HARTFORD INSURANCE GROUP INC

The Consolidated Results of Operations should be read in conjunction withthe Company's Condensed Consolidated Financial Statements and the related Notes as well as with the Reportable Segment and Corporate Operating Summaries within the MD&A.

Consolidated Results of Operations

Net income available to common stockholders decreased by $123, primarily driven by:

•A lower P&C underwriting gain of $130, before tax, driven by higher CAY catastrophe losses, partially offset by the effect of earned premium growth, a lower underlying loss and LAE ratio in Personal Insurance and a higher level of favorable prior accident year reserve development; and

•A $77, before tax, change to net realized losses in the 2025 period compared to net realized gains in the 2024 period.

These decreases were partially offset by:

•Higher net investment income of $63, before tax, primarily driven by a higher level of invested assets, reinvesting at higher interest rates, and greater income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities; and

•In Employee Benefits, a lower group life loss ratio, the effect of higher fully insured ongoing premiums, and a lower loss ratio on paid family and medical leave products, partially offset by a higher long-term disability ratio and a higher loss ratio on supplemental health products.

For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment And Corporate Operating Summaries.

Revenue

Earned premiums increased by $389 or 7%, primarily due to:

•An increase in P&C reflecting a 9% increase in Business Insurance and a 11% increase in Personal Insurance.

–Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business and earned pricing increases.

–For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by non-renewals.

•An increase in Employee Benefits earned premium of 2%, including an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%.

Fee income increased primarily due to a $10 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve month period.

Net Investment Income

[1]Limited partnerships and other alternative investments of $16 and $39 for the three months ended March 31, 2024 and 2025 respectively.

Net investment income increased primarily due to the impact of a higher level of invested assets, reinvesting at higher interest rates, and greater income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.

Net realized gains (losses) changed to a net realized loss in the 2025 period compared to a net realized gain in the 2024 period, primarily due to:

•Valuation declines on equity securities in the 2025 period compared to improvements in the 2024 period; and

•Losses on transactional foreign currency revaluation in the 2025 period compared to gains in the 2024 period.

For further discussion of investment results, see MD&A - Investment Results, Net Realized Gains and MD&A - Investment Results, Net Investment Income.

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $389 due to:

•An increase in Property & Casualty of $394 which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $154, before tax, primarily due to the effect of higher earned premiums, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and

–An increase in CAY catastrophe losses of $306, before tax. Catastrophe losses in the 2025 period included $325, net of reinsurance, related to the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the Midwest and South regions. Catastrophe losses in the 2024 period included losses from tornado, wind and hail mainly in the Midwest, South and Mid-Atlantic regions, as well as winter storms, primarily in the Northeast, Pacific and South regions.

Partially offset by:

–A favorable change of $66, before tax, in P&C net prior accident year reserve development, with development in the 2025 period of $122, compared to $56 in the prior year period. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, homeowners, and Personal Insurance automobile liability and physical damage. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile physical damage, partially offset by increases in reserves for general liability, assumed reinsurance, and marine. Also included within net prior accident year reserve development for three months ended March 31, 2025 and 2024 was a benefit of $32 and $24, respectively, related to amortization of the Navigators ADC deferred gain.

Losses and LAE Incurred for Employee Benefits

For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

•A slight decrease in Employee Benefits of $5, before tax, primarily driven by lower group life mortality, and a lower loss ratio on paid family and medical leave products, largely offset by the effect of higher earned premiums, a higher loss ratio on long-term disability and supplemental health products.

Amortization of deferred policy acquisition costs increased from the prior year period primarily driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.

Insurance operating costs and other expenses increased due to:

•Higher staffing costs, largely in response to increased business volume;

•Higher direct marketing costs in Personal Insurance;

•An increase in doubtful accounts expense partly due to higher business volume; and

•Higher commissions due to increased business volume and a slightly higher commission ratio due to mix of business.

Income tax expense decreased primarily due to a decrease in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.