EX-99.1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

Address:
690 Asylum Avenue
Hartford, CT 06115

Internet address:
http://www.thehartford.com

Contacts:
Kimberly Johnson
Vice President
Investor Relations
Phone (860) 547-6781

Roza Kogan
Senior Analyst
Investor Relations
Phone (860) 547-5748

Margaret Mann
Program Assistant
Investor Relations
Phone (860) 547-3800

As of January 25, 2005


	A.M. Best	Fitch	Standard & Poor's	Moody's
*Insurance Financial Strength Rating*s:
Hartford Fire	A+	AA	AA-	Aa3
Hartford Life Insurance Company	A+	AA	AA-	Aa3
Hartford Life & Accident	A+	AA	AA-	Aa3
Hartford Life Group Insurance Company	A+	AA	—	—
Hartford Life & Annuity	A+	AA	AA-	Aa3
Hartford Life Insurance KK	—	—	AA-	—
*Other Rating*s:
The Hartford Financial Services Group, Inc.:
Senior debt	a-	A	A-	A3
Commercial paper	AMB-2	F1	A-2	P-2
Hartford Life, Inc.:
Senior debt	a-	A	A-	A3
Commercial paper	—	F1	A-2	P-2

TRANSFER AGENT
The Bank of New York
Shareholder Relations Department - 12E
P.O. Box 11258
Church Street Station
New York, NY 10286
1 (800) 524-4458

COMMON STOCK

Common stock of The Hartford Financial Services Group, Inc. is traded on the New York Stock Exchange under the symbol “HIG”.

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 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


	Basis of Presentation	i, ii

CONSOLIDATED	Consolidated Financial Results	C-1
	Operating Results by Segment	C-2
	Analysis of Operating Results by Segment	C-2a
	Consolidating Statements of Operations
	Fourth Quarter Ended December 31, 2004 and 2003	C-3
	Year Ended December 31, 2004 and 2003	C-4
	Consolidating Balance Sheets
	As of December 31, 2004 and December 31, 2003	C-5
	Capital Structure	C-6
	Accumulated Other Comprehensive Income	C-7
	Computation of Basic and Diluted Earnings (Loss) Per Share	C-8
	Computation of Return-on-Equity Measures	C-9

LIFE	Financial Highlights	L-1
	Operating Results	L-2
	Total Assets Under Management/Japan Data	L-3
	Consolidated Balance Sheets	L-4
	Deferred Policy Acquisition Costs and Present Value of Future Profits	L-5
	Supplemental Data - Annuity Death and Income Benefits	L-6
	Reinsurance Recoverable Analysis
	As of September 30, 2004	L-7
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation	L-8
	Retail Products Group
	Income Statements
	Individual Annuity	L-9
	Other	L-10
	Supplemental Data
	Sales/Other Deposits	L-11
	Assets Under Management	L-12
	Individual Annuity - Account Value Rollforward	L-13
	Other - Account Value Rollforward	L-14
	Institutional Solutions Group
	Income Statements	L-15
	Supplemental Data
	Sales/Other Deposits	L-16
	Assets Under Management	L-17
	Account Value and Asset Rollforward	L-18
	Individual Life
	Income Statements	L-19
	Supplemental Data	L-20
	Account Value Rollforward	L-21
	Group Benefits
	Income Statements	L-22
	Supplemental Data	L-23

PROPERTY & CASUALTY	Financial Highlights	PC-1
	Operating Results	PC-2
	Consolidating Underwriting Results
	Fourth Quarter Ended December 31, 2004 and 2003	PC-3
	Year Ended December 31, 2004 and 2003	PC-4
	Consolidating Underwriting Results, As Adjusted	PC-5
	Ongoing Property & Casualty Underwriting Results	PC-6
	Business Insurance Underwriting Results	PC-7
	Business Insurance Written and Earned Premiums	PC-8
	Personal Lines Underwriting Results	PC-9
	Personal Lines Written and Earned Premiums	PC-10
	Specialty Commercial Underwriting Results	PC-11
	Specialty Commercial Written and Earned Premiums	PC-12
	Statistical Premium Information (Year over Year)	PC-13
	Other Operations Operating Results	PC-14
	Other Operations Claims and Claim Adjustment Expenses	PC-15
	Paid and Incurred Loss and Loss Adjustment Expense Development - A&E	PC-16
	Unpaid Claims and Claim Adjustment Expense Reserve Rollforward
	Fourth Quarter Ended December 31, 2004 and 2003	PC-17
	Year Ended December 31, 2004 and 2003	PC-18
	Reinsurance Recoverable Analysis	PC-19
	Consolidated Income Statements	PC-20
	Consolidated Balance Sheets	PC-21
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation	PC-22

INVESTMENTS	General Account - Investment Earnings Before-tax
	Consolidated	I-1
	Life	I-2
	Property & Casualty	I-3
	Corporate	I-4
	Composition of Invested Assets
	Consolidated - General and Guaranteed Separate Account	I-5
	Life - General and Guaranteed Separate Account	I-6
	Property & Casualty - General Account	I-7
	Unrealized Loss Aging
	Consolidated - General and Guaranteed Separate Account	I-8
	Life - General and Guaranteed Separate Account	I-9
	Property & Casualty - General Account	I-10
	General and Guaranteed Separate Account - Invested Asset Exposures
	As of December 31, 2004	I-11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

BASIS OF PRESENTATION

    DEFINITIONS AND PRESENTATION

·   All amounts are in millions, except for per share and ratio information.

·   Life is organized into four reportable operating segments: Retail Products Group, Institutional Solutions Group, Individual Life and Group Benefits. Life also includes in an Other category its international operations, which are located primarily in Japan and Brazil; net realized capital gains and losses other than periodic net coupon settlements on non-qualifying derivatives and net realized capital gains and losses related to guaranteed minimum withdrawal benefits; corporate items not directly allocated to any of its reportable operating segments; and intersegment eliminations. Periodic net coupon settlements on non-qualifying derivatives and net realized capital gains and losses related to guaranteed minimum withdrawal benefits are reflected in each applicable segment in net realized capital gains and losses.

·   Property and Casualty includes Ongoing Operations and Other Operations. Ongoing Operations includes the underwriting results of the Business Insurance, Personal Lines and Specialty Commercial segments. Other Operations includes the underwriting results of certain property and casualty insurance operations that have discontinued writing new business and substantially all of the Company’s asbestos and environmental exposures. Property & Casualty includes the underwriting results of Ongoing Operations and Other Operations along with income and expense items not directly allocated to the Company’s property and casualty segments, such as net investment income, net realized capital gains and losses, other expenses and income taxes.

·   Corporate includes all of the Company’s debt financing and related interest expense, as well as certain capital raising and certain purchase accounting adjustment activities.

·   On January 1, 2004, the Company prospectively adopted Statement of Position 03-1, “Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts” (“SOP 03-1”). The major provisions of SOP 03-1 require establishing guaranteed minimum death benefits and other benefit reserves for annuity contracts and reclassifying certain separate account assets to general account assets.

·   Certain operating and statistical measures have been incorporated herein to provide supplemental data that indicate trends in The Hartford’s current business. These measures include sales, account value, insurance in-force and premium renewal retention. Premium renewal retention is defined as renewal premium written in the current period divided by total premium written in the prior period.

·   The Hartford, 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 claims and claim adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses (amortization of deferred policy acquisition costs, as well as other underwriting expenses) to earned premiums. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses to earned premiums.

·   The Hartford, along with others in the life insurance industry, uses underwriting ratios as measures of the Group Benefits segment’s performance. The loss ratio is the ratio of total benefits, claims and claim adjustment expenses, excluding buyouts, to total premiums and other considerations excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses to total premiums and other considerations excluding buyout premiums.

·   Accumulated other comprehensive income (“AOCI”) represents net of tax unrealized gain (loss) on available-for-sale securities; net gain (loss) on cash-flow hedging instruments; foreign currency translation adjustments; and minimum pension liability adjustment.

·   Assets under management is an internal performance measure used by the Company because a significant portion of the Company’s revenues are based upon asset values. These revenues increase or decrease with a rise or fall, correspondingly, in the level of assets under management.

·   Investment yield, before- or after-tax, is calculated by dividing before- or after-tax, respectively, annualized net investment income (excluding net realized capital gains (losses) and change in fair value of trading securities) by average invested assets at cost (fixed maturities at amortized cost, excluding trading securities).

·   Certain reclassifications have been made to the prior periods to conform to the December 31, 2004 presentation.

·   NM - Not meaningful means increases or decreases greater than 200%, or changes from a net gain to a net loss position, or vice versa.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

BASIS OF PRESENTATION (CONTINUED)

    DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES

·   The Hartford uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company’s operating performance for the periods presented herein. Because The Hartford’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford’s non-GAAP and other financial measures to those of other companies.

·   The Hartford uses the non-GAAP financial measure operating income as an important measure of the Company’s operating performance. Operating income is net income, before the after-tax effect of net realized capital gains and losses other than periodic net coupon settlements on non-qualifying derivatives, and the cumulative effect of accounting changes. The Company believes operating income provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it excludes the effect of those realized capital gains and losses that tend to be highly variable from period to period. Net income is the most directly comparable GAAP measure. A reconciliation of net income (loss) to operating income (loss) for the periods presented herein is set forth at page C-8. Operating income per share is calculated based on a non-GAAP financial measure. Net income per share is the most directly comparable GAAP measure. A reconciliation of net income (loss) per share to operating income (loss) per share for the periods presented herein is set forth at page C-8.

·   The Hartford uses the non-GAAP financial measure operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, to further enhance investor understanding of the Company’s ongoing businesses by eliminating the effects of the 2003 asbestos reserve addition, which relates solely to legacy businesses, and the effects of tax related items, Bancorp litigation and severance charges because these items either are non-recurring or are highly variable from period to period. Net income is the most directly comparable GAAP measure. A reconciliation of net income (loss) to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, for the periods presented herein is set forth at page C-8. Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, per share is calculated based on a non-GAAP financial measure. Net income per share is the most directly comparable GAAP measure. A reconciliation of net income (loss) per share to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, per share for the periods presented herein is set forth at page C-8.

·   Written premiums is a statutory accounting financial measure used by The Hartford as an important indicator of the operating performance of the company’s property-casualty operations. Because written premiums represents the amount of premium charged for policies issued during a fiscal period, The Hartford believes it is useful to investors because it reflects current trends in The Hartford’s sale of property-casualty insurance products. Earned premiums, the most directly comparable GAAP measure, represents all premiums that are recognized as revenues during a fiscal period. The difference between written premiums and earned premiums is attributable to the change in unearned premium reserves.

·   Book value per share excluding AOCI is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders’ equity excluding AOCI, net of tax, by (b) common shares outstanding. The Hartford provides book value per share excluding AOCI to enable investors to analyze the amount of the Company’s net worth that is primarily attributable to the Company’s business operations. The Hartford believes book value per share excluding AOCI is useful to investors because it eliminates the effect of items which typically fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure. A reconciliation of book value per share to book value per share excluding AOCI for the periods presented herein is set forth at page C-1.

·   The Hartford provides several different measures of the return on equity (“ROE”) of the Company. Two return-on-equity measures, ROE (operating income (loss) last twelve months to equity excluding AOCI) and ROE (operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, last twelve months to equity excluding AOCI), are calculated based on non-GAAP financial measures. ROE (operating income (loss) last twelve months to equity excluding AOCI) is calculated by dividing (a) operating income for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. ROE (operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, last twelve months to equity excluding AOCI) is calculated by dividing (a) operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. The Hartford provides to investors return-on-equity measures based on its non-GAAP operating income financial measures for the reasons set forth in the related discussion above. The Hartford excludes AOCI in the calculation of these return-on-equity measures 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. ROE (net income last twelve months to equity including AOCI) is the most directly comparable GAAP measure. A reconciliation of the non-GAAP return-on-equity measures for the periods presented herein to ROE (net income last twelve months to equity including AOCI) is set forth at page C-9.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED FINANCIAL RESULTS


	4Q			1Q			2Q			3Q			4Q
	2003			2004			2004			2004			2004


HIGHLIGHTS
Net income (loss)	$	454		$	568		$	433		$	494		$	620
Operating income (loss) [1]	$	433		$	501		$	403		$	468		$	596
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]	$	433		$	501		$	403		$	252		$	596
Total revenues	$	4,773		$	5,732		$	5,444		$	5,416		$	6,101
Total assets	$	225,850		$	237,261		$	240,219		$	246,489		$	259,735
Total assets under management [2]	$	250,365		$	263,810		$	268,526		$	274,961		$	291,696



PER SHARE AND SHARES DATA
Basic earnings (loss) per share
Net income (loss)	$	1.60		$	1.96		$	1.48		$	1.68		$	2.11
Operating income (loss) [1]	$	1.53		$	1.73		$	1.38		$	1.60		$	2.03
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]	$	1.53		$	1.73		$	1.38		$	0.86		$	2.03
Diluted earnings (loss) per share [3]
Net income (loss)	$	1.59		$	1.93		$	1.46		$	1.66		$	2.08
Operating income (loss) [1]	$	1.52		$	1.70		$	1.35		$	1.57		$	2.00
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1] [4]	$	1.52		$	1.70		$	1.35		$	0.85		$	2.00
Weighted average common shares outstanding (basic)		283.0			289.9			292.3			293.2			293.8
Weighted average common shares outstanding and dilutive potential common shares (diluted) [3]		285.6			294.9			297.5			297.5			298.1
Common shares outstanding		283.4			291.7			293.0			293.5			294.2
Book value per share	$	41.07		$	46.41		$	41.89		$	46.51		$	48.40
Per share impact of AOCI	$	4.40		$	7.44		$	1.63		$	4.81		$	4.85
Book value per share (excluding AOCI)	$	36.67		$	38.97		$	40.26		$	41.70		$	43.55



FINANCIAL RATIOS
ROE (net income (loss) last 12 months to equity including AOCI) [5]		(0.8	%)		16.3	%		15.1	%		15.6	%		16.3	%
ROE (operating income (loss) last 12 months to equity excluding AOCI) [5]		(2.5	%)		16.5	%		15.6	%		16.2	%		17.0	%
ROE (operating income before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges, last 12 months to equity excluding AOCI) [5]		14.8	%		15.9	%		15.9	%		14.3	%		15.1	%
Debt to capitalization including AOCI		32.7	%		27.6	%		28.6	%		26.5	%		25.7	%
Investment yield, after-tax		3.9	%		3.9	%		3.9	%		3.9	%		3.9	%
Ongoing Property & Casualty GAAP combined ratio		94.6			89.8			91.4			108.9			90.2

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Year Over
	Year			Sequential			YEAR ENDED
	Quarter			Quarter			DECEMBER 31,
	Change			Change			2003			2004			Change


HIGHLIGHTS
Net income (loss)		37	%		26	%	$	(91	)	$	2,115		NM
Operating income (loss) [1]		38	%		27	%	$	(253	)	$	1,968		NM
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]		38	%		137	%	$	1,485		$	1,752			18	%
Total revenues		28	%		13	%	$	18,733		$	22,693			21	%
Total assets		15	%		5	%
Total assets under management [2]		17	%		6	%



PER SHARE AND SHARES DATA
Basic earnings (loss) per share
Net income (loss)		32	%		26	%	$	(0.33	)	$	7.24		NM
Operating income (loss) [1]		33	%		27	%	$	(0.93	)	$	6.73		NM
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]		33	%		136	%	$	5.45		$	5.99			10	%
Diluted earnings (loss) per share [3]
Net income (loss)		31	%		25	%	$	(0.33	)	$	7.12		NM
Operating income (loss) [1]		32	%		27	%	$	(0.93	)	$	6.63		NM
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1] [4]		32	%		135	%	$	5.42		$	5.90			9	%
Weighted average common shares outstanding (basic)		10.8	sh		0.6	sh		272.4			292.3			19.9	sh
Weighted average common shares outstanding and dilutive potential common shares (diluted) [3]		12.5	sh		0.6	sh		272.4			297.0			24.6	sh
Common shares outstanding		10.8	sh		0.7	sh		283.4			294.2			10.8	sh
Book value per share		18	%		4	%
Per share impact of AOCI		10	%		1	%
Book value per share (excluding AOCI)		19	%		4	%



FINANCIAL RATIOS
ROE (net income (loss) last 12 months to equity including AOCI) [5]	NM				0.7
ROE (operating income (loss) last 12 months to equity excluding AOCI) [5]	NM				0.8
ROE (operating income before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges, last 12 months to equity excluding AOCI) [5]		0.3			0.8
Debt to capitalization including AOCI		(7.0	)		(0.8	)
Investment yield, after-tax		—			—			4.1	%		3.9	%		(0.2	)
Ongoing Property & Casualty GAAP combined ratio		4.4			18.7			96.5			95.3			1.2

[1]	See p. C-8 for reconciliation of net income to operating income and to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges.

[2]	Includes mutual fund assets (see page L-3) and third party assets managed by HIMCO (see page I-5).

[3]	As a result of the antidilutive impact from the net loss for the year ended December 31, 2003, The Hartford is required by generally accepted accounting principles to use basic weighted average shares in the calculation of diluted earnings per share for the year ended December 31, 2003. In the absence of the net loss, 274.2 weighted average common shares outstanding and dilutive potential common shares would have been used in the calculation for the year ended December 31, 2003.

[4]	Calculated using weighted average common shares outstanding and dilutive potential common shares of 274.2 for the year ended December 31, 2003.

[5]	See p. C-9 for a computation of return-on-equity measures.

C-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

OPERATING RESULTS BY SEGMENT


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Life [1]
Individual Annuity	$	111		$	112		$	112		$	127		$	132			19	%		4	%	$	373		$	483			29	%
Other Retail		10			15			14			13			17			70	%		31	%		33			59			79	%

Total Retail Products Group		121			127			126			140			149			23	%		6	%		406			542			33	%
Institutional Solutions Group		31			29			28			33			35			13	%		6	%		122			125			2	%
Individual Life		41			34			37			44			39			(5	%)		(11	%)		143			154			8	%
Group Benefits		41			47			48			70			64			56	%		(9	%)		148			229			55	%
Other		15			19			14			19			20			33	%		5	%		27			72			167	%

Life operating income, before tax related items and Bancorp litigation		249			256			253			306			307			23	%		—			846			1,122			33	%
Tax related items		—			—			—			190			—			—			(100	%)		30			190		NM
Bancorp litigation		—			—			—			—			—			—			—			(40	)		—			100	%

Total Life operating income [2]		249			256			253			496			307			23	%		(38	%)		836			1,312			57	%

Property & Casualty
Ongoing Operations Underwriting Results
Business Insurance		67			225			97			(25	)		63			(6	%)	NM				158			360			128	%
Personal Lines		26			106			75			(137	)		94		NM			NM				130			138			6	%
Specialty Commercial		26			(110	)		29			(58	)		86		NM			NM				10			(53	)	NM

Total Ongoing Operations underwriting results		119			221			201			(220	)		243			104	%	NM				298			445			49	%
Other Operations underwriting results [3]		(78	)		(65	)		(214	)		(110	)		(59	)		24	%		46	%		(236	)		(448	)		(90	%)

Total Property & Casualty underwriting results		41			156			(13	)		(330	)		184		NM			NM				62			(3	)	NM
Net investment income		308			311			295			309			333			8	%		8	%		1,172			1,248			6	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		4			4			3			1			1			(75	%)		—			18			9			(50	%)
Net servicing and other income (loss)		(7	)		9			21			10			2		NM				(80	%)		8			42		NM
Other expenses		(42	)		(68	)		(60	)		(53	)		(54	)		(29	%)		(2	%)		(173	)		(235	)		(36	%)
Income tax (expense) benefit		(79	)		(115	)		(58	)		50			(135	)		(71	%)	NM				(257	)		(258	)		—

Property & Casualty operating income (loss), before tax related items, 2003 asbestos reserve addition, and severance charges		225			297			188			(13	)		331			47	%	NM				830			803			(3	%)
Tax related items		—			—			—			26			—			—			(100	%)		—			26		NM
2003 asbestos reserve addition		—			—			—			—			—			—			—			(1,701	)		—			100	%
Severance charges		—			—			—			—			—			—			—			(27	)		—			100	%

Total Property & Casualty operating income (loss) [2]		225			297			188			13			331			47	%	NM				(898	)		829		NM

Interest and Other Corporate		(41	)		(52	)		(38	)		(41	)		(42	)		(2	%)		(2	%)		(191	)		(173	)		9	%

Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [2]		433			501			403			252			596			38	%		137	%		1,485			1,752			18	%

Tax related items		—			—			—			216			—			—			(100	%)		30			216		NM
2003 asbestos reserve addition		—			—			—			—			—			—			—			(1,701	)		—			100	%
Bancorp litigation		—			—			—			—			—			—			—			(40	)		—			100	%
Severance charges		—			—			—			—			—			—			—			(27	)		—			100	%

Operating income (loss) [2]		433			501			403			468			596			38	%		27	%		(253	)		1,968		NM
Add: Net realized capital gains, after-tax [2]		29			95			31			29			23			(21	%)		(21	%)		191			178			(7	%)
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax [2]		8			5			1			3			(1	)	NM			NM				29			8			(72	%)
Add: Cumulative effect of accounting change, after-tax		—			(23	)		—			—			—			—			—			—			(23	)		—

Net income (loss)	$	454		$	568		$	433		$	494		$	620			37	%		26	%	$	(91	)	$	2,115		NM

PER SHARE DATA [4]
Diluted earnings (loss) per share
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges	$	1.52		$	1.70		$	1.35		$	0.85		$	2.00			32	%		135	%	$	5.42		$	5.90			9	%
Operating income (loss)	$	1.52		$	1.70		$	1.35		$	1.57		$	2.00			32	%		27	%	$	(0.93	)	$	6.63		NM
Net income (loss)	$	1.59		$	1.93		$	1.46		$	1.66		$	2.08			31	%		25	%	$	(0.33	)	$	7.12		NM

[1]     Life allocates the net realized gains and losses from periodic net coupon settlements on non-qualifying derivatives to its segments.

[2]    Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. Such effects are included in net realized capital gains and losses for financial reporting purposes.

[3]     The first quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11th and an increase of $130 for assumed casualty reinsurance reserves. The second quarter ended June 30, 2004 includes a provision of $181 associated with the evaluation of the reinsurance recoverable asset. The third quarter ended September 30, 2004 includes $75 of environmental reserve strengthening.

[4]    See p. C-8 for reconciliation of net income to operating income and to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges.

C-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

OPERATING RESULTS BY SEGMENT


	4Q			1Q			2Q			3Q			4Q
	2003			2004			2004			2004			2004
Life [1]
Individual Annuity	$	111		$	112		$	112		$	127		$	132
Other Retail		10			15			14			13			17

Total Retail Products Group		121			127			126			140			149
Institutional Solutions Group		31			29			28			33			35
Individual Life		41			34			37			44			39
Group Benefits		41			47			48			70			64
Other		15			19			14			19			20

Life operating income, before tax related items and Bancorp litigation		249			256			253			306			307
Tax related items		—			—			—			190			—
Bancorp litigation		—			—			—			—			—

Total Life operating income [2]		249			256			253			496			307

Property & Casualty
Ongoing Operations Underwriting Results Before Catastrophes and Prior Year Development [3]:
Business Insurance		75			99			124			108			115
Personal Lines		51			116			110			99			87
Specialty Commercial		35			33			36			48			104
Catastrophe impacts, excluding prior year development [4]		(47	)		(36	)		(53	)		(422	)		(28	)
Prior year reserve development:
Catastrophe loss and loss adjustment expenses		14			301			(4	)		17			—
Other loss and loss adjustment expenses		(9	)		(202	)		(12	)		(70	)		(35	)
Prior year earned premium adjustment on retrospectively rated policies		—			(90	)		—			—			—

Total Ongoing Operations underwriting results		119			221			201			(220	)		243
Other Operations underwriting results [5]		(78	)		(65	)		(214	)		(110	)		(59	)

Total Property & Casualty underwriting results		41			156			(13	)		(330	)		184
Net investment income		308			311			295			309			333
Periodic net coupon settlements on non-qualifying derivatives, before-tax		4			4			3			1			1
Net servicing and other income (loss)		(7	)		9			21			10			2
Other expenses		(42	)		(68	)		(60	)		(53	)		(54	)
Income tax (expense) benefit		(79	)		(115	)		(58	)		50			(135	)

Property & Casualty operating income (loss), before tax related items, 2003 asbestos reserve addition, and severance charges		225			297			188			(13	)		331
Tax related items		—			—			—			26			—
2003 asbestos reserve addition		—			—			—			—			—
Severance charges		—			—			—			—			—

Total Property & Casualty operating income (loss) [2]		225			297			188			13			331

Interest and Other Corporate		(41	)		(52	)		(38	)		(41	)		(42	)

Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [2]		433			501			403			252			596

Tax related items		—			—			—			216			—
2003 asbestos reserve addition		—			—			—			—			—
Bancorp litigation		—			—			—			—			—
Severance charges		—			—			—			—			—

Operating income (loss) [2]		433			501			403			468			596
Add: Net realized capital gains, after-tax [2]		29			95			31			29			23
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax [2]		8			5			1			3			(1	)
Add: Cumulative effect of accounting change, after-tax		—			(23	)		—			—			—

Net income (loss)	$	454		$	568		$	433		$	494		$	620

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Year Over
	Year			Sequential			YEAR ENDED
	Quarter			Quarter			DECEMBER 31,
	Change			Change			2003			2004			Change
Life [1]
Individual Annuity		19	%		4	%	$	373		$	483			29	%
Other Retail		70	%		31	%		33			59			79	%

Total Retail Products Group		23	%		6	%		406			542			33	%
Institutional Solutions Group		13	%		6	%		122			125			2	%
Individual Life		(5	%)		(11	%)		143			154			8	%
Group Benefits		56	%		(9	%)		148			229			55	%
Other		33	%		5	%		27			72			167	%

Life operating income, before tax related items and Bancorp litigation		23	%		—			846			1,122			33	%
Tax related items		—			(100	%)		30			190		NM
Bancorp litigation		—			—			(40	)		—			100	%

Total Life operating income [2]		23	%		(38	%)		836			1,312			57	%

Property & Casualty
Ongoing Operations Underwriting Results Before Catastrophes and Prior Year Development [3]:
Business Insurance		53	%		6	%		259			446			72	%
Personal Lines		71	%		(12	%)		264			412			56	%
Specialty Commercial		197	%		117	%		87			221			154	%
Catastrophe impacts, excluding prior year development [4]		40	%		93	%		(272	)		(539	)		(98	%)
Prior year reserve development:
Catastrophe loss and loss adjustment expenses		(100	%)		(100	%)		14			314		NM
Other loss and loss adjustment expenses	NM				50	%		(54	)		(319	)	NM
Prior year earned premium adjustment on retrospectively rated policies		—			—			—			(90	)	NM

Total Ongoing Operations underwriting results		104	%	NM				298			445			49	%
Other Operations underwriting results [5]		24	%		46	%		(236	)		(448	)		(90	%)

Total Property & Casualty underwriting results	NM			NM				62			(3	)	NM
Net investment income		8	%		8	%		1,172			1,248			6	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		(75	%)		—			18			9			(50	%)
Net servicing and other income (loss)	NM				(80	%)		8			42		NM
Other expenses		(29	%)		(2	%)		(173	)		(235	)		(36	%)
Income tax (expense) benefit		(71	%)		NM			(257	)		(258	)		-

Property & Casualty operating income (loss), before tax related items, 2003 asbestos reserve addition, and severance charges		47	%	NM				830			803			(3	%)
Tax related items		—			(100	%)		—			26		NM
2003 asbestos reserve addition		—			—			(1,701	)		—			100	%
Severance charges		—			—			(27	)		—			100	%

Total Property & Casualty operating income (loss) [2]		47	%	NM				(898	)		829		NM

Interest and Other Corporate		(2	%)		(2	%)		(191	)		(173	)		9	%

Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [2]		38	%		137	%		1,485			1,752			18	%

Tax related items		—			(100	%)		30			216		NM
2003 asbestos reserve addition		—			—			(1,701	)		—			100	%
Bancorp litigation		—			—			(40	)		—			100	%
Severance charges		—			—			(27	)		—			100	%

Operating income (loss) [2]		38	%		27	%		(253	)		1,968		NM
Add: Net realized capital gains, after-tax [2]		(21	%)		(21	%)		191			178			(7	%)
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax [2]	NM			NM				29			8			(72	%)
Add: Cumulative effect of accounting change, after-tax		—			—			—			(23	)		—

Net income (loss)		37	%		26	%	$	(91	)	$	2,115		NM

[1] Life allocates net realized captial gains and losses from periodic net coupon settlements on non-qualifying derivatives to its segments.

[2] Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. Such effects are included in capital gains and losses for financial reporting purposes.

[3] Adjusted to exclude a decrease in estimated earned premiums on retrospectively-rated policies and prior year loss development. Prior year loss development includes the net reserve release related to September 11, an increase in reserves for construction defect claims, an increase in reserves for assumed casualty reinsurance, change in reinsurance ceded, net, an increase in environmental reserves, and other prior year loss development. Underwriting results before catastrophes and prior year development is a non-GAAP financial measure because it excludes the effects of catastrophes, prior year development and the reduction in earned premiums relating to retrospectively-rated policies. The Company has included this item as an additional measure of the performance of the Company’s Property & Casualty current operations, because it excludes the effect of items relating to prior periods. A reconciliation of the adjusted underwriting results to the Company’s GAAP underwriting results is set forth above.

[4] Catastrophe impacts for the third quarter ended September 30, 2004 include $133 from Hurricane Charley, $113 from Hurricane Frances, $65 from Hurricane Ivan, $100 from Hurricane Jeanne and $17 of reinstatement premium.

[5] The first quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11th and an increase of $130 for assumed casualty reinsurance reserves. The second quarter ended June 30, 2004 includes a provision of $181 associated with the evaluation of the reinsurance recoverable asset. The third quarter ended September 30, 2004 includes $75 of environmental reserve strengthening. The fourth quarter ended December 31, 2004 includes an increase of $40 for assumed casualty reinsurance reserves.

C-2a

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATING STATEMENTS OF OPERATIONS
FOURTH QUARTER ENDED DECEMBER 31, 2004 AND 2003


	LIFE								PROPERTY & CASUALTY
	2004			2003		Change			2004		2003		Change
Earned premiums	$	1,049		$	716		47	%	$	2,481	$	2,265		10	%
Fee income		864			771		12	%		—		—		—
Net investment income		1,224			522		134	%		333		308		8	%
Other revenues		—			32		(100	%)		108		110		(2	%)
Net realized capital gains		19			21		(10	%)		17		23		(26	%)

Total revenues		3,156			2,062		53	%		2,939		2,706		9	%
Benefits, claims and claim adjustment expenses		1,897			1,072		77	%		1,690		1,602		5	%
Amortization of deferred policy acquisition costs and present value of future profits		276			229		21	%		478		428		12	%
Insurance operating costs and expenses		570			410		39	%		129		194		(34	%)
Interest expense		—			—		—			—		—		—
Other expenses		9			—	NM				160		159		1	%

Total benefits and expenses		2,752			1,711		61	%		2,457		2,383		3	%
Income (loss) before income taxes		404			351		15	%		482		323		49	%
Income tax expense (benefit)		84			93		(10	%)		140		86		63	%

Net income (loss)		320			258		24	%		342		237		44	%
Less: Net realized capital gains, after-tax		11			14		(21	%)		12		15		(20	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		(2	)		5	NM				1		3		(67	%)

Operating income (loss) [1]	$	307		$	249		23	%	$	331	$	225		47	%

[Additional columns below]

[Continued from above table, first column(s) repeated]


	CORPORATE									CONSOLIDATED
	2004			2003			Change			2004			2003		Change

Earned premiums	$	—		$	—			—		$	3,530		$	2,981		18	%
Fee income		1			—		NM				865			771		12	%
Net investment income		5			5			—			1,562			835		87	%
Other revenues		—			—			—			108			142		(24	%)
Net realized capital gains		—			—			—			36			44		(18	%)

Total revenues		6			5			20	%		6,101			4,773		28	%
Benefits, claims and claim adjustment expenses		1			2			(50	%)		3,588			2,676		34	%
Amortization of deferred policy acquisition costs and present value of future profits		—			—			—			754			657		15	%
Insurance operating costs and expenses		—			—			—			699			604		16	%
Interest expense		62			66			(6	%)		62			66		(6	%)
Other expenses		8			1		NM				177			160		11	%

Total benefits and expenses		71			69			3	%		5,280			4,163		27	%
Income (loss) before income taxes		(65	)		(64	)		(2	%)		821			610		35	%
Income tax expense (benefit)		(23	)		(23	)		—			201			156		29	%

Net income (loss)		(42	)		(41	)		(2	%)		620			454		37	%
Less: Net realized capital gains, after-tax		—			—			—			23			29		(21	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		—			—			—			(1	)		8	NM

Operating income (loss) [1]	$	(42	)	$	(41	)		(2	%)	$	596		$	433		38	%

[1]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. Such effects are included in net realized capital gains and losses for financial reporting purposes.

C-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATING STATEMENTS OF OPERATIONS YEAR ENDED DECEMBER 31, 2004 AND 2003


	LIFE								PROPERTY & CASUALTY
	2004			2003		Change			2004		2003			Change
Earned premiums	$	4,072		$	3,086		32	%	$	9,494	$	8,805			8	%
Fee income		3,245			2,760		18	%		—		—			—
Net investment income		3,894			2,041		91	%		1,248		1,172			6	%
Other revenues		—			131		(100	%)		436		428			2	%
Net realized capital gains (losses)		149			40	NM				133		253			(47	%)

Total revenues		11,360			8,058		41	%		11,311		10,658			6	%
Benefits, claims and claim adjustment expenses [1]		6,630			4,616		44	%		7,004		8,926			(22	%)
Amortization of deferred policy acquisition costs and present value of future profits		978			769		27	%		1,850		1,642			13	%
Insurance operating costs and expenses		2,133			1,535		39	%		643		779			(17	%)
Interest expense		—			—		—			—		—			—
Other expenses [2]		12			72		(83	%)		629		634			(1	%)

Total benefits and expenses		9,753			6,992		39	%		10,126		11,981			(15	%)
Income (loss) before income taxes and cumulative effect of accounting change		1,607			1,066		51	%		1,185		(1,323	)	NM
Income tax expense (benefit) [3]		202			221		(9	%)		275		(578	)	NM

Income (loss) before cumulative effect of accounting changes		1,405			845		66	%		910		(745	)	NM
Cumulative effect of accounting changes, after-tax [4]		(23	)		—		—			—		—			—

Net income (loss) [3] [5]		1,382			845		64	%		910		(745	)	NM
Less: Net realized capital gains (losses), after-tax		95			26	NM				87		165			(47	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		2			17		(88	%)		6		12			(50	%)
Less: Cumulative effect of accounting changes, after-tax		(23	)		—		—			—		—			—

Operating income (loss) [3] [5] [6]	$	1,312		$	836		57	%	$	829	$	(898	)	NM

[Additional columns below]

[Continued from above table, first column(s) repeated]


	CORPORATE									CONSOLIDATED
	2004			2003			Change			2004			2003			Change

Earned premiums	$	—		$	—			—		$	13,566		$	11,891			14	%
Fee income		7			—		NM				3,252			2,760			18	%
Net investment income		20			20			—			5,162			3,233			60	%
Other revenues		1			(3	)	NM				437			556			(21	%)
Net realized capital gains (losses)		(6	)		—		NM				276			293			(6	%)

Total revenues		22			17			29	%		22,693			18,733			21	%
Benefits, claims and claim adjustment expenses [1]		6			6			—			13,640			13,548			1	%
Amortization of deferred policy acquisition costs and present value of future profits		—			—			—			2,828			2,411			17	%
Insurance operating costs and expenses		—			—			—			2,776			2,314			20	%
Interest expense		251			271			(7	%)		251			271			(7	%)
Other expenses [2]		34			33			3	%		675			739			(9	%)

Total benefits and expenses		291			310			(6	%)		20,170			19,283			5	%
Income (loss) before income taxes and cumulative effect of accounting change		(269	)		(293	)		8	%		2,523			(550	)	NM
Income tax expense (benefit) [3]		(92	)		(102	)		10	%		385			(459	)	NM

Income (loss) before cumulative effect of accounting changes		(177	)		(191	)		7	%		2,138			(91	)	NM
Cumulative effect of accounting changes, after-tax [4]		—			—			—			(23	)		—			—

Net income (loss) [3] [5]		(177	)		(191	)		7	%		2,115			(91	)	NM
Less: Net realized capital gains (losses), after-tax		(4	)		—		NM				178			191			(7	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		—			—			—			8			29			(72	%)
Less: Cumulative effect of accounting changes, after-tax		—			—			—			(23	)		—			—

Operating income (loss) [3] [5] [6]	$	(173	)	$	(191	)		9	%	$	1,968		$	(253	)	NM

[1]	Property & Casualty includes $2,604 in 2003 of before-tax impact of asbestos reserve addition. Property & Casualty includes $181 in 2004 resulting from the evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment, including asbestos liabilities.

[2]	Property & Casualty includes $41 in 2003 of before-tax severance charges. Life includes $62 in 2003 of before-tax expense related to the Bancorp litigation dispute.

[3]	Life includes $190 in 2004 and $30 in 2003 and Property and Casualty includes $26 in 2004 of tax benefit related to prior tax years.

[4]	Represents the cumulative effect of the Company’s adoption of SOP 03-1.

[5]	Property & Casualty includes $1,701 in 2003 of after-tax impact of the 2003 asbestos reserve addition and $27 in 2003 of after-tax severance charges. Life includes $40 in 2003 of after-tax expense related to settlement of the Bancorp litigation dispute.

[6]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. Such effects are included in net realized capital gains and losses for financial reporting purposes.

C-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2004 AND DECEMBER 31, 2003


	LIFE									PROPERTY & CASUALTY
	Dec. 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2004			2003			Change			2004		2003		Change
Investments
Fixed maturities, available-for-sale, at fair value	$	50,531		$	37,462			35	%	$	24,410	$	23,715		3	%
Equity securities, trading, at fair value		13,634			—		NM				—		—		—
Equity securities, available-for-sale, at fair value		525			357			47	%		307		208		48	%
Policy loans, at outstanding balance		2,662			2,512			6	%		—		—		—
Other investments		1,364			823			66	%		809		682		19	%

Total investments		68,716			41,154			67	%		25,526		24,605		4	%
Cash		933			265		NM				215		197		9	%
Premiums receivable and agents’ balances		391			335			17	%		2,844		2,750		3	%
Reinsurance recoverables		993			604			64	%		5,185		5,354		(3	%)
Deferred policy acquisition costs and present value of future profits		7,437			6,623			12	%		1,071		975		10	%
Deferred income taxes		(747	)		(486	)		(54	%)		879		1,101		(20	%)
Goodwill		796			796			—			152		152		—
Other assets		1,893			1,668			13	%		2,146		2,025		6	%
Separate account assets		140,023			136,633			2	%		—		—		—


Total assets	$	220,435		$	187,592			18	%	$	38,018	$	37,159		2	%


Future policy benefits, unpaid claims and claim adjustment expenses	$	12,250		$	11,411			7	%	$	21,329	$	21,715		(2	%)
Other policyholder funds and benefits payable		52,833			26,186			102	%		—		—		—
Unearned premiums		50			58			(14	%)		4,763		4,372		9	%
Debt [1]		—			—			—			—		—		—
Other liabilities		5,057			4,440			14	%		3,730		3,285		14	%
Separate account liabilities		140,023			136,633			2	%		—		—		—

Total liabilities		210,213			178,728			18	%		29,822		29,372		2	%


Equity excluding AOCI, net of tax		9,027			8,003			13	%		7,542		7,080		7	%
AOCI, net of tax		1,195			861			39	%		654		707		(7	%)

Total stockholders’ equity		10,222			8,864			15	%		8,196		7,787		5	%


Total liabilities and stockholders’ equity	$	220,435		$	187,592			18	%	$	38,018	$	37,159		2	%

[Additional columns below]

[Continued from above table, first column(s) repeated]


	CORPORATE									CONSOLIDATED
	Dec. 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2004			2003			Change			2004		2003		Change

Investments
Fixed maturities, available-for-sale, at fair value	$	159		$	86			85	%	$	75,100	$	61,263		23	%
Equity securities, trading, at fair value		—			—			—			13,634		—	NM
Equity securities, available-for-sale, at fair value		—			—			—			832		565		47	%
Policy loans, at outstanding balance		—			—			—			2,662		2,512		6	%
Other investments		7			2		NM				2,180		1,507		45	%

Total investments		166			88			89	%		94,408		65,847		43	%
Cash		—			—			—			1,148		462		148	%
Premiums receivable and agents’ balances		—			—			—			3,235		3,085		5	%
Reinsurance recoverables		—			—			—			6,178		5,958		4	%
Deferred policy acquisition costs and present value of future profits		1			1			—			8,509		7,599		12	%
Deferred income taxes		287			230			25	%		419		845		(50	%)
Goodwill		772			772			—			1,720		1,720		—
Other assets		56			8		NM				4,095		3,701		11	%
Separate account assets		—			—			—			140,023		136,633		2	%


Total assets	$	1,282		$	1,099			17	%	$	259,735	$	225,850		15	%


Future policy benefits, unpaid claims and claim adjustment expenses	$	(4	)	$	(9	)		56	%	$	33,575	$	33,117		1	%
Other policyholder funds and benefits payable		—			(1	)		100	%		52,833		26,185		102	%
Unearned premiums		(6	)		(7	)		14	%		4,807		4,423		9	%
Debt [1]		4,929			5,660			(13	%)		4,929		5,660		(13	%)
Other liabilities		543			468			16	%		9,330		8,193		14	%
Separate account liabilities		—			—			—			140,023		136,633		2	%

Total liabilities		5,462			6,111			(11	%)		245,497		214,211		15	%


Equity excluding AOCI, net of tax		(3,756	)		(4,690	)		20	%		12,813		10,393		23	%
AOCI, net of tax		(424	)		(322	)		(32	%)		1,425		1,246		14	%

Total stockholders’ equity		(4,180	)		(5,012	)		17	%		14,238		11,639		22	%


Total liabilities and stockholders’ equity	$	1,282		$	1,099			17	%	$	259,735	$	225,850		15	%

[1] Includes junior subordinated debentures.

C-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CAPITAL STRUCTURE


																Year Over
																Year			Sequential
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter
	2003			2004			2004			2004			2004			Change			Change

DEBT
Short-term debt (includes current maturities of long-term debt)	$	1,050		$	573		$	622		$	621		$	621			(41	%)		—
Senior notes		2,638			2,839			2,583			2,586			2,584			(2	%)		—

Subtotal		3,688			3,412			3,205			3,207			3,205			(13	%)		—

Equity unit notes		1,020			1,020			1,020			1,020			1,020			—			—
Junior subordinated debentures [1]		952			718			698			706			704			(26	%)		—

Total debt	$	5,660		$	5,150		$	4,923		$	4,933		$	4,929			(13	%)		—


STOCKHOLDERS’ EQUITY
Equity excluding AOCI, net of tax	$	10,393		$	11,369		$	11,795		$	12,240		$	12,813			23	%		5	%
AOCI, net of tax		1,246			2,168			480			1,410			1,425			14	%		1	%

Total stockholders’ equity	$	11,639		$	13,537		$	12,275		$	13,650		$	14,238			22	%		4	%


CAPITALIZATION
Total capitalization including AOCI, net of tax	$	17,299		$	18,687		$	17,198		$	18,583		$	19,167			11	%		3	%

Total capitalization excluding AOCI, net of tax	$	16,053		$	16,519		$	16,718		$	17,173		$	17,742			11	%		3	%


DEBT TO CAPITALIZATION RATIOS

Ratios Including AOCI

Total debt to capitalization		32.7	%		27.6	%		28.6	%		26.5	%		25.7	%		(7.0	)		(0.8	)

Debt (excluding 75% of equity unit notes) to capitalization [2]		28.3	%		23.5	%		24.2	%		22.4	%		21.7	%		(6.6	)		(0.7	)

Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		21.3	%		18.3	%		18.6	%		17.3	%		16.7	%		(4.6	)		(0.6	)

Ratios Excluding AOCI

Total debt to capitalization		35.3	%		31.2	%		29.4	%		28.7	%		27.8	%		(7.5	)		(0.9	)

Debt (excluding 75% of equity unit notes) to capitalization [2]		30.5	%		26.6	%		24.9	%		24.3	%		23.5	%		(7.0	)		(0.8	)

Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		23.0	%		20.7	%		19.2	%		18.7	%		18.1	%		(4.9	)		(0.6	)

[1]	In accordance with the adoption of FASB Interpretation No. 46 “Consolidation of Variable Interest Entities, an interpretation of ARB No. 51”, the Company deconsolidated its trust preferred securities and simultaneously recognized as debt an equivalent note payable representing junior subordinated debentures.

[2]	Reflects the treatment of equity units by certain rating agencies in the leverage calculation.

C-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE


													YEAR ENDED
	4Q		1Q			2Q		3Q		4Q			DECEMBER 31,
	2003		2004			2004		2004		2004			2003			2004


Numerator:
Net income (loss)	$	454	$	568		$	433	$	494	$	620		$	(91	)	$	2,115
Less: Net realized capital gains, after-tax		29		95			31		29		23			191			178
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		8		5			1		3		(1	)		29			8
Less: Cumulative effect of accounting changes, after-tax		—		(23	)		—		—		—			—			(23	)

Operating income (loss)		433		501			403		468		596			(253	)		1,968
Less: Impact of tax related items		—		—			—		216		—			30			216
Less: Impact of 2003 asbestos reserve addition		—		—			—		—		—			(1,701	)		—
Less: Impact of Bancorp litigation		—		—			—		—		—			(40	)		—
Less: Impact of severance charges		—		—			—		—		—			(27	)		—

Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges	$	433	$	501		$	403	$	252	$	596		$	1,485		$	1,752


Denominator:
Weighted average common shares outstanding (basic)		283.0		289.9			292.3		293.2		293.8			272.4			292.3
Dilutive effect of convertible securities		—		1.9			2.2		1.7		1.7			—			1.9
Dilutive effect of options		2.6		3.1			3.0		2.6		2.6			—			2.8

Weighted average common shares outstanding and dilutive potential common shares (diluted) [1]		285.6		294.9			297.5		297.5		298.1			272.4			297.0

Basic earnings (loss) per share
Net income (loss)	$	1.60	$	1.96		$	1.48	$	1.68	$	2.11		$	(0.33	)	$	7.24
Less: Net realized capital gains, after-tax		0.10		0.33			0.10		0.09		0.08			0.70			0.61
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		0.03		0.02			—		0.01		—			0.10			0.02
Less: Cumulative effect of accounting changes, after-tax		—		(0.08	)		—		—		—			—			(0.08	)

Operating income (loss)		1.53		1.73			1.38		1.60		2.03			(0.93	)		6.73
Less: Impact of tax related items		—		—			—		0.74		—			0.11			0.74
Less: Impact of 2003 asbestos reserve addition		—		—			—		—		—			(6.25	)		—
Less: Impact of Bancorp litigation		—		—			—		—		—			(0.14	)		—
Less: Impact of severance charges		—		—			—		—		—			(0.10	)		—

Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges	$	1.53	$	1.73		$	1.38	$	0.86	$	2.03		$	5.45		$	5.99


Diluted earnings (loss) per share [1]
Net income (loss)	$	1.59	$	1.93		$	1.46	$	1.66	$	2.08		$	(0.33	)	$	7.12
Less: Net realized capital gains, after-tax		0.10		0.33			0.11		0.10		0.08			0.70			0.60
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		0.03		0.02			—		0.01		—			0.10			0.03
Less: Cumulative effect of accounting changes, after-tax		—		(0.08	)		—		—		—			—			(0.08	)

Operating income (loss)		1.52		1.70			1.35		1.57		2.00			(0.93	)		6.63
Less: Impact of tax related items		—		—			—		0.72		—			0.11			0.73
Less: Impact of 2003 asbestos reserve addition		—		—			—		—		—			(6.21	)		—
Less: Impact of Bancorp litigation		—		—			—		—		—			(0.15	)		—
Less: Impact of severance charges		—		—			—		—		—			(0.10	)		—

Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges	$	1.52	$	1.70		$	1.35	$	0.85	$	2.00		$	5.42		$	5.90

[1]		As a result of the antidilutive impact from the net loss for the year ended December 31, 2003, The Hartford is required by generally accepted accounting principles to use basic weighted average shares in the calculation of diluted earnings per share for the year ended December 31, 2003. In the absence of the net loss, 274.2 weighted average common shares outstanding and dilutive potential common shares would have been used in the calculation for the year ended December 31, 2003.

[2]		Calculated using weighted average common shares outstanding and dilutive potential common shares of 274.2 for the year ended December 31, 2003.

C-8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPUTATION OF RETURN-ON-EQUITY MEASURES


	4Q			1Q			2Q			3Q			4Q
	2003			2004			2004			2004			2004


Numerator [1]:
Net income (loss) - last 12 months	$	(91	)	$	1,872		$	1,798		$	1,949		$	2,115
Operating income (loss) - last 12 months	$	(253	)	$	1,609		$	1,672		$	1,805		$	1,968
Operating income, before tax related items, 2003 asbestos reserve additon, Bancorp litigation, and severance charges - last 12 months	$	1,485		$	1,646		$	1,712		$	1,589		$	1,752

Denominator [2]:
Average equity, including AOCI		11,186.5			11,489.5			11,887.0			12,497.0			12,938.5
Less: Average AOCI		1,170.0			1,712.5			1,143.5			1,383.5			1,335.5

Average equity, excluding AOCI		10,016.5			9,777.0			10,743.5			11,113.5			11,603.0
Add: Equity impact of the 2003 common stock issuance [2]		—			580.5			—			—			—

Average equity, excluding AOCI (adjusted for impact of 2003 common stock issuance) [2]		10,016.5			10,357.5			10,743.5			11,113.5			11,603.0

ROE (net income (loss) last 12 months to equity including AOCI)		(0.8	%)		16.3	%		15.1	%		15.6	%		16.3	%
ROE (operating income (loss) last 12 months to equity excluding AOCI)		(2.5	%)		16.5	%		15.6	%		16.2	%		17.0	%
ROE (operating income before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges last 12 months to equity excluding AOCI) [1]		14.8	%		15.9	%		15.9	%		14.3	%		15.1	%

[1]		For a reconciliation from net income (loss) to operating income (loss) and from net income (loss) to operating income (loss), before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges, see page C-8.

[2]		Average equity is calculated by taking the sum of equity at the beginning of the twelve month period and equity at the end of the twelve month period and dividing by 2. The March 31, 2004 ratio reflects the equity impact of the May 2003 common stock issuance in beginning equity.

C-9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE

FINANCIAL HIGHLIGHTS


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change


REVENUES
Retail Products Group
Individual Annuity [1]	$	487		$	625		$	629		$	705		$	666			37	%		(6	%)	$	1,756		$	2,625			49	%
Other Retail		123			138			135			137			147			20	%		7	%		431			557			29	%

Total Retail Products Group		610			763			764			842			813			33	%		(3	%)		2,187			3,182			45	%
Institutional Solutions Group		485			442			434			448			522			8	%		17	%		2,110			1,846			(13	%)
Individual Life		249			254			252			263			279			12	%		6	%		982			1,048			7	%
Group Benefits [2]		656			1,004			1,000			1,009			1,015			55	%		1	%		2,624			4,028			54	%
Other [1]		62			595			194			(60	)		527		NM			NM				155			1,256		NM

Total revenues	$	2,062		$	3,058		$	2,644		$	2,502		$	3,156			53	%		26	%	$	8,058		$	11,360			41	%


OPERATING RESULTS BY SEGMENT
Retail Products Group
Individual Annuity		111			112			112			127			132			19	%		4	%		373			483			29	%
Other Retail		10			15			14			13			17			70	%		31	%		33			59			79	%

Total Retail Products Group		121			127			126			140			149			23	%		6	%		406			542			33	%

Institutional Solutions Group		31			29			28			33			35			13	%		6	%		122			125			2	%
Individual Life		41			34			37			44			39			(5	%)		(11	%)		143			154			8	%
Group Benefits		41			47			48			70			64			56	%		(9	%)		148			229			55	%
Other		15			19			14			19			20			33	%		5	%		27			72			167	%

Operating income, before Bancorp litigation and tax related items		249			256			253			306			307			23	%		—			846			1,122			33	%

Tax related items		—			—			—			190			—			—			(100	%)		30			190		NM
Bancorp litigation		—			—			—			—			—			—			—			(40	)		—			100	%

Operating income		249			256			253			496			307			23	%		(38	%)		836			1,312			57	%
Add: Net realized capital gains, after-tax		14			50			16			18			11			(21	%)		(39	%)		26			95		NM
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax		5			2			—			2			(2	)	NM			NM				17			2			(88	%)

Income before cumulative effect of accounting change, net of tax		258			304			269			512			320			24	%		(37	%)		845			1,405			66	%

Add: Cumulative effect of accounting change, net of tax		—			(23	)		—			—			—			—			—			—			(23	)		—

Net income	$	258		$	281		$	269		$	512		$	320			24	%		(37	%)	$	845		$	1,382			64	%



Operating income ROE (last 12 months to equity excluding AOCI)		15.0	%		15.8	%		15.7	%		20.4	%		20.2	%		5.2			(0.2	)
Operating income ROE (last 12 months to equity excluding AOCI), before tax related items and Bancorp litigation		15.2	%		15.8	%		16.4	%		17.1	%		17.1	%		1.9			—
Assets under management	$	210,054		$	222,712		$	227,698		$	232,800		$	248,503			18	%		7	%
DAC capitalization	$	457		$	494		$	477		$	492		$	505						3	%
DAC amortization	$	229		$	233		$	233		$	236		$	276						17	%
DAC and PVFP assets	$	6,623		$	6,523		$	7,073		$	7,146		$	7,437						4	%
Estimated Statutory net income (YTD) ($ in billions)	$	1.0											$	1.0
Estimated Statutory surplus ($ in billions)	$	4.5											$	5.1

[1]		With the adoption of SOP 03-1, in the first quarter of 2004 certain annuity products were required to be accounted for in the general account. Revenues in Other will fluctuate principally due to the mark-to-market adjustment of the trading investment portfolio supporting the variable annuity business in the Japanese operations.

[2]		Beginning in the first quarter of 2004, Group Benefits revenues includes revenues associated with the newly acquired business.

L-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE

OPERATING RESULTS


														Year Over
														Year			Sequential			YEAR ENDED
	4Q		1Q			2Q		3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003		2004			2004		2004			2004			Change			Change			2003		2004			Change


REVENUES
Earned premiums	$	716	$	995		$	970	$	1,058		$	1,049			47	%		(1	%)	$	3,086	$	4,072			32	%
Fee income		771		786			790		805			864			12	%		7	%		2,760		3,245			18	%
Net investment income [1]		522		1,201			858		611			1,224			134	%		100	%		2,041		3,894			91	%
Other revenues		32		—			—		—			—			(100	%)		—			131		—			(100	%)
Net realized capital gains [2]		21		76			26		28			19			(10	%)		(32	%)		40		149		NM

Total revenues		2,062		3,058			2,644		2,502			3,156			53	%		26	%		8,058		11,360			41	%


BENEFITS AND EXPENSES
Benefits, claims and claim adjustment expenses		1,072		1,877			1,531		1,325			1,897			77	%		43	%		4,616		6,630			44	%
Amortization of deferred policy acquisition costs and present value of future profits		229		233			233		236			276			21	%		17	%		769		978			27	%
Insurance operating costs and expenses		410		526			511		526			570			39	%		8	%		1,535		2,133			39	%
Other expenses		—		1			3		(1	)		9			—		NM				72		12			(83	%)

Total benefits and expenses		1,711		2,637			2,278		2,086			2,752			61	%		32	%		6,992		9,753			39	%


NET INCOME
Income before income taxes		351		421			366		416			404			15	%		(3	%)		1,066		1,607			51	%
Income tax expense (benefit) [3]		93		117			97		(96	)		84			(10	%)	NM				221		202			(9	%)

Income before cumulative effect of accounting change, net of tax		258		304			269		512			320			24	%		(37	%)		845		1,405			66	%
Cumulative effect of accounting change, net of tax		—		(23	)		—		—			—			—			—			—		(23	)		—

Net income		258		281			269		512			320			24	%		(37	%)		845		1,382			64	%

Less: Cumulative effect of accounting change, net of tax		—		(23	)		—		—			—			—			—			—		(23	)		—
Less: Net realized capital gains, after-tax [2]		14		50			16		18			11			(21	%)		(39	%)		26		95		NM
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax [1]		5		2			—		2			(2	)	NM			NM				17		2			(88	%)


Operating income [3]	$	249	$	256		$	253	$	496		$	307			23	%		(38	%)	$	836	$	1,312			57	%

[1]		With the adoption of SOP 03-1, certain annuity products were required to be accounted for in the general account. This change in accounting results in an increase in and volatility in net investment income and benefits expense, as well as a decrease in other revenues beginning in the first quarter of 2004.

[2]		Includes periodic net coupon settlements on non-qualifying derivatives.

[3]		The third quarter ended September 30, 2004 includes a $190 tax benefit related to the favorable treatment of certain tax items for tax years prior to 2004.

L-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE

CONSOLIDATED BALANCE SHEETS


																Year Over
																Year			Sequential
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter
	2003			2004			2004			2004			2004			Change			Change


Investments
Fixed maturities, available-for-sale, at fair value	$	37,462		$	49,580		$	47,807		$	50,200		$	50,531			35	%		1	%
Equity securities, available-for-sale, at fair value		357			406			383			449			525			47	%		17	%
Equity securities, trading, at fair value		—			7,831			8,995			10,685			13,634			—			28	%
Policy loans, at outstanding balance		2,512			2,655			2,650			2,665			2,662			6	%		—
Other investments		823			1,167			1,229			1,287			1,364			66	%		6	%

Total investments		41,154			61,639			61,064			65,286			68,716			67	%		5	%

Cash		265			460			509			625			933		NM				49	%
Premiums receivable and agents’ balances		335			338			379			412			391			17	%		(5	%)
Reinsurance recoverables		604			763			665			713			993			64	%		39	%
Deferred policy acquisition costs and present value of future profits		6,623			6,523			7,073			7,146			7,437			12	%		4	%
Deferred income taxes		(486	)		(927	)		(444	)		(763	)		(747	)		(54	%)		2	%
Goodwill		796			796			796			796			796			—			—
Other assets		1,668			1,756			1,647			1,732			1,893			13	%		9	%
Separate account assets		136,633			127,141			130,840			131,655			140,023			2	%		6	%

Total assets	$	187,592		$	198,489		$	202,529		$	207,602		$	220,435			18	%		6	%


Future policy benefits, unpaid claims and claim adjustment expenses	$	11,411		$	11,666		$	11,753		$	11,805		$	12,250			7	%		4	%
Other policyholder funds and benefits payable		26,186			45,322			46,606			49,347			52,833			102	%		7	%
Unearned premiums		58			55			54			52			50			(14	%)		(4	%)
Other liabilities		4,440			4,542			4,484			4,878			5,057			14	%		4	%
Separate account liabilities		136,633			127,141			130,840			131,655			140,023			2	%		6	%

Total liabilities		178,728			188,726			193,737			197,737			210,213			18	%		6	%

Equity excluding AOCI, net of tax		8,003			8,137			8,268			8,744			9,027			13	%		3	%
AOCI, net of tax		861			1,626			524			1,121			1,195			39	%		7	%

Total stockholders’ equity		8,864			9,763			8,792			9,865			10,222			15	%		4	%

Total liabilities and stockholders’ equity	$	187,592		$	198,489		$	202,529		$	207,602		$	220,435			18	%		6	%


Hartford Life and Accident Insurance Company NAIC RBC		301	%
Hartford Life Insurance Company NAIC RBC		393	%
Hartford Life and Annuity Insurance Company NAIC RBC		493	%

L-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE

DEFERRED POLICY ACQUISITION COSTS and PRESENT VALUE OF FUTURE PROFITS


				Other			Institutional
	Individual			Retail Products			Solutions			Individual			Group						Other
	Annuity			Group			Group			Life			Benefits			Japan			Life			Total
YEAR-TO-DATE
Balance, December 31, 2003	$	4,170		$	195		$	105		$	1,700		$	101		$	331		$	21		$	6,623
Adjustments to unrealized gains and losses on securities available - for - sale and other		190			28			67			131			—			—			—			416

Balance excluding adjustments to unrealized gains and losses on securities available - for - sale and other		4,360			223			172			1,831			101			331			21			7,039
Cumulative effect of accounting changes (SOP 03-1)		(105	)		—			—			—			—			—			—			(105	)
Capitalization		950			125			71			283			44			495			—			1,968
Purchase Price Adjustment - related to the acquisition of																							—
Hartford Life Group Insurance Company		—			—			—			—			(52	)		—			—			(52	)
Amortization - Deferred Policy Acquisition Costs		(577	)		(70	)		(37	)		(154	)		(23	)		(77	)		—			(938	)
Amortization - Present Value of Future Profits		(14	)		—			—			(26	)		—			—			—			(40	)
Amortization - Realized Capital Gains		(4	)		—			—			—			—			—			(11	)		(15	)
Effect of Currency Translation Adjustment		—			—			—			—			—			72			—			72

Balance, December 31, 2004		4,610			278			206			1,934			70			821			10			7,929
Adjustments to unrealized gains and losses on securities available - for - sale and other		(303	)		(21	)		(47	)		(121	)		—			—			—			(492	)

Balance, December 31, 2004 including adjustments to unrealized gains and losses on securities available - for - sale and other	$	4,307		$	257		$	159		$	1,813		$	70		$	821		$	10		$	7,437

L-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE

SUPPLEMENTAL DATA - ANNUITY DEATH AND INCOME BENEFITS


	As of December 31, 2004
	ACCOUNT		NET AMT AT		% of NAR			RETAINED
	VALUE		RISK		REINSURED			NAR
BREAKDOWN OF VARIABLE ANNUITY ACCOUNT VALUE BY BENEFIT TYPE
Maximum anniversary value (MAV) [1]
MAV only	$	61,675	$	6,568		90	%	$	683
with 5% rollup [2]		4,204		575		82	%		104
with Earnings Protection Benefit Rider (EPB) [3]		4,849		228		71	%		67
with 5% rollup & EPB		1,499		124		83	%		21

Total MAV		72,227		7,495		88	%		875
Asset Protection Benefit (APB) [4]		17,173		5		20	%		4
Ratchet [5] (5 years)		40		2		100	%		—
Reset [6] (5-7 years)		8,262		640		0	%		640
Return of Premium [7]/Other		8,548		18		0	%		18

SUBTOTAL U.S. GUARANTEED MINIMUM DEATH BENEFITS	$	106,250	$	8,160		81	%	$	1,537


JAPAN GUARANTEED MINIMUM DEATH AND INCOME BENEFITS [9]		14,129		99		0	%		99

TOTAL	$	120,379	$	8,259		80	%	$	1,636


	As of		As of		As of		As of		As of
	December 31,		March 31,		June 30,		September 30,		December 31,
	2003		2004		2004		2004		2004
OTHER DATA
U.S. VARIABLE ANNUITY BUSINESS
S&P500 Index Value at end of period		1,111.92		1,126.21		1,140.80		1,114.58		1,211.92
Total Account Value	$	92,453	$	97,001	$	99,363	$	98,338	$	106,250
Retained net amount at risk		2,246		2,055		1,989		2,240		1,537
GMDB net GAAP liability [8]		—		106		103		111		109
JAPAN VARIABLE ANNUITY BUSINESS
Total Account Value	$	6,220	$	8,119	$	9,277	$	11,118	$	14,129
Retained net amount at risk		119		78		79		161		99
GMDB/GMIB net GAAP liability [8]		—		12		16		21		28

[1]		MAV: the death benefit is the greatest of current account value, net premiums paid and the highest account value on any anniversary before age 80 (adjusted for withdrawals).

[2]		Rollup: the death benefit is the greatest of current account value, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 or 100% of adjusted premiums.

[3]		EPB: The death benefit is the greatest of the MAV, current account value, or contract value plus a percentage of the contract’s growth. The contract’s growth is account value less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.

[4]		APB: the death benefit is the greater of current account value or MAV, not to exceed current account value plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).

[5]		Ratchet: the death benefit is the greatest of current account value, net premiums paid and the highest account value on any specified anniversary before age 85 (adjusted for withdrawals).

[6]		Reset: the death benefit is the greatest of current account value, net premiums paid and the most recent five to seven year anniversary account value before age 80 (adjusted for withdrawals).

[7]		Return of premium: the death benefit is the greater of current account value and net premiums paid.

[8]		This reserve was established for GAAP in 2004 with the adoption of SOP 03-1.

[9]		Benefits include a Return of Premium and MAV (before age 75) death benefit and a guarantee to return initial investment, adjusted for earnings liquidity, through a fixed annuity, after a minimum deferral period of 10, 15 or 20 years.

L-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE

RETAIL PRODUCTS GROUP - INDIVIDUAL ANNUITY

INCOME STATEMENTS


																Year Over						YEAR ENDED
																Year			Sequential			DECEMBER 31,
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	326		$	359		$	369		$	376		$	404			24	%		7	%	$	1,112		$	1,508			36	%
Mutual fund and other fees		32			26			26			26			28			(13	%)		8	%		131			106			(19	%)

Total fee income		358			385			395			402			432			21	%		7	%		1,243			1,614			30	%
Net guaranteed separate account income		27			—			—			—			—			(100	%)		—			101			—			(100	%)
Direct premiums		18			20			17			87			22			22	%		(75	%)		96			146			52	%
Reinsurance premiums		(32	)		(34	)		(34	)		(38	)		(36	)		(13	%)		5	%		(130	)		(142	)		(9	%)

Total premiums and other considerations		371			371			378			451			418			13	%		(7	%)		1,310			1,618			24	%
Net investment income
Net investment income on G/A assets		125			275			271			276			272			118	%		(1	%)		496			1,094			121	%
Net investment income on assigned capital		18			16			18			18			19			6	%		6	%		64			71			11	%
Charge for invested capital		(36	)		(36	)		(40	)		(39	)		(43	)		(19	%)		(10	%)		(133	)		(158	)		(19	%)

Total net investment income		107			255			249			255			248			132	%		(3	%)		427			1,007			136	%
Net realized capital gains (losses) [1]		9			(1	)		2			(1	)		—			(100	%)		100	%		19			—			(100	%)

Total revenues		487			625			629			705			666			37	%		(6	%)		1,756			2,625			49	%
Benefits and Expenses
Benefits and claims
Death benefits		8			4			8			14			8			—			(43	%)		51			34			(33	%)
Other contract benefits		15			16			18			19			19			27	%		—			73			72			(1	%)
Change in reserve		7			9			6			73			9			29	%		(88	%)		45			97			116	%
Sales inducements		17			6			6			7			11			(35	%)		57	%		66			30			(55	%)
Interest credited on G/A assets		69			211			211			211			208		NM				(1	%)		284			841			196	%

Total benefits and claims		116			246			249			324			255			120	%		(21	%)		519			1,074			107	%
Other insurance expenses
Commissions & wholesaling expenses		290			325			290			264			248			(14	%)		(6	%)		1,087			1,127			4	%
Operating expenses		50			46			47			50			48			(4	%)		(4	%)		190			191			1	%
Premium taxes and other expenses		2			4			5			4			7		NM				75	%		17			20			18	%

Subtotal — expenses before deferral		342			375			342			318			303			(11	%)		(5	%)		1,294			1,338			3	%
Deferred policy acquisition costs		(254	)		(286	)		(249	)		(218	)		(197	)		22	%		10	%		(965	)		(950	)		2	%

Total other insurance expense		88			89			93			100			106			20	%		6	%		329			388			18	%
Amortization of deferred policy acquisition costs		137			149			143			142			157			15	%		11	%		450			591			31	%

Total benefits and expenses		341			484			485			566			518			52	%		(8	%)		1,298			2,053			58	%
Income before income tax expense		146			141			144			139			148			1	%		6	%		458			572			25	%
Income tax expense [3]		31			30			30			12			14			(55	%)		17	%		62			86			39	%

Income before cumulative effect of accounting change		115			111			114			127			134			17	%		6	%		396			486			23	%
Cumulative effect of accounting change, net of tax		—			(19	)		—			—			—									—			(19	)		—

Net income		115			92			114			127			134			17	%		6	%		396			467			18	%
Less: cumulative effect of accounting change, net of tax		—			(19	)		—			—			—			—			—			—			(19	)		—
Less: Non operating net realized gains (losses), net of tax [2]		4			(1	)		2			—			2			(50	%)		—			4			3			(25	%)


Operating income		111			112			112			127			132			19	%		4	%		392			483			23	%
Less: Tax related items		—			—			—			—			—			—			—			19			—			(100	%)

Operating income, before tax related items	$	111		$	112		$	112		$	127		$	132			19	%		4	%	$	373		$	483			29	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives and derivatives used as economic hedges of policyholder liabilities.

[2] Net gains (losses) on derivatives used as economic hedges of certain policyholder liabilities.

[3] The quarters ended December 31, 2004 and September 30, 2004 includes $12 and $18, respectively of additional tax benefits related to the change in estimate of 2004 DRD benefits.

L - 9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP — OTHER

INCOME STATEMENTS


																Year Over						YEAR ENDED
																Year			Sequential			DECEMBER 31,
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	13		$	16		$	16		$	18		$	20			54	%		11	%	$	40		$	70			75	%
Mutual fund and other fees		92			105			102			101			106			15	%		5	%		319			414			30	%

Total fee income		105			121			118			119			126			20	%		6	%		359			484			35	%
Direct premiums		1			—			—			1			2			100	%		100	%		3			3			—
Reinsurance premiums		—			—			—			—			—			—			—			—			—			—

Total premiums and other considerations		106			121			118			120			128			21	%		7	%		362			487			35	%
Net investment income
Net investment income on G/A assets		17			17			16			17			18			6	%		6	%		65			68			5	%
Net investment income on assigned capital		—			—			1			—			1			—			—			2			2			—
Charge for invested capital		—			—			—			—			—			—			—			—			—			—

Total net investment income		17			17			17			17			19			12	%		12	%		67			70			4	%
Net realized capital gains [1]		—			—			—			—			—			—			—			2			—			(100	%)

Total revenues		123			138			135			137			147			20	%		7	%		431			557			29	%
Benefits and Expenses
Benefits and claims
Other contract benefits		2			2			2			1			2			—			100	%		7			7			—
Change in reserve		—			(1	)		(1	)		—			1			—			—			—			(1	)		—
Sales inducements		—			—			—			1			(1	)		—		NM				1			—			(100	%)
Interest credited on G/A assets		10			10			9			10			10			—			—			41			39			(5	%)

Total benefits and claims		12			11			10			12			12			—			—			49			45			(8	%)
Other insurance expenses
Commissions & wholesaling expenses		69			79			75			71			77			12	%		8	%		224			302			35	%
Operating expenses		38			35			39			44			49			29	%		11	%		137			167			22	%
Premium taxes and other expenses		3			2			3			3			3			—			—			10			11			10	%

Subtotal — expenses before deferral		110			116			117			118			129			17	%		9	%		371			480			29	%
Deferred policy acquisition costs		(30	)		(30	)		(30	)		(29	)		(36	)		(20	%)		(24	%)		(98	)		(125	)		(28	%)

Total other insurance expense		80			86			87			89			93			16	%		4	%		273			355			30	%
Amortization of deferred policy acquisition costs		16			18			17			17			18			13	%		6	%		59			70			19	%

Total benefits and expenses		108			115			114			118			123			14	%		4	%		381			470			23	%
Income before income tax expense		15			23			21			19			24			60	%		26	%		50			87			74	%
Income tax expense		5			8			7			6			7			40	%		17	%		16			28			75	%

Net income		10			15			14			13			17			70	%		31	%		34			59			74	%
Less: Tax related items		—			—			—			—			—			—			—			1			—			(100	%)

Operating income, before tax related items	$	10		$	15		$	14		$	13		$	17			70	%		31	%	$	33		$	59			79	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L - 10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP

SUPPLEMENTAL DATA — SALES/OTHER DEPOSITS


											Year Over
											Year			Sequential			YEAR ENDED
	4Q		1Q		2Q		3Q		4Q		Quarter			Quarter			DECEMBER 31,
	2003		2004		2004		2004		2004		Change			Change			2003		2004		Change
SALES
Individual Annuity
Broker-dealer	$	2,824	$	3,082	$	2,582	$	2,216	$	1,969		(30	%)		(11	%)	$	11,201	$	9,849		(12	%)
Banks		1,530		1,619		1,602		1,325		1,300		(15	%)		(2	%)		5,279		5,846		11	%

Total sales by distribution	$	4,354	$	4,701	$	4,184	$	3,541	$	3,269		(25	%)		(8	%)	$	16,480	$	15,695		(5	%)

Variable	$	4,074	$	4,581	$	3,938	$	3,341	$	3,174		(22	%)		(5	%)	$	15,671	$	15,034		(4	%)
Fixed MVA/other		280		120		246		200		95		(66	%)		(53	%)		809		661		(18	%)

Total sales by product	$	4,354	$	4,701	$	4,184	$	3,541	$	3,269		(25	%)		(8	%)	$	16,480	$	15,695		(5	%)

Retail Mutual Funds	$	1,634	$	1,942	$	1,409	$	1,258	$	1,255		(23	%)		—		$	4,771	$	5,864		23	%
401K
Annuity	$	570	$	279	$	383	$	444	$	765		34	%		72	%	$	1,362	$	1,871		37	%
Mutual funds		—		—		—		—		1		—			—			3		1		(67	%)

Total 401K	$	570	$	279	$	383	$	444	$	766		34	%		73	%	$	1,365	$	1,872		37	%

529 College Savings Plan/Specialty Products/Other	$	91	$	100	$	86	$	79	$	105		15	%		33	%	$	232	$	370		59	%

SALES & OTHER DEPOSITS
Individual Annuity
Variable	$	4,074	$	4,581	$	3,938	$	3,341	$	3,174		(22	%)		(5	%)	$	15,671	$	15,034		(4	%)
Fixed MVA/other		365		232		359		316		224		(39	%)		(29	%)		1,148		1,131		(1	%)

Total Individual Annuity		4,439		4,813		4,297		3,657		3,398		(23	%)		(7	%)		16,819		16,165		(4	%)

Retail Mutual Funds		1,634		1,942		1,409		1,258		1,255		(23	%)		—			4,771		5,864		23	%
401K
Annuity		440		650		507		557		552		25	%		(1	%)		1,572		2,266		44	%
Mutual funds		63		70		48		38		61		(3	%)		61	%		215		217		1	%

Total 401K		503		720		555		595		613		22	%		3	%		1,787		2,483		39	%

529 College Savings Plan/Specialty Products/Other		91		100		86		79		105		15	%		33	%		232		370		59	%

Total Retail Products Group	$	6,667	$	7,575	$	6,347	$	5,589	$	5,371		(19	%)		(4	%)	$	23,609	$	24,882		5	%

L - 11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP

SUPPLEMENTAL DATA – ASSETS UNDER MANAGEMENT


											Year Over
											Year			Sequential
	4Q		1Q		2Q		3Q		4Q		Quarter			Quarter
	2003		2004		2004		2004		2004		Change			Change
INDIVIDUAL ANNUITY
General account	$	9,351	$	19,338	$	19,302	$	19,322	$	18,984		103	%		(2	%)
Guaranteed separate account		10,239		—		—		—		—		(100	%)		—
Non-guaranteed separate account		78,126		82,360		84,574		84,228		92,017		18	%		9	%

Total Individual Annuity	$	97,716	$	101,698	$	103,876	$	103,550	$	111,001		14	%		7	%


401K
General account	$	1,024	$	1,048	$	1,077	$	1,132	$	1,113		9	%		(2	%)
Non-guaranteed separate account		3,582		4,110		4,408		4,659		5,418		51	%		16	%

Total 401K	$	4,606	$	5,158	$	5,485	$	5,791	$	6,531		42	%		13	%


TOTAL RETAIL PRODUCTS GROUP
General account	$	10,375	$	20,386	$	20,379	$	20,454	$	20,097		94	%		(2	%)
Guaranteed separate account		10,239		—		—		—		—		(100	%)		—
Non-guaranteed separate account		81,708		86,470		88,982		88,887		97,435		19	%		10	%

Total Retail Products Group account value	$	102,322	$	106,856	$	109,361	$	109,341	$	117,532		15	%		7	%


BY PRODUCT
Individual Annuity
Individual Variable Annuities
General account	$	8,345	$	7,999	$	7,900	$	7,820	$	7,580		(9	%)		(3	%)
Separate account		78,156		82,387		84,604		84,259		92,037		18	%		9	%

Total individual variable annuities		86,501		90,386		92,504		92,079		99,617		15	%		8	%

Fixed MVA & other individual annuities		11,215		11,312		11,372		11,471		11,384		2	%		(1	%)

Total Individual Annuity		97,716		101,698		103,876		103,550		111,001		14	%		7	%


401K – Annuity		4,606		5,158		5,485		5,791		6,531		42	%		13	%

Total Retail Products Group account value		102,322		106,856		109,361		109,341		117,532		15	%		7	%

Specialty Products/Other — Segregated Assets		48		72		103		135		182	NM				35	%

Mutual Fund Assets
Retail mutual fund assets		20,301		21,888		22,734		22,694		25,240		24	%		11	%
401K mutual fund assets		585		644		668		662		755		29	%		14	%
Specialty Product/Other mutual fund assets		109		121		127		144		164		50	%		14	%
529 College Savings Plan assets		259		324		368		398		477		84	%		20	%

Total Mutual Fund Assets		21,254		22,977		23,897		23,898		26,636		25	%		11	%

Total Retail Products Group Assets Under Management	$	123,624	$	129,905	$	133,361	$	133,374	$	144,350		17	%		8	%

L-12

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP

SUPPLEMENTAL DATA — INDIVIDUAL ANNUITY — ACCOUNT VALUE ROLLFORWARD [1]


		4Q			1Q			2Q			3Q				4Q
		2003			2004			2004			2004			2004
VARIABLE ANNUITIES [2]	Beginning balance	$	77,572		$	86,501		$	90,386		$	92,504				$	92,079
	Sales/premiums/other deposits		4,074			4,581			3,938			3,341					3,174
	Surrenders		(2,163	)		(2,033	)		(1,953	)		(2,100	)				(2,311	)
	Death benefits/annuitizations/other		(278	)		(359	)		(334	)		(313	)				(335	)
	Net exchanges		5			12			29			35					99

	Net Flows		1,638			2,201			1,680			963					627
	Change in market value/change in reserve/interest credited		7,291			1,684			438			(1,388	)				6,911

	Ending balance	$	86,501		$	90,386		$	92,504		$	92,079				$	99,617


FIXED MVA AND OTHER	Beginning balance	$	10,939		$	11,215		$	11,312		$	11,372				$	11,471
	Sales/premiums/other deposits		365			232			359			316					224
	Acquisitions		—			—			—			176					547
	Surrenders		(159	)		(176	)		(313	)		(387	)				(785	)
	Death benefits/annuitizations/other		(93	)		(105	)		(116	)		(127	)				(138	)
	Net exchanges		(4	)		(12	)		(28	)		(35	)				(99	)

	Net Flows		109			(61	)		(98	)		(57	)				(251	)
	Change in market value/change in reserve/interest credited		167			158			158			156					164

	Ending balance	$	11,215		$	11,312		$	11,372		$	11,471				$	11,384

TOTAL INDIVIDUAL ANNUITY	Beginning balance	$	88,511		$	97,716		$	101,698		$	103,876				$	103,550
	Sales/premiums/other deposits		4,439			4,813			4,297			3,657					3,398
	Acquisitions		—			—			—			176					547
	Surrenders		(2,322	)		(2,209	)		(2,266	)		(2,487	)				(3,096	)
	Death benefits/annuitizations/other		(371	)		(464	)		(450	)		(440	)				(473	)
	Net exchanges		1			—			1			—					—

	Net Flows		1,747			2,140			1,582			906					376
	Change in market value/change in reserve/interest credited		7,458			1,842			596			(1,232	)				7,075

	Ending balance	$	97,716		$	101,698		$	103,876		$	103,550				$	111,001

[1] Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.

[2] The embedded value of the variable annuity inforce business was $2,772 and $2,405 for the years ended December 31, 2004 and 2003, respectively based on the following significant assumptions: (a) 9.25% Cost of capital, (b) 9% separate account appreciation, (c) 35% Effective tax rate. Excludes the value of statutory surplus to support the in-force business.

L-13

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP
INCOME STATEMENTS


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	25		$	25		$	23		$	23		$	24			(4	%)		4	%	$	88		$	95			8	%
Cost of insurance charges		50			47			50			48			50			—			4	%		207			195			(6	%)
Mutual fund and other fees		—			2			3			6			6			—			—			4			17		NM

Total fee income		75			74			76			77			80			7	%		4	%		299			307			3	%

Net guaranteed separate account income		2			—			—			—			—			(100	%)		—			9			—			(100	%)

Direct premiums		150			109			95			100			167			11	%		67	%		795			471			(41	%)

Total premiums and other considerations		227			183			171			177			247			9	%		40	%		1,103			778			(29	%)

Net investment income
Net investment income on G/A assets		247			249			255			262			265			7	%		1	%		966			1,031			7	%
Net investment income on assigned capital		7			7			6			7			7			—			—			26			27			4	%
Charge for invested capital		1			1			1			—			1			—			—			3			3			—

Total net investment income		255			257			262			269			273			7	%		1	%		995			1,061			7	%
Net realized capital gains [1]		3			2			1			2			2			(33	%)		—			12			7			(42	%)


Total revenues		485			442			434			448			522			8	%		17	%		2,110			1,846			(13	%)

Benefits and Expenses
Benefits and claims
Death benefits		38			37			46			38			44			16	%		16	%		167			165			(1	%)
Other contract benefits		66			82			81			87			83			26	%		(5	%)		291			333			14	%
Change in reserve		148			94			85			92			157			6	%		71	%		724			428			(41	%)
Sales inducements		—			—			—			—			—			—			—			1			—			(100	%)
Interest credited on G/A assets		143			142			145			146			154			8	%		5	%		566			587			4	%

Total benefits and claims		395			355			357			363			438			11	%		21	%		1,749			1,513			(13	%)

Other insurance expenses
Commissions & wholesaling expenses		13			10			9			10			10			(23	%)		—			44			39			(11	%)
Operating expenses		31			30			26			29			32			3	%		10	%		113			117			4	%
Dividends to policyholders		7			12			8			2			5			(29	%)		150	%		60			27			(55	%)
Premium taxes and other expenses		(2	)		3			1			4			7		NM				75	%		62			15			(76	%)

Subtotal — expenses before deferral		49			55			44			45			54			10	%		20	%		279			198			(29	%)
Deferred policy acquisition costs		(19	)		(18	)		(17	)		(16	)		(20	)		(5	%)		(25	%)		(67	)		(71	)		(6	%)

Total other insurance expense		30			37			27			29			34			13	%		17	%		212			127			(40	%)
Amortization of deferred policy acquisition costs		15			9			10			9			9			(40	%)		—			34			37			9	%

Total benefits and expenses		440			401			394			401			481			9	%		20	%		1,995			1,677			(16	%)
Income before income tax expense		45			41			40			47			41			(9	%)		(13	%)		115			169			47	%
Income tax expense		14			12			12			14			6			(57	%)		(57	%)		32			44			38	%


Income before cumulative effect of accounting change		31			29			28			33			35			13	%		6	%		83			125			51	%
Cumulative effect of accounting change, net of tax		—			(1	)		—			—			—			—			—			—			(1	)		—


Net income		31			28			28			33			35			13	%		6	%		83			124			49	%

Less: cumulative effect of accounting change, net of tax		—			(1	)		—			—			—			—			—			—			(1	)		—


Operating income		31			29			28			33			35			13	%		6	%		83			125			51	%
Less: Tax related items		—			—			—			—			—			—			—			1			—			(100	%)
Less: Bancorp litigation		—			—			—			—			—			—			—			(40	)		—			100	%


Operating income, before tax related items and Bancorp litigation	$	31		$	29		$	28		$	33		$	35			13	%		6	%	$	122		$	125			2	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L - 15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP
SUPPLEMENTAL DATA - SALES/OTHER DEPOSITS


											Year Over
												Year			Sequential				YEAR ENDED
	4Q		1Q		2Q		3Q		4Q			Quarter			Quarter				DECEMBER 31,
	2003		2004		2004		2004		2004			Change				Change			2003		2004		Change
SALES
Institutional
Structured settlements	$	219	$	140	$	156	$	175	$	177			(19	%)			1	%	$	715	$	648		(9	%)
Institutional annuities		59		11		7		22		78			32	%		NM				428		118		(72	%)
Mutual funds		221		96		38		62		62			(72	%)			-			339		258		(24	%)
GIC/Funding agreements		562		74		1,000		624		900			60	%			44	%		1,886		2,598		38	%

Total Institutional	$	1,061	$	321	$	1,201	$	883	$	1,217			15	%			38	%	$	3,368	$	3,622		8	%


Governmental
Annuity	$	102	$	126	$	111	$	73	$	71			(30	%)			(3	%)	$	628	$	381		(39	%)
Mutual funds		8		10		8		8		9			13	%			13	%		33		35		6	%

Total Governmental	$	110	$	136	$	119	$	81	$	80			(27	%)			(1	%)	$	661	$	416		(37	%)


Private Placement Life Insurance
Corporate owned	$	89	$	103	$	142	$	146	$	265			198	%			82	%	$	196	$	656	NM
High net worth		15		49		16		5		14			(7	%)			180	%		127		84		(34	%)

Total Private Placement Life Insurance	$	104	$	152	$	158	$	151	$	279			168	%			85	%	$	323	$	740		129	%


SALES & OTHER DEPOSITS
Institutional
Structured settlements	$	151	$	203	$	180	$	156	$	172			14	%			10	%	$	609	$	711		17	%
Institutional annuities		64		7		11		22		78			22	%		NM				430		118		(73	%)
Mutual funds		221		96		38		82		62			(72	%)			(24	%)		339		278		(18	%)
GIC/Funding agreements		466		18		319		546		613			32	%			12	%		1,581		1,496		(5	%)
Other		6		4		316		4		6			—				50	%		324		330		2	%

Total Institutional		908		328		864		810		931			3	%			15	%		3,283		2,933		(11	%)


Governmental
Annuity		297		358		307		255		201			(32	%)			(21	%)		1,325		1,121		(15	%)
Mutual funds		8		10		8		8		9			13	%			13	%		33		35		6	%

Total Governmental		305		368		315		263		210			(31	%)			(20	%)		1,358		1,156		(15	%)


Private Placement Life Insurance
Corporate owned		89		175		131		137		262			194	%			91	%		233		705	NM
High net worth		15		48		16		5		8			(47	%)			60	%		127		77		(39	%)

Total Private Placement Life Insurance		104		223		147		142		270			160	%			90	%		360		782		117	%


Total Institutional Solutions Group	$	1,317	$	919	$	1,326	$	1,215	$	1,411			7	%			16	%	$	5,001	$	4,871		(3	%)

L - 16

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP

SUPPLEMENTAL DATA — ASSETS UNDER MANAGEMENT


												Year Over
												Year			Sequential
		4Q		1Q		2Q		3Q		4Q		Quarter			Quarter
		2003		2004		2004		2004		2004		Change			Change
INSTITUTIONAL
	General account	$	9,912	$	10,135	$	10,318	$	10,919	$	11,337		14	%		4	%
	Guaranteed separate account		343		357		335		352		355		3	%		1	%
	Non-guaranteed separate account		2,405		2,449		2,724		2,740		2,907		21	%		6	%

	Total Institutional	$	12,660	$	12,941	$	13,377	$	14,011	$	14,599		15	%		4	%


GOVERNMENTAL
	General account	$	3,819	$	3,831	$	3,907	$	3,994	$	4,048		6	%		1	%
	Non-guaranteed separate account		5,146		5,412		5,538		5,443		5,914		15	%		9	%

	Total Governmental	$	8,965	$	9,243	$	9,445	$	9,437	$	9,962		11	%		6	%


PRIVATE PLACEMENT LIFE INSURANCE
	General account	$	2,403	$	2,417	$	2,397	$	2,409	$	2,412		—			—
	Non-guaranteed separate account		21,114		21,425		21,703		22,000		22,615		7	%		3	%

	Total Private Placement Life Insurance	$	23,517	$	23,842	$	24,100	$	24,409	$	25,027		6	%		3	%


TOTAL INSTITUTIONAL SOLUTIONS GROUP
	General account	$	16,134	$	16,383	$	16,622	$	17,322	$	17,797		10	%		3	%
	Guaranteed separate account		343		357		335		352		355		3	%		1	%
	Non-guaranteed separate account		28,665		29,286		29,965		30,183		31,436		10	%		4	%

	Total Institutional Solutions Group account value	$	45,142	$	46,026	$	46,922	$	47,857	$	49,588		10	%		4	%


BY PRODUCT
	Institutional
	Structured settlements	$	3,285	$	3,492	$	3,673	$	3,828	$	4,006		22	%		5	%
	Institutional annuities		2,395		2,418		2,397		2,418		2,492		4	%		3	%
	GIC/Funding agreements		4,677		4,686		4,690		5,129		5,297		13	%		3	%
	Other		2,303		2,345		2,617		2,636		2,804		22	%		6	%

	Total Institutional		12,660		12,941		13,377		14,011		14,599		15	%		4	%


	Governmental — Annuity		8,965		9,243		9,445		9,437		9,962		11	%		6	%

	Private Placement Life Insurance
	Variable		20,993		21,305		21,592		21,889		22,498		7	%		3	%
	Leveraged		2,524		2,537		2,508		2,520		2,529

	Total Private Placement Life Insurance		23,517		23,842		24,100		24,409		25,027		6	%		3	%

	Total Institutional Solutions Group account value		45,142		46,026		46,922		47,857		49,588		10	%		4	%

	Mutual Fund Assets
	Institutional mutual fund assets		438		484		508		569		676		54	%		19	%
	Governmental mutual fund assets		770		762		764		731		756		(2	%)		3	%

	Total Mutual Fund Assets		1,208		1,246		1,272		1,300		1,432		19	%		10	%


	Total Institutional Solutions Group Assets Under Management	$	46,350	$	47,272	$	48,194	$	49,157	$	51,020		10	%		4	%

L-17

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP

SUPPLEMENTAL DATA — ACCOUNT VALUE AND ASSET ROLLFORWARD [1]


		4Q			1Q			2Q			3Q			4Q
		2003			2004			2004			2004			2004
INSTITUTIONAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	11,902		$	12,660		$	12,941		$	13,377		$	14,011
	Sales/premiums/other deposits		687			232			826			728			869
	Surrenders		(210	)		(88	)		(402	)		(197	)		(537	)
	Death benefits/annuitizations/other		(82	)		(99	)		(101	)		(104	)		(103	)

	Net Flows		395			45			323			427			229
	Change in market value/change in reserve/interest credited		363			236			113			207			359

	Ending balance	$	12,660		$	12,941		$	13,377		$	14,011		$	14,599


GOVERNMENTAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	8,319		$	8,965		$	9,243		$	9,445		$	9,437
	Sales/premiums/other deposits		297			358			307			255			201
	Surrenders		(197	)		(239	)		(185	)		(169	)		(233	)
	Death benefits/annuitizations/other		(17	)		(15	)		(16	)		(16	)		(18	)

	Net Flows		83			104			106			70			(50	)
	Change in market value/change in reserve/interest credited		563			174			96			(78	)		575

	Ending balance	$	8,965		$	9,243		$	9,445		$	9,437		$	9,962


PRIVATE PLACEMENT LIFE INSURANCE	Account Value Rollforward
	Beginning balance	$	23,159		$	23,517		$	23,842		$	24,100		$	24,409
	Initial and subsequent premiums		104			223			147			142			270
	Surrenders		(106	)		(16	)		(35	)		(3	)		(26	)
	Death benefits/annuitizations/other		(38	)		(119	)		(121	)		(94	)		(73	)

	Net Flows		(40	)		88			(9	)		45			171
	Change in market value/change in reserve/interest credited		398			237			267			264			447

	Ending balance	$	23,517		$	23,842		$	24,100		$	24,409		$	25,027

[1] Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.

L-18

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE
INCOME STATEMENTS


																		Year Over
																		Year			Sequential			YEAR ENDED
			4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
			2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
	Premiums and other considerations
		Variable life fees	$	13		$	12		$	13		$	13		$	15			15	%		15	%	$	44		$	53			20	%
		Cost of insurance charges		110			110			110			113			113			3	%		—			431			446			3	%
		Other fees		67			64			58			64			82			22	%		28	%		264			268			2	%

		Total fee income		190			186			181			190			210			11	%		11	%		739			767			4	%
		Gross MVA/MGLI spread income		1			—			—			—			—			(100	%)		—			8			—			(100	%)

		Net guaranteed separate account income		1			—			—			—			—			(100	%)		—			8			—			(100	%)
		Direct premiums		17			17			17			17			20			18	%		18	%		61			71			16	%
		Reinsurance premiums		(23	)		(22	)		(22	)		(23	)		(25	)		(9	%)		(9	%)		(81	)		(92	)		(14	%)

		Net premiums		(6	)		(5	)		(5	)		(6	)		(5	)		17	%		17	%		(20	)		(21	)		(5	%)

		Total premiums and other considerations		185			181			176			184			205			11	%		11	%		727			746			3	%
	Net investment income
		Net investment income on G/A assets		71			80			82			84			82			15	%		(2	%)		282			328			16	%
		Net investment income on assigned capital		4			3			4			3			3			(25	%)		—			15			13			(13	%)
		Charge for invested capital		(11	)		(10	)		(10	)		(9	)		(10	)		9	%		(11	%)		(41	)		(39	)		5	%

		Total net investment income		64			73			76			78			75			17	%		(4	%)		256			302			18	%
	Net realized capital gains (losses) [1]			-			-			-			1			(1	)		-		NM				(1	)		-			100	%

		Total revenues		249			254			252			263			279			12	%		6	%		982			1,048			7	%
Benefits and Expenses
	Benefits and claims
		Death benefits		46			67			61			60			57			24	%		(5	%)		224			245			9	%
		Other contract benefits		6			5			6			5			6			—			20	%		23			22			(4	%)
		Change in reserve		(1	)		—			—			(3	)		—			100	%		100	%		(3	)		(3	)		—
		Interest credited on G/A assets		48			53			53			53			57			19	%		8	%		192			216			13	%

		Total benefits and claims		99			125			120			115			120			21	%		4	%		436			480			10	%
	Other insurance expenses
		Commissions & wholesaling expenses		54			44			46			47			63			17	%		34	%		168			200			19	%
		Operating expenses		55			48			50			52			62			13	%		19	%		193			212			10	%
		Dividends to policyholders		1			1			—			1			—			(100	%)		(100	%)		3			2			(33	%)
		Premium taxes and other expenses		8			8			9			8			8			—			—			30			33			10	%

		Subtotal — expenses before deferral		118			101			105			108			133			13	%		23	%		394			447			13	%
		Deferred policy acquisition costs		(73	)		(61	)		(66	)		(67	)		(89	)		(22	%)		(33	%)		(233	)		(283	)		(21	%)

		Total other insurance expense		45			40			39			41			44			(2	%)		7	%		161			164			2	%
		Amortization of deferred policy acquisition costs and present value of future profits		45			39			40			43			58			29	%		35	%		176			180			2	%

		Total benefits and expenses		189			204			199			199			222			17	%		12	%		773			824			7	%
		Income before income tax expense		60			50			53			64			57			(5	%)		(11	%)		209			224			7	%
		Income tax expense		19			16			16			20			18			(5	%)		(10	%)		64			70			9	%

		Income before cumulative effect of accounting changes		41			34			37			44			39			(5	%)		(11	%)		145			154			6	%
		Cumulative effect of accounting change, net of tax		—			(1	)		—			—			—			—			—			—			(1	)		—

		Net income		41			33			37			44			39			(5	%)		(11	%)		145			153			6	%
		Less: cumulative effect of accounting change, net of tax		—			(1	)		—			—			—			—			—			—			(1	)		—

		Operating income		41			34			37			44			39			(5	%)		(11	%)		145			154			6	%
		Less: Tax related items		—			—			—			—			—			—			—			2			—			(100	%)

		Operating income, before tax related items	$	41		$	34		$	37		$	44		$	39			(5	%)		(11	%)	$	143		$	154			8	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L-19

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE

SUPPLEMENTAL DATA


												Year Over
												Year			Sequential			YEAR ENDED
		4Q		1Q		2Q		3Q		4Q		Quarter			Quarter			DECEMBER 31,
		2003		2004		2004		2004		2004		Change			Change			2003		2004		Change
SALES BY DISTRIBUTION
	Wirehouse/regional broker-dealer/banks	$	32	$	21	$	23	$	26	$	36		13	%		38	%	$	93	$	106		14	%
	Independent broker-dealer/WFS		18		16		14		17		20		11	%		18	%		54		67		24	%
	Life professional/other		20		14		10		13		23		15	%		77	%		49		60		22	%

	Total sales by distribution	$	70	$	51	$	47	$	56	$	79		13	%		41	%	$	196	$	233		19	%


SALES BY PRODUCT
	Variable life	$	30	$	23	$	25	$	31	$	37		23	%		19	%	$	105	$	116		10	%
	Universal life/whole life		37		24		19		21		38		3	%		81	%		80		102		28	%
	Term life/other		3		4		3		4		4		33	%		—			11		15		36	%

	Total sales by product	$	70	$	51	$	47	$	56	$	79		13	%		41	%	$	196	$	233		19	%


ACCOUNT VALUE
	General account	$	3,829	$	4,395	$	4,425	$	4,465	$	4,538		19	%		2	%
	Separate account		4,897		4,441		4,567		4,478		4,949		1	%		11	%

	Total account value	$	8,726	$	8,836	$	8,992	$	8,943	$	9,487		9	%		6	%


ACCOUNT VALUE BY PRODUCT
	Variable life	$	4,725	$	4,797	$	4,934	$	4,860	$	5,356		13	%		10	%
	Universal life/interest sensitive whole life		3,259		3,297		3,321		3,350		3,402		4	%		2	%
	Modified guaranteed life		655		653		647		641		636		(3	%)		(1	%)
	Other		87		89		90		92		93		7	%		1	%

	Total account value by product	$	8,726	$	8,836	$	8,992	$	8,943	$	9,487		9	%		6	%


LIFE INSURANCE IN FORCE
	Variable life	$	67,031	$	67,101	$	67,537	$	68,051	$	69,089		3	%		2	%
	Universal life/interest sensitive whole life		38,320		38,532		38,554		38,717		39,109		2	%		1	%
	Term life		24,302		25,711		27,199		28,795		30,577		26	%		6	%
	Modified guaranteed life		881		872		857		843		827		(6	%)		(2	%)
	Other		264		266		273		280		287		9	%		2	%

	Total life insurance in force	$	130,798	$	132,482	$	134,420	$	136,686	$	139,889		7	%		2	%

L-20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE

ACCOUNT VALUE ROLLFORWARD


		4Q			1Q			2Q			3Q			4Q
		2003			2004			2004			2004			2004
VARIABLE LIFE	Beginning balance	$	4,284		$	4,725		$	4,797		$	4,934		$	4,860
	First year & single premiums		69			65			68			78			107
	Renewal premiums		159			139			136			128			151

	Premiums and deposits		228			204			204			206			258
	Change in market value/interest credited		410			44			106			(97	)		445
	Surrenders [2]		(82	)		(75	)		(62	)		(75	)		(76	)
	Death benefits/policy fees		(115	)		(101	)		(111	)		(108	)		(131	)

	Ending balance	$	4,725		$	4,797		$	4,934		$	4,860		$	5,356


OTHER [1]	Beginning balance	$	3,963		$	4,001		$	4,039		$	4,058		$	4,083
	First year & single premiums		70			60			48			54			65
	Renewal premiums		84			83			86			87			105

	Premiums and deposits		154			143			134			141			170
	Change in market value/interest credited		50			48			47			48			53
	Surrenders		(66	)		(55	)		(56	)		(60	)		(59	)
	Death benefits/policy fees		(100	)		(98	)		(106	)		(104	)		(116	)

	Ending balance	$	4,001		$	4,039		$	4,058		$	4,083		$	4,131


TOTAL INDIVIDUAL LIFE	Beginning balance	$	8,247		$	8,726		$	8,836		$	8,992		$	8,943
	First year & single premiums		139			125			116			132			172
	Renewal premiums		243			222			222			215			256

	Premiums and deposits		382			347			338			347			428
	Change in market value/interest credited		460			92			153			(49	)		498
	Surrenders		(148	)		(130	)		(118	)		(135	)		(135	)
	Death benefits/policy fees		(215	)		(199	)		(217	)		(212	)		(247	)

	Ending balance	$	8,726		$	8,836		$	8,992		$	8,943		$	9,487

[1] Includes Universal Life, Interest Sensitive Whole Life, Modified Guaranteed Life Insurance and other.

[2] The fourth quarter 2003 includes return of account value of $16 for a discontinued product.

L-21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
GROUP BENEFITS
INCOME STATEMENTS


																		Year Over
																		Year			Sequential			YEAR ENDED
			4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
			2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
	Premiums and other considerations
		ASO fees	$	5		$	9		$	8		$	9		$	9			80	%		—		$	19		$	35			84	%
		Mutual fund and other fees		—			1			1			—			—			—			—			1			2			100	%

		Total fee income		5			10			9			9			9			80	%		—			20			37			85	%
		Direct premiums		578			726			720			746			745			29	%		—			2,298			2,937			28	%
		Reinsurance premiums		7			179			177			159			163		NM				3	%		44			678		NM

		Total premiums and other considerations		590			915			906			914			917			55	%		—			2,362			3,652			55	%
	Net investment income
		Net investment income on G/A assets		56			77			80			82			85			52	%		4	%		225			324			44	%
		Net investment income on assigned capital		10			12			13			13			13			30	%		—			39			51			31	%

		Total net investment income		66			89			93			95			98			48	%		3	%		264			375			42	%
	Net realized capital gains (losses) [1]			-			-			1			-			-			-			-			(2	)		1		NM

		Total revenues		656			1,004			1,000			1,009			1,015			55	%		1	%		2,624			4,028			54	%
Benefits and Expenses
	Benefits and claims
		Death benefits		150			259			232			217			211			41	%		(3	%)		664			919			38	%
		Other contract benefits		251			387			396			394			397			58	%		1	%		1,025			1,574			54	%
		Change in reserve		49			38			62			60			50			2	%		(17	%)		173			210			21	%

		Total benefits and claims		450			684			690			671			658			46	%		(2	%)		1,862			2,703			45	%
	Other insurance expenses
		Commissions & wholesaling expenses		56			129			123			117			132			136	%		13	%		234			501			114	%
		Operating expenses		86			113			109			112			129			50	%		15	%		297			463			56	%
		Premium taxes and other expenses		11			19			17			16			17			55	%		6	%		45			69			53	%

		Subtotal — expenses before deferral		153			261			249			245			278			82	%		13	%		576			1,033			79	%
		Deferred policy acquisition costs		(6	)		(9	)		(9	)		(11	)		(15	)		(150	%)		(36	%)		(23	)		(44	)		(91	%)

		Total other insurance expense		147			252			240			234			263			79	%		12	%		553			989			79	%
		Amortization of deferred policy acquisition costs		5			5			6			7			5			—			(29	%)		18			23			28	%

		Total benefits and expenses		602			941			936			912			926			54	%		2	%		2,433			3,715			53	%
		Income before income tax expense		54			63			64			97			89			65	%		(8	%)		191			313			64	%
		Income tax expense		13			16			16			27			25			92	%		(7	%)		43			84			95	%

		Net income		41			47			48			70			64			56	%		(9	%)		148			229			55	%
		Less: Non operating net realized gains (losses), net of tax		—			—			—			—			—			—			—			—			—			—

		Operating income		41			47			48			70			64			56	%		(9	%)		148			229			55	%
		Less: Tax related items		—			—			—			—			—			—			—			—			—			—

		Operating income, before tax related items	$	41		$	47		$	48		$	70		$	64			56	%		(9	%)	$	148		$	229			55	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L-22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
GROUP BENEFITS
SUPPLEMENTAL DATA


																			Year Over
																			Year			Sequential			YEAR ENDED
				4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
				2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
PREMIUMS	Fully Insured — Ongoing Premiums
		Group disability		$	240		$	393		$	383		$	393		$	393			64	%		-		$	963		$	1,562			62	%
		Group life			252			415			412			411			417			65	%		1	%		984			1,655			68	%
		Other			93			97			102			100			95			2	%		(5	%)		355			394			11	%

			Total fully insured — ongoing premiums		585			905			897			904			905			55	%		—			2,302			3,611			57	%

			Total buyouts [1]		—			—			—			1			3			—		NM				40			4			(90	%)

			Total premiums		585			905			897			905			908			55	%		—			2,342			3,615			54	%
			Group disability — premium equivalents [2]		51			62			72			71			65			27	%		(8	%)		202			270			34	%

			Total premiums and premium equivalent claims	$	636		$	967		$	969		$	976		$	973			53	%		—		$	2,544		$	3,885			53	%

SALES (GROSS ANNUALIZED NEW PREMIUMS)	Fully Insured — Ongoing Sales
		Group disability		$	39		$	139		$	35		$	39		$	24			(38	%)		(38	%)	$	225		$	237			5	%
		Group life			43			152			58			51			40			(7	%)		(22	%)		200			301			51	%
		Other			11			50			11			17			16			45	%		(6	%)		82			94			15	%

			Total fully insured — ongoing sales		93			341			104			107			80			(14	%)		(25	%)		507			632			25	%

			Total buyouts [1]		16			—			—			3			3			(81	%)		—			56			6			(89	%)

			Total sales		109			341			104			110			83			(24	%)		(25	%)		563			638			13	%
			Group disability premium equivalents [2]		7			37			8			33			7			—			(79	%)		41			85			107	%

			Total sales and premium equivalents	$	116		$	378		$	112		$	143		$	90			(22	%)		(37	%)	$	604		$	723			20	%

RATIOS [3]		Loss Ratio			76.3	%		74.8	%		76.2	%		73.4	%		71.7	%		(6	%)		(2	%)		78.5	%		74.0	%		(6	%)
		Expense Ratio			25.8	%		28.1	%		27.2	%		26.4	%		29.3	%		14	%		11	%		24.6	%		27.7	%		13	%

GAAP RESERVES		Group disability		$	3,997		$	4,042		$	4,081		$	4,134		$	4,178			5	%		1	%
		Group life			1,282			1,274			1,295			1,291			1,289			1	%		-
		Other			200			202			197			206			211			5	%		2	%

			Total GAAP reserves	$	5,479		$	5,518		$	5,573		$	5,631		$	5,678			4	%		1	%

[1]    Takeover of open claim liabilities and other non-recurring premium amounts.

[2]    Administrative services only (ASO) fees and claims under claim management agreements.

[3]    Ratios calculated excluding the effects of buyout premiums.

L-23

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
FINANCIAL HIGHLIGHTS


																	Year Over
																	Year			Sequential			YEAR ENDED
		4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
		2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
TOTAL PROPERTY & CASUALTY PREMIUMS
	Written premiums	$	2,166		$	2,397		$	2,548		$	2,575		$	2,374			10	%		(8	%)	$	9,065		$	9,894			9	%
	Earned premiums [1]		2,265			2,186			2,353			2,474			2,481			10	%		—			8,805			9,494			8	%
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
	Business Insurance		67			225			97			(25	)		63			(6	%)	NM				158			360			128	%
	Personal Lines		26			106			75			(137	)		94		NM			NM				130			138			6	%
	Specialty Commercial		26			(110	)		29			(58	)		86		NM			NM				10			(53	)	NM

	Ongoing Operations underwriting results		119			221			201			(220	)		243			104	%	NM				298			445			49	%
	Other Operations [2]		(78	)		(65	)		(214	)		(110	)		(59	)		24	%		46	%		(2,840	)		(448	)		84	%

	Total Property & Casualty underwriting results [3]	$	41		$	156		$	(13	)	$	(330	)	$	184		NM			NM			$	(2,542	)	$	(3	)		100	%
ONGOING OPERATIONS UNDERWRITING RATIOS
	Loss and loss adjustment expenses
	Current year		67.8			66.8			65.2			80.4			63.9			3.9			16.5			68.8			69.2			(0.4	)
	Prior year [1] [4]		(0.2	)		(4.5	)		0.7			2.1			1.4			(1.6	)		0.7			0.5			0.1			0.4

	Total loss and loss adjustment expenses		67.5			62.2			65.8			82.5			65.4			2.1			17.1			69.2			69.3			(0.1	)
	Expenses		26.8			27.3			25.6			26.1			24.8			2.0			1.3			26.8			25.9			0.9
	Policyholder dividends		0.2			0.3			—			0.3			—			0.2			0.3			0.4			0.1			0.3

	Combined ratio		94.6			89.8			91.4			108.9			90.2			4.4			18.7			96.5			95.3			1.2

	Catastrophe ratio [4]		1.5			(12.2	)		2.4			15.6			1.2			0.3			14.4			3.1			2.2			0.9

	Combined ratio before catastrophes		93.1			102.0			89.0			93.3			89.0			4.1			4.3			93.4			93.1			0.3
	Combined ratio before catastrophes and prior year development		92.6			92.7			88.5			90.5			87.6			5.0			2.9			92.8			89.7			3.1

Total Property & Casualty Income and ROE
	Net income (loss)	$	237		$	341		$	203		$	24		$	342			44	%	NM			$	(745	)	$	910		NM
	Operating income (loss) [5]		225			297			188			13			331			47	%	NM				(898	)		829		NM
	Impacts of tax related items and 2003 asbestos reserve addition and severance charges		—			—			—			26			—			—			(1.0	)		(1,728	)		26		NM
	Operating income before impacts of tax related items and 2003 asbestos reserve addition and severance charges		225			297			188			(13	)		331			47	%	NM				830			803			(3	%)
	Operating income ROE (last 12 months income-equity x-AOCI)		(20.1	%)		18.5	%		16.6	%		12.4	%		14.2	%	NM				1.8
	Operating income ROE (last 12 months income-equity x-AOCI) before impacts of tax related items and the impact 2003 asbestos reserve addition and severance charges [6]		15.2	%		17.1	%		16.6	%		11.9	%		13.7	%		(1.5	)		1.8


	PROPERTY & CASUALTY
	Dec. 31,		Dec. 31,
	2003		2004		Change
Selected Financial Data
Hartford Fire adjusted statutory surplus ($ in billions)	$	5.9	$	6.4		.5
Hartford Fire premium to adjusted surplus ratio		1.5		1.5		—

[1]	Earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Ongoing Operations prior year loss and loss adjustment expenses for the quarter ended March 31, 2004 included a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims.

[2]	During the second quarter of 2004, the Company completed an evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment, including asbestos liabilities. As a result of thi June 30, 2004 includes a reduction in the net reinsurance recoverable by $181, before tax, and $118 after-tax. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75, before tax, and $49, after-tax.

[3]	Includes catastrophes of $29, before tax, for the quarter ended December 31, 2004 and $507, before tax and the net reserve release of $395 related to September 11, for the year ended December 31, 2004. Catastrophe losses for the quarter ended September 3 include losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17.

[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.

[5]	Operating income for Property & Casualty before the impacts of the $90 decrease in estimated earned premiums on retrospectively-rated policies and prior year loss development is $322 for the quarter ended March 31, 2004 and $1,157 for the year ended December 31, 2004.

[6]	The March 31, 2004 ratio reflects the equity impact of the May 2003 capital contribution in beginning equity.

PC-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
OPERATING RESULTS


																	Year Over
																	Year			Sequential						YEAR ENDED
		4Q			1Q			2Q			3Q			4Q			Quarter			Quarter						DECEMBER 31,
		2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
	Written premiums	$	2,166		$	2,397		$	2,548		$	2,575		$	2,374			10	%		(8	%)	$	9,065		$	9,894			9	%
	Change in reserve		(99	)		211			195			101			(107	)		(8	%)	NM				260			400			54	%

	Earned premiums [1] [2]		2,265			2,186			2,353			2,474			2,481			10	%		—			8,805			9,494			8	%

	Loss and loss adjustment expenses
	Current year		1,552			1,469			1,535			1,996			1,590			2	%		(20	%)		6,102			6,590			8	%
	Prior year [1]		50			(51	)		221			144			100			100	%		(31	%)		220			414			88	%

	Total loss and loss adjustment expenses [3]		1,602			1,418			1,756			2,140			1,690			5	%		(21	%)		6,322			7,004			11	%
	Underwriting expenses		617			605			611			657			608			(1	%)		(7	%)		2,387			2,481			4	%
	Dividends to policyholders		5			7			(1	)		7			(1	)	NM			NM				34			12			(65	%)

	Underwriting results		41			156			(13	)		(330	)		184		NM			NM				62			(3	)	NM
	Net servicing income		(7	)		9			21			10			2		NM				(80	%)		8			42		NM
	Net investment income		308			311			295			309			333			8	%		8	%		1,172			1,248			6	%
	Periodic net coupon settlements on non-qualifying derivatives, before-tax		4			4			3			1			1			(75	%)		—			18			9			(50	%)
	Other expenses		(42	)		(68	)		(60	)		(53	)		(54	)		(29	%)		(2	%)		(173	)		(235	)		(36	%)
	Income tax expense		(79	)		(115	)		(58	)		50			(135	)		(71	%)	NM				(257	)		(258	)		—

	Operating income, before impacts of tax related items and 2003 asbestos reserve addition and severance charges		225			297			188			(13	)			331		47	%	NM				830			803			(3	%)
	Tax related items [4]		—			—			—			26			—			—			(100	%)		—			26			—
	Severance charges		—			—			—			—			—			—			—			(27	)		—			100	%
	2003 asbestos reserve addition		—			—			—			—			—			—			—			(1,701	)		—			100	%

	Operating income (loss)		225			297			188			13			331			47	%	NM				(898	)		829		NM
	Add: Net realized capital gains, after-tax		15			47			16			12			12			(20	%)		—			165			87			(47	%)
	Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax		3			3			1			1			1			(67	%)		—			12			6			(50	%)

	Net income (loss)	$	237		$	341		$	203		$	24		$	342			44	%	NM			$	(745	)	$	910		NM

	Total Property & Casualty effective tax rate — net income		26.9	%		28.8	%		24.8	%	NM				29.0	%		2.1		NM			NM				23.2	%	NM
	Total Property & Casualty effective tax rate — operating income		26.3	%		27.8	%		23.8	%	NM				28.8	%		2.5		NM			NM				21.8	%	NM

[1]    Earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 2004 includes a net reserve release of $395 related to September 11, an increase in reserves of $190 for construction defects claims and an increase in reserves of $130 for assumed casualty reinsurance. The quarter ended June 30, 2004 includes a reduction in net reinsurance recoverables of $181. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75, before tax, and $49, after-tax.

[2]    Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17.

[3]    Includes catastrophes of $29, before tax, for the quarter ended December 31, 2004 and $507, before tax and the net reserve release of $395 related to September 11, for the year ended December 31, 2004. Catastrophe losses for the quarter ended September 30, 2004 includes losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

[4]    Tax benefit related to the audit settlement of tax years prior to 2004.

PC-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
CONSOLIDATING UNDERWRITING RESULTS

FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2004


															Total			Total
			Business			Personal			Specialty			Ongoing			Other			Property &
			Insurance			Lines			Commercial			Operations			Operations			Casualty
UNDERWRITING RESULTS

	Written premiums		$	1,157		$	856		$	360		$	2,373		$	1		$	2,374
	Change in reserve			32			(26	)		(112	)		(106	)		(1	)		(107	)

		Earned premiums		1,125			882			472			2,479			2			2,481

	Loss and loss adjustment expenses												309			309			309
		Current year		687			591			309			1,587			3			1,590
		Prior year		41			(4	)		(2	)		35			65			100

	Total loss and loss adjustment expenses [1]			728			587			307			1,622			68			1,690

	Underwriting expenses			337			201			77			615			(7	)		608
	Dividends to policyholders			(3	)		—			2			(1	)		—			(1	)

		Underwriting results	$	63		$	94		$	86		$	243		$	(59	)	$	184


UNDERWRITING RATIOS
	Loss and loss adjustment expenses
		Current year		61.0			67.1			64.9			63.9
		Prior year [2]		3.7			(0.4	)		(0.4	)		1.4

	Total loss and loss adjustment expenses			64.7			66.7			64.5			65.4

	Expenses			29.9			22.6			16.9			24.8
	Policyholder dividends			(0.2	)		—			0.5			—


		Combined ratio		94.4			89.3			81.8			90.2

	Catastrophe ratio [2]			1.0			(0.3	)		4.2			1.2


		Combined ratio before catastrophes		93.4			89.6			77.6			89.0

		Combined ratio before catastrophes and prior year development [2]		89.7			90.0			78.0			87.6

[1]		Total Property & Casualty includes catastrophes, before tax, of $29 for the quarter ended December 31, 2004. Refer to the respective segment underwriting pages for catastrophe losses by segment.

[2]		Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses.

PC-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
CONSOLIDATING UNDERWRITING RESULTS

FOR THE YEAR ENDED DECEMBER 31, 2004


																Total
			Business			Personal		Specialty			Ongoing		Other				Property &
			Insurance			Lines		Commercial			Operations		Operations				Casualty
UNDERWRITING RESULTS

	Written premiums		$	4,575		$	3,557	$	1,772		$	9,904	$	(10	)		$	9,894
	Change in reserve			276			112		46			434		(34	)			400

		Earned premiums [1] [2]		4,299			3,445		1,726			9,470		24				9,494

	Loss and loss adjustment expenses
		Current year		2,700			2,509		1,345			6,554		36				6,590
		Prior year [3]		(67	)		3		69			5		409				414

	Total loss and loss adjustment expenses [4]			2,633			2,512		1,414			6,559		445				7,004

	Underwriting expenses			1,296			795		363			2,454		27				2,481
	Dividends to policyholders			10			-		2			12		-				12

		Underwriting results	$	360		$	138	$	(53	)	$	445	$	(448	)		$	(3	)


UNDERWRITING RATIOS [1]
	Loss and loss adjustment expenses
		Current year		62.8			72.8		77.9			69.2
		Prior year [3] [5]		(1.6	)		0.1		4.0			0.1

	Total loss and loss adjustment expenses			61.2			72.9		81.9			69.3

	Expenses			30.1			23.1		21.1			25.9
	Policyholder dividends			0.2			-		0.1			0.1

		Combined ratio		91.6			96.0		103.1			95.3

	Catastrophe ratio [5]			(0.9	)		7.4		(0.4	)		2.2

		Combined ratio before catastrophes		92.5			88.6		103.5			93.1
		Combined ratio before catastrophes
		and prior year development		89.7			88.2		92.8			89.7

[1]

In the quarter ended March 31, 2004, Specialty Commercial earned premiums were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Before considering the earned premium adjustment, the full year 2004 combined ratio before catastrophes and prior year development is as follows:

Combined ratio before catastrophes, prior year development and earned premium adjustment

89.7

88.2

88.9

[2] Ongoing Operations earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17. Refer to the respective segment underwriting pages for catastrophe treaty reinstatement premium by segment.

[3] Includes a first quarter 2004 net reserve release related to September 11 of $175 in Business Insurance, $7 in Personal Lines, $116 in Specialty Commercial and $97 in Other Operations, an increase in reserves of $167 for construction defects claims in Specialty Commercial and $23 in Business Insurance and an increase in assumed casualty reinsurance reserves of $130 in Other Operations. Other Operations includes a second quarter 2004 reduction in net reinsurance recoverable of $181 and a third quarter 2004 environmental reserve strengthening of $75. See page PC-5 for the impact of these items and other prior year development on underwriting ratios.

[4] Total Property & Casualty includes catastrophes of $507, before tax and the net reserve release of $395 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Refer to the respective segment underwriting pages for catastrophe losses by segment.

[5] Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including the net reserve release related to September 11.

PC-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
CONSOLIDATING UNDERWRITING RESULTS, AS ADJUSTED [1]

FOR THE YEAR ENDED DECEMBER 31, 2004


																		Total
			Business			Personal			Specialty			Ongoing			Other			Property &
			Insurance			Lines			Commercial			Operations			Operations			Casualty
UNDERWRITING RESULTS, AS ADJUSTED [1]

	Written premiums		$	4,575		$	3,557		$	1,772		$	9,904		$	(10	)	$	9,894
	Change in reserve			276			112			(44	)		344			(34	)		310

		Earned premiums [2]		4,299			3,445			1,816			9,560			24			9,584

	Loss and loss adjustment expenses
		Current year		2,700			2,509			1,345			6,554			36			6,590
		Prior year		—			—			—			—			—			—

	Total loss and loss adjustment expenses [2]			2,700			2,509			1,345			6,554			36			6,590
	Underwriting expenses			1,296			795			363			2,454			27			2,481
	Dividends to policyholders			10			-			2			12			-			12

		Underwriting results, as adjusted	$	293		$	141		$	106		$	540		$	(39	)	$	501

	Retrospectively-rated policies earned premium adjustment			-			-			(90	)		(90	)		-			(90	)
	September 11 net reserve release			175			7			116			298			97			395
	Construction defects claims reserve strengthening			(23	)		-			(167	)		(190	)		-			(190	)
	Assumed casualty reinsurance reserve strengthening [3]			-			-			-			-			(170	)		(170	)
	Change in reinsurance ceded, net			-			-			-			-			(181	)		(181	)
	Environmental reserve strengthening			-			-			-			-			(75	)		(75	)
	Other prior year development			(85	)		(10	)		(18	)		(113	)		(80	)		(193	)

		Underwriting results	$	360		$	138		$	(53	)	$	445		$	(448	)	$	(3	)


UNDERWRITING RATIOS, AS ADJUSTED [1]
	Loss and loss adjustment expenses
		Current year		62.8			72.8			74.0			68.5
		Prior year		—			—			—			—

	Total loss and loss adjustment expenses			62.8			72.8			74.0			68.5
	Expenses			30.1			23.1			20.1			25.7
	Policyholder dividends			0.2			-			0.1			0.1

		Combined ratio		93.2			95.9			94.2			94.3

	Catastrophe ratio			3.4			7.7			6.0			5.5

		Combined ratio before catastrophes		89.7			88.2			88.2			88.9

[1]		Adjusted to exclude a decrease in estimated earned premiums on retrospectively-rated policies and prior year loss development. Prior year loss development includes the net reserve release related to September 11, an increase in reserves for construction defect claims, an increase in reserves for assumed casualty reinsurance, change in reinsurance ceded, net, an increase in evironmental reserves, and other prior year loss development. The as adjusted underwriting results and ratios are non-GAAP financial measures because they exclude the effect of prior year development and the reduction in earned premiums relating to retrospectively-rated policies. The Company has included these results and ratios as an additional measure of the performance of the Company’s Property & Casualty current operations, because they exclude the effect of items relating to prior periods. A reconciliation of the as adjusted underwriting results, on which the as adjusted ratios are based, to the Company’s GAAP underwriting results is set forth above.

[2]		Total Property and Casualty includes catastrophes of $507, before tax and the net reserve release of $395 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17.

[3]		Includes increase in assumed casualty reinsurance reserves of $130 for the first quarter ended March 31, 2004 and $40 for the fourth quarter ended December 31, 2004.

PC-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY

ONGOING OPERATIONS
UNDERWRITING RESULTS


																		Year Over
																		Year			Sequential			YEAR ENDED
			4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
			2003			2004			2004			2004			2004			Change			Change			2003		2004		Change
UNDERWRITING RESULTS
	Written premiums		$	2,147		$	2,398		$	2,552		$	2,581		$	2,373			11	%		(8	%)	$	8,841	$	9,904		12	%
	Change in reserve			(58	)		224			213			103			(106	)		(83	%)		NM			406		434		7	%

		Earned premiums [1]		2,205			2,174			2,339			2,478			2,479			12	%		—			8,435		9,470		12	%

	Loss and loss adjustment expenses
		Current year		1,495			1,452			1,524			1,991			1,587			6	%		(20	%)		5,800		6,554		13	%
		Prior year [2]		(5	)		(99	)		16			53			35		NM				(34	%)		40		5		(88	%)

	Total loss and loss adjustment expenses [3]			1,490			1,353			1,540			2,044			1,622			9	%		(21	%)		5,840		6,559		12	%

	Underwriting expenses			591			593			599			647			615			4	%		(5	%)		2,263		2,454		8	%
	Dividends to policyholders			5			7			(1	)		7			(1	)	NM				NM			34		12		(65	%)

		Underwriting results	$	119		$	221		$	201		$	(220	)	$	243			104	%		NM		$	298	$	445		49	%

UNDERWRITING RATIOS
	Loss and loss adjustment expenses
		Current year		67.8			66.8			65.2			80.4			63.9			3.9			16.5			68.8		69.2		(0.4	)
		Prior year [2] [4]		(0.2	)		(4.5	)		0.7			2.1			1.4			(1.6	)		0.7			0.5		0.1		0.4

	Total loss and loss adjustment expenses			67.5			62.2			65.8			82.5			65.4			2.1			17.1			69.2		69.3		(0.1	)

	Expenses [1]			26.8			27.3			25.6			26.1			24.8			2.0			1.3			26.8		25.9		0.9
	Policyholder dividends			0.2			0.3			—			0.3			—			0.2			0.3			0.4		0.1		0.3

		Combined ratio		94.6			89.8			91.4			108.9			90.2			4.4			18.7			96.5		95.3		1.2

	Catastrophe ratio [4]			1.5			(12.2	)		2.4			15.6			1.2			0.3			14.4			3.1		2.2		0.9


		Combined ratio before catastrophes		93.1			102.0			89.0			93.3			89.0			4.1			4.3			93.4		93.1		0.3

		Combined ratio before catastrophes and prior year development [1] [3]		92.6			92.7			88.5			90.5			87.6			5.0			2.9			92.8		89.7		3.1

[1]		Earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Earned premiums for the quarter ended September 30, 2004 include catastrophe treaty reinstatement premium of $17.

[2]		The quarter ended March 31, 2004 includes a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims.

[3]		Includes catastrophes of $28, before tax, for the quarter ended December 31, 2004 and $506, before tax and the net reserve release of $298 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

[4]		Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.

PC-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY

BUSINESS INSURANCE
UNDERWRITING RESULTS


																	Year Over
																	Year			Sequential			YEAR ENDED
			4Q			1Q			2Q		3Q			4Q			Quarter			Quarter			DECEMBER 31,
			2003			2004			2004		2004			2004			Change			Change			2003			2004			Change
UNDERWRITING RESULTS

	Written premiums		$	1,006		$	1,136		$	1,134	$	1,148		$	1,157			15	%		1	%	$	3,957		$	4,575			16	%
	Change in reserve			34			118			73		53			32			(6	%)		(40	%)		261			276			6	%

		Earned premiums [1] [2]		972			1,018			1,061		1,095			1,125			16	%		3	%		3,696			4,299			16	%

	Loss and loss adjustment expenses
		Current year		592			626			634		753			687			16	%		(9	%)		2,346			2,700			15	%
		Prior year		(6	)		(147	)		9		30			41			NM			37	%		(6	)		(67	)	NM

	Total loss and loss adjustment expenses [3]			586			479			643		783			728			24	%		(7	%)		2,340			2,633			13	%

	Underwriting expenses			317			310			316		333			337			6	%		1	%		1,174			1,296			10	%
	Dividends to policyholders			2			4			5		4			(3	)		NM		NM				24			10			(58	%)

		Underwriting results	$	67		$	225		$	97	$	(25	)	$	63			(6	%)	NM			$	158		$	360			128	%


UNDERWRITING RATIOS [1]
	Loss and loss adjustment expenses
		Current year		60.8			61.6			59.6		68.8			61.0			(0.2	)		7.8			63.5			62.8			0.7
		Prior year [4]		(0.6	)		(14.5	)		0.8		2.8			3.7			(4.3	)		(0.9	)		(0.2	)		(1.6	)		1.4

	Total loss and loss adjustment expenses			60.2			47.1			60.4		71.6			64.7			(4.5	)		6.9			63.3			61.2			2.1

	Expenses			32.7			30.3			30.0		30.3			29.9			2.8			0.4			31.8			30.1			1.7
	Policyholder dividends			0.2			0.4			0.4		0.4			(0.2	)		0.4			0.6			0.6			0.2			0.4

		Combined ratio		93.1			77.9			90.8		102.3			94.4			(1.3	)		7.9			95.7			91.6			4.1

	Catastrophe ratio [4]			0.7			(15.4	)		1.7		8.1			1.0			(0.3	)		7.1			2.7			(0.9	)		3.6

		Combined ratio before catastrophes		92.4			93.4			89.1		94.2			93.4			(1.0	)		0.8			93.0			92.5			0.5

		Combined ratio before catastrophes and
		prior year development		92.3			90.3			88.3		90.7			89.7			2.6			1.0			93.0			89.7			3.3

[1]

The quarter ended March 31, 2004 includes a net reserve release of $175 related to September 11 and an increase in reserves of $23 for construction defects claims. Other prior year development in 2004 includes an increase in reserves of $5 for the first quarter ended March 31, 2004 and $85 for the year ended December 31, 2004. The following table shows underwriting ratios for the quarter ended March 31, 2004 and year ended December 31, 2004 before giving effect of these items:


Loss and loss adjustment expenses
Current year	61.6	62.8
Prior year	—	—

Total loss and loss adjustment expenses	61.6	62.8

Expenses	30.3	30.1
Policyholder dividends	0.4	0.2

Combined ratio	92.4	93.2

Catastrophe ratio	2.1	3.4

Combined ratio before catastrophes	90.3	89.7

Combined ratio before catastrophes and prior year development	90.3	89.7

[2] Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $6.

[3] Includes catastrophes of $11, before tax, for the quarter ended December 31, 2004 and $136, before tax and the net reserve release of $175 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

[4] Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.

PC-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

PERSONAL LINES

UNDERWRITING RESULTS


														Year Over
														Year			Sequential			YEAR ENDED
	4Q			1Q		2Q		3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004		2004		2004			2004			Change			Change			2003			2004		Change
UNDERWRITING RESULTS

Written premiums	$	803		$	836	$	945	$	920		$	856			7	%		(7	%)	$	3,272		$	3,557		9	%
Change in reserve		(16	)		1		84		53			(26	)		(63	%)	NM				91			112		23	%

Earned premiums [1]		819			835		861		867			882			8	%		2	%		3,181			3,445		8	%

Loss and loss adjustment expenses
Current year		599			533		588		797			591			(1	%)		(26	%)		2,324			2,509		8	%
Prior year [2]		(6	)		1		4		2			(4	)		33	%	NM				(6	)		3	NM

Total loss and loss adjustment expenses [3]		593			534		592		799			587			(1	%)		(27	%)		2,318			2,512		8	%

Underwriting expenses		200			195		194		205			201			—			(2	%)		733			795		8	%

Underwriting results	$	26		$	106	$	75	$	(137	)	$	94		NM			NM			$	130		$	138		6	%

UNDERWRITING RATIOS
Loss and loss adjustment expenses Current year		73.3			64.0		68.1		91.9			67.1			6.2			24.8			73.1			72.8		0.3
Prior year [2] [4]		(0.7	)		0.1		0.5		0.2			(0.4	)		(0.3	)		0.6			(0.2	)		0.1		(0.3	)

Total loss and loss adjustment expenses		72.6			64.1		68.6		92.1			66.7			5.9			25.4			72.9			72.9		—
Expenses		24.3			23.3		22.6		23.7			22.6			1.7			1.1			23.0			23.1		(0.1	)


Combined ratio		96.8			87.4		91.3		115.8			89.3			7.5			26.5			95.9			96.0		(0.1	)


Catastrophe ratio [4]		2.7			0.8		3.7		25.1			(0.3	)		3.0			25.4			4.1			7.4		(3.3	)


Combined ratio before catastrophes		94.2			86.6		87.6		90.6			89.6			4.6			1.0			91.8			88.6		3.2

Combined ratio before catastrophes and prior year development		93.8			86.1		87.2		89.4			90.0			3.8			(0.6	)		91.7			88.2		3.5



COMBINED RATIO
Automobile		101.9			90.1		95.2		98.9			98.5			3.4			0.4			98.0			95.7		2.3
Homeowners		80.1			78.7		79.0		171.5			60.2			19.9			111.3			88.8			96.8		(8.0	)

Total		96.8			87.4		91.3		115.8			89.3			7.5			26.5			95.9			96.0		(0.1	)


[1]	Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $7.

[2] The quarter ended March 31, 2004 includes a net reserve release of $7 related to September 11.

[3] Includes catastrophes of $(3), before tax, for the quarter ended December 31, 2004 and $260, before tax and the net reserve release of $7 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

[4] Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.

PC-9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY
PERSONAL LINES
WRITTEN AND EARNED PREMIUMS


											Year Over
											Year			Sequential			YEAR ENDED
	4Q		1Q		2Q		3Q		4Q		Quarter			Quarter			DECEMBER 31,
	2003		2004		2004		2004		2004		Change			Change			2003		2004		Change
BUSINESS UNIT
WRITTEN PREMIUMS [1]


AARP	$	504	$	523	$	604	$	583	$	534		6	%		(8	%)	$	2,066	$	2,244		9	%
Other Affinity		35		34		33		30		31		(11	%)		3	%		148		128		(14	%)
Agency		205		210		243		248		241		18	%		(3	%)		804		942		17	%
Omni		59		69		65		59		50		(15	%)		(15	%)		254		243		(4	%)

Total	$	803	$	836	$	945	$	920	$	856		7	%		(7	%)	$	3,272	$	3,557		9	%

EARNED PREMIUMS [1]

AARP	$	510	$	520	$	536	$	540	$	550		8	%		2	%	$	1,956	$	2,146		10	%
Other Affinity		38		36		35		34		33		(13	%)		(3	%)		163		138		(15	%)
Agency		208		215		225		229		238		14	%		4	%		807		907		12	%
Omni		63		64		65		64		61		(3	%)		(5	%)		255		254		—

Total	$	819	$	835	$	861	$	867	$	882		8	%		2	%	$	3,181	$	3,445		8	%


PRODUCT LINE
WRITTEN PREMIUMS [1]

Automobile	$	611	$	649	$	706	$	685	$	645		6	%		(6	%)	$	2,508	$	2,685		7	%
Homeowners		192		187		239		235		211		10	%		(10	%)		764		872		14	%

Total	$	803	$	836	$	945	$	920	$	856		7	%		(7	%)	$	3,272	$	3,557		9	%

EARNED PREMIUMS [1]

Automobile	$	630	$	633	$	653	$	665	$	671		7	%		1	%	$	2,458	$	2,622		7	%
Homeowners		189		202		208		202		211		12	%		4	%		723		823		14	%

Total	$	819	$	835	$	861	$	867	$	882		8	%		2	%	$	3,181	$	3,445		8	%

[1] The difference between written premiums and earned premiums is attributable to the change in unearned premium reserve.

PC-10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY
SPECIALTY COMMERCIAL
UNDERWRITING RESULTS


																	Year Over
																	Year			Sequential			YEAR ENDED
		4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
		2003			2004			2004			2004			2004			Change			Change			2003		2004			Change
UNDERWRITING RESULTS

	Written premiums	$	338		$	426		$	473		$	513		$	360			7	%		(30	%)	$	1,612	$	1,772			10	%
	Change in reserve		(76	)		105			56			(3	)		(112	)		(47	%)	NM				54		46			(15	%)

	Earned premiums [1] [2]		414			321			417			516			472			14	%		(9	%)		1,558		1,726			11	%

	Loss and loss adjustment expenses
	Current year		304			293			302			441			309			2	%		(30	%)		1,130		1,345			19	%
	Prior year		7			47			3			21			(2	)	NM			NM				52		69			33	%

	Total loss and loss adjustment expenses [3]		311			340			305			462			307			(1	%)		(34	%)		1,182		1,414			20	%
	Underwriting expenses		74			88			89			109			77			4	%		(29	%)		356		363			2	%
	Dividends to policyholders		3			3			(6	)		3			2			(33	%)		(33	%)		10		2			(80	%)

	Underwriting results	$	26		$	(110	)	$	29		$	(58	)	$	86		NM			NM			$	10	$	(53	)	NM

UNDERWRITI	NG RATIOS [1]
	Loss and loss adjustment expenses Current year		73.2			90.3			73.2			85.9			64.9			8.3			21.0			72.5		77.9			(5.4	)
	Prior year [4]		1.7			14.9			0.6			3.9			(0.4	)		2.1			4.3			3.3		4.0			(0.7	)

	Total loss and loss adjustment expenses		74.9			105.2			73.8			89.8			64.5			10.4			25.3			75.8		81.9			(6.1	)
	Expenses		17.9			28.1			20.4			21.3			16.9			1.0			4.4			22.9		21.1			1.8
	Policyholder dividends		0.7			0.8			(1.2	)		0.4			0.5			0.2			(0.1	)		0.7		0.1			0.6

	Combined ratio		93.5			134.1			93.1			111.4			81.8			11.7			29.6			99.3		103.1			(3.8	)

	Catastrophe ratio [4]		1.0			(35.6	)		1.6			15.7			4.2			(3.2	)		11.5			1.7		(0.4	)		2.1

	Combined ratio before catastrophes		92.5			169.7			91.5			95.7			77.6			14.9			18.1			97.6		103.5			(5.9	)
	Combined ratio before catastrophes and prior year development [1]		91.0			117.5			91.7			91.9			78.0			13.0			13.9			94.3		92.8			1.5

[1]

Specialty Commercial earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 2004 also include a net reserve release of $116 related to September 11 and an increase in reserves of $167 for construction defects claims. Other prior year loss development in 2004 includes a decrease in reserves of $4 for the first quarter ended March 31, 2004 and an increase in reserves of $18 for the year ended December 31, 2004. The following table shows underwriting ratios for the quarter ended March 31, 2004 and year ended December 31, 2004 before giving effect of these items:


Loss and loss adjustment expenses
Current year	70.5	74.0
Prior year	—	—

Total loss and loss adjustment expenses	70.5	74.0
Expenses	21.9	20.1
Policyholder dividends	0.6	0.1

Combined ratio	93.0	94.2

Catastrophe ratio	1.3	6.0

Combined ratio before catastrophes	91.7	88.2
Combined ratio before catastrophes and prior year development	91.7	88.2

    [2] Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $4.

    [3] Includes catastrophes of $20, before tax, for the quarter ended December 31, 2004 and $110, before tax and the net reserve release of $116 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

    [4] Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.

PC-11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY OTHER OPERATIONS UNDERWRITING RESULTS


																			Year Over
																			Year			Sequential			YEAR ENDED
			4Q			1Q			2Q			3Q			4Q				Quarter			Quarter			DECEMBER 31,
			2003			2004			2004			2004			2004				Change			Change			2003			2004				Change
UNDERWRITING RESULTS
	Written premiums		$	19		$	(1	)	$	(4	)	$	(6	)		$	1			(95	%)	NM			$	224			$	(10	)	NM
	Change in reserve			(41	)		(13	)		(18	)		(2	)			(1	)		98	%		50	%		(146	)			(34	)		77	%

		Earned premiums		60			12			14			(4	)			2			(97	%)	NM				370				24			(94	%)

	Loss and loss adjustment expenses
		Current year		57			17			11			5				3			(95	%)		(40	%)		302				36			(88	%)
		Prior year [1]		55			48			205			91				65			18	%		(29	%)		2,784				409			(85	%)

	Total loss and loss adjustment expenses			112			65			216			96				68			(39	%)		(29	%)		3,086				445			(86	%)

	Underwriting expenses			26			12			12			10				(7	)	NM			NM				124				27			(78	%)

		Underwriting results	$	(78	)	$	(65	)	$	(214	)	$	(110	)		$	(59	)		24	%		46	%	$	(2,840	)		$	(448	)		84	%

[1]

The quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11 and an increase of $130 for assumed casualty reinsurance reserves. During the second quarter of 2004, the Company completed an evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities including asbestos liabilities. As a result of this evaluation, the Company reduced its net reinsurance recoverable by $181. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75. The quarter ended December 31, 2004 includes an increase of $40 for assumed casualty reinsurance reserves.

PC-14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY OTHER OPERATIONS CLAIMS AND CLAIM ADJUSTMENT EXPENSES


For the Fourth Quarter Ended December 31, 2004	Asbestos			Environmental			All Other [1] [2]			Total
Beginning liability — net [3] [4]	$	2,482		$	414		$	2,529		$	5,425
Claims and claim adjustment expenses incurred		32			5			36			73
Claims and claim adjustment expenses paid		(30	)		(25	)		(51	)		(106	)

Ending liability – net [3] [4]	$	2,484 [7]		$	394		$	2,514		$	5,392


For the Twelve Months Ended December 31, 2004	Asbestos			Environmental			All Other [1] [2]			Total
Beginning liability — net [3] [4]	$	3,794		$	408		$	2,392		$	6,594
Claims and claim adjustment expenses incurred [5]		222			86			150			458
Claims and claim adjustment expenses paid [6]		(1,202	)		(90	)		(368	)		(1,660	)
Reclassification of allowance for uncollectible reinsurance		(330	)		(10	)		340			—

Ending liability – net [3] [4]	$	2,484 [7]		$	394		$	2,514		$	5,392

[1]		Includes unallocated loss adjustment expense reserves and allowance for uncollectible reinsurance.

[2]		The financial results of the Company’s Reinsurance operations are reported in Other Operations.

[3]		Liabilities include asbestos and environmental reserves reported in Ongoing Operations of $13 and $9, respectively, as of December 31, 2004 and September 30, 2004, and $11 and $8, respectively, as of December 31, 2003. The total net claim and claim adjustment expenses incurred for the quarter and twelve months ended December 31, 2004 includes $5 and $13, respectively, related to asbestos and environmental claims reported in Ongoing Operations.

[4]		Gross of reinsurance, asbestos and environmental reserves were $4,322 and $501, respectively, as of December 31, 2004 and $5,884 and $542, respectively, as of December 31, 2003.

[5]		Includes 2004 second quarter $181 provision associated with the evaluation of reinsurance recoverable asset.

[6]		Asbestos payments include payments pursuant to the MacArthur settlement.

[7]		The one year and average three year net paid amounts for asbestos claims are $1,202 and $504, respectively, resulting in a one year net survival ratio of 2.1 (15.2 excluding the MacArthur payments) and a three year net survival ratio of 5.0 (16.5 excluding the MacArthur payments). Net survival ratio is the quotient of the net carried reserves divided by the average annual payment amount and is an indication of the number of years that the net carried reserve would last (i.e. survive) if the future annual claim payments were consistent with the calculated historical average.

PC-15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY CASUALTY
UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSE RESERVE ROLLFORWARD


	For the Quarter Ended December 31, 2004
	Business			Personal			Specialty			Ongoing			Other			Total
	Insurance			Lines			Commercial			Operations			Operations			P&C
Liabilities for unpaid claims and claim adjustment expenses at 10/1/04 - gross	$	5,742		$	2,144		$	5,590		$	13,476		$	7,838		$	21,314
Reinsurance and other recoverables		364			219			2,150			2,733			2,435			5,168


Liabilities for unpaid claims and claim adjustment expenses at 10/1/04 - net		5,378			1,925			3,440			10,743			5,403			16,146

Provision for unpaid claims and claim adjustment expenses
Current year		687			591			309			1,587			3			1,590
Prior year		41			(4	)		(2	)		35			65			100

Total provision for unpaid claims and claim adjustment expenses		728			587			307			1,622			68			1,690


Payments		(523	)		(702	)		(319	)		(1,544	)		(101	)		(1,645	)


Liabilities for unpaid claims and claim adjustment expenses at 12/31/04 - net		5,583			1,810			3,428			10,821			5,370			16,191
Reinsurance and other recoverables		474			190			2,091			2,755			2,383			5,138


Liabilities for unpaid claims and claim adjustment expenses at 12/31/04 - gross	$	6,057		$	2,000		$	5,519		$	13,576		$	7,753		$	21,329



Earned premiums	$	1,125		$	882		$	472		$	2,479		$	2		$	2,481
Loss and loss expense paid ratio [1]		46.6			79.5			66.2			62.1
Loss and loss expense incurred ratio		64.7			66.7			64.5			65.4
Prior accident year development (pts.)		3.7			(0.4	)		(0.4	)		1.4

[1] The fourth quarter loss and loss expense paid ratio reflects significant payments during the fourth quarter on the third quarter hurricanes.

PC-17

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY CASUALTY
UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSE RESERVE ROLLFORWARD


	For the Year Ended December 31, 2004
	Business			Personal			Specialty			Ongoing			Other			Total
	Insurance			Lines			Commercial			Operations			Operations [3]			P&C
Liabilities for unpaid claims and claim adjustment expenses at 1/1/04 - gross	$	5,296		$	1,733		$	5,148		$	12,177		$	9,538		$	21,715
Reinsurance and other recoverables		395			43			2,096			2,534			2,963			5,497


Liabilities for unpaid claims and claim adjustment expenses at 1/1/04 - net		4,901			1,690			3,052			9,643			6,575			16,218

Provision for unpaid claims and claim adjustment expenses
Current year		2,700			2,509			1,345			6,554			36			6,590
Prior year [1]		(67	)		3			69			5			409			414

Total provision for unpaid claims and claim adjustment expenses		2,633			2,512			1,414			6,559			445			7,004


Payments [2]		(1,951	)		(2,392	)		(1,038	)		(5,381	)		(1,650	)		(7,031	)


Liabilities for unpaid claims and claim adjustment expenses at 12/31/04 - net [1]		5,583			1,810			3,428			10,821			5,370			16,191
Reinsurance and other recoverables		474			190			2,091			2,755			2,383			5,138


Liabilities for unpaid claims and claim adjustment expenses at 12/31/04 - gross [1]	$	6,057		$	2,000		$	5,519		$	13,576		$	7,753		$	21,329



Earned premiums	$	4,299		$	3,445		$	1,726		$	9,470		$	24		$	9,494
Loss and loss expense paid ratio		45.4			69.4			59.9			56.8
Loss and loss expense incurred ratio		61.2			72.9			81.9			69.3
Prior accident year development (pts.)		(1.6	)		0.1			4.0			0.1

[1]

The year ended December 31, 2004 included a $181 provision associated with the evaluation of the reinsurance recoverable asset and a $75 provision associated with environmental reserve strengthening. The year ended December 31, 2004 also included a net reserve release related to September 11 of $175 in Business Insurance, $7 in Personal Lines, $116 in Specialty Commercial and $97 in Other Operations, an increase of $190 for construction defects claims, an increase in assumed casualty reinsurance reserves of $170, and offsetting strengthening in large deductible workers compensation reserves and release in other liability reserves, each approximately $150.

[2] Other Operations reflects payments pursuant to the MacArthur settlement.

[3] The financial results of the Company’s Reinsurance operations are reported in Other Operations.

PC-18

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY AND CASUALTY
CONSOLIDATED INCOME STATEMENTS


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change

Earned premiums	$	2,265		$	2,186		$	2,353		$	2,474		$	2,481			10	%		—		$	8,805		$	9,494			8	%
Net investment income		308			311			295			309			333			8	%		8	%		1,172			1,248			6	%
Other revenues		110			104			117			107			108			(2	%)		1	%		428			436			2	%
Net realized capital gains		23			71			27			18			17			(26	%)		(6	%)		253			133			(47	%)

TOTAL REVENUES		2,706			2,672			2,792			2,908			2,939			9	%		1	%		10,658			11,311			6	%

Benefits, claims and claim adjustment expenses [1] [2] [3]		1,602			1,418			1,756			2,140			1,690			5	%		(21	%)		8,926			7,004			(22	%)
Amortization of deferred policy acquisition costs		428			446			455			471			478			12	%		1	%		1,642			1,850			13	%
Insurance operating costs and expenses		194			166			155			193			129			(34	%)		(33	%)		779			643			(17	%)
Other expenses [4]		159			163			156			150			160			1	%		7	%		634			629			(1	%)

Total benefits and expenses		2,383			2,193			2,522			2,954			2,457			3	%		(17	%)		11,981			10,126			(15	%)

Income (loss) before income taxes		323			479			270			(46	)		482			49	%	NM				(1,323	)		1,185		NM

Income tax expense (benefit) [5]		86			138			67			(70	)		140			63	%	NM				(578	)		275		NM


Net income (loss)		237			341			203			24			342			44	%	NM				(745	)		910		NM

Less: Net realized capital gains, after-tax		15			47			16			12			12			(20	%)		—			165			87			(47	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		3			3			1			1			1			(67	%)		—			12			6			(50	%)


Operating income (loss)	$	225		$	297		$	188		$	13		$	331			47	%	NM			$	(898	)	$	829		NM

Total Property & Casualty effective tax rate — net income		26.9	%		28.8	%		24.8	%	NM				29.0	%		2.1		NM			NM				23.2	%	NM
Total Property & Casualty effective tax rate — operating income		26.3	%		27.8	%		23.8	%	NM				28.8	%		2.5		NM			NM				21.8	%	NM

[1]		The year ended December 31, 2003 includes the impact of 2003 asbestos reserve addition of $2,604 before-tax and $1,701 after-tax.

[2]		The quarter ended March 31, 2004 includes a net reserve release of $395 related to September 11, an increase in reserves of $190 for construction defects claims and an increase in reserves of $130 for assumed casualty reinsurance.

[3]		During the second quarter of 2004, the Company completed an evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment, including asbestos liabilities. As a result of this evaluation, the Company reduced its net reinsurance recoverable by $181, before tax and $118, after tax. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75, before tax, and $49, after-tax.

[4]		The year ended December 31, 2003 includes severance costs of $41 before-tax and $27 after-tax.

[5]		The third quarter ended September 30, 2004 includes a $26 tax benefit related to the audit settlement of tax years prior to 2004.

PC-20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY CASUALTY
CONSOLIDATED BALANCE SHEETS


												Year Over
												Year			Sequential
	4Q			1Q		2Q		3Q		4Q		Quarter			Quarter
	2003			2004		2004		2004		2004		Change			Change
Investments
Fixed maturities, available for sale, at fair value	$	23,715		$	23,196	$	22,774	$	23,932	$	24,410		3	%		2	%
Equity securities, available for sale, at fair value		208			206		201		201		307		48	%		53	%
Other investments		682			650		682		799		809		19	%		1	%

Total investments		24,605			24,052		23,657		24,932		25,526		4	%		2	%

Cash		197			178		186		194		215		9	%		11	%
Premiums receivable and agents’ balances		2,750			2,762		3,050		3,009		2,844		3	%		(5	%)
Reinsurance recoverables		5,354			5,205		4,990		5,139		5,185		(3	%)		1	%
Deferred policy acquisition costs		975			987		1,012		1,046		1,071		10	%		2	%
Deferred income tax		1,101			905		1,176		995		879		(20	%)		(12	%)
Goodwill		152			152		152		152		152		—			—
Other assets		2,025			3,365		2,243		2,182		2,146		6	%		(2	%)


Total assets	$	37,159		$	37,606	$	36,466	$	37,649	$	38,018		2	%		1	%


Future policy benefits, unpaid claims and claim adjustment expenses	$	21,715		$	20,246	$	20,562	$	21,314	$	21,329		(2	%)		0	%
Unearned premiums		4,372			4,563		4,795		4,865		4,763		9	%		(2	%)
Other liabilities		3,285			4,595		3,452		3,531		3,730		14	%		6	%


Total liabilities		29,372			29,404		28,809		29,710		29,822		2	%		0	%


Equity, x-AOCI, net of tax		7,080			7,335		7,374		7,320		7,542		7	%		3	%
AOCI, net of tax		707			867		283		619		654		(7	%)		6	%


Total stockholders’ equity		7,787			8,202		7,657		7,939		8,196		5	%		3	%


Total liabilities and stockholders’ equity	$	37,159		$	37,606	$	36,466	$	37,649	$	38,018		2	%		1	%



Hartford Fire NAIC RBC		398	%

PC-21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT EARNINGS BEFORE-TAX
CONSOLIDATED


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Net Investment Income
Fixed maturities [1] [2]
Taxable	$	611		$	792		$	778		$	813		$	818			34	%		1	%	$	2,294		$	3,201			40	%
Tax-exempt		121			120			122			122			124			2	%		2	%		506			488			(4	%)

Total fixed maturities		732			912			900			935			942			29	%		1	%		2,800			3,689			32	%
Equities
Available-for-sale		5			11			7			11			9			80	%		(18	%)		27			38			41	%
Trading securities [3]		—			495			149			(115	)		489			—		NM				—			1,018			—

Total equities		5			506			156			(104	)		498		NM			NM				27			1,056		NM
Mortgage loans		11			12			15			16			16			45	%		—			38			59			55	%
Real estate		1			1			—			1			4		NM			NM				3			6			100	%
Policy loans		47			45			47			46			48			2	%		4	%		210			186			(11	%)
Limited partnerships		10			4			9			7			22			120	%	NM				55			42			(24	%)
Other		41			50			42			37			50			22	%		35	%		144			179			24	%

Subtotal		847			1,530			1,169			938			1,580			87	%		68	%		3,277			5,217			59	%
Less: Investment expense		12			13			11			13			18			50	%		38	%		44			55			25	%

Total net investment income [2]	$	835		$	1,517		$	1,158		$	925		$	1,562			87	%		69	%	$	3,233		$	5,162			60	%
Less: Trading securities [3]		—			495			149			(115	)		489			—		NM				—			1,018			—


Total net investment income excluding trading securities [2]	$	835		$	1,022		$	1,009		$	1,040		$	1,073			29	%		3	%	$	3,233		$	4,144			28	%


Investment yield, before-tax [4]		5.7	%		5.7	%		5.6	%		5.7	%		5.7	%		—			—			5.8	%		5.7	%		(0.1	)
Investment yield, after-tax [4]		3.9	%		3.9	%		3.9	%		3.9	%		3.9	%		—			—			4.1	%		3.9	%		(0.2	)

Net realized capital Gains (Losses)
Fixed maturities	$	15		$	108		$	46		$	64		$	79		NM				23	%	$	256		$	297			16	%
Equities		20			13			(3	)		—			(7	)	NM				—			(29	)		3		NM
Periodic net coupon settlements on non-qualifying derivative		s 11			6			4			3			2			(82	%)		(33	%)		44			15			(66	%)
GMWB derivatives, net		6			(2	)		6			—			4			(33	%)		—			6			8			33	%
Other [5]		(8	)		19			(1	)		(23	)		(42	)	NM				(83	%)		16			(47	)	NM


Total net realized capital gains (losses)	$	44		$	144		$	52		$	44		$	36			(18	%)		(18	%)	$	293		$	276			(6	%)


Gross gains on sale	$	92		$	172		$	133		$	104		$	160			74	%		54	%	$	664		$	569			(14	%)
Gross losses on sale		(9	)		(23	)		(97	)		(34	)		(76	)	NM				(124	%)		(220	)		(230	)		(5	%)
Impairments		(55	)		(14	)		(4	)		(6	)		(14	)		75	%		(133	%)		(200	)		(38	)		81	%
Periodic net coupon settlements on non-qualifying derivative		s 11			6			4			3			2			(82	%)		(33	%)		44			15			(66	%)
GMWB derivatives, net		6			(2	)		6			—			4			(33	%)		—			6			8			33	%
Other net gain (loss) [5]		(1	)		5			10			(23	)		(40	)	NM				(74	%)		(1	)		(48	)	NM


Total net realized capital gains (losses)	$	44		$	144		$	52		$	44		$	36			(18	%)		(18	%)	$	293		$	276			(6	%)

[1]		Includes income on short-term bonds.

[2]		The first, second, third and fourth quarters of 2004 include $154, $150, $155 and $160, respectively, of net investment income associated with the guaranteed separate accounts pursuant to the adoption of SOP 03-01.

[3]		This amount relates to the change in value of trading securities pursuant to the adoption of SOP 03-01.

[4]		The investment yield calculation excludes trading securities and collateral received associated with the securities lending program. Assets received in the CNA purchase are included in the investment yield calculation beginning with the first quarter 2004.

[5]		Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments as well as the amortization of deferred acquisition costs associated with realized capital gains.

I-1


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Net Investment Income
Fixed maturities [1] [2]
Taxable	$	408		$	589		$	582		$	608		$	608			49	%		—		$	1,575		$	2,387			52	%
Tax-exempt		24			25			27			27			27			13	%		—			98			106			8	%

Total fixed maturities		432			614			609			635			635			47	%		—			1,673			2,493			49	%
Equities																				—
Available-for-sale		4			9			5			9			7			75	%		(22	%)		18			30			67	%
Trading securities [3]		—			495			149			(115	)		489			—		NM				—			1,018			—

Total equities		4			504			154			(106	)		496		NM			NM				18			1,048		NM
Mortgage loans		7			8			12			12			13			86	%		8	%		23			45			96	%
Policy loans		47			45			47			46			48			2	%		4	%		210			186			(11	%)
Limited partnerships		6			2			6			1			11			83	%	NM				32			20			(38	%)
Other		32			36			37			31			33			3	%		6	%		108			137			27	%

Subtotal		528			1,209			865			619			1,236			134	%		100	%		2,064			3,929			90	%
Less: Investment expense		6			8			7			8			12			100	%		50	%		23			35			52	%

Total net investment income [2]	$	522		$	1,201		$	858		$	611		$	1,224			134	%		100	%	$	2,041		$	3,894			91	%
Less: Trading securities [3]		—			495			149			(115	)		489			—		NM				—			1,018			—

Total net investment income excluding trading securities [2]	$	522		$	706		$	709		$	726		$	735			41	%		1	%	$	2,041		$	2,876			41	%


Investment yield, before-tax [4]		5.8	%		5.7	%		5.8	%		5.8	%		5.7	%		(0.1	)		(0.1	)		6.0	%		5.8	%		(0.2	)
Investment yield, after-tax [4]		3.9	%		3.8	%		3.8	%		3.9	%		3.8	%		(0.1	)		(0.1	)		4.0	%		3.8	%		(0.2	)

Net Realized Capital Gains (Losses)
Fixed maturities	$	(4	)	$	58		$	21		$	45		$	57		NM				27	%	$	20		$	181		NM
Equities		17			9			(1	)		—			(3	)	NM				—			(7	)		5		NM
Periodic net coupon settlements on non-qualifying derivatives		7			2			1			2			1			(86	%)		(50	%)		26			6			(77	%)
GMWB derivatives, net		6			(2	)		6			—			4			(33	%)		—			6			8			33	%
Other [5]		(5	)		9			(1	)		(19	)		(40	)	NM				(111	%)		(5	)		(51	)	NM


Total net realized capital gains (losses)	$	21		$	76		$	26		$	28		$	19			(10	%)		(32	%)	$	40		$	149		NM


Gross gains on sale	$	58		$	100		$	84		$	74		$	101			74	%		36	%	$	267		$	359			34	%
Gross losses on sale		—			(18	)		(70	)		(24	)		(35	)		—			(46	%)		(95	)		(147	)		(55	%)
Impairments		(51	)		(8	)		(4	)		(4	)		(9	)		82	%		(125	%)		(162	)		(25	)		85	%
Periodic net coupon settlements on non-qualifying derivatives		7			2			1			2			1			(86	%)		(50	%)		26			6			(77	%)
GMWB derivatives, net		6			(2	)		6			—			4			(33	%)		—			6			8			33	%
Other net gain (loss) [5]		1			2			9			(20	)		(43	)	NM				(115	%)		(2	)		(52	)	NM


Total net realized capital gains (losses)	$	21		$	76		$	26		$	28		$	19			(10	%)		(32	%)	$	40		$	149		NM

[1]		Includes income on short-term bonds.

[2]		The first, second, third and fourth quarters of 2004 include $154, $150, $155 and $160, respectively, of net investment income associated with the guaranteed separate accounts pursuant to the adoption of SOP 03-01.

[3]		This amount relates to the change in value of trading securities pursuant to the adoption of SOP 03-01.

[4]		The investment yield calculation excludes trading securities and collateral received associated with the securities lending program. Assets received in the CNA purchase are included in the investment yield calculation beginning with the first quarter 2004.

[5]		Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments as well as the amortization of deferred acquisition costs associated with realized capital gains.

I-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT EARNINGS BEFORE-TAX
PROPERTY & CASUALTY


																Year Over
																Year			Sequential			YEAR ENDED
	4Q			1Q			2Q			3Q			4Q			Quarter			Quarter			DECEMBER 31,
	2003			2004			2004			2004			2004			Change			Change			2003			2004			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	203		$	203		$	196		$	204		$	210			3	%		3	%	$	717		$	813			13	%
Tax-exempt		97			95			95			95			97			—			2	%		408			382			(6	%)

Total fixed maturities		300			298			291			299			307			2	%		3	%		1,125			1,195			6	%
Equities		1			2			2			2			2			100	%		—			9			8			(11	%)
Mortgage loans		4			4			3			4			3			(25	%)		(25	%)		15			14			(7	%)
Real estate		1			1			—			1			4		NM			NM				3			6			100	%
Limited partnerships		4			2			3			6			11			175	%		83	%		23			22			(4	%)
Other		4			9			—			2			12		NM			NM				18			23			28	%

Subtotal		314			316			299			314			339			8	%		8	%		1,193			1,268			6	%
Less: Investment expense		6			5			4			5			6			—			20	%		21			20			(5	%)


Total net investment income	$	308		$	311		$	295		$	309		$	333			8	%		8	%	$	1,172		$	1,248			6	%


Investment yield, before-tax [2]		5.4	%		5.5	%		5.3	%		5.4	%		5.7	%		0.3			0.3			5.5	%		5.4	%		(0.1	)
Investment yield, after-tax [2]		4.0	%		4.1	%		3.9	%		4.0	%		4.2	%		0.2			0.2			4.2	%		4.1	%		(0.1	)

Net Realized Capital Gains (Losses)
Fixed maturities	$	19		$	50		$	25		$	19		$	22			16	%		16	%	$	236		$	116			(51	%)
Equities		3			4			(2	)		—			(4	)	NM				—			(22	)		(2	)		91	%
Periodic net coupon settlements on non-qualifying derivatives		4			4			3			1			1			(75	%)		—			18			9			(50	%)
Other [3]		(3	)		13			1			(2	)		(2	)		33	%		—			21			10			(52	%)


Total net realized capital gains (losses)	$	23		$	71		$	27		$	18		$	17			(26	%)		(6	%)	$	253		$	133			(47	%)


Gross gains on sale	$	34		$	72		$	49		$	30		$	59			74	%		97	%	$	397		$	210			(47	%)
Gross losses on sale		(9	)		(5	)		(27	)		(10	)		(41	)	NM			NM				(125	)		(83	)		34	%
Impairments		(4	)		(6	)		—			(2	)		(5	)		(25	%)		(150	%)		(38	)		(13	)		66	%
Periodic net coupon settlements on non-qualifying derivatives		4			4			3			1			1			(75	%)		—			18			9			(50	%)
Other net gain (loss) [3]		(2	)		6			2			(1	)		3		NM			NM				1			10		NM


Total net realized capital gains (losses)	$	23		$	71		$	27		$	18		$	17			(26	%)		(6	%)	$	253		$	133			(47	%)

[1] Includes income on short-term bonds.

[2] The investment yield calculation excludes the collateral received associated with the securities lending program.

[3] Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments.

I-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPOSITION OF INVESTED ASSETS
CONSOLIDATED


	4Q					1Q					2Q					3Q					4Q
	2003					2004					2004					2004					2004
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value [1] [2]	$	72,998		93.9	%	$	72,814		84.9	%	$	70,703		83.3	%	$	74,276		82.2	%	$	75,100		79.6	%
Equity securities, at fair value
Available-for-sale		603		0.8	%		612		0.7	%		584		0.7	%		650		0.7	%		832		0.9	%
Trading securities [2]		—		—			7,831		9.2	%		8,995		10.6	%		10,685		11.8	%		13,634		14.4	%

Total equity securities, at fair value		603		0.8	%		8,443		9.9	%		9,579		11.3	%		11,335		12.5	%		14,466		15.3	%
Policy loans, at outstanding balance		2,512		3.2	%		2,655		3.1	%		2,650		3.1	%		2,665		2.9	%		2,662		2.8	%
Real estate/Mortgage loans, at cost		907		1.2	%		929		1.1	%		1,158		1.4	%		1,052		1.2	%		1,176		1.2	%
Limited partnerships, at fair value		361		0.5	%		361		0.4	%		390		0.5	%		412		0.5	%		433		0.5	%
Other investments [3]		307		0.4	%		555		0.6	%		369		0.4	%		632		0.7	%		571		0.6	%


Total investments [2]	$	77,688		100.0	%	$	85,757		100.0	%	$	84,849		100.0	%	$	90,372		100.0	%	$	94,408		100.0	%
Less: Trading securities [2]		—		—			7,831		9.2	%		8,995		10.6	%		10,685		11.8	%		13,634		14.4	%


Total investments excluding trading securities [2]	$	77,688		100.0	%	$	77,926		90.8	%	$	75,854		89.4	%	$	79,687		88.2	%	$	80,774		85.6	%

Total general account investments	$	65,847		84.8	%
Total guaranteed separate account investments	$	11,841		15.2	%


HIMCO managed third party accounts	$	2,053				$	2,326				$	3,138				$	3,274				$	3,893

Asset-backed securities (“ABS”)	$	6,524		8.9	%	$	6,373		8.8	%	$	6,574		9.3	%	$	6,961		9.4	%	$	7,469		9.9	%
Commercial mortgage-backed securities (“CMBS”)		10,731		14.7	%		11,495		15.8	%		11,039		15.6	%		11,917		16.0	%		11,748		15.6	%
Collateralized mortgage obligation (“CMO”)		1,073		1.5	%		902		1.2	%		1,016		1.4	%		1,124		1.5	%		1,227		1.6	%
Corporate		33,997		46.6	%		34,490		47.3	%		32,587		46.1	%		33,904		45.7	%		34,153		45.6	%
Government/Government agencies — Foreign		1,773		2.4	%		1,535		2.1	%		1,380		2.0	%		1,645		2.2	%		1,796		2.4	%
Government/Government agencies — U.S.		1,430		1.9	%		1,333		1.8	%		1,072		1.5	%		1,115		1.5	%		1,132		1.5	%
Mortgage-backed securities (“MBS”) — agency		2,834		3.9	%		2,470		3.4	%		2,213		3.1	%		2,476		3.4	%		2,799		3.7	%
Municipal — taxable		629		0.9	%		765		1.1	%		827		1.2	%		897		1.2	%		944		1.3	%
Municipal — tax-exempt		10,216		14.0	%		10,282		14.1	%		10,043		14.2	%		10,307		13.9	%		10,393		13.8	%
Redeemable preferred stock		80		0.1	%		74		0.1	%		37		0.1	%		37		—			39		0.1	%
Short-term [1]		3,711		5.1	%		3,095		4.3	%		3,915		5.5	%		3,893		5.2	%		3,400		4.5	%


Total fixed maturities	$	72,998		100.0	%	$	72,814		100.0	%	$	70,703		100.0	%	$	74,276		100.0	%	$	75,100		100.0	%


Total general account fixed maturities	$	61,263		83.9	%
Total guaranteed separate account fixed maturities	$	11,735		16.1	%


AAA	$	16,552		22.7	%	$	16,854		23.1	%	$	16,968		24.0	%	$	18,755		25.3	%	$	18,787		25.0	%
AA		7,855		10.8	%		8,043		11.0	%		7,769		11.0	%		8,073		10.9	%		8,546		11.4	%
A		18,750		25.7	%		18,220		25.0	%		17,683		25.0	%		18,147		24.4	%		18,131		24.2	%
BBB		17,114		23.4	%		18,350		25.2	%		17,036		24.1	%		17,668		23.8	%		17,904		23.8	%
Government		5,357		7.3	%		4,777		6.6	%		4,293		6.1	%		4,713		6.3	%		5,160		6.9	%
BB & below		3,659		5.0	%		3,475		4.8	%		3,039		4.3	%		3,027		4.1	%		3,172		4.2	%
Short-term [1]		3,711		5.1	%		3,095		4.3	%		3,915		5.5	%		3,893		5.2	%		3,400		4.5	%


Total fixed maturities	$	72,998		100.0	%	$	72,814		100.0	%	$	70,703		100.0	%	$	74,276		100.0	%	$	75,100		100.0	%

[1]		Fourth quarter of 2003 includes $86 in Corporate. First, second, third and fourth quarters of 2004 include $38, $122, $144 and $159, respectively, in Corporate.

[2]		First, second, third and fourth quarters of 2004 include $11,967, $11,640, $11,379 and $12,028, respectively, of guaranteed separate account assets and $7,831, $8,995, $10,685 and $13,634, respectively, of trading securities within general account assets due to the adoption of SOP 03-1.

[3]		Fourth quarter of 2003 includes $2 in Corporate. First, second, third and fourth quarters of 2004 include $28, $6, $10 and $7, respectively, in Corporate.

I-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPOSITION OF INVESTED ASSETS
LIFE


	4Q					1Q					2Q					3Q					4Q
	2003					2004					2004					2004					2004
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value [1]	$	49,197		92.8	%	$	49,580		80.4	%	$	47,807		78.4	%	$	50,200		76.9	%	$	50,531		73.5	%
Equity securities, at fair value
Available-for-sale		395		0.8	%		406		0.7	%		383		0.6	%		449		0.7	%		525		0.8	%
Trading securities [1]		—		—			7,831		12.7	%		8,995		14.7	%		10,685		16.4	%		13,634		19.8	%

Total equity securities, at fair value		395		0.8	%		8,237		13.4	%		9,378		15.3	%		11,134		17.1	%		14,159		20.6	%
Policy loans, at outstanding balance		2,512		4.7	%		2,655		4.3	%		2,650		4.3	%		2,665		4.0	%		2,662		3.9	%
Real estate/Mortgage loans, at cost		579		1.1	%		620		1.0	%		852		1.4	%		783		1.2	%		923		1.3	%
Limited partnerships, at fair value		193		0.4	%		197		0.3	%		234		0.4	%		242		0.4	%		256		0.4	%
Other investments		119		0.2	%		350		0.6	%		143		0.2	%		262		0.4	%		185		0.3	%


Total investments [1]	$	52,995		100.0	%	$	61,639		100.0	%	$	61,064		100.0	%	$	65,286		100.0	%	$	68,716		100.0	%
Less: Trading securities [1]		—		—			7,831		12.7	%		8,995		14.7	%		10,685		16.4	%		13,634		19.8	%

Total investments excluding trading securities [1]	$	52,995		100.0	%	$	53,808		87.3	%	$	52,069		85.3	%	$	54,601		83.6	%	$	55,082		80.2	%


Total general account investments	$	41,154		77.7	%
Total guaranteed separate account investments	$	11,841		22.3	%


ABS	$	5,409		11.0	%	$	5,365		10.8	%	$	5,629		11.8	%	$	5,908		11.8	%	$	6,358		12.6	%
CMBS		8,168		16.6	%		8,817		17.8	%		8,529		17.8	%		9,127		18.2	%		8,806		17.4	%
CMO		1,035		2.1	%		866		1.7	%		908		1.9	%		982		2.0	%		1,092		2.2	%
Corporate		25,553		51.9	%		25,965		52.4	%		24,581		51.3	%		25,392		50.5	%		25,532		50.5	%
Government/Government agencies — Foreign		952		1.9	%		744		1.5	%		660		1.4	%		785		1.6	%		788		1.6	%
Government/Government agencies — U.S.		1,126		2.3	%		1,048		2.1	%		810		1.7	%		877		1.7	%		898		1.8	%
MBS — agency		2,175		4.4	%		1,871		3.8	%		1,609		3.4	%		1,633		3.3	%		1,788		3.5	%
Municipal — taxable		408		0.9	%		536		1.1	%		614		1.3	%		680		1.4	%		725		1.4	%
Municipal — tax-exempt		2,017		4.1	%		2,238		4.5	%		2,181		4.6	%		2,264		4.4	%		2,270		4.5	%
Redeemable preferred stock		33		0.1	%		47		0.1	%		12		—			12		—			13		—
Short-term		2,321		4.7	%		2,083		4.2	%		2,274		4.8	%		2,540		5.1	%		2,261		4.5	%

Total fixed maturities	$	49,197		100.0	%	$	49,580		100.0	%	$	47,807		100.0	%	$	50,200		100.0	%	$	50,531		100.0	%


Total general account fixed maturities	$	37,462		76.1	%
Total guaranteed separate account fixed maturities	$	11,735		23.9	%


AAA	$	8,681		17.6	%	$	9,058		18.3	%	$	9,483		19.8	%	$	10,554		21.0	%	$	10,282		20.4	%
AA		4,486		9.1	%		4,719		9.5	%		4,511		9.4	%		4,875		9.7	%		5,275		10.4	%
A		13,901		28.3	%		13,661		27.6	%		13,225		27.7	%		13,529		27.0	%		13,531		26.8	%
BBB		13,061		26.5	%		13,920		28.0	%		13,026		27.2	%		13,300		26.5	%		13,447		26.6	%
Government		4,361		9.0	%		3,860		7.8	%		3,345		7.0	%		3,514		7.0	%		3,803		7.5	%
BB & below		2,386		4.8	%		2,279		4.6	%		1,943		4.1	%		1,888		3.8	%		1,932		3.8	%
Short-term		2,321		4.7	%		2,083		4.2	%		2,274		4.8	%		2,540		5.0	%		2,261		4.5	%

Total fixed maturities	$	49,197		100.0	%	$	49,580		100.0	%	$	47,807		100.0	%	$	50,200		100.0	%	$	50,531		100.0	%

[1]	First, second, third and fourth quarters of 2004 include $11,967, $11,640, $11,379 and $12,028, respectively, of guaranteed separate account assets and $7,831, $8,995, $10,685 and $13,634, respectively, of trading securities within general account assets due to the adoption of SOP 03-1.

I-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

COMPOSITION OF INVESTED ASSETS
PROPERTY & CASUALTY


	4Q					1Q					2Q					3Q					4Q
	2003					2004					2004					2004					2004
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value	$	23,715		96.4	%	$	23,196		96.4	%	$	22,774		96.3	%	$	23,932		96.0	%	$	24,410		95.6	%
Equity securities, available-for-sale, at fair value		208		0.8	%		206		0.9	%		201		0.8	%		201		0.8	%		307		1.2	%
Real estate/Mortgage loans, at cost		328		1.3	%		309		1.3	%		306		1.3	%		269		1.1	%		253		1.0	%
Limited partnerships, at fair value		168		0.7	%		164		0.7	%		156		0.7	%		170		0.7	%		177		0.7	%
Other investments		186		0.8	%		177		0.7	%		220		0.9	%		360		1.4	%		379		1.5	%

Total investments	$	24,605		100.0	%	$	24,052		100.0	%	$	23,657		100.0	%	$	24,932		100.0	%	$	25,526		100.0	%


ABS	$	1,115		4.7	%	$	1,008		4.3	%	$	945		4.1	%	$	1,053		4.4	%	$	1,111		4.5	%
CMBS		2,563		10.8	%		2,678		11.5	%		2,510		11.0	%		2,790		11.7	%		2,942		12.1	%
CMO		38		0.2	%		36		0.2	%		108		0.5	%		142		0.6	%		135		0.6	%
Corporate		8,444		35.5	%		8,525		36.8	%		8,006		35.1	%		8,512		35.5	%		8,621		35.3	%
Government/Government agencies — Foreign		821		3.5	%		791		3.4	%		720		3.2	%		860		3.6	%		1,008		4.1	%
Government/Government agencies — U.S.		304		1.3	%		285		1.2	%		262		1.2	%		238		1.0	%		234		1.0	%
MBS — agency		659		2.8	%		599		2.6	%		604		2.7	%		843		3.5	%		1,011		4.1	%
Municipal — taxable		221		0.9	%		229		1.0	%		213		0.9	%		217		0.9	%		219		0.9	%
Municipal — tax-exempt		8,199		34.6	%		8,044		34.7	%		7,862		34.5	%		8,043		33.6	%		8,123		33.3	%
Redeemable preferred stock		47		0.2	%		27		0.1	%		25		0.1	%		25		0.1	%		26		0.1	%
Short-term		1,304		5.5	%		974		4.2	%		1,519		6.7	%		1,209		5.1	%		980		4.0	%

Total fixed maturities	$	23,715		100.0	%	$	23,196		100.0	%	$	22,774		100.0	%	$	23,932		100.0	%	$	24,410		100.0	%


AAA	$	7,871		33.2	%	$	7,796		33.6	%	$	7,485		32.8	%	$	8,201		34.3	%	$	8,505		34.8	%
AA		3,369		14.2	%		3,324		14.2	%		3,258		14.3	%		3,198		13.4	%		3,271		13.4	%
A		4,849		20.4	%		4,559		19.7	%		4,458		19.6	%		4,618		19.2	%		4,600		18.8	%
BBB		4,053		17.1	%		4,430		19.1	%		4,010		17.6	%		4,368		18.2	%		4,457		18.3	%
Government		996		4.2	%		917		4.0	%		948		4.2	%		1,199		5.0	%		1,357		5.6	%
BB & below		1,273		5.4	%		1,196		5.2	%		1,096		4.8	%		1,139		4.8	%		1,240		5.1	%
Short-term		1,304		5.5	%		974		4.2	%		1,519		6.7	%		1,209		5.1	%		980		4.0	%

Total fixed maturities	$	23,715		100.0	%	$	23,196		100.0	%	$	22,774		100.0	%	$	23,932		100.0	%	$	24,410		100.0	%

I-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

UNREALIZED LOSS AGING
CONSOLIDATED [1]


	December 31, 2004							December 31, 2003
	Amortized		Fair Value		Unrealized			Amortized		Fair Value		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS [2] Securities

Three months or less	$	7,572	$	7,525	$	(47	)	$	4,867	$	4,826	$	(41	)
Greater than three months to six months		573		567		(6	)		3,991		3,854		(137	)
Greater than six months to nine months		3,405		3,342		(63	)		404		382		(22	)
Greater than nine months to twelve months		462		445		(17	)		151		142		(9	)
Greater than twelve months		2,417		2,285		(132	)		1,844		1,688		(156	)

Total	$	14,429	$	14,164	$	(265	)	$	11,257	$	10,892	$	(365	)


BIG [3] and Equity AFS [2] Securities

Three months or less	$	326	$	322	$	(4	)	$	133	$	129	$	(4	)
Greater than three months to six months		33		32		(1	)		134		129		(5	)
Greater than six months to nine months		174		165		(9	)		81		73		(8	)
Greater than nine months to twelve months		81		75		(6	)		18		17		(1	)
Greater than twelve months		285		240		(45	)		417		349		(68	)

Total	$	899	$	834	$	(65	)	$	783	$	697	$	(86	)

[1]	As of December 31, 2004, fixed maturities represented $252, or 95%, of the Company’s total unrealized loss of available-for-sale securities. There were no fixed maturities as of December 31, 2004 with a fair value less than 80% of the security’s amortized cost basis for six continuous months other than certain asset- backed and commercial mortgage-backed securities. Other than temporary impairments for certain asset-backed and commercial mortgage-backed securities are recognized if the fair value of the security is less than its carrying amount and there has been a decrease in the present value of the expected cash flows since the last reporting period. There were no asset-backed or commercial mortgage-backed securities included in the tables above, as of December 31, 2004 and 2003, for which management’s best estimate of future cash flows adversely changed during the reporting period. For a detailed discussion of the other than temporary impairment criteria, see “Investments” included in the Critical Accounting Estimates section of the Management’s Discussion & Analysis and in Note 1 of Notes to Consolidated Financial Statements, both of which are included in The Hartford’s 2003 Form 10-K Annual Report.

[2]	Represents available-for-sale (“AFS”) securities.

[3]	Represents below investment grade (“BIG”) securities.

I-8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTED ASSET EXPOSURES
AS OF DECEMBER 31, 2004


	LIFE
			Percent of
TOP TEN CORPORATE			Total
FIXED MATURITY	Fair		Invested
EXPOSURES BY SECTOR	Value		Assets
Financial services	$	6,662		9.7	%
Technology and communications		3,901		5.7	%
Utilities		2,540		3.7	%
Consumer non cyclical		2,707		3.9	%
Consumer cyclical		2,581		3.8	%
Basic industry		2,598		3.8	%
Capital goods		1,674		2.4	%
Energy		1,372		2.0	%
Other		832		1.2	%
Transportation		665		1.0	%


Total	$	25,532		37.2	%


TOP TEN EXPOSURES BY ISSUER [1]

J.P. Morgan Chase & Co.	$	493		0.7	%
Cingular Wireless		300		0.4	%
Royal Bank of Scotland PLC		227		0.3	%
HSBC Holdings PLC		216		0.3	%
Bank of America Corp.		210		0.3	%
Ford Motor Company		207		0.3	%
Banco Santander Central Hispano		203		0.3	%
Verizon Communications, Inc.		193		0.3	%
General Motors Corp.		189		0.3	%
Credit Suisse Group		187		0.3	%


Total	$	2,425		3.5	%


	P&C
			Percent of
			Total
	Fair		Invested
	Value		Assets
Financial services	$	2,095		8.2	%
Technology and communications		1,464		5.7	%
Utilities		1,110		4.4	%
Consumer non cyclical		920		3.6	%
Consumer cyclical		842		3.3	%
Basic industry		758		3.0	%
Capital goods		508		2.0	%
Energy		540		2.1	%
Other		233		0.9	%
Transportation		151		0.6	%


Total	$	8,621		33.8	%


State of California	$	268		1.0	%
State of Massachusetts		240		1.0	%
New York City, NY		205		0.8	%
Government of France		199		0.8	%
State of Illinois		178		0.7	%
State of Georgia		155		0.6	%
New Jersey State Transit Authority		150		0.6	%
J.P. Morgan Chase & Co.		135		0.5	%
Mass. Bay Transportation Authority		129		0.5	%
Puerto Rico Public Buildings Authority		119		0.5	%


Total	$	1,778		7.0	%


	CONSOLIDATED
			Percent of
			Total
	Fair		Invested
	Value		Assets
Financial services	$	8,757		9.3	%
Technology and communications		5,365		5.7	%
Utilities		3,650		3.9	%
Consumer non cyclical		3,627		3.8	%
Consumer cyclical		3,423		3.6	%
Basic industry		3,356		3.6	%
Capital goods		2,182		2.3	%
Energy		1,912		2.0	%
Other		1,065		1.1	%
Transportation		816		0.9	%


Total	$	34,153		36.2	%


J.P. Morgan Chase & Co.	$	628		0.7	%
State of California		416		0.4	%
Cingular Wireless		399		0.4	%
State of Massachusetts		374		0.4	%
Ford Motor Company		283		0.3	%
General Motors Corp.		275		0.3	%
Royal Bank of Scotland PLC		273		0.3	%
State of Illinois		270		0.3	%
Banco Santander Central Hispano		258		0.3	%
Comcast Corp.		255		0.2	%

Total	$	3,431		3.6	%

[1] Excludes U.S. government and government agency backed securities as well as securities classified as trading securities.

I-11




				PROPERTY &
	LIFE			CASUALTY			CORPORATE			CONSOLIDATED
As of December 31, 2004

Fixed maturities unrealized gain	$	1,336		$	759		$	6		$	2,101
Equities unrealized gain		13			48			—			61
Net deferred loss on cash-flow hedging instruments		(170	)		(45	)		—			(215	)

Total unrealized gain		1,179			762			6			1,947
Foreign currency translation adjustments		16			(58	)		—			(42	)
Minimum pension liability adjustment		—			(50	)		(430	)		(480	)

Total accumulated other comprehensive income (loss)	$	1,195		$	654		$	(424	)	$	1,425


As of December 31, 2003
Fixed maturities unrealized gain	$	914		$	793		$	17		$	1,724
Equities unrealized gain		14			26			—			40
Net deferred loss on cash-flow hedging instruments		(25	)		(17	)		—			(42	)

Total unrealized gain		903			802			17			1,722
Foreign currency translation adjustments		(42	)		(59	)		—			(101	)
Minimum pension liability adjustment		—			(36	)		(339	)		(375	)

Total accumulated other comprehensive income (loss)	$	861		$	707		$	(322	)	$	1,246


Gross statutory reinsurance reserve credit	$	1,722
Liability for reinsurance in unauthorized companies		(4	)

Net statutory reinsurance reserve credit	$	1,718

Statutory amounts recoverable from reinsurers	$	145

	•	17% of this amount is with reinsurers rated “A++” by A.M. Best at January 20, 2005.

	•	39% of this amount is with reinsurers rated “A+” by A.M. Best at January 20, 2005.

	•	39% of this amount is with reinsurers rated “A-” by A.M. Best at January 20, 2005.

	•	5% of this amount is with reinsurers rated “B+” by A.M. Best at January 20, 2005.


	September 30, 2004			December 31, 2003

Statutory Capital and Surplus	$	4,686		$	4,470
GAAP Adjustments
Investment in subsidiaries		(727	)		(390	)
Deferred policy acquisition costs		7,146			6,624
Deferred taxes		(930	)		(679	)
Benefit reserves		(3,147	)		(3,664	)
Unrealized gains on investments, net of impairments		1,997			1,945
Asset valuation reserve and interest maintenance reserve		660			460
Goodwill		408			472
Other, net		(228	)		(374	)

GAAP Stockholders’ Equity	$	9,865		$	8,864

	DEFINITIONS AND PRESENTATION

·	All amounts are in millions, except for per share and ratio information.

·	Life is organized into four reportable operating segments: Retail Products Group, Institutional Solutions Group, Individual Life and Group Benefits. Life also includes in an Other category its international operations, which are located primarily in Japan and Brazil; net realized capital gains and losses other than periodic net coupon settlements on non-qualifying derivatives and net realized capital gains and losses related to guaranteed minimum withdrawal benefits; corporate items not directly allocated to any of its reportable operating segments; and intersegment eliminations. Periodic net coupon settlements on non-qualifying derivatives and net realized capital gains and losses related to guaranteed minimum withdrawal benefits are reflected in each applicable segment in net realized capital gains and losses.

·	Property and Casualty includes Ongoing Operations and Other Operations. Ongoing Operations includes the underwriting results of the Business Insurance, Personal Lines and Specialty Commercial segments. Other Operations includes the underwriting results of certain property and casualty insurance operations that have discontinued writing new business and substantially all of the Company’s asbestos and environmental exposures. Property & Casualty includes the underwriting results of Ongoing Operations and Other Operations along with income and expense items not directly allocated to the Company’s property and casualty segments, such as net investment income, net realized capital gains and losses, other expenses and income taxes.

·	Corporate includes all of the Company’s debt financing and related interest expense, as well as certain capital raising and certain purchase accounting adjustment activities.

·	On January 1, 2004, the Company prospectively adopted Statement of Position 03-1, “Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts” (“SOP 03-1”). The major provisions of SOP 03-1 require establishing guaranteed minimum death benefits and other benefit reserves for annuity contracts and reclassifying certain separate account assets to general account assets.

·	Certain operating and statistical measures have been incorporated herein to provide supplemental data that indicate trends in The Hartford’s current business. These measures include sales, account value, insurance in-force and premium renewal retention. Premium renewal retention is defined as renewal premium written in the current period divided by total premium written in the prior period.

·	The Hartford, 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 claims and claim adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses (amortization of deferred policy acquisition costs, as well as other underwriting expenses) to earned premiums. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses to earned premiums.

·	The Hartford, along with others in the life insurance industry, uses underwriting ratios as measures of the Group Benefits segment’s performance. The loss ratio is the ratio of total benefits, claims and claim adjustment expenses, excluding buyouts, to total premiums and other considerations excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses to total premiums and other considerations excluding buyout premiums.

·	Accumulated other comprehensive income (“AOCI”) represents net of tax unrealized gain (loss) on available-for-sale securities; net gain (loss) on cash-flow hedging instruments; foreign currency translation adjustments; and minimum pension liability adjustment.

·	Assets under management is an internal performance measure used by the Company because a significant portion of the Company’s revenues are based upon asset values. These revenues increase or decrease with a rise or fall, correspondingly, in the level of assets under management.

·	Investment yield, before- or after-tax, is calculated by dividing before- or after-tax, respectively, annualized net investment income (excluding net realized capital gains (losses) and change in fair value of trading securities) by average invested assets at cost (fixed maturities at amortized cost, excluding trading securities).

·	Certain reclassifications have been made to the prior periods to conform to the December 31, 2004 presentation.

·	NM - Not meaningful means increases or decreases greater than 200%, or changes from a net gain to a net loss position, or vice versa.

	DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES

·	The Hartford uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company’s operating performance for the periods presented herein. Because The Hartford’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford’s non-GAAP and other financial measures to those of other companies.

·	The Hartford uses the non-GAAP financial measure operating income as an important measure of the Company’s operating performance. Operating income is net income, before the after-tax effect of net realized capital gains and losses other than periodic net coupon settlements on non-qualifying derivatives, and the cumulative effect of accounting changes. The Company believes operating income provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it excludes the effect of those realized capital gains and losses that tend to be highly variable from period to period. Net income is the most directly comparable GAAP measure. A reconciliation of net income (loss) to operating income (loss) for the periods presented herein is set forth at page C-8. Operating income per share is calculated based on a non-GAAP financial measure. Net income per share is the most directly comparable GAAP measure. A reconciliation of net income (loss) per share to operating income (loss) per share for the periods presented herein is set forth at page C-8.

·	The Hartford uses the non-GAAP financial measure operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, to further enhance investor understanding of the Company’s ongoing businesses by eliminating the effects of the 2003 asbestos reserve addition, which relates solely to legacy businesses, and the effects of tax related items, Bancorp litigation and severance charges because these items either are non-recurring or are highly variable from period to period. Net income is the most directly comparable GAAP measure. A reconciliation of net income (loss) to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, for the periods presented herein is set forth at page C-8. Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, per share is calculated based on a non-GAAP financial measure. Net income per share is the most directly comparable GAAP measure. A reconciliation of net income (loss) per share to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, per share for the periods presented herein is set forth at page C-8.

·	Written premiums is a statutory accounting financial measure used by The Hartford as an important indicator of the operating performance of the company’s property-casualty operations. Because written premiums represents the amount of premium charged for policies issued during a fiscal period, The Hartford believes it is useful to investors because it reflects current trends in The Hartford’s sale of property-casualty insurance products. Earned premiums, the most directly comparable GAAP measure, represents all premiums that are recognized as revenues during a fiscal period. The difference between written premiums and earned premiums is attributable to the change in unearned premium reserves.

·	Book value per share excluding AOCI is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders’ equity excluding AOCI, net of tax, by (b) common shares outstanding. The Hartford provides book value per share excluding AOCI to enable investors to analyze the amount of the Company’s net worth that is primarily attributable to the Company’s business operations. The Hartford believes book value per share excluding AOCI is useful to investors because it eliminates the effect of items which typically fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure. A reconciliation of book value per share to book value per share excluding AOCI for the periods presented herein is set forth at page C-1.

·	The Hartford provides several different measures of the return on equity (“ROE”) of the Company. Two return-on-equity measures, ROE (operating income (loss) last twelve months to equity excluding AOCI) and ROE (operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, last twelve months to equity excluding AOCI), are calculated based on non-GAAP financial measures. ROE (operating income (loss) last twelve months to equity excluding AOCI) is calculated by dividing (a) operating income for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. ROE (operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, last twelve months to equity excluding AOCI) is calculated by dividing (a) operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation and severance charges, for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. The Hartford provides to investors return-on-equity measures based on its non-GAAP operating income financial measures for the reasons set forth in the related discussion above. The Hartford excludes AOCI in the calculation of these return-on-equity measures 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. ROE (net income last twelve months to equity including AOCI) is the most directly comparable GAAP measure. A reconciliation of the non-GAAP return-on-equity measures for the periods presented herein to ROE (net income last twelve months to equity including AOCI) is set forth at page C-9.

[1]	Life allocates the net realized gains and losses from periodic net coupon settlements on non-qualifying derivatives to its segments.

[2]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. Such effects are included in net realized capital gains and losses for financial reporting purposes.

[3]	The first quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11th and an increase of $130 for assumed casualty reinsurance reserves. The second quarter ended June 30, 2004 includes a provision of $181 associated with the evaluation of the reinsurance recoverable asset. The third quarter ended September 30, 2004 includes $75 of environmental reserve strengthening.

[4]	See p. C-8 for reconciliation of net income to operating income and to operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges.

[1]	Life allocates net realized captial gains and losses from periodic net coupon settlements on non-qualifying derivatives to its segments.

[2]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. Such effects are included in capital gains and losses for financial reporting purposes.

[3]	Adjusted to exclude a decrease in estimated earned premiums on retrospectively-rated policies and prior year loss development. Prior year loss development includes the net reserve release related to September 11, an increase in reserves for construction defect claims, an increase in reserves for assumed casualty reinsurance, change in reinsurance ceded, net, an increase in environmental reserves, and other prior year loss development. Underwriting results before catastrophes and prior year development is a non-GAAP financial measure because it excludes the effects of catastrophes, prior year development and the reduction in earned premiums relating to retrospectively-rated policies. The Company has included this item as an additional measure of the performance of the Company’s Property & Casualty current operations, because it excludes the effect of items relating to prior periods. A reconciliation of the adjusted underwriting results to the Company’s GAAP underwriting results is set forth above.

[4]	Catastrophe impacts for the third quarter ended September 30, 2004 include $133 from Hurricane Charley, $113 from Hurricane Frances, $65 from Hurricane Ivan, $100 from Hurricane Jeanne and $17 of reinstatement premium.

[5]	The first quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11th and an increase of $130 for assumed casualty reinsurance reserves. The second quarter ended June 30, 2004 includes a provision of $181 associated with the evaluation of the reinsurance recoverable asset. The third quarter ended September 30, 2004 includes $75 of environmental reserve strengthening. The fourth quarter ended December 31, 2004 includes an increase of $40 for assumed casualty reinsurance reserves.

[1]	Takeover of open claim liabilities and other non-recurring premium amounts.

[2]	Administrative services only (ASO) fees and claims under claim management agreements.

[3]	Ratios calculated excluding the effects of buyout premiums.

[2]		Ongoing Operations earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17. Refer to the respective segment underwriting pages for catastrophe treaty reinstatement premium by segment.

[3]		Includes a first quarter 2004 net reserve release related to September 11 of $175 in Business Insurance, $7 in Personal Lines, $116 in Specialty Commercial and $97 in Other Operations, an increase in reserves of $167 for construction defects claims in Specialty Commercial and $23 in Business Insurance and an increase in assumed casualty reinsurance reserves of $130 in Other Operations. Other Operations includes a second quarter 2004 reduction in net reinsurance recoverable of $181 and a third quarter 2004 environmental reserve strengthening of $75. See page PC-5 for the impact of these items and other prior year development on underwriting ratios.

[4]		Total Property & Casualty includes catastrophes of $507, before tax and the net reserve release of $395 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Refer to the respective segment underwriting pages for catastrophe losses by segment.

[5]		Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including the net reserve release related to September 11.

[2]		Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $6.

[3]		Includes catastrophes of $11, before tax, for the quarter ended December 31, 2004 and $136, before tax and the net reserve release of $175 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

[4]		Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.


[3]	Includes catastrophes of $(3), before tax, for the quarter ended December 31, 2004 and $260, before tax and the net reserve release of $7 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

	[2] Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $4.

	[3] Includes catastrophes of $20, before tax, for the quarter ended December 31, 2004 and $110, before tax and the net reserve release of $116 related to September 11, for the year ended December 31, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.

	[4] Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004, the net reserve release related to September 11.


	Asbestos					Environmental
	Paid			Incurred		Paid			Incurred
For the Fourth Quarter Ended December 31, 2004	Loss & LAE			Loss & LAE		Loss & LAE			Loss & LAE
Gross
Direct	$	127		$	5	$	18		$	2
Assumed — Domestic		24			—		8			—
London Market		8			—		4			—

Total		159			5		30			2
Ceded		(129	)		27		(5	)		3

Net	$	30		$	32	$	25		$	5

[2]	Other Operations reflects payments pursuant to the MacArthur settlement.

[3]	The financial results of the Company’s Reinsurance operations are reported in Other Operations.


				% of			% of Rated
	Amount			Total			Companies

Net Property & Casualty Reinsurance Recoverables	$	5,185

Less: Mandatory (Assigned Risk) Pools		(433	)


Net P&C Reinsurance Recoverable Excluding Mandatory Pools	$	4,752


Rated A- (Excellent) or better by A.M. Best [2]	$	3,134			66.0	%		93.1	%
Other Rated by A.M. Best [2]		231			4.9	%		6.9	%

Total Rated Companies		3,365			70.9	%		100.0	%

Voluntary Pools		227			4.8	%
Captives		150			3.2	%
Other Not Rated Companies		1,010			21.1	%

Total	$	4,752			100.0	%

[1]		Net of commutations, settlements and known insolvencies.

[2]		Based on A.M. Best ratings as of December 31, 2004.

[1]		Includes income on short-term bonds.

[2]		In connection with the HLI Repurchase, the carrying value of the purchased fixed maturity investments was adjusted to fair market value as of the date of the repurchase. The amortization of the adjustment to the fixed maturity investments’ carrying values is reported in Corporate’s net investment income.

[3]		Primarily consists of changes in fair value on non-qualifying derivatives.