $392 $469 $360 $407 $382 $1,772 $1,618 
Adjustment for income from limited partnerships and other alternative investments(71)(60)(26)(21)(119)(44)(123)(97)(178)(383)
Net investment income excluding limited partnerships and other alternative investments$434 $400 $389 $371 $350 $316 $284 $285 $1,594 $1,235 
GROUP BENEFITS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Total net investment income$125 $121 $113 $110 $154 $117 $130 $123 $469 $524 
Adjustment for income from limited partnerships and other alternative investments(11)(12)(6)(5)(50)(18)(35)(29)(34)(132)
Net investment income excluding limited partnerships and other alternative investments$114 $109 $107 $105 $104 $99 $95 $94 $435 $392 

40

Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Group Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Annualized investment yield4.5 %4.2 %3.9 %3.7 %4.6 %3.5 %3.9 %3.6 %4.1 %3.9 %
Adjustment for income from limited partnerships and other alternative investments(0.2)%(0.1)%0.1 %0.1 %(0.9)%(0.2)%(0.9)%(0.7)%(0.1)%(0.7)%
Annualized investment yield excluding limited partnerships and other alternative investments4.3 %4.1 %4.0 %3.8 %3.7 %3.3 %3.0 %2.9 %4.0 %3.2 %
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Annualized investment yield4.6 %4.3 %3.9 %3.6 %4.4 %3.4 %3.9 %3.7 %4.1 %3.9 %
Adjustment for income from limited partnerships and other alternative investments(0.3)%(0.3)%0.1 %0.1 %(0.8)%(0.1)%(1.0)%(0.8)%(0.1)%(0.7)%
Annualized investment yield excluding limited partnerships and other alternative investments4.3 %4.0 %4.0 %3.7 %3.6 %3.3 %2.9 %2.9 %4.0 %3.2 %
GROUP BENEFITS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2022Sept 30 2022Jun 30 2022Mar 31 2022Dec 31 2023Dec 31 2022
Annualized investment yield4.2 %4.1 %3.9 %3.8 %5.3 %4.0 %4.4 %4.2 %4.0 %4.5 %
Adjustment for income from limited partnerships and other alternative investments— %— %0.1 %0.1 %(1.5)%(0.4)%(1.0)%(0.8)%— %(0.9)%
Annualized investment yield excluding limited partnerships and other alternative investments4.2 %4.1 %4.0 %3.9 %3.8 %3.6 %3.4 %3.4 %4.0 %3.6 %

41