HARTFORD INSURANCE GROUP, INC.

The Consolidated Results of Operations should be read in conjunction withthe Company's Condensed 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 $226, primarily driven by:

•A higher P&C underwriting gain of $332, before tax, primarily driven by lower CAY catastrophe losses, the effect of earned premium growth, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a lower level of favorable prior accident year reserve development and a higher expense ratio; and

•Higher net investment income of $83, before tax, driven by higher income from limited partnerships and other alternative investments, a higher level of invested assets, and reinvesting at higher rates.

These increases were partially offset by:

•In Employee Benefits, the impact of a higher short-term and long-term disability loss ratio and a higher expense ratio, including higher staffing costs and technology costs, partially offset by a lower group life loss ratio.

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 $310 or 5%, primarily due to:

•An increase in P&C reflecting a 7% increase in Business Insurance and a 1% increase in Personal Insurance.

–Contributing to the increase in Business Insurance was the effect of an increase in new business across the majority of 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 increased due to increases in exposure on existing accounts and fully insured ongoing sales across all products.

Fee income increased primarily driven by a $23 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

[1]Limited partnerships and other alternative investments of $39 and $75 for the three months ended March 31, 2025 and 2026 respectively.

Net investment income increased due to higher income from limited partnerships and other alternative investments, the impact of a higher level of invested assets, and reinvesting at higher rates.

Net realized losses increased primarily due to:

•Greater depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2026 period due to changes in credit spreads.

These losses were partially offset by:

•Gains on transactional foreign currency revaluation in the 2026 period compared to losses in the 2025 period; and

•Gains on interest rate derivatives in the 2026 period.

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

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses decreased $2 due to:

•A decrease in Property & Casualty of $40, which was attributable to:

–A decrease in CAY catastrophe losses of $237. Catastrophe losses in the 2026 period included losses from winter storms across several regions, but concentrated in the Northeast region, and to a lesser extent, the Mid Atlantic, South and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region. Catastrophe losses in the 2025 period included $325, net of reinsurance, related to the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the Midwest and South regions.

Partially offset by:

–An increase in P&C CAY loss and LAE before catastrophes of $116, primarily due to the effect of higher earned premiums and a slightly higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and

Losses and LAE Incurred for Employee Benefits

–A decline in P&C net favorable prior accident year reserve development of $81, with favorable development in the 2026 period of $41, compared to $122 in the prior year period. Favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage and homeowners, partially offset by an increase in reserves for general liability related to exposures from the 1970s and 1980s. Also included within net prior accident year reserve development for the three months ended March 31, 2026 was a benefit of $36 related to amortization of the A&E ADC deferred gain. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, homeowners, and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the three months ended March 31, 2025 was a benefit of $32 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

•Employee Benefits losses and LAE increased $39, as higher short-term and long-term disability loss ratios were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products. The increase in the long-term disability loss ratio was driven by less favorable long-term disability loss trends and an increase in the short-term disability loss ratio due to higher claim incidence, including for paid family and medical leave products, partially offset by continued paid family and medical leave pricing actions.

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 benefits costs, partly in response to increased business volume;

•Higher variable expenses in Hartford Funds; and

•Higher technology costs, including increased investment in our businesses and higher run costs.

Income tax expense increased primarily due to an increase in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.