HARTFORD INSURANCE GROUP, INC.

Consolidated Results of Operations

The Consolidated Results of Operations should be read in conjunction with the Company's 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 increased by $725, primarily driven by:

•A higher P&C underwriting gain of $623, before tax, primarily driven by the effect of earned premium growth, a higher level of favorable prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a higher underlying loss and LAE ratio in Business Insurance;

•Higher net investment income of $343, before tax, driven by a higher level of invested assets, higher income from limited partnerships and other alternative investments, and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities; and

•Higher other revenues driven by an increase in valuation of an investment.

These increases were partially offset by:

•In Employee Benefits, the impact of a higher expense ratio, including higher staffing costs and technology costs, and a higher long-term disability loss ratio, partially offset by a lower group life loss ratio, a lower loss ratio on the paid family and medical leave product, and the impact of slightly higher fully insured ongoing premiums; and

•Higher net realized losses of $39, 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 $1,463 or 6% primarily due to:

•An increase in P&C reflecting a 9% increase in Business Insurance and an 8% 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 a decline in policies in-force.

•Employee Benefits earned premium was up slightly as an increase in exposure on existing accounts was largely offset by lower fully insured ongoing sales during the past year.

Fee income increased primarily due to a $42 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 increased due to the impact of a higher level of invested assets, higher income from limited partnerships and other alternative investments, and reinvesting at higher interest rates, 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 2025 period compared to the 2024 period;

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

•Greater depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2025 period due to changes in credit spreads;

•Impairment of a real estate joint venture in the 2025 period; and

•Gains on interest rate derivatives in the 2024 period.

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

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

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $364, due to:

•An increase in Property & Casualty of $355, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $679, before tax, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance.

Partially offset by:

–A favorable change of $304, before tax, in P&C net prior accident year reserve development, with net favorable development in the 2025 period of $424, before tax, and in the 2024 period of $120, before tax. Among other reserve changes, prior year reserve development included adverse development for A&E reserves of $165 and $203, before tax, in 2025 and 2024, respectively, of which $62 was ceded to National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc. (“Berkshire”) in 2024 under the A&E ADC and accounted for as a deferred gain under retroactive reinsurance accounting. As of December 31, 2024, the Company has ceded the cumulative treaty limit of $1.5 billion. Also included within net prior accident year reserve development for the year ended 2025 and 2024 was a benefit of $64 and $145, respectively related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

Losses and LAE Incurred for Employee Benefits

Apart from the A&E reserve changes and the amortization of the Navigators ADC deferred gain, net favorable reserve development was $347 higher in 2025. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, Personal Insurance automobile liability and physical damage, catastrophes, bond, homeowners, and commercial property, partially offset by unallocated loss adjustment expense (“ULAE”) reserves related to A&E reserves in P&C Other Operations. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, personal automobile liability and physical damage, homeowners, professional liability and uncollectible reinsurance, partially offset by increases in reserves for general liability, commercial automobile liability, assumed reinsurance, and unallocated loss adjustment expense reserves related to A&E reserves in P&C Other Operations.

–A decrease in CAY catastrophe losses of $20, before tax. Catastrophe losses in the 2025 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, the Mid Atlantic and Mountain West regions as well as a loss of $305, net of reinsurance, from the January 2025 California Wildfire Event. Catastrophe losses in the 2024 period 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, South and Mid-Atlantic regions, and, to a lesser extent, from winter storms, primarily in the Pacific, Northeast, and South regions.

For further discussion, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements.

•Employee Benefits losses and LAE increased slightly as a higher long-term disability loss ratio was partially offset by a lower group life loss ratio, reflecting reduced mortality, and improved results on the paid family and medical leave product due to pricing actions. The increase in long-term disability was driven by higher current-year loss trends and a benefit in the prior year related to an update to the long-term disability claim recovery rate assumptions.

Amortization of deferred policy acquisition costs increased from the prior year period 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, including higher incentive compensation and benefits costs, partly in response to increased business volume; and

•Higher technology costs, including increased investment.

Income tax expense increased primarily due to an increase in income before tax. For further discussion of income taxes, see Note 16 - Income Taxes of Notes to Consolidated Financial Statements.