HARTFORD FINANCIAL SERVICES GROUP INC

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|GROUP BENEFITS - RESULTS OF OPERATIONS

[1]For discussion of consolidated investment results, see MD&A - Investment Results.

[2]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

[1]Integration and transaction costs related to the acquisition of Aetna's U.S. group life and disability business are not included in the expense ratio.

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Net income increased in the three and six months ended June 30, 2024, primarily due to a lower group life loss ratio, higher fully insured ongoing premiums, and lower net realized losses. For the six month period, these increases were partially offset by a higher expense ratio.

Insurance operating costs and other expenses were higher for both the three and six month periods, prim arily due to the effect of higher earned premium, including higher staffing costs and commissions, as well as higher incentive compensation, partially offset by an increase in the allowance for credit losses on premiums receivable in the 2023 period.

Fully Insured Ongoing Premiums

[1]Other of $102 and $107 for the three months ended June 30, 2023 and 2024 respectively, and $202 and $211 for the six months ended June 30, 2023 and 2024, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Fully insured ongoing premiums increased in both the three and six month periods over prior year and included an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%, though slightly below the prior year periods.

Fully insured ongoing sales decreased in both the three and six months periods compared to prior year driven by both lower group life sales and group disability sales.

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Ratios

Loss ratio improved 3.2 points in the three months ended June 30, 2024 compared to the prior year period driven by a lower group life loss ratio. The group life loss ratio decreased

9.2 points driven by lower claim severity experience. The group disability loss ratio was essentially flat driven by lower long-term disability claim incidence, and a higher New York paid family leave risk adjustment benefit, offset by a higher loss ratio on paid family and medical leave products.

Total loss ratio improved 2.5 points in the six months ended June 30, 2024 compared to the prior year period, primarily reflecting a lower group life loss ratio. The group life loss ratio decreased 6.7 points driven by a lower level of mortality and lower claim severity experience compared to the prior year period. The group disability loss ratio was essentially flat driven by favorable long-term disability claim recoveries and incidence, and a higher New York paid family leave risk adjustment benefit, offset by a higher loss ratio on paid family and medical leave products.

Expense ratio decreased for the three month period primarily due to an increase in the allowance for credit losses on premiums receivable in the 2023 period and the effects of higher earned premium, partially offset by the impact of higher staffing costs, including higher incentive compensation, and higher commission expense.

The expense ratio increased for the six month period as the impact of higher staffing costs, including higher incentive compensation, and higher commission expense, was partially offset by the effects of higher earned premium.