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美国

证券交易委员会

华盛顿特区 20549

____________________________________

10-Q 表格

____________________________________

（勾选一项）


☒	根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至2026年9月 30日的季度

或


☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期自____________至______________

委员会档案编号 001-13958

____________________________________

$\"TheHartford_Logo_$

The Hartford Insurance Group, Inc.

（注册人章程中规定的准确名称）


特拉华州		13-3317783
（注册成立或组织所在州或其他司法辖区）		（美国国税局雇主识别号）

One Hartford Plaza, Hartford, Connecticut 06155

（主要行政办公室地址）（邮政编码）

(860) 547-5000

（注册人电话号码，含区号）

根据该法第12(b)条注册的证券：


各类证券名称	交易代码	注册所在交易所名称
普通股，每股面值$0.01	HIG	纽约证券交易所
6.10%高级债券，2041年10月1日到期	HIG 41	纽约证券交易所

存托股份，每股代表6.000%非累积优先股G系列股份的1/1,000权益，每股面值$0.01	HIG PR G	纽约证券交易所

请勾选：

• 注册人是否 (1) 已在此前12个月内（或注册人须提交此类报告的较短期间内）提交《1934年证券交易法》第13或15(d)条要求提交的所有报告，且 (2) 在过去90天内一直受此类提交要求约束。

是

☑

否

☐

• 注册人是否已在此前12个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据S-T条例第405条要求提交的每个交互式数据文件。

是

☑

否

☐

• 注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☑

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长型公司

☐

•

如果属于新兴成长型公司，请勾选注册人是否已选择不使用《交易法》第13(a)条规定的、遵守任何新订或修订财务会计准则的延长过渡期。

☐

•

注册人是否为空壳公司（定义见《交易法》规则12b-2）。

是

☐

否

☑

截至2026年10月 23日，注册人已发行普通股为267,413,397股，每股面值$0.01。

The Hartford Insurance Group, Inc.

10-Q 表格季度报告

截至 2026 年 9 月 30 日的季度期间


项目	说明	页码
	第一部分：财务信息
1.	财务报表
	独立注册会计师事务所报告	6
	简明合并经营报表——截至 2026 年和 2025 年 9 月 30 日的三个月和九个月	7
	简明合并综合收益（亏损）表——截至 2026 年和 2025 年 9 月 30 日的三个月和九个月	8
	简明合并资产负债表——截至 2026 年 9 月 30 日和 2025 年 12 月 31 日	9
	简明合并股东权益变动表——截至 2026 年和 2025 年 9 月 30 日的三个月和九个月	10
	简明合并现金流量表——截至 2026 年和 2025 年 9 月 30 日的九个月	11
	简明合并财务报表附注	12
	附注 1——列报基础和重要会计政策	12
	附注 2——每股普通股收益	13
	附注 3——分部信息	14
	附注 4——公允价值计量	18
	附注 5——投资	27
	附注 6——衍生工具	34
	附注 7——应收保费和代理人往来款	39
	附注 8——再保险	40
	附注 9——未付赔款及理赔费用准备金	41
	附注 10——未来保单利益准备金	44
	附注 11——其他保单持有人资金及应付福利	45
	附注 12——所得税	46

	附注 13——承诺和或有事项	46
	附注 14——权益	47
	附注 15——累计其他综合收益（亏损）的变动及重分类	48
	附注 16——员工福利计划	50
	附注17——已终止经营业务	51
2.	管理层对财务状况和经营业绩的讨论与分析	53
3.	有关市场风险的定量和定性披露	[a]
4.	控制与程序	107
	第二部分：其他信息
1.	法律诉讼	108
1A.	风险因素	108
2.	未注册股权证券的销售及所得款项用途	108
5.	其他信息	109
6.	附件	109
	签名	110

[a]本项要求的信息载于第2项“管理层对财务状况和经营业绩的讨论与分析”中的企业风险管理部分，并以引用方式并入本文。

前瞻性陈述

本文所载的某些陈述是依据《1995年私人证券诉讼改革法案》的安全港条款作出的前瞻性陈述。前瞻性陈述可通过“预期”“打算”“计划”“寻求”“相信”“估计”“预计”“预测”等词语以及对未来期间的类似表述加以识别。

前瞻性陈述基于管理层对未来经济、竞争、立法及其他发展的当前预期和假设，以及这些发展可能对 The Hartford Insurance Group, Inc. 及其子公司（统称“公司”或“The Hartford”）产生的影响。由于前瞻性陈述涉及未来，因此存在固有的不确定性、风险和难以预测的情况变化。实际结果可能与预期存在重大差异，具体取决于各种因素的发展情况，包括下文所列风险和不确定性，以及此类前瞻性陈述中所述因素、The Hartford《2025年10-K表年度报告》中的风险因素，以及我们向美国证券交易委员会提交的其他文件中所述因素。

•与经济、政治和全球市场状况相关的风险：

◦与公司当前经营环境相关的挑战，包括全球政治、经济和市场状况，以及金融市场动荡、经济下行、贸易法规变化（包括关税和其他壁垒）或其他可能不利的宏观经济发展对我们产品需求及投资组合回报的影响；

◦与我们业务相关的市场风险，包括信贷利差、股价、利率、通胀率、外汇汇率和市场波动的变化；

◦如果我们的投资组合集中于经济的任何特定领域，对投资组合造成的影响；

◦气候和天气模式变化对我们业务、运营和投资组合的影响，包括对理赔、产品需求和定价、再保险的可用性和成本、用于评估和管理灾害及严重天气事件风险的建模数据、投资组合价值，以及再保险公司和其他交易对手的信用风险的影响；

•保险行业及产品相关风险：

◦损失发展的可能性不利，包括涉及长尾风险敞口的情形；

◦重大不确定性限制了我们估算石棉和环境索赔所需最终准备金的能力；

◦疫情、社会动荡、地震或其他自然或人为灾害可能对我们的业务造成不利影响；

◦天气及其他自然灾害事件，包括雷暴、龙卷风、冰雹、野火、洪水、冬季风暴、飓风和热带风暴的强度与频率，以及气候变化及其对天气模式的潜在影响；

◦可能发生恐怖袭击，以及公司无法控制由此产生的风险敞口，原因包括但不限于无法将恐怖袭击从工伤赔偿保单的承保范围中排除，以及适用法律对联邦政府再保险保障的限制；

◦公司有效为产品和保单定价的能力，包括获得监管机构同意采取定价行动，或不续保或退出某些产品线的能力；

◦规模可能更大或拥有更多财务资源的竞争对手采取的行动；

◦技术变革，包括基于使用情况确定保费的方法、某些新兴技术的进步（包括机器学习、预测分析、“大数据”分析或其他人工智能功能）、汽车安全功能的进步、自动驾驶汽车的发展，以及促进共享出行的平台，这些可能使竞争对手获得竞争优势，并可能影响理赔频率和严重程度，以及对我们产品的需求；

◦公司通过现有和未来的分销渠道及投资顾问公司营销、分销和提供保险产品与投资咨询服务的能力；

◦新出现的理赔和承保范围问题所产生的不确定影响；

◦政治不稳定、政治动机的暴力或社会动荡，这可能增加承保损失的频率和严重程度；

•财务实力、信用及交易对手风险：

◦公司财务实力和信用评级遭负面评级行动或下调，或我们的投资遭负面评级行动或评级下调，给我们的业务、财务状况、前景和业绩带来的风险；

◦资本要求受多种因素影响，其中许多因素超出公司的控制范围，例如美国全国保险专员协会（\"NAIC\"）的风险资本公式、评级机构资本模型、劳合社资金要求和偿付能力资本要求；这些因素进而可能影响我们的信用评级和财务实力评级、资本成本、监管合规以及业务和业绩的其他方面；

◦因他方未履约或违约而造成的损失，包括与投资、衍生品、应收保费、再保险可收回款项以及第三方就此前处置提供的赔偿相关的交易对手信用风险；

◦再保险人不愿或无法履行再保险合同义务所导致损失的可能性，以及再保险的可获得性、定价和充足性（用于保护公司免受损失）；

◦州级和国际监管规定对公司及其某些子公司宣布和支付股息能力的限制；

•与估计、假设和估值相关的风险：

◦在承保、定价、资本管理、准备金计提、投资、再保险和巨灾风险管理等关键领域运用分析模型进行决策所涉及的风险；

◦对公司投资公允价值估计以及评估可供出售证券和抵押贷款的拟出售减值和信贷损失准备所依据的方法、估计和假设，可能存在不同解读；

◦商誉可能发生减值；

•战略和运营风险：

◦发生灾难、网络安全漏洞或其他信息安全事件、技术故障或其他意外事件时，公司维持系统可用性并保障数据安全的能力；

◦外包可能引发的问题，包括供应商及类似的第三方关系；

◦与资本管理计划、削减开支举措及其他行动相关的风险、挑战和不确定性；

◦与收购和剥离相关的风险，包括整合被收购公司或业务所面临的挑战；这可能导致我们无法实现预期收益和协同效应，并可能造成意料之外的后果；

◦难以吸引和留住有才能且合格的人员，包括高管、经理以及具备出色技术、分析和其他专业技能的员工等关键员工；

◦公司保护知识产权和抗辩侵权索赔的能力；

•监管和法律风险：

◦联邦、州级和国际监管及立法动态增多所带来的成本和其他潜在影响，包括可能对公司产品需求、运营成本和所需资本水平产生不利影响的动态；

◦不利的司法或立法进展；

◦联邦、州或外国税法变更的影响；

◦可能延迟、阻止或妨碍股东可能认为符合其最佳利益的收购尝试的监管要求；以及

◦会计原则及相关财务报告要求可能发生变化的影响。

公司在本文件中作出的任何前瞻性陈述仅截至本10-Q表格申报之日。可能导致公司实际业绩出现差异的因素或事件可能不时出现，公司无法预测所有此类因素或事件。无论是由于新信息、未来发展还是其他原因，公司均不承担公开更新任何前瞻性陈述的义务。


目录

第一部分——第1项。财务报表

第1项。

财务报表

独立注册会计师事务所审阅报告

致董事会及股东：

The Hartford Insurance Group, Inc.

康涅狄格州哈特福德

中期财务信息审阅结果

我们已审阅随附的 The Hartford Insurance Group, Inc. 及其子公司（“公司”）截至2026年9月30日的简明合并资产负债表，以及截至2026年和2025年9月30日止三个月和九个月期间相关的简明合并经营报表、综合收益（亏损）表和股东权益变动表，，以及截至 2026年和2025年9月30日止九个月期间的现金流量表，及相关附注（统称“中期财务信息”）。根据我们的审阅，我们未发现需要对随附中期财务信息作出任何重大调整，方能使其符合美利坚合众国普遍接受的会计原则。

我们此前按照公众公司会计监督委员会（美国）（PCAOB）的准则，审计了公司截至2025年12月31日的合并资产负债表，以及截至该日止年度相关的合并经营报表、综合收益（亏损）表、股东权益变动表和现金流量表（本文未列示）；并在日期为2026年2月20日的报告中，对该等合并财务报表发表了无保留意见。我们认为，随附截至2025年12月31日的简明合并资产负债表所列信息，在所有重大方面均与其所依据的合并资产负债表公允一致。

审阅结果的依据

本中期财务信息由公司管理层负责。我们是一家在PCAOB注册的公众会计师事务所，并须遵守美国联邦证券法以及证券交易委员会和PCAOB适用的规则和法规，保持独立于公司。

我们按照 PCAOB 的标准进行了审阅。中期财务信息审阅主要包括实施分析程序，并询问负责财务和会计事项的人员。其范围远小于按照 PCAOB 标准进行的审计；审计的目标是对财务报表整体发表意见。因此，我们不发表此类意见。

/s/ Deloitte & Touche LLP

康涅狄格州哈特福德

2026年 10月26日


目录

哈特福德保险集团公司

简明合并经营报表


	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
（百万美元，每股数据除外）	（未经审计）
收入
已赚保费	$	6,351		$	6,093		$	18,775	$	17,889
手续费收入	87		84			260	256
净投资收益	850		755			2,384	2,065
已实现净亏损	(116)		(17)			(104)	(85)
其他收入	48		31			109	83
总收入	7,220		6,946			21,424	20,208
福利、损失及费用
福利、损失及理赔费用	3,713		3,793			11,792	11,505
递延保单获取成本（“DAC”）摊销	679		639			2,004	1,871
保险运营成本及其他费用	1,177		1,203			3,620	3,488



利息费用	50		50			150	150
其他无形资产摊销	18		18			53	53

福利、损失及费用总额	5,637		5,703			17,619	17,067
持续经营业务税前收入	1,583		1,243			3,805	3,141
所得税费用	321		222			759	598
持续经营业务税后净收入	1,262		1,021			3,046	2,543
终止经营业务税后净收入	61		59			431	162
净收入	1,323		1,080			3,477	2,705
优先股股息	6		6			16	16
归属于普通股股东的净收入	$	1,317		$	1,074		$	3,461	$	2,689

持续经营业务税后净收入中归属于普通股股东的每股普通股收益
基本	$	4.65		$	3.61		$	11.09	$	8.91
稀释	$	4.60		$	3.56		$	10.96	$	8.78
归属于普通股股东的每股普通股净收入
基本	$	4.88		$	3.82		$	12.67	$	9.48
稀释	$	4.82		$	3.77		$	12.52	$	9.34

请参阅简明合并财务报表附注。


目录

哈特福德保险集团公司

简明合并综合收益（亏损）报表


	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
（百万美元）	（未经审计）
净收入	$	1,323		$	1,080		$	3,477	$	2,705
其他综合收益（亏损）（“OCI”）：
可供出售固定期限证券（“AFS”）未实现净收益（亏损）的变动	(1,420)		373			(1,721)	883
计提信用损失准备（“ACL”）的固定期限证券未实现亏损变动	—		2			—	3

现金流量套期工具净收益（亏损）的变动	(76)		9			(108)	(25)
外币折算调整变动	—		(2)			—	14
未来保单福利负债调整变动	15		(7)			17	(11)
养老金及其他退休后福利计划调整变动	9		6			26	19
税后其他综合收益（亏损）	(1,472)		381			(1,786)	883
综合收益（亏损）	$	(149)		$	1,461		$	1,691	$	3,588

请参阅简明合并财务报表附注。


目录

哈特福德保险集团公司

简明合并资产负债表


	2026年9月30日 2026年	2025年12月31日
（百万美元，股份及每股数据除外）	（未经审计）
资产
投资：
固定到期投资，可供出售，按公允价值计量（摊余成本分别为 $48,913 和 $46,871，信贷损失准备分别为 $19 和 $16）	$	45,902		$	46,041
固定到期投资，采用公允价值选择权（“FVO Securities”）按公允价值计量	123		168
权益证券，按公允价值计量	535		422
抵押贷款（扣除信贷损失准备 $49 和 $49）	7,181		6,837
有限合伙企业及其他另类投资	6,363		5,804
其他投资	226		218
短期投资	4,390		4,004
投资总额	64,720		63,494
现金	123		122
受限现金	55		44
应计投资收益	512		473
应收保费及代理人往来款（扣除信贷损失准备 $165 和 $142）	6,769		6,316
再保险可收回款项（扣除不可收回再保险准备金 $72 和 $69）	5,601		7,191
递延保单获取成本	1,493		1,347
递延所得税净额	1,427		937
商誉	1,639		1,639
财产和设备净额	864		924
其他无形资产净额	504		556
其他资产	2,473		2,122
持有待售资产	961		864
资产总额	$	87,141		$	86,029
负债
未付损失及理赔费用	$	47,714		$	46,268
未来保单福利准备金	421		444
其他保单持有人资金及应付福利	602		612
未赚保费	10,806		10,053

长期债务	4,375		4,371
其他负债	4,127		5,126
持有待售负债	223		176
负债总额	68,268		67,050
承诺与或有事项（附注 13）
股东权益
优先股，每股面值 $0.01 — 授权发行 50,000,000 股，截至 2026 年 9 月 30 日和 2025 年 12 月 31 日已发行 13,800 股，清算优先权总额为 $345	334		334
普通股，每股面值 $0.01 — 授权发行 1,500,000,000 股，截至 2026 年 9 月 30 日和 2025 年 12 月 31 日已发行 326,960,228 股	3		3
资本公积	524		549
留存收益	27,710		24,739
库存股，按成本计量，持有 58,618,516 股和 50,036,826 股	(5,855)		(4,589)
累计其他综合收益（损失）（“AOCI”），扣除税项	(3,843)		(2,057)
股东权益总额	18,873		18,979
负债和股东权益总额	$	87,141		$	86,029

参见简明合并财务报表附注。


目录

The Hartford Insurance Group, Inc.

股东权益变动简明合并报表


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026	2025		2026	2025
（单位：百万，股份及每股数据除外）	（未经审计）
优先股	$	334		$	334		$	334	$	334
普通股	3		3			3	3
资本公积
期初资本公积	503		527			549	578
根据激励和股票薪酬计划发行股份及其他	(5)		(12)			(155)	(161)
股票薪酬计划费用	26		18			130	116

期末资本公积	524		533			524	533
留存收益
期初留存收益	26,553		22,850			24,739	21,531


净利润	1,323		1,080			3,477	2,705
已宣告优先股股息	(6)		(6)			(16)	(16)
已宣告普通股股息	(160)		(145)			(490)	(441)
期末留存收益	27,710		23,779			27,710	23,779
库存股，按成本计量
期初库存股，按成本计量	(5,389)		(3,812)			(4,589)	(3,113)
回购库存股	(480)		(404)			(1,389)	(1,212)

根据激励和股票薪酬计划从库存股发行股份及其他	16		22			200	200
与员工激励和股票薪酬计划相关的净股份回购	(2)		(2)			(77)	(71)

期末库存股，按成本计量	(5,855)		(4,196)			(5,855)	(4,196)
累计其他综合收益（亏损），税后净额
期初累计其他综合收益（亏损），税后净额	(2,371)		(2,384)			(2,057)	(2,886)


其他综合收益（亏损）总额	(1,472)		381			(1,786)	883
期末累计其他综合收益（亏损），税后净额	(3,843)		(2,003)			(3,843)	(2,003)
股东权益总额	$	18,873		$	18,450		$	18,873	$	18,450

已发行优先股	13,800		13,800			13,800	13,800



已发行普通股（千股）
期初已发行普通股	271,624		282,275			276,923	287,556
购入库存股	(3,430)		(3,139)			(10,093)	(9,894)
根据激励和股票薪酬计划及其他方式发行的股份	160		512			2,046	2,596
根据激励和股票薪酬计划返还至库存股的股份	(12)		(14)			(534)	(624)

期末已发行普通股	268,342		279,634			268,342	279,634
每股普通股宣告的现金股息	$	0.600		$	0.520		$	1.800	$	1.560
每股优先股宣告的现金股息	$	375.00		$	375.00		$	1,125.00	$	1,125.00

参见简明合并财务报表附注。


目录

The Hartford Insurance Group, Inc.

简明合并现金流量表


	截至9月30日的九个月
（百万）	2026	2025
经营活动	（未经审计）
净利润	$	3,477		$	2,705
将净利润调节为经营活动提供的净现金的调整项目：
已实现净损失	99		71
递延保单获取成本摊销	2,004		1,871
递延保单获取成本增加	(2,150)		(2,011)
折旧和摊销	328		261



其他经营活动，净额	137		151
资产和负债变动：
再保险可收回款项减少	1,585		45
应计及递延所得税净变动	(211)		(24)
保险负债增加	2,183		2,159
应收保费及代理人往来款净变动	(531)		(634)
其他资产及其他负债净变动	(1,736)		(480)
经营活动提供的净现金	5,185		4,114
投资活动
出售/到期/提前还款所得款项：
可供出售固定期限投资	8,373		7,617
公允价值选择权证券	—		109
按公允价值计量的权益证券	78		184
抵押贷款	1,150		1,055
有限合伙及其他另类投资	225		167
购买付款：
可供出售固定期限投资	(9,698)		(9,276)
公允价值选择权证券	(2)		(16)
按公允价值计量的权益证券	(86)		(92)
抵押贷款	(1,468)		(1,268)
有限合伙及其他另类投资	(766)		(698)
衍生品净付款	(266)		(11)
财产和设备净处置（购置）	134		(123)
短期投资净付款	(796)		(45)
其他投资活动，净额	(102)		(62)


投资活动使用的净现金	(3,224)		(2,459)
融资活动
投资及万能寿险类合同的存款及其他增加额	125		93
投资及万能寿险类合同的提款及其他扣减额	(129)		(89)






根据激励和股票薪酬计划返还股份的净额，包括相关消费税优惠	(26)		(22)
购入库存股，包括支付的相关消费税	(1,391)		(1,215)
优先股股息支付额	(16)		(16)
普通股股息支付额	(496)		(446)
融资活动使用的净现金	(1,933)		(1,695)
汇率变动对现金的影响	(10)		12
现金及受限现金净增加（减少）额，包括分类为持有待售资产中的现金	18		(28)
减：分类为持有待售资产的现金净增加（减少）	(6)		—
现金及受限现金净增加（减少）	12		(28)
期初现金及受限现金	166		234
期末现金及受限现金	$	178		$	206
现金流量信息补充披露



已付利息	$	161		$	164

参见简明合并财务报表附注。


目录		附注1——列报基础及重要会计政策

The Hartford Insurance Group, Inc.

简明合并财务报表附注

（除每股数据外，金额均以百万计，除非另有说明）

（未经审计）

1. 列报基础及重要会计政策

列报基础

The Hartford Insurance Group, Inc. 是一家控股公司，其子公司主要向美国以及英国和其他国际地区的个人和企业客户提供财产和意外伤害保险、员工团体福利保险及服务（统称为“The Hartford”、“公司”、“我们”或“我们的”）。

2026年6月3日，公司签订了一项最终协议，拟出售 Hartford Holdings, Inc. 的子公司 Hartford Funds Management Group, Inc.（“Hartford Funds”）。有关此交易的进一步讨论，请参见简明合并财务报表附注17——已终止经营业务。

2026年10月13日，公司全资子公司 Hartford Life and Accident Insurance Company（“HLA”）完成了对 Equitable Holdings, Inc. 员工福利业务的收购。所收购业务未反映在随附的2026年9月30日简明合并财务报表中，并将自2026年第四季度的收购日起反映在公司的合并财务报表中。预计该交易不会对公司的财务状况、经营业绩或现金流产生重大影响。

简明合并财务报表按照美国公认会计原则（“U.S. GAAP”）编制，适用于中期财务信息；这些原则与各保险监管机构规定的会计实务存在重大差异。阅读本简明合并财务报表及附注时，应结合公司2025年10-K年度报告所载的合并财务报表及其附注。中期的经营业绩不一定代表全年预期业绩。

随附的简明合并财务报表及附注未经审计。这些财务报表反映了管理层认为为公允列报中期财务状况、经营业绩及现金流量所必需的所有调整（通常仅包括正常应计项目）。

合并

简明合并财务报表包括 The Hartford Insurance Group, Inc. 以及公司直接或间接拥有控制性财务权益的实体的账目。公司对其运营和融资决策具有重大影响但不控制的实体采用权益法核算。The Hartford 及其子公司和关联公司之间的公司间交易和余额已予以抵销。

终止经营

当公司某一组成部分在处置日满足特定标准，或更早被分类为持有待售时，其经营业绩列报为终止经营。某一组成部分被确定为应按终止经营列报时，以往期间的金额将追溯重新分类为终止经营。若某一组成部分属于实体运营和财务业绩的重要部分，例如单独的重要业务线或单独的重要运营地理区域，则将其确定为终止经营。Hartford Funds 已满足终止经营列报标准，在交割前列报于 Corporate 类别。

估计的使用

按照美国公认会计原则编制财务报表，要求管理层作出估计和假设，这些估计和假设会影响财务报表日资产和负债的列报金额、或有资产和负债的披露，以及报告期内收入和费用的列报金额。实际结果可能与这些估计不同。

最重要的估计包括用于确定财产和意外伤害保险以及团体长期伤残（“LTD”）保险产品准备金（扣除再保险后）的估计；用于评估商誉减值的估计；投资和衍生工具估值；以及与公司诉讼和监管事项相关的或有事项。

重新分类

已对以前期间的财务信息作出某些重新分类，以符合本期列报方式。具体而言，与公司 Hartford Funds 业务相关的以前期间经营业绩已追溯重新分类为终止经营；与 Hartford Funds 业务相关的资产和负债则在 Corporate 类别中分类为持有待售资产和负债。


目录		注释 2 - 普通股每股收益

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）

2. 普通股每股收益


基本和稀释每股收益的计算
	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
（百万计，每股数据除外）	2026	2025		2026	2025
收益
持续经营所得净收入	$	1,262		$	1,021			$	3,046		$	2,543
终止经营所得净收入	61		59			431		162
净收入	$	1,323		$	1,080			$	3,477		$	2,705
减：优先股股息	6		$	6			16		$	16




归属于普通股股东的净收入	$	1,317		$	1,074			$	3,461		$	2,689
股份数
加权平均基本流通普通股股数	270.0		280.9			273.1		283.7

薪酬计划下股票奖励的稀释影响	3.1		4.1			3.4		4.1
加权平均流通普通股股数及稀释性潜在普通股股数	273.1		285.0			276.5		287.8
普通股股东可享有的每股净收益



基本
普通股股东可享有的持续经营业务税后净收益	$	4.65		$	3.61			$	11.09		$	8.91



普通股股东可享有的终止经营业务税后净收益	0.23		0.21			1.58		0.57
普通股股东可享有的净收益	$	4.88		$	3.82			$	12.67		$	9.48
稀释后
普通股股东可享有的持续经营业务税后净收益	$	4.60		$	3.56			$	10.96		$	8.78
普通股股东可享有的终止经营业务税后净收益	$	0.22		$	0.21			$	1.56		$	0.56
普通股股东可享有的净收益	$	4.82		$	3.77			$	12.52		$	9.34


目录		附注 3——分部信息

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）

3. 分部信息

公司目前主要在四个可报告分部开展业务，包括商业保险、个人保险、财产与意外伤害保险（“P&C”）其他业务和员工福利，以及一个公司类别。

自 2026 年第二季度起，Hartford Funds 不再作为单独的可报告分部列报，而是纳入公司类别。


分部收入
	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026	2025		2026	2025
商业保险
工伤赔偿	$	954		$	938		$	2,808	$	2,773
一般责任险	703		633			2,013	1,826
海上保险	75		72			220	209
综合业务	746		683			2,170	1,961
商业财产险	385		372			1,140	1,066
专业责任险	218		224			643	638
保证保险	89		88			262	256
分入再保险	242		218			708	660
商业汽车险	375		323			1,082	932
商业保险已赚保费及手续费收入	3,787		3,551			11,046	10,321
净投资收益	589		519			1,650	1,405
已实现净亏损	(117)		(26)			(124)	(70)
其他收入 [1]	—		—			1	2
商业保险合计	4,259		4,044			12,573	11,658
个人保险
个人汽车险	587		639			1,777	1,897
房主保险	334		319			971	907
个人保险已赚保费及手续费收入 [2]	921		958			2,748	2,804
净投资收益	67		67			196	182
已实现净亏损	(15)		(4)			(15)	(10)
其他收入	24		25			71	69
个人保险合计	997		1,046			3,000	3,045
P&C 其他业务
净投资收益	22		19			64	56
已实现净亏损	(4)		—			(4)	(2)
P&C 其他业务合计	18		19			60	54

员工福利
团体伤残保险	944		890			2,851	2,689
团体人寿保险	641		648			1,954	1,942
其他	134		120			404	358
员工福利保费及其他保费收入	1,719		1,658			5,209	4,989
净投资收益	154		136			422	380
已实现净收益（亏损）	15		(8)			13	(28)
员工福利合计	1,888		1,786			5,644	5,341







分部收入合计	$	7,162		$	6,895		$	21,277	$	20,098

[1]商业保险的其他收入包括权益法投资产生的收入，该收入不属于下表所列与客户签订合同产生的收入。

[2]截至 2026 年和 2025 年 9 月 30 日的三个月，AARP 会员已赚保费分别为 $794 和 $855。截至 2026 年和 2025 年 9 月 30 日的九个月，AARP 会员已赚保费分别为 $2.40 billion 和 $2.52 billion


目录		附注 3——分部信息

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）


重大分部费用
	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
商业保险
本事故年度损失及损失调整费用（\"LAE\"），不含巨灾损失	$	2,262		$	2,051		$	6,440	$	5,894
本事故年度巨灾损失及LAE	106		39			406	433
前事故年度损失及LAE发展	(61)		(60)			(83)	(289)
递延收购成本（DAC）摊销	600		559			1,767	1,636
保险运营成本	536		546			1,633	1,565
其他无形资产摊销	7		7			21	21
向保单持有人支付的红利	10		12			34	33
商业保险合计	3,460		3,154			10,218	9,293
个人保险
本事故年度损失及LAE，不含巨灾损失	558		610			1,627	1,758
本事故年度巨灾损失及LAE	92		31			244	316
前事故年度损失及LAE发展	(36)		(43)			(130)	(123)
递延收购成本（DAC）摊销	70		72			211	210
保险运营成本	174		180			529	534
其他无形资产摊销	1		1			2	2
个人保险合计	859		851			2,483	2,697
财产与意外险其他业务
前事故年度损失及LAE发展	(497)		—			(533)	—
保险运营成本	2		2			6	6
财产与意外险其他业务合计	(495)		2			(527)	6
员工福利
团体伤残险损失	721		628			2,136	1,866
团体寿险损失	498		481			1,470	1,478
其他团体险损失	68		54			210	168
递延收购成本（DAC）摊销	9		8			26	25
保险运营成本及其他费用	417		425			1,273	1,238
其他无形资产摊销	10		10			30	30
员工福利合计	1,723		1,606			5,145	4,805






重大分部费用合计	$	5,547		$	5,613		$	17,319	$	16,801


目录		附注3——分部信息

Hartford Insurance Group, Inc.

简明合并财务报表附注（续）


截至2026年9月30日的三个月分部/类别汇总
	可报告分部
	商业保险	个人保险	财产与意外险其他业务	员工福利		可报告分部合计	公司部门	合并


来自外部客户的已赚保费及手续费收入	$	3,787		$	921		$	—		$	1,719			$	6,427	$	11	$	6,438
净投资收益	589		67		22		154			832		18		850
已实现净收益（损失）	(117)		(15)		(4)		15			(121)		5		(116)
其他收入 [1]	—		24		—		—			24		24		48
收入总额	4,259		997		18		1,888			7,162		58		7,220
重大分部费用	3,460		859		(495)		1,723			5,547			5,547
其他分部费用（收入）[2]	3		19		—		—			22			22
公司费用							68		68
所得税费用（收益）	159		26		107		33			325		(4)		321
持续经营业务收入（亏损），税后净额	637		93		406		132			1,268		(6)		1,262
终止经营业务收入，税后净额							61		61
净收入	$	637		$	93		$	406		$	132			$	1,268	$	55	$	1,323


其他分部披露：
递延收购成本（DAC）摊销	$	600		$	70		$	—		$	9			$	679	$	—	$	679
其他无形资产摊销	$	7		$	1		$	—		$	10			$	18	$	—	$	18


截至2026年9月30日的九个月分部/类别汇总
	可报告分部
	商业保险	个人保险	财产与意外险其他业务	员工福利		可报告分部合计	公司部门	合并


来自外部客户的已赚保费及手续费收入	$	11,046		$	2,748		$	—		$	5,209			$	19,003	$	32	$	19,035
净投资收益	1,650		196		64		422			2,332		52		2,384
已实现净（收益）损失	(124)		(15)		(4)		13			(130)		26		(104)
其他收入 [1]	1		71		—		—			72		37		109
收入总额	12,573		3,000		60		5,644			21,277		147		21,424
重大分部费用	10,218		2,483		(527)		5,145			17,319			17,319
其他分部费用（收入）[2]	4		61		—		—			65			65
公司费用							235		235
所得税费用（收益）	474		94		122		102			792		(33)		759
持续经营业务收入（亏损），税后净额	1,877		362		465		397			3,101		(55)		3,046
终止经营业务收入，税后净额							431		431
净收入	$	1,877		$	362		$	465		$	397			$	3,101	$	376	$	3,477

其他分部披露：
递延取得成本摊销	$	1,767		$	211		$	—		$	26			$	2,004	$	—	$	2,004
其他无形资产摊销	$	21		$	2		$	—		$	30			$	53	$	—	$	53


目录		附注 3 - 分部信息

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）


截至 2025 年 9 月 30 日止三个月的分部/类别汇总
	应报告分部
	商业保险	个人保险	财产与意外险其他业务	员工福利		应报告分部总计	公司	合并


来自外部客户的已赚保费和手续费收入	$	3,551		$	958		$	—		$	1,658			$	6,167	$	10	$	6,177
净投资收益	519		67		19		136			741		14		755
已实现净收益（亏损）	(26)		(4)		—		(8)			(38)		21		(17)
其他收入 [1]	—		25		—		—			25		6		31
总收入	4,044		1,046		19		1,786			6,895		51		6,946
重大分部费用	3,154		851		2		1,606			5,613			5,613
其他分部费用 [2]	—		21		1		—			22			22
公司费用							68		68
所得税费用（收益）	180		35		4		36			255		(33)		222
持续经营业务税后净收益	710		139		12		144			1,005		16		1,021
终止经营业务税后净收益							59		59
净收益	$	710		$	139		$	12		$	144			$	1,005	$	75	$	1,080


其他分部披露：
递延取得成本摊销	$	559		$	72		$	—		$	8			$	639	$	—	$	639
其他无形资产摊销	$	7		$	1		$	—		$	10			$	18	$	—	$	18


截至 2025 年 9 月 30 日止九个月的分部/类别汇总
	应报告分部
	商业保险	个人保险	财产与意外险其他业务	员工福利		应报告分部总计	公司	合并


来自外部客户的已赚保费和手续费收入	$	10,321		$	2,804		$	—		$	4,989			$	18,114	$	31	$	18,145
净投资收益	1,405		182		56		380			2,023		42		2,065
已实现净收益（亏损）	(70)		(10)		(2)		(28)			(110)		25		(85)
其他收入 [1]	2		69		—		—			71		12		83
总收入	11,658		3,045		54		5,341			20,098		110		20,208
重大分部费用	9,293		2,697		6		4,805			16,801			16,801
其他分部费用 [2]	4		55		1		—			60			60
公司费用							206		206
所得税费用（收益）	478		58		9		109			654		(56)		598
持续经营业务税后收益（亏损）	1,883		235		38		427			2,583		(40)		2,543
终止经营业务税后收益							162		162
净收益	$	1,883		$	235		$	38		$	427			$	2,583	$	122	$	2,705

其他分部披露：
递延取得成本摊销	$	1,636		$	210		$	—		$	25			$	1,871	$	—	$	1,871
其他无形资产摊销	$	21		$	2		$	—		$	30			$	53	$	—	$	53

[1]商业保险和公司部门的其他收入包括权益法投资产生的收入，这些收入不属于下表所列的客户合同收入。

[2]其他分部费用（收入）主要包括与 2019 年收购 Navigators Group 相关的整合成本、商业保险的其他杂项收入以及个人保险的服务费用


目录		附注 3 - 分部信息

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）


资产
	2026 年 9 月 30 日	2025 年 12 月 31 日
商业保险	$	59,852		$	57,468
个人保险	6,144		6,445
财产与意外险其他业务	3,187		4,354
员工福利	13,327		13,564

应报告分部总计	82,510		81,831
公司	4,631		4,198
总资产	$	87,141		$	86,029


非保险客户合同收入
		截至 9 月 30 日止三个月，		截至 9 月 30 日止九个月，
	收入项目	2026	2025		2026	2025
商业保险
分期付款账单手续费	手续费收入	$	12		$	11		$	36	$	33
个人保险
分期付款账单手续费	手续费收入	7		8			22	24
保险服务收入	其他收入	24		25			71	69
员工福利
行政服务	费用收入	57		55			170	168




公司业务
投资管理及其他费用	费用收入	11		10			32	31

与客户签订合同产生的非保险收入总额		$	111		$	109		$	331	$	325

4. 公允价值计量

公司按估计公允价值计量某些金融资产和负债。公允价值是指在主要市场或最有利市场中，市场参与者之间有序交易中出售资产可收取或转移负债需支付的价格。我们的公允价值框架包括一个层级体系：优先使用活跃市场中的报价，其次使用市场可观察输入值，最后使用不可观察输入值。

公允价值层级如下：

第 1 级基于计量日公司能够进入的活跃市场中相同资产或负债未经调整的报价确定的公允价值。

第 2 级主要基于可观察输入值（第 1 级所含报价除外），或基于类似资产和负债的价格确定的公允价值。

第 3 级在一个或多个重大输入值不可观察（包括风险假设）时得出的公允价值。在几乎没有或完全没有可观察市场的情况下，公允价值的确定需要大量判断，并代表公司对该资产或负债在市场交换中可实现金额的最佳估计。还包括在流动性不足的市场中交易和/或由独立经纪商定价的证券。

公司将金融资产或负债按对公允价值确定具有重大影响的最低层级输入值进行分类。在大多数情况下，公司使用可观察输入值（例如利率变动）和不可观察输入值（例如风险假设变动）来确定其归类为第 3 级的公允价值。


目录		附注 4 - 公允价值计量

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）


截至2026年9月30日按层级计量的公允价值资产及（负债）
	总计	活跃市场中相同资产的报价（第 1 级）	重大可观察输入值（第 2 级）	重大不可观察输入值（第 3 级）
按公允价值经常性计量的资产
可供出售固定收益证券
资产支持证券（“ABS”）	$	4,833		$	—	$	4,585	$	248
抵押贷款债券（“CLO”）	3,652		—		3,337	315
商业抵押贷款支持证券（“CMBS”）	1,605		—		1,523	82
公司债券	23,517		—		20,621	2,896
外国政府/政府机构债券	438		—		438	—
市政债券	3,902		—		3,902	—
住宅抵押贷款支持证券（“RMBS”）	5,685		—		5,629	56
美国国债	2,270		290		1,980	—
可供出售固定收益证券总额	45,902		290		42,015	3,597
选择公允价值期权的证券	123		—		—	123
按公允价值计量的权益证券 [1]	535		406		5	124
衍生资产
信用衍生品	(17)		—		(17)	—

外汇衍生品	9		—		9	—
利率衍生品	1		—		1	—

衍生资产总额 [2]	(7)		—		(7)	—
短期投资	4,390		193		3,709	488
按经常性基础以公允价值计量的资产总额 [3]	$	50,943		$	889	$	45,722	$	4,332
按经常性基础以公允价值计量的负债
衍生负债
信用衍生品	$	17		$	—	$	17	$	—

外汇衍生品	1		—		1	—
利率衍生品	(4)		—		(4)	—

衍生负债总额 [4]	14		—		14	—

按经常性基础以公允价值计量的负债总额	$	14		$	—	$	14	$	—


目录		附注 4 - 公允价值计量

The Hartford Insurance Group, Inc.

简明合并财务报表附注（续）


截至2025年12月31日按层级划分的以公允价值计量的资产及（负债）
	总计	活跃市场中相同资产的报价（第 1 级）	重大可观察输入值（第 2 级）	重大不可观察输入值（第 3 级）
按经常性基础以公允价值计量的资产
可供出售固定收益证券
资产支持证券	$	4,663		$	—	$	4,496	$	167
抵押贷款债务凭证	3,316		—		3,099	217
商业抵押贷款支持证券	2,328		—		2,213	115
公司债券	23,076		—		20,210	2,866
外国政府/政府机构债券	447		—		447	—
市政债券	4,652		—		4,652	—
住宅抵押贷款支持证券	6,178		—		6,171	7
美国国债	1,381		164		1,217	—
可供出售固定收益证券总额	46,041		164		42,505	3,372
选择公允价值计量的证券	168		—		—	168
按公允价值计量的股权证券 [1]	422		311		5	106
衍生资产


外汇衍生品	20		—		20	—

衍生资产总额 [2]	20		—		20	—
短期投资	4,004		491		3,131	382
按经常性基础以公允价值计量的资产总额 [3]	$	50,655		$	966	$	45,661	$	4,028
按经常性基础以公允价值计量的负债
衍生负债


外汇衍生品	$	(17)		$	—	$	(17)	$	—
利率衍生品	(3)		—		(3)	—
衍生负债总额 [4]	(20)		—		(20)	—

按经常性基础以公允价值计量的负债总额	$	(20)		$	—	$	(20)	$	—

[1]第 3 级包括存在合同销售限制的投资；该限制要求出售时须获得同意，并在公司持有这些证券期间持续有效。

[2]包括在考虑应计利息以及协议和适用法律可能规定的抵押品提交要求的影响后，处于公允价值净正值状态的衍生工具。衍生负债请参见本表脚注 [3]。

[3]不包括截至2026年9月30日和2025年12月31日分别重分类为持有待售资产的第 1 级资产 $139 和 $179，以及第 2 级资产 $326 和 $240。

[4]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

The Company has overseas deposits included in other investments of $86 and $87 as of September 30, 2026 and December 31, 2025, respectively, which are measured at fair value using the net asset value as a practical expedient.

Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives

Valuation Techniques

The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where

appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a \"waterfall\" approach comprised of the following pricing sources and techniques, which are listed in priority order:

•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.

•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market


Table of Contents		Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.

•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.

•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. As of September 30, 2026 and December 31, 2025, no significant adjustments were made by the Company to broker prices received.

•Internal valuation models are used when third-party pricing or independent broker quotes are not available. These internally developed models incorporate market-based credit spreads from independent public security indexes reflective of comparable quality, maturity, and sector, adjusted for the non-public nature of the security. Model assumptions and inputs are reviewed and updated, as applicable, based on available market information and investment-specific developments that market participants would consider when determining fair value. These securities are classified as Level 3 since they are not observable in the marketplace.

The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter (\"OTC\") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.

Valuation Controls

The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee, including updates for investment-specific developments and changes in market conditions, as applicable. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.

Valuation Inputs

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.


Table of Contents		Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2 Primary Observable Inputs	Level 3 Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
	• Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature Other inputs for less liquid securities or those that trade less actively: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment and default rates, and loss severity
Corporates
	• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for privately traded investments and below investment grade privately placed securities: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature • Investment-specific developments and changes in market conditions, as applicable
U.S. Treasuries, Municipals, and Foreign government/government agencies
	• Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements	• Credit spreads beyond observable curve • Interest rates beyond observable curve
Equity Securities
	• Quoted prices in markets that are not active	• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable • Private company financials
Short-term Investments
	• Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates	• Independent broker quotes • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
	• Swap yield curve • Credit default swap curves	• Not applicable
Foreign exchange derivatives
	• Swap yield curve • Currency spot and forward rates • Cross currency basis curves	• Not applicable
Interest rate derivatives
	• Swap yield curve	• Not applicable
Equity derivatives
	• Equity index levels	• Not applicable


Table of Contents		Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Significant Unobservable Inputs for Level 3 - Securities

Assets accounted for at fair value on a recurring basis

Fair
Value

Predominant
Valuation
Technique

Significant Unobservable Input

Minimum

Maximum

Weighted Average [1]

Impact of
Increase in
Input on Fair Value [2]

As of September 30, 2026

ABS

248

Discounted cash flows

Spread

600 bps

1,005 bps

690 bps

Decrease

CLOs

315

Discounted cash flows

Spread

279 bps

1,005 bps

548 bps

Decrease

CMBS [3]

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

100 bps

841 bps

443 bps

Decrease

Corporate [4]

2,765

Discounted cash flows

Spread

79 bps

1,150 bps

287 bps

Decrease

RMBS

Discounted cash flows

Spread [6]

80 bps

198 bps

104 bps

Decrease

Constant prepayment rate [6]

Decrease [5]

Constant default rate [6]

Decrease

Loss severity [6]

40%

55%

48%

Decrease

Equity Securities

Adjusted Cost

Private company financials

N/A

Increase

Discounted cash flows

Spread

1,530 bps

Decrease

Short-term investments

488

Discounted cash flows

Spread

169 bps

242 bps

177 bps

Decrease

As of December 31, 2025

ABS

167

Discounted cash flows

Spread

434 bps

843 bps

530 bps

Decrease

CLOs

217

Discounted cash flows

Spread

270 bps

1,021 bps

544 bps

Decrease

CMBS [3]

115

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

245 bps

1,000 bps

397 bps

Decrease

Corporate [4]

2,765

Discounted cash flows

Spread

88 bps

811 bps

289 bps

Decrease

RMBS

Discounted cash flows

Spread [6]

88 bps

551 bps

172 bps

Decrease

Constant prepayment rate [6]

Decrease [5]

Constant default rate [6]

Decrease

Loss severity [6]

37%

80%

50%

Decrease

Equity Securities

Adjusted Cost

Private company financials

N/A

Increase

Discounted cash flows

Spread

1,370

bps

1,370

bps

1,370

bps

Decrease

Short-term investments

382

Discounted cash flows

Spread

164 bps

186 bps

177 bps

Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.

The table above excludes certain securities for which fair values are predominately based on independent broker quotes. As of September 30, 2026 and December 31, 2025, the fair values of the Company's level 3 derivatives were less than $1 for both periods.


Table of Contents		Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability.



Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended September 30, 2026
	Total realized/unrealized gains (losses)
		Fair value as of June 30, 2026	Included in net income [1]	Included in OCI [2]	Purchases	Settlements	Sales	Transfers into Level 3 [3]	Transfers out of Level 3 [3]	Fair value as of September 30, 2026
Assets
Fixed maturities, AFS
	ABS	$	175		$	—		$	(7)		$	86		$	(5)		$	(1)		$	—		$	—		$	248
	CLOs	200		—		—		190		—		—		—		(75)		315
	CMBS	97		(4)		1		—		(1)		(11)		—		—		82
	Corporate	2,916		(3)		(26)		239		(229)		(1)		—		—		2,896


	RMBS	15		—		—		53		(1)		—		—		(11)		56
Total fixed maturities, AFS	3,403		(7)		(32)		568		(236)		(13)		—		(86)		3,597
FVO securities	125		—		—		1		(3)		—		—		—		123
Equity securities, at fair value	124		—		—		—		—		—		—		—		124
Short-term investments	709		—		—		217		(351)		(87)		—		—		488
Total Assets	$	4,361		$	(7)		$	(32)		$	786		$	(590)		$	(100)		$	—		$	(86)		$	4,332



Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Nine Months Ended September 30, 2026
			Total realized/unrealized gains (losses)
		Fair value as of January 1, 2026	Included in net income [1]	Included in OCI [2]	Purchases	Settlements	Sales	Transfers into Level 3 [3]	Transfers out of Level 3 [3]	Fair value as of September 30, 2026
Assets
Fixed maturities, AFS
	ABS	$	167		$	—		$	(10)		$	116		$	(13)		$	(1)		$	—		$	(11)		$	248
	CLOs	217		—		(1)		372		—		—		—		(273)		315
	CMBS	115		(11)		5		—		(13)		(18)		4		—		82
	Corporate	2,866		(3)		(59)		708		(584)		(9)		—		(23)		2,896


	RMBS	7		—		—		64		(4)		—		—		(11)		56
Total fixed maturities, AFS	3,372		(14)		(65)		1,260		(614)		(28)		4		(318)		3,597
FVO securities	168		(37)		—		2		(10)		—		—		—		123
Equity securities, at fair value	106		(2)		—		30		—		—		—		(10)		124
Short-term investments	382		—		(1)		1,278		(910)		(261)		—		—		488
Total Assets	$	4,028		$	(53)		$	(66)		$	2,570		$	(1,534)		$	(289)		$	4		$	(328)		$	4,332


Table of Contents		Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)



Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended September 30, 2025
	Total realized/unrealized gains (losses)
		Fair value as of June 30, 2025	Included in net income [1]	Included in OCI [2]	Purchases	Settlements	Sales	Transfers into Level 3 [3]	Transfers out of Level 3 [3]	Fair value as of September 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	92		$	—		$	—		$	13		$	(12)		$	—		$	—		$	(10)		$	83
	CLOs	70		—		—		119		(10)		—		—		(15)		164
	CMBS	137		—		2		—		(8)		—		2		—		133
	Corporate	2,734		—		2		448		(325)		(12)		—		(12)		2,835


	RMBS	12		—		—		13		(2)		—		—		—		23
Total fixed maturities, AFS	3,045		—		4		593		(357)		(12)		2		(37)		3,238
FVO securities	181		7		—		7		(4)		—		—		—		191
Equity securities, at fair value	93		—		—		29		(16)		—		—		—		106
Short-term investments	116		—		—		201		(110)		—		—		—		207
Total Assets	$	3,435		$	7		$	4		$	830		$	(487)		$	(12)		$	2		$	(37)		$	3,742


Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Nine Months Ended September 30, 2025
	Total realized/unrealized gains (losses)
		Fair value as of January 1, 2025	Included in net income [1]	Included in OCI [2]	Purchases	Settlements	Sales	Transfers into Level 3 [3]	Transfers out of Level 3 [3]	Fair value as of September 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	22		$	—		$	1		$	86		$	(16)		$	—		$	—		$	(10)		$	83
	CLOs	116		—		—		347		(29)		—		—		(270)		164
	CMBS	167		(1)		6		—		(21)		(10)		45		(53)		133
	Corporate	2,281		3		64		1,072		(523)		(88)		38		(12)		2,835


	RMBS	24		—		—		37		(9)		—		—		(29)		23
Total fixed maturities, AFS	2,610		2		71		1,542		(598)		(98)		83		(374)		3,238
FVO securities	197		(10)		—		15		(11)		—		—		—		191
Equity securities, at fair value	87		(1)		—		39		(19)		—		—		—		106
Short-term investments	98		—		—		268		(159)		—		—		—		207
Total Assets	$	2,992		$	(9)		$	71		$	1,864		$	(787)		$	(98)		$	83		$	(374)		$	3,742

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.


Table of Contents		Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended September 30,		Nine Months Ended September 30,
		2026	2025		2026	2025		2026	2025	2026	2025
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]		Changes in Unrealized Gain/(Loss) included in OCI [3]		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]	Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
	ABS	$	—		$	—			$	(7)		$	—			$	(1)		$	—		$	(10)		$	1
	CLOs	—		—			—		—			$	—		$	—		$	(1)		$	—
	CMBS	—		—			(2)		2			—		—		(2)		5
	Corporate	(3)		—			(28)		2			(3)		3		(61)		60



Total fixed maturities, AFS	(3)		—			(37)		4			(4)		3		(74)		66
FVO securities	—		7			—		—			(37)		(10)		—		—
Equity securities, at fair value	—		—			—		—			(2)		—		—		—





Total Assets	$	(3)		$	7			$	(37)		$	4			$	(43)		$	(7)		$	(74)		$	66

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Fair Value Option

The Company has elected the fair value option for certain investments in residual interests of securitizations in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Condensed Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses.

As of September 30, 2026 and December 31, 2025, the fair value of assets using the fair value option was $123 and $168, respectively. For the three and nine months ended September 30, 2026, net realized losses related to the change in fair value of assets using the fair value option were $0 and $(37), respectively. For the three and nine months ended September 30, 2025, net realized losses related to the change in fair value of assets using the fair value option were $7 and $(10), respectively.

Financial Instruments Not Carried at Fair Value


Financial Assets and Liabilities Not Carried at Fair Value
	September 30, 2026		December 31, 2025
	Fair Value Hierarchy Level	Carrying Amount [1]	Fair Value	Fair Value Hierarchy Level	Carrying Amount [1]	Fair Value
Assets
Mortgage loans	Level 3	$	7,181	$	6,776		Level 3	$	6,837	$	6,607
Liabilities
Other policyholder funds and benefits payable	Level 3	$	602	$	602		Level 3	$	612	$	613
Senior notes [2]	Level 2	$	3,876	$	3,191		Level 2	$	3,872	$	3,528
Junior subordinated debentures [2]	Level 2	$	499	$	497		Level 2	$	499	$	473

[1]As of both September 30, 2026 and December 31, 2025, the carrying amount of mortgage loans is net of ACL of $49.

[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

5. Investments


Net Realized Gains (Losses)
	Three Months Ended September 30,		Nine Months Ended September 30,
(Before tax)	2026	2025		2026	2025
Gross gains on sales of fixed maturities	$	7		$	17		$	35	$	49
Gross losses on sales of fixed maturities	(25)		(38)			(91)	(108)
Equity securities [1]
Net realized gains (losses) on sales of equity securities	—		—			—	1
Change in net unrealized gains (losses) of equity securities	(27)		22			77	36
Net realized and unrealized gains (losses) on equity securities	(27)		22			77	37
Net credit losses on fixed maturities, AFS	(4)		—			(4)	2
Change in ACL on mortgage loans	—		(6)			—	(6)

Other, net [2]	(67)		(12)			(121)	(59)



Net realized gains (losses)	$	(116)		$	(17)		$	(104)	$	(85)

[1]The change in net unrealized gains (losses) on equity securities still held as of September 30, 2026, and included in net realized gains (losses) were $(26) and $78 for the three and nine months ended September 30, 2026, respectively. The change in net unrealized gains on equity securities still held as of September 30, 2025, and included in net realized gains were $22 and $36 for the three and nine months ended September 30, 2025, respectively.

[2]For the three and nine months ended September 30, 2026, includes losses from transactional foreign currency revaluation of $(1) and $(4), respectively, and losses on non-qualifying derivatives of $(117) and $(122), respectively. For the three and nine months ended September 30, 2025, includes losses from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16), respectively.

Proceeds from the sales of fixed maturities, AFS totaled $1.2 billion and $4.2 billion for the three and nine months ended September 30, 2026, respectively, and $1.6 billion and $4.3 billion for the three and nine months ended September 30, 2025. Non-cash investing activities for both the three and nine months ended September 30, 2026, included $211 related to a reclass from short-term investments to fixed maturities, AFS driven by an extension. Non-cash investing activities for both the three and nine months ended September 30, 2025 included $17 related to the exchange of equity securities for limited partnerships and other alternative investments.

Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans

As of September 30, 2026 and December 31, 2025, the Company reported accrued investment income related to fixed maturities, AFS of $476 and $439, respectively, and accrued investment income related to mortgage loans of $27 and $25, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.

Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS

The Company will record an \"intent-to-sell impairment\" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.

For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.

For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including

changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.

For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value (\"LTV\") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value.



ACL on Fixed Maturities, AFS by Type
	Three Months Ended September 30,
		2026	2025
(Before tax)				Corporate	CLOs	CMBS	Total			CMBS	Total
Balance as of beginning of period				$	—		$	2	$	14		$	16			$	14	$	14
Credit losses on fixed maturities where an allowance was not previously recorded				4		—		—	4					—	—
Reduction due to sales				—		—		(1)	(1)					—	—




Balance as of end of period				$	4		$	2	$	13		$	19			$	14	$	14


ACL on Fixed Maturities, AFS by Type
	Nine Months Ended September 30,
		2026	2025
(Before tax)				Corporate	CLOs	CMBS	Total		Corporate		CMBS	Total
Balance as of beginning of period				$	—		$	2		$	14		$	16		$	3	$	13	$	16
Credit losses on fixed maturities where an allowance was not previously recorded				4		—		—		4			—		—		—
Reduction due to sales				—		—		(1)		(1)			—		—		—

Net increases (decreases) on fixed maturities where an allowance was previously recorded				—		—		—		—			(3)		1		(2)

Balance as of end of period				$	4		$	2		$	13		$	19		$	—	$	14	$	14

Fixed Maturities, AFS


Fixed Maturities, AFS, by Type
	September 30, 2026		December 31, 2025
	Amortized Cost	ACL	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value		Amortized Cost	ACL	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
ABS	$	4,933		$	—	$	5		$	(105)		$	4,833			$	4,628	$	—	$	51	$	(16)	$	4,663
CLOs	3,652		(2)		5	(3)		3,652				3,310		(2)	9		(1)	3,316
CMBS	1,781		(13)		18	(181)		1,605				2,468		(14)	24		(150)	2,328
Corporate	25,083		(4)		42	(1,604)		23,517				23,305		—	375		(604)	23,076
Foreign govt./govt. agencies	450		—		2	(14)		438				440		—	9		(2)	447
Municipal	4,341		—		19	(458)		3,902				4,831		—	89		(268)	4,652
RMBS	6,147		—		1	(463)		5,685				6,372		—	50		(244)	6,178
U.S. Treasuries	2,526		—		—	(256)		2,270				1,517		—	3		(139)	1,381
Total fixed maturities, AFS	$	48,913		$	(19)	$	92		$	(3,084)		$	45,902			$	46,871	$	(16)	$	610	$	(1,424)	$	46,041


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Fixed Maturities, AFS, by Contractual Maturity Year
	September 30, 2026		December 31, 2025
	Amortized Cost	Fair Value		Amortized Cost	Fair Value
One year or less	$	1,573		$	1,567		$	1,174	$	1,179
Over one year through five years	10,480		10,246			9,725	9,791
Over five years through ten years	9,334		8,769			9,046	9,055
Over ten years	11,013		9,545			10,148	9,531
Subtotal	32,400		30,127			30,093	29,556
Mortgage-backed and asset-backed securities	16,513		15,775			16,778	16,485
Total fixed maturities, AFS	$	48,913		$	45,902		$	46,871	$	46,041

Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.

Concentration of Credit Risk

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of September 30, 2026 or December 31, 2025 other than U.S. government securities and certain U.S. government agencies.

Unrealized Losses on Fixed Maturities, AFS


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of September 30, 2026
	Less Than 12 Months			12 Months or More			Total
	Fair Value	Unrealized Losses			Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
ABS	$	3,330		$	(85)			$	184	$	(20)		$	3,514	$	(105)
CLOs	572		(3)				—	—			572	(3)
CMBS	274		(11)				1,221	(170)			1,495	(181)
Corporate	14,567		(719)				5,834	(885)			20,401	(1,604)
Foreign govt./govt. agencies	310		(10)				12	(4)			322	(14)
Municipal	1,820		(110)				1,647	(348)			3,467	(458)
RMBS	3,564		(137)				1,819	(326)			5,383	(463)
U.S. Treasuries	1,022		(66)				541	(190)			1,563	(256)
Total fixed maturities, AFS in an unrealized loss position	$	25,459		$	(1,141)			$	11,258	$	(1,943)		$	36,717	$	(3,084)


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2025
	Less Than 12 Months			12 Months or More			Total
	Fair Value	Unrealized Losses			Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
ABS	$	405		$	(2)			$	339	$	(14)		$	744	$	(16)
CLOs	496		(1)				—	—			496	(1)
CMBS	119		(3)				1,852	(147)			1,971	(150)
Corporate	2,372		(34)				7,089	(570)			9,461	(604)
Foreign govt./govt. agencies	39		—				38	(2)			77	(2)
Municipal	407		(7)				2,286	(261)			2,693	(268)
RMBS	256		(1)				2,626	(243)			2,882	(244)
U.S. Treasuries	592		(11)				563	(128)			1,155	(139)
Total fixed maturities, AFS in an unrealized loss position	$	4,686		$	(59)			$	14,793	$	(1,365)		$	19,479	$	(1,424)

As of September 30, 2026, fixed maturities, AFS in an unrealized loss position consisted of 4,619 instruments and were primarily depressed due to higher interest rates since the purchase date. As of September 30, 2026, 92% of these fixed maturities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses during the nine months ended September 30, 2026, was primarily attributable to higher interest rates.

Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, RMBS, and municipal bonds, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.

Mortgage Loans

ACL on Mortgage Loans

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios (\"DSCRs\") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.

When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.

There were no mortgage loans held-for-sale as of September 30, 2026 or December 31, 2025. For the three and nine months ended September 30, 2026 one office property mortgage loan with an amortized cost of $30 was granted a term extension of five years at a below-market rate with a borrower experiencing financial difficulties. The modified loan represents less than 1% of the portfolio and is current and performing in conjunction with the modified terms. For the three and nine months ended September 30, 2025, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties.


ACL on Mortgage Loans
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
ACL as of beginning of period	$	49		$	43		$	49	$	44
Current period provision (release)	—		6			—	6

Current period gross write-offs	—		—			—	(1)

ACL as of September 30,	$	49		$	49		$	49	$	49

The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 55% as of September 30, 2026, while the weighted-average LTV ratio at origination of these loans was 58%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.


Mortgage Loans LTV & DSCR by Origination Year as of September 30, 2026
	2026	2025	2024	2023	2022	2021 & Prior	Total
Loan-to-value	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost [1]	Avg. DSCR
Greater than 80%	$	—		—x	$	—		—x	$	—		—x	$	—		—x	$	—		—x	$	125	0.85x	$	125	0.85x
65% - 80%	—		—x	39		1.04x	77		1.46x	22		0.78x	146		2.40x	558		2.46x	842		2.25x
Less than 65%	837		1.82x	1,208		1.79x	609		1.60x	243		1.44x	455		3.17x	2,911		2.79x	6,263		2.33x
Total mortgage loans	$	837		1.82x	$	1,247		1.76x	$	686		1.59x	$	265		1.39x	$	601		2.98x	$	3,594	2.67x	$	7,230	2.29x

[1]Amortized cost of mortgage loans excludes ACL of $49.


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2025
	2025	2024	2023	2022	2021	2020 & Prior	Total
Loan-to-value	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost	Avg. DSCR	Amortized Cost [1]	Avg. DSCR
Greater than 80%	$	30		1.83x	$	—		—x	$	—		—x	$	—		—x	$	36		0.98x	$	164	1.39x	$	230	1.38x
65% - 80%	56		1.53x	76		1.03x	23		0.83x	95		1.65x	444		2.72x	315		1.96x	1,009		2.14x
Less than 65%	1,123		1.80x	535		1.57x	401		1.40x	645		2.93x	993		3.10x	1,950		2.75x	5,647		2.44x
Total mortgage loans	$	1,209		1.79x	$	611		1.50x	$	424		1.37x	$	740		2.77x	$	1,473		2.93x	$	2,429	2.56x	$	6,886	2.36x

[1]Amortized cost of mortgage loans excludes ACL of $49.


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Mortgage Loans by Region
	September 30, 2026		December 31, 2025
	Amortized Cost	Percent of Total		Amortized Cost	Percent of Total
East North Central	$	371		5.1	%		$	401		5.8	%

Middle Atlantic	251		3.5	%		275		4.0	%
Mountain	919		12.7	%		903		13.1	%
New England	327		4.5	%		351		5.1	%
Pacific	1,421		19.7	%		1,417		20.6	%
South Atlantic	2,106		29.1	%		2,005		29.1	%
West North Central	152		2.1	%		128		1.9	%
West South Central	797		11.0	%		720		10.4	%
Other [1]	886		12.3	%		686		10.0	%
Total mortgage loans	7,230		100.0	%		6,886		100.0	%
ACL	(49)				(49)
Total mortgage loans, net of ACL	$	7,181				$	6,837

[1]Primarily represents loans collateralized by multiple properties in various regions.


Mortgage Loans by Property Type
	September 30, 2026		December 31, 2025
	Amortized Cost	Percent of Total		Amortized Cost	Percent of Total
Commercial

Industrial	$	3,652		50.5	%		$	3,208		46.6	%

Multifamily	2,138		29.6	%		2,209		32.1	%
Office	370		5.1	%		399		5.8	%
Retail [1]	990		13.7	%		992		14.4	%
Single Family	80		1.1	%		78		1.1	%

Total mortgage loans	7,230		100.0	%		6,886		100.0	%
ACL	(49)				(49)
Total mortgage loans, net of ACL	$	7,181				$	6,837

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Past-Due Mortgage Loans

Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of September 30, 2026, the Company held one commercial mortgage loan that was past due over 90 days, with an amortized cost of $8 and an ACL of $4. The loan is on non-accrual status and is not accruing interest income. As of December 31, 2025, the Company held no mortgage loans considered past due.

Mortgage Servicing

The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of September 30, 2026, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.5 billion, of which $4.7 billion was serviced on behalf of third parties and $5.8 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company serviced mortgage loans with a total outstanding principal balance of $10.4 billion, of which $4.8 billion was serviced on behalf of third parties and $5.6 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of September 30, 2026 and December 31, 2025, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities (\"VIEs\") primarily as an investor through normal investment activities or, at times, as an investment manager.

A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements.

Consolidated VIEs

As of September 30, 2026 and December 31, 2025, the Company did not hold any securities for which it is the primary beneficiary.

Non-Consolidated VIEs

The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of September 30, 2026 and December 31, 2025 was limited to the total carrying value of $4.5 billion and $4.0 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity


Table of Contents		Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

method of accounting. As of September 30, 2026 and December 31, 2025, the Company has outstanding commitments totaling $2.8 billion and $2.4 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2026, the Company recognized amortization of $9 and $22, respectively, and related tax benefits of $6 and $25. For the three and nine months ended September 30, 2025, the Company recognized amortization of $4 and $12, respectively, and related tax benefits of $6 and $19, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $195 and $121 as of September 30, 2026, and December 31, 2025, respectively. As of September 30, 2026 and December 31, 2025, the Company has outstanding commitments related to affordable housing projects of $158 and $259, respectively, that are contingent on various conditions precedent to funding.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

Reverse Repurchase Agreements, Collateral Transactions and Restricted Investments

Reverse Repurchase Agreements

The Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of September 30, 2026 and December 31, 2025, the Company reported $278 and $87, respectively, within short-term investments on the Condensed Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase securities.

Collateral Transactions

For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Other Restricted Investments

The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London (\"Lloyd's\") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 (\"Lloyd's Syndicate\").

The following table presents the components of the Company’s exposure to other restricted investments.



	September 30, 2026	December 31, 2025
	Fair Value	Fair Value
Securities on deposit with government agencies	$	2,378		$	2,558
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,210		1,178
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	28		23

Other investments	86		87
Total Other Restricted Investments	$	3,702		$	3,846


Table of Contents		Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

6. Derivatives

The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.

Strategies that Qualify for Hedge Accounting

Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2025 Form 10-K Annual Report. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap.

Cash Flow Hedges

Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 13 - Debt of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.

Foreign currency swaps are used to convert foreign currency denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates.

Non-qualifying Strategies

Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include:

Credit Contracts

Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.

Interest Rate Swaps and Futures

The Company uses interest rate swaps and, to a lesser extent, futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of September 30, 2026 and December 31, 2025, the notional amount of interest rate swaps in offsetting relationships was $333 for both periods.

Foreign Currency Swaps

The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars.

Equity Index Options

The Company may enter into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio.

Derivative Balance Sheet Classification

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which payments or receipts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.


Table of Contents		Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Derivative Balance Sheet Presentation
	Net Derivatives		Asset Derivatives		Liability Derivatives
	Notional Amount	Fair Value		Fair Value		Fair Value
Hedge Designation/ Derivative Type	Sep 30, 2026	Dec. 31, 2025	Sep 30, 2026	Dec. 31, 2025		Sep 30, 2026	Dec. 31, 2025		Sep 30, 2026	Dec. 31, 2025
Cash flow hedges
Interest rate swaps	$	6,250		$	3,775		$	—		$	(1)		$	1	$	—	$	(1)	$	(1)
Foreign currency swaps	530		588		10		3			31		33		(21)	(30)
Total cash flow hedges	6,780		4,363		10		2			32		33		(22)	(31)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	2,158		333		(3)		(2)			1		—		(4)	(2)
Foreign exchange contracts
Foreign currency swaps	530		588		—		—			—		—		—	—
Credit contracts


Credit derivatives in offsetting positions	969		985		—		—			18		27		(18)	(27)




Total non-qualifying strategies	3,657		1,906		(3)		(2)			19		27		(22)	(29)
Total cash flow hedges and non-qualifying strategies	$	10,437		$	6,269		$	7		$	—		$	51	$	60	$	(44)	$	(60)
Balance Sheet Location
Fixed maturities, AFS	$	530		$	588		$	—		$	—		$	—	$	—	$	—	$	—
Other investments	550		1,695		(7)		20			11		55		(18)	(35)
Other liabilities	9,357		3,986		14		(20)			40		5		(26)	(25)
Total derivatives	$	10,437		$	6,269		$	7		$	—		$	51	$	60	$	(44)	$	(60)

Offsetting of Derivative Assets/Liabilities

The following tables present the gross fair value amounts, the offsetting amounts, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP.


Table of Contents		Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Offsetting Derivative Assets and Liabilities
	(i)	(ii)	(iii) = (i) - (ii)	(iv)	(v) = (iii) - (iv)
			Net Amounts Presented in the Statement of Financial Position	Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)	Gross Amounts Offset in the Statement of Financial Position	Derivative Assets [1] (Liabilities) [2]	Accrued Interest and Cash Collateral (Received) [3] Pledged [2]	Financial Collateral (Received) Pledged [4]	Net Amount
As of September 30, 2026
Other investments	$	51		$	45		$	(7)	$	13	$	6	$	—
Other liabilities	$	(44)		$	(27)		$	14	$	(31)	$	(16)	$	(1)

As of December 31, 2025
Other investments	$	60		$	58		$	20	$	(18)	$	1	$	1
Other liabilities	$	(60)		$	(38)		$	(20)	$	(2)	$	(21)	$	(1)

[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4]Excludes collateral associated with exchange-traded derivative instruments.

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.


Gains (Losses) Recognized in OCI
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Interest rate swaps	$	(88)		$	—		$	(140)	$	13
Foreign currency swaps	(3)		14			16	(35)
Total	$	(91)		$	14		$	(124)	$	(22)


Gains (Losses) Reclassified from AOCI into Income

	Three months ended September 30,		Nine Months Ended September 30,
	2026	2025		2026		2025
	Net Investment Income	Interest Expense	Net Investment Income	Interest Expense		Net Investment Income	Interest Expense		Net Investment Income	Interest Expense
Interest rate swaps	$	—		$	2		$	(3)		$	3		$	(1)	$	6	$	(7)	$	9
Foreign currency swaps	3		—		3		—			8		—		8	—
Total	$	3		$	2		$	—		$	3		$	7	$	6	$	1	$	9

Total amounts presented on the Condensed Consolidated Statement of Operations	$	850		$	50		$	755		$	50		$	2,384	$	150	$	2,065	$	150


Table of Contents		Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

As of September 30, 2026, the before tax deferred net losses on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $30. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows.

During the three and nine months ended September 30, 2026 and 2025, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.

Non-qualifying Strategies

For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses).


Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025





Interest rate contracts
Interest rate swaps and futures	$	(118)		$	—		$	(123)	$	(2)
Credit contracts
Credit derivatives that purchase credit protection	1		—			1	—


Equity index options	—		(5)			—	(14)


Total [1]	$	(117)		$	(5)		$	(122)	$	(16)

[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Credit Risk Assumed through Credit Derivatives

The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers.


Table of Contents		Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Credit Risk Assumed Derivatives by Type
				Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]	Fair Value	Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]	Offsetting Fair Value [3]
As of September 30, 2026


Basket credit default swaps [4]

Investment grade risk exposure	$	100		$	—		2 years	CMBS Credit	AAA	$	100	$	—
Below investment grade risk exposure	384		17		2 years	Corporate Credit	BB-	384		(17)
Below investment grade risk exposure	1		—		Less than 1 year	CMBS Credit	B-	1		—
Total [5]	$	485		$	17					$	485	$	(17)
As of December 31, 2025


Basket credit default swaps [4]

Investment grade risk exposure	$	100		$	1		3 years	CMBS Credit	AAA	$	100	$	(1)
Below investment grade risk exposure	392		27		2 years	Corporate Credit	B+	392		(27)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	B-	1		1
Total [5]	$	493		$	27					$	493	$	(27)

[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4]Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Derivative Collateral Arrangements

The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of September 30, 2026 and December 31, 2025, the Company has pledged cash collateral associated with derivative instruments of $18 and $27, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of September 30, 2026 and December 31, 2025, the Company pledged securities collateral associated with derivative instruments with a fair value of $13 and $22, respectively, which have been included in fixed maturities on the Company's Condensed Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities.

In addition, as of September 30, 2026 and December 31, 2025, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $9 and $7, respectively, which is recorded in other investments or other assets on the Company's Condensed Consolidated Balance Sheets.

As of September 30, 2026 and December 31, 2025, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $247 and $98, respectively, which are included within fixed maturities on the Company's Condensed Consolidated Balance Sheets.

As of September 30, 2026 and December 31, 2025, the Company accepted cash collateral associated with derivative instruments of $39 and $50, respectively, which was invested and recorded in the Company's Condensed Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral, as of September 30, 2026 and December 31, 2025, with a fair value of $6 and $2, respectively, which the Company has the right to repledge or sell. As of September 30, 2026 and December 31, 2025, the Company had no repledged securities. In addition, as of September 30, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company's Condensed Consolidated Balance Sheets.


Table of Contents		Note 7 - Premiums Receivable and Agents' Balances

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

7. Premiums Receivable and Agents' Balances


Premiums Receivable and Agents' Balances

	As of September 30, 2026	As of December 31, 2025
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums (\"loss sensitive business\")	$	6,434		$	5,948
Receivables for loss sensitive business, by credit quality:

AA	95		98
A	74		76
BBB	198		206
BB	91		89
Below BB	42		41
Total receivables for loss sensitive business	500		510

Total Premiums Receivable and Agents' Balances, Gross	6,934		6,458
ACL	(165)		(142)
Total Premiums Receivable and Agents' Balances, Net of ACL	$	6,769		$	6,316

ACL on Premiums Receivable and Agents' Balances

There have been no material changes to the ACL on premiums receivable and agents' balances in the three and nine months ended September 30, 2026 and 2025. For further information regarding the Company's determination of premium receivable ACL, see Note 7 - Premiums Receivable and Agents' Balances of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.



Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended
	September 30, 2026		September 30, 2025
	Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total		Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total
Beginning ACL	$	137		$	23		$	160		$	113	$	22	$	135
Current period provision	23		1		24			23	1		24
Current period write-offs	(20)		—		(20)			(22)	—		(22)
Current period recoveries	1		—		1			1	—		1
Ending ACL	$	141		$	24		$	165		$	115	$	23	$	138


Rollforward of ACL on Premiums Receivable and Agents' Balances for the Nine Months Ended
	September 30, 2026		September 30, 2025
	Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total		Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total
Beginning ACL	$	120		$	22		$	142		$	97	$	20	$	117
Current period provision	75		3		78			70	3		73
Current period write-offs	(55)		(1)		(56)			(57)	—		(57)
Current period recoveries	1		—		1			5	—		5
Ending ACL	$	141		$	24		$	165		$	115	$	23	$	138


Table of Contents		Note 8 - Reinsurance

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

8. Reinsurance

Reinsurance Recoverables

On September 23, 2026, the Company entered into a Reinsurance Commutation and Release Agreement (the “Commutation Agreement”) with National Indemnity Company (\"NICO\"), a subsidiary of Berkshire Hathaway Inc., resulting in the commutation and termination of the asbestos and environmental adverse development cover (\"A&E ADC\")

agreement. Upon execution of the Commutation Agreement, the Company reduced the related reinsurance recoverable from $1.437 billion to the $1.120 billion commutation amount and recognized a $317 reduction in the deferred gain on retroactive reinsurance. On September 25, 2026, the Company received the $1.120 billion cash payment from NICO. For more information on the A&E ADC and Commutation Agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses.


Reinsurance Recoverables by Credit Quality Indicator
	As of September 30, 2026		As of December 31, 2025
	P&C	Employee Benefits	Corporate	Total		P&C	Employee Benefits	Corporate	Total
A.M. Best Financial Strength Rating
A++	$	683		$	—		$	—		$	683		$	2,161		$	—	$	—	$	2,161
A+	2,264		312		205		2,781			2,292		286	213		2,791
A	691		1		—		692			764		1	—		765
A-	585		3		—		588			603		3	2		608
B++	2		—		2		4			2		—	—		2
Below B++	22		—		—		22			21		—	—		21
Total Rated by A.M. Best	4,247		316		207		4,770			5,843		290	215		6,348
Mandatory (Assigned) and Voluntary Risk Pools	191		—		—		191			204		—	—		204
Captives	484		—		—		484			465		—	—		465
Other not rated companies	222		6		—		228			238		5	—		243
Gross Reinsurance Recoverables	5,144		322		207		5,673			6,750		295	215		7,260
Allowance for uncollectible reinsurance	(69)		(1)		(2)		(72)			(66)		(1)	(2)		(69)
Net Reinsurance Recoverables	$	5,075		$	321		$	205		$	5,601		$	6,684		$	294	$	213	$	7,191


Allowance for Uncollectible Reinsurance
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
P&C beginning allowance for uncollectible reinsurance	$	67		$	72		$	66	$	72
Beginning allowance for disputed amounts	44		51			42	48
P&C beginning ACL	23		21			24	24
Current period provision (release)	2		1			1	(2)
Current period gross write-offs	—		—			—	—
P&C ending ACL	25		22			25	22
Ending allowance for disputed amounts	44		51			44	51
P&C ending allowance for uncollectible reinsurance	69		73			69	73
Employee Benefits allowance for uncollectible reinsurance	1		1			1	1
Corporate allowance for uncollectible reinsurance	2		2			2	2
Total allowance for uncollectible reinsurance	$	72		$	76		$	72	$	76

There have been no material changes to the allowance for uncollectible reinsurance in the three and nine months ended September 30, 2026 and 2025. For further information regarding the Company's determination of reinsurance recoverables and reinsurance allowance for uncollectible reinsurance, see Note 8 - Reinsurance of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.


Table of Contents		Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

9. Reserve for Unpaid Losses and Loss Adjustment Expenses

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the nine months ended September 30,
	2026	2025
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	38,155		$	36,404
Reinsurance and other recoverables	6,723		6,753
Beginning liabilities for unpaid losses and loss adjustment expenses, net	31,432		29,651
Provision for unpaid losses and loss adjustment expenses
Current accident year	8,717		8,401
Prior accident year development [1]	(746)		(412)
Total provision for unpaid losses and loss adjustment expenses	7,971		7,989
Effect of the Commutation Agreement [2]	1,298		—
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	533		64
Payments
Current accident year	(1,973)		(2,038)
Prior accident years	(4,993)		(4,586)
Total payments	(6,966)		(6,624)
Foreign currency adjustment	(6)		32
Ending liabilities for unpaid losses and loss adjustment expenses, net	34,262		31,112
Reinsurance and other recoverables	5,187		6,627
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	39,449		$	37,739

[1]Prior accident year development for the nine months ended September 30, 2026 included a $533 benefit related to a change in deferred gain under retroactive reinsurance accounting for the A&E ADC, including $36 related to amortization of the deferred gain and a $497 benefit reflecting the impact of the Commutation Agreement in the third quarter of 2026. Prior accident year development for the nine months ended September 30, 2025 included a $64 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators Adverse Development Cover (the \"Navigators' ADC\"). The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the adverse development cover (\"ADC\") reinsurance agreements, refer to Note 8 - Reinsurance and \"Change in Deferred Gain on Retroactive Reinsurance\" discussion below.

[2]Represents net unpaid losses and loss adjustment expenses reserves reassumed, resulting from the Commutation Agreement associated with the A&E ADC. For additional information regarding the Commutation Agreement, refer to Note 8 - Reinsurance.


Table of Contents		Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Unfavorable (Favorable) Prior Accident Year Development


	For the nine months ended September 30,
		2026	2025
Workers’ compensation		$	(167)		$	(188)
Workers’ compensation discount accretion		34		34
General liability		116		—
Marine		1		—

Commercial property		(25)		(28)
Professional liability		(9)		(11)
Bond		(32)		(22)
Assumed reinsurance		5		—
Commercial automobile liability		26		—
Personal automobile liability		(59)		(55)
Homeowners		(36)		(36)




Catastrophes		(50)		(39)
Uncollectible reinsurance		—		6
Other reserve re-estimates, net		(17)		(9)
Prior accident year development before change in deferred gain		(213)		(348)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]		(533)		(64)
Total prior accident year development		$	(746)		$	(412)

[1]The change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2026 includes $36 related to amortization of the A&E ADC deferred gain and $497 reflecting a net gain from the Commutation Agreement associated with the A&E ADC. The change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2025 is comprised of a $64 benefit for amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreements, refer to Note 8 - Reinsurance and \"Change in Deferred Gain on Retroactive Reinsurance\" discussion below.

Re-estimates of prior accident year reserves for the nine months ended September 30, 2026

Workers’ compensation reserves were decreased within accident years 2017 to 2021, driven by lower than previously estimated claim severity in small business.

General liability reserves were increased for the three months ended March 31, 2026 to reflect legacy sexual molestation and sexual abuse exposures related to polices written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution. In addition, reserves were increased for the three months ended June 30, 2026, primarily to reflect a higher frequency of large losses in excess casualty and umbrella lines across multiple accident years.

Commercial property reserves were decreased within accident years 2021 to 2025 as a result of lower than expected severity.

Bond reserves were decreased primarily due to favorable development on commercial and contract surety and fidelity bonds driven by accident years 2022 and prior.

Commercial automobile liability reserves were increased during the three months ended June 30, 2026 primarily due to adverse loss development within accident years 2023 and 2024, driven by higher severity than previously estimated.

Personal automobile liability reserves were decreased primarily within accident years 2021 to 2024 as a result of lower than expected severity and lower estimated allocated loss adjustment expenses.

Homeowners reserves were decreased primarily due to favorable severity impacting accident years 2023 to 2025.

Catastrophe reserves were decreased across Business Insurance and Personal Insurance, primarily within accident years 2021 to 2024, driven by lower than expected development on hail and hurricane claims.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2025, partially offset by unfavorable development from participation in involuntary market pools.

Re-estimates of prior accident year reserves for the nine months ended September 30, 2025

Workers’ compensation reserves were decreased within the 2016 to 2021 accident years primarily in small business, driven by lower than previously estimated claim severity.

Commercial property reserves were decreased primarily within accident years 2023 and 2024 as a result of lower than expected severity.

Professional liability reserves were decreased due to favorable development on directors and officers (\"D&O\") claims driven by the 2020 to 2023 accident years, partially offset by deterioration in employment practices liability and errors and omissions (\"E&O\") claims across multiple accident years.

Bond reserves decreased due primarily to favorable development on commercial and contract surety bonds driven by accident years 2019 to 2021.

Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.

Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.

Catastrophes reserves were decreased across Business Insurance and Personal Insurance primarily driven by a reduction in reserves in accident years 2021 to 2024, including favorable emergence related to various hail events.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.


Table of Contents		Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Change in Deferred Gain on Retroactive Reinsurance

The Company had two ADC reinsurance agreements with NICO, a subsidiary of Berkshire Hathaway Inc., both accounted for as retroactive reinsurance. One agreement covered substantially all asbestos and environmental (\"A&E\") reserve development for accident years prior to 2016 up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years up to an aggregate limit of $300. The Company previously ceded all available limits under the agreements. On September 23, 2026, the Company entered into the Commutation Agreement with NICO, resulting in the commutation and termination of the A&E ADC agreement.

As of December 31, 2025, the Company had paid A&E ADC claims in excess of the attachment point and had an $850 deferred gain included in other liabilities on the Condensed Consolidated Balance Sheets. During the first quarter of 2026, the Company collected recoveries from NICO under the A&E ADC and as a result, amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations. NICO subsequently suspended further payment under the A&E ADC due to a dispute that was the subject of an arbitration proceeding, which has now been resolved pursuant to the Commutation Agreement. As a result of the Commutation Agreement, during the third quarter of 2026, the Company reduced the related $1.437 billion reinsurance recoverable by $317 to the commutation amount of $1.120 billion, with a corresponding reduction in the deferred gain, and also recognized a $497 net gain within benefits, losses and loss adjustment expenses, reflecting the release of the remaining deferred gain. As such, the deferred gain on the A&E ADC was $0 as of September 30, 2026.

During the three and nine months ended September 30, 2025, the Company collected recoveries from NICO under the Navigators ADC and, as a result, amortized $8 and $64 of the deferred gain within benefits, losses and loss adjustment expenses. As of September 30, 2025, the deferred gain on the Navigators ADC had been fully amortized and the limit fully collected.

Group Life, Disability and Accident Products

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses


	For the nine months ended September 30,
	2026	2025
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,113		$	8,206
Reinsurance recoverables	282		282
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,831		7,924

Provision for unpaid losses and loss adjustment expenses
Current incurral year	4,096		3,949
Prior year's discount accretion	162		153
Prior incurral year development [1]	(339)		(486)
Total provision for unpaid losses and loss adjustment expenses [2]	3,919		3,616
Payments
Current incurral year	(1,996)		(1,899)
Prior incurral years	(1,795)		(1,841)
Total payments	(3,791)		(3,740)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,959		7,800
Reinsurance recoverables	306		281
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,265		$	8,081

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses (\"ULAE\") of $138 and $129 for the nine months ended September 30, 2026 and 2025, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations.


Table of Contents		Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Re-estimates of prior incurral years reserves for the nine months ended September 30, 2026

Group disability - Prior period reserve estimates decreased by approximately $292 driven by favorable long-term disability claim recoveries compared to prior assumptions, and a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver) - Prior period reserve estimates decreased by approximately $49 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

Re-estimates of prior incurral years reserves for the nine months ended September 30, 2025

Group disability- Prior period reserve estimates decreased by approximately $403 driven by favorable long-term disability claim recoveries, paid family and medical leave incidence lower than prior assumptions, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $81 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

10. Reserve for Future Policy Benefits


Rollforward of Reserve for Future Policy Benefits
	For the nine months ended September 30,
	2026		2025
	Payout Annuities	Life Conversions	Paid-up Life		Payout Annuities	Life Conversions	Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period		$	43					$	45
Balance, ending of the period		$	39					$	43

Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	123		$	104		$	165			$	128	$	106	$	168
Beginning adjustment for changes in single-A rate	3		(15)		(24)			—		(15)		(33)
Beginning balance at original discount rate	120		119		189			128		121		201
Effect of changes in cash flow assumptions	—		—		—			—		—		1
Effect of actual variances from expected experience	2		1		—			(1)		3		1
Adjusted beginning balance	122		120		189			127		124		203
Issuances	—		11		11			—		—		—
Interest accrual and other	4		9		6			4		15		4
Benefit Payments	(9)		(27)		(15)			(9)		(21)		(16)
Ending balance at original discount rate	117		113		191			122		118		191
Ending adjustment for changes in single-A rate	(7)		(19)		(32)			4		(13)		(24)
Ending balance at single-A rate	$	110		$	94		$	159			$	126	$	105	$	167

Net reserve for future policy benefits	$	110		$	55		$	159			$	126	$	62	$	167
Weighted-average duration of the reserve for future policy benefits (years)	8.8	9.5	5.4		9.4	11.0	6.2


Net Reserve for Future Policy Benefits
	As of September 30,
	2026	2025
Payout Annuities	$	110		$	126
Life Conversions	55		62
Paid-up Life	159		167
Deferred Profit Liability	16		16
Other	81		85
Total	$	421		$	456


Table of Contents		Note 10 - Reserve for Future Policy Benefits

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of September 30,
	2026	2025
Payout Annuities [1]
Expected future benefit payments	$	230	$	240
Life Conversions
Expected future gross premiums	$	94	$	100
Expected future benefit payments	$	179	$	189
Paid-up Life [1]
Expected future benefit payments	$	241	$	244

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.


Weighted-Average Interest Rates
	As of September 30,
	2026	2025
Payout Annuities
Interest accretion rate	5.6	%	5.6	%
Current discount rate	6.3	%	5.2	%
Life Conversions
Interest accretion rate	4.3	%	4.3	%
Current discount rate	6.3	%	5.4	%
Paid-up Life
Interest accretion rate	3.0	%	2.9	%
Current discount rate	5.9	%	4.8	%

The Company completed a review of cash flow assumptions in the third quarter 2026 and 2025, resulting in immaterial changes to the reserve for future policy benefits. For paid-up life, the net effect of updating cash flow assumptions was offset by a corresponding impact to the deferred profit liability.

Gross premiums and interest accretion recognized on long-duration insurance policies for the nine months ended September 30, 2026 and 2025 were immaterial.

11. Other Policyholder Funds and Benefits Payable

Other policyholder funds and benefits payable of $602 and $614 as of September 30, 2026 and 2025 respectively, included universal life long-duration contracts of $187 and $197 as well as policyholder balances related to short-duration contracts of

$415 and $417. The universal life long-duration contracts presented in the table below were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013.


Universal Life Long Duration Contracts Rollforward
	For the nine months ended September 30,
	2026	2025
Balance, beginning of the period	$	196		$	206
Premiums Received	9		9
Policy Charges	(14)		(14)
Surrenders and Withdrawals	(4)		(4)
Benefit Payments	(7)		(6)
Interest Credited	7		6
Balance, end of the period	$	187		$	197
Weighted-average crediting rate	4.3	%	4.3	%
Net Amount at Risk [1]	$	706		$	775
Cash Surrender Value	$	186		$	196

[1]Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date.

As of September 30, 2026 and 2025, universal life contracts of $186 and $196, respectively, had crediting rates at their guaranteed minimums ranging from 4%-5%.


Table of Contents		Note 12 - Income Taxes

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

12. Income Taxes

The effective tax rate was 20.3% and 19.9% for the three and nine months ended September 30, 2026 and 17.9% and 19.0% for the three and nine months ended September 30, 2025, respectively. The effective tax rate differs from the U.S. federal statutory tax rate of 21% primarily due to net excess tax benefits on stock-based compensation, tax credits and non-taxable net investment income.

The Company's effective tax rate is based on income from continuing operations. See Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements for information on tax impacts from discontinued operations.

13. Commitments and Contingencies

Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.

Litigation

The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage and benefits claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, and in the following discussion under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford.

The Hartford is also involved in other kinds of individual and class actions, some of which assert claims for substantial amounts. Individual actions may include claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices and may seek punitive damages. In putative class actions, plaintiffs may be seeking certification of a state or national class and have alleged for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.

Run-off Asbestos and Environmental Claims

The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products allegedly containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs.

The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations (\"Run-off A&E\"). In addition, since 1986, the Company has written A&E exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Business Insurance and Personal Insurance segments, respectively.

Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages.

Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures.

In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, new targets, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply.


Table of Contents		Note 13 - Commitments and Contingencies

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Management believes these issues are not likely to be resolved in the near future.

In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances (\"PFAS\"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators.

The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves.

It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims.

Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity.

For its Run-off A&E claims, as of September 30, 2026, the Company reported $1,561 of net A&E reserves. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity.

Derivative Commitments

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating organizations, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement.

The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of September 30, 2026 was $35 for which the legal entities have posted collateral of $31 in the normal course of business. Based on derivative contractual terms as of September 30, 2026, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities.

14. Equity

Equity Repurchase Program

During the nine months ended September 30, 2026 and 2025, the Company repurchased $1.4 billion (10.1 million shares) and $1.2 billion (9.9 million shares), respectively, of common stock under the $3.3 billion share repurchase authorization that is effective until December 31, 2026 as authorized by the Board of Directors. In addition to this authorization, in July 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028. As of September 30, 2026, the Company has $4.37 billion remaining for equity repurchases under both these current share repurchase programs. During the period October 1, 2026 through October 23, 2026, the Company repurchased $126 (1.0 million common shares) under these repurchase programs.

The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.


Table of Contents		Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

15. Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)


Changes in AOCI, Net of Tax for the Three Months Ended September 30, 2026
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS	Unrealized Losses on Fixed Maturities, AFS with ACL	Net Gain (Loss) on Cash Flow Hedging Instruments	Foreign Currency Translation Adjustments	Liability for Future Policy Benefits Adjustments	Pension and Other Postretirement Plan Adjustments	AOCI, net of tax
Beginning balance	$	(942)		$	(3)		$	(16)		$	42	$	26	$	(1,478)	$	(2,371)


OCI before reclassifications	(1,819)		—		(91)		—		19		—	(1,891)
Amounts reclassified from AOCI	22		—		(5)		—		—		11	28
OCI, before tax	(1,797)		—		(96)		—		19		11	(1,863)
Income tax benefit (expense)	377		—		20		—		(4)		(2)	391
OCI, net of tax	(1,420)		—		(76)		—		15		9	(1,472)
Ending balance	$	(2,362)		$	(3)		$	(92)		$	42	$	41	$	(1,469)	$	(3,843)


Changes in AOCI, Net of Tax for the Nine Months Ended September 30, 2026
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS	Unrealized Losses on Fixed Maturities, AFS with ACL	Net Gain (Loss) on Cash Flow Hedging Instruments	Foreign Currency Translation Adjustments	Liability for Future Policy Benefits Adjustments	Pension and Other Postretirement Plan Adjustments	AOCI, net of tax
Beginning balance	$	(641)		$	(3)		$	16		$	42	$	24	$	(1,495)	$	(2,057)
OCI before reclassifications	(2,238)		—		(124)		—		22		1	(2,339)
Amounts reclassified from AOCI	60		—		(13)		—		—		32	79
OCI, before tax	(2,178)		—		(137)		—		22		33	(2,260)
Income tax benefit (expense)	457		—		29		—		(5)		(7)	474
OCI, net of tax	(1,721)		—		(108)		—		17		26	(1,786)
Ending balance	$	(2,362)		$	(3)		$	(92)		$	42	$	41	$	(1,469)	$	(3,843)


Table of Contents		Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Reclassifications from AOCI
	Three Months Ended September 30, 2026	Nine Months Ended September 30, 2026	Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(22)		$	(60)	Net realized losses
	(22)		(60)		Total before tax
	(5)		(13)		Income tax expense
	$	(17)		$	(47)	Net income






Net Gain (Loss) on Cash Flow Hedging Instruments

Interest rate swaps	$	—		$	(1)	Net investment income
Interest rate swaps	2		6		Interest expense
Foreign currency swaps	3		8		Net investment income

	5		13		Total before tax
	1		3		Income tax expense
	$	4		$	10	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	2		$	5	Insurance operating costs and other expenses
Amortization of actuarial loss	(13)		(37)		Insurance operating costs and other expenses
	(11)		(32)		Total before tax
	(2)		(7)		Income tax expense
	$	(9)		$	(25)	Net income
Total amounts reclassified from AOCI	$	(22)		$	(62)	Net income


Changes in AOCI, Net of Tax for the Three Months Ended September 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS	Unrealized Losses on Fixed Maturities, AFS with ACL	Net Gain (Loss) on Cash Flow Hedging Instruments	Foreign Currency Translation Adjustments	Liability for Future Policy Benefits Adjustments	Pension and Other Postretirement Plan Adjustments	AOCI, net of tax
Beginning balance	$	(1,029)		$	(5)		$	6		$	45	$	29	$	(1,430)	$	(2,384)
OCI before reclassifications	451		3		14		(3)		(9)		—	456
Amounts reclassified from AOCI	21		—		(3)		—		—		8	26
OCI, before tax	472		3		11		(3)		(9)		8	482
Income tax benefit (expense)	(99)		(1)		(2)		1		2		(2)	(101)
OCI, net of tax	373		2		9		(2)		(7)		6	381
Ending balance	$	(656)		$	(3)		$	15		$	43	$	22	$	(1,424)	$	(2,003)


Changes in AOCI, Net of Tax for the Nine Months Ended September 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS	Unrealized Losses on Fixed Maturities, AFS with ACL	Net Gain (Loss) on Cash Flow Hedging Instruments	Foreign Currency Translation Adjustments	Liability for Future Policy Benefits Adjustments	Pension and Other Postretirement Plan Adjustments	AOCI, net of tax
Beginning balance	$	(1,539)		$	(6)		$	40		$	29	$	33	$	(1,443)	$	(2,886)
OCI before reclassifications	1,061		4		(22)		18		(14)		—	1,047
Amounts reclassified from AOCI	57		—		(10)		—		—		24	71
OCI, before tax	1,118		4		(32)		18		(14)		24	1,118
Income tax benefit (expense)	(235)		(1)		7		(4)		3		(5)	(235)
OCI, net of tax	883		3		(25)		14		(11)		19	883
Ending balance	$	(656)		$	(3)		$	15		$	43	$	22	$	(1,424)	$	(2,003)


Table of Contents		Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Reclassifications from AOCI
	Three Months Ended September 30, 2025	Nine Months Ended September 30, 2025	Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(21)		$	(57)	Net realized losses
	(21)		(57)		Total before tax
	(4)		(12)		Income tax expense

	$	(17)		$	(45)	Net income





Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(3)		$	(7)	Net investment income
Interest rate swaps	3		9		Interest expense
Foreign currency swaps	3		8		Net investment income



	3		10		Total before tax
	1		2		Income tax expense

	$	2		$	8	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	2		$	5	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(29)		Insurance operating costs and other expenses
	(8)		(24)		Total before tax
	(2)		(5)		Income tax expense
	$	(6)		$	(19)	Net income
Total amounts reclassified from AOCI	$	(21)		$	(56)	Net income

16. Employee Benefit Plans

The Company’s employee benefit plans are described in Note 18 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations.

Based on the funded status of the U.S. qualified defined benefit pension plan, the Company does not anticipate contributing to the plan in 2026.


Net Periodic Cost (Benefit)
	Pension Benefits		Other Postretirement Benefits
	Three Months Ended September 30,	Nine Months Ended September 30,		Three Months Ended September 30,	Nine Months Ended September 30,
	2026	2025	2026	2025		2026	2025	2026	2025
Service cost	$	—		$	—		$	1		$	1		$	—		$	—	$	—	$	—
Interest cost	40		44		120		131			1		1	4		4
Expected return on plan assets	(58)		(61)		(174)		(182)			—		—	—		—
Amortization of prior service credit	—		—		—		—			(2)		(2)	(5)		(5)
Amortization of actuarial loss	12		8		34		25			1		2	3		4
Net periodic cost (benefit)	$	(6)		$	(9)		$	(19)		$	(25)		$	—		$	1	$	2	$	3


Table of Contents		Note 17 - Discontinued Operations

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

17. Discontinued Operations

Sale of Hartford Funds Business

On June 3, 2026, the Company and Wellington Management (\"Wellington\") entered into a definitive agreement under which Wellington will acquire Hartford Funds Management Group, Inc. (\"Hartford Funds\"), a subsidiary of Hartford Holdings, Inc. This transaction represents an exit from the Company's mutual fund, exchange-traded funds and third-party life and annuity separate account asset management business. Under the terms of the agreement, Wellington will operate Hartford Funds and serve as investment advisor to all funds following closing.

Transaction consideration consists of $300 of cash payable at closing and contingent consideration in the form of quarterly payments representing 95% of after tax available cash generated by the combination of Hartford Funds’ business and Wellington’s business supporting Hartford Funds, including the sale of certain other Wellington-sponsored products in the U.S. wealth market, for an expected period of seven years following closing, which period may be shortened or extended based on specified performance thresholds. Beginning five years after closing, if the net present value (\"NPV\") of the quarterly cash flows, discounted at 11%, together with the upfront proceeds, equals or exceeds $2.1 billion, quarterly payment obligations will terminate. If, at the end of the initial seven-year period, the NPV of the quarterly cash flows, discounted at 11%, together with the upfront proceeds, is less than $1.5 billion, quarterly payments will continue until the earlier of the quarter in which the $1.5 billion threshold is met or the end of eight additional quarters.

During the term of the contingent consideration, the Company will retain certain limited protective and information rights designed to preserve the value of the contingent payments; however, such rights do not provide the Company with the ability to direct the activities that most significantly impact the economic performance of the business. In addition, the Company expects to provide transition services for a limited period following closing.

Upon being classified as held for sale, the Hartford Funds reporting unit goodwill of $272 was tested for impairment. The fair value of the reporting unit significantly exceeded its carrying value; therefore, no impairment was recognized. The estimated fair value incorporates multiple inputs into discounted cash flow calculations including assumptions that market participants would make in valuing the reporting unit. Assumptions include projected growth, earnings forecasts, assets under management, and the weighted average cost of capital used for the purposes of discounting.

Upon being classified as held for sale in the second quarter of 2026, the Company recognized a $251 deferred tax asset and related income tax benefit within discontinued operations associated with the transaction representing the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds.

Prior to closing, the Company expects to receive a pre-closing dividend of approximately $170 from Hartford Funds, although the ultimate amount will depend on market and operating performance and the timing of closing.

At closing, the Company expects to recognize an estimated after tax realized loss of approximately $150 in discontinued operations, reflecting the difference between the carrying value of Hartford Funds and the cash consideration recognized upon deconsolidation, subject to future operating performance and market conditions. The Company will account for the contingent consideration as a gain contingency, which is not deemed realizable until it is received, and therefore is not recognized on the closing date. Following closing, contingent consideration payments will be made to the Company on a quarterly basis and recognized in net income in the period received.

The transaction is expected to close before the end of the first quarter of 2027, subject to customary closing conditions, including regulatory and fund approvals. Hartford Funds has met the criteria for reporting as discontinued operations and is reported in the Corporate category until closing.


Major Classes of Assets and Liabilities to be Transferred to the Buyer in Connection with the Sale
	Carrying Value as of September 30, 2026	Carrying Value as of December 31, 2025
Assets
Cash and investments	$	569		$	473
Goodwill	272		272
Other assets	120		119
Total assets held for sale	$	961		$	864
Liabilities
Deferred income taxes	$	36		$	32
Other liabilities	187		144

Total liabilities held for sale	$	223		$	176


Table of Contents		Note 17 - Discontinued Operations

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)


Reconciliation of the Major Line Items Constituting Pretax Profit of Discontinued Operations
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Revenues

Fee income	$	302		$	277		$	880	$	793



Net investment income	5		5			15	15
Net realized gains	—		4			5	13
Total revenues	307		286			900	821
Benefits, losses and expenses


Insurance operating costs and other expenses [1]	229		211			670	615
Total benefits, losses and expenses	229		211			670	615
Income from discontinued operations before income taxes	78		75			230	206
Income tax expense (benefit)	17		16			(201)	44
Income from discontinued operations, net of tax	$	61		$	59		$	431	$	162

[1]Corporate allocated overhead has been included in continuing operations.


Cash Flows from Discontinued Operations
	Nine Months Ended September 30,
	2026	2025
Net cash provided by operating activities from discontinued operations	$	161	$	152
Net cash used for investing activities from discontinued operations	$	(27)	$	(27)


Table of Contents		Index to MD&A

Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Dollar amounts in millions except for per share data, unless otherwise stated)

The Hartford provides projections and other forward-looking information in the following discussions, which contain many forward-looking statements, particularly relating to the Company’s future financial performance. These forward-looking statements are estimates based on information currently available to the Company, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the cautionary statements set forth on pages 4 and 5 of this Form 10-Q. Actual results are likely to differ, and in the past have differed, materially from those forecast by the Company, depending on the outcome of various factors, including, but not limited to, those set forth in the following discussion; Part I, Item 1A, Risk Factors in The Hartford’s 2025 Form 10-K Annual Report; and our other filings with the Securities and Exchange Commission (\"SEC\"). The Hartford undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

On June 3, 2026, the Company entered into a definitive agreement to sell Hartford Funds Management Group, Inc. (\"Hartford Funds\"), a subsidiary of Hartford Holdings, Inc. For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

On October 13, 2026, Hartford Life and Accident Insurance Company (\"HLA\"), a wholly owned subsidiary of the Company, completed the acquisition of Equitable Holdings, Inc.'s employee benefits business. The acquired business is not reflected in the accompanying September 30, 2026 Condensed Consolidated Financial Statements and will be reflected in the Company’s Consolidated Financial Statements beginning on the acquisition date in the fourth quarter of 2026. The transaction is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

Certain reclassifications have been made to historical financial information presented in Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") to conform to the current period presentation. For discussion of reclassifications and discontinued operations, see Note 1 - Basis of Presentation and Significant Accounting Policies, and Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as “NM” or not meaningful.

Index


Description	Page
Key Performance Measures and Ratios	53
The Hartford's Operations	59
Financial Highlights	60
Consolidated Results of Operations	61
Investment Results	66
Critical Accounting Estimates	69
Business Insurance	74
Personal Insurance	79
Property & Casualty Other Operations	83
Employee Benefits	84

Corporate	87
Enterprise Risk Management	88
Capital Resources and Liquidity	100
Impact of New Accounting Standards	105

Throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations, we use certain terms and abbreviations, the more commonly used are summarized in the Acronyms section.

Key Performance Measures and Ratios

The Company considers the measures and ratios in the following discussion to be key performance indicators for its businesses. Management believes that these ratios and measures are useful in understanding the underlying trends in The Hartford’s businesses. However, these key performance indicators should only be used in conjunction with, and not in lieu of, the results presented in the reportable segment and corporate operating summaries that follow in this MD&A. These ratios and measures may not be comparable to other performance measures used by the Company’s competitors.

Definitions of Non-GAAP and Other Measures and Ratios

Book Value per Diluted Share excluding accumulated other comprehensive income (loss) (\"AOCI\")- This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that


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excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure.

Combined Ratio- The sum of the loss and loss adjustment expense (\"LAE\") ratio, the expense ratio and the policyholder dividend ratio. This ratio is a relative measurement that describes the related cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses.

Core Earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:

•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.

•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.

•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.

•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.

•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.

•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.

•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.

•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.

•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.

In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.

Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.


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Reconciliation of Net Income to Core Earnings
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Net income	$	1,323		$	1,080		$	3,477	$	2,705
Preferred stock dividends	6		6			16	16
Net income available to common stockholders	1,317		1,074			3,461	2,689
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax [1]	113		15			124	81



Integration and other non-recurring M&A costs, before tax	2		2			6	6

Change in deferred gain on retroactive reinsurance, before tax [2]	(497)		(8)			(533)	(64)
Income tax expense (benefit) [3]	82		(2)			86	(4)
Income from discontinued operations, net of tax	(61)		(59)			(431)	(162)
Core earnings	$	956		$	1,022		$	2,713	$	2,546

[1]Includes a loss on disposal of real estate, which was reported in insurance operating costs and other expenses and sold during the second quarter of 2026.

[2]During first quarter 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”) and as a result amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses. Subsequently, NICO suspended further payment under the A&E ADC due to a dispute that was the subject of an arbitration proceeding. In the third quarter 2026, the Company entered into a Reinsurance Commutation and Release Agreement (the \"Commutation Agreement\") with NICO, resulting in the commutation and termination of the A&E ADC agreement and resolution of the arbitration dispute. As such, the Company recognized a net gain of $497 for both the three and nine months ended September 30, 2026, reflecting the release of the deferred gain on retroactive reinsurance after giving effect to the Commutation Agreement. The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $8 and $64 for the three and nine months ended September 30, 2025, respectively. For additional information regarding the adverse development cover (\"ADC\") reinsurance agreements, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[3]Primarily represents the federal income tax expense (benefit) related to before tax items not included in core earnings.

Core Earnings Margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized (gains) losses. Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized (gains) losses as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth in the Results of Operations section within MD&A - Employee Benefits.

Current Accident Year Catastrophe Ratio- A component of the loss and loss adjustment expense ratio, represents the ratio of catastrophe losses incurred in the current accident year (\"CAY\") (net of reinsurance) to earned premiums. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Services office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses. Lloyd's of London is an insurance market-place operating worldwide (\"Lloyd's\"). Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 (\"Lloyd's Syndicate\"). The current accident year catastrophe ratio includes the effect of catastrophe losses, but does not include the effect of reinstatement premiums.

Expense Ratio- For Business Insurance and Personal Insurance is the ratio of underwriting expenses less fee income, to earned premiums. Underwriting expenses include the amortization of deferred policy acquisition costs (\"DAC\"), amortization of other intangible assets and insurance operating costs and other expenses, including certain centralized services costs and bad debt expense. DAC includes commissions, taxes, licenses and fees and other incremental direct underwriting expenses and are amortized over the policy term.

The expense ratio for Employee Benefits is expressed as the ratio of insurance operating costs and other expenses including amortization of intangibles and amortization of DAC, to premiums and other considerations, excluding buyout premiums.

The expense ratio for Business Insurance, Personal Insurance and Employee Benefits does not include integration and other transaction costs associated with an acquired business.


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Gross New Business Premium- Represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium.

Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years. Among other factors, the loss and loss adjustment expense ratio needed for the Company to achieve its targeted return on equity (\"ROE\") fluctuates from year to year based on changes in the expected investment yield over the claim settlement period, the timing of expected claim settlements and the targeted returns set by management based on the competitive environment.

The loss and loss adjustment expense ratio is affected by claim frequency and claim severity, particularly for shorter-tail property lines of business, where the emergence of claim frequency and severity is credible and likely indicative of ultimate losses. Claim frequency represents the percentage change in the average number of reported claims per unit of exposure in the current accident year compared to that of the previous accident year. Claim severity represents the percentage change in the estimated average cost per claim in the current accident year compared to that of the previous accident year. As one of the factors used to determine pricing, the Company’s practice is to first make an overall assumption about claim frequency and severity for a given line of business and then, as part of the rate-making process, adjust the assumption as appropriate for the particular state, product or coverage.

Underlying Loss and Loss Adjustment Expense Ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development (\"PYD\"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio is set forth in the Reportable Segment and Corporate Operating Summaries section within MD&A.

Loss Ratio, excluding Buyouts- Utilized for the Employee Benefits segment and is expressed as a ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. Since Employee Benefits occasionally buys a block of claims for a stated premium amount, the Company excludes this buyout from the loss ratio used for evaluating the profitability of the business as buyouts may distort the loss ratio. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.

Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income on a consolidated level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments - is set forth in the Investment Results section within MD&A.

Net New Business Premium- Represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.

Policy Count Retention- For small business, represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period. Policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Policy count retention is also affected by advertising and rate actions taken by us and competitors.

Effective Policy Count Retention- For Personal Insurance, represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period. Effective policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Effective policy count retention is also affected by advertising and rate actions taken by us and competitors, as well as the effect of subsequent cancellations and non-renewals by customers. Effective policy count retention statistics are subject to change from period to period based on the effect of differences between actual and expected policy cancellations throughout the policy period.

Policies in-force- Represents the number of policies with coverage in effect as of the end of the period. The number of policies in-force is a growth measure used for Personal Insurance, small business, and middle market lines within middle & large business and is affected by both new business growth and retention.

Policyholder Dividend Ratio- The ratio of policyholder dividends to earned premium.


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Premium Retention- For middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.

Prior Accident Year Loss and Loss Adjustment Expense Ratio- Represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.

Reinstatement Premiums- Represents additional ceded premium paid for the reinstatement of the amount of reinsurance coverage that was reduced as a result of the Company ceding losses to reinsurers.

Renewal Earned Price Increase (Decrease)- Written premiums are earned over the policy term, which is six months for certain personal automobile business and twelve months for substantially all of the remainder of the Company’s Property and Casualty (\"P&C\") business. Since the Company earns premiums over the six to twelve month term of the policies, renewal earned price increases (decreases) lag renewal written price increases (decreases) by six to twelve months.

Renewal Written Price Increase (Decrease)- For Business Insurance, represents the combined effect of rate changes, and individual risk pricing decisions per unit of exposure on policies that renewed and includes amount of insurance. For Personal Insurance, renewal written price increases represent the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Insurance, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits. The rate component represents the change in rate impacting renewal policies as previously filed with and approved by state regulators during the period. Amount of insurance represents the change in the value of the rating base, such as model year/vehicle symbol for automobiles, building replacement costs for property and wage inflation for workers’ compensation. A number of factors affect renewal written price increases (decreases) including expected loss costs as projected by the Company’s pricing actuaries, rate filings approved by state regulators, risk selection decisions made by

the Company’s underwriters and marketplace competition. Renewal written price changes reflect the property and casualty insurance market cycle. Prices tend to increase for a particular line of business when insurance carriers have incurred significant losses in that line of business in the recent past or the industry as a whole commits less of its capital to writing exposures in that line of business. Prices tend to decrease when recent loss experience has been favorable or when competition among insurance carriers increases. Renewal written price statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.

Underlying Combined Ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance.

A reconciliation of combined ratio to underlying combined ratio is set forth in the Results of Operations section within MD&A - Business Insurance and Personal Insurance.

Underwriting Gain (Loss)- This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities.


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Reconciliation of Net Income to Underwriting Gain (Loss)
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Business Insurance
Net income	$	637		$	710		$	1,877	$	1,883
Adjustments to reconcile net income to underwriting gain:

Net investment income	(589)		(519)			(1,650)	(1,405)
Net realized losses	117		26			124	70
Other (income) expense	3		—			3	2


Income tax expense	159		180			474	478
Underwriting gain	$	327		$	397		$	828	$	1,028
Personal Insurance
Net income	$	93		$	139		$	362	$	235
Adjustments to reconcile net income to underwriting gain:

Net investment income	(67)		(67)			(196)	(182)
Net realized losses	15		4			15	10
Net servicing and other (income) expense	(5)		(4)			(10)	(14)

Income tax expense	26		35			94	58
Underwriting gain	$	62		$	107		$	265	$	107
P&C Other Operations
Net income	$	406		$	12		$	465	$	38
Adjustments to reconcile net income to underwriting gain (loss):
Net investment income	(22)		(19)			(64)	(56)
Net realized losses	4		—			4	2
Other expense	—		1			—	1
Income tax expense	107		4			122	9
Underwriting gain (loss)	$	495		$	(2)		$	527	$	(6)

Written and Earned Premiums- Written premium represents the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period. Premiums are considered earned and are included in the financial results on a pro rata basis over the policy period. Management believes that written premium is a performance measure that is useful to investors as it reflects current trends in the Company’s sale of property and casualty insurance products. Written and earned premium are recorded net of ceded reinsurance premium.

Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions. Changes in reinsurance programs can also impact written premium growth.

Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability. These premiums together with net investment income earned are used to pay the contractual obligations under these insurance contracts.

Two major factors, sales and book persistency, impact premium growth. Sales can increase or decrease in a given year based on a number of factors, including but not limited to, customer demand for the Company’s product offerings, pricing competition, distribution channels and the Company’s reputation and ratings. Book persistency refers to the percentage of premium remaining in-force from year-to-year.


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The Hartford's Operations

The Hartford conducts business principally in four reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, and Employee Benefits, as well as a Corporate category. The Company includes in the Corporate category discontinued operations of the Company's Hartford Funds business, capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.

The Company derives its revenues principally from: (a) premiums earned for insurance coverage provided to insureds; (b) net investment income; (c) fees earned for services provided to third parties; and (d) net realized gains and losses. Premiums charged for insurance coverage are earned principally on a pro rata basis over the terms of the related policies in-force.

The profitability of the Company's property and casualty insurance businesses over time is greatly influenced by the Company’s underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance, the size of its in-force block, making reliable estimates of actual mortality and morbidity, and its ability to manage its expense ratio which it accomplishes through economies of scale and its management of acquisition costs and other insurance operating costs. Pricing adequacy depends on a number of factors, including the ability to obtain regulatory approval for rate changes, proper evaluation of underwriting risks, the ability to project future loss cost frequency and severity based on historical loss experience adjusted for known trends, the Company’s response to rate actions taken by competitors, its expense levels and expectations about regulatory and legal developments. The Company seeks to price its insurance policies such that insurance premiums and future net investment income earned on premiums received will cover insurance operating costs and the ultimate cost of paying claims reported on the policies and provide for a profit margin. For many of its insurance products, the Company is required to obtain approval for its premium rates from state insurance departments and the Lloyd's Syndicate's ability to write business is subject to Lloyd's approval for its premium capacity each year. Most of Personal Insurance written premium is associated with our exclusive licensing agreement with AARP, which is effective through December 31, 2032. This agreement provides an important competitive advantage given the size of the 50 plus population and the strength of the AARP brand.

Similar to property and casualty, profitability of the Employee Benefits business depends, in large part, on the ability to evaluate and price risks appropriately and make reliable estimates of mortality, morbidity, disability and longevity. To manage the pricing risk, Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms in order to minimize the adverse effect of market trends, loss costs, declining interest rates and other factors.

However, as policies are typically sold with rate guarantees an average of three years, pricing for the Company’s products could prove to be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected at the time the products were sold. For some of its products, the Company is required to obtain approval for its premium rates from state insurance departments. New and renewal business for employee benefits business, particularly for long-term disability (\"LTD\"), are priced using an assumption about expected investment yields over time. While the Company employs asset-liability duration matching strategies to mitigate risk and may use interest-rate sensitive derivatives to hedge its exposure in the Employee Benefits investment portfolio, cash flow patterns related to the payment of benefits and claims are uncertain and actual investment yields could differ significantly from expected investment yields, affecting profitability of the business. In addition to appropriately evaluating and pricing risks, the profitability of the Employee Benefits business depends on other factors, including the Company’s response to pricing decisions and other actions taken by competitors, its ability to offer voluntary products and self-service capabilities, the persistency of its sold business and its ability to manage its expenses which it seeks to achieve through economies of scale and operating efficiencies.

The investment return, or yield, on invested assets is an important element of the Company’s earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits, losses and loss adjustment expenses are paid. Due to the need to maintain sufficient liquidity to satisfy claim obligations, the majority of the Company’s invested assets have been held in available-for-sale (\"AFS\") securities, including, among other asset classes, corporate bonds, municipal bonds, government debt, short-term debt, mortgage-backed securities, asset-backed securities (\"ABS\") and collateralized loan obligations (\"CLOs\"). The Company also invests in commercial mortgage loans as well as limited partnerships and other alternative investments, which are private investments that are less liquid, but have the potential to generate higher returns. The primary investment objective for the Company is to maximize economic value, consistent with acceptable risk parameters, including the management of credit risk and interest rate sensitivity of invested assets, while generating sufficient net of tax income to meet policyholder and corporate obligations. Investment strategies are developed based on a variety of factors including business needs, regulatory requirements and tax considerations.


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Third Quarter Financial Highlights

Net Income Available to Common Stockholders

Net Income Available to Common Stockholders per Diluted Share

Book Value per Diluted Share

$\"32\"$ $\"36\"$ $\"39\"$

Increased $243 or 23%

Increased $1.05 or 28%

Increased $2 or 3%

More favorable P&C prior accident year reserve development

Increase in net income available to common stockholders

Net income in excess of common stockholder dividends

Higher net investment income

Reduction in outstanding shares due to share repurchases

A decrease in AOCI, primarily driven by an increase in net unrealized losses on AFS securities

The effect of higher earned premiums

Lower underlying loss and LAE ratio in Personal Insurance

Dilutive effective of share repurchases

Higher CAY catastrophe losses

Greater net realized losses

Higher group disability and life loss ratios

Higher underlying loss and LAE ratio in Business Insurance

Investment Yield, After Tax

Property & Casualty Combined Ratio

Employee Benefits Net Income Margin

$\"46\"$ $\"50\"$ $\"53\"$

Increased 20 bps

Improved 7.7 points

Decreased 1.1 points

Higher yield on limited partnerships and other alternative investments

More favorable P&C prior accident year reserve development

Higher group disability and life loss ratios

Lower expense ratio

Lower underlying loss and LAE ratio in Personal Insurance

A change to net realized gains from net realized losses

Higher CAY Catastrophe losses

Higher net investment income

Higher underlying loss and LAE ratio in Business Insurance


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Consolidated Results of Operations

The Consolidated Results of Operations should be read in conjunction with the 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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Earned premiums	$	6,351		$	6,093		4	%		$	18,775		$	17,889	5	%
Fee income	87		84		4	%		260		256		2	%
Net investment income	850		755		13	%		2,384		2,065		15	%
Net realized losses	(116)		(17)		NM		(104)		(85)		(22	%)
Other revenues	48		31		55	%		109		83		31	%
Total revenues	7,220		6,946		4	%		21,424		20,208		6	%
Benefits, losses and loss adjustment expenses	3,713		3,793		(2	%)		11,792		11,505		2	%
Amortization of deferred policy acquisition costs	679		639		6	%		2,004		1,871		7	%
Insurance operating costs and other expenses	1,177		1,203		(2	%)		3,620		3,488		4	%



Interest expense	50		50		—	%		150		150		—	%
Amortization of other intangible assets	18		18		—	%		53		53		—	%

Total benefits, losses and expenses	5,637		5,703		(1	%)		17,619		17,067		3	%
Income from continuing operations before income taxes	1,583		1,243		27	%		3,805		3,141		21	%
Income tax expense	321		222		45	%		759		598		27	%
Income from continuing operations, net of tax	1,262		1,021		24	%		3,046		2,543		20	%
Income from discontinued operations, net of tax	61		59		3	%		431		162		166	%
Net income	1,323		1,080		23	%		3,477		2,705		29	%
Preferred stock dividends	6		6		—	%		16		16		—	%
Net income available to common stockholders	$	1,317		$	1,074		23	%		$	3,461		$	2,689	29	%

Three months ended September 30, 2026 compared to 2025

Net income available to common stockholders increased by $243, primarily driven by:

•A higher P&C underwriting gain of $382, before tax, primarily driven by a higher level of favorable prior accident year reserve development, including a $497, before tax, benefit related to the commutation and termination of the A&E ADC in the third quarter of 2026, the effect of earned premium growth in Business Insurance, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by higher CAY catastrophe losses and a higher underlying loss and LAE ratio in Business Insurance; and

•Higher net investment income of $95, before tax.

These increases were partially offset by:

•In Employee Benefits, the impact of higher short-term and long-term disability loss ratios and a higher group life loss ratio, partially offset by a lower expense ratio; and

•Greater net realized losses of $99, before tax.

For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Revenue

Earned Premiums

$\"1634\"$

Earned premiums increased by $258 or 4%, primarily due to:

•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 4% decrease in Personal Insurance.

–Contributing to the increase in Business Insurance was the effect of earned pricing increases across the majority of lines of business and the impact of new business.

–Personal Insurance declined driven by automobile, as the impact of a decline in policies in-force was partially offset by earned pricing increases, while homeowners increased primarily due to earned pricing increases.

•Employee Benefits earned premium increased primarily due to the impact of new business sales, an increase in exposure on existing accounts, and book persistency in excess of 90%.

Net Investment Income

$\"2388\"$

[1]Limited partnerships and other alternative investments of $91 and $156 for the three months ended September 30, 2025 and 2026 respectively.

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

Net realized losses increased primarily due to losses 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.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

$\"3089\"$

Benefits, losses and loss adjustment expenses decreased $80 due to:

•A decrease in Property & Casualty of $204, which was attributable to:

–An increase in P&C favorable prior accident year reserve development of $491, with favorable development in the 2026 period of $594, compared to $103 in the prior year period. Net favorable prior accident year reserve development in the 2026 period was primarily driven by a $497 benefit related to the commutation and termination of the A&E ADC. Also included within prior accident year reserve development in the 2026 period were decreases in reserves for workers' compensation, Personal Insurance automobile liability and physical damage, and commercial property. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage. Also included within net prior accident year reserve development for the 2025 period was a benefit of $8 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

Partially offset by:

–An increase in P&C CAY loss and LAE before catastrophes of $159, 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; and

–An increase in CAY catastrophe losses of $128. Catastrophe losses in both the 2026 and 2025 periods primarily included losses from tornado, wind and hail events.

For further discussion, see Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Losses and LAE Incurred for Employee Benefits

$\"4555\"$

•Employee Benefits losses and LAE increased $124, primarily due to higher short-term and long-term disability loss ratios, as well as higher earned premium. Higher loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year, as well as a higher group life loss ratio compared to the prior year, reflecting that the 2025 period included a benefit related to favorable development on prior quarters, partially offset by lower mortality in the 2026 period in term life products.

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 decreased due to:

•Lower staffing costs.

Partially offset by:

•Higher P&C commissions, driven by the impact of increased business volume; and

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

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.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Nine months ended September 30, 2026 compared to 2025

Net income available to common stockholders increased by $772 primarily driven by:

•A higher P&C underwriting gain of $491, before tax, primarily driven by a higher level of net favorable prior accident year reserve development, including a $497, before tax, benefit related to the commutation and termination of the A&E ADC in the third quarter of 2026, the effect of earned premium growth in Business Insurance, lower CAY catastrophe losses, 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 $319, before tax; and

•A $269 increase in income from discontinued operations, net of tax, primarily related to a $251 income tax benefit associated with establishing a deferred tax asset related to

the sale of Hartford Funds. For further information related to the sale of Hartford Funds, refer to Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

These increases were partially offset by:

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

•Greater net realized losses of $19, before tax.

Revenue

Earned Premiums

$\"1436\"$

Earned premiums increased by $886, or 5%, primarily due to:

•An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 2% decrease in Personal Insurance.

–Contributing to the increase in Business Insurance was the effect of earned pricing increases across the majority of lines of business and an increase in new business.

•Employee Benefits earned premium increased primarily due to higher new business sales, an increase in exposure on existing accounts, and book persistency in excess of 90%.

Net Investment Income

$\"2198\"$

[1]Limited partnerships and other alternative investments of $143 and $345 for the nine months ended September 30, 2025 and 2026, respectively.

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

Net realized losses increased primarily due to losses on interest rate derivatives, largely offset by greater appreciation in value of equity securities in the 2026 period and a realized gain on the sale of an other investment.

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


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

$\"2953\"$

Benefits, losses and loss adjustment expenses increased $287, due to:

•An increase in Employee Benefits losses and LAE of $304, as higher short-term and long-term disability loss ratios, as well as higher earned premium, were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products. The increases in the disability loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.

Partially offset by:

•A decrease in Property & Casualty of $18, which was attributable to:

–An increase in P&C favorable net prior accident year reserve development of $334, with favorable development in the 2026 period of $746, compared to $412 in the prior year period. Net favorable prior accident year reserve development in the 2026 period was primarily driven by a $497 benefit related to the commutation and termination of the A&E ADC. Also included within prior accident year reserve development in the 2026 period were decreases in reserves for workers' compensation, Personal Insurance automobile liability and physical damage, catastrophes, homeowners, bond, and commercial property, partially offset by an increase in reserves for general liability and commercial automobile liability. 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, homeowners, commercial property, and bond. Also included within net prior accident year reserve development for the nine months ended September 30,

2025 was a benefit of $64 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025; and

–Lower CAY catastrophe losses of $99. Catastrophe losses in the 2026 period primarily included losses from tornado, wind and hail events and winter storms. Catastrophe losses in the 2025 period included losses from tornado, wind and hail events as well as a loss of $305, net of reinsurance, from the January 2025 California Wildfire Event.

Partially offset by:

–An increase in P&C CAY loss and LAE before catastrophes of $415, 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.

Losses and LAE Incurred for Employee Benefits

$\"4939\"$

For further discussion, see Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Insurance operating costs and other expenses increased due to:

•Higher technology costs, including increased investment in our businesses;

•Higher P&C commissions, driven by the impact of increased business volume;

•A loss on disposal of real estate, which was sold during the second quarter of 2026; and

•Higher staffing costs, partly in response to increased business volume.

Income from discontinued operations, net of tax increased primarily due to a $251 income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and U.S. GAAP carrying value of Hartford Funds. For further discussion of discontinued operations, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Investment Results


Composition of Invested Assets
	September 30, 2026		December 31, 2025
	Amount	Percent		Amount	Percent
Fixed maturities, AFS, at fair value	$	45,902		70.9	%		$	46,041		72.5	%
Fixed maturities, at fair value using the fair value option (\"FVO securities\")	123		0.2	%		168		0.3	%
Equity securities, at fair value	535		0.8	%		422		0.7	%
Mortgage loans (net of allowance for credit losses (\"ACL\") of $49 and $49)	7,181		11.1	%		6,837		10.8	%
Limited partnerships and other alternative investments	6,363		9.8	%		5,804		9.1	%
Other investments [1]	226		0.4	%		218		0.3	%
Short-term investments	4,390		6.8	%		4,004		6.3	%
Total investments	$	64,720		100.0	%		$	63,494		100.0	%

[1]Primarily consists of equity fund investments, overseas deposits, and derivative instruments which are carried at fair value.

September 30, 2026 compared to December 31, 2025

Total investments increased primarily due to growth in the business, the receipt of the A&E ADC commutation settlement amount, and higher valuations within limited partnerships and other alternative investments, partially offset by lower valuations on fixed maturities, AFS, at fair value due to higher interest rates.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Net Investment Income
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
(Before tax)	Amount	Yield [1]	Amount	Yield [1]		Amount	Yield [1]	Amount	Yield [1]
Fixed maturities [2]	$	627		4.8	%	$	599		4.8	%		$	1,841		4.8	%	$	1,750	4.7	%
Equity securities	3		2.6	%	4		3.9	%		13		4.6	%	11		3.6	%
Mortgage loans	84		4.6	%	76		4.6	%		247		4.6	%	218		4.5	%
Limited partnerships and other alternative investments	156		10.2	%	91		6.7	%		345		7.8	%	143		3.7	%
Other [3]	4			8				16			17
Investment expense	(24)			(23)				(78)			(74)
Total net investment income	850		5.1	%	755		4.8	%		2,384		4.9	%	2,065		4.5	%
Adjustment for net investment income from limited partnerships and other alternative investments	(156)		(0.5)	%	(91)		(0.2)	%		(345)		(0.3)	%	(143)		—	%
Total net investment income excluding limited partnerships and other alternative investments	$	694		4.6	%	$	664		4.6	%		$	2,039		4.6	%	$	1,922	4.5	%

[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.

Three and nine months ended September 30, 2026 compared to 2025

Total net investment income increased primarily due to higher income from limited partnerships and other alternative investments and the impact of a higher level of invested assets.

Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased for the nine month period primarily due to the impact of reinvesting at higher rates.

Average reinvestment rates of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for both the three and nine months ended September 30, 2026 was 5.7% and 5.5% respectively, which was above the average yield of sales and maturities of 5.0% 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, 2025, were 5.7% for both periods, which were above the average yield of sales and maturities of 5.2% and 4.9%, respectively.

For the 2026 calendar year, we estimate net investment income to increase due to a higher level of invested assets and a higher yield on limited partnerships and other alternative investments compared with 2025. Actual net investment income is subject to variability including the impact of evolving market conditions.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Net Realized Gains (Losses)
	Three Months Ended September 30,		Nine Months Ended September 30,
(Before tax)	2026	2025		2026	2025
Gross gains on sales of fixed maturities	$	7		$	17		$	35	$	49
Gross losses on sales of fixed maturities	(25)		(38)			(91)	(108)
Equity securities [1]	(27)		22			77	37
Net credit losses on fixed maturities, AFS [2]	(4)		—			(4)	2
Change in ACL on mortgage loans [3]	—		(6)			—	(6)

Other, net [4]	(67)		(12)			(121)	(59)



Net realized losses	$	(116)		$	(17)		$	(104)	$	(85)

[1]The change in net unrealized gains on equity securities still held as of September 30, 2026, and included in net realized gains were $(26) and $78 for the three and nine months ended September 30, 2026, respectively. The change in net unrealized gains on equity securities still held as of September 30, 2025, and included in net realized gains were $22 and $36 for the three and nine months ended September 30, 2025, 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, 2026, includes losses from transactional foreign currency revaluation of $(1) and $(4), respectively, and losses on non-qualifying derivatives of $(117) and $(122), respectively. For the three and nine months ended September 30, 2025, includes losses from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16) respectively.

Three and nine months ended September 30, 2026

Gross gains and losses on sales were primarily due to sales of tax-exempt municipals, corporate securities and commercial mortgage-backed securities (\"CMBS\").

Equity securities net losses for the three month period were driven by an issuer-specific decline in value. For the nine month period, 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, 2026, primarily included losses of $119 and $124, respectively, on interest rate derivatives, partially offset by gains of $52 on the sale of an other investment.

Three and nine months ended September 30, 2025

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.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ, and in the past have differed, from those estimates.

The Company has identified the following estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:

•property and casualty insurance product reserves, net of reinsurance;

•group LTD reserves, net of reinsurance;

•evaluation of goodwill for impairment;

•valuation of investments and derivative instruments including evaluation of credit losses on fixed maturities, AFS and ACL on mortgage loans; and

•contingencies relating to corporate litigation and regulatory matters.

In developing these estimates, management makes subjective and complex judgments that are inherently uncertain and subject to material change as facts and circumstances develop. Although variability is inherent in these estimates, management believes the amounts provided are appropriate based upon the facts available upon compilation of the financial statements. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements.

The Company’s critical accounting estimates are discussed in Part II, Item 7 MD&A in the Company’s 2025 Form 10-K Annual Report. In addition, Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates. The following discussion updates certain of the Company’s critical accounting estimates as of September 30, 2026.

Property & Casualty Insurance Product Reserves, Net of Reinsurance

P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of

September 30, 2026

$\"159\"$

Based on the results of the quarterly reserve review process, the Company determines the appropriate reserve adjustments, if any, to record. Recorded reserve estimates represent the Company's best estimate of the ultimate settlement amount of unpaid losses and loss adjustment expenses. The Company does not use statistical loss distributions or confidence levels in the process of determining its reserve estimate and, as a result, does not disclose reserve ranges. Assumptions used in arriving at the selected actuarial indications consider a number of factors, including the immaturity of emerged claims in recent accident years, emerging trends in the recent past, and the level of volatility within each line of business. In general, adjustments are made more quickly to more mature accident years and less volatile lines of business. Such adjustments of reserves are referred to as “prior accident year development”. Increases in previous estimates of ultimate loss costs are referred to as either an increase in prior accident year reserves or as unfavorable reserve development. Decreases in previous estimates of ultimate loss costs are referred to as either a decrease in prior accident year reserves or as favorable reserve development. Reserve development can influence the comparability of year over year underwriting results and is set forth in the paragraphs and tables that follow.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Nine Months Ended September 30, 2026
	Business Insurance	Personal Insurance	Property & Casualty Other Operations		Total Property & Casualty
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	33,175		$	2,275	$	2,705	$	38,155
Reinsurance and other recoverables	4,689		28		2,006		6,723
Beginning liabilities for unpaid losses and loss adjustment expenses, net	28,486		2,247		699		31,432
Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes	6,440		1,627		—		8,067
Current accident year catastrophes	406		244		—		650
Prior accident year development	(83)		(130)		(533)		(746)
Total provision for unpaid losses and loss adjustment expenses	6,763		1,741		(533)		7,971
Effect of the A&E ADC Commutation Agreement [1]	—		—		1,298		1,298
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	—		—		533		533
Payments	(5,129)		(1,810)		(27)		(6,966)

Foreign currency adjustment	(6)		—		—		(6)
Ending liabilities for unpaid losses and loss adjustment expenses, net	30,114		2,178		1,970		34,262
Reinsurance and other recoverables	4,629		24		534		5,187
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	34,743		$	2,202	$	2,504	$	39,449
Earned premiums and fee income	$	11,046		$	2,748
Loss and loss adjustment expense paid ratio [3]	46.4		65.9
Loss and loss adjustment expense ratio	61.4		63.9
Prior accident year development (pts) [4]	(0.8)		(4.8)

[1]On September 23, 2026, the Company entered into a Commutation Agreement with NICO, resulting in the commutation and termination of the A&E ADC agreement. As a result of the Commutation Agreement, the Company reassumed net unpaid losses and loss adjustment expenses reserves of $1.298 billion. For additional information regarding the Commutation Agreement, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[2]The change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2026, includes $36 related to amortization of the A&E ADC deferred gain and $497 reflecting a net gain from the Commutation Agreement. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[3]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.

[4]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.


Current Accident Year Catastrophe Losses, Net of Reinsurance
	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
	Business Insurance	Personal Insurance	Total		Business Insurance	Personal Insurance	Total
Wind and hail	$	73		$	88		$	161		$	205	$	218	$	423
Winter storms	1		—		1			110	21		131

Other international [1]	5		—		5			21	—		21
Hurricanes and tropical storms	1		1		2			3	2		5
Wildfires	—		3		3			—	3		3




Catastrophes before assumed reinsurance	80		92		172			339	244		583
Global assumed reinsurance business [2]	26		—		26			67	—		67
Total catastrophe losses	$	106		$	92		$	198		$	406	$	244	$	650

[1]Includes catastrophe losses resulting from the Middle East conflict.

[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Unfavorable (Favorable) Prior Accident Year Development for the Three Months Ended September 30, 2026
	Business Insurance	Personal Insurance	Property & Casualty Other Operations	Total Property & Casualty Insurance
Workers’ compensation	$	(57)		$	—	$	—	$	(57)
Workers’ compensation discount accretion	11		—		—	11

Marine	(3)		—		—	(3)

Commercial property	(10)		—		—	(10)
Professional liability	(5)		—		—	(5)


Automobile liability	—		(20)		—	(20)
Homeowners	—		(7)		—	(7)





Other reserve re-estimates, net [1]	3		(9)		—	(6)
Prior accident year development before change in deferred gain	(61)		(36)		—	(97)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	—		—		(497)	(497)
Total prior accident year development	$	(61)		$	(36)	$	(497)	$	(594)

[1]Other reserve re-estimates, net for the three months ended September 30, 2026 includes a favorable change of $(8) in personal automobile physical damage reserves.

[2]The change in deferred gain for the three months ended September 30, 2026 is comprised of a net gain of $497 from the Commutation Agreement. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements


Unfavorable (Favorable) Prior Accident Year Development for the Nine Months Ended September 30, 2026
	Business Insurance	Personal Insurance	Property & Casualty Other Operations	Total Property & Casualty Insurance
Workers’ compensation	$	(167)		$	—	$	—	$	(167)
Workers’ compensation discount accretion	34		—		—	34
General liability	116		—		—	116
Marine	1		—		—	1

Commercial property	(25)		—		—	(25)
Professional liability	(9)		—		—	(9)
Bond	(32)		—		—	(32)
Assumed reinsurance	5		—		—	5
Automobile liability	26		(59)		—	(33)
Homeowners	—		(36)		—	(36)



Catastrophes	(37)		(13)		—	(50)

Other reserve re-estimates, net [1]	5		(22)		—	(17)
Prior accident year development before change in deferred gain	(83)		(130)		—	(213)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	—		—		(533)	(533)
Total prior accident year development	$	(83)		$	(130)	$	(533)	$	(746)

[1]Other reserve re-estimates, net for the nine months ended September 30, 2026 includes a favorable change of $(23) in personal automobile physical damage reserves.

For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2026, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Nine Months Ended September 30, 2025
	Business Insurance	Personal Insurance	Property & Casualty Other Operations		Total Property & Casualty Insurance
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	31,380		$	2,240	$	2,784	$	36,404
Reinsurance and other recoverables	4,637		20		2,096		6,753
Beginning liabilities for unpaid losses and loss adjustment expenses, net	26,743		2,220		688		29,651

Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes	5,894		1,758		—		7,652
Current accident year catastrophes	433		316		—		749
Prior accident year development	(289)		(123)		—		(412)
Total provision for unpaid losses and loss adjustment expenses	6,038		1,951		—		7,989
Change in deferred gain on retroactive reinsurance included in other liabilities	64		—		—		64
Payments	(4,588)		(1,859)		(177)		(6,624)

Foreign currency adjustment	32		—		—		32
Ending liabilities for unpaid losses and loss adjustment expenses, net	28,289		2,312		511		31,112
Reinsurance and other recoverables	4,526		44		2,057		6,627
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	32,815		$	2,356	$	2,568	$	37,739
Earned premiums and fee income	$	10,321		$	2,804
Loss and loss adjustment expense paid ratio [1]	44.5		66.3
Loss and loss adjustment expense ratio	58.7		70.2
Prior accident year development (pts) [2]	(2.8)		(4.4)

[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.

[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.


Current Accident Year Catastrophe Losses, Net of Reinsurance
	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
	Business Insurance	Personal Insurance	Total		Business Insurance	Personal Insurance	Total
Wind and hail	$	32		$	36		$	68		177		198		$	375
Wildfires [1]	(3)		(5)		(8)			142	109		251

Winter storms	(2)		—		(2)			13	9		22




Catastrophes before assumed reinsurance	27		31		58			332	316		648
Global assumed reinsurance business [1] [2]	12		—		12			101	—		101
Total catastrophe losses	$	39		$	31		$	70		$	433		$	316		$	749

[1]The three months ended September 30, 2025, included a favorable change in losses of $(8), net of reinsurance, from the January 2025 California Wildfire Event. For nine months ended September 30, 2025, catastrophe losses from the January 2025 California Wildfire Event were $305, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.

[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Unfavorable (Favorable) Prior Accident Year Development for the Three Months Ended September 30, 2025
	Business Insurance	Personal Insurance	Property & Casualty Other Operations	Total Property & Casualty Insurance
Workers’ compensation	$	(62)		$	—	$	—	$	(62)
Workers’ compensation discount accretion	11		—		—	11



Commercial property	(5)		—		—	(5)



Automobile liability	—		(33)		—	(33)
Homeowners	—		(5)		—	(5)




Uncollectible reinsurance	—		—		6	6
Other reserve re-estimates, net [1]	4		(5)		(6)	(7)
Prior accident year development before change in deferred gain	(52)		(43)		—	(95)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(8)		—		—	(8)
Total prior accident year development	$	(60)		$	(43)	$	—	$	(103)

[1]Other reserve re-estimates, net for the three months ended September 30, 2025 includes a favorable change of $(6) in personal automobile physical damage reserves.

[2]The $8 change in deferred gain on retroactive reinsurance for the three months ended September 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.


Unfavorable (Favorable) Prior Accident Year Development for the Nine Months Ended September 30, 2025
	Business Insurance	Personal Insurance	Property & Casualty Other Operations	Total Property & Casualty Insurance
Workers’ compensation	$	(188)		$	—	$	—	$	(188)
Workers’ compensation discount accretion	34		—		—	34



Commercial property	(28)		—		—	(28)
Professional liability	(11)		—		—	(11)
Bond	(22)		—		—	(22)

Automobile liability	—		(55)		—	(55)
Homeowners	—		(36)		—	(36)



Catastrophes	(28)		(11)		—	(39)
Uncollectible reinsurance	—		—		6	6
Other reserve re-estimates, net [1]	18		(21)		(6)	(9)
Prior accident year development before change in deferred gain	(225)		(123)		—	(348)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(64)		—		—	(64)
Total prior accident year development	$	(289)		$	(123)	$	—	$	(412)

[1]Other reserve re-estimates, net for the nine months ended September 30, 2025 includes a favorable change of $(26) in personal automobile physical damage reserves.

[2]The $64 change in deferred gain on retroactive reinsurance for the nine months ended September 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2025, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Evaluation of Goodwill for Impairment

Goodwill balances are reviewed for impairment at least annually, or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. The recognition and measurement of goodwill impairment is based on the excess of the carrying value of the reporting unit over its estimated fair value, up to the amount of the reporting unit’s goodwill.

The estimated fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations including assumptions that market participants would make in valuing the reporting unit. Assumptions include projected growth, earnings forecasts, assets under management, and the weighted average cost of capital used for the purposes of discounting.

Decreases in business growth, decreases in earnings projections, and increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease, increasing the possibility of impairment.

The annual goodwill assessment for the remaining reporting units will be completed as of October 31, 2026, unless a triggering event occurs before then.


Reportable Segment and Corporate Operating Summaries


Business Insurance - Results of Operations

Underwriting Summary


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Written premiums	$	3,772		$	3,573		6	%		$	11,698		$	11,075	6	%
Change in unearned premium reserve	(3)		33		(109	%)		688		787		(13)	%
Earned premiums	3,775		3,540		7	%		11,010		10,288		7	%
Fee income	12		11		9	%		36		33		9	%
Losses and loss adjustment expenses
Current accident year before catastrophes	2,262		2,051		10	%		6,440		5,894		9	%
Current accident year catastrophes [1]	106		39		172	%		406		433		(6)	%
Prior accident year development [1]	(61)		(60)		(2	%)		(83)		(289)		71	%
Total losses and loss adjustment expenses	2,307		2,030		14	%		6,763		6,038		12	%
Amortization of DAC	600		559		7	%		1,767		1,636		8	%
Insurance operating costs	536		546		(2	%)		1,633		1,565		4	%
Amortization of other intangible assets	7		7		—	%		21		21		—	%
Dividends to policyholders	10		12		(17	%)		34		33		3	%

Underwriting gain	327		397		(18	%)		828		1,028		(19)	%

Net investment income [2]	589		519		13	%		1,650		1,405		17	%
Net realized losses [2]	(117)		(26)		NM		(124)		(70)		(77)	%

Other income (expense) [3]	(3)		—		NM		(3)		(2)		(50)	%

Income before income taxes	796		890		(11	%)		2,351		2,361		—	%
Income tax expense [4]	159		180		(12	%)		474		478		(1)	%
Net income	$	637		$	710		(10	%)		$	1,877		$	1,883	—	%

[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 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

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

[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Premium Measures


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Small Business:
Net new business premium	$	306		$	308			$	973	$	911
Policy count retention	84	%	84	%		84	%	84	%

Renewal written price increases	4.4	%	5.4	%		4.2	%	6.0	%
Renewal earned price increases	5.0	%	7.3	%		5.4	%	7.4	%
Policies in-force as of end of period (in thousands)	1,729		1,640
Middle Market [1]:
Net new business premium	$	199		$	211			$	589	$	589

Premium retention	83	%	84	%		83	%	83	%
Renewal written price increases	3.2	%	5.5	%		3.7	%	6.1	%
Renewal earned price increases	4.7	%	6.9	%		5.4	%	7.1	%


Global Specialty:
Global specialty gross new business premium [2]	$	230		$	238			$	737	$	741
Renewal written price increases [3]	3.9	%	2.9	%		4.7	%	4.6	%

Renewal earned price increases [3]	4.8	%	5.9	%		4.8	%	6.2	%

[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 (\"CPRI\") 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


	Three Months Ended September 30,		Nine Months Ended September 30,
2026	2025	Change		2026	2025	Change
Loss and loss adjustment expense ratio	61.1		57.3		3.8		61.4	58.7	2.7
Expense ratio	30.0		31.1		(1.1)		30.7	31.0	(0.3)
Policyholder dividend ratio	0.3		0.3		—		0.3	0.3	—
Combined ratio	91.3		88.8		2.5		92.5	90.0	2.5
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	(1.2)		0.6		(1.8)		(2.9)	(1.4)	(1.5)
Underlying combined ratio	90.1		89.4		0.7		89.5	88.6	0.9

Underlying loss and loss adjustment expense ratio	59.9		57.9		2.0		58.5	57.3	1.2
Current accident year catastrophes	2.8		1.1		1.7		3.7	4.2	(0.5)
Prior accident year development	(1.6)		(1.7)		0.1		(0.8)	(2.8)	2.0
Total loss and loss adjustment expense ratio	61.1		57.3		3.8		61.4	58.7	2.7

Loss and loss adjustment expense ratio	61.1		57.3		3.8		61.4	58.7	2.7
Adjustments to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development	(1.2)		0.6		(1.8)		(2.9)	(1.4)	(1.5)
Underlying loss and loss adjustment expense ratio	59.9		57.9		2.0		58.5	57.3	1.2


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Net Income

$\"978\"$

Three and nine months ended September 30, 2026 compared to 2025

Net income for the three and nine month periods decreased primarily due to higher net realized losses and lower underwriting gains, partially offset by higher net investment income. For further discussion of investment results, see MD&A - Investment Results.

Underwriting Gain

$\"1389\"$

Three and nine months ended September 30, 2026 compared to 2025

Underwriting gain for the three and nine month periods decreased due to a higher underlying loss and LAE ratio, partially offset by earned premium growth. The three month period also included higher CAY catastrophe losses. The nine month period also included less favorable prior accident year development, partially offset by lower CAY catastrophe losses.

Expense ratio for the three month period decreased, primarily due to the impact of earned premium growth and lower staffing costs, partially offset by higher technology investments in our business. For the nine month period, the expense ratio decreased primarily due to the impact of earned premium growth, partially offset by higher staffing costs and technology investments in our business.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Earned Premiums

$\"2002\"$

[1]Other earned premiums of $16 and $18 for the three months ended September 30, 2025, and 2026, respectively and $48 and $54 for the nine months ended September 30, 2025, and 2026, respectively.

Written Premiums

$\"2145\"$

[1]Other written premiums of $16 and $18 for the three months ended September 30, 2025, and 2026, respectively and $48 and $54 for the nine months ended September 30, 2025, and 2026, respectively.

Three and nine months ended September 30, 2026 compared to 2025

Earned premiums for the three and nine months ended September 30, 2026 increased due to written premium increases over the prior twelve months.

Written premiums for the three and nine months ended September 30, 2026 increased driven by growth across small business, middle & large business and global specialty.

•Small business written premium increased driven by renewal written price increases in almost all lines, as well as higher new business premium for the nine month period. Written premium grew across most lines of business.

•Middle & large business written premium increased driven by renewal written price increases in almost all lines. Written premium grew across industry verticals and certain large and complex lines, and for the three months ended, general industries. For the nine months ended, premium growth was partially offset by decreases in large property while general industries was flat to the prior year.

•Global specialty written premium increased largely driven by growth in global reinsurance, primarily within credit risk and specialty casualty, including favorable prior-period premium adjustments resulting from higher than expected underlying cedant premium volume. Specialty insurance written premium also increased, primarily reflecting renewal written price increases across most U.S. insurance lines.

Renewal written price increases were recognized in most lines for both the three and nine months ended September 30, 2026, though have moderated from the prior year.

•In small business, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in package business and automobile. Workers' compensation pricing was slightly positive.

•In middle market, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in automobile and general liability lines. Property pricing remained in the low single-digits, excluding large property, which was negative. Workers' compensation pricing was slightly positive.

•In global specialty, for the three month period, renewal written price increases were higher than the prior year. For the nine month period, U.S. pricing increases were in line with prior year levels, while International pricing decreases were slightly higher than in the prior-year period. Overall, price increases remained in the low single-digits, including high single-digit increases within U.S. wholesale.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Underlying Loss and Loss Adjustment Expense Ratio

$\"4296\"$

Three and nine months ended September 30, 2026 compared to 2025

Underlying Loss and Loss Adjustment Expense Ratio for both the three and nine month periods increased primarily due to a higher loss ratio in workers' compensation. The nine month period also included higher non-cat property losses and a change in business mix.

Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

$\"4544\"$

Three and nine months ended September 30, 2026 compared to 2025

Current accident year catastrophe losses increased for the three month period and decreased for the nine month period. CAY catastrophe losses for both the three and nine months ended September 30, 2026, primarily included losses from tornado, wind and hail events, as well as winter storms for the nine month period.

CAY catastrophe losses for the three and nine months ended September 30, 2025 included losses from tornado, wind and hail events, and for the nine month period, also included a loss of $196, net of reinsurance, from the January 2025 California Wildfire Event.

Prior accident year development was net favorable and included reserve decreases related to workers' compensation and commercial property for the three and nine months ended September 30, 2026 and for the nine month period, catastrophes and bond, partially offset by an increase in reserves for general liability and commercial automobile liability. For additional information, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Prior accident year development was net favorable for the three and nine months ended September 30, 2025 and primarily included reserve decreases for workers' compensation, commercial property and, and for the nine month period, catastrophes and bond. Also included are benefits of $8 and $64 related to amortization of the Navigators ADC deferred gain for the three and nine month periods, respectively. The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025. For additional information regarding the Navigators ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations


Personal Insurance - Results of Operations

Underwriting Summary


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Written premiums	$	950		$	987		(4	%)		$	2,727		$	2,880	(5)	%
Change in unearned premium reserve	36		37		(3	%)		1		100		(99)	%
Earned premiums	914		950		(4	%)		2,726		2,780		(2)	%
Fee income	7		8		(13	%)		22		24		(8)	%
Losses and loss adjustment expenses
Current accident year before catastrophes	558		610		(9	%)		1,627		1,758		(7)	%
Current accident year catastrophes [1]	92		31		197	%		244		316		(23)	%
Prior accident year development [1]	(36)		(43)		16	%		(130)		(123)		(6)	%
Total losses and loss adjustment expenses	614		598		3	%		1,741		1,951		(11)	%
Amortization of DAC	70		72		(3	%)		211		210		—	%
Insurance operating costs	174		180		(3	%)		529		534		(1)	%
Amortization of other intangible assets	1		1		—	%		2		2		—	%
Underwriting gain	62		107		(42	%)		265		107		148	%

Net investment income [2]	67		67		—	%		196		182		8	%
Net realized losses [2]	(15)		(4)		NM		(15)		(10)		(50)	%
Net servicing and other income (expense) [3]	5		4		25	%		10		14		(29)	%

Income before income taxes	119		174		(32	%)		456		293		56	%
Income tax expense [4]	26		35		(26	%)		94		58		62	%
Net income	$	93		$	139		(33	%)		$	362		$	235	54	%

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]Includes servicing revenues of $24 and $25 for the three months ended September 30, 2026 and 2025, respectively, and $71 and $69 for the nine months ended September 30, 2026 and 2025, respectively. Includes servicing expenses of $20 and $20 for the three months ended September 30, 2026 and 2025, respectively, and $59 and $55 for the nine months ended September 30, 2026 and 2025, respectively.

[4]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

Written and Earned Premiums


	Three Months Ended September 30,		Nine Months Ended September 30,
Written Premiums	2026	2025	Change		2026	2025	Change
Product Line
Automobile	$	575		$	633		(9	%)	$	1,707		$	1,893	(10	%)
Homeowners	375		354		6	%		1,020	987		3	%
Total	$	950		$	987		(4	%)	$	2,727		$	2,880	(5	%)
Earned Premiums
Product Line
Automobile	$	582		$	634		(8	%)	$	1,762		$	1,880	(6	%)
Homeowners	332		316		5	%		964	900		7	%
Total	$	914		$	950		(4	%)	$	2,726		$	2,780	(2	%)


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Premium Measures


	Three Months Ended September 30,		Nine Months Ended September 30,
Premium Measures	2026	2025		2026	2025
Policies in-force end of period (in thousands)
Automobile	967		1,091
Homeowners	702		723
Net new business premium
Automobile	$	56		$	71			$	160	$	233
Homeowners	$	71		$	59			$	166	$	190



Effective Policy Count Retention
Automobile	82	%	80	%		81	%	79	%
Homeowners	81	%	83	%		81	%	83	%
Renewal written price increase
Automobile	5.1	%	11.3	%		5.8	%	13.6	%
Homeowners	7.9	%	12.6	%		9.9	%	12.5	%
Renewal earned price increase
Automobile	7.1	%	15.4	%		9.2	%	17.6	%
Homeowners	11.1	%	13.1	%		11.8	%	13.7	%

Underwriting Ratios


	Three Months Ended September 30,		Nine Months Ended September 30,
Underwriting Ratios	2026	2025	Change		2026	2025	Change
Loss and loss adjustment expense ratio	67.2		62.9	4.3			63.9		70.2		(6.3)
Expense Ratio	26.0		25.8		0.2			26.4		26.0		0.4
Combined Ratio	93.2		88.7		4.5			90.3		96.2		(5.9)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior year development	(6.2)		1.2		(7.4)			(4.2)		(7.0)		2.8
Underlying combined ratio	87.1		90.0		(2.9)			86.1		89.2		(3.1)

Underlying loss and loss adjustment expense ratio	61.1		64.2		(3.1)			59.7		63.2		(3.5)
Current accident year catastrophes	10.1		3.3		6.8			9.0		11.4		(2.4)
Prior accident year development	(3.9)		(4.5)		0.6			(4.8)		(4.4)		(0.4)
Total loss and loss adjustment expense ratio	67.2		62.9		4.3			63.9		70.2		(6.3)

Loss and loss adjustment expense ratio	67.2		62.9		4.3			63.9		70.2		(6.3)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior year development	(6.2)		1.2		(7.4)			(4.2)		(7.0)		2.8
Underlying loss and loss adjustment expense ratio	61.1		64.2		(3.1)			59.7		63.2		(3.5)


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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Product Combined Ratios


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change	2026	2025	Change
Automobile
Combined ratio	92.3		92.5	(0.2)			90.1	93.3	(3.2)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(1.4)		(0.6)	(0.8)			(1.2)	(1.2)	—
Prior accident year development	5.1		6.0	(0.9)			4.9	4.3	0.6
Underlying combined ratio	96.0		97.9	(1.9)			93.8	96.4	(2.6)

Homeowners
Combined ratio	94.7		81.2	13.5			90.5	101.9	(11.4)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(25.3)		(8.3)	(17.0)			(23.2)	(32.5)	9.3
Prior accident year development	2.1		1.6	0.5			4.7	4.7	—
Underlying combined ratio	71.5		74.4	(2.9)			71.9	74.1	(2.2)

Net income

$\"724\"$

Three and nine months ended September 30, 2026 compared to 2025

Net income decreased for the three month period, largely driven by a lower underwriting gain, as well as an increase in net realized capital losses. Net income increased for the nine month period, largely driven by a higher underwriting gain, as well as higher net investment income, partially offset by an increase in net realized capital losses.

Underwriting gain

$\"982\"$

Three and nine months ended September 30, 2026 compared to 2025

Underwriting gain decreased for the three month period due to higher CAY catastrophe losses and less favorable prior year development, partially offset by an improvement in the underlying loss and LAE ratio. Underwriting gain for the nine month period increased due to lower CAY catastrophe losses, more favorable prior year development, and an improvement in the underlying loss and LAE ratio.

Expense ratio increased for the three and nine month periods due to the effect of a decrease in earned premium, as well as a higher commission ratio primarily due to business mix, partially offset by lower underwriting expenses, including lower staffing costs.


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Earned Premiums

$\"1348\"$

Written Premiums

$\"1367\"$

Three and nine months ended September 30, 2026 compared to 2025

Earned premiums decreased in both the three and nine month periods due to lower earned premiums in automobile, partially offset by higher earned premiums in homeowners.

Written premiums decreased in both the three and nine month periods due to lower written premiums in automobile, partially offset by higher written premiums in homeowners.

Renewal written pricing moderated for both automobile and homeowners in both the three and nine months ended September 30, 2026, primarily in response to moderating loss cost trends.

Effective Policy count retention increased for automobile in both the three and nine months ended September 30, 2026, in response to moderating renewal written pricing increases. Effective policy retention for homeowners declined in both the three and nine month periods, partially driven by renewal written price increases that, while moderating, remain in the high single-digits.

Policies in-force as of September 30, 2026 compared to December 31, 2025 declined for automobile and for homeowners, reflecting the level of new business in relation to non-renewed policies.

Underlying Loss and Loss Adjustment Expense Ratio

$\"2201\"$

Three and nine months ended September 30, 2026 compared to 2025

Underlying loss and LAE ratio decreased for both automobile and homeowners in both the three and nine months ended September 30, 2026, primarily due to the impact of earned pricing increases outpacing loss cost trends, which moderated slightly compared to prior year. The automobile loss cost trend continues to recognize higher attorney representation rates.


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Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

$\"2639\"$

Three and nine months ended September 30, 2026 compared to 2025

Current accident year catastrophe losses increased for the three month period and decreased for the nine month period ended. CAY catastrophe losses for both the three and nine months ended September 30, 2026, primarily included losses from tornado, wind and hail events.

CAY catastrophe losses for the three and nine months ended September 30, 2025 included losses from tornado, wind and hail events, and for the nine month period, also included a loss of $109 from the January 2025 California Wildfire Event.

Prior accident year development was favorable for both the three and nine months ended September 30, 2026, primarily driven by lower estimated severity on automobile liability, homeowners, and automobile physical damage and lower estimated allocated loss adjustment expenses. Prior accident year development was favorable for both the three and nine months ended September 30, 2025, primarily driven by lower estimated severity on automobile liability, homeowners, automobile physical damage, and, for the nine month period, catastrophes.


Property & Casualty Other Operations - Results of Operations

Underwriting Summary


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Losses and loss adjustment expenses
Prior accident year development [1]	$	(497)		$	—		NM		$	(533)		$	—	NM
Total losses and loss adjustment expenses	(497)		—		NM		(533)		—		NM
Insurance operating costs	2		2		—	%		6		6		—	%
Underwriting gain (loss)	495		(2)		NM		527		(6)		NM
Net investment income [2]	22		19		16	%		64		56		14	%
Net realized losses [2]	(4)		—		NM		(4)		(2)		(100	%)
Other income (expenses)	—		(1)		100	%		—		(1)		100	%
Income before income taxes	513		16		NM		587		47		NM
Income tax expense [3]	107		4		NM		122		9		NM
Net income	$	406		$	12		NM		$	465		$	38	NM

[1]For additional information on prior accident year development, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


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Net Income

$\"333\"$

Three and nine months ended September 30, 2026 compared to 2025

Net income increased for the three and nine month periods, driven by a change from an underwriting loss to an underwriting gain.

Underwriting gain in the 2026 three and nine month periods compared to underwriting loss in the 2025 periods,

primarily driven by $497 related to the commutation and termination of the A&E ADC in the third quarter of 2026. For additional information regarding the ADC reinsurance agreement refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.


Employee Benefits - Results of Operations


Operating Summary
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Premiums and other considerations	$	1,719		$	1,658		4	%		$	5,209		$	4,989	4	%
Net investment income [1]	154		136		13	%		422		380		11	%
Net realized gains (losses) [1]	15		(8)		NM		13		(28)		NM
Total revenues	1,888		1,786		6	%		5,644		5,341		6	%
Benefits, losses and loss adjustment expenses	1,287		1,163		11	%		3,816		3,512		9	%
Amortization of DAC	9		8		13	%		26		25		4	%
Insurance operating costs and other expenses	417		425		(2	%)		1,273		1,238		3	%
Amortization of other intangible assets	10		10		—	%		30		30		—	%
Total benefits, losses and expenses	1,723		1,606		7	%		5,145		4,805		7	%
Income before income taxes	165		180		(8	%)		499		536		(7)	%
Income tax expense [2]	33		36		(8	%)		102		109		(6)	%
Net income	$	132		$	144		(8	%)		$	397		$	427	(7)	%

[1]For discussion of consolidated investment results, see MD&A - Investment Results.

[2]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.


Premiums and Other Considerations
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Fully insured – ongoing premiums	$	1,662		$	1,603		4	%	$	4,992		$	4,817	4	%
Buyout premiums	—		—		—	%		47	4		NM
Fee income	57		55		4	%		170	168		1	%
Total premiums and other considerations	$	1,719		$	1,658		4	%	$	5,209		$	4,989	4	%
Fully insured ongoing sales	$	103		$	105		(2	%)	$	825		$	593	39	%


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Ratios, Excluding Buyouts
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Group disability loss ratio	76.3	%	70.6	%	5.7		74.6	%	69.3	%	5.3
Group life loss ratio	77.8	%	74.2	%	3.6		75.1	%	76.1	%	(1.0)
Total loss ratio	74.9	%	70.1	%	4.8		73.0	%	70.4	%	2.6
Expense ratio	25.4	%	26.7	%	(1.3)		25.7	%	25.9	%	(0.2)


Margin
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Net income margin	7.0	%	8.1	%	(1.1)			7.0	%	8.0	%	(1.0)
Adjustments to reconcile net income margin to core earnings margin:
Net realized (gains) losses, before tax	(0.8	%)	0.4	%	(1.2)			(0.3	%)	0.5	%	(0.8)

Income tax expense (benefit)	0.2	%	(0.2	%)	0.4			0.1	%	(0.1	%)	0.2
Impact of excluding buyouts from denominator of core earnings margin	—	%	—	%	—			0.1	%	—	%	0.1
Core earnings margin	6.4	%	8.3	%	(1.9)			6.9	%	8.4	%	(1.5)

Net Income

$\"183\"$

Three and nine months ended September 30, 2026 compared to 2025

Net income decreased for the three month period primarily due to higher group disability and life loss ratios, partially offset by a lower expense ratio, a change to net realized gains from net realized losses, and increased net investment income. For the nine month period, net income decreased primarily due to a higher group disability loss ratio, partially offset by a lower group life loss ratio, a lower expense ratio, increased net investment income and a change to net realized gains from net realized losses.

Insurance operating costs and other expenses decreased in the three month period due to lower staffing costs, partially offset by an increase in technology costs. For the nine month period, the amount increased due to the impact from higher fully insured ongoing premium, including higher staffing costs, and an increase in technology costs.


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Fully Insured Ongoing Premiums

$\"904\"$

[1]Other of $120 and $134 for the three months ended September 30, 2025 and 2026 respectively, and $358 and $404 nine months ended September 30, 2025 and 2026, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Three and nine months ended September 30, 2026 compared to 2025

Fully insured ongoing premiums in the three and nine month periods increased due to the impact of new business sales, an increase in exposure on existing accounts and book persistency in excess of 90%.

Fully insured ongoing sales remained relatively flat for the three month period. For the nine month period, sales increased driven by higher group life, group disability, and supplemental health sales. Group disability sales include the results of three new states implementing paid family and medical leave coverage in 2026.

Ratios

$\"1480\"$

Three and nine months ended September 30, 2026 compared to 2025

Loss ratio increased 4.8 points for the three month period due to higher group disability and group life loss ratios. The group disability loss ratio increased 5.7 points for the three month period, driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries compared with the prior year. The group life loss ratio increased 3.6 points for the three month period, reflecting that the 2025 period included a benefit related to favorable development on prior quarters, partially offset by lower mortality in the 2026 period in term life products.

For the nine month period, the loss ratio increased 2.6 points, driven by a higher group disability loss ratio, partially offset by a lower group life loss ratio. The group disability loss ratio increased 5.3 points driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.The group life loss ratio decreased 1.0 point for the nine month period due to lower mortality across both term and accidental life products.

Expense ratio decreased for the three month period, driven by lower staffing costs and the impact of earned premium growth, partially offset by higher technology costs. For the nine month period, the expense ratio decreased driven by the impact of earned premium growth, partially offset by higher technology costs and staffing costs.


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Corporate - Results of Operations

Operating Summary


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	Change		2026	2025	Change
Fee income [1]	$	11		$	10		10	%		$	32		$	31	3	%


Other revenue	24		6		NM		37		12		NM
Net investment income [2]	18		14		29	%		52		42		24	%
Net realized gains [2]	5		21		(76	%)		26		25		4	%
Total revenues	58		51		14	%		147		110		34	%
Benefits, losses and loss adjustment expenses [3]	2		2		—	%		5		4		25	%

Insurance operating costs and other expenses [1]	16		16		—	%		80		52		54	%



Interest expense [4]	50		50		—	%		150		150		—	%

Total benefits, losses and expenses	68		68		—	%		235		206		14	%
Loss from continuing operations before income taxes	(10)		(17)		41	%		(88)		(96)		8	%
Income tax benefit [5]	(4)		(33)		88	%		(33)		(56)		41	%
Income (loss) from continuing operations, net of tax	(6)		16		(138	%)		(55)		(40)		(38	%)
Income from discontinued operations, net of tax	61		59		3	%		431		162		166	%
Net income	55		75		(27	%)		376		122		NM
Preferred stock dividends	6		6		—	%		16		16		—	%
Net income available to common stockholders	$	49		$	69		(29)	%		$	360		$	106	NM

[1]Includes investment management fees and expenses related to managing third-party assets.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]Includes benefits expense on life and annuity business previously underwritten by the Company.

[4]For discussion of debt, see Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.

[5]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

Net income available to common stockholders

$\"512\"$

Three and nine months ended September 30, 2026 compared to 2025

Net income available to common stockholders decreased for the three month period, primarily driven by a higher net tax benefit in the 2025 period, which included a release of a provision for an uncertain tax position and tax related interest accruals, and lower net realized gains, partially offset by an increase in other revenues related to valuation appreciation of an investment.

Net income available to common stockholders increased for the nine month period, primarily driven by increased income from discontinued operations, net of tax, an increase in other revenues related to valuation appreciation of an investment, and higher net investment income, partially offset by a loss on disposal of real estate reported in insurance operating costs and other expenses and a higher net tax benefit in the 2025 period, which included a release of a provision for an uncertain tax position and tax related interest accruals.

Income from discontinued operations, net of tax was relatively flat for the three month period and increased for the nine month period, primarily due to a $251 income tax benefit in the second quarter associated with the sale of Hartford Funds representing the difference between the tax basis and the U.S. GAAP carrying value of Hartford Funds. For further discussion of discontinued operations, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.


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Enterprise Risk Management

The Company’s Board of Directors has ultimate responsibility for risk oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s risks.

The Company manages and monitors risk through risk policies, controls and limits. At the senior management level, an Enterprise Risk and Capital Committee (“ERCC”) oversees the risk profile and risk management practices of the Company.

The Company's enterprise risk management (\"ERM\") function supports the ERCC and functional committees, and is tasked with, among other things:

•risk identification and assessment;

•the development of risk appetites, tolerances, and limits;

•risk monitoring; and

•internal and external risk reporting.

The Company categorizes its main risks as insurance risk, operational risk and financial risk. Insurance risk and financial risk are described in more detail below. Operational risk, including cybersecurity, and specific risk tolerances for natural catastrophes, terrorism and pandemic risk are described in the ERM section of the MD&A in The Hartford’s 2025 Form 10-K Annual Report.

Insurance Risk

Insurance risk is the risk of losses of both a catastrophic and non-catastrophic nature on the P&C and Employee Benefits products the Company has sold. Catastrophe insurance risk is the exposure arising from both natural catastrophes (e.g., weather, earthquakes, wildfires, pandemics) and man-made catastrophes (e.g., terrorism, cyber-attacks) that create a concentration or aggregation of loss across the Company's insurance or asset portfolios.

Sources of Insurance Risk Non-catastrophe insurance risks exist within each of the Company's segments and include:

•Property- Risk of loss to personal or commercial property from automobile related accidents, weather, explosions, smoke, shaking, fire, theft, vandalism, inadequate installation, faulty equipment, collisions and falling objects, and/or machinery mechanical breakdown resulting in physical damage, losses from PV&T and other covered perils.

•Liability- Risk of loss from automobile related accidents, uninsured and under-insured drivers, lawsuits from accidents, defective products, breach of warranty, negligent acts by professional practitioners, environmental claims, latent exposures, fraud, coercion, forgery, failure to fulfill obligations per contract surety, liability from errors and omissions, losses from CPRI coverages, losses from derivative lawsuits, and other securities actions and covered perils.

•Mortality- Risk of loss from unexpected trends in insured deaths impacting timing of payouts from group life insurance, personal or commercial automobile related accidents, and death of employees or executives during the course of employment, while on disability, or while collecting workers compensation benefits.

•Morbidity- Risk of loss to an insured from illness incurred during the course of employment or illness from other covered perils.

•Disability- Risk of loss incurred from personal or commercial automobile related losses, accidents arising outside of the workplace, injuries or accidents incurred during the course of employment, or from equipment, with each loss resulting in short-term or long-term disability payments.

•Longevity- Risk of loss from increased life expectancy trends among policyholders receiving long-term benefit payments.

•Cyber Insurance- Risk of loss to property, breach of data and business interruption from various types of cyber-attacks.

Catastrophe risk primarily arises in the property, automobile, workers' compensation, casualty, group life, and group disability lines of business but could also arise from other coverages such as losses under PV&T and CPRI policies. See the term Current Accident Year Catastrophe Ratio within the Key Performance Measures and Ratios section of MD&A for an explanation of how the Company defines catastrophe losses in its financial reporting.

Impact Non-catastrophe insurance risk can arise from unexpected loss experience, underpriced business and/or underestimation of loss reserves and can have significant effects on the Company’s earnings. Catastrophe insurance risk can arise from various unpredictable events and can have significant effects on the Company's earnings and may result in losses that could constrain its liquidity.

Management The Company's policies and procedures for managing these risks include disciplined underwriting protocols, exposure controls, sophisticated risk-based pricing, risk modeling, risk transfer, and capital management strategies. The Company has established underwriting guidelines for both individual risks, including individual policy limits, and risks in the aggregate, including aggregate exposure limits by geographic zone and peril. The Company uses both internal and third-party models to estimate the potential loss resulting from various catastrophe events and the potential financial impact those events would have on the Company's financial position and results of operations across its businesses.

The Hartford closely monitors scientific literature on climate change to help identify climate change risks impacting our business. We use data from the scientific community and other outside experts including partnerships with third-party catastrophe modeling firms to inform our risk management activities and stay abreast of potential implications of climate-related impacts that we incorporate into our risk assessment. We regularly study these climate change implications and incorporate these risks into our catastrophe risk assessment


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and management strategy through product pricing, underwriting and management of aggregate risk to manage implications of severe weather and climate change in our insurance portfolio.

In addition, certain insurance products offered by The Hartford provide coverage for losses incurred due to cyber events and the Company has assessed and modeled how those products would respond to different events in order to manage its aggregate exposure to losses incurred under the insurance policies we sell. The Company models numerous deterministic scenarios including losses caused by malware, data breach, distributed denial of service attacks, intrusions of cloud environments and attacks of power grids.

Among specific risk tolerances set by the Company, risk limits are set for natural catastrophes, terrorism risk and pandemic risk.

Reinsurance as a Risk Management Strategy

The Company uses reinsurance to transfer certain risks to reinsurance companies based on specific geographic or risk concentrations. A variety of traditional reinsurance products are used as part of the Company's risk management strategy, including excess of loss occurrence-based products that reinsure property and workers' compensation exposures, and individual risk (including facultative reinsurance) or quota share arrangements that reinsure losses from specific classes or lines of business. The Company has no significant finite risk contracts in place and the statutory surplus benefit from all such prior year contracts is immaterial. The Hartford also participates in governmentally administered reinsurance facilities such as the Florida Hurricane Catastrophe Fund (“FHCF”), the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA\") and other reinsurance programs relating to particular risks or specific lines of business.

Reinsurance for Catastrophes- The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, catastrophe bonds, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business. The occurrence property catastrophe treaty and workers’ compensation catastrophe treaties beginning with the January 1, 2021 renewal do not cover pandemic losses, as most industry reinsurance programs exclude communicable disease. The Company has reinsurance in place to cover individual group life losses in excess of $1.25 per person.


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Primary Catastrophe Treaty Reinsurance Coverages as of September 30, 2026 [1]


	Portion of losses reinsured	Portion of losses retained by The Hartford
Per Occurrence Property Catastrophe Treaty from 1/1/2026 to 12/31/2026 [1] [2]
Losses of $0 to $200	None	100% retained
Losses of $200 to $350 for earthquakes and named hurricanes and tropical storms [3]	None	100% retained
Losses of $200 to $350 from one event other than earthquakes and named hurricanes and tropical storms [3]	40% of $150 in excess of $200	60% co-participation
Losses of $350 to $500 from one event (all perils)	75% of $150 in excess of $350	25% co-participation
Losses of $500 to $1.30 billion from one event [4] (all perils)	90% of $800 in excess of $500	10% co-participation
Per Occurrence Property Catastrophe Bonds from 1/1/2026 to 12/31/2026 [5]
Losses of $1.29 billion to $1.62 billion for tropical cyclone and earthquake events [6]	60.79% of $329 in excess of $1.29 billion	39.21% of $329 in excess of $1.29 billion
Losses of $1.60 billion to $1.90 billion for tropical cyclone and earthquake events [6]	90% of $300 in excess of $1.60 billion	10% of $300 in excess of $1.60 billion
Aggregate Property Catastrophe Treaty for 1/1/2026 to 12/31/2026 [7]
$0 to $750 of aggregate losses	None	100% Retained
$750 to $950 of aggregate losses	100%	None
Workers' Compensation Catastrophe Treaty for 1/1/2026 to 12/31/2026
Losses of $0 to $100 from one event	None	100% Retained
Losses of $100 to $450 from one event [8]	80% of $350 in excess of $100	20% co-participation

[1]These agreements do not cover the assumed reinsurance business which purchases its own retrocessional coverage.

[2]In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2026. Retention and coverage varies by writing company. For the 2026 - 2027 period, the writing company with the largest coverage under FHCF is Hartford Insurance Company of the Midwest, with coverage of $41 in per event losses in excess of a $26 retention (estimates are based on best available information at this time and are periodically updated as information is made available by Florida).

[3]Named hurricanes and tropical storms are defined as any storm or storm system declared to be a hurricane or tropical storm by the US National Hurricane Center, US Weather Prediction Center, or their successor organizations (being divisions of the US National Weather Service).

[4]Portions of this layer of coverage extend beyond a traditional one year term.

[5] For further information on the Company's catastrophe bond, see MD&A - Enterprise Risk Management, Insurance Risk included in the Company's 2025 Form 10-K Annual report.

[6] Tropical cyclones are defined as a storm or storm system that has been declared by National Weather Service or any division or agency thereof (including the National Hurricane Center or the Weather Prediction Center) or any of their successors to be a hurricane, tropical storm, or tropical depression.

[7] The aggregate treaty is not limited to a single event; rather, it is designed to provide reinsurance protection for the aggregate of all catastrophe events (up to $350 per event), either designated by the Property Claim Services office of Verisk or, for international business, net losses arising from two or more risks involved in the same loss occurrence totaling at least $500 thousand. All catastrophe losses, except assumed reinsurance business losses, apply toward satisfying the $750 attachment point under the aggregate treaty.

[8] In addition to the limits shown, the workers' compensation reinsurance includes a non-catastrophe, industrial accident layer, providing coverage for 80% of $25 in per event losses in excess of a $25 retention.

In addition to the property catastrophe reinsurance coverage described in the above table, the Company has other reinsurance agreements that cover property catastrophe losses, some of which provide for reinstatement of limits in the event of a loss with reinstatement provisions varying depending on the layer of coverage. The Per Occurrence Property Catastrophe Treaty, and Workers' Compensation Catastrophe Treaty include a provision to reinstate one limit in the event that a catastrophe loss exhausts limits on one or more layers under the treaties.

Reinsurance for Terrorism- For the risk of terrorism, private sector catastrophe reinsurance capacity is generally limited and largely unavailable for terrorism losses caused by nuclear, biological, chemical or radiological attacks. As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027.

TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the Secretary of the Treasury, in consultation with the Secretary of

Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200. Under the program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion. The federal government pays 80% of the losses. The Company's estimated deductible under the program is $2.4 billion for 2026. If an act of terrorism or acts of terrorism result in covered losses exceeding the $100 billion annual industry aggregate limit, Congress would be responsible for determining how additional losses in excess of $100 billion will be paid.

Reinsurance for Asbestos and Environmental (\"A&E\") Reserve Development - The Company had an ADC reinsurance agreement with NICO, a subsidiary of Berkshire Hathaway Inc., accounted for as retroactive reinsurance. The agreement covered substantially all A&E reserve development for accident years prior to 2016 up to an aggregate limit of $1.5 billion. The


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Company had previously ceded all available limits under the agreement. As such, no remaining limit was available under the A&E ADC as of December 31, 2025.

As of December 31, 2025, the Company had paid A&E ADC claims in excess of the $1.7 billion attachment point and had an $850 deferred gain included in other liabilities on the Condensed Consolidated Balance Sheets. During the first quarter of 2026, the Company collected recoveries from NICO under the A&E ADC and as a result, amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations. NICO subsequently suspended further payment under the A&E ADC due to a dispute that was the subject of an arbitration proceeding. In the third quarter of 2026, the Company entered into the Commutation Agreement, resulting in the commutation and termination of the A&E ADC agreement and resolution of the arbitration dispute. As a result, the Company reduced the related $1.437 billion reinsurance recoverable by $317 to the commutation amount of $1.120 billion, with a corresponding reduction in the deferred gain. The Company also recognized a $497 net gain in the third quarter of 2026, reflecting the release of the remaining deferred gain on retroactive reinsurance after giving effect to the Commutation Agreement. Accordingly, the deferred gain on the A&E ADC was $0 as of September 30, 2026.

For more information on the A&E ADC, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements, included in The Hartford's 2025 Form 10-K Annual Report.

Financial Risk

Financial risks include direct and indirect risks to the Company's financial objectives from events that impact financial market conditions and the value of financial assets. Some events may cause correlated movement in multiple risk factors. The primary sources of financial risks are the Company's invested assets.

Consistent with its risk appetite, the Company establishes financial risk limits to control potential loss on a U.S. GAAP, statutory, and economic basis. Exposures are actively monitored and managed, with risks mitigated where appropriate. The Company uses various risk management strategies, including limiting aggregation of risk, portfolio re-balancing and hedging with over-the-counter (\"OTC\") and exchange-traded derivatives with counterparties meeting the appropriate regulatory and due diligence requirements. Derivatives may be used to achieve the following Company-approved objectives: (1) hedging risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; (2) managing liquidity; (3) controlling transaction costs; and (4) engaging in income generation covered call transactions and synthetic replication transactions. Derivative activities are monitored and evaluated by the Company’s compliance and risk management teams and reviewed by senior management. The Company identifies different categories of financial risk, including liquidity, credit, interest rate, equity, and foreign currency exchange.

Liquidity Risk

Liquidity risk is the risk to current or prospective earnings or capital arising from the Company's inability or perceived inability to meet its contractual funding obligations as they come due.

Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market liquidity risk resulting from differences in the amount and timing of sources and uses of cash as well as company-specific and general market conditions. Stressed market conditions may impact the ability to sell assets or otherwise transact business and may result in a significant loss in value of the investment portfolio.

Impact Inadequate capital resources and liquidity could negatively affect the Company’s overall financial strength and its ability to generate cash flows from its businesses, borrow funds at competitive rates, and raise new capital to meet operating and growth needs.

Management The Company has defined ongoing monitoring and reporting requirements to assess liquidity across the enterprise under both current and stressed market conditions. The Company measures and manages liquidity risk exposures and funding needs within prescribed limits across legal entities, taking into account legal, regulatory and operational limitations to the transferability of liquid assets among legal entities. The Company also monitors internal and external conditions, and identifies material risk changes and emerging risks that may impact operating cash flows or liquid assets. The liquidity requirements of The Hartford Insurance Group, Inc. (\"HIG Holding Company\") have been and will continue to be met by the HIG Holding Company's fixed maturities, short-term investments and cash, and dividends from its subsidiaries, principally from its insurance operations, as well as the issuance of common stock, debt or other capital securities and borrowings from its credit facilities, as needed. The Company maintains multiple sources of contingent liquidity including a revolving credit facility, an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates, and access to collateralized advances from the Federal Home Loan Bank of Boston (\"FHLBB\") for certain affiliates. The Company's CFO has primary responsibility for liquidity risk.

Credit Risk and Counterparty Risk

Credit risk is the risk to earnings or capital due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with contractually agreed upon terms. Credit risk is comprised of three major factors: the risk of change in credit quality, or credit migration risk; the risk of default; and the risk of a change in value due to changes in credit spreads.

Sources of Credit Risk The majority of the Company’s credit risk is concentrated in its investment holdings and use of derivatives, but it is also present in the Company’s ceded reinsurance activities, bond insurance, and certain aspects of Business Insurance products.

Impact A decline in creditworthiness is typically reflected as an increase in an investment’s credit spread and an associated decline in the investment's fair value, potentially resulting in recording an ACL and an increased probability of a realized loss upon sale. In certain instances, counterparties may default on their obligations and the Company may realize a loss on default. Premiums receivable, including premiums for retrospectively rated plans, reinsurance recoverable and deductible losses


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recoverable are also subject to credit risk based on the counterparty’s inability to pay.

Management The objective of the Company’s enterprise credit risk management strategy is to identify, quantify and manage credit risk in aggregate and to limit potential losses in accordance with the Company's credit risk management policy. The Company manages its credit risk by managing aggregations of risk, holding a diversified mix of issuers and counterparties across its investment, reinsurance and insurance portfolios and limiting exposure to any specific reinsurer or counterparty. Potential credit losses can be mitigated through diversification (e.g., geographic regions, asset types, industry sectors), hedging and the use of collateral to reduce net credit exposure.

The Company manages credit risk through the use of various surveillance, analyses and governance processes. The investment and reinsurance areas have formal policies and procedures for counterparty approvals and authorizations, which establish criteria defining minimum levels of creditworthiness and financial stability for eligible counterparties. Potential investments are subject to underwriting reviews and management approval. Mitigation strategies vary across the three sources of credit risk, but may include:

•Investing in a portfolio of high-quality and diverse securities;

•Selling investments subject to heightened credit risk;

•Hedging through use of credit default swaps;

•Clearing derivative transactions through central clearing houses that require daily variation margin;

•Entering into derivative and reinsurance contracts only with strong creditworthy institutions;

•Requiring collateral; and

•Non-renewing policies/contracts or reinsurance treaties.

The Company has developed credit exposure thresholds which are based upon counterparty ratings. Aggregate counterparty credit quality and exposure are monitored on a daily basis utilizing an enterprise-wide credit exposure information system that contains data on issuers, ratings, exposures, and credit limits. Exposures are tracked on a current and potential basis and aggregated by ultimate parent of the counterparty across investments, reinsurance receivables, insurance products with credit risk, and derivatives.

As of September 30, 2026, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S. government and certain U.S. government agencies. For further discussion of concentration of credit risk in the investment portfolio, see the Concentration of Credit Risk section in Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

Credit Risk of Derivatives

The Company uses various derivative counterparties in executing its derivative transactions. The use of counterparties creates credit risk that the counterparty may not perform in accordance with the terms of the derivative transaction.

Downgrades to the credit ratings of the Company’s insurance operating companies may have adverse implications for its use

of derivatives. In some cases, downgrades may give derivative counterparties for OTC derivatives and clearing brokers for OTC-cleared derivatives the right to cancel and settle outstanding derivative trades or require additional collateral to be posted. In addition, downgrades may result in counterparties and clearing brokers becoming unwilling to engage in or clear additional derivatives or may require additional collateralization before entering into any new trades.

The Company also has derivative counterparty exposure policies which limit the Company’s exposure to credit risk. Credit exposures are generally quantified based on the prior business day’s net fair value, including income accruals, of all derivative positions transacted with a single counterparty for each separate legal entity. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not necessarily reflective of credit risk. The Company enters into collateral arrangements in connection with its derivatives positions and collateral is pledged to or held by, or on behalf of, the Company to the extent the exposure is greater than zero, subject to minimum transfer thresholds, if applicable. In accordance with industry standards and the contractual requirements, collateral is typically settled on the same business day. For further discussion, see the Derivative Commitments section of Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

Use of Credit Derivatives

The Company may also use credit default swaps to manage credit exposure or to assume credit risk to enhance yield.

Credit Risk Reduced Through Credit Derivatives

The Company may use credit derivatives to purchase credit protection with respect to a single entity or referenced index. The Company may purchase credit protection through credit default swaps to economically hedge and manage credit risk of certain fixed maturity investments across multiple sectors of the investment portfolio.

Credit Risk Assumed Through Credit Derivatives

The Company may also enter into credit default swaps that assume credit risk as part of replication transactions. Replication transactions may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. These swaps primarily reference investment grade single corporate issuers and indexes.

For further information on credit derivatives, see Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Credit Risk of Business Operations

A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although


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the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.

Interest Rate Risk

Interest rate risk is the risk of financial loss due to adverse changes in the value of assets and liabilities arising from movements in interest rates. Interest rate risk encompasses exposures with respect to changes in the level of interest rates, the shape of the term structure of rates and the volatility of interest rates. Interest rate risk does not include exposure to changes in credit spreads.

Sources of Interest Rate Risk The Company has exposure to interest rate risk arising from investments in fixed maturities and commercial mortgage loans, issuances by the Company of debt securities, preferred stock and similar securities, discount rate assumptions associated with the Company’s claim reserves and pension and other postretirement benefit obligations, and assets that support the Company's pension plans.

Impact Changes in interest rates from current levels can have both favorable and unfavorable effects for the Company.

Management The Company primarily manages its exposure to interest rate risk by constructing investment portfolios that seek to protect the Company from the economic impact associated with changes in interest rates by setting portfolio duration targets that are aligned with the duration of the liabilities that they support. The Company analyzes interest rate risk using various models including parametric models and cash flow simulation under various market scenarios of the liabilities and their supporting investment portfolios. Key metrics that the Company uses to quantify its exposure to interest rate risk inherent in its invested assets and the associated liabilities include duration, convexity and key rate duration.

The Company may also use interest rate swaps and, to a lesser extent, futures to mitigate interest rate risk associated with its investment portfolio or liabilities and to manage portfolio duration.

Equity Risk

Equity risk is the risk of financial loss due to changes in the value of global equities or equity indices.

Sources of Equity Risk The Company has exposure to equity risk from invested assets and assets that support the Company’s pension plans.

Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives,

which could negatively impact the Company's reported earnings. In addition, investments in limited partnerships and other alternative investments generally have a level of correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline; however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay. For assets supporting pension plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value.

Management The Company uses various approaches in managing its equity exposure, including limits on the proportion of assets invested in equities, diversification of the equity portfolio, and, at times, hedging of changes in equity indices. For assets supporting pension plans, the asset allocation mix is reviewed on a periodic basis. In order to minimize risk, the pension plans maintain a listing of permissible and prohibited investments and impose concentration limits and investment quality requirements on permissible investment options.

Foreign Currency Exchange Risk

Foreign currency exchange risk is the risk of financial loss due to changes in the relative value between currencies.

Sources of Currency Risk The Company has foreign currency exchange risk in non-U.S. dollar denominated cash, fixed maturities, and derivative instruments. In addition, the Company has non-U.S. subsidiaries, some with functional currencies other than U.S. dollar, and which transact business in multiple currencies resulting in assets and liabilities denominated in foreign currencies.

Impact Changes in relative values between currencies can create variability in cash flows and realized or unrealized gains and losses on changes in the fair value of assets and liabilities.

Management The Company manages its foreign currency exchange risk primarily through asset-liability matching and through the use of derivative instruments. However, legal entity capital is invested in local currencies in order to satisfy regulatory requirements and to support local insurance operations. The foreign currency exposure of non-U.S. dollar denominated investments will most commonly be reduced through the sale of the assets or through hedges using foreign currency swaps and forwards.

Investment Portfolio Risk

The credit ratings referenced throughout this section are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. Accrued investment income related to fixed maturities is not included in the amortized cost or fair value of the fixed maturities. For further information refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.


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Fixed Maturities, AFS by Type
	September 30, 2026		December 31, 2025
	Amortized Cost	ACL	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value	Percent of Total Fair Value		Amortized Cost	ACL	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value	Percent of Total Fair Value
ABS

Consumer loans	$	3,647		$	—		$	5		$	(38)		$	3,614		7.9	%		$	3,375	$	—		$	41	$	(2)	$	3,414	7.4	%

Other	1,286		—		—		(67)		1,219		2.6	%		1,253		—		10		(14)	1,249		2.7	%

CLOs	3,652		(2)		5		(3)		3,652		8.0	%		3,310		(2)		9		(1)	3,316		7.2	%



CMBS
Agency [1]	1,029		(13)		16		(126)		906		2.0	%		1,192		(14)		19		(87)	1,110		2.4	%
Bonds	696		—		—		(53)		643		1.4	%		1,206		—		1		(61)	1,146		2.5	%
Interest only	56		—		2		(2)		56		0.1	%		70		—		4		(2)	72		0.2	%
Corporate
Basic industry	1,180		—		3		(50)		1,133		2.5	%		1,232		—		18		(19)	1,231		2.7	%
Capital goods	2,175		—		7		(110)		2,072		4.5	%		1,757		—		44		(30)	1,771		3.8	%
Consumer cyclical	1,656		—		3		(86)		1,573		3.4	%		1,667		—		36		(37)	1,666		3.6	%
Consumer non-cyclical	3,500		(4)		8		(262)		3,242		7.1	%		2,860		—		54		(84)	2,830		6.2	%
Energy	1,569		—		3		(92)		1,480		3.2	%		1,452		—		27		(38)	1,441		3.1	%
Financial services	7,256		—		6		(327)		6,935		15.1	%		6,952		—		87		(125)	6,914		15.0	%
Tech./comm.	3,845		—		8		(359)		3,494		7.6	%		3,400		—		55		(114)	3,341		7.3	%
Transportation	907		—		1		(64)		844		1.8	%		862		—		12		(34)	840		1.8	%
Utilities	2,797		—		1		(245)		2,553		5.6	%		2,793		—		39		(116)	2,716		5.9	%
Real estate investment trusts (\"REITs\")	198		—		2		(9)		191		0.4	%		330		—		3		(7)	326		0.7	%
Foreign govt./govt. agencies	450		—		2		(14)		438		1.0	%		440		—		9		(2)	447		1.0	%
Municipal bonds
Taxable	1,677		—		1		(159)		1,519		3.3	%		1,685		—		19		(92)	1,612		3.5	%
Tax-exempt	2,664		—		18		(299)		2,383		5.2	%		3,146		—		70		(176)	3,040		6.6	%
Residential Mortgage-Backed Securities (\"RMBS\")
Agency	3,150		—		1		(297)		2,854		6.2	%		3,544		—		33		(139)	3,438		7.5	%
Non-agency	2,997		—		—		(166)		2,831		6.2	%		2,828		—		17		(105)	2,740		5.9	%



U.S. Treasuries	2,526		—		—		(256)		2,270		4.9	%		1,517		—		3		(139)	1,381		3.0	%
Total fixed maturities, AFS	$	48,913		$	(19)		$	92		$	(3,084)		$	45,902		100.0	%		$	46,871	$	(16)		$	610	$	(1,424)	$	46,041	100.0	%
FVO securities					$	123								$	168

[1]Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.


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Fixed Maturities, AFS by Credit Quality
	September 30, 2026		December 31, 2025
	Amortized Cost	Fair Value	Percent of Total Fair Value		Amortized Cost	Fair Value	Percent of Total Fair Value
United States Government/Government agencies	$	6,705		$	6,030		13.1	%	$	6,253		$	5,929	12.9	%
AAA	7,602		7,353		16.0	%		7,819	7,751		16.8	%
AA	8,523		8,057		17.6	%		7,484	7,340		15.9	%
A	12,868		12,046		26.2	%		12,653	12,470		27.1	%
BBB	10,886		10,175		22.2	%		10,377	10,250		22.3	%
BB & below	2,329		2,241		4.9	%		2,285	2,301		5.0	%
Total fixed maturities, AFS [1]	$	48,913		$	45,902		100.0	%	$	46,871		$	46,041	100.0	%

[1]Excludes FVO securities. For further discussion on FVO securities, see Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

The fair value of fixed maturities, AFS decreased as compared to December 31, 2025, primarily due to lower valuations as a result of higher interest rates, largely offset by growth in the business and receipt of the A&E ADC commutation settlement amount.

Commercial & Residential Real Estate

The following tables present the Company's exposure to CMBS and RMBS by credit quality included in the preceding Fixed Maturities, AFS by Type table.


Exposure to CMBS & RMBS Bonds by Credit Quality as of September 30, 2026
	AAA	AA	A	BBB	BB and Below	Total
	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value
CMBS
Agency [1]	$	9		$	8		$	1,020		$	898		$	—		$	—	$	—		$	—	$	—	$	—	$	1,029	$	906
Bonds	170		159		261		246		122		112		65		57		78	69		696		643
Interest Only	29		29		18		18		5		5		4		4		—	—		56		56
Total CMBS	208		196		1,299		1,162		127		117		69		61		78	69		1,781		1,605
RMBS
Agency	—		—		3,150		2,854		—		—		—		—		—	—		3,150		2,854
Non-Agency	1,977		1,862		761		724		231		220		26		24		2	1		2,997		2,831



Total RMBS	1,977		1,862		3,911		3,578		231		220		26		24		2	1		6,147		5,685
Total CMBS & RMBS	$	2,185		$	2,058		$	5,210		$	4,740		$	358		$	337	$	95		$	85	$	80	$	70	$	7,928	$	7,290


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Exposure to CMBS & RMBS Bonds by Credit Quality as of December 31, 2025
	AAA	AA	A	BBB	BB and Below	Total
	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value	Amortized Cost	Fair Value
CMBS
Agency [1]	$	11		$	10		$	1,181		$	1,100		$	—		$	—	$	—		$	—	$	—	$	—	$	1,192	$	1,110
Bonds	418		408		365		349		171		157		137		132		115	100		1,206		1,146
Interest Only	37		38		22		23		6		6		5		4		—	1		70		72
Total CMBS	466		456		1,568		1,472		177		163		142		136		115	101		2,468		2,328
RMBS
Agency	—		—		3,544		3,438		—		—		—		—		—	—		3,544		3,438
Non-Agency	1,741		1,682		770		746		257		253		53		52		7	7		2,828		2,740



Total RMBS	1,741		1,682		4,314		4,184		257		253		53		52		7	7		6,372		6,178
Total CMBS & RMBS	$	2,207		$	2,138		$	5,882		$	5,656		$	434		$	416	$	195		$	188	$	122	$	108	$	8,840	$	8,506

[1]Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.

The Company also has exposure to commercial mortgage loans. These loans are collateralized by real estate properties that are diversified both geographically throughout the United States and by property type. These commercial mortgage loans are originated by the Company as high quality whole loans, and the Company may sell participation interests in one or more loans to third parties. A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.

As of September 30, 2026, mortgage loans had an amortized cost of $7.2 billion and carrying value of $7.2 billion, with an ACL of $49. As of December 31, 2025, mortgage loans had an amortized cost of $6.9 billion and carrying value of $6.8 billion, with an ACL of $49.

The Company funded $984 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“LTV”) ratio of 58% and a weighted average yield of 5.8% during the nine months ended September 30, 2026. The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios. There were no mortgage loans held for sale as of September 30, 2026, or December 31, 2025.


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Municipal Bonds


Available-For-Sale Investments in Municipal Bonds
	September 30, 2026		December 31, 2025
	Amortized Cost	Fair Value	Weighted Average Credit Quality		Amortized Cost	Fair Value	Weighted Average Credit Quality
General Obligation	$	783		$	723		AA	$	798		$	800	AA
Pre-Refunded [1]	25		25		AA+		46	46		AA+
Revenue
Transportation	891		804		A+		985	951		A+
Health Care	861		753		A+		939	880		A+
Leasing [2]	500		452		AA-		543	517		AA
Education	277		250		AA		370	358		AA
Water & Sewer	282		247		AA		249	231		AA
Sales Tax	158		141		AA		165	165		AA
Power	105		94		AA-		137	130		A+
Housing	99		93		AA+		163	159		AA
Other	360		320		A+		436	415		A+
Total Revenue	3,533		3,154		AA-		3,987	3,806		AA-
Total Municipal	$	4,341		$	3,902		AA-	$	4,831		$	4,652	AA-

[1]Pre-refunded bonds are bonds for which an irrevocable trust containing sufficient U.S. treasury, agency, or other securities has been established to fund the remaining payments of principal and interest.

[2]Leasing revenue bonds are generally the obligations of a financing authority established by the municipality that leases facilities back to a municipality. The notes are typically secured by lease payments made by the municipality that is leasing the facilities financed by the issue. Lease payments may be subject to annual appropriation by the municipality, or the municipality may be obligated to appropriate general tax revenues to make lease payments.

As of September 30, 2026, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. As of December 31, 2025, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. In total, municipal bonds make up 6% of the fair value of the Company's investment portfolio.

Limited Partnerships and Other Alternative Investments

The following table presents the Company’s investments in limited partnerships and other alternative investments which include real estate joint ventures, real estate funds, private equity funds, other funds, and other alternative investments. Private equity funds primarily consist of investments in funds whose assets typically consist of a diversified pool of investments in small to mid-sized non-public businesses with high growth potential and strong owner sponsorship, as well as limited exposure to public markets. Other funds consist of investments in infrastructure and energy transition funds and, to a lesser extent, funds across a diverse mix of strategies.

Income or losses on investments in limited partnerships and other alternative investments are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.


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Limited Partnerships and Other Alternative Investments - Net Investment Income
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	Amount	Yield [1]		Amount	Yield [1]		Amount	Yield [1]		Amount	Yield [1]
Real estate joint ventures and funds	$	15		2.8	%		$	(11)		(2.2	%)	$	57	3.7	%		$	(33)	(2.3	%)
Private equity funds	57		9.4	%		56		10.2	%		77	4.3	%	95		6.2	%
Other funds	77		29.3	%		33		18.3	%		194	27.7	%	59		11.8	%
Other alternative investments [2]	7		4.8	%		13		8.8	%		17	4.0	%	22		5.2	%
Total	$	156		10.2	%		$	91		6.7	%	$	345	7.8	%		$	143	3.7	%

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets.

[2]Consists of an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.


Investments in Limited Partnerships and Other Alternative Investments
	September 30, 2026		December 31, 2025
	Amount	Percent		Amount	Percent
Real estate joint ventures and funds	$	2,149		33.8	%		$	1,986		34.2	%
Private equity funds	2,486		39.1	%		2,327		40.1	%
Other funds	1,134		17.8	%		910		15.7	%
Other alternative investments [1]	594		9.3	%		581		10.0	%
Total	$	6,363		100.0	%		$	5,804		100.0	%

[1]Consists of an insurer-owned life insurance policy which is primarily invested in private equity funds and fixed income.

Fixed Maturities, AFS — Unrealized Loss Aging

The total gross unrealized losses were $3.1 billion as of September 30, 2026, and have increased $1.7 billion since December 31, 2025, primarily due to higher interest rates. As of September 30, 2026, $2.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost. The remaining $0.9 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%. The fixed maturities, AFS depressed more than 20% primarily related to corporate fixed maturities, municipal bonds, and U.S. Treasuries, that are mainly depressed because current interest rates are higher than at the respective purchase dates.

As part of the Company’s ongoing investment monitoring process, the Company has reviewed its fixed maturities, AFS in an unrealized loss position and concluded that these fixed maturities are temporarily depressed and are expected to recover in value as the investments approach maturity or as market spreads tighten. For these fixed maturities in an unrealized loss position where an ACL has not been recorded, the Company’s best estimate of expected future cash flows are sufficient to recover the amortized cost basis of the investment. Furthermore, the Company neither has an intention to sell nor does it expect to be required to sell these investments. For further information regarding the Company’s ACL analysis, see the Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments section below.


Unrealized Loss Aging for Fixed Maturities, AFS Securities
	September 30, 2026		December 31, 2025
Consecutive Months	Items	Amortized Cost	ACL	Unrealized Loss	Fair Value		Items	Amortized Cost	ACL	Unrealized Loss	Fair Value
Three months or less	1,568		$	14,255		$	(2)		$	(406)		$	13,847		253	$	3,629		$	—	$	(31)	$	3,598
Greater than three to six months	434		3,771		—		(145)		3,626			56		441	—	(4)		437
Greater than six to nine months	664		7,816		(2)		(512)		7,302			16		311	—	(12)		299
Greater than nine to eleven months	64		762		—		(78)		684			55		364	—	(12)		352
Twelve months or more	1,889		13,210		(9)		(1,943)		11,258			2,279		16,172	(14)	(1,365)		14,793
Total	4,619		$	39,814		$	(13)		$	(3,084)		$	36,717		2,659	$	20,917		$	(14)	$	(1,424)	$	19,479


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Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%
	September 30, 2026		December 31, 2025
Consecutive Months	Items	Amortized Cost	ACL	Unrealized Loss	Fair Value		Items	Amortized Cost	ACL	Unrealized Loss	Fair Value
Three months or less	228		$	2,000		$	—		$	(454)		$	1,546		29	$	159		$	—	$	(34)	$	125
Greater than three to six months	7		31		—		(9)		22			—		—	—	—		—
Greater than six to nine months	40		268		—		(74)		194			2		9	—	(2)		7
Greater than nine to eleven months	3		12		—		(3)		9			10		70	—	(16)		54
Twelve months or more	92		886		(1)		(323)		562			110		997	(1)	(290)		706
Total	370		$	3,197		$	(1)		$	(863)		$	2,333		151	$	1,235		$	(1)	$	(342)	$	892

Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments

Three and nine months ended September 30, 2026

For the three and nine months ended September 30, 2026, the Company recorded credit losses of $4 attributable to a corporate issuer. For both periods, there were no unrealized losses on securities with an ACL recognized in other comprehensive income (\"OCI\"). For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

There were no intent-to-sell impairments.

The Company incorporates its best estimate of future performance using internal assumptions and judgments that are informed by economic and industry specific trends, as well as our expectations with respect to security specific developments.

Future intent-to-sell impairments or credit losses may develop as the result of changes in our intent to sell specific securities that are in an unrealized loss position or if modeling assumptions, such as macroeconomic factors or security specific developments, change unfavorably from our current modeling assumptions, resulting in lower cash flow expectations.

Three and nine months ended September 30, 2025

For the three months ended September 30, 2025, the Company recorded no credit losses. For the nine months ended September 30, 2025, the Company recorded a net credit loss reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS. For the three and nine months ended September 30, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.

There were no intent-to-sell impairments.

ACL on Mortgage Loans

Three and nine months ended September 30, 2026 and September 30, 2025

For both the three and nine months ended September 30, 2026, there were no credit loss adjustments on mortgage loans. For both the three and nine months ended September 30, 2025, the Company recorded an increase in the ACL on mortgage loans of $6 attributable to weaker real estate fundamentals, property specific declines, and net additions of new loans.


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Capital Resources and Liquidity

The following section discusses the overall financial strength of The Hartford and its insurance operations including their ability to generate cash flows from each of their business segments, borrow funds at competitive rates and raise new capital to meet operating and growth needs.

Summary of Capital Resources and Liquidity

Capital available to the HIG Holding Company as of September 30, 2026:

•Approximately $1.5 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;

•A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030. As of September 30, 2026, there were no borrowings outstanding; and

•An intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. As of September 30, 2026, $1.72 billion was available and $285 was outstanding between certain affiliates.

Dividends and other sources of capital for the nine months ended September 30, 2026:

The future payment of dividends from our subsidiaries is dependent on several factors including the business results, capital position and liquidity of our subsidiaries.

•P&C - HIG Holding Company received $1.5 billion of net dividends from the Company's property and casualty insurance subsidiaries through September 30, 2026;

•Employee Benefits - HIG Holding Company received $439 in dividends from HLA through September 30, 2026;

•Hartford Funds - HIG Holding Company received $133 in dividends from Hartford Funds through September 30, 2026.

Expected liquidity requirements for the next twelve months as of September 30, 2026:

•$200 of interest on debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.

•$21 dividends on preferred stock, subject to the discretion of the Board of Directors; and

•$705 of common stockholders' dividends, subject to the discretion of the Board of Directors and before share repurchases.

Expected liquidity requirements for beyond the next twelve months as of September 30, 2026:

•Interest on and repayments of debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report; and

•Preferred stock and common stock dividends, subject to the discretion of the Board of Directors.

Equity repurchase program:

During the nine months ended September 30, 2026, the Company repurchased 10.1 million common shares for $1.4 billion under the $3.3 billion share repurchase authorization that is effective until December 31, 2026 as authorized by the Board of Directors. In addition to this authorization, in July 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028. While the Company has the flexibility to use a portion of the new authorization in 2026, it expects to use the vast majority of the new authorization in 2027 and 2028. As of September 30, 2026, the Company has $4.37 billion remaining for equity repurchases under both these share repurchase programs. During the period October 1, 2026 through October 23, 2026, the Company repurchased 1.0 million common shares for $126.

Liquidity Requirements and Sources of Capital

The HIG Holding Company

The liquidity requirements of the HIG Holding Company will primarily be met by HIG Holding Company's fixed maturities; short-term investments and cash; and dividends from its subsidiaries, principally its insurance operations. The Company maintains sufficient liquidity and has a variety of contingent liquidity resources to manage liquidity across a range of economic scenarios.

The HIG Holding Company expects to continue to receive dividends from its operating subsidiaries in the future and manages capital in its operating subsidiaries to be sufficient under significant economic stress scenarios. Dividends from subsidiaries and other sources of funds at the holding company may be used to repurchase shares under the authorized share

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repurchase program at the discretion of management.

Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB. The Company could also choose to have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.

Dividends

The Hartford's Board of Directors declared the following quarterly dividends since July 1, 2026:

Common Stock Dividends


Declared	Record	Payable	Amount per share

July 15, 2026	September 1, 2026	October 2, 2026	$	0.600
October 26, 2026	December 1, 2026	January 5, 2027	0.670

Preferred Stock Dividends

Declared

Record

Payable

Amount per share

July 15, 2026

November 2, 2026

November 16, 2026

375.00

There are no current restrictions on the HIG Holding Company's ability to pay dividends to its stockholders.

For a discussion of restrictions on dividends to the HIG Holding Company from its insurance subsidiaries, see the following \"Dividends From Subsidiaries\" discussion. For a discussion of potential restrictions on the HIG Holding Company's ability to pay dividends, see the risk factor \"Our ability to declare and pay dividends is subject to limitations\" in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Dividends From Subsidiaries

Dividends to HIG Holding Company from its insurance subsidiaries are restricted by insurance regulation. For a discussion of restrictions on dividends to HIG Holding Company from its insurance subsidiaries see Part II, Item 7, MD&A – Capital Resources and Liquidity - Dividends from Subsidiaries in The Hartford’s 2025 Form 10-K Annual Report.

Through the first nine months of 2026, HIG Holding Company received $2.1 billion of net dividends from its subsidiaries, including $439 from HLA, $133 from Hartford Funds and $1.5 billion from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $124 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc. (\"HHI\") to Hartford Fire Insurance Company. In connection with the acquisition of Equitable’s employee benefits business, HLA is expected to retain capital and is not expected to pay additional dividends to the HIG Holding Company for the remainder of 2026.

Other Sources of Capital for the HIG Holding Company

The Hartford endeavors to maintain a capital structure that provides financial and operational flexibility to its insurance subsidiaries, ratings that support its competitive position in the financial services marketplace (see the \"Ratings\" section below for further discussion), and stockholder returns. As a result, the Company may from time to time raise capital from the issuance of debt, common equity, preferred stock, equity-related debt or other capital securities and is continuously evaluating strategic opportunities. The issuance of debt, common equity, equity-related debt or other capital securities could result in the dilution of stockholder interests or reduced net income to common stockholders due to additional interest expense or preferred stock dividends.

Shelf Registrations

The Hartford filed an automatic shelf registration statement with the Securities and Exchange Commission on September 23, 2024 that permits it to offer and sell debt and equity securities during the three-year life of the registration statement.

For further information regarding shelf registrations, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

Revolving Credit Facility

The Hartford has a $750 senior unsecured revolving credit facility, including $100 available to support letters of credit (the \"Credit Facility\"). On September 24, 2025, The Hartford amended and restated the Credit Facility, which, among other changes, extends the term of the facility through September 24, 2030. As of September 30, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants. For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Intercompany Liquidity Agreements

The Company has $2.0 billion available under an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. The Connecticut Insurance Department (\"CID\") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.

As of September 30, 2026, $1.72 billion was available and $285 was outstanding between certain affiliates.

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Collateralized Advances with Federal Home Loan Bank of Boston

The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the FHLBB. Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates. Advances may be used to support general corporate purposes, which would be presented as short- or long-term debt, or to earn incremental investment income, which would be presented in other liabilities consistent with other collateralized financing transactions. The Company’s pledge capacity is subject to FHLBB’s collateral eligibility requirements, which may be amended at their discretion. Based on these requirements, the Company estimates that Hartford Fire can pledge up to $2.8 billion and HLA can pledge up to $2.0 billion to secure FHLBB advances. As of September 30, 2026, there were no advances outstanding.

For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

Lloyd's Letter of Credit Facility

The Hartford has a committed credit facility agreement with a syndicate of lenders (the \"Lloyd's Facility\"). On October 21, 2024, The Hartford amended and restated its Lloyd’s Facility agreement. The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($98 as of September 30, 2026) commitment. As of September 30, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.

Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage. As of September 30, 2026, The Hartford was in compliance with all financial covenants of the facility.

For further information regarding the Lloyd's Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Sale of Hartford Funds

As a result of the June 3, 2026, announced sale of Hartford Funds and expected closing before the end of the first quarter of 2027, the Company expects a change in the nature and timing of its cash flows. Prior to closing, the Company expects to receive dividends totaling $55 for the remainder of the year from Hartford Funds and will receive an additional pre-closing dividend of approximately $170, although the ultimate amount will depend on market and operating performance and the timing of closing. At closing, the Company expects to receive $300 of cash proceeds. Following the closing, the Company will receive contingent consideration in the form of quarterly payments. For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Pension Plans and Other Postretirement Benefits

The Company does not have a 2026 required minimum funding contribution for the U.S. qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial. Based on the funded status of the U.S. qualified defined benefit pension plan, the Company does not anticipate contributing to the plan in 2026. For further discussion of pension and other postretirement benefit obligations, see Note 16 - Employee Benefit Plans of Notes to Condensed Consolidated Financial Statements.

Derivative Commitments

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating organizations, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could terminate agreements and demand immediate settlement of the outstanding net derivative positions transacted under each agreement. For further information, refer to Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

As of September 30, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings. This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.

Insurance Operations

While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands.

The principal sources of operating funds are premiums, fees earned from insurance and administrative service agreements and investment income, while investing cash flows primarily originate from maturities and sales of invested assets.

The Company’s insurance operations consist of property and casualty insurance products (collectively referred to as “Property & Casualty Operations”) and Employee Benefits products.

The Company's insurance operations hold fixed maturity securities, including a significant short-term investment position (securities with maturities of one year or less at the time of purchase), to meet liquidity needs. Liquidity requirements that are unable to be funded by the Company's insurance operations' short-term investments would be satisfied with current operating funds, including premiums or investing cash flows, which includes proceeds received through the sale of invested assets. A sale of invested assets could result in significant realized losses.

The following tables represent the fixed maturity holdings, including the aforementioned cash and short-term investments available to meet liquidity needs, for each of the Company’s insurance operations.

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Property & Casualty Operations
	As of September 30, 2026
Fixed maturities	$	38,314
Short-term investments	2,158
Cash	106
Less: Derivative collateral	40
Total	$	40,538

Property & Casualty operations invested assets also include $182 in equity securities, $5.7 billion in mortgage loans and $5.0 billion in limited partnerships and other alternative investments.


Employee Benefits Operations
	As of September 30, 2026
Fixed maturities	$	7,533
Short-term investments	692
Cash	12
Less: Derivative collateral	12
Total	$	8,225

Employee Benefits operations invested assets also include $40 in equity securities, $1.5 billion in mortgage loans and $1.3 billion in limited partnerships and other alternative investments.

The primary uses of funds are to pay claims, claim adjustment expenses, commissions and other underwriting and insurance operating costs, to pay taxes, to purchase new investments and to make dividend payments to the HIG Holding Company.

Property & Casualty reserves for unpaid losses and loss adjustment expenses as of September 30, 2026 were $39.4 billion and net of reinsurance and other recoverables were $34.3 billion. Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported (\"IBNR\") reserves. The ultimate amount to be paid to settle both case and IBNR reserves is an estimate, subject to significant uncertainty. The actual amount to be paid is not finally determined until the Company reaches a settlement with the claimant. Final claim settlements may vary significantly from the present estimates, particularly since many claims will not be settled until well into the future. For a discussion of The Hartford’s judgment in estimating reserves for Property & Casualty see Part II, Item 7, MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance, in the Company's 2025 Form 10-K Annual Report, and for historical payments by reserve line net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. The timing of future payments for the next twelve months and for beyond twelve months could vary materially from historical payment patterns due to, among other things, changes in claim reporting and payment patterns and large unanticipated settlements. In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.

Employee Benefits reserves as of September 30, 2026 were $9.0 billion and net of reinsurance were $8.6 billion. Group life and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends. For a discussion of The Hartford’s judgment in estimating LTD reserves for Employee Benefits see Part II, Item 7, MD&A - Critical Accounting Estimates, Employee Benefit LTD Reserves, Net of Reinsurance, in the Company’s 2025 Form 10-K Annual Report. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements. For historical payments by reserve line, net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. Due to the significance of the assumptions used, payments for the next twelve months and beyond twelve months could materially differ from historical patterns.

Corporate reserves as of September 30, 2026 were $334 and net of reinsurance were $129. These reserves related to retained run-off liabilities of its former life and annuity business. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements.

Purchase and Other Obligations

The Hartford’s unfunded commitments to purchase investments in limited partnerships and other alternative investments, mortgage loans, private debt and equity securities, as well as tax credits are disclosed in Note 14 - Commitments and Contingencies of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these unfunded commitments will be funded through the Company’s normal operating and investing activities.

In the normal course of business, the Company enters into contractual commitments to purchase various goods and services such as maintenance, human resources, and information technology. The Company’s operating lease commitments are disclosed in Note 20 - Leases of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these purchase commitments and operating lease obligations will be funded through the Company’s normal operating and investing activities.

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Capitalization


Capital Structure
	September 30, 2026	December 31, 2025	Change

Long-term debt	$	4,375		$	4,371		—	%
Total debt	4,375		4,371		—	%
Common stockholders' equity excluding AOCI, net of tax	22,382		20,702		8	%
Preferred stock	334		334		—	%
AOCI, net of tax	(3,843)		(2,057)		(87)	%
Total stockholders’ equity	$	18,873		$	18,979		(1)	%
Total capitalization	$	23,248		$	23,350		—	%
Debt to stockholders’ equity	23	%	23	%
Debt to capitalization	19	%	19	%

Total capitalization decreased $102 as of September 30, 2026 compared to December 31, 2025 primarily due to an increase in net unrealized losses on fixed maturities, AFS and share repurchases, partially offset by net income in excess of common stockholder dividends in the period.

For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 15 - Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss) and Note 5 - Investments of Notes to Condensed Consolidated Financial Statements. For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2025 Form 10-K Annual Report.

Cash Flow [1]


	Nine Months Ended September 30,
	2026	2025
Net cash provided by operating activities	$	5,185	$	4,114
Net cash used for investing activities	$	(3,224)	$	(2,459)
Net cash used for financing activities	$	(1,933)	$	(1,695)
Cash and restricted cash– end of period	$	178	$	206

[1] Cash activities include cash flows from Discontinued Operations; see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements for information on cash flows from Discontinued Operations

Cash provided by operating activities increased in 2026 as compared to the prior year period primarily driven by receipt of $1.120 billion related to the A&E ADC commutation and an increase in P&C and Employee Benefits premiums received, partially offset by increased commissions and staffing costs and an increase in P&C loss and loss adjustment expenses paid. For additional information regarding the A&E ADC, refer to Note 8 - Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Cash used for investing activities increased in 2026, primarily due to the reinvestment of the $1.120 billion related to the A&E ADC commutation into fixed maturities and short-term investments, partially offset by more cash used in financing activities.

Cash used for financing activities increased in 2026 as compared to the prior year period, primarily driven by an increase in treasury stock acquired through share repurchases and an increase in dividends paid on common stock.

Operating cash flows for the nine months ended September 30, 2026 has been adequate to meet liquidity requirements.

Equity Markets

For a discussion of the potential impact of the equity markets on capital and liquidity, see the Financial Risk section in this MD&A and the Financial Risk on Statutory Capital section of the MD&A in the Company's 2025 Form 10-K Annual Report.

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Ratings

Ratings are an important factor in establishing a competitive position in the insurance marketplace and impact the Company's ability to access financing and its cost of borrowing. There can be no assurance that the Company’s ratings will continue for any given period of time, or that they will not be changed. In the event the Company’s ratings are downgraded, the Company’s competitive position, ability to access financing, and its cost of borrowing, may be adversely impacted.

These ratings are not a recommendation to buy, sell or hold any of The Hartford's securities and they may be revised or withdrawn at any time at the discretion of the rating organization. Each agency's rating should be evaluated independently of any other agency's rating. The system and the number of rating categories can vary across rating agencies.

Among other factors, rating agencies consider the level of statutory capital and surplus of our U.S. insurance subsidiaries as well as the level of U.S. GAAP capital held by the Company in determining the Company's financial strength and credit ratings. Rating agencies may implement changes to their capital

formulas that have the effect of increasing the amount of capital we must hold in order to maintain our current ratings. See Risk Factors disclosed in Item 1A of Part I of the Company's 2025 Form 10-K Annual Report.


Insurance Financial Strength Ratings as of October 23, 2026
	A.M. Best	Standard & Poor’s	Moody’s
Hartford Fire Insurance Company	A+	AA-	Aa3
Hartford Life and Accident Insurance Company	A+	AA-	A1
Navigators Insurance Company	A+	AA-	Not Rated
Other Ratings:

The Hartford Insurance Group, Inc. senior debt	a	A-	A3

Statutory Capital


U.S. Statutory Capital Rollforward for the Company's Insurance Subsidiaries
	Property and Casualty Insurance Subsidiaries [1] [2]	Employee Benefits Insurance Subsidiary	Total
U.S statutory capital at January 1, 2026	$	14,437		$	2,674	$	17,111
Statutory income	1,866		403		2,269
Dividends to parent	(1,480)		(439)		(1,919)
Other items	(42)		(8)		(50)
Net change to U.S. statutory capital	344		(44)		300
U.S statutory capital at September 30, 2026	$	14,781		$	2,630	$	17,411

[1]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by HHI to Hartford Fire Insurance Company.

[2]Excludes insurance operations in the U.K.

Contingencies

Legal Proceedings

For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.

Legislative and Regulatory Developments

For a discussion regarding legislative and regulatory developments, see Part II, Item 7, MD&A - Capital Resources and Liquidity, Contingencies in the Company’s 2025 Form 10-K Annual Report.

Impact of New Accounting Standards

For a discussion of accounting standards, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report.

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Acronyms

A&E

Asbestos and Environmental

HIMCO

Hartford Investment Management Company

ABS

Asset-Backed Securities

HLA

Hartford Life and Accident Insurance Company

ACL

Allowance for Credit Losses

IBNR

Incurred But Not Reported

ADC

Adverse Development Cover

Information Technology

AFS

Available-For-Sale

LAE

Loss Adjustment Expense

ALAE

Allocated Loss Adjustment Expenses

LCL

Liability for Credit Losses

AOCI

Accumulated Other Comprehensive Income (Loss)

LTD

Long-Term Disability

CAY

Current Accident Year

LTV

Loan-to-Value

CLOs

Collateralized Loan Obligations

MD&A

Management's Discussion and Analysis of Financial Conditions and Results of Operations

CMBS

Commercial Mortgage-Backed Securities

NAIC

National Association of Insurance Commissioners

CODM

Chief Operating Decision Maker

NICO

National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. (“Berkshire”)

CPRI

Credit and Political Risk Insurance

Not Meaningful

DAC

Deferred Policy Acquisition Costs

OCI

Other Comprehensive Income

DLR

Disabled Life Reserve

OTC

Over-the-Counter

D&O

Directors and Officers

P&C

Property and Casualty

DSCR

Debt Service Coverage Ratio

PV&T

Political Violence and Terrorism

ERCC

Enterprise Risk and Capital Committee

PYD

Prior Accident Year Development

ESPP

The Hartford Employee Stock Purchase Plan

RBC

Risk-Based Capital

FASB

Financial Accounting Standards Board

RMBS

Residential Mortgage-Backed Securities

FHCF

Florida Hurricane Catastrophe Fund

ROE

Return on Equity

FHLBB

Federal Home Loan Bank of Boston

SEC

Securities and Exchange Commission

FVO

Fair Value Option

SOFR

Secured Overnight Financing Rate

GAAP

Generally Accepted Accounting Principles

TRIPRA

Terrorism Risk Insurance Program Reauthorization Act

HHI

Hartford Holdings, Inc.

ULAE

Unallocated Loss Adjustment Expenses

HIG

The Hartford Insurance Group, Inc.

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Table of Contents

Part I - Item 4. Controls and Procedures

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s principal executive officer and its principal financial officer, based on their evaluation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) have concluded that the Company’s disclosure controls and procedures are effective for the purposes set forth in the definition thereof in Exchange Act Rule 13a-15(e) as of September 30, 2026.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting that occurred during the Company's current fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

107


Table of Contents

Part II - Item 1. Legal Proceedings

Item 1.

Legal Proceedings

For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.

Item 1A.

Risk Factors

Investing in The Hartford involves risk. In deciding whether to invest in The Hartford, you should carefully consider the risk factors disclosed in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, (collectively the \"Company's Risk Factors\" or individually, the \"Company's Risk Factor\"), which is incorporated herein by

reference, any of which could have a significant or material adverse effect on the business, financial condition, operating results or liquidity of The Hartford. This information should be considered carefully together with the other information contained in this report and the other reports and materials filed by The Hartford with the SEC.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer

Repurchases of common stock by the Company during the quarter ended September 30, 2026 are set forth below. During the period from October 1, 2026 to October 23, 2026, the Company repurchased 1.0 million common shares for $126.


Repurchases of Common Stock by the Issuer for the Three Months Ended September 30, 2026
Period	Total Number of Shares Purchased [1]	Average Price Paid Per Share [2]	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs [3]
				(in millions)
July 1, 2026 - July 31, 2026	1,307,571		$	141.04	1,305,776	$	466
August 1, 2026 - August 31, 2026	1,217,973		$	140.80	1,212,708	$	4,497
September 1, 2026 - September 30, 2026	916,877		$	137.01	911,429	$	4,373
Total	3,442,421		$	139.88	3,429,913

[1]Includes 12,508 shares in net settlement of employee tax withholding obligations related to equity awards under the Company's incentive stock plans, which were not part of publicly announced share repurchase authorizations. The Company paid an average price per share of $140.41 in employee tax withholding obligations related to net share settlements in the three months ended September 30, 2026.

[2]Average price paid per share includes the purchase price of shares acquired and direct costs to acquire shares, including commissions and accrued 1% excise taxes.

[3]On July 25, 2024, the Board of Directors approved a share repurchase authorization for up to $3.3 billion effective from August 1, 2024 to December 31, 2026. In addition, on July 23, 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028, which is not reflected in the table above. The timing of any repurchases is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations. Share repurchase authorization does not include commissions or 1% excise tax costs.

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Table of Contents

Part II - Item 5. Other Information

Item 5.

Other Information

On August 31, 2026, Beth A. Costello, Executive Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for (i) the potential exercise of vested stock options and associated sale of up to 63,194 shares of the Company's common stock between October 28, 2026 and April 15, 2027 (or the date on which all shares have been sold), subject to certain conditions and (ii) the potential gift to a charitable donor-advised fund of 10,000 shares of the Company's common stock between October 28, 2026 and April 15, 2027 (or the date on which all shares have been gifted).

On August 5, 2026, Christopher J. Swift, Chairman and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the potential exercise of vested stock options and associated sale of up to 284,819 shares of the Company's common stock between November 9, 2026 and December 8, 2027 (or the date on which all shares have been sold), subject to certain conditions.

Item 6.

Exhibits

The Hartford Insurance Group, Inc.

For the Quarter Ended September 30, 2026

Form 10-Q

Exhibits Index

Exhibit No.

Description

Form

File No.

Exhibit No.

Filing Date

3.1

Amended and Restated Certificate of Incorporation of The Hartford Insurance Group, Inc. (\"The Hartford\"), as filed with the Delaware Secretary of State on February 6, 2025.

8-K

001-13958

3.1

02/06/2025

3.2

Amended and Restated By-laws of The Hartford, effective February 6, 2025.

8-K

001-13958

3.1

02/06/2025

*10.01

Transition Agreement by and between Christopher J. Swift and The Hartford dated September 30, 2026.**

15.01

Deloitte & Touche LLP Letter of Awareness.**

31.01

Certification of Christopher J. Swift pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

31.02

Certification of Beth A. Costello pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

32.01

Certification of Christopher J. Swift pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

32.02

Certification of Beth A. Costello pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema.**

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase.**

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase.**

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase.**

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase.**

104

The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL.

*

**

Management contract, compensatory plan or arrangement.

Filed with the Securities and Exchange Commission as an exhibit to this report.

109


Table of Contents

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Hartford Insurance Group, Inc.

(Registrant)

Date:

October 26, 2026

/s/ Allison G. Niderno

Allison G. Niderno

Senior Vice President and Controller

(Chief accounting officer and duly
authorized signatory)

110

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