EX-99.2 3 ex992ifs6302024.htm EX-99.2 Document


INVESTOR FINANCIAL SUPPLEMENT
June 30, 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 July 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 ratings are on positive outlook at Standard and Poor's and Moody's and on stable outlook at A.M. Best
- Hartford Life and Accident Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best and Moody’s
Internet address:- Navigators Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best
http://www.thehartford.comNR - Not Rated
Other Ratings:      
Contact:Senior debt  a-BBB+Baa1
Susan Spivak BernsteinJunior subordinated debenturesbbbBBB-Baa2
Senior Vice PresidentPreferred stockbbbBBB-Baa3
Investor Relations
Phone (860) 547-6233- The Hartford Financial Services Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on positive outlook at A.M. Best, Standard and Poor’s and Moody’s
TRANSFER AGENT
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Financial Services Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


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


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
HIGHLIGHTS
Net income$738 $753 $771 $651 $547 $535 $1,491 $1,082 
Net income available to common stockholders [1]$733 $748 $766 $645 $542 $530 $1,481 $1,072 
Core earnings*$750 $709 $935 $708 $588 $536 $1,459 $1,124 
Total revenues$6,486 $6,419 $6,400 $6,168 $6,049 $5,910 $12,905 $11,959 
Total assets$79,046 $77,710 $76,780 $74,516 $73,895 $74,249 
PER SHARE AND SHARES DATA
Basic earnings per common share
Net income available to common stockholders$2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $4.99 $3.44 
Core earnings*$2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $4.92 $3.61 
Diluted earnings per common share
Net income available to common stockholders$2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $4.92 $3.39 
Core earnings*$2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $4.84 $3.56 
Weighted average common shares outstanding (basic)295.5 298.1 300.3 304.6 309.4 314.0 296.8 311.7 
Dilutive effect of stock compensation4.4 4.5 4.8 4.4 3.9 4.6 4.5 4.3 
Weighted average common shares outstanding and dilutive potential common shares (diluted)299.9 302.6 305.1 309.0 313.3 318.6 301.3 316.0 
Common shares outstanding294.0 296.8 298.5 302.4 307.1 311.8 
Book value per common share$52.20 $50.99 $50.23 $44.13 $45.00 $44.92 
Per common share impact of accumulated other comprehensive income [2]10.43 10.10 9.54 13.82 11.47 10.44 
Book value per common share (excluding AOCI)*$62.63 $61.09 $59.77 $57.95 $56.47 $55.36 
Book value per diluted share$51.43 $50.23 $49.43 $43.50 $44.43 $44.27 
Per diluted share impact of AOCI10.28 9.95 9.40 13.62 11.33 10.28 
Book value per diluted share (excluding AOCI)*$61.71 $60.18 $58.83 $57.12 $55.76 $54.55 
Common shares outstanding and dilutive potential common shares298.4 301.3 303.3 306.8 311.0 316.4 
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
Core earnings ROE*17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

1
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Earned premiums$5,578 $5,446 $5,433 $5,310 $5,220 $5,063 $11,024 $10,283 
Fee income339 333 323 330 328 319 672 647 
Net investment income602 593 653 597 540 515 1,195 1,055 
Net realized gains (losses) (59)28 (27)(90)(64)(7)(31)(71)
Other revenues26 19 18 21 25 20 45 45 
Total revenues 6,486 6,419 6,400 6,168 6,049 5,910 12,905 11,959 
Benefits, losses and loss adjustment expenses3,661 3,611 3,633 3,543 3,580 3,482 7,272 7,062 
Amortization of deferred policy acquisition costs ("DAC")561 545 534 517 502 491 1,106 993 
Insurance operating costs and other expenses 1,285 1,283 1,214 1,226 1,225 1,216 2,568 2,441 
Interest expense50 50 49 50 50 50 100 100 
Amortization of other intangible assets17 18 18 18 17 18 35 35 
Restructuring and other costs [1]— 1 2 1 3 — 1 3 
Total benefits, losses and expenses5,574 5,508 5,450 5,355 5,377 5,257 11,082 10,634 
Income before income taxes912 911 950 813 672 653 1,823 1,325 
Income tax expense174 158 179 162 125 118 332 243 
Net income738 753 771 651 547 535 1,491 1,082 
Preferred stock dividends 5 5 5 6 5 5 10 10 
Net income available to common stockholders733 748 766 645 542 530 1,481 1,072 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax58 (30)16 76 53 7 28 60 
Restructuring and other costs, before tax [1]— 1 2 1 3 — 1 3 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 2 4 4 
Change in deferred gain on retroactive reinsurance, before tax [3](37)(24)194 — — — (61)— 
Income tax expense (benefit) [4](6)12 (45)(16)(12)(3)6 (15)
Core earnings$750 $709 $935 $708 $588 $536 $1,459 $1,124 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.
[3]During 2024, the Company collected recoveries from National Indemnity Company ("NICO”), a subsidiary of Berkshire Hathaway Inc. related to the Navigators adverse development cover ("Navigators ADC") and as a result amortized $37, and $61 of the deferred gain within benefits, losses and loss adjustment expenses in the three and six month periods ended June 30, 2024, respectively. As of June 30, 2024 and December 31, 2023, the deferred gain under retroactive reinsurance accounting on the Navigators ADC was $148 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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net income (loss):
Commercial Lines$540 $573 $687 $519 $458 $421 $1,113 $879 
Personal Lines(11)34 34 (12)(60)(1)23 (61)
Property & Casualty Other Operations ("P&C Other Operations")11 8 (154)9 9 6 19 15 
Property & Casualty ("P&C")540 615 567 516 407 426 1,155 833 
Group Benefits171 108 176 146 121 92 279 213 
Hartford Funds44 45 47 41 45 41 89 86 
Sub-total755 768 790 703 573 559 1,523 1,132 
Corporate (17)(15)(19)(52)(26)(24)(32)(50)
Net income 738 753 771 651 547 535 1,491 1,082 
Preferred stock dividends5 5 5 6 5 5 10 10 
Net income available to common stockholders$733 $748 $766 $645 $542 $530 $1,481 $1,072 
Core earnings (loss):
Commercial Lines$551 $546 $723 $542 $493 $436 $1,097 $929 
Personal Lines(4)33 36 (8)(57)— 29 (57)
P&C Other Operations14 7 (1)11 10 8 21 18 
P&C561 586 758 545 446 444 1,147 890 
Group Benefits178 107 174 170 133 90 285 223 
Hartford Funds43 41 39 45 44 37 84 81 
Sub-total782 734 971 760 623 571 1,516 1,194 
Corporate (32)(25)(36)(52)(35)(35)(57)(70)
Core earnings$750 $709 $935 $708 $588 $536 $1,459 $1,124 



3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
 PROPERTY & CASUALTYGROUP BENEFITSHARTFORD
FUNDS		CORPORATE [1]CONSOLIDATED
Jun 30 2024Dec 31 2023Jun 30 2024Dec 31 2023Jun 30 2024Dec 31 2023Jun 30 2024Dec 31 2023Jun 30 2024Dec 31 2023
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$32,716 $31,408 $7,914 $8,222 $— $— $184 $188 $40,814 $39,818 
Fixed maturities, at fair value using the fair value option227 272 45 55 — — — — 272 327 
Equity securities, at fair value243 456 49 99 82 121 217 188 591 864 
Mortgage loans, net4,714 4,493 1,643 1,594 — — — — 6,357 6,087 
Limited partnerships and other alternative investments3,864 3,770 1,041 1,015 — — — — 4,905 4,785 
Other investments164 162 6 8 80 21 — — 250 191 
Short-term investments1,962 2,127 221 382 261 243 1,257 1,098 3,701 3,850 
Total investments43,890 42,688 10,919 11,375 423 385 1,658 1,474 56,890 55,922 
Cash120 106 26 12 8 7 — 1 154 126 
Restricted cash51 52 5 11 — — — — 56 63 
Accrued investment income336 313 90 89 1 1 2 1 429 404 
Premiums receivable and agents’ balances, net5,686 4,973 649 634 — — — — 6,335 5,607 
Reinsurance recoverables, net [2]6,552 6,602 273 260 — — 234 242 7,059 7,104 
Deferred policy acquisition costs ("DAC")1,210 1,078 35 35 — — — — 1,245 1,113 
Deferred income taxes 738 681 44 13 2 4 450 475 1,234 1,173 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net766 784 60 57 7 8 45 47 878 896 
Other intangible assets325 340 337 357 10 10 — — 672 707 
Other assets1,533 1,130 160 131 93 88 397 405 2,183 1,754 
Total assets$61,985 $59,525 $13,321 $13,697 $725 $684 $3,015 $2,874 $79,046 $76,780 
Unpaid losses and loss adjustment expenses$35,137 $34,044 $8,186 $8,274 $— $— $— $— $43,323 $42,318 
Reserves for future policy benefits [2]— — 296 312 — — 168 172 464 484 
Other policyholder funds and benefits payable [2]— — 404 408 — — 218 230 622 638 
Unearned premiums9,486 8,561 35 38 — — — — 9,521 8,599 
Debt— — — — — — 4,364 4,362 4,364 4,362 
Other liabilities2,794 2,754 221 220 164 150 1,893 1,928 5,072 5,052 
Total liabilities47,417 45,359 9,142 9,252 164 150 6,643 6,692 63,366 61,453 
Common stockholders' equity, excluding AOCI*15,876 15,322 4,570 4,752 561 534 (2,593)(2,766)18,414 17,842 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(1,308)(1,156)(391)(307)— — (1,369)(1,386)(3,068)(2,849)
Total stockholders' equity14,568 14,166 4,179 4,445 561 534 (3,628)(3,818)15,680 15,327 
Total liabilities and stockholders' equity$61,985 $59,525 $13,321 $13,697 $725 $684 $3,015 $2,874 $79,046 $76,780 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.3 billion and $1.1 billion as of June 30, 2024 and December 31, 2023, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

4
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
DEBT
Senior notes$3,865 $3,864 $3,863 $3,862 $3,861 $3,859 
Junior subordinated debentures499 499 499 499 499 499 
Total debt $4,364 $4,363 $4,362 $4,361 $4,360 $4,358 
STOCKHOLDERS’ EQUITY
Total stockholders’ equity$15,680 $15,468 $15,327 $13,679 $14,152 $14,340 
Less: Preferred stock334 334 334 334 334 334 
Less: AOCI(3,068)(2,997)(2,849)(4,178)(3,524)(3,254)
Common stockholders' equity, excluding AOCI$18,414 $18,131 $17,842 $17,523 $17,342 $17,260 
CAPITALIZATION
Total capitalization, including AOCI, net of tax$20,044 $19,831 $19,689 $18,040 $18,512 $18,698 
Total capitalization, excluding AOCI, net of tax*$23,112 $22,828 $22,538 $22,218 $22,036 $21,952 
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI21.8 %22.0 %22.2 %24.2 %23.6 %23.3 %
Total debt to capitalization, excluding AOCI*18.9 %19.1 %19.4 %19.6 %19.8 %19.9 %
Total debt and preferred stock to capitalization, including AOCI23.4 %23.7 %23.9 %26.0 %25.4 %25.1 %
Total debt and preferred stock to capitalization, excluding AOCI*20.3 %20.6 %20.8 %21.1 %21.3 %21.4 %
Total rating agency adjusted debt to capitalization [1] [2]22.7 %22.9 %23.7 %25.7 %25.0 %24.7 %
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]17.1:117.1:114.6:113.6:112.8:112.6:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of June 30, 2024 and 2023.
[2]2024 results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology. 2023 results reflect 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

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

P&C GROUP BENEFITS
U.S. statutory net income [1][2]$930 $330 
U.S. statutory capital [2][3][4]$12,874 $2,593 
U.S. GAAP adjustments [2]:
DAC1,164 35 
Non-admitted deferred tax assets [5]250 156 
Deferred taxes [6](207)(274)
Goodwill108 723 
Other intangible assets23 337 
Non-admitted assets other than deferred taxes924 98 
Asset valuation and interest maintenance reserve— 288 
Benefit reserves(65)333 
Unrealized gains (losses) on investments(1,613)(666)
Deferred gain on retroactive reinsurance agreements [7](907)— 
Other, net942 556 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]13,493 4,179 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,075 — 
Total U.S. GAAP stockholders’ equity$14,568 $4,179 
[1]Statutory net income is for the six months ended June 30, 2024.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and asbestos and environmental adverse development cover ("A&E ADC") agreements that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
 AS OF
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net unrealized gain (loss) on fixed maturities, AFS$(1,732)$(1,642)$(1,482)$(2,948)$(2,277)$(2,008)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(7)(7)(8)(9)(10)(13)
Net gains on cash flow hedging instruments30 21 21 27 31 48 
Total net unrealized gain (loss)(1,709)(1,628)(1,469)(2,930)(2,256)(1,973)
Foreign currency translation adjustments35 36 37 35 36 33 
Liability for future policy benefits adjustments35 30 25 47 32 27 
Pension and other postretirement plan adjustments(1,429)(1,435)(1,442)(1,330)(1,336)(1,341)
Total AOCI$(3,068)$(2,997)$(2,849)$(4,178)$(3,524)$(3,254)


7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS
THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Written premiums
$4,453 $4,206 $3,770 $3,872 $3,979 $3,856 $8,659 $7,835 
Change in unearned premium reserve483 345 (72)137 333 351 828 684 
Earned premiums 3,970 3,861 3,842 3,735 3,646 3,505 7,831 7,151 
Fee income 19 19 18 18 17 18 38 35 
Losses and loss adjustment expenses
Current accident year before catastrophes2,347 2,300 2,306 2,255 2,216 2,085 4,647 4,301 
Current accident year catastrophes280 161 81 184 226 185 441 411 
Prior accident year development [1](115)(56)92 (43)(39)— (171)(39)
Total losses and loss adjustment expenses2,512 2,405 2,479 2,396 2,403 2,270 4,917 4,673 
Amortization of DAC552 536 526 509 493 482 1,088 975 
Underwriting expenses655 642 596 601 616 604 1,297 1,220 
Amortization of other intangible assets7 8 8 8 7 8 15 15 
Dividends to policyholders 9 10 8 16 7 8 19 15 
Underwriting gain*254 279 243 223 137 151 533 288 
Net investment income471 459 505 460 415 392 930 807 
Net realized gains (losses)(61)13 (54)(45)(57)(23)(48)(80)
Net servicing and other income (expense)5 2 2 5 7 6 7 13 
Income before income taxes669 753 696 643 502 526 1,422 1,028 
Income tax expense129 138 129 127 95 100 267 195 
Net income540 615 567 516 407 426 1,155 833 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax62 (15)45 35 48 23 47 71 
Integration and other non-recurring M&A costs, before tax2 2 1 1 2 — 4 2 
Change in deferred gain on retroactive reinsurance, before tax [1](37)(24)194 — — — (61)— 
Income tax expense (benefit) [2](6)8 (49)(7)(11)(5)2 (16)
Core earnings$561 $586 $758 $545 $446 $444 $1,147 $890 
ROE
Net income available to common stockholders [3] 19.9 %18.5 %17.5 %17.6 %13.8 %12.8 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax1.2 %1.1 %1.5 %1.1 %1.8 %3.3 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %— %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax [1]1.3 %1.6 %1.9 %2.5 %2.3 %2.2 %
Income tax benefit [2](0.5 %)(0.6 %)(0.7 %)(0.8 %)(0.9 %)(1.3 %)
Impact of AOCI, excluded from core earnings ROE(3.1 %)(2.6 %)(2.9 %)(4.3 %)(2.6 %)(1.6 %)
Core earnings [3]18.9 %18.1 %17.3 %16.2 %14.5 %15.5 %
[1]Prior accident year development for the three and six months ended June 30, 2024, includes a $37 and $61 benefit, respectively, for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators ADC as the Company collected recoveries of the ceded losses from NICO during 2024. See [3] on page 2 for more information.
[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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Workers’ compensation$(52)$(67)$(62)$(61)$(52)$(61)$(119)$(113)
Workers' compensation discount accretion11 12 10 10 11 11 23 22 
General liability32 17 2 11 16 12 49 28 
Marine(8)7 (1)— (2)1 (1)(1)
Package business(1)— (6)(10)(3)(5)(1)(8)
Commercial property(2)(3)(9)2 (5)5 (5)— 
Professional liability(2)(5)1 — (3)— (7)(3)
Bond(22)— (39)— 12 — (22)12 
Assumed reinsurance15 9 15 2 15 2 24 17 
Automobile liability - Commercial Lines10 — 14 — 6 — 10 6 
Automobile liability - Personal Lines(13)— — — — — (13)— 
Homeowners(10)— (7)— 2 (1)(10)1 
Net asbestos and environmental reserves — — — — — — — — 
Catastrophes(38)— (43)— (44)— (38)(44)
Uncollectible reinsurance— — — 1 4 8 — 12 
Other reserve re-estimates, net [1]2 (2)23 2 4 28 — 32 
Prior accident year development before change in deferred gain(78)(32)(102)(43)(39)— (110)(39)
Change in deferred gain on retroactive reinsurance included in other liabilities [2](37)(24)194 — — — (61)— 
Total prior accident year development$(115)$(56)$92 $(43)$(39)$— $(171)$(39)
[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves within Personal Lines of $(7) and $(14) for the three and six months ended June 30, 2024 and $2 and $22 for the three and six months ended June 30, 2023, respectively.
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
UNDERWRITING GAIN$254 $279 $243 $223 $137 $151 $533 $288 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 59.1 59.6 60.0 60.4 60.8 59.5 59.3 60.1 
Current accident year catastrophes7.1 4.2 2.1 4.9 6.2 5.3 5.6 5.7 
Prior accident year development [1](2.9)(1.5)2.4 (1.2)(1.1)— (2.2)(0.5)
Total loss and loss adjustment expense ratio63.3 62.3 64.5 64.1 65.9 64.8 62.8 65.3 
Expense ratio [2]30.1 30.2 28.9 29.5 30.1 30.7 30.2 30.4 
Policyholder dividend ratio0.2 0.3 0.2 0.4 0.2 0.2 0.2 0.2 
Combined ratio93.6 92.8 93.7 94.0 96.2 95.7 93.2 96.0 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(4.2)(2.7)(4.5)(3.7)(5.1)(5.3)(3.4)(5.2)
Underlying combined ratio *89.5 90.1 89.2 90.3 91.1 90.4 89.8 90.8 
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Written premiums$3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $6,902 $6,286 
Change in unearned premium reserve419 314 (48)52 291 343 733 634 
Earned premiums 3,121 3,048 3,038 2,951 2,886 2,766 6,169 5,652 
Fee income11 11 10 11 10 10 22 20 
Losses and loss adjustment expenses
Current accident year before catastrophes1,750 1,725 1,704 1,669 1,638 1,564 3,475 3,202 
Current accident year catastrophes155 109 60 115 123 138 264 261 
Prior accident year development [1](81)(56)(118)(46)(38)(23)(137)(61)
Total losses and loss adjustment expenses1,824 1,778 1,646 1,738 1,723 1,679 3,602 3,402 
Amortization of DAC489 476 468 451 436 424 965 860 
Underwriting expenses 484 487 452 460 469 456 971 925 
Amortization of other intangible assets7 7 8 7 7 7 14 14 
Dividends to policyholders9 10 8 16 7 8 19 15 
Underwriting gain319 301 466 290 254 202 620 456 
Net investment income402 391 435 395 364 338 793 702 
Net realized gains (losses)(50)12 (48)(38)(51)(19)(38)(70)
Other income (expense) [2](1)(2)(3)2 — — (3)— 
Income before income taxes670 702 850 649 567 521 1,372 1,088 
Income tax expense130 129 163 130 109 100 259 209 
Net income540 573 687 519 458 421 1,113 879 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax50 (13)41 29 43 19 37 62 
Integration and other non-recurring M&A costs, before tax [2]2 2 1 1 2 — 4 2 
Change in deferred gain on retroactive reinsurance, before tax [1](37)(24)— — — — (61)— 
Income tax expense (benefit) [3](4)8 (6)(7)(10)(4)4 (14)
Core earnings$551 $546 $723 $542 $493 $436 $1,097 $929 
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Workers’ compensation$(52)$(67)$(62)$(61)$(52)$(61)$(119)$(113)
Workers' compensation discount accretion11 12 10 10 11 11 23 22 
General liability32 17 2 11 16 12 49 28 
Marine(8)7 (1)— (2)1 (1)(1)
Package business(1)— (6)(10)(3)(5)(1)(8)
Commercial property(2)(3)(9)2 (5)5 (5)— 
Professional liability(2)(5)1 — (3)— (7)(3)
Bond(22)— (39)— 12 — (22)12 
Assumed reinsurance15 9 15 2 15 2 24 17 
Automobile liability10 — 14 — 6 — 10 6 
Catastrophes(33)— (43)— (40)— (33)(40)
Uncollectible reinsurance— (7)— (2)4 5 (7)9 
Other reserve re-estimates, net8 5 — 2 3 7 13 10 
Prior accident year development before change in deferred gain(44)(32)(118)(46)(38)(23)(76)(61)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](37)(24)— — — — (61)— 
Total prior accident year development$(81)$(56)$(118)$(46)$(38)$(23)$(137)$(61)
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
UNDERWRITING GAIN$319 $301 $466 $290 $254 $202 $620 $456 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes 56.1 56.6 56.1 56.6 56.8 56.5 56.3 56.7 
Current accident year catastrophes5.0 3.6 2.0 3.9 4.3 5.0 4.3 4.6 
Prior accident year development(2.6)(1.8)(3.9)(1.6)(1.3)(0.8)(2.2)(1.1)
Total loss and loss adjustment expense ratio58.4 58.3 54.2 58.9 59.7 60.7 58.4 60.2 
Expense ratio [1]31.1 31.5 30.2 30.7 31.3 31.7 31.3 31.5 
Policyholder dividend ratio0.3 0.3 0.3 0.5 0.2 0.3 0.3 0.3 
Combined ratio [2]89.8 90.1 84.7 90.2 91.2 92.7 90.0 91.9 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development(2.4)(1.8)1.9 (2.3)(3.0)(4.2)(2.1)(3.5)
Underlying combined ratio 87.4 88.4 86.6 87.8 88.3 88.5 87.9 88.4 
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio88.7 89.0 84.0 87.7 90.8 90.8 88.8 90.8 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(6.1)(3.8)(3.4)(3.2)(5.7)(6.2)(4.9)(5.9)
Prior accident year development4.2 4.3 5.2 5.2 4.5 4.9 4.3 4.7 
Underlying combined ratio 86.8 89.6 85.8 89.7 89.7 89.5 88.1 89.6 
MIDDLE & LARGE COMMERCIAL
Combined ratio95.9 94.0 89.3 94.5 93.6 97.6 95.0 95.5 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(4.8)(3.6)(0.1)(4.5)(3.8)(5.0)(4.2)(4.4)
Prior accident year development(1.4)(1.2)1.2 (1.8)(1.1)(2.7)(1.3)(1.9)
Underlying combined ratio89.6 89.2 90.3 88.1 88.7 89.9 89.4 89.3 
GLOBAL SPECIALTY
Combined ratio [2]83.4 87.8 79.6 88.9 87.3 88.7 85.6 88.0 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.5)(3.3)(2.0)(4.3)(2.6)(3.1)(3.4)(2.9)
Prior accident year development5.3 0.7 5.3 (0.3)0.3 (0.4)3.0 — 
Underlying combined ratio85.2 85.3 82.9 84.3 85.0 85.2 85.2 85.1 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]The three and six months ended June 30, 2024 included a change in deferred gain on retroactive reinsurance related to the Navigators ADC of $37 and $61 representing a benefit of 1.2 and 1.0 points for the Commercial Lines combined ratio and 4.4 and 3.6 points for the global specialty combined ratio for the three and six month periods, respectively.

13
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
SUPPLEMENTAL DATA
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
WRITTEN PREMIUMS
Small Commercial$1,373 $1,425 $1,220 $1,228 $1,266 $1,319 $2,798 $2,585 
Middle & Large Commercial1,140 1,016 1,010 1,031 1,013 935 2,156 1,948 
Middle Market993 872 860 900 881 796 1,865 1,677 
National Accounts and Other147 144 150 131 132 139 291 271 
Global Specialty [1]1,013 907 748 730 885 842 1,920 1,727 
U.S.595 505 495 500 551 468 1,100 1,019 
International125 106 122 96 121 99 231 220 
Global Re293 296 131 134 213 275 589 488 
Other14 14 12 14 13 13 28 26 
Total$3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $6,902 $6,286 
EARNED PREMIUMS
Small Commercial$1,284 $1,248 $1,251 $1,221 $1,190 $1,139 $2,532 $2,329 
Middle & Large Commercial1,021 996 989 955 948 914 2,017 1,862 
Middle Market879 864 851 829 806 785 1,743 1,591 
National Accounts and Other142 132 138 126 142 129 274 271 
Global Specialty [1]802 789 786 761 735 700 1,591 1,435 
U.S.514 503 500 501 484 463 1,017 947 
International108 105 108 104 108 99 213 207 
Global Re180 181 178 156 143 138 361 281 
Other14 15 12 14 13 13 29 26 
Total$3,121 $3,048 $3,038 $2,951 $2,886 $2,766 $6,169 $5,652 
COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium$291 $268 $216 $220 $237 $242 $559 $479 
Renewal Written Price Increases6.3 %5.7 %5.9 %4.8 %4.3 %3.8 %6.0 %4.0 %
Policy Count Retention84 %85 %85 %85 %85 %86 %84 %85 %
Policies in Force (in thousands)1,537 1,512 1,492 1,479 1,461 1,439 
Middle Market [2]
Net New Business Premium$187 $174 $168 $137 $164 $148 $361 $312 
Renewal Written Price Increases7.2 %7.2 %7.4 %7.8 %7.1 %6.5 %7.2 %6.8 %
Premium Retention83 %83 %84 %82 %83 %82 %83 %83 %
Global Specialty
Gross New Business Premium [3]
$264 $223 $230 $216 $246 $191 $487 $437 
Renewal Written Price Increases [4]6.5 %5.9 %4.6 %3.8 %5.1 %3.6 %6.2 %4.4 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

14
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS
 THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Written premiums$913 $844 $780 $869 $802 $747 $1,757 $1,549 
Change in unearned premium reserve64 31 (24)85 42 8 95 50 
Earned premiums849 813 804 784 760 739 1,662 1,499 
Fee income 8 8 8 7 7 8 16 15 
Losses and loss adjustment expenses
Current accident year before catastrophes597 575 602 586 578 521 1,172 1,099 
Current accident year catastrophes125 52 21 69 103 47 177 150 
Prior accident year development (34)(7)(7)1 (3)20 (41)17 
Total losses and loss adjustment expenses688 620 616 656 678 588 1,308 1,266 
Amortization of DAC63 60 58 58 57 58 123 115 
Underwriting expenses169 153 148 138 145 145 322 290 
Amortization of other intangible assets— 1 — 1 — 1 1 1 
Underwriting loss(63)(13)(10)(62)(113)(45)(76)(158)
Net investment income50 50 52 47 34 38 100 72 
Net realized gains (losses)(8)1 (5)(5)(5)(1)(7)(6)
Net servicing and other income (expense)6 4 5 3 7 6 10 13 
Income (loss) before income taxes(15)42 42 (17)(77)(2)27 (79)
Income tax expense (benefit)(4)8 8 (5)(17)(1)4 (18)
Net income (loss)(11)34 34 (12)(60)(1)23 (61)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax9 (2)3 5 4 1 7 5 
Income tax expense (benefit) [1](2)1 (1)(1)(1)— (1)(1)
Core earnings (loss)$(4)$33 $36 $(8)$(57)$— $29 $(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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Automobile liability$(13)$— $— $— $— $— $(13)$— 
Homeowners(10)— (7)— 2 (1)(10)1 
Catastrophes(5)— — — (4)— (5)(4)
Uncollectible reinsurance— — — 1 — — — — 
Other reserve re-estimates, net [1](6)(7)— — (1)21 (13)20 
Total prior accident year development$(34)$(7)$(7)$1 $(3)$20 $(41)$17 
[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves of $(7) and $(14) for the three and six months ended June 30, 2024 and $2 and $22 for the three and six months ended June 30, 2023, respectively.

16
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
UNDERWRITING RATIOS
 THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
UNDERWRITING LOSS$(63)$(13)$(10)$(62)$(113)$(45)$(76)$(158)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio
Current accident year before catastrophes70.3 70.7 74.9 74.7 76.1 70.5 70.5 73.3 
Current accident year catastrophes14.7 6.4 2.6 8.8 13.6 6.4 10.6 10.0 
Prior accident year development(4.0)(0.9)(0.9)0.1 (0.4)2.7 (2.5)1.1 
Total loss and loss adjustment expense ratio81.0 76.3 76.6 83.7 89.2 79.6 78.7 84.5 
Expense ratio26.4 25.3 24.6 24.2 25.7 26.5 25.9 26.1 
Combined ratio107.4 101.6 101.2 107.9 114.9 106.1 104.6 110.5 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development
(10.7)(5.5)(1.7)(8.9)(13.2)(9.1)(8.1)(11.1)
Underlying combined ratio96.7 96.1 99.5 99.0 101.7 97.0 96.4 99.4 
PRODUCT
Automobile
Combined ratio105.4 103.9 113.7 110.8 116.4 110.2 104.7 113.3 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(3.6)(1.0)(0.2)(2.3)(3.8)(1.1)(2.4)(2.5)
Prior accident year development3.1 1.6 0.1 — (0.8)(4.0)2.4 (2.4)
Underlying combined ratio104.9 104.4 113.5 108.5 111.8 105.1 104.7 108.5 
Homeowners
Combined ratio114.5 96.2 72.7 101.4 115.1 96.8 105.6 106.1 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(40.4)(18.7)(8.0)(23.1)(35.5)(17.8)(29.8)(26.8)
Prior accident year development3.7 (0.5)2.7 (0.3)(0.1)(0.1)1.6 (0.1)
Underlying combined ratio77.8 77.0 67.3 78.1 79.6 78.9 77.4 79.2 


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

 THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct$776 $724 $663 $754 $698 $648 $1,500 $1,346 
AARP Agency63 61 60 57 52 50 124 102 
Other Agency70 55 52 53 48 44 125 92 
Other4 4 5 5 4 5 8 9 
Total$913 $844 $780 $869 $802 $747 $1,757 $1,549 
EARNED PREMIUMS
AARP Direct$730 $702 $697 $681 $659 $640 $1,432 $1,299 
AARP Agency58 56 55 50 51 49 114 100 
Other Agency56 51 47 47 45 45 107 90 
Other5 4 5 6 5 5 9 10 
Total$849 $813 $804 $784 $760 $739 $1,662 $1,499 
PRODUCT LINE
WRITTEN PREMIUMS
Automobile$617 $600 $545 $596 $543 $529 $1,217 $1,072 
Homeowners296 244 235 273 259 218 540 477 
Total$913 $844 $780 $869 $802 $747 $1,757 $1,549 
EARNED PREMIUMS
Automobile$592 $566 $561 $541 $523 $509 $1,158 $1,032 
Homeowners257 247 243 243 237 230 504 467 
Total$849 $813 $804 $784 $760 $739 $1,662 $1,499 


18
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA (CONTINUED)
 THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile$82 $72 $65 $61 $52 $46 $154 $98 
Homeowners$47 $34 $25 $25 $22 $21 $81 $43 
Renewal Written Price Increases
Automobile23.5 %25.5 %21.8 %19.6 %13.7 %9.9 %24.5 %11.8 %
Homeowners14.9 %15.2 %14.6 %14.0 %14.4 %13.9 %15.0 %14.2 %
Policy Count Retention
Automobile83 %84 %85 %85 %86 %85 %84 %85 %
Homeowners84 %84 %85 %84 %84 %84 %84 %84 %
Effective Policy Count Retention
Automobile80 %80 %82 %82 %83 %84 %80 %84 %
Homeowners83 %83 %84 %83 %84 %84 %83 %84 %
Policies in Force (in thousands)
Automobile1,214 1,233 1,257 1,270 1,287 1,305 
Homeowners702 701 704 712 723 731 



19
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
P&C OTHER OPERATIONS
INCOME STATEMENTS
 
THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Losses and loss adjustment expenses
Prior accident year development$— $7 $217 $2 $2 $3 $7 $5 
Total losses and loss adjustment expenses— 7 217 2 2 3 7 5 
Underwriting expenses2 2 (4)3 2 3 4 5 
Underwriting loss(2)(9)(213)(5)(4)(6)(11)(10)
Net investment income19 18 18 18 17 16 37 33 
Net realized losses(3)— (1)(2)(1)(3)(3)(4)
Income (loss) before income taxes14 9 (196)11 12 7 23 19 
Income tax expense (benefit)3 1 (42)2 3 1 4 4 
Net income (loss)11 8 (154)9 9 6 19 15 
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax3 — 1 1 1 3 3 4 
Change in deferred gain on retroactive reinsurance, before tax— — 194 — — — — — 
Income tax expense (benefit) [1]— (1)(42)1 — (1)(1)(1)
Core earnings (loss)$14 $7 $(1)$11 $10 $8 $21 $18 
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Earned premiums$1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $3,193 $3,132 
Fee income57 54 56 54 56 51 111 107 
Net investment income112 114 125 121 113 110 226 223 
Net realized gains (losses)(9)1 — (31)(19)5 (8)(14)
Total revenues1,768 1,754 1,772 1,719 1,724 1,724 3,522 3,448 
Benefits, losses and loss adjustment expenses1,147 1,204 1,152 1,146 1,175 1,210 2,351 2,385 
Amortization of DAC9 9 8 8 9 9 18 18 
Insurance operating costs and other expenses387 397 381 372 381 380 784 761 
Amortization of other intangible assets10 10 10 10 10 10 20 20 
Total benefits, losses and expenses1,553 1,620 1,551 1,536 1,575 1,609 3,173 3,184 
Income before income taxes215 134 221 183 149 115 349 264 
Income tax expense44 26 45 37 28 23 70 51 
Net income171 108 176 146 121 92 279 213 
Adjustments to reconcile net income (loss) to core earnings:
Net realized losses (gains), excluded from core earnings, before tax9 (1)(2)28 16 (5)8 11 
Integration and other non-recurring M&A costs, before tax— — 1 1 — 2 — 2 
Income tax expense (benefit) [1](2)— (1)(5)(4)1 (2)(3)
Core earnings$178 $107 $174 $170 $133 $90 $285 $223 
Margin
Net income margin9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %7.9 %6.2 %
Core earnings margin*10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.1 %6.4 %
ROE
Net income available to common stockholders [2]18.0 %16.1 %15.4 %15.9 %13.0 %11.9 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax1.1 %1.3 %1.2 %1.3 %1.5 %3.1 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %0.1 %0.2 %0.2 %0.2 %
Income tax expense (benefit) [1](0.3 %)(0.3 %)(0.3 %)(0.2 %)(0.4 %)(0.7 %)
Impact of AOCI, excluded from core earnings ROE(2.5 %)(2.1 %)(2.1 %)(3.4 %)(1.8 %)(0.9 %)
Core earnings [2]16.4 %15.1 %14.3 %13.8 %12.5 %13.6 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Group Benefits.

21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
SUPPLEMENTAL DATA
 
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
PREMIUMS
Fully insured ongoing premiums
Group disability$837 $836 $845 $827 $822 $814 $1,673 $1,636 
Group life 663 645 647 640 650 643 1,308 1,293 
Other [1]107 104 98 102 102 100 211 202 
Total fully insured ongoing premiums1,607 1,585 1,590 1,569 1,574 1,557 3,192 3,131 
Total buyouts [2]1 — 1 6 — 1 1 1 
Total premiums$1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $3,193 $3,132 
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability$37 $247 $43 $83 $77 $209 $284 $286 
Group life51 154 21 45 60 227 205 287 
Other [1]13 43 7 15 14 38 56 52 
Total fully insured ongoing sales101 444 71 143 151 474 545 625 
Total buyouts [2]1 — 1 6 — 1 1 1 
Total sales$102 $444 $72 $149 $151 $475 $546 $626 
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio67.1 %70.1 %63.6 %67.3 %67.0 %70.4 %68.6 %68.7 %
Group life loss ratio74.9 %82.6 %83.0 %80.2 %84.1 %86.7 %78.7 %85.4 %
Total loss ratio68.9 %73.5 %69.9 %70.2 %72.1 %75.2 %71.1 %73.6 %
Expense ratio [3]24.4 %25.4 %24.2 %24.0 %24.5 %24.7 %24.9 %24.6 %
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Investment management fees $195 $191 $183 $189 $186 $182 $386 $368 
Shareowner servicing fees 21 21 21 21 21 21 42 42 
Other revenue42 42 42 42 41 41 84 82 
Net realized gains (losses)3 5 8 (4)1 5 8 6 
Total revenues 261 259 254 248 249 249 520 498 
Sub-advisory expense71 69 67 67 66 65 140 131 
Employee compensation and benefits32 35 30 28 29 34 67 63 
Distribution and service74 73 70 73 73 73 147 146 
General, administrative and other26 26 29 27 24 26 52 50 
Total expenses 203 203 196 195 192 198 406 390 
Income before income taxes58 56 58 53 57 51 114 108 
Income tax expense14 11 11 12 12 10 25 22 
Net income44 45 47 41 45 41 89 86 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(3)(5)(8)4 (1)(5)(8)(6)
Income tax expense [1]2 1 — — — 1 3 1 
Core earnings$43 $41 $39 $45 $44 $37 $84 $81 
Daily average Hartford Funds AUM$134,064 $131,648 $124,676 $128,786 $127,540 $127,084 $132,856 $127,313 
Return on assets (bps, net of tax) [2]
Net income13.1 13.7 15.1 12.7 14.1 12.9 13.4 13.5 
Core earnings*12.8 12.5 12.5 14.0 13.8 11.6 12.6 12.7 
ROE
Net income available to common stockholders [3]42.2 %43.6 %43.9 %44.9 %44.9 %42.7 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.9 %)(2.5 %)(2.6 %)(2.4 %)(1.1 %)2.7 %
Income tax expense (benefit) [1]0.7 %0.3 %0.3 %0.5 %(0.3 %)(1.1 %)
Impact of AOCI, excluded from core earnings ROE(1.6 %)(1.7 %)(1.8 %)(2.5 %)(1.9 %)(1.5 %)
Core earnings [3]38.4 %39.7 %39.8 %40.5 %41.6 %42.8 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
ASSET VALUE ROLLFORWARD
ASSETS UNDER MANAGEMENT BY ASSET CLASS
THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Equity Funds
Beginning balance $83,337 $79,352 $74,306 $78,951 $76,132 $73,782 $79,352 $73,782 
Sales3,612 3,428 3,077 3,096 3,447 4,202 7,040 7,649 
Redemptions(4,831)(5,488)(5,303)(4,366)(4,145)(5,221)(10,319)(9,366)
Net flows(1,219)(2,060)(2,226)(1,270)(698)(1,019)(3,279)(1,717)
Change in market value and other 1,094 6,045 7,272 (3,375)3,517 3,369 7,139 6,886 
Ending balance$83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $83,212 $78,951 
Fixed Income Funds
Beginning balance $17,201 $16,773 $15,941 $16,149 $16,399 $15,861 $16,773 $15,861 
Sales1,569 1,822 1,553 1,160 1,216 1,521 3,391 2,737 
Redemptions(1,080)(1,497)(1,692)(1,127)(1,468)(1,372)(2,577)(2,840)
Net flows489 325 (139)33 (252)149 814 (103)
Change in market value and other 135 103 971 (241)2 389 238 391 
Ending balance$17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $17,825 $16,149 
Multi-Strategy Investments Funds [1]
Beginning balance$19,268 $19,292 $18,573 $19,764 $19,941 $19,975 $19,292 $19,975 
Sales472 387 416 354 402 516 859 918 
Redemptions(930)(954)(1,134)(968)(918)(892)(1,884)(1,810)
Net flows(458)(567)(718)(614)(516)(376)(1,025)(892)
Change in market value and other (3)543 1,437 (577)339 342 540 681 
Ending balance$18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $18,807 $19,764 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$3,753 $3,899 $3,362 $3,243 $3,036 $2,854 $3,899 $2,854 
Net flows103 (209)120 222 210 67 (106)277 
Change in market value and other(14)63 417 (103)(3)115 49 112 
Ending balance$3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $3,842 $3,243 
Mutual Fund and ETF AUM
Beginning balance$123,559 $119,316 $112,182 $118,107 $115,508 $112,472 $119,316 $112,472 
Sales - mutual fund5,653 5,637 5,046 4,610 5,065 6,239 11,290 11,304 
Redemptions - mutual fund(6,841)(7,939)(8,129)(6,461)(6,531)(7,485)(14,780)(14,016)
Net flows - ETF103 (209)120 222 210 67 (106)277 
Net flows - mutual fund and ETF(1,085)(2,511)(2,963)(1,629)(1,256)(1,179)(3,596)(2,435)
Change in market value and other 1,212 6,754 10,097 (4,296)3,855 4,215 7,966 8,070 
Ending balance123,686 123,559 119,316 112,182 118,107 115,508 123,686 118,107 
Third-party life and annuity separate account AUM11,832 12,083 11,709 11,011 11,799 11,672 11,832 11,799 
Hartford Funds AUM$135,518 $135,642 $131,025 $123,193 $129,906 $127,180 $135,518 $129,906 
[1]Includes balanced, allocation, and alternative investment products.

24

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CORPORATE
INCOME STATEMENTS 
 THREE MONTHS ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Fee income [1]$10 $10 $9 $10 $11 $9 $20 $20 
Other revenue1 — — 1 — 1 1 1 
Net investment income14 16 17 12 8 10 30 18 
Net realized gains (losses)8 9 19 (10)11 6 17 17 
Total revenues33 35 45 13 30 26 68 56 
Benefits, losses and loss adjustment expenses [2]2 2 2 1 2 2 4 4 
Insurance operating costs and other expenses [1]11 14 17 27 11 13 25 24 
Interest expense50 50 49 50 50 50 100 100 
Restructuring and other costs— 1 2 1 3 — 1 3 
Total expenses63 67 70 79 66 65 130 131 
Loss before income taxes(30)(32)(25)(66)(36)(39)(62)(75)
Income tax benefit(13)(17)(6)(14)(10)(15)(30)(25)
Net loss(17)(15)(19)(52)(26)(24)(32)(50)
Preferred stock dividends5 5 5 6 5 5 10 10 
Net loss available to common stockholders(22)(20)(24)(58)(31)(29)(42)(60)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(10)(9)(19)9 (10)(6)(19)(16)
Restructuring and other costs, before tax— 1 2 1 3 — 1 3 
Income tax expense (benefit) [3]— 3 5 (4)3 — 3 3 
Core loss$(32)$(25)$(36)$(52)$(35)$(35)$(57)$(70)
[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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$496 $483 $466 $433 $411 $395 $979 $806 
Tax-exempt41 43 44 47 49 50 84 99 
Total fixed maturities537 526 510 480 460 445 1,063 905 
Equity securities6 9 14 9 9 13 15 22 
Mortgage loans65 63 61 59 58 57 128 115 
Limited partnerships and other alternative investments [2]16 16 82 72 32 26 32 58 
Other [3]1 6 8 (1)4 (2)7 2 
Subtotal625 620 675 619 563 539 1,245 1,102 
Investment expense(23)(27)(22)(22)(23)(24)(50)(47)
Total net investment income$602 $593 $653 $597 $540 $515 $1,195 $1,055 
Annualized investment yield, before tax [4]4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.1 %3.8 %
Annualized limited partnerships and other alternative investment yield, before tax [4]1.3 %1.3 %7.0 %6.3 %2.9 %2.5 %1.3 %2.7 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.3 %3.9 %
Annualized investment yield, net of tax [4]3.3 %3.3 %3.7 %3.4 %3.1 %3.0 %3.3 %3.1 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.5 %3.5 %3.5 %3.3 %3.2 %3.0 %3.5 %3.1 %
Average reinvestment rate [5]6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %6.2 %5.6 %
Average sales/maturities yield [6]4.9 %5.0 %4.8 %4.5 %4.1 %4.2 %4.9 %4.1 %
Portfolio duration (in years) [7]3.9 4.0 3.8 4.1 4.0 4.0 3.9 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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$389 $373 $359 $333 $316 $304 $762 $620 
Tax-exempt29 32 33 34 37 37 61 74 
Total fixed maturities418 405 392 367 353 341 823 694 
Equity securities3 6 6 6 7 9 9 16 
Mortgage loans49 46 45 43 42 41 95 83 
Limited partnerships and other alternative investments [2]16 15 71 60 26 21 31 47 
Other [3]2 8 9 — 5 (2)10 3 
Subtotal488 480 523 476 433 410 968 843 
Investment expense(17)(21)(18)(16)(18)(18)(38)(36)
Total net investment income$471 $459 $505 $460 $415 $392 $930 $807 
Annualized investment yield, before tax [4]4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.1 %3.8 %
Annualized limited partnerships and other alternative investment yield, before tax [4]1.6 %1.6 %7.7 %6.7 %3.0 %2.5 %1.6 %2.8 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.4 %3.8 %
Annualized investment yield, net of tax [4]3.4 %3.3 %3.7 %3.5 %3.1 %3.0 %3.3 %3.0 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.5 %3.5 %3.5 %3.2 %3.2 %3.0 %3.5 %3.1 %
Average reinvestment rate [5]6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %6.2 %5.6 %
Average sales/maturities yield [6]4.9 %4.9 %4.9 %4.5 %4.1 %4.2 %4.9 %4.1 %
Portfolio duration (in years) [7]3.8 3.8 3.6 3.9 3.8 3.9 3.8 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 ENDEDSIX MONTHS ENDED
 Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$92 $93 $92 $86 $85 $81 $185 $166 
Tax-exempt10 10 10 10 11 12 20 23 
Total fixed maturities102 103 102 96 96 93 205 189 
Equity securities1 1 1 3 1 2 2 3 
Mortgage loans16 17 16 16 16 16 33 32 
Limited partnerships and other alternative investments [2]— 1 11 12 6 5 1 11 
Other [3](1)(2)(1)— (1)— (3)(1)
Subtotal118 120 129 127 118 116 238 234 
Investment expense(6)(6)(4)(6)(5)(6)(12)(11)
Total net investment income$112 $114 $125 $121 $113 $110 $226 $223 
Annualized investment yield, before tax [4]3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %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 %0.2 %2.5 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.2 %3.9 %
Annualized investment yield, net of tax [4]3.1 %3.1 %3.4 %3.3 %3.1 %3.0 %3.1 %3.1 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.4 %3.4 %3.4 %3.3 %3.2 %3.1 %3.4 %3.2 %
Average reinvestment rate [5]6.6 %6.4 %6.2 %5.9 %5.3 %6.0 %6.5 %5.6 %
Average sales/maturities yield [6]4.8 %5.2 %4.6 %4.8 %4.3 %4.4 %4.9 %4.3 %
Portfolio duration (in years) [7]4.9 5.1 4.9 5.1 4.9 4.8 4.9 4.9 
Footnotes [1] through [7] are explained on page 26.

28
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NET INVESTMENT INCOME
CONSOLIDATED
THREE MONTHS ENDEDSIX MONTHS ENDED
Net Investment Income by SegmentJun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Investment Income
Commercial Lines$402 $391 $435 $395 $364 $338 $793 $702 
Personal Lines50 50 52 47 34 38 100 72 
P&C Other Operations19 18 18 18 17 16 37 33 
Total Property & Casualty471 459 505 460 415 392 930 807 
Group Benefits112 114 125 121 113 110 226 223 
Hartford Funds5 4 6 4 4 3 9 7 
Corporate14 16 17 12 8 10 30 18 
Total net investment income by segment$602 $593 $653 $597 $540 $515 $1,195 $1,055 
THREE MONTHS ENDEDSIX MONTHS ENDED
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsJun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Total Property & Casualty$16 $15 $71 $60 $26 $21 $31 $47 
Group Benefits— 1 11 12 6 5 1 11 
Total net investment income from limited partnerships and other alternative investments [1]$16 $16 $82 $72 $32 $26 $32 $58 
[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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities
$6 $5 $4 $6 $3 $17 $11 $20 
Gross losses on sales of fixed maturities
(75)(11)(62)(27)(21)(39)(86)(60)
Equity securities [1]14 35 46 (13)10 35 49 45 
Net credit losses on fixed maturities, AFS(1)(1)(1)(5)(3)(5)(2)(8)
Change in ACL on mortgage loans— 3 (5)(5)(5)— 3 (5)
Other net gains (losses) [2](3)(3)(9)(46)(48)(15)(6)(63)
 Total net realized gains (losses)(59)28 (27)(90)(64)(7)(31)(71)
Net realized losses (gains), included in core earnings, before tax [3]1 2 11 14 11 — 3 11 
Total net gains (losses) excluded from core earnings, before tax(58)30 (16)(76)(53)(7)(28)(60)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings12 (7)5 15 10 3 5 13 
Total net realized gains (losses) excluded from core earnings, after tax$(46)$23 $(11)$(61)$(43)$(4)$(23)$(47)
[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
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023
 Amount [1]PercentAmountPercentAmount [1]PercentAmountPercentAmountPercent
Total investments$56,890 100.0 %$56,107 100.0 %$55,922 100.0 %$53,320 100.0 %$52,668 100.0 %
Asset-backed securities$3,014 7.4 %$3,499 8.5 %$3,320 8.3 %$3,130 8.2 %$2,685 7.2 %
Collateralized loan obligations3,514 8.6 %3,168 7.8 %3,090 7.8 %3,043 8.0 %2,981 8.0 %
Commercial mortgage-backed securities2,942 7.2 %3,050 7.4 %3,125 7.8 %3,124 8.2 %3,227 8.6 %
Corporate19,493 47.8 %18,657 45.7 %17,866 44.9 %16,651 43.9 %16,096 42.9 %
Foreign government/government agencies546 1.3 %548 1.3 %562 1.4 %567 1.5 %539 1.4 %
Municipal5,294 13.0 %5,941 14.6 %6,039 15.2 %5,686 15.0 %6,226 16.6 %
Residential mortgage-backed securities4,787 11.7 %4,473 11.0 %4,287 10.8 %3,827 10.1 %3,729 9.9 %
U.S. Treasuries1,224 3.0 %1,504 3.7 %1,529 3.8 %1,934 5.1 %2,014 5.4 %
Total fixed maturities, AFS [2]$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %$37,962 100.0 %$37,497 100.0 %
U.S. government/government agencies$4,770 11.7 %$4,846 11.9 %$4,776 12.0 %$4,747 12.5 %$4,790 12.8 %
AAA6,413 15.7 %6,838 16.7 %7,055 17.7 %6,733 17.8 %6,752 18.0 %
AA7,283 17.8 %7,578 18.5 %7,270 18.3 %6,959 18.3 %6,782 18.1 %
A10,785 26.4 %10,488 25.7 %9,828 24.7 %9,273 24.4 %9,295 24.8 %
BBB9,204 22.6 %9,264 22.7 %9,198 23.1 %8,561 22.6 %8,143 21.7 %
BB1,649 4.1 %1,234 3.0 %1,139 2.9 %1,115 2.9 %1,130 3.0 %
B701 1.7 %580 1.5 %539 1.3 %565 1.5 %595 1.6 %
CCC8 — %11 — %12 — %8 — %9 — %
CC & below1 — %1 — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %$37,962 100.0 %$37,497 100.0 %
[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
JUNE 30, 2024
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$6,030 $5,762 10.1 %
Technology and communications2,661 2,498 4.4 %
Consumer non-cyclical2,542 2,401 4.2 %
Utilities2,405 2,231 3.9 %
Capital goods1,703 1,633 2.9 %
Consumer cyclical1,611 1,561 2.8 %
Energy1,481 1,429 2.5 %
Basic industry1,091 1,046 1.8 %
Transportation889 829 1.5 %
Other726 694 1.2 %
Total$21,139 $20,084 35.3 %
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.$238 $226 0.4 %
Goldman Sachs Group Inc.229 210 0.3 %
Toronto Dominion Bank207 193 0.3 %
Morgan Stanley204 192 0.3 %
Government of Canada181 179 0.3 %
Penske Corporation165 163 0.3 %
Eversource Energy167 163 0.3 %
UBS Group AG165 157 0.3 %
Enterprise Holdings Inc.156 155 0.3 %
Pfizer Inc.157 153 0.3 %
Total$1,869 $1,791 3.1 %
[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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Income available to common stockholders per share
$2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $4.99 $3.44 
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
0.20 (0.10)0.05 0.25 0.17 0.02 0.09 0.19 
Restructuring and other costs, before tax— — 0.01 — 0.01 — — 0.01 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.13)(0.08)0.65 — — — (0.21)— 
Income tax expense (benefit) on items excluded from core earnings
(0.02)0.04 (0.16)(0.06)(0.04)(0.01)0.04 (0.04)
Core earnings per share$2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $4.92 $3.61 
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
SIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net Income available to common stockholders per diluted share$2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $4.92 $3.39 
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 tax0.19 (0.10)0.05 0.25 0.17 0.02 0.09 0.19 
Restructuring and other costs, before tax— — 0.01 — 0.01 — — 0.01 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 
Change in deferred gain on retroactive reinsurance, before tax
(0.12)(0.08)0.64 — — — (0.20)— 
Income tax expense (benefit) on items excluded from core earnings
(0.02)0.04 (0.16)(0.06)(0.04)(0.01)0.02 (0.04)
Core earnings per diluted share
$2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $4.84 $3.56 
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:




35
 
LAST TWELVE MONTHS ENDED
 
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income ROE19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax0.8 %0.8 %1.1 %0.9 %1.5 %3.3 %
Restructuring and other costs, before tax— %— %— %0.1 %0.1 %0.1 %
Loss on extinguishment of debt, before tax
— %— %— %— %— %0.1 %
Integration and other non-recurring M&A costs, before tax
0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax0.9 %1.2 %1.4 %1.8 %1.7 %1.5 %
Income tax benefit on items not included in core earnings(0.4 %)(0.4 %)(0.5 %)(0.6 %)(0.8 %)(1.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE(3.8 %)(3.6 %)(3.8 %)(5.1 %)(3.4 %)(2.5 %)
Core earnings ROE17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.
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.

36


PROPERTY & CASUALTY
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net income$540 $615 $567 $516 $407 $426 $1,155 $833 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(471)(459)(505)(460)(415)(392)(930)(807)
Net realized losses (gains)61 (13)54 45 57 23 48 80 
Net servicing and other income(5)(2)(2)(5)(7)(6)(7)(13)
Income tax expense 129 138 129 127 95 100 267 195 
Underwriting gain254 279 243 223 137 151 533 288 
Current accident year catastrophes280 161 81 184 226 185 441 411 
Prior accident year development(115)(56)92 (43)(39)— (171)(39)
Underlying underwriting gain$419 $384 $416 $364 $324 $336 $803 $660 
COMMERCIAL LINES
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net income$540 $573 $687 $519 $458 $421 $1,113 $879 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(402)(391)(435)(395)(364)(338)(793)(702)
Net realized losses (gains)50 (12)48 38 51 19 38 70 
Other expense (income)1 2 3 (2)— — 3 — 
Income tax expense130 129 163 130 109 100 259 209 
Underwriting gain319 301 466 290 254 202 620 456 
Current accident year catastrophes155 109 60 115 123 138 264 261 
Prior accident year development(81)(56)(118)(46)(38)(23)(137)(61)
Underlying underwriting gain$393 $354 $408 $359 $339 $317 $747 $656 


37
PERSONAL LINES
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net income (loss)$(11)$34 $34 $(12)$(60)$(1)$23 $(61)
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(50)(50)(52)(47)(34)(38)(100)(72)
Net realized losses (gains)8 (1)5 5 5 1 7 6 
Net servicing and other income(6)(4)(5)(3)(7)(6)(10)(13)
Income tax expense (benefit)(4)8 8 (5)(17)(1)4 (18)
Underwriting loss(63)(13)(10)(62)(113)(45)(76)(158)
Current accident year catastrophes125 52 21 69 103 47 177 150 
Prior accident year development(34)(7)(7)1 (3)20 (41)17 
Underlying underwriting gain (loss)$28 $32 $4 $8 $(13)$22 $60 $9 
P&C OTHER OPERATIONS
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net income (loss)$11 $8 $(154)$9 $9 $6 $19 $15 
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(19)(18)(18)(18)(17)(16)(37)(33)
Net realized losses3 — 1 2 1 3 3 4 
Income tax expense (benefit)3 1 (42)2 3 1 4 4 
Underwriting loss(2)(9)(213)(5)(4)(6)(11)(10)
Prior accident year development— 7 217 2 2 3 7 5 
Underlying underwriting gain (loss)$(2)$(2)$4 $(3)$(2)$(3)$(4)$(5)
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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Net income margin9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %7.9 %6.2 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax0.4 %(0.1)%(0.1)%1.5 %0.8 %(0.3)%0.3 %0.2 %
Integration and other non-recurring M&A costs, before tax— %— %0.1 %0.1 %— %0.1 %— %0.1 %
Income tax expense (benefit)(0.1)%— %(0.1)%(0.3)%(0.2)%0.1 %(0.1)%(0.1)%
Core earnings margin10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.1 %6.4 %
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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Return on Assets ("ROA") 13.1 13.7 15.1 12.7 14.1 12.9 13.4 13.5 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax(0.9)(1.5)(2.6)1.3 (0.3)(1.6)(1.3)(1.0)
Effect of income tax expense0.6 0.3 — — — 0.3 0.5 0.2 
Return on Assets ("ROA"), core earnings 12.8 12.5 12.5 14.0 13.8 11.6 12.6 12.7 


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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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Total net investment income$602 $593 $653 $597 $540 $515 $1,195 $1,055 
Adjustment for income from limited partnerships and other alternative investments(16)(16)(82)(72)(32)(26)(32)(58)
Net investment income excluding limited partnerships and other alternative investments$586 $577 $571 $525 $508 $489 $1,163 $997 
PROPERTY & CASUALTY
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Total net investment income$471 $459 $505 $460 $415 $392 $930 $807 
Adjustment for income from limited partnerships and other alternative investments(16)(15)(71)(60)(26)(21)(31)(47)
Net investment income excluding limited partnerships and other alternative investments$455 $444 $434 $400 $389 $371 $899 $760 
GROUP BENEFITS
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Total net investment income$112 $114 $125 $121 $113 $110 $226 $223 
Adjustment for income from limited partnerships and other alternative investments— (1)(11)(12)(6)(5)(1)(11)
Net investment income excluding limited partnerships and other alternative investments$112 $113 $114 $109 $107 $105 $225 $212 

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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 ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Annualized investment yield4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.1 %3.8 %
Adjustment for income from limited partnerships and other alternative investments0.3 %0.2 %(0.2)%(0.1)%0.1 %0.1 %0.2 %0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.3 %3.9 %
PROPERTY & CASUALTY
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Annualized investment yield4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.1 %3.8 %
Adjustment for income from limited partnerships and other alternative investments0.2 %0.2 %(0.3)%(0.3)%0.1 %0.1 %0.3 %— %
Annualized investment yield excluding limited partnerships and other alternative investments4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.4 %3.8 %
GROUP BENEFITS
THREE MONTHS ENDEDSIX MONTHS ENDED
Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Jun 30 2024Jun 30 2023
Annualized investment yield3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %3.9 %3.8 %
Adjustment for income from limited partnerships and other alternative investments0.4 %0.3 %— %— %0.1 %0.1 %0.3 %0.1 %
Annualized investment yield excluding limited partnerships and other alternative investments4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.2 %3.9 %

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