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.

September 30, 2025 compared to December 31, 2024

Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value and limited partnerships and other alternative 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 and tighter credit spreads.

Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.

[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.

Total net investment income increased for the three month period primarily due to higher income from limited partnerships and other alternative investments, the impact of higher invested assets, and reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.

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

Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased for both the three and nine month periods 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 nine months ended September 30, 2025, were 5.7% for both periods, which were above the average yield of sales and maturities of 5.2% and 4.9%, respectively. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and nine months ended September 30, 2024, were 5.5% and 6.0%, respectively, which were above the average yield of sales and maturities of 4.4% and 4.7%, respectively.

For the 2025 calendar year, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, to be slightly higher than 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 September 30, 2025, and included in net realized gains were $28 and $45 for the three and nine months ended September 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of September 30, 2024, and included in net realized gains were $27 and $71 for the three and nine months ended September 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 nine months ended September 30, 2025, includes gains (losses) from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16), respectively. For the three and nine months ended September 30, 2024, includes losses from transactional foreign currency revaluation of $(11) and $(5), respectively, and gains on non-qualifying derivatives of $23 and $15, respectively.

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

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 nine month periods ended September 30, 2025, primarily included losses of $20 for both periods on a real estate joint venture impairment, and losses of $5 and $14, respectively, on equity derivatives driven by changes in equity market levels. Also included were gains of $7 and losses of $11, respectively, on transactional foreign currency revaluation, and gains of $7 and losses of $10, respectively, on FVO securities due to a decrease in value.

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, netgains for the three and nine month periods ended September 30, 2024, primarily included gains of $12 and $9, respectively, on interest rate derivatives driven by changes in interest rates, gains of $11 and $6 on equity derivatives driven by changes in equity market levels, and losses of $11 and $5, respectively, on transactional foreign currency revaluation.