HARTFORD INSURANCE GROUP, INC.

[1]Primarily consists of equity fund investments, overseas deposits, consolidated investment funds, and derivative instruments which are carried at fair value.

June 30, 2025 compared to December 31, 2024

Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value, partially offset by a decrease in short-term investments.

Fixed maturities, AFS, at fair value increased primarily due to net additions of corporate bonds and high-quality ABS, partially offset by net reductions to tax-exempt municipal bonds. The increase was also due to higher valuations as a result of lower interest rates.

Short-term investments decreased primarily due to reallocation into fixed maturities, AFS.

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.

[2]Includes net investment income on short-term investments.

[3]Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

Three and six months ended June 30, 2025 compared to three and six months ended June 30, 2024

Total 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. For the six month period, the increase also reflects greater income from limited partnerships and other alternative investments.

Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased primarily due to the impact of reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.

Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and six months ended June 30, 2025, were 5.9% and 5.7%, respectively, which were above the average yield of sales and maturities of 4.6% and 4.7%, respectively. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and six months ended June 30, 2024, were 6.4% and 6.2%, respectively, which were above the average yield of sales and maturities of 4.9% and 4.9%, respectively.

For the 2025 calendar year, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, to be relatively consistent with the portfolio yield earned in 2024. The estimated impact on annualized net investment income yield is subject to variability including the impact of evolving market conditions.

[1]The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.

[2]See Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.

[3]See ACL on Mortgage Loans within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.

[4]For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively. For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, respectively.

Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.

Equity securities net gains were primarily driven by an increase in value due to higher equity market levels.

Other, net losses for the three and six month periods ended June 30, 2025, primarily included losses of $8 and $18, respectively, on transactional foreign currency revaluation, losses of $13 and $17, respectively, on FVO securities due to a decrease in value, and losses of $10 and $9, respectively, on equity derivatives due to higher equity market levels.

Gross gains and losses on sales were primarily due to sales of U.S. Treasuries, corporate securities, and tax-exempt municipals to fund purchases of higher-yielding investments.

Equity securitiesnet gains were primarily driven by an increase in value due to higher equity market levels.

Other, netlosses for the three and six month periods ended June 30, 2024, primarily included losses of $6 and $3, respectively, on interest rate derivatives driven by changes in interest rates, and gains of $4 and $6, respectively, on transactional foreign currency revaluation. Also included for the six-month period ended June 30, 2024, were losses of $5 on equity derivatives due to higher equity market levels.