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.

December 31, 2025 compared to 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, high-quality residential mortgage-backed securities ("RMBS") and 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.

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 primarily due to a higher level of invested assets, higher income from limited partnerships and other alternative investments, and the impact of reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.

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 rateon fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the year-ended December 31, 2025 was 5.6%, which was above the average yield of sales and maturities of 5.0% for the same period. Average reinvestment rate on fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the year-ended December 31, 2024 was 5.9%, which was above the average yield of sales and maturities of 5.0% for the same period.

For the 2026 calendar year, we estimate the change in net investment income to increase due to a higher level of invested assets and a higher yield on limited partnerships and other alternative investments. The estimated change in net investment income is subject to variability including the impact of evolving market conditions.

[1]The change in net unrealized gains (losses) on equity securities still held as of the end of the period and included in net realized gains (losses) were $49, $68, and $17 for the years ended December 31, 2025, 2024, and 2023, respectively.

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

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

[4]Includes gains (losses) on non-qualifying derivatives for the years ended December 31, 2025, 2024, and 2023 of $(16), $13, and $(108), respectively, and gains (losses) from transactional foreign currency revaluation of $(15), $20, and $(15), respectively.

Year ended December 31, 2025

Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities 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 primarily included losses of $30 on FVO securities due to a decrease in value, losses of $20 on a real estate joint venture impairment, losses of $15 on transactional foreign currency revaluation, and losses of $14 on equity derivatives driven by changes in equity market levels.

Year ended December 31, 2024

Gross gains and losses on sales were primarily due to sales of U.S. treasuries, corporate securities, tax-exempt municipals, and commercial mortgage-backed securities ("CMBS") largely 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 primarily included gains of $20 on transactional foreign currency revaluation and gains of $8 on interest rate derivatives driven by changes in interest rates.