HARTFORD INSURANCE GROUP, INC.

Reportable Segment and Corporate Operating Summaries

Business Insurance - Results of Operations

[1]For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements.

[3]Includes integration costs in connection with the 2019 acquisition of Navigators Group.

[4]For discussion of income taxes, see Note 16 - Income Taxes of Notes to Consolidated Financial Statements.

Premium Measures

[1]Except for net new business premium, metrics for middle market exclude loss sensitive and programs businesses.

[2]Excludes Global Re and is before ceded reinsurance.

[3]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism ("PV&T") policies, and any business under which the managing agent of our Lloyd's Syndicate delegates underwriting authority to coverholders and other third parties.

Underwriting Ratios

Net income increased primarily due to a higher underwriting gain and higher net investment income. For further discussion of investment results, see MD&A - Investment Results.

Underwriting Gain

Underwriting gain increased due to the effect of earned premium growth, higher favorable prior accident year development, and lower CAY catastrophe losses. These favorable impacts were partially offset by a modestly higher underlying loss and LAE ratio.

Expense ratio increased slightly as higher staffing costs, including higher incentive compensation and benefits costs, higher commissions, higher technology costs and an increase in doubtful accounts were largely offset by the impact of higher earned premium.

[1]Other earned premiums of $52, $57 and $64 for 2023, 2024 and 2025, respectively, is included in the total.

Written Premiums

[1]Other written premiums of $52, $58 and $64 for the year ended December 31, 2023, 2024 and 2025, respectively, is included in the total.

Earned premiums increased due to written premium increases over the prior twelve months.

Written premiums increased driven by growth across small business, middle & large business and global specialty.

•Small business written premium increased driven by strong new business as well as renewal written price increases in almost all lines. Written premium grew across all lines of business.

•Middle & large business written premium increased driven by strong new business as well as renewal written price increases in all lines. Written premium grew across most of general industries, industry verticals and the large and complex lines.

•Global specialty written premium, excluding global reinsurance, increased driven by written price increases across most lines as well as an increase in gross new business. Written premiums grew in global reinsurance, primarily in credit risk, property, and specialty casualty.

Renewal written price increases were recognized in most lines.

•In small business, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases across most lines. Workers' compensation pricing was flat.

•In middle market, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases in most lines. Workers' compensation pricing was slightly positive.

•In global specialty, renewal written price increases were lower than prior year levels with mid single-digit price increases overall.

Underlying Loss and LAE Ratio

Underlying Loss and LAE ratio increased primarily due to a slightly higher loss ratio in workers' compensation and general liability, partially offset by favorable non-CAT property losses.

Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

Current accident year catastrophe losses decreased for 2025 and included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and to a lesser extent, the Mid-Atlantic region, as well as a loss of $194 from the January 2025 California Wildfire Event.

Current accident year catastrophe losses for 2024 included losses from tornado, wind and hail events across several regions of the United States, as well as hurricanes and tropical storms primarily in the Southeast and South regions, and, to a lesser extent, winter storms mainly in the Pacific, Northeast and South regions.

Prior accident year developmentwas net favorable for 2025 and included reserve decreases for workers' compensation, bond, catastrophes and commercial property. Also included is a benefit of $64 related to amortization of the Navigators ADC deferred gain. As of September 30, 2025 the deferred gain on the Navigators ADC has been fully amortized. For additional information regarding the ADC reinsurance agreement, refer to Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to the Consolidated Financial Statements.

Prior accident year development was net favorable for 2024 and included reserve decreases for workers' compensation, catastrophes, bond and professional liability, partially offset by reserve increases for general liability, automobile liability and assumed reinsurance. Also included is a benefit of $145 related to amortization of the Navigators ADC deferred gain.

We expect an increasingly competitive market within Business Insurance during 2026. However, we continue to expect growth in written premium and an increase in market share while generating profitable margins.