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

Three months ended June 30, 2025 compared to the three months ended June 30, 2024

Net income available to common stockholders increased by $257, primarily driven by:

•An increase in P&C underwriting gain of $243, before tax, driven by the effect of earned premium growth, a higher level of net favorable prior accident year reserve development, a lower underlying loss and LAE ratio in Personal Insurance and lower CAY catastrophe losses, partially offset by a higher underlying loss and LAE ratio in Business Insurance;

•Higher net investment income of $62, before tax, primarily driven by the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities; and

•Lower net realized losses of $49, before tax.

These increases were partially offset by:

•In Employee Benefits, the impact of a higher expense ratio, including higher technology costs and staffing costs, and a higher loss ratio on long-term and short-term disability, partially offset by a lower group life loss ratio.

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 $383 or 7%, primarily due to:

•An increase in P&C reflecting a 10% increase in both Business Insurance and 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.

•Employee Benefits earned premium was essentially flat, as an increase in exposure on existing accounts was offset by lower fully insured ongoing sales.

Fee income increased primarily due to a $3 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 $13 for the three months ended June 30, 2024 and 2025 respectively.

Net investment income increased primarily due to the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.

Net realized losses improved primarily due to fewer net losses on sales of fixed maturities. Also included were valuation improvements on equity securities, partially offset by valuation declines on equity derivatives, due to higher equity market levels.

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 $51 due to:

•An increase in Property & Casualty of $50, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $190, before tax, primarily due to the effect of higher earned premiums, partially offset by a lower underlying loss and LAE ratio in Personal Insurance.

Partially offset by:

–A favorable change of $72, before tax, in P&C net prior accident year reserve development, with development in the 2025 period of $187, compared to $115 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, catastrophes, bond, commercial property, 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, catastrophes, bond, Personal Insurance automobile liability, and homeowners, partially offset by increases in reserves for general liability, assumed reinsurance, and Business Insurance automobile liability. Also included within net prior accident year reserve development for the three months ended June 30, 2025 and 2024 was a benefit of $24 and $37, respectively, related to amortization of the Navigators ADC deferred gain. For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements; and

–A decrease in CAY catastrophe losses of $68, before tax. Catastrophe losses in 2025 and 2024 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions.

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Losses and LAE Incurred for Employee Benefits

•A slight increase in Employee Benefits of $3, before tax, primarily driven by a higher loss ratio on short-term and long-term disability, largely offset by a lower group life loss ratio.

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 technology costs, including increased investment;

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

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

•Higher commissions and taxes, licenses and fees due to increased business volume in P&C and a slightly higher commission ratio in Employee Benefits due to mix of business.

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

June 30, 2025 compared to the six months ended June 30, 2024

Net income available to common stockholders increased by $134 primarily driven by:

•Higher net investment income of $125, 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;

•A higher P&C underwriting gain of $94, before tax, driven by a lower underlying loss and LAE ratio in Personal Insurance, a higher level of favorable prior accident year reserve development, and the effect of earned premium growth, partially offset by higher CAY catastrophe losses, and a higher underlying loss and LAE ratio in Business Insurance; and

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

These increases were partially offset by:

•Greater net realized losses of $28, before tax

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 $772, or 7%, primarily due to:

•An increase in P&C reflecting a 9% increase in Business Insurance and a 10% 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 1%, including an increase in exposure on existing accounts, fully insured ongoing sales, and persistency in excess of 90%.

Fee income increased, primarily due to a $13 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 $32 and $52 for the six months ended June 30, 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 losses increased primarily due to:

•Lower appreciation in value of equity securities in the current year compared to the prior year;

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

•Depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2025 period compared to appreciation in the 2024 period due to changes in credit spreads.

These increases were partially offset by fewer net losses on sales of fixed maturities.

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 $440, due to:

•An increase in Property & Casualty of $444, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $344, 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 $238, before tax. Catastrophe losses in the 2025 period included $313, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the South and Midwest regions. Catastrophe losses in the 2024 period included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and, to a lesser extent, from winter storms, mainly in the Northeast, Pacific and South regions.

Losses and LAE Incurred for Employee Benefits

Partially offset by:

–A favorable change of $138, before tax, in P&C net prior accident year reserve development, with favorable development in the 2025 period of $309, compared to $171 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, catastrophes, homeowners, commercial property, bond, 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, catastrophes, bond, Personal Insurance automobile liability, and homeowners, partially offset by increases in reserves for general liability, assumed reinsurance, and Business Insurance automobile liability. Also included within net prior accident year reserve development for the six months ended June 30, 2025 and 2024 was a benefit of $56 and $61, respectively, related to amortization of the Navigators ADC deferred gain.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 $2, before tax, primarily driven by lower group life mortality, and a lower loss ratio on paid family and medical leave products, largely

offset by 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 technology costs, including increased investment;

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

•Higher direct marketing costs in Personal Insurance; and

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

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