EX-99.2 3 ex992ifs3312024.htm EX-99.2 Document


INVESTOR FINANCIAL SUPPLEMENT
March 31, 2024
thehartfordlogoa.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 April 24, 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.


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


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
HIGHLIGHTS
Net income$753 $771 $651 $547 $535 
Net income available to common stockholders [1]$748 $766 $645 $542 $530 
Core earnings*$709 $935 $708 $588 $536 
Total revenues$6,419 $6,400 $6,168 $6,049 $5,910 
Total assets$77,710 $76,780 $74,516 $73,895 $74,249 
PER SHARE AND SHARES DATA
Basic earnings per common share
Net income available to common stockholders$2.51 $2.55 $2.12 $1.75 $1.69 
Core earnings*$2.38 $3.11 $2.32 $1.90 $1.71 
Diluted earnings per common share
Net income available to common stockholders$2.47 $2.51 $2.09 $1.73 $1.66 
Core earnings*$2.34 $3.06 $2.29 $1.88 $1.68 
Weighted average common shares outstanding (basic)298.1 300.3 304.6 309.4 314.0 
Dilutive effect of stock compensation4.5 4.8 4.4 3.9 4.6 
Weighted average common shares outstanding and dilutive potential common shares (diluted)302.6 305.1 309.0 313.3 318.6 
Common shares outstanding296.8 298.5 302.4 307.1 311.8 
Book value per common share$50.99 $50.23 $44.13 $45.00 $44.92 
Per common share impact of accumulated other comprehensive income [2]10.10 9.54 13.82 11.47 10.44 
Book value per common share (excluding AOCI)*$61.09 $59.77 $57.95 $56.47 $55.36 
Book value per diluted share$50.23 $49.43 $43.50 $44.43 $44.27 
Per diluted share impact of AOCI9.95 9.40 13.62 11.33 10.28 
Book value per diluted share (excluding AOCI)*$60.18 $58.83 $57.12 $55.76 $54.55 
Common shares outstanding and dilutive potential common shares301.3 303.3 306.8 311.0 316.4 
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")18.5 %17.5 %17.7 %14.4 %12.8 %
Core earnings ROE*16.6 %15.8 %14.9 %13.6 %14.3 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

1
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Earned premiums$5,446 $5,433 $5,310 $5,220 $5,063 
Fee income333 323 330 328 319 
Net investment income593 653 597 540 515 
Net realized gains (losses) 28 (27)(90)(64)(7)
Other revenues19 18 21 25 20 
Total revenues 6,419 6,400 6,168 6,049 5,910 
Benefits, losses and loss adjustment expenses3,611 3,633 3,543 3,580 3,482 
Amortization of deferred policy acquisition costs ("DAC")545 534 517 502 491 
Insurance operating costs and other expenses 1,283 1,214 1,226 1,225 1,216 
Interest expense50 49 50 50 50 
Amortization of other intangible assets18 18 18 17 18 
Restructuring and other costs [1]1 2 1 3 — 
Total benefits, losses and expenses5,508 5,450 5,355 5,377 5,257 
Income before income taxes911 950 813 672 653 
Income tax expense158 179 162 125 118 
Net income753 771 651 547 535 
Preferred stock dividends 5 5 6 5 5 
Net income available to common stockholders748 766 645 542 530 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(30)16 76 53 7 
Restructuring and other costs, before tax [1]1 2 1 3 — 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 
Change in deferred gain on retroactive reinsurance, before tax [3](24)194 — — — 
Income tax expense (benefit) [4]12 (45)(16)(12)(3)
Core earnings$709 $935 $708 $588 $536 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.
[3]During the three months ended March 31, 2024, the Company began collecting recoveries from National Indemnity Company ("NICO”), a subsidiary of Berkshire Hathaway Inc. related to the Navigators adverse development cover ("Navigators ADC") and as a result amortized $24 of the deferred gain within benefits, losses and loss adjustment expenses. As of March 31, 2024 and December 31, 2023, the deferred gain under retroactive reinsurance accounting on the Navigators ADC was $185 and $209, respectively, and is included in other liabilities on the Consolidating Balance Sheets.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OPERATING RESULTS BY SEGMENT
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income (loss):
Commercial Lines$573 $687 $519 $458 $421 
Personal Lines34 34 (12)(60)(1)
Property & Casualty Other Operations ("P&C Other Operations")8 (154)9 9 6 
Property & Casualty ("P&C")615 567 516 407 426 
Group Benefits108 176 146 121 92 
Hartford Funds45 47 41 45 41 
Sub-total768 790 703 573 559 
Corporate (15)(19)(52)(26)(24)
Net income 753 771 651 547 535 
Preferred stock dividends5 5 6 5 5 
Net income available to common stockholders$748 $766 $645 $542 $530 
Core earnings (loss):
Commercial Lines$546 $723 $542 $493 $436 
Personal Lines33 36 (8)(57)— 
P&C Other Operations7 (1)11 10 8 
P&C586 758 545 446 444 
Group Benefits107 174 170 133 90 
Hartford Funds41 39 45 44 37 
Sub-total734 971 760 623 571 
Corporate (25)(36)(52)(35)(35)
Core earnings$709 $935 $708 $588 $536 



3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
 PROPERTY & CASUALTYGROUP BENEFITSHARTFORD
FUNDS		CORPORATE [1]CONSOLIDATED
Mar 31 2024Dec 31 2023Mar 31 2024Dec 31 2023Mar 31 2024Dec 31 2023Mar 31 2024Dec 31 2023Mar 31 2024Dec 31 2023
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$32,457 $31,408 $8,199 $8,222 $— $— $184 $188 $40,840 $39,818 
Fixed maturities, at fair value using the fair value option240 272 52 55 — — — — 292 327 
Equity securities, at fair value344 456 74 99 110 121 208 188 736 864 
Mortgage loans, net4,571 4,493 1,626 1,594 — — — — 6,197 6,087 
Limited partnerships and other alternative investments3,833 3,770 1,033 1,015 — — — — 4,866 4,785 
Other investments172 162 7 8 22 21 — — 201 191 
Short-term investments1,591 2,127 104 382 253 243 1,027 1,098 2,975 3,850 
Total investments43,208 42,688 11,095 11,375 385 385 1,419 1,474 56,107 55,922 
Cash188 106 43 12 22 7 21 1 274 126 
Restricted cash42 52 6 11 — — — — 48 63 
Accrued investment income318 313 95 89 — 1 2 1 415 404 
Premiums receivable and agents’ balances, net5,324 4,973 664 634 — — — — 5,988 5,607 
Reinsurance recoverables, net [2]6,589 6,602 261 260 — — 244 242 7,094 7,104 
Deferred policy acquisition costs ("DAC")1,132 1,078 37 35 — — — — 1,169 1,113 
Deferred income taxes 704 681 23 13 2 4 453 475 1,182 1,173 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net768 784 58 57 7 8 46 47 879 896 
Other intangible assets333 340 347 357 10 10 — — 690 707 
Other assets1,275 1,130 138 131 107 88 433 405 1,953 1,754 
Total assets$60,659 $59,525 $13,490 $13,697 $714 $684 $2,847 $2,874 $77,710 $76,780 
Unpaid losses and loss adjustment expenses$34,537 $34,044 $8,234 $8,274 $— $— $— $— $42,771 $42,318 
Reserves for future policy benefits [2]— — 303 312 — — 176 172 479 484 
Other policyholder funds and benefits payable [2]— — 408 408 — — 225 230 633 638 
Unearned premiums8,981 8,561 39 38 — — — — 9,020 8,599 
Debt— — — — — — 4,363 4,362 4,363 4,362 
Other liabilities2,631 2,754 241 220 166 150 1,938 1,928 4,976 5,052 
Total liabilities46,149 45,359 9,225 9,252 166 150 6,702 6,692 62,242 61,453 
Common stockholders' equity, excluding AOCI*15,778 15,322 4,617 4,752 548 534 (2,812)(2,766)18,131 17,842 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(1,268)(1,156)(352)(307)— — (1,377)(1,386)(2,997)(2,849)
Total stockholders' equity14,510 14,166 4,265 4,445 548 534 (3,855)(3,818)15,468 15,327 
Total liabilities and stockholders' equity$60,659 $59,525 $13,490 $13,697 $714 $684 $2,847 $2,874 $77,710 $76,780 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.0 billion and $1.1 billion as of March 31, 2024 and December 31, 2023, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

4
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
DEBT
Senior notes$3,864 $3,863 $3,862 $3,861 $3,859 
Junior subordinated debentures499 499 499 499 499 
Total debt $4,363 $4,362 $4,361 $4,360 $4,358 
STOCKHOLDERS’ EQUITY
Total stockholders’ equity$15,468 $15,327 $13,679 $14,152 $14,340 
Less: Preferred stock334 334 334 334 334 
Less: AOCI(2,997)(2,849)(4,178)(3,524)(3,254)
Common stockholders' equity, excluding AOCI$18,131 $17,842 $17,523 $17,342 $17,260 
CAPITALIZATION
Total capitalization, including AOCI, net of tax$19,831 $19,689 $18,040 $18,512 $18,698 
Total capitalization, excluding AOCI, net of tax*$22,828 $22,538 $22,218 $22,036 $21,952 
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI22.0 %22.2 %24.2 %23.6 %23.3 %
Total debt to capitalization, excluding AOCI*19.1 %19.4 %19.6 %19.8 %19.9 %
Total debt and preferred stock to capitalization, including AOCI23.7 %23.9 %26.0 %25.4 %25.1 %
Total debt and preferred stock to capitalization, excluding AOCI*20.6 %20.8 %21.1 %21.3 %21.4 %
Total rating agency adjusted debt to capitalization [1] [2]22.9 %23.7 %25.7 %25.0 %24.7 %
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]17.1:114.6:113.6:112.8:112.6:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of March 31, 2024 and 2023.
[2]2024 results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology. 2023 results reflect 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

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

P&C GROUP BENEFITS
U.S. statutory net income [1][2]$515 $133 
U.S. statutory capital [2][3][4]$12,920 $2,640 
U.S. GAAP adjustments [2]:
DAC1,088 37 
Non-admitted deferred tax assets [5]236 155 
Deferred taxes [6](221)(293)
Goodwill107 723 
Other intangible assets25 347 
Non-admitted assets other than deferred taxes922 78 
Asset valuation and interest maintenance reserve— 294 
Benefit reserves(67)345 
Unrealized gains (losses) on investments(1,565)(567)
Deferred gain on retroactive reinsurance agreements [7](937)— 
Other, net943 506 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]13,451 4,265 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,059 — 
Total U.S. GAAP stockholders’ equity$14,510 $4,265 
[1]Statutory net income is for the three months ended March 31, 2024.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and 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
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net unrealized gain (loss) on fixed maturities, AFS$(1,642)$(1,482)$(2,948)$(2,277)$(2,008)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(7)(8)(9)(10)(13)
Net gains on cash flow hedging instruments21 21 27 31 48 
Total net unrealized gain (loss)(1,628)(1,469)(2,930)(2,256)(1,973)
Foreign currency translation adjustments36 37 35 36 33 
Liability for future policy benefits adjustments30 25 47 32 27 
Pension and other postretirement plan adjustments(1,435)(1,442)(1,330)(1,336)(1,341)
Total AOCI$(2,997)$(2,849)$(4,178)$(3,524)$(3,254)


7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS
THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Written premiums
$4,206 $3,770 $3,872 $3,979 $3,856 
Change in unearned premium reserve345 (72)137 333 351 
Earned premiums 3,861 3,842 3,735 3,646 3,505 
Fee income 19 18 18 17 18 
Losses and loss adjustment expenses
Current accident year before catastrophes2,300 2,306 2,255 2,216 2,085 
Current accident year catastrophes161 81 184 226 185 
Prior accident year development [1](56)92 (43)(39)— 
Total losses and loss adjustment expenses2,405 2,479 2,396 2,403 2,270 
Amortization of DAC536 526 509 493 482 
Underwriting expenses642 596 601 616 604 
Amortization of other intangible assets8 8 8 7 8 
Dividends to policyholders 10 8 16 7 8 
Underwriting gain*279 243 223 137 151 
Net investment income459 505 460 415 392 
Net realized gains (losses)13 (54)(45)(57)(23)
Net servicing and other income (expense)2 2 5 7 6 
Income before income taxes753 696 643 502 526 
Income tax expense138 129 127 95 100 
Net income615 567 516 407 426 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(15)45 35 48 23 
Integration and other non-recurring M&A costs, before tax2 1 1 2 — 
Change in deferred gain on retroactive reinsurance, before tax [1](24)194 — — — 
Income tax expense (benefit) [2]8 (49)(7)(11)(5)
Core earnings$586 $758 $545 $446 $444 
ROE
Net income available to common stockholders [3] 18.5 %17.5 %17.6 %13.8 %12.8 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax1.1 %1.5 %1.1 %1.8 %3.3 %
Integration and other non-recurring M&A costs, before tax0.1 %— %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax [1]1.6 %1.9 %2.5 %2.3 %2.2 %
Income tax benefit [2](0.6 %)(0.7 %)(0.8 %)(0.9 %)(1.3 %)
Impact of AOCI, excluded from core earnings ROE(2.6 %)(2.9 %)(4.3 %)(2.6 %)(1.6 %)
Core earnings [3]18.1 %17.3 %16.2 %14.5 %15.5 %
[1]Prior accident year development for the three months ended March 31, 2024, includes a $24 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators ADC as the Company began collecting recoveries of the ceded losses from NICO during the period. See [3] on page 2 for more information. For periods prior to March 31, 2024, 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 were accounted for as deferred gains under retroactive reinsurance accounting.
[2]Primarily 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 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 ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Workers’ compensation$(67)$(62)$(61)$(52)$(61)
Workers' compensation discount accretion12 10 10 11 11 
General liability17 2 11 16 12 
Marine7 (1)— (2)1 
Package business— (6)(10)(3)(5)
Commercial property(3)(9)2 (5)5 
Professional liability(5)1 — (3)— 
Bond— (39)— 12 — 
Assumed reinsurance9 15 2 15 2 
Automobile liability - Commercial Lines— 14 — 6 — 
Automobile liability - Personal Lines— — — — — 
Homeowners— (7)— 2 (1)
Net asbestos and environmental reserves — — — — — 
Catastrophes— (43)— (44)— 
Uncollectible reinsurance— — 1 4 8 
Other reserve re-estimates, net [1](2)23 2 4 28 
Prior accident year development before change in deferred gain(32)(102)(43)(39)— 
Change in deferred gain on retroactive reinsurance included in other liabilities [2](24)194 — — — 
Total prior accident year development$(56)$92 $(43)$(39)$— 
[1]Other reserve re-estimates, net for the three months ended March 31, 2024 and 2023 includes a $7 decrease and a $20 increase, respectively, in automobile physical damage reserves within Personal Lines.
[2]Refer to [1] on page 8 for information about the change in deferred gain on retroactive reinsurance.


9
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
UNDERWRITING RATIOS
THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
UNDERWRITING GAIN$279 $243 $223 $137 $151 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 59.6 60.0 60.4 60.8 59.5 
Current accident year catastrophes4.2 2.1 4.9 6.2 5.3 
Prior accident year development [1](1.5)2.4 (1.2)(1.1)— 
Total loss and loss adjustment expense ratio62.3 64.5 64.1 65.9 64.8 
Expense ratio [2]30.2 28.9 29.5 30.1 30.7 
Policyholder dividend ratio0.3 0.2 0.4 0.2 0.2 
Combined ratio92.8 93.7 94.0 96.2 95.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(2.7)(4.5)(3.7)(5.1)(5.3)
Underlying combined ratio *90.1 89.2 90.3 91.1 90.4 
[1]Refer to [1] on page 8 for information about the change in deferred gain on retroactive reinsurance.
[2]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.



10
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS
THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Written premiums$3,362 $2,990 $3,003 $3,177 $3,109 
Change in unearned premium reserve314 (48)52 291 343 
Earned premiums 3,048 3,038 2,951 2,886 2,766 
Fee income11 10 11 10 10 
Losses and loss adjustment expenses
Current accident year before catastrophes1,725 1,704 1,669 1,638 1,564 
Current accident year catastrophes109 60 115 123 138 
Prior accident year development [1](56)(118)(46)(38)(23)
Total losses and loss adjustment expenses1,778 1,646 1,738 1,723 1,679 
Amortization of DAC476 468 451 436 424 
Underwriting expenses 487 452 460 469 456 
Amortization of other intangible assets7 8 7 7 7 
Dividends to policyholders10 8 16 7 8 
Underwriting gain301 466 290 254 202 
Net investment income391 435 395 364 338 
Net realized gains (losses)12 (48)(38)(51)(19)
Other income (expense) [2](2)(3)2 — — 
Income before income taxes702 850 649 567 521 
Income tax expense129 163 130 109 100 
Net income573 687 519 458 421 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(13)41 29 43 19 
Integration and other non-recurring M&A costs, before tax [2]2 1 1 2 — 
Change in deferred gain on retroactive reinsurance, before tax [1](24)— — — — 
Income tax expense (benefit) [3]8 (6)(7)(10)(4)
Core earnings$546 $723 $542 $493 $436 
[1]Refer to [1] on page 8 for information about the change in deferred gain on retroactive reinsurance.
[2]Includes Navigators Group integration costs.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

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



Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Workers’ compensation$(67)$(62)$(61)$(52)$(61)
Workers' compensation discount accretion12 10 10 11 11 
General liability17 2 11 16 12 
Marine7 (1)— (2)1 
Package business— (6)(10)(3)(5)
Commercial property(3)(9)2 (5)5 
Professional liability(5)1 — (3)— 
Bond— (39)— 12 — 
Assumed reinsurance9 15 2 15 2 
Automobile liability— 14 — 6 — 
Catastrophes— (43)— (40)— 
Uncollectible reinsurance(7)— (2)4 5 
Other reserve re-estimates, net5 — 2 3 7 
Prior accident year development before change in deferred gain(32)(118)(46)(38)(23)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](24)— — — — 
Total prior accident year development$(56)$(118)$(46)$(38)$(23)
[1]Refer to [1] on page 8 for information about the change in deferred gain on retroactive reinsurance.


12
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
UNDERWRITING RATIOS 
THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
UNDERWRITING GAIN$301 $466 $290 $254 $202 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 56.6 56.1 56.6 56.8 56.5 
Current accident year catastrophes3.6 2.0 3.9 4.3 5.0 
Prior accident year development(1.8)(3.9)(1.6)(1.3)(0.8)
Total loss and loss adjustment expense ratio58.3 54.2 58.9 59.7 60.7 
Expense ratio [1]31.5 30.2 30.7 31.3 31.7 
Policyholder dividend ratio0.3 0.3 0.5 0.2 0.3 
Combined ratio [2]90.1 84.7 90.2 91.2 92.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(1.8)1.9 (2.3)(3.0)(4.2)
Underlying combined ratio 88.4 86.6 87.8 88.3 88.5 
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio89.0 84.0 87.7 90.8 90.8 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.8)(3.4)(3.2)(5.7)(6.2)
Prior accident year development4.3 5.2 5.2 4.5 4.9 
Underlying combined ratio 89.6 85.8 89.7 89.7 89.5 
MIDDLE & LARGE COMMERCIAL
Combined ratio94.0 89.3 94.5 93.6 97.6 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.6)(0.1)(4.5)(3.8)(5.0)
Prior accident year development(1.2)1.2 (1.8)(1.1)(2.7)
Underlying combined ratio89.2 90.3 88.1 88.7 89.9 
GLOBAL SPECIALTY
Combined ratio [2]87.8 79.6 88.9 87.3 88.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.3)(2.0)(4.3)(2.6)(3.1)
Prior accident year development0.7 5.3 (0.3)0.3 (0.4)
Underlying combined ratio85.3 82.9 84.3 85.0 85.2 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]The three months ended March 31, 2024 included a change in deferred gain on retroactive reinsurance related to the Navigators ADC of $24 representing a benefit of 0.8 points for the Commercial Lines combined ratio and 2.8 points for the global specialty combined ratio.

13
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
SUPPLEMENTAL DATA
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
WRITTEN PREMIUMS
Small Commercial$1,425 $1,220 $1,228 $1,266 $1,319 
Middle & Large Commercial1,016 1,010 1,031 1,013 935 
Middle Market872 860 900 881 796 
National Accounts and Other144 150 131 132 139 
Global Specialty [1]907 748 730 885 842 
U.S.505 495 500 551 468 
International106 122 96 121 99 
Global Re296 131 134 213 275 
Other14 12 14 13 13 
Total$3,362 $2,990 $3,003 $3,177 $3,109 
EARNED PREMIUMS
Small Commercial$1,248 $1,251 $1,221 $1,190 $1,139 
Middle & Large Commercial996 989 955 948 914 
Middle Market864 851 829 806 785 
National Accounts and Other132 138 126 142 129 
Global Specialty [1]789 786 761 735 700 
U.S.503 500 501 484 463 
International105 108 104 108 99 
Global Re181 178 156 143 138 
Other15 12 14 13 13 
Total$3,048 $3,038 $2,951 $2,886 $2,766 
COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium$268 $216 $220 $237 $242 
Renewal Written Price Increases5.2 %5.6 %4.7 %4.3 %3.8 %
Policy Count Retention85 %85 %85 %85 %86 %
Policies in Force (in thousands)1,512 1,492 1,479 1,461 1,439 
Middle Market [2]
Net New Business Premium$174 $168 $137 $164 $148 
Renewal Written Price Increases6.9 %7.5 %7.7 %7.2 %6.5 %
Premium Retention83 %84 %82 %83 %82 %
Global Specialty
Gross New Business Premium [3]
$223 $230 $216 $246 $191 
Renewal Written Price Increases [4]6.1 %4.7 %3.7 %5.1 %3.7 %
[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 ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Written premiums$844 $780 $869 $802 $747 
Change in unearned premium reserve31 (24)85 42 8 
Earned premiums813 804 784 760 739 
Fee income 8 8 7 7 8 
Losses and loss adjustment expenses
Current accident year before catastrophes575 602 586 578 521 
Current accident year catastrophes52 21 69 103 47 
Prior accident year development (7)(7)1 (3)20 
Total losses and loss adjustment expenses620 616 656 678 588 
Amortization of DAC60 58 58 57 58 
Underwriting expenses153 148 138 145 145 
Amortization of other intangible assets1 — 1 — 1 
Underwriting gain (loss)(13)(10)(62)(113)(45)
Net investment income50 52 47 34 38 
Net realized gains (losses)1 (5)(5)(5)(1)
Net servicing and other income (expense)4 5 3 7 6 
Income (loss) before income taxes42 42 (17)(77)(2)
Income tax expense (benefit)8 8 (5)(17)(1)
Net income (loss)34 34 (12)(60)(1)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax(2)3 5 4 1 
Income tax expense (benefit) [1]1 (1)(1)(1)— 
Core earnings (loss)$33 $36 $(8)$(57)$— 
[1]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 ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Automobile liability$— $— $— $— $— 
Homeowners— (7)— 2 (1)
Catastrophes— — — (4)— 
Uncollectible reinsurance— — 1 — — 
Other reserve re-estimates, net [1](7)— — (1)21 
Total prior accident year development$(7)$(7)$1 $(3)$20 
[1]Other reserve re-estimates, net for the three months ended March 31, 2024 and 2023 includes a $7 decrease and a $20 increase, respectively, in automobile physical damage reserves.

16
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
UNDERWRITING RATIOS
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
UNDERWRITING GAIN (LOSS)$(13)$(10)$(62)$(113)$(45)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes70.7 74.9 74.7 76.1 70.5 
Current accident year catastrophes6.4 2.6 8.8 13.6 6.4 
Prior accident year development(0.9)(0.9)0.1 (0.4)2.7 
Total loss and loss adjustment expense ratio76.3 76.6 83.7 89.2 79.6 
Expense ratio25.3 24.6 24.2 25.7 26.5 
Combined ratio101.6 101.2 107.9 114.9 106.1 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development
(5.5)(1.7)(8.9)(13.2)(9.1)
Underlying combined ratio96.1 99.5 99.0 101.7 97.0 
PRODUCT
Automobile
Combined ratio103.9 113.7 110.8 116.4 110.2 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.0)(0.2)(2.3)(3.8)(1.1)
Prior accident year development1.6 0.1 — (0.8)(4.0)
Underlying combined ratio104.4 113.5 108.5 111.8 105.1 
Homeowners
Combined ratio96.2 72.7 101.4 115.1 96.8 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(18.7)(8.0)(23.1)(35.5)(17.8)
Prior accident year development(0.5)2.7 (0.3)(0.1)(0.1)
Underlying combined ratio77.0 67.3 78.1 79.6 78.9 


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

 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct$724 $663 $754 $698 $648 
AARP Agency61 60 57 52 50 
Other Agency55 52 53 48 44 
Other4 5 5 4 5 
Total$844 $780 $869 $802 $747 
EARNED PREMIUMS
AARP Direct$702 $697 $681 $659 $640 
AARP Agency56 55 50 51 49 
Other Agency51 47 47 45 45 
Other4 5 6 5 5 
Total$813 $804 $784 $760 $739 
PRODUCT LINE
WRITTEN PREMIUMS
Automobile$600 $545 $596 $543 $529 
Homeowners244 235 273 259 218 
Total$844 $780 $869 $802 $747 
EARNED PREMIUMS
Automobile$566 $561 $541 $523 $509 
Homeowners247 243 243 237 230 
Total$813 $804 $784 $760 $739 


18
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA (CONTINUED)
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile$72 $65 $61 $52 $46 
Homeowners$34 $25 $25 $22 $21 
Renewal Written Price Increases
Automobile25.7 %21.8 %19.6 %13.7 %9.9 %
Homeowners15.2 %14.6 %14.0 %14.4 %13.9 %
Policy Count Retention
Automobile84 %85 %85 %86 %85 %
Homeowners84 %85 %84 %84 %84 %
Effective Policy Count Retention
Automobile80 %82 %82 %83 %84 %
Homeowners83 %84 %84 %84 %84 %
Policies in Force (in thousands)
Automobile1,233 1,257 1,270 1,287 1,305 
Homeowners701 704 712 723 731 



19
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
P&C OTHER OPERATIONS
INCOME STATEMENTS
 
THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Losses and loss adjustment expenses
Prior accident year development$7 $217 $2 $2 $3 
Total losses and loss adjustment expenses7 217 2 2 3 
Underwriting expenses2 (4)3 2 3 
Underwriting loss(9)(213)(5)(4)(6)
Net investment income18 18 18 17 16 
Net realized losses— (1)(2)(1)(3)
Income (loss) before income taxes9 (196)11 12 7 
Income tax expense (benefit)1 (42)2 3 1 
Net income (loss)8 (154)9 9 6 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax— 1 1 1 3 
Change in deferred gain on retroactive reinsurance, before tax— 194 — — — 
Income tax expense (benefit) [1](1)(42)1 — (1)
Core earnings (loss)$7 $(1)$11 $10 $8 
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
INCOME STATEMENTS
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Earned premiums$1,585 $1,591 $1,575 $1,574 $1,558 
Fee income54 56 54 56 51 
Net investment income114 125 121 113 110 
Net realized gains (losses)1 — (31)(19)5 
Total revenues1,754 1,772 1,719 1,724 1,724 
Benefits, losses and loss adjustment expenses1,204 1,152 1,146 1,175 1,210 
Amortization of DAC9 8 8 9 9 
Insurance operating costs and other expenses397 381 372 381 380 
Amortization of other intangible assets10 10 10 10 10 
Total benefits, losses and expenses1,620 1,551 1,536 1,575 1,609 
Income before income taxes134 221 183 149 115 
Income tax expense26 45 37 28 23 
Net income108 176 146 121 92 
Adjustments to reconcile net income (loss) to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(1)(2)28 16 (5)
Integration and other non-recurring M&A costs, before tax— 1 1 — 2 
Income tax expense (benefit) [1]— (1)(5)(4)1 
Core earnings$107 $174 $170 $133 $90 
Margin
Net income margin6.2 %9.9 %8.5 %7.0 %5.3 %
Core earnings margin*6.1 %9.8 %9.8 %7.6 %5.2 %
ROE
Net income available to common stockholders [2]16.1 %15.4 %15.9 %13.0 %11.9 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax1.3 %1.2 %1.3 %1.5 %3.1 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %0.2 %0.2 %0.2 %
Income tax expense (benefit) [1](0.3 %)(0.3 %)(0.2 %)(0.4 %)(0.7 %)
Impact of AOCI, excluded from core earnings ROE(2.1 %)(2.1 %)(3.4 %)(1.8 %)(0.9 %)
Core earnings [2]15.1 %14.3 %13.8 %12.5 %13.6 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Group Benefits.

21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
SUPPLEMENTAL DATA
 
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
PREMIUMS
Fully insured ongoing premiums
Group disability$836 $845 $827 $822 $814 
Group life 645 647 640 650 643 
Other [1]104 98 102 102 100 
Total fully insured ongoing premiums1,585 1,590 1,569 1,574 1,557 
Total buyouts [2]— 1 6 — 1 
Total premiums$1,585 $1,591 $1,575 $1,574 $1,558 
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability$247 $43 $83 $77 $209 
Group life154 21 45 60 227 
Other [1]43 7 15 14 38 
Total fully insured ongoing sales444 71 143 151 474 
Total buyouts [2]— 1 6 — 1 
Total sales$444 $72 $149 $151 $475 
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio70.1 %63.6 %67.3 %67.0 %70.4 %
Group life loss ratio82.6 %83.0 %80.2 %84.1 %86.7 %
Total loss ratio73.5 %69.9 %70.2 %72.1 %75.2 %
Expense ratio [3]25.4 %24.2 %24.0 %24.5 %24.7 %
[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 ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Investment management fees $191 $183 $189 $186 $182 
Shareowner servicing fees 21 21 21 21 21 
Other revenue42 42 42 41 41 
Net realized gains (losses)5 8 (4)1 5 
Total revenues 259 254 248 249 249 
Sub-advisory expense69 67 67 66 65 
Employee compensation and benefits35 30 28 29 34 
Distribution and service73 70 73 73 73 
General, administrative and other26 29 27 24 26 
Total expenses 203 196 195 192 198 
Income before income taxes56 58 53 57 51 
Income tax expense11 11 12 12 10 
Net income45 47 41 45 41 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(5)(8)4 (1)(5)
Income tax expense [1]1 — — — 1 
Core earnings$41 $39 $45 $44 $37 
Daily average Hartford Funds AUM$131,648 $124,676 $128,786 $127,540 $127,084 
Return on assets (bps, net of tax) [2]
Net income13.7 15.1 12.7 14.1 12.9 
Core earnings*12.5 12.5 14.0 13.8 11.6 
ROE
Net income available to common stockholders [3]43.6 %43.9 %44.9 %44.9 %42.7 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.5 %)(2.6 %)(2.4 %)(1.1 %)2.7 %
Income tax expense (benefit) [1]0.3 %0.3 %0.5 %(0.3 %)(1.1 %)
Impact of AOCI, excluded from core earnings ROE(1.7 %)(1.8 %)(2.5 %)(1.9 %)(1.5 %)
Core earnings [3]39.7 %39.8 %40.5 %41.6 %42.8 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
ASSET VALUE ROLLFORWARD
ASSETS UNDER MANAGEMENT BY ASSET CLASS
THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Equity Funds
Beginning balance $79,352 $74,306 $78,951 $76,132 $73,782 
Sales3,428 3,077 3,096 3,447 4,202 
Redemptions(5,488)(5,303)(4,366)(4,145)(5,221)
Net flows(2,060)(2,226)(1,270)(698)(1,019)
Change in market value and other 6,045 7,272 (3,375)3,517 3,369 
Ending balance$83,337 $79,352 $74,306 $78,951 $76,132 
Fixed Income Funds
Beginning balance $16,773 $15,941 $16,149 $16,399 $15,861 
Sales1,822 1,553 1,160 1,216 1,521 
Redemptions(1,497)(1,692)(1,127)(1,468)(1,372)
Net flows325 (139)33 (252)149 
Change in market value and other 103 971 (241)2 389 
Ending balance$17,201 $16,773 $15,941 $16,149 $16,399 
Multi-Strategy Investments Funds [1]
Beginning balance$19,292 $18,573 $19,764 $19,941 $19,975 
Sales387 416 354 402 516 
Redemptions(954)(1,134)(968)(918)(892)
Net flows(567)(718)(614)(516)(376)
Change in market value and other 543 1,437 (577)339 342 
Ending balance$19,268 $19,292 $18,573 $19,764 $19,941 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$3,899 $3,362 $3,243 $3,036 $2,854 
Net flows(209)120 222 210 67 
Change in market value and other63 417 (103)(3)115 
Ending balance$3,753 $3,899 $3,362 $3,243 $3,036 
Mutual Fund and ETF AUM
Beginning balance$119,316 $112,182 $118,107 $115,508 $112,472 
Sales - mutual fund5,637 5,046 4,610 5,065 6,239 
Redemptions - mutual fund(7,939)(8,129)(6,461)(6,531)(7,485)
Net flows - ETF(209)120 222 210 67 
Net flows - mutual fund and ETF(2,511)(2,963)(1,629)(1,256)(1,179)
Change in market value and other 6,754 10,097 (4,296)3,855 4,215 
Ending balance
123,559 119,316 112,182 118,107 115,508 
Third-party life and annuity separate account AUM12,083 11,709 11,011 11,799 11,672 
Hartford Funds AUM$135,642 $131,025 $123,193 $129,906 $127,180 
[1]Includes balanced, allocation, and alternative investment products.

24

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CORPORATE
INCOME STATEMENTS 
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Fee income [1]$10 $9 $10 $11 $9 
Other revenue— — 1 — 1 
Net investment income16 17 12 8 10 
Net realized gains (losses)9 19 (10)11 6 
Total revenues35 45 13 30 26 
Benefits, losses and loss adjustment expenses [2]2 2 1 2 2 
Insurance operating costs and other expenses [1]14 17 27 11 13 
Interest expense50 49 50 50 50 
Restructuring and other costs1 2 1 3 — 
Total expenses67 70 79 66 65 
Loss before income taxes(32)(25)(66)(36)(39)
Income tax benefit(17)(6)(14)(10)(15)
Net loss(15)(19)(52)(26)(24)
Preferred stock dividends5 5 6 5 5 
Net loss available to common stockholders(20)(24)(58)(31)(29)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(9)(19)9 (10)(6)
Restructuring and other costs, before tax1 2 1 3 — 
Income tax expense (benefit) [3]3 5 (4)3 — 
Core loss$(25)$(36)$(52)$(35)$(35)
[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]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 ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$483 $466 $433 $411 $395 
Tax-exempt43 44 47 49 50 
Total fixed maturities526 510 480 460 445 
Equity securities9 14 9 9 13 
Mortgage loans63 61 59 58 57 
Limited partnerships and other alternative investments [2]16 82 72 32 26 
Other [3]6 8 (1)4 (2)
Subtotal620 675 619 563 539 
Investment expense(27)(22)(22)(23)(24)
Total net investment income$593 $653 $597 $540 $515 
Annualized investment yield, before tax [4]4.1 %4.5 %4.2 %3.9 %3.7 %
Annualized limited partnerships and other alternative investment yield, before tax [4]1.3 %7.0 %6.3 %2.9 %2.5 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.3 %4.3 %4.1 %4.0 %3.8 %
Annualized investment yield, net of tax [4]3.3 %3.7 %3.4 %3.1 %3.0 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.5 %3.5 %3.3 %3.2 %3.0 %
Average reinvestment rate [5]6.1 %6.3 %6.0 %5.3 %5.8 %
Average sales/maturities yield [6]5.0 %4.8 %4.5 %4.1 %4.2 %
Portfolio duration (in years) [7]4.0 3.8 4.1 4.0 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 ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$373 $359 $333 $316 $304 
Tax-exempt32 33 34 37 37 
Total fixed maturities405 392 367 353 341 
Equity securities6 6 6 7 9 
Mortgage loans46 45 43 42 41 
Limited partnerships and other alternative investments [2]15 71 60 26 21 
Other [3]8 9 — 5 (2)
Subtotal480 523 476 433 410 
Investment expense(21)(18)(16)(18)(18)
Total net investment income$459 $505 $460 $415 $392 
Annualized investment yield, before tax [4]4.1 %4.6 %4.3 %3.9 %3.6 %
Annualized limited partnerships and other alternative investment yield, before tax [4]1.6 %7.7 %6.7 %3.0 %2.5 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.3 %4.3 %4.0 %4.0 %3.7 %
Annualized investment yield, net of tax [4]3.3 %3.7 %3.5 %3.1 %3.0 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.5 %3.5 %3.2 %3.2 %3.0 %
Average reinvestment rate [5]6.1 %6.3 %6.0 %5.3 %5.8 %
Average sales/maturities yield [6]4.9 %4.9 %4.5 %4.1 %4.2 %
Portfolio duration (in years) [7]3.8 3.6 3.9 3.8 3.9 
Footnotes [1] through [7] are explained on page 26.

27
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
GROUP BENEFITS
 THREE MONTHS ENDED
 Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$93 $92 $86 $85 $81 
Tax-exempt10 10 10 11 12 
Total fixed maturities103 102 96 96 93 
Equity securities1 1 3 1 2 
Mortgage loans17 16 16 16 16 
Limited partnerships and other alternative investments [2]1 11 12 6 5 
Other [3](2)(1)— (1)— 
Subtotal120 129 127 118 116 
Investment expense(6)(4)(6)(5)(6)
Total net investment income$114 $125 $121 $113 $110 
Annualized investment yield, before tax [4]3.9 %4.2 %4.1 %3.9 %3.8 %
Annualized limited partnerships and other alternative investment yield, before tax [4]0.4 %4.4 %4.8 %2.5 %2.5 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.2 %4.2 %4.1 %4.0 %3.9 %
Annualized investment yield, net of tax [4]3.1 %3.4 %3.3 %3.1 %3.0 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.4 %3.4 %3.3 %3.2 %3.1 %
Average reinvestment rate [5]6.4 %6.2 %5.9 %5.3 %6.0 %
Average sales/maturities yield [6]5.2 %4.6 %4.8 %4.3 %4.4 %
Portfolio duration (in years) [7]5.1 4.9 5.1 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 ENDED
Net Investment Income by SegmentMar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Investment Income
Commercial Lines$391 $435 $395 $364 $338 
Personal Lines50 52 47 34 38 
P&C Other Operations18 18 18 17 16 
Total Property & Casualty459 505 460 415 392 
Group Benefits114 125 121 113 110 
Hartford Funds4 6 4 4 3 
Corporate16 17 12 8 10 
Total net investment income by segment$593 $653 $597 $540 $515 
THREE MONTHS ENDED
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsMar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Total Property & Casualty$15 $71 $60 $26 $21 
Group Benefits1 11 12 6 5 
Total net investment income from limited partnerships and other alternative investments [1]$16 $82 $72 $32 $26 
[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 ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities
$5 $4 $6 $3 $17 
Gross losses on sales of fixed maturities
(11)(62)(27)(21)(39)
Equity securities [1]35 46 (13)10 35 
Net credit losses on fixed maturities, AFS(1)(1)(5)(3)(5)
Change in ACL on mortgage loans3 (5)(5)(5)— 
Other net gains (losses) [2](3)(9)(46)(48)(15)
Total net realized gains (losses)28 (27)(90)(64)(7)
Net realized losses (gains), included in core earnings, before tax [3]2 11 14 11 — 
 Total net gains (losses) excluded from core earnings, before tax30 (16)(76)(53)(7)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings(7)5 15 10 3 
 Total net realized gains (losses) excluded from core earnings, after tax$23 $(11)$(61)$(43)$(4)
[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 and interest rate derivatives used to manage duration. 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
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
 Amount [1]PercentAmount [1]PercentAmountPercentAmountPercentAmountPercent
Total investments$56,107 100.0 %$55,922 100.0 %$53,320 100.0 %$52,668 100.0 %$53,667 100.0 %
Asset-backed securities$3,499 8.5 %$3,320 8.3 %$3,130 8.2 %$2,685 7.2 %$2,181 5.8 %
Collateralized loan obligations3,168 7.8 %3,090 7.8 %3,043 8.0 %2,981 8.0 %3,013 8.0 %
Commercial mortgage-backed securities3,050 7.4 %3,125 7.8 %3,124 8.2 %3,227 8.6 %3,329 8.9 %
Corporate18,657 45.7 %17,866 44.9 %16,651 43.9 %16,096 42.9 %16,210 43.3 %
Foreign government/government agencies548 1.3 %562 1.4 %567 1.5 %539 1.4 %549 1.5 %
Municipal5,941 14.6 %6,039 15.2 %5,686 15.0 %6,226 16.6 %6,365 17.0 %
Residential mortgage-backed securities4,473 11.0 %4,287 10.8 %3,827 10.1 %3,729 9.9 %3,737 10.0 %
U.S. Treasuries1,504 3.7 %1,529 3.8 %1,934 5.1 %2,014 5.4 %2,060 5.5 %
Total fixed maturities, AFS [2]$40,840 100.0 %$39,818 100.0 %$37,962 100.0 %$37,497 100.0 %$37,444 100.0 %
U.S. government/government agencies$4,846 11.9 %$4,776 12.0 %$4,747 12.5 %$4,790 12.8 %$4,904 13.1 %
AAA6,838 16.7 %7,055 17.7 %6,733 17.8 %6,752 18.0 %6,047 16.1 %
AA7,578 18.5 %7,270 18.3 %6,959 18.3 %6,782 18.1 %6,879 18.4 %
A10,488 25.7 %9,828 24.7 %9,273 24.4 %9,295 24.8 %9,275 24.8 %
BBB9,264 22.7 %9,198 23.1 %8,561 22.6 %8,143 21.7 %8,559 22.9 %
BB1,234 3.0 %1,139 2.9 %1,115 2.9 %1,130 3.0 %1,189 3.2 %
B580 1.5 %539 1.3 %565 1.5 %595 1.6 %576 1.5 %
CCC11 — %12 — %8 — %9 — %14 — %
CC & below1 — %1 — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$40,840 100.0 %$39,818 100.0 %$37,962 100.0 %$37,497 100.0 %$37,444 100.0 %
[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
MARCH 31, 2024
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$5,934 $5,676 10.1 %
Technology and communications2,571 2,440 4.4 %
Consumer non-cyclical2,359 2,239 4.0 %
Utilities2,348 2,195 3.9 %
Capital goods1,651 1,589 2.8 %
Consumer cyclical1,417 1,376 2.5 %
Energy1,386 1,338 2.4 %
Basic industry1,055 1,017 1.8 %
Transportation850 794 1.4 %
Other763 729 1.3 %
Total$20,334 $19,393 34.6 %
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.$253 $243 0.4 %
Goldman Sachs Group Inc.219 200 0.4 %
Morgan Stanley202 191 0.3 %
Government of Canada192 188 0.3 %
Toronto Dominion Bank187 176 0.3 %
Penske Corporation175 173 0.3 %
Citigroup Inc.164 158 0.3 %
Wells Fargo & Company162 158 0.3 %
UBS Group AG164 155 0.3 %
Duke Energy Corporation152 154 0.3 %
Total$1,870 $1,796 3.2 %
[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, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Commercial Lines represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Lines, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle and large commercial, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies-in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in force is a growth measure used for Personal Lines as well as small commercial within Commercial Lines and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss ratio) represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.
A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses and, consistent with that definition, incurred losses arising from the Ukraine conflict have been accounted for as catastrophe losses. The Company does not treat incurred benefits and losses arising from the COVID-19 pandemic as catastrophe losses.

33
The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Group Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
The Hartford Funds segment provides supplemental data on sales, redemptions, net flows and account value that indicate current trends in that segment.
DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES
The Company uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP and other financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.
Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance. A reconciliation of net income (loss) available to common stockholders to core earnings is set forth on page 2.
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.

34
BASIC EARNINGS PER SHARE
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Income available to common stockholders per share
$2.51 $2.55 $2.12 $1.75 $1.69 
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
(0.10)0.05 0.25 0.17 0.02 
Restructuring and other costs, before tax— 0.01 — 0.01 — 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.08)0.65 — — — 
Income tax expense (benefit) on items excluded from core earnings
0.04 (0.16)(0.06)(0.04)(0.01)
Core earnings per share$2.38 $3.11 $2.32 $1.90 $1.71 
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
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net Income available to common stockholders per diluted share$2.47 $2.51 $2.09 $1.73 $1.66 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax(0.10)0.05 0.25 0.17 0.02 
Restructuring and other costs, before tax— 0.01 — 0.01 — 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.08)0.64 — — — 
Income tax expense (benefit) on items excluded from core earnings
0.04 (0.16)(0.06)(0.04)(0.01)
Core earnings per diluted share
$2.34 $3.06 $2.29 $1.88 $1.68 
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
 
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income ROE18.5 %17.5 %17.7 %14.4 %12.8 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax0.8 %1.1 %0.9 %1.5 %3.3 %
Restructuring and other costs, before tax— %— %0.1 %0.1 %0.1 %
Loss on extinguishment of debt, before tax
— %— %— %— %0.1 %
Integration and other non-recurring M&A costs, before tax
0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax1.2 %1.4 %1.8 %1.7 %1.5 %
Income tax benefit on items not included in core earnings(0.4 %)(0.5 %)(0.6 %)(0.8 %)(1.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE(3.6 %)(3.8 %)(5.1 %)(3.4 %)(2.5 %)
Core earnings ROE16.6 %15.8 %14.9 %13.6 %14.3 %
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.
Underwriting gain (loss)- The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.

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PROPERTY & CASUALTY
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income$615 $567 $516 $407 $426 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(459)(505)(460)(415)(392)
Net realized losses (gains)(13)54 45 57 23 
Net servicing and other income(2)(2)(5)(7)(6)
Income tax expense 138 129 127 95 100 
Underwriting gain279 243 223 137 151 
Current accident year catastrophes161 81 184 226 185 
Prior accident year development(56)92 (43)(39)— 
Underlying underwriting gain$384 $416 $364 $324 $336 
COMMERCIAL LINES
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income$573 $687 $519 $458 $421 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(391)(435)(395)(364)(338)
Net realized losses (gains)(12)48 38 51 19 
Other expense (income)2 3 (2)— — 
Income tax expense129 163 130 109 100 
Underwriting gain301 466 290 254 202 
Current accident year catastrophes109 60 115 123 138 
Prior accident year development(56)(118)(46)(38)(23)
Underlying underwriting gain$354 $408 $359 $339 $317 


37
PERSONAL LINES
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income (loss)$34 $34 $(12)$(60)$(1)
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(50)(52)(47)(34)(38)
Net realized losses (gains)(1)5 5 5 1 
Net servicing and other income(4)(5)(3)(7)(6)
Income tax expense (benefit)8 8 (5)(17)(1)
Underwriting loss(13)(10)(62)(113)(45)
Current accident year catastrophes52 21 69 103 47 
Prior accident year development(7)(7)1 (3)20 
Underlying underwriting gain (loss)$32 $4 $8 $(13)$22 
P&C OTHER OPERATIONS
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income (loss)$8 $(154)$9 $9 $6 
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(18)(18)(18)(17)(16)
Net realized losses— 1 2 1 3 
Income tax expense (benefit)1 (42)2 3 1 
Underwriting loss(9)(213)(5)(4)(6)
Prior accident year development7 217 2 2 3 
Underlying underwriting gain (loss)$(2)$4 $(3)$(2)$(3)
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.

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Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income margin6.2 %9.9 %8.5 %7.0 %5.3 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax(0.1)%(0.1)%1.5 %0.8 %(0.3)%
Integration and other non-recurring M&A costs, before tax— %0.1 %0.1 %— %0.1 %
Income tax expense (benefit)— %(0.1)%(0.3)%(0.2)%0.1 %
Core earnings margin6.1 %9.8 %9.8 %7.6 %5.2 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Return on Assets ("ROA") 13.7 15.1 12.7 14.1 12.9 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax(1.5)(2.6)1.3 (0.3)(1.6)
Effect of income tax expense0.3 — — — 0.3 
Return on Assets ("ROA"), core earnings 12.5 12.5 14.0 13.8 11.6 


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 ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Total net investment income$593 $653 $597 $540 $515 
Adjustment for income from limited partnerships and other alternative investments(16)(82)(72)(32)(26)
Net investment income excluding limited partnerships and other alternative investments$577 $571 $525 $508 $489 
PROPERTY & CASUALTY
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Total net investment income$459 $505 $460 $415 $392 
Adjustment for income from limited partnerships and other alternative investments(15)(71)(60)(26)(21)
Net investment income excluding limited partnerships and other alternative investments$444 $434 $400 $389 $371 
GROUP BENEFITS
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Total net investment income$114 $125 $121 $113 $110 
Adjustment for income from limited partnerships and other alternative investments(1)(11)(12)(6)(5)
Net investment income excluding limited partnerships and other alternative investments$113 $114 $109 $107 $105 

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 ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Annualized investment yield4.1 %4.5 %4.2 %3.9 %3.7 %
Adjustment for income from limited partnerships and other alternative investments0.2 %(0.2)%(0.1)%0.1 %0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments4.3 %4.3 %4.1 %4.0 %3.8 %
PROPERTY & CASUALTY
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Annualized investment yield4.1 %4.6 %4.3 %3.9 %3.6 %
Adjustment for income from limited partnerships and other alternative investments0.2 %(0.3)%(0.3)%0.1 %0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments4.3 %4.3 %4.0 %4.0 %3.7 %
GROUP BENEFITS
THREE MONTHS ENDED
Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Annualized investment yield3.9 %4.2 %4.1 %3.9 %3.8 %
Adjustment for income from limited partnerships and other alternative investments0.3 %— %— %0.1 %0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments4.2 %4.2 %4.1 %4.0 %3.9 %

41